Yoshi Shiraki from Utah Home Sweet Home is giving you expert advice on navigating the ultra-competitive Utah housing market. Here are four things to consider when buying a home in Utah.
If you are buying a home, you are probably doing all the research you can to ensure you don’t make any mistakes. In layman’s terms, due diligence amounts to doing your homework — about your mortgage loan, about the neighborhood, and about the house. Due diligence starts at the very beginning of the homebuying process, before you even start looking at property.
The first cost that you have to consider is the home’s price, obviously. Beyond the home price, there’s a significant upfront cost to buying a home. You’ll need to consider your down payment, closing costs, and reserves before you choose the home you want to settle down in.
Earnest money is put down before closing on a house to show you’re serious about purchasing. Earnest money is a deposit made to a seller that represents a buyer’s good faith to buy a home. The money gives the buyer extra time to get financing and conduct the title search, property appraisal, and inspections before closing.
Whether you’re buying or selling a home, a critical step of the process is the home appraisal. An appraisal is an unbiased professional opinion of the value of a home and is used whenever a mortgage is involved in the buying, refinancing, or selling of that property. Sometimes the appraised value of a house comes in lower than expected. This can affect several aspects of the sale, so it’s really important to pay super close attention to this part of the process.
To find out more about Yoshi, the home he was touring, or the many properties that are available, visit Utah Home Sweet Home now or call 801-810-4475.
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