Tuesday, August 4, 2015

10 Steps to Owning the Home of Your Dreams

Step 1- How much can you afford?
Before looking at houses, it is important to determine how much you can afford to spend. Take into consideration your income, credit rating, and currently monthly expenses. Understanding how much you can afford will help you to make a better decision when purchasing your home.

Step 2- Know your Rights
The Fair Housing Act prohibits discrimination because of race/color, national origin, religion, sex, family status, and handicap. Most housing is covered under the Fair Housing Act. Additionally, if you, or someone associated with you, have physical or mental disabilities, your landlord cannot refuse to let you make reasonable modifications to your dwelling or common use areas of the house.

Step 3- Shopping for a Loan
When shopping for a loan, it is a good idea to look around and compare different prices and terms. Keep in mind that there terms are often negotiable. Taking the time to assess your options can save you a significant amount of money in the long term.

Step 4- Learn About Assistance Programs
If you feel you may need additional help when buying your home, educate yourself on the various assistance programs in your area. Rhode Island offers more than 40 housing programs and services to those looking to purchase a home. See if you qualify for any of these programs before making your purchase.

Step 5- Find an Agent
A licensed realtor can help ease you through the home-buying process. When searching for an agent, take the time to find the one that is right for you. You can find a realtor by asking friends, family, and coworkers about their experiences or searching online for agent listings.

Step 6- Shopping for a Home
Shopping for a home is the most exciting part of the home buying process. Before searching, make a wish list of any elements you may want in your home. Ask yourself how many bedrooms or bathrooms you want. Keep in mind any special features you are looking for, such as wheelchair access.

Step 7- Making an Offer
Before making an offer on a home, ask yourself these questions. Is it a Buyer’s or Seller’s market? What is the competition? How many homes are on the market? What is the average number of days on the market? Are interest rates high or low? and What is the average list price to sales price ration?

Step 8- Getting a Home Inspection
Having a home inspection could help save you money in the future. A qualified home inspector will notice problems that you may overlook. Be an informed buyer and make sure you are satisfied before completing your purchase.

Step 9- Shopping for Homeowners Insurance
When shopping for homeowners insurance, take the time to explore your options and ensure you are receiving the best deal. Improving your home security, maintaining a good credit record, and purchasing auto policies from the same insurer are all ways you may be able to lower your insurance costs.

Step 10- Signing the Papers

In the final step of the home-buying process, you will be signing the final mortgage and the property will legally be yours. To avoid feeling rushed, read all of the documents sent to you prior to closing. It is important that you understanding everything in the documents before you sign. Do not hesitate to ask questions if you do not understand.

For more information, go to www.SussyDeleon.com.
To contact Sussy Deleon, email sussydeleon@yahoo.com or call (401) 331-8855.

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