How to save money when buying real estate

If you are shopping for your first home, or even a second home, the process of buying a Brevard County home is a detailed, time consuming endeavor.

It can also be an emotional time with unforeseen important decisions. You want to ensure that the house you buy meets your needs now, and in the future.
These decisions involve large amounts of money. When you think about what all that money represents, you’ll want to make sure you do not pay too much. You should know some important things before you begin shopping, like taking your time to chose the right home, selecting the right realtor, and remaining objective while viewing potential homes. This information will bring you one step closer to finding your ideal home.

1) Before you shop you want to develop a needs versus a wants checklist.
Everybody has a an idea of their perfect home. It would include all the important features you not only need, but have to have. One thing to keep in mind, when it comes time to buy a new home, the desirable wants cost more. It’s everyone's dream having a large and beautifully landscaped yard, or a Florida room, or some up to date appliances. Most of the time, these are considered luxury items, which add considerably to the purchase price. That’s why you should have a good map of your needs and wants. With your list in mind, begin with items you really need; like square footage, size of the garage, carport, or no garage, number of bedrooms, number of bathrooms, and location. Your basic needs should be considered first. After that, you could consider additional luxuries. If you can, sort these benefits in a financial manner.
If you stay organized and pay great attention to your needs over your wants, you’re less likely to be caught up in the excitement of the large purchase you are undertaking. Remember to stay within you price range, and if everything works out right you can also fulfill all your wants.

2) Talk to a lender to get a pre-approval before you start shopping.
Talk to your bank, financial institution, or your preferred lender prior to home buying. You will know exactly what you can afford. Once you go into contract, be sure to get a mortgage commitment in writing delivered to the seller in the required time frame. The sellers will know you are a serious home buyer and will feel confident in the transaction. Factors like current market conditions, may cause a seller to request an unconditional offer. You're contract will have less appeal if you don't have a mortgage pre-approval. Banks and financial institutions have many different programs for home buyers. When you and your lender work in harmony, you will be far ahead of the home buying competition.

3) Choosing a knowledgeable Realtor
Buying your new home is a very complicated process. With so many people involved, decisions like; choosing a mortgage that you can afford, to finding the right home inspector, to viewing available listings that fit your needs, there is a navigation device to help you find your way through the complicated home buying process. With a professional realtor guiding you, you’ll have access to these important services that only a hard working realtor can supply. A great real estate agent has the experience and knowledge developed from years of helping both buyers and sellers in countless real estate transactions. Realtors have developed a vital network of people, home inspectors, lenders, movers, title companies, and surveyors to assist you in the home buying process.

4) Communication with your Realtor is a vital tool in home buying.
Spend a lot of time talking with your Realtor and you will reap huge rewards. When you have a concise picture of the type of house you’re looking for, your Realtor can pinpoint the home you want. Never wasting time looking at homes that you can't afford or don't fit your needs.

5) Location, will be a big deciding factor.
Yes, you know that you here this so much, but location is a huge part of the home buying process. A house can not be home if it is not in a place that you can call home. The value of a house is always affected by the surrounding homes. You must always think about resale. Desirability sets the resale value of your home and largely depends on location more than any other factor. Buyers want a desirable location/community that has great schools, access to business areas, access to major transportation arteries, airports, and recreational facilities like lakes, oceans, rivers, and parks.
When you begin your house hunting you must ask: How does this neighborhood compare to other local neighborhoods? Do the homes in the neighborhoods have fenced yards? Are there children playing in the streets? Bus stops? Sidewalks? Is there a lot of traffic? Is there a lot of noise created local conditions? Are the yards and the exterior of the homes landscape and maintained?
Take a stroll around the neighborhood and talk to anyone outside in the area. Get their opinions and comments. If you like the community, examine the home you like inside and out. Remember that large homes surrounded by smaller homes tend to appreciate less than a large home surrounded by other large homes. The reverse effect happens with a small home in a neighborhood with large homes. It could take a lot longer to resell a smaller home, as some people are won't pay extra for the smaller home surrounded by large homes.
And don't forget those other important factors that affect the property value of a home, which include; sounds, smells, zoning bylaws, and traffic. Don’t rely on your emotions. Be objective. You have to be completely satisfied with the neighborhood.

6 )A local REALTORS® knowledge of the community can be a big asset.
A Realtor has experience in every aspect of real estate. They understand the difference between a buyers market and sellers market. They know the economic past and potential future of a community or city. They know what homes are selling for and have full knowledge of housing trends and prices. Realtors can save you time and money. It is a very time consuming process to view every home available that meets your needs. A Realtor can do much of the ground work for you. They find out your needs, review the properties and then advise you of a potential buy. A comprehensive database of available homes in a neighborhood is one of a Realtor’s biggest assets. With the aid of modern computer systems, Realtors keep up to date with listings as they become available.

7) Don't over look problems that you find in a home.
Evaluation of a home should be carefully done to ensure you know the difference between acceptable and unacceptable problems. Items like worn or stained carpeting, peeling or chipped paint, or ugly wallpaper can be easily removed or repaired. You can use these as tools during the negotiating process. Obviously there will be costs involved in updating the home to your tastes and standards. Serious problems, can however, make a deal go sour. Your home inspector will look for foundation or slab cracks, water leaks and damage, electrical systems that don't meet code, and plumbing issues. Items like these could cost you time, money, and most importantly safety.

8) A home inspector is a necessity in any home purchase.
A home inspection is very important step to ensure peace of mind, and to make sure you save some money. An inspection will cover all areas of the house; electrical, foundation, plumbing, floors, heating, walls, attic, roof, ceilings, siding and trim, patios, decks, garage, porches, and drainage. With a written report from a licensed home inspector, indicating the present condition and items that will need repair, you can be sure the home your buying will not be the next "money pit".

9) Fixer uppers may cost you more than you might expect.
A lot of buyers are looking for a home that needs some work. It may be a great way to make some quick cash. Fixer uppers can be purchased below market value. Just make the needed repairs to make a good sale and a great profit can be achieved. But a word to the wise, not all fixer uppers will bring in the profits. The price of the home and the amount of repairs needed combined with market conditions at the time of sale can highly influence the resale value. Please consult with a Realtor before purchasing a fixer upper. A Realtor will have some insight in the potential value of a fixer upper.

10) When you find the home you want, react quickly.
When you’re ready to buy, you must move quickly. Well priced properties sell fast. This is especially true when experiencing a sellers market. Through your Realtor, you have access to the most current technology. As part of the MLS network, a Realtor has access to properties within minutes of being listed.

11) Request a written "sellers material facts and defects disclosure".
Sellers must disclose all known material defects of a property. Get your agent to secure a copy of the disclosure for your records. Be sure to consider the potential costs or effects of these defects. Most importantly, are these defects a danger to family or my home?

12) Make sure you know all your costs involved in buying a home.
There are a lot more costs involved in a home purchase than a mortgage. You will be responsible for items including; appraisal fees, surveys, mortgage insurance, inspection fees, transfer taxes, title insurance, legal fees, and inspections. A Realtor can help inform you of the costs associated with buying a home that are beyond the contract price of your new home.