What to Know Before Buying a Home in California
Buying a home in California is a chance to join the millions of people who are living and owning properties in this part of the country. Like in most parts of the country, if you are considering acquiring a property in California, there are crucial things to know before jumping into the whole process. The process of buying a house is different in California and can be a little complex if you don’t know the factors and tips to look out for. Continue reading to learn more about what look for before buying a home in California.
As indicated on this website, getting finances in order should be the first crucial step to buying a home in California; one should know the basic requirements for buying a home in this part of the country to ensure a smooth buying process. The basic requirements for buying a house in California include: a minimum credit score of 620, down payment, and closing costs among others, making getting the finances in order in the first step to successful home purchase in California which you can know more about on this homepage.
Anyone looking to buy a home in this state has three mortgage options, each with a different credit score, DTI ratio, and down payment or click here for more. Before paying for a property, you must consider the repair and maintenance costs too; you can choose to go for a home warranty or save one percent of the home’s value annually in anticipation of the repair and maintenance costs.
Choosing not to buy a home warranty leaves you with the responsibility of covering the repair and maintenance costs of all the systems if they fail instead of simply submitting a claim and have the home warranty cover them. Whether you are moving to the state for the first time or relocating to a different state, you should check the average housing costs in the area to know what you will pay. When you are ready to buy a home in California, you are advised to familiarize yourself with the things that make it different to buying a house in another state.
Although it is the realtor’s responsibility to protect both the buyer and the seller, that is usually difficult in the case of dual citizenship; where a single real estate agent represents both the buyer and the seller. In addition to dual agency, it is not required to have an attorney present at the closing compared to the other states where it is compulsory. You are now armed with the essential information for buying a house in a California.