Rob Thomson of Jupiter Florida Sharing 8 FAQs about Real Estate
Real estate remains to be one of the trivial topics to people outside the industry. Truth be told, the process can be overwhelming and without the guidance of an expert, you could end up with a bad investment. Whether you’re a first-time buyer or an experienced one, having someone like Rob Thomson Jupiter Florida to walk you through the process can make all the difference.
It’s natural for buyers to have a lot of questions in the process of purchasing a real estate property. Even repeat buyers who are buying their fifth home can still get confused with the steps. House ownership is a big investment and questions about it, no matter how small, are relevant.
The real estate world is faced with people’s queries about selling and buying every day. Here are some of the answers to the most common real estate questions:
1. Is buying better than renting?
One of the dilemmas that people face is deciding between renting and buying. Each has its pros and cons, and the decision to buy or rent mostly depends on the person’s current situation. While renting can be a cheaper alternative, buying a home gives you something to look forward to at the end, which is full ownership of a property.
Properties also tend to appreciate over time. With full ownership of a property, you will have control over what to do with the house, until or if ever you decide to sell it. You can make improvements like adding bathrooms and bedrooms or remodeling the kitchen which significantly adds value to your home if you decide to put it on the market.
2. What is the first step in the home buying process?
It’s always a smart move to consult the banks for financial advice first before you start looking for homes. This will give you an idea of how much you can afford and helps eliminate houses priced beyond your allotted budget. Talking to your lender will also help you determine how much you need for down payments and closing costs.
3. How much should I offer the seller?
One of the advantages of having a trusted realtor to help you is that you’ll have someone to guide you on how much you should offer to the sellers. But even without a realtor, you can still come up with an amount based on common sense. Physical conditions, prices of similar houses in the neighborhood, and the number of bedrooms are just a few of the things you need to consider. You can then come up with a special offer for the sellers.
4. Do I need to be there during the home inspection?
The decision to be present during home inspection depends entirely on you. If you have time to spare, going might be a good idea. Just be sure to give the inspectors some time to assess the house before getting there. Arriving for the last 20 minutes of the inspection gives you enough time to talk to the inspector and be informed of issues if there are any.
5. What should my credit standing be if I’m planning to buy a house?
As you know, your credit score will affect the loans you take out for home shopping. Most creditors usually require their borrowers to have a score of 620 and higher. The higher your credit score is, the better your options will be. However, if you have a lower credit score, you might have to bring more cash into the table to lessen the risk on the lender’s side.
6. What is an Earnest Money Deposit?
Also known as a good faith deposit, earnest money deposit is an amount you pay to the sellers’ real estate company to hold in their escrow account. This is primarily used to assure the sellers that you’re serious about closing the deal. The deposited money is then subtracted to the full amount paid during the final transaction.
7. How long does the process of home buying take?
On average, the entire home buying process could take 10 to 12 weeks, assuming there are no issues that could cause a delay. Once the seller accepts the offer of the buyer, the only thing left to do is to close the escrow which could take 30 to 45 days under normal market conditions. But if you’re one of the people who are well-prepared and have cash on hand, then you’d be able to expect much faster transactions.
8. How much should I pay my agent?
In real estate selling and buying, two agents are typically involved in the process: the listing broker and a real estate agent representing the buyer. Sellers pay a fee to listing brokers who use resources and strategies to help advertise their homes to potential buyers. Agents, on the other hand, play a single role: to bring buyers to the table. Once the house is sold, the listing broker will then split the listing fee with the agents. Buyers then won’t have to pay their agents a fee.
Get the Answers to Your Real Estate Questions Through Rob Thomson Jupiter Florida
Learning the process of involved in home buying and selling is important. With the help of Rob Thomson Jupiter Florida, you’ll be assured of a smooth sailing home shopping experience. At Waterfront Properties, we make sure that our clients get nothing less than what they deserve.