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Buying Real Estate

http://blogs.nwihomefinders.com/wordpress/2010/01/10-budget-tips-to-buying-real-estate/

10 Budget Tips To Buying Real Estate

18 January 2010, 2:06 am

10 Budget Tips To Real Estate Purchasing
by Calvin Tan, guest author

1. Get pre approved for your home loan
This signifies, fill out a loan application and go through the process of securing financing. That way, when you are prepared to evaluate real estate seriously, you will know exactly how much home you can afford. Furthermore, you can certify to a seller that your offer is honest.
2. Check up on creative financing options
During the home loan preapproval process, ask about alternatives to get creative with your financing. Low down payment choices, first and second mortgage combinations and first time purchaser programs might help you afford more funding. Many lenders are now selling interest only home mortgages; just be sure you thoroughly evaluate the terms for this form of home loan. Down payment grants are also available in a few instances and may be worth investigating or discussing with your realtor.
3. Sell your existing home first
Although offering your existing home before finding new real estate to purchase can be slightly nerve wracking, any inconvenience will be offset by your skill to commit an offer with money in hand. Contingent purchases are not the best when negotiating to purchase a home. Having your financing in order and your bags packed will give you the advantage in a competitive market.

4. Look for vacant real estate
Perhaps a seller’s job has transferred him out of the ground. Alternatively, perhaps a family bought a new home before placing their existing one on the market. In the end, a vacant home may be just the deal for a perceptive homebuyer, so have your realtor look for vacant property in your preferred neighborhoods. In addition, remember that the longer a house stays empty the larger your negotiating power will be.
5. Consider cosmetic fixers
If you are handy with a paintbrush, a toolset and gardening equipment, consider purchasing real estate in require of cosmetic fixing. Property that lacks curb appeal requires minor handiwork or the yard overhauled could end up being the home of your dreams for a price you can afford. You just require looking beyond the ho-hum to see the potential of a cosmetic fixer.
6. Purchase a home that is a radical remodel project
If you need to live on Lake Washington, but cannot afford a $2m home mortgage, consider purchasing a dilapidated cottage on a fabulous lot with western exposure. In time you will require gutting the existing home and construct from the area up or contract significant home improvements. However, after all your property value will skyrocket. Furthermore, if your carpentry and other construction capabilities are well developed, you can save even more and accrue “sweat equity” all through your remodel by doing much of the work yourself.
7. Do not discount bank foreclosures
One person’s loss may be your gain if you purchase real estate in foreclosure. Despite the fact the search for a decent foreclosure may take a while, your realtor should be able help. The U.S. Department of Housing and Urban Development can be an amazing resource for foreclosed properties. Because that Housing and Urban Development houses are sold at market value, your best bet will be homes that require cosmetic work or even major restore.
8. Land with a manufactured home
Sometimes to purchase a home on a budget, you require looking beyond convention. Despite the fact that your want is to purchase real estate, you may have to settle for a piece of property in an outlying ground with a mobile or manufactured home. Discuss this possibility with your real estate agent and try to keep an open mind about this opportunity.
9. An older, smaller home
Older homes are generally priced much less than newer construction and do not tend to originate buyer bidding wars. If you can enjoy life in an older and smaller home in a district or suburb offs the beaten path, this may be your ticket to real estate ownership.
10. The cheapest house in the best neighborhood
You have your heart set on a specific, and costly, neighborhood, perhaps that you are interested in the schools. Alternatively, maybe it is the nearby proximity to downtown or the waterfront. In the end, a budget savvy purchaser will look for the least costly home for sale in the neighborhood. If you are not in a hurry, you can even play the waiting game to see what properties come on the market. Your real estate agent may be a real asset in this case by investigating potential sellers.

Buying real estate without breaking your budget will require exploration and compromise. On moving day, however, you will have the satisfaction of knowing that your homework paid off!

About the Author
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