Buying a Home in Today's Market
Whether you've spent years saving and preparing to buy a home, or
are unsure if you can afford it, the questions surrounding a house
purchase can feel endless.

You can find the answers – and peace of mind – by working with
Monaco Realty

Here are some tips to help you become your own landlord.

1:  Hire a real estate professional.
The first step is to select a professional
to help you find your dream home and fine-tune your financial expectations.
Working with a buyer agent is worth consideration since he or she is legally
responsible for representing the buyer's interest in a real estate transaction.
Before making a decision, however, have a Realtor explain the pros and cons
of using a buyer agent versus a sales or dual agent. Your Monaco Realtor
can guide you through every step to buying a home.
2:  Shop for mortgage rates and terms. A difference of even half a
percentage point can make a huge difference in how much you pay over the
life of a loan. For example, the difference in the monthly payment on a
$100,000 mortgage at 6 percent vs. 5.5 percent is about $32 per month. Over
30 years, that's $11,434.
3:  Prequalify for a loan. Your third step should be to get prequalified, which
determines how much you can afford. It allows you to move swiftly when you
find the right home, especially when there are other interested buyers. It also
indicates to the seller that you are serious and really can afford to buy the
property.
4:  Define what you want. The next step is to create a realistic idea of the
property you'd like to buy. What features are most important to you? Make
two lists: one of the items you can't live without and one of the features you
would enjoy. Refine the lists as you house hunt. It is also helpful to search
online to see what is currently available on the market. Your real estate
professional can then show you houses that meet your expectations.
5:  Visit properties. Now you're ready to visit houses. Ask your Monaco
Realtor to arrange showings, and keep track of the properties you've seen.
6:  Know the features that help or hurt resale. In some areas, a
swimming pool actually detracts from a home's value and makes it harder to
sell. In neighborhoods with two-car, attached garages, a single-car or
detached garage may impact the home sale and future value. Your Monaco
Realtor can point out features that hurt, and those that help, resale value.
7:  Rate the houses you tour. After touring each home, write down what you
liked and didn't like. Develop a rating system that will help narrow the field
down. For example, pick the house you like best on day one and compare all
other houses to it. When you find a better one, use the new favorite as the
standard.
8:  Make an offer. Once you've pinpointed your dream house, it's time to get
serious about the financial and contractual side of the purchase. Your
Monaco Realtor will be a strong advantage since you and the seller have
different goals.
9:  Arrange for a home inspection. After your offer is accepted, set up a
home inspection. It's common to find problems, including leaky roofs, cracked
walls, insect infestations and foundation problems. Your Monaco Realtor can
help find a reputable inspector, and will negotiate to get you the most for your
money once the inspector's report is final. If you negotiate repairs as part of
the purchase, ask for a "walk through" before finalizing the paperwork. Ask
your real estate expert about home protection plans, which may save you
money in the near future.
10: Close. Before your closing date, make sure you've made all necessary
deposits and completed the paperwork - including mortgage, title,
homeowners insurance and any other paperwork required by local or state
governments.
11: Prepare for life in your new home. Before rolling out the welcome mat,
consider some moving basics: arranging for an alarm company, turning on
electricity, water and gas, cleaning or replacing the carpet, and notifying your
local post office of your new address. The best time for renovations is often
before you move in.
Copyright © 2005 Monaco Realty.  All Rights Reserved.


861 Montauk Hwy, Shirley, NY 11967
Phone: 631-399-4700  Fax: 631-399-4242