What To Know When Buying A House
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Buying a vacant lot is an important and complex decision, just like any real estate purchase. For starters, there are plenty of reasons to buy a parcel of land. If you buy a house, it's probably so you can live in it; but with land, you could choose to build your own house, use the property as a long-term investment or even to start a business. Property also introduces a host of issues you don't normally face when buying a house. There are all sorts of restrictions that could apply to a vacant lot; you might not be able to build a house on it at all.
Before shopping for a piece of land, you should develop a general idea of where you'd like to make a purchase. You can go for an exploratory drive and use online resources to help you. For example, if you're buying a few acres of land to build a house you'll likely want to consider things like access to schools, your job, grocery shopping and restaurants. (Later we'll delve into specific land concerns.)
Real estate is an investment of time and money; the more time you spend preparing, the more ready you'll be to spend your money wisely. What kind of expenses can you expect to incur when buying a vacant lot At some point during the purchasing process, you might want to consider title insurance. It \"protects owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property\" [source: Hayes]. Consider it your shield against legal complications involving your property. While title insurance isn't necessarily required during a property transaction, if you apply for a bank loan or a mortgage, the financial institution may recommend you purchase title insurance to protect their investment and your own.
Another potential cost to consider: a land survey. It's possible you won't need a survey done on land you're interested in buying. The land could have been recently surveyed, and with a little legwork you should be able to find out if and when a survey's been done. We'll get into surveying in-depth later, but keep in mind that you may need to hire a professional surveyor to chart out the boundaries of your property. Because surveys vary based on location and a host of other factors, it's hard to give a general estimate of how much one will cost.
Finally, remember that utilities and building costs will be expensive. In some cases, you may have to pay to have electricity and water run to your house before you even begin monthly service fees. On some land, you'll have to drill a well or install a septic system before home construction. If you're buying a piece of land as an investment, you'll bypass quite a few of those headaches.
Land destined to be built on or sold is typically carved up into smaller parcels that make up subdivisions. The land in a subdivision likely already has some restrictions placed upon it that you'll want to know about before buying. If the vacant lot you're eying is in the middle of an already developed community, chances are good that a homeowner's association governs that area. Homeowner's associations command membership fees and set the rules for behavior and decorum in the area. Following their rules could dictate how frequently you cut your grass, where you park your car or even what kind of pets you have [source: Christensen].
More important, however, is the issue of access. A public road obviously guarantees a route to a vacant lot at all times. But when private roads enter into the equation, things get complicated. If your property is landlocked, the typical solution is to make an arrangement with a neighbor for guaranteed access via a private road through their land, known as an easement. We'll discuss this next.
Professional surveyors research your property and use a plat to determine and mark the exact property boundaries of your vacant lot. When you look into buying a piece of property, it's possible a survey has been done recently. The evidence of a survey should be visible on the property with markers identifying the corner boundaries. You may even come across evidence of a survey when investigating the paperwork of a vacant lot yourself.
When it comes to renting, surprises don't require much emotional investment. The rent goes up You can move. The fridge is on the fritz The landlord will send someone over. Home ownership is a bit more hands-on. If the toilet breaks, it's time to start reading Yelp reviews. And if property taxes unexpectedly rise, it's on you to appeal or pay up.\"My homeowners association fee doubled in the first year I owned my condominium,\" says Celmins. \"Then my real estate taxes were reassessed. My mortgage payment went up and I panicked. I didn't even know that could happen.\"Of course, having the financial flexibility to cover those unexpected things is important, but don't overlook the importance of having the mental and emotional capability of dealing with them responsibly when they arise. Everything could be peachy for months, and then three maintenance issues might spring up in the same week. Stress management and problem solving skills are home ownership biggies.
Understand that making an offer on a home is sometimes the start of a psychological game. You likely want to get the home for as little as you can without losing the house outright. The seller wants to maximize the selling price of the home without scaring you away. Where should you start with your first offer Conventional wisdom says to begin at 5 percent below the asking price, but market conditions will largely determine how much wiggle room you have. The more competitive the market, the more likely you are to face multiple bidders. In a soft market, where listings have been sitting unsold, you will have more negotiating power. In a rising market, prime listings will command the full asking price or more, and sometimes offering just a few thousand dollars above listing price can help your offer stand out. Either way, keep your budget in mind when you make your first offer and set a cap of how high you are truly willing to go.
Most houses have hairline cracks, which simply indicate that the house is settling as it ages, but large gaps signal a bigger issue with the house foundation, says Gamble. Other tipoffs: sticking doors or windows, visible cracks above window frames, and sloping floors. How do you know if the floors are uneven Bring a marble or golf ball in your pocket and when you have the chance, set it on the floor and see if it rolls.
Another one of the most important things to look for when buying a house Take a second to pull back the curtains to check for lopsided frames, and then give the windows a try. Open a few up, to make sure they slide easily. Windows that get jammed in the frames could be a sign of foundation issues, as noted above, or just poor installation.
Budgeting should be your first step when you start shopping for a new home. This is especially important for first-time home buyers so you can be as realistic as possible about how much house you can afford.
Buying a new home might feel overwhelming, but home buying is more manageable if you know what to look for and what questions to ask. Are you just starting the home buying process Apply for a home loan today. You can also give us a call at (888) 452-0335.
Florida is one of the top states for real estate. Whether you already live in Florida and are looking to buy another home, or if you are planning to relocate to Florida to start living your dream life near the beach, there are some things you should know about buying a house in Florida. If you have purchased a home in Florida before, then you may be a bit familiar with this process already. But if you live somewhere else or have never bought a home in Florida before, be sure to review the contents of this post carefully so that you can be sure you are fully prepared and understand how the process will work.
Buying a house is usually a fairly complicated matter regardless of where you purchase it. And laws can vary by country and by state. If you have bought a home before elsewhere in the US, then the process of buying a home in Florida may be similar in a number of ways.
However, if you have never bought a home before, be sure to check out our comprehensive post all about the things you should do to prepare to buy a house and to help you understand the home-buying process before you dive into it.
With a budget in mind, it will be time for you to start looking for a real estate agent. Your real estate agent will be your advocate and advisor throughout the process of buying your home in Florida. They can give you expert input about the houses you look at and help you navigate the offer, negotiating, and closing processes.
Also, if you are planning to pay for your house in cash then you will need to get proof of funds. This could just be something as simple as a screenshot of a bank account, 401K, etc. Basically, you need to have a way to show that you are good for the cash you are offering to pay. Most of the time, you will need to have this ready when you put an offer in on a house to confirm a cash deal. 59ce067264
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