Real Estate 101How Easy Is It?
More and more people are deciding to take that life changing step to purchase a home. On average, homebuyers will hunt for a house for about ten weeks or so, and will see at least ten homes. Most people, 90%, will search the online sites to find homes that fit their needs and desires before making appointments to physically see those homes. Online searching saves a lot of time and people find it the most convenient way to peruse at their leisure to see what\’s out there.
There are a large variety of choices when it comes to buying a home. Some people prefer to look at condos for sale, choosing to go for a lifestyle that does not include yard work, snow shoveling, and home maintenance, but owning their own home nonetheless. Many who choose this route are younger people, individuals and couples, just starting out. They will live in a condo for a few years, and, when the time comes to start a family, they often move on to a larger single family home. Condominiums are also a popular choice for couple whose children have grown and moved out of the family home. No longer in need of the extra space offered by the home in which they raised their kids, the parents will choose to relocate into a condo, where life will be a little bit easier.
Real estate can be bought in the form of single family homes, luxury condos, new construction, and the list goes on. Preference is the key factor, joined by location and budget. And, of course, every individual and family looking for their dream home has a wish list. The fact is that, usually, not every item on everyone\’s wish list will be checked off during their home search. The trick is to prioritize. Decide which of those wishes can be done without and which are more the necessity. Not every wish is a luxury!
People seeking a home purchase will typically not move more than 14 miles from where they live during their home search. Staying in a familiar location is often the result of wanting to stay within the comfort zone of neighborhood, family, and friends. Families moving into a new home often times plan to live there for many years and want to raise their children there. This is where school districts, houses of worship, doctor\’s offices, and other necessities come into play. Often parents want their children to attend the same schools that they grew up in. They want the kids to experience the same neighborhoods, the stores, sometimes even the same doctors and dentists that have been in the family for the last generation or two. They want to be near siblings and grandparents so that their children will have the advantage of growing up near family. All these factors play an important part in a family\’s home search.
Real estate is an important purchase, an investment. It is often the biggest investment that a person or a family will ever make. It is important to carefully choose the location of the purchase and to make the budget a good fit. People who buy above their means often run into financial difficulties very quickly and their dream home morphs into a nightmare. A problem that often arises is the fact that people are looking at a mortgage for the first time and have trouble understanding all its language and terms. Statistics show that 59% of homeowners admit to having this problem and would like a better understanding of the details of their mortgages. Therefore, it is important to consult someone, a knowledgeable real estate agent or a real estate lawyer, who will be willing and able to answer questions in detail and to explain those items within the paperwork that are not in layman\’s terms. Most people would much rather enter into a transaction with a pretty good understanding of the words that are making the deal happen.
Buying a home, whether a single family home, a condo, a luxury condo, or any type of dwelling, is an important and exciting time, but can also be a daunting process. It pays to take the time to research and understand each step. More.