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Real Estate
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Buying a Home
1. I would suggest you be financially stable and able to
stay in one location through your career for at least a few years.
Otherwise owning might not be for you in Park City or anywhere
else. Renting is probably the better option. With the transaction
costs of buying and selling a home, many people don't realize
that you could end up losing money selling quickly; ideally you'd
like to hold onto your home for at least two years to avoid extra
taxation.
2. Most people likely will need to assume a mortgage to
buy a property therefore, you must make sure your credit history
is reasonably good. Before you start a property investment, get
copies of your credit report. Make sure the report is correct,
and remove any
problems you find with your credit report. Talking to a mortgage
lender can definitely help.
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3.
Always realize the monthly amount you would have to pay for
a mortgage. So try and look at properties that best fit your budget,
so as not to over extend yourself financially. Usually most people
can buy property that runs about two and a half times their annual
salary. It might be worthwhile to use one of the many mortgage calculators
available online to understand how your income, debts, and expenses
affect what you can afford on monthly bases.
4. You don't necessarily need to put down 20 percent of the
purchase price. There are many public and private lenders who if
you qualify, offer low-interest mortgages that require a very low
down payment, of the purchase price.
6. Get professional help whenever you can. Even though the
Internet gives buyers direct access to property listings, most new
buyers (and many seasoned ones) are better off using a professional
agent. Search for agents who will have your interest in mind and
can help you with strategies during the buying process.
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