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Tips For First Time Home Buyers In Usa

Discussion in 'General Discussions - USA & Canada' started by divyarnair, Oct 22, 2018.

  1. divyarnair

    divyarnair Silver IL'ite

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    Hi
    I searched but didnt find a thread on this. Please pour in your suggestions.

    Currently only my husband is working and we are moving to a high cost of living city with great school district.We tried to find rental apartment but they are too costly and small for us.However we found that there are low cost condos available for sale which meets our budget and mortgage is somewhat equal to rent we will be paying.We are talking with agent and lender to find best deals.Please give some tips which as a first time home owner you thought someone should have told you .

    Note:-
    1.Our green card is in vicinity in next year EB1 category.
    2.Our baby is only 15 months yet.So school district not a big issue for next few years.
    3.i start working only after green card approval happens which could be in 2019 or 2020
     
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  2. MalStrom

    MalStrom IL Hall of Fame

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    If you will have to move for school then I would make sure that you can easily sell. Also look at the housing trends in your area. Mortgage rates are slowly rising even though they are still at historical lows. Unless in a very desirable location condos are generally slower to sell than town homes or single family houses. You don't want to find yourself underwater.
    Many counties offer free homebuyer education/information sessions. If you have one of those try to attend.
     
  3. Minion

    Minion Platinum IL'ite

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    1. Title insurance. Get this insurance to protect your investment Title Insurance

    2. Check if the property is in a flood prone region https://msc.fema.gov/portal/search

    3. Using Zillow https://www.zillow.com/ check if the value of the property is worth the asking price, you can also check the price of the recently sold homes in that area.

    4. Call any insurance agency and get a quote for homeowners insurance and when you do that also ask if there has been any insurance claim made on the property.

    5. Make sure the agent is working for you and not the seller sometimes they will quote a higher price working with the sellers agent.

    Will post more later.
     
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  4. Minion

    Minion Platinum IL'ite

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    Check crime in your he area using this link CrimeReports™

    Create a excel with all the cost related to the house like mortgage, tax, insurance, water, electricity, gas, sewage, trash, Home owners association fee etc so that you can understand the real cost of owning the place.
     
    sindmani and divyarnair like this.

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