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Decide if the House Your Considering is Worth the Money

posted by Stephen Katz @ 11:05 AM
Thursday, April 25, 2013

Before you hand over your money, determine if the price is worth it.

Have a comparative market analysis done. Ask your realtor to provide you with a CMA. This is a comparison of homes in the same area that sold in the past 6 months. The house you want should compare favorably in the price. You should also look at how quickly homes are selling in that particular neighborhood.

Evaluate the house you want and research the local housing market. Browse the internet and local newspapers ads and real estate publications. Visit open houses, talk to neighbors and keep your eyes and ears open. The best neighborhoods have good schools, close to public transportation, convenient to stores, parks, post office and doctor’s offices. They should have a low crime rate, and not be near planes, trains or loud neighbors.

Look past cosmetic repairs such as needing new carpet or freshening up the paint. They could be hiding things like peeling walls or cracked flooring. Look past the nice furnishings because they won’t be there when you go to move in. Focus on well constructed walls, floors and ceilings. Make sure there aren’t any leaks, signs of termites or other vermin, and no signs of mold, rot or water damage.

Ask yourself how many bedrooms and bathrooms you think you need for the next few years. Do you need or can you pay for a pool or an extra office. A well designed renovated kitchen or basement or extra rooms are usually worth pay more for. But only pay more for extras such as fancy times if you want them to improve the quality of your life. Extras that may have cost the owners 20k are not likely to add 20k in value to the home when you decide to sell.

It is always smart to make your offer conditional upon having the home inspected. A reputable home inspection company will provide you with a report that identifies existing and potential problems, suggestions on who to fix them and an estimate of cost. It’s also a good idea to have the home’s market value professionally appraised. Your lender will most likely require a home appraisal before giving you financing.

Evaluate the house you want and research the local housing market. Browse the internet and local newspapers ads and real estate publications. Visit open houses, talk to neighbors and keep your eyes and ears open. The best neighborhoods have good schools, close to public transportation, convenient to stores, parks, post office and doctor’s offices. They should have a low crime rate, and not be near planes, trains or loud neighbors.

Look past cosmetic repairs such as needing new carpet or freshening up the paint. They could be hiding things like peeling walls or cracked flooring. Look past the nice furnishings because they won’t be there when you go to move in. Focus on well constructed walls, floors and ceilings. Make sure there aren’t any leaks, signs of termites or other vermin, and no signs of mold, rot or water damage.

Ask yourself how many bedrooms and bathrooms you think you need for the next few years. Do you need or can you pay for a pool or an extra office. A well designed renovated kitchen or basement or extra rooms are usually worth pay more for. But only pay more for extras such as fancy times if you want them to improve the quality of your life. Extras that may have cost the owners 20k are not likely to add 20k in value to the home when you decide to sell.

It is always smart to make your offer conditional upon having the home inspected. A reputable home inspection company will provide you with a report that identifies existing and potential problems, suggestions on who to fix them and an estimate of cost. It’s also a good idea to have the home’s market value professionally appraised. Your lender will most likely require a home appraisal before giving you financing.

Stephen Katz

(770) 309-0939 (direct) or (866) 742-8400 —

For the past 18 years, Stephen Katz has built a successful business almost entirely on referrals. As your mortgage consultant throughout the home loan process, Stephen will explain the pros and cons of all available mortgage programs and help you choose the financing option that is best suited to your needs.
Throughout the loan process, he will keep you informed and will respond quickly to your requests with answers and solutions.

Consistently a top producer, Stephen is a Mortgage Bankers Association “Diamond” Award winner, a Georgia Mortgage “Top Gun” and has closed almost half a billion dollars in loans. Put his knowledge and experience to work for you!

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