Investing in real estate is soaring high in the Philadelphia area and its neighborhood.
The City of Brotherly Love has attracted investors and home buyers from all over the US and other parts of the world.
One of the many reasons why home buying in Philly is rising in leaps and bounds is its affordable prices compared to other big cities.
Can you imagine the freedom and liberation you will have when you finally become a homeowner? Such excitement should invigorate you to make the first move in owning a home.
This guide will help you in getting started to this critical venture.
- Location
Before anything else, identifying the location of your home-to-be will start the ‘ball rolling’ to owning a home.
However, you should know that buying a home in the center city Philadelphia might be a lot harder due to high cost and high competition in home buying.
In the outskirts of the city, it might be relatively affordable. Again, away from the hustle and bustle of the city life will give you serenity after your day’s activities.
- Realtor
It won’t be easy to by-pass a realtor. A local real estate agent should have all the necessary information you might find useful in your home search. They might even have connections with mortgage firm and other money lending institutions when you need them.
Again, since they have the licensed to run this business, you will evade falling into the wrong hands of the conmen who can cheat you out of your hard earned cash.
- Cost
The second step is to know how much it will cost you to own a home.
To get around this paradox situation, you merely need to remember ‘PITI’ which is an acronym for Principal, Interest, Taxes, and Insurance. Once you have the sum amount of PITI, you will have the whole cost of the property, the down-payment, and monthly installment.
Is it what you can afford? If yes, you can start the process. If not, go to the next step that follows.
- Grant
Once you realize that you can’t afford the down-payment for your home-to-be, don’t let the realization to shatter your dream.
Check for first time home buyer programs in Philadelphia to get any assistance needed. You can also find out how to go about getting Philadelphia housing grants or Philadelphia first time home buyer grants to help you settle the down-payment.
If not, don’t be shy to knock doors on local banks or go straight to your bank to request for mortgage assistance.
- Strong Offer Backup
Once you get the right house to buy, you should make a quick move to initiate the buying process. You should know that many other investors are eyeing the same property.
Present your offer accompanied by a guarantee from your money lending institution. A loan preapproval letter or a phone call from your banker can open the door to your home-owning.
Final Word
While it is proper to rely on others for information and guidance in owning a home, you should trust your intuition. Do not allow anyone to persuade you out of your decision.
If you like the choice of the property then let it be so. And, if you don’t, do not allow anyone to coax you into buying it. After all, you will be the owner and not them.
Therefore, let your decision be final.
