Real Estate Transaction
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“The steps, process and details of buying real estate can be intimidating and overwhelming. For the most part, however, the transaction should follow these seven steps.
The steps, process and details of buying real estate can be intimidating and overwhelming to the first-time (and even the veteran) buyer. If you’ve never done this before, you likely have no idea how the process begins or what to expect.
Every market does things a little differently, and you should ask your real estate agent how the process works in your community. For the most part, however, the transaction should follow these seven steps.”
If you look at these seven steps, each can become an overwhelming problem.
There are many hidden costs that people involved will not explicitly tell you.
In fact, many cases end up in some sort of remorse.
For example, 63% of millennial home-buyers have regrets.
“Underestimating the hidden costs associated with buying and owning a home, including the ongoing responsibilities of maintaining it, is the No. 1 millennial homeowner frustration.It’s a common mistake, experts say, and it can be a costly one.
You need to know that you can truly afford to both buy and own a home, and to get the full picture, you need to do more than simply compare your current rent payment with the potential mortgage payment, Daryl Fairweather, chief economist at real estate site Redfin, tells CNBC Make It.
“Do a full check of all finances,” Fairweather says. “A lot of hidden fees come with owning a home that you might not consider immediately.” That includes the insurance, property taxes and closing costs — which can be 2 to 5 percent of the home price.”Therefore, do your home work appropriately.
How to do it appropriately?
It is actually dependent on your lifestyle.
If your lifestyle needs to be changed, it may take a while.
Nevertheless, change it.
For the time being, you can take actions in good faith.