What Is The First Thing I Need To Do To Buy A Home In Kuna Idaho?

April 15th, 2008 categories: Down to Earth Information, Real Estate News

960692_questions Find the Home? No

Find a good Realtor? Maybe…..

Drive around and go to open houses to see if you like anything out there?? Absolutely not. Wasted Saturdays

Look at your bank account? Yes!

Unfortunately you do need money to buy a home. How much do you need?

Here is a list of things to consider.

Earnest Money This is money that you submit with your offer to purchase. Suggested to be at least 1% of the price of the home. This could be locally $500–$2000 for a first time homeowner. This money shows the Seller you have valuable consideration in your future home. You can lose this money if they accept your offer and then you change your mind. So it’s insurance for the seller that you are a serious buyer.
Down Payment This is at least 3%-5% of the loan. Not too long ago (last month) you could get a loan that would allow you to put this cost into the loan. Those are harder to get and I find sellers are much more leery of these loans (because they are so fragile) There are lots of different options out there, but the more you put into the equation, the better chance your offer will be excepted and your loan will be approved. Some loans allow the down payment money to be gifted from a relative or even have a co-buyer. It shows everyone you are financially committed.
Home Inspection This can be anywhere from $250–$400 in this area. A necessity no matter if you are buying used or new. New Construction Warranties
Possible Survey If it is country property, there could be the added cost of a survey. (around $400)
Closing Costs As high as $3500 for a first time homeowner. There are ways to reduce these costs or roll them into the loan, but you should be aware that this is a cost to you.
Moving and Managing Your Home These are fun costs to buying a home, finally you get to move into your home, decorate and spread out. You will want to allow some fun money in your housing budget.

My suggestion is if you have money saved, have been very careful with your credit (paying your bills on time) then the next step is to talk to a realtor or a lender. They will help you position yourselves for the best possible chance to be successful in homeownership.

Tags: buying+real+estate, money, earnest