The Philadelphia real estate market is currently in a state of expansion, especially in the city’s Northeast side. For those who are unfamiliar with the market dynamics, this simply means that there are a lot of properties up for grabs. Needless to say, now is the chance to make the most of a perfect investment opportunity. All it takes is an aggressive attitude and the right enterprising spirit.
Of course, the process of buying a property can be a bit confusing if you are unfamiliar with the specific steps you have to follow. Luckily, we have our readers covered in that regard. This article presents a brief breakdown of everything you need to take into consideration before taking the plunge and making a real estate purchase.
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First things first, you need to ensure that you have enough money to actually buy the property you want. Of course, if you are looking at residential properties then you should know that there is a wide variety of financing options available to you.
For instance, there are federal loan programs that do not require you to make the 20% minimum down payment usually required for this kind of loans. Additionally, the state also has its own financing programs to help first-time homebuyers.
However, it is vital that you do not get caught up with the terms and conditions promised by these programs. Instead, you should remain focused on your mortgage interest rate. More often than not, your interest rate will have a major impact on the total price that you will have to pay for your home.
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Secondly, you need to look at the options in front of you. By that, we mean doing a cursory search on the properties currently available on the market today. You can do this through your real estate agent or by browsing through the listings online. You can also start searching the classified ads for properties on sale. However, we highly recommend that you go with the first option as this will be significantly easier for you.
Keep in mind that your real estate agents are there to provide you with their expertise and their knowledge of Northeast Philadelphia’s market. Ask them to give you a list of the properties which fall under the same category as the ones you are looking for. They should then give you a file containing all the property’s pertinent information, including its actual price, mortgage options, amenities as well as its exact location.
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By doing these things, you are actually saving yourself a lot of trouble. For instance, by asking your real estate agent for help, you get to avoid the hassle of compiling your own list of properties and having to drive around the city just to perform a direct inspection on each of them.
That being said, it is vital that you find a real estate agent who can effectively answer your questions. Aside from ensuring that you get the best deal possible, it is also their responsibility to ensure that you have a full understanding of how the Philadelphia real estate market works.