Lender411 has compiled the best tips to help you choose your home. These tips cover the type of mortgage, type of home, and last but not least resale considerations of your home. Read on to get the info you need to get you into your new home fast!
Once you've narrowed down your choices to a couple of neighborhoods to search within, it's time to choose a few homes to view. Keep a wish list handy to remind you which features are absolutely necessary and which are simply preferences.
When you purchase a condo, you own the unit just as you would a single house. Typically, you'll also own a certain percentage of the "common amenities" such as stairs, sidewalks, roofs, and any other perks such as a pool or tennis court. A monthly fee covers your share of taxes and insurance for these, as well as repairs and maintenance. A homeowners association usually oversees all property terms and orchestrates repairs and upgrades.
Some buyers choose to start with multiple family dwellings so they'll have rental income to help with their mortgage payments. Many mortgage types, including FHA and VA loans, can be used for buildings with up to four units if the buyer intends to occupy one of them. Keep in mind the added costs of repairs and upgrades for the rental units, however.
In a few cities, usually densely populated ones, cooperative apartments are common. They work by having consumers purchase shares in a corporation that owns the whole building, and then leases apartments to the shareholders. The monthly fee charged includes your share of the building's mortgage, and a board of directors supervises management.
Make notes about the homes you see while looking them over. During long days of house hunting, important details can blur together, and you'll want to closely compare all the homes you visit. When you do find the perfect home, be sure to act fast--it's a competitive market, and you won't want to lose your chance. Having all your paperwork in order and your mortgage lined up will ensure you get the home you want. Lender411 can help. Take advantage of our many tools, and you're sure to get the home you want!
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