Purchasing a property can be daunting.
We’re here to guide you.
Know Before You Go.
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Find out what you Can Afford.
Contact various lenders to discuss the financing options and various programs that match your needs.
We encourage you to consult with your accountant to review what you can afford and the cost implications of property ownership.
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Do your Due Diligence
You want to do as much due diligence as possible prior to signing a contract. Once you identify a property, we check all taxes, property files in the assessor and building departments as well as environmental factors.
This also includes doing a thorough house inspection, check for termites, test for radon, water, septic, and well.
In addition, we work with your attorney and title company to address any property issues.
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Factor in your Closing Costs
Closing costs vary on the purchase price and mortgage amount, type of property, and location.
The attorney and/or lender will provide closing costs before the closing date. Closing on a house is the most rewarding part of the home-buying experience.
Real Estate Options.
We’re here to help.
Make sure the property decision you make is the right one for you. Below are some comparisons of for each property option.
CONDO/CO-OP
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• Lower price tag is typical in a Co-op than in a Condo.
• Co-op is not considered real property; you receive a stock and lease.
• Closing costs are going to be less in a Co-op
• Make sure your Co-op building is approved for financing by a particular lender.
• Unless it’s a sponsor sale, board approval is needed
• A condo is a real property and you receive a deed
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• Both Co-ops and Condos have by-laws and rules.
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Maintenance will be less in an apartment-style home than in a townhouse.
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You still need homeowners insurance in both situations of Co-op or Condo
SINGLE FAMILY
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Depending on zoning, the size of the lot, and the size of your home, one has a lot of autonomy for renovations. In addition, you have privacy in a single-family home.
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When you own your own home, you’re responsible for maintaining interiors and exteriors.
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With a house, you usually have more interior or exterior space for a home office, extra bedroom or an outdoor living space.
Renting vs. Buying.
Why Rent?
To test out a community
It may be more affordable to rent if mortgage rates are higher and there’s limited inventory
FAQs
Below are some questions to think about when purchasing a home.
Your Silversons’ agent will walk you through any other additional questions you may have.
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Contact your local Silversons agent to learn more about how your credit can affect your purchase options.
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Contact Silversons Realty to learn more about how the event of a foreclosure can effect your purchasing options.
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Contact Silversons Realty to learn more about how to negotiate in a bidding war.
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Contact Silversons Realty to learn more about short sales.
