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Why should I use a Real Estate Agent?
A Real Estate Agent is more than just a "sales person." They act on your
behalf as your agent, providing you with advice and guidance and doing a
job - helping you buy or sell a home. Due to the fast changing market and
environmental issue, select your Real Estate Agent wisely based on their
experience and track records. Our recommendations is to get a Registered
Real Estate Agency. There are times when you
need the most current information about what has sold or is for sale, and
the only way to get that is with an agent/agency that familiar with your
property as well as your needs and requirement if your are buying. They can make recommendations
on what terms and prices to offer as well as negotiating a deal with your
best interest in mind.
How much money can I borrow to buy a house?
To begin, you'll need to figure out what your gross income is (before
taxes) monthly and yearly. To get a quick ballpark figure, take the yearly
income of yourself - and your co-purchaser if applicable - and multiply by
2 to 2 1/2. Most people will fall into this category. There are other
things to consider, however. If you have a large down payment combined
with little to no bills (debts), the lender/banker may believe that you could afford a
more expensive home than the ballpark figure allows.
What is comprehensive homeowners insurance?
Comprehensive is the most expensive type of homeowners insurance; it
covers the most potential damages such as fire damage, water damage not
caused by flooding (which would fall under your Flood Insurance policy),
your personal possessions, personal liability, theft and vandalism. It is
usually required that you carry at least a basic hazard insurance policy.
When concerning homeowners insurance, it's important to shop around as
soon as possible to avoid being caught in a jam in the event that your
insurance company refuses to insure your home.
What is equity?
Equity is the financial interest or cash value of your home, minus the
current loan balance(s). If selling the home, this would also be minus any
costs incurred in selling the home.
If you're buying a home and don't have very much money for the down
payment, you may want to find out if the seller would be interested in
"sweat equity". This would allow you to perform the labor on any needed
repairs and maintenance to the home, (such as outside repairs, painting or
electrical work) in exchange for credit towards closing costs.
How big is an acre?
An acre is an area of land equal to 43,560 square feet. For visually purposes, an acre is most often compared to the size of a football field -
not counting the two end zones, which are each 30 feet in length. Now try
to envision one square mile, which is equal to 640 acres! |
