Buying a House That’s Worth It
The process of buying a home is as unique to you as the family and friends that will eventually fill that home. But how do you know you’re getting a good deal? The answer is relative, but there are steps your realtor and lender can guide you through to make a decision for yourself.
Your lender will require an appraisal to be conducted to determine if you are getting the best deal. In a real estate transaction, the lender hires the appraiser. The appraiser’s task is to determine whether the property has sufficient value to secure a loan. An appraiser aims to develop an overall impression of a property and its market value. The appraiser walks through a property, looking at it through the eyes of a typical prospective buyer. The final step that goes into an appraisal is to compare the property with similar ones in the neighborhood that recently have sold. What did these get in the marketplace?
Price is a key decision factor, but remember to let your expectations guide you as well. Your home should be a place that’s comfortable for you and a place for you to create your life. Both factors considered together will help you determine what is the best deal for you. ⠀