Home Buying Tips

Tallahassee, FL (WTXL) -- With an ever changing housing market, it's important to keep in mind a few tips when searching for a new home. 

Elizabeth Ekk, with Ekk & Hamilton Realty, outlines three guidelines for home buyers:

1. Resale Value - 3 P's - Place, Price, Product
   When purchasing a home buyers need to consider resale value if they have to leave to take a new job, increase in the size of a family, downsize in budget, etc. The 3P's is what will help sell your home if you ever need to & it will also help you make a decision on if this property is a good investment!
2.  Community - research the surroundings & meet up groups
   Be sure to ask your Realtor if the property is in a flood zone because it may require flood insurance which will add to your monthly budget.
   Ask if your property has an HOA and if the roads are city or county maintained because if you have a VA Loan the property may not qualify if it is not maintained.
   Research the property to see the crime rate, sexual predators, school zones & property taxes which are all public knowledge. Ask your realtor to show you the websites to research this info.
3.  Milestones - upfront costs, closing costs, inspections, lender requirements 
   • There are milestones after you get an accepted offer that incur costs prior to closing on a home. They are:
   • Within 5 days you have to have submitted a full application with the lender - different from a prequalification letter which is recommended to obtain prior to looking for a home.
   • Within 15 days you have to secure a sufficient insurance quote, satisfactory home inspection, conduct a wood destroying inspection - your realtor can help you find trusted preferred licensed partners.
   • Finally an appraisal will be ordered within the due diligence period of 15 days.