Most Commonly Asked Questions by First Time Home buyers in Syosset

Buying a house can be both an exciting and a daunting experience. Once you’ve bought a house, you can’t just easily trade it in for a “better” one once you’re bored with it. The process of buying a house, whether it’s one’s first time or 28th time, is still rather overwhelming especially if the buyer is not prepared and educated.

Home buyers, especially the first time ones, have quite a lot of questions about choosing their first home. If you’re a first time home buyer, don’t be afraid to ask questions. Remember that what you’re about to buy will stay with you perhaps your entire lifetime, so don’t be afraid to sound a little dumb; when you’re investing in your future, there are no stupid questions.

We’ve collected some of the most frequently asked questions by first time home buyers in hopes that it would help you make better decisions in buying a home.

I’m currently renting a house. Should I buy a house or continue renting?

real estateA lot of people have come across this problem, especially in New York, where space is a rather expensive commodity. In terms of interest rates, paying the mortgage could actually be cheaper than paying rent. The final answer will always depend, however, on how long you’re planning to stay in a home you’re thinking of buying. If you’re only going to live there for a few years, why spend all that money for relocation, down payment, and other legalities involved in buying a house? Another thing to consider is the maintenance involved in owning a house. Remember that owning a house means you have to be the one spending on general repairs and maintenance. If you’re prepared to take on this kind of responsibility, then go through li-realestatefinder!

What if I just try finding a rent-to-own property?

In a place like New York, probably not. If, however, you do find a property that’s rent-to-own, beware; owners of these rent-to-own properties often give high prices and interest-rates for homes that aren’t even desirable to begin with. In most cases, opt for financing through a lender or a bank for more favorable terms of payment.

Should I get a realtor to help me find a home?

It’s highly recommended that you get a good realtor to help you find your dream home. Good realtors have gained enough experience to create a perfect match between people and their dream homes. They’ll also take care of a lot of the legalities and intricacies involved when you buy a house. They’ll know whether or not a property is well-priced, overpriced, or under priced and help you get a home that matches both your preferences and your budget. Some people think that not getting a realtor means saving a lot of money, but unless you’re well aware of the prices in the real estate market and the true values of the homes you’re inspecting, you may end up losing more money than you save if you go on this venture of picking houses on your own.

What is a foreclosure?

A foreclosure is a property that a lender owns. Take note, however, that most foreclosed properties are sold “As-is” and may contain damages expensive to repair. These properties, however, are usually pretty cheap because of that.

What is a short sale?

Before buying a home listed under “short sale” you have to know exactly what this means and what the implications are. In a nutshell, a short sale is when a home is being sold cheaper than the accumulated debts unpaid by the past homeowner. While this may sound like a good deal, it’s very tricky. It could take a couple of months to process, and sometimes lenders don’t even respond to these deals. There’s also a huge chance your home loan will be denied for these kinds of deals. Some home buyers also end up getting disappointed at the houses they get. Remember that since the homeowners could no longer afford these homes, they most likely cannot afford repairs either. Patience is important when looking at short sale homes.

How do I make sure that my home is in a good neighborhood?

Unless you have relatives and friends staying in that neighborhood, a neighborhood’s temperament may be hard to deduce. In most cases, however, real estate agents know a lot of ways to choose a great neighborhood in terms of crime rate, amenities, traffic, etc. Find a great realtor, and you’re most likely going to end up in the right neighborhood.

When should I stop looking?

You can’t possibly cover the whole expanse of the Syosset, New York, so don’t think that you have to go over a hundred homes before you make a purchase. As long as you’ve thought long and hard and talked it over with a competent realtor, you can stop looking even just after the first house.

In buying a home, one can never have too many questions. As a first time home buyer, you owe it to yourself to make sure that you choose a home you’ll love waking up to every morning and going home to every night. The process of choosing and buying are both rather complicated, so we’ve decided to help you get your dream home. If you have more questions about choosing and buying a home, simply ask our competent Syosset real estate agents; they’d be happy to help.