Acquiring a home is one of the most critical decisions in life, so you must consider several aspects before taking this step.
Before buying a home:
- Determine how much money you have for the purchase of a home, considering the down payment and monthly fees you will have to pay.
- Find out about the types of mortgage loans and apply for a home purchase credit.
- Determine your needs, for example, location if it requires access to public transport or seeks quality public schools for your children.
- Consider hiring a real estate agent who can help you find a home and advise you during the purchase process. Determine whether this agent will represent your interests or those of the seller. In general, agents represent the seller, but you can hire one to represent you.
- Get and compare housing prices in the area you want to buy.
When submitting an offer to buy a home, ,include a clause or condition indicating that your offer is subject to a satisfactory report on a professional property inspection to be carried out by a licensed inspector.
Housing Advisory Centre
Find out if you can benefit from the following programs: The Federal Housing Administration (FHA) runs a program to help you with your first home purchase. The plan that is administered at the state level is known as FHA loans and facilitates mortgage credit through financial institutions for buyers who:
- Could not qualify for a traditional mortgage.
- They don’t have a very good credit history.
- They have no more than 3.5 percent for the initial fee.
- FHA also provides information on HUD housing.
- Program Housing Choice Voucher (Section 8).
- Veterans mortgage loans.
- Programs for rural residents. The state offices of the Department of Agriculture can provide you with information on loans to access housing for rural residents.
- State programs. Requirements, options, and programs vary from state to state. See your state’s housing purchase programs.
Guide to selling a home
Like buying a home, selling it has its challenges. Here are some suggestions and ideas to consider before you put your house up for sale:
- Selling isn’t always the solution. The ideal is to stay on the purchased property long enough for the purchase costs to be worth it and not lose money. If you have trouble paying your mortgage, you may receive advice on what to do with your mortgage.
- Consult your case with several real estate agents. Each agent can manage the sale of your home differently, ask each one what the service will consist of to sell your home quickly and with the highest profit for you. Choose an experienced agent to represent you faithfully.
- At a minimum, ask for the following data when interviewing real estate agents: years in the profession, number of properties sold in the last year and your area, expected sales time for Your Home, expected Commission charge (a negotiable percentage), plan to advertise the property, prepare to respond to offers from potential buyers and professional references. For example, you can ask for the contact information of your recent customers.
- Put a price on the House. It is essential to set the correct amount according to the market and the neighborhood. A suitable price can help you have a quick sale. On the other hand, if the price is exaggerated this may be a problem for disposal. The more days your property is listed for sale, the less your bargaining and selling power will be. Your real estate agent can obtain and compare the prices and characteristics of housing for sale in the neighborhood, including recent sales.
- Determine the costs of the sale. Include payment of commissions to real estate agents, housing arrangements, closing costs, ,and transfer of title to the property. Your realtor can help you determine the total cost.
- Make all necessary repairs — for example, any paint job and cleaning inside and outside.
- Get involved in the sales process. Be willing to answer any questions your real estate agent has and allow time to review any purchase offers you receive. The agent providing services will answer the questions about the ad, coordinate appointments with potential buyers, and show your property.
- Take the process slowly. The real estate market can be challenging, and trying to balance the sale of your home with the purchase of a new one is no easy task. Take the time to reflect and be calm when making decisions.
- Right not to be discriminated against in seeking housing
Discrimination in housing occurs when a landlord, a real estate management company or a financial institution that grants mortgages prevents a person from renting or buying a home because of his or her race or color, religion, sex or gender identity, origin or nationality, family status (such as having children), or disability.
The Fair Housing Act prohibits a wide variety of forms of discrimination, including misleading practices such as raising prices for certain demographic groups or providing false information on property availability. Also, a lack of wheelchair access is a form of discrimination in some newly built properties.