Guide to Help You Buy New England Real Estate
Here are some useful tips to assist you when buying a house or condominium. We're here to help! Call us at 603-745-8112. We're happy to answer your questions about buying vacation property, or to schedule an appointment to view homes for sale in NH. You can also register online to receive notices of available houses for sale in NH.
1. Finding the Right Home
As you discuss the house you want and features that are important, think about your needs now, and think about what your needs may be in a few years.
For instance, currently you may have children in school and need a home with lots of bedrooms. In a few years you prefer a smaller home with fewer maintenance costs that allows you more free time. If that's the case, think about the home you're buying in terms of resale or rental potential, and consider financing options that make sense for your scenario.
2. Determine Whether You Can Afford the Property
Pre-qualifying for a home loan is an important step in the home-buying process. There are 2 ratios used to determine loan limits. The first number is your total projected housing costs. These should not exceed 28% of your gross monthly income.
The second factor is your total debt. Mortgage lenders analyze the ratio between your total monthly obligations and your income to decide how much money you should allow for monthly housing expenses.
To get pre-approved for a home mortgage loan, consider these local New Hampshire mortgage lenders:
- Citizens Bank
- Bank of New Hampshire
- Passumpsic Bank
- Merrimack Mortgage
- Regency Mortgage
- Mortgage Masters
- Wells Fargo
3. Making an Offer on Your Home
After you find your perfect home, you must decide how much to offer the seller. First, determine the home's real value; then try to determine what the owner will accept.
Loon Mountain Real Estate Company real estate agents will provide you listings of homes for sale in NH which are comparable in size, features and location. These comps will help you get a feel for the market. Our agents will help you understand how your prospective home compares.
Bear in mind, most homes sell below asking price. This means most owners list their homes higher than the price they expect to receive. Buyers frequently make their first offer below list price, expecting to negotiate and meet somewhere in the middle.
4. Checklist for Home Buyers
- Define your priorities for the features and amenities you're seeking.
- Learn the area real estate market for homes for sale in NH - it may differ from your current area.
- Get financing pre-approval or pre-qualification.
- Schedule a final walkthrough.
- Have proper inspections done, including radon. For more information on radon, visit the EPA website
- Estimate your closing costs.
- Get a cashier's check for the closing amount.
- Bring a personal check to cover any last-minute closing charges.
- Call your insurance agent to insure your new home.
- Call utility companies: electricity, gas, oil, phone.
- Schedule movers.