Real estate

How to prevent mistakes when buying property in Mississippi

Buying a house is a big step, whether it’s your first time or not. It could be hard not to get overwhelmed with choices and responsibilities. Whether you’re moving to a new state, buying your first house, or just relocating because your family is growing, you need to know the real estate market. Thankfully, there are plenty of real estate companies in Mississippi ready to assist you during the search. However, no matter how good the agents are, there is plenty of information you have to know to find the best offer on the market.

Of course, many believe it’s easy to buy a house without a real estate agent. While it is possible and will likely save you money, it means a lot of work for you. This work includes research about the areas, cities, selling seasons, mortgages, and closings, as well as negotiations and dealing with all the paperwork. Remember the golden rule of the real estate industry: every property you buy should be an investment. The realtor’s job is to make sure that you make a good investment and get the best deal.

It’s crucial to remember that the housing market works differently in big cities and small towns. Even after the research on the state market, the real estate agents in Gulfport, MS, would have more expertise to navigate you through the nuances of buying in the biggest cities.

Steps to get ready to buy a house

Before we jump into where and when you should start looking for a new home, let’s talk about what you need to do to be prepared even to enter the market.

  • Assure you have enough for the down payment

That means that before you start looking for houses and making offers, you should save enough money for a down payment. Think about your financial situation and budget limits.

There are some ways to lower the down payment through governmental homeowners programs. Usually, the programs support low-income families, certain social groups like military veterans, or even first-time buyers.

  • Learn more about all expenses

The price for the house and down payment –  is not all the expenses that await you when buying a house. Small fees and commissions that might not seem significant in the beginning will add up in quite a payment. With proper research, you won’t be surprised after receiving a check.

So here are some costs that closing the house might include:

  • House Inspections cost;
  • Loan application fees;
  • Mortgage insurance;
  • Home insurance;
  • Taxes on the property.

Important note that combined, those fees will take between 8% and 10% of the final housing price. And some of them could be negotiable with the seller, like house inspection.

  • Get the mortgage pre-approval letter.

You must be pre-approved for the mortgage when you start looking for the house. Some of the sellers won’t even let you for the showing without a pre-approval letter, as they might consider your intentions as not serious.

The mortgage lenders make their decision based on:

  • Level of the total income (including the family members);
  • Reserves of cash;
  • Personal debts ( car loans, student loans, credit cards).

After receiving the pre-approval letter, make sure not to jeopardize your status. From that moment forward, pay your credit card bills on time, and avoid getting any additional loans or opening credit accounts.

Set the list of your requirements

When all the money-related business has been handled, start making the list of your requirements for the future house. House shopping requires you to be flexible as sometimes it is hard to find the perfect option. So make sure to set your priorities straight. What would be more important is the distance to your office or school or the big backyard for the dog and bbq area.

Here are some main requirements you have to research and settle for yourself:

  • Neighborhood. Do you have a family, or are you planning one? Check the school and daycare situation, playgrounds, and options for afterschool curriculum activities. Do you have any specific hobbies? What is the commute situation to your workplace or downtown? What is the crime rate? All those answers you should get during researching state.
  • The state of the house. Do you want an old Victorian house with big windows or something more modern? Are you financially ready for renovations, or would you prefer to move in straight away and want your home to be move-in-ready? Do you need a big backyard or extra parking space? Make sure you prioritize those things and decide for yourself what could be negotiable.
  • Are you in a rush to move in before the school year or the job contract starts? Consult with the expert in your local market to see when would be the best time to buy the property.

Find a good professional realtor.

After setting your needs and requirements, start looking for a good real estate agent. Make sure that the realtor knows your target area well to help you find the best options. Pay attention to the agent’s closing score and communication skills. After all, the real estate agent would be presenting your interest in negotiations. The main piece of advice is to listen to professionals. Ask as many questions as possible to ensure you’re making the right choice and getting the best deal.

A post by Kidal D. (5601 Posts)

Kidal D. is author at LeraBlog. The author's views are entirely their own and may not reflect the views and opinions of LeraBlog staff.

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