What Mistakes to Avoid in First Time Real Estate Purchase in Anchorage Alaska?

It is the perfect time to purchase a new home or condo for your family. In previous year, the Anchorage real estate market was favorable and had given people great opportunities to buy homes. Interest rates are very good. Rent is often higher than what buyers own mortgage payment is, so it literally is cheaper to purchase than rent. Favorable conditions are likely to continue this year as well.

If you are a first time home buyer / investor, a real estate purchase in Alaska can be stressful and laden with complicated paperwork. Without a trustworthy real estate agent, there are plenty of pitfalls for a novice to avoid. A home inspection from a reputable inspector is a good start. Finding a home inspection issue is the start, getting the repair done correctly is as important. If you are buying a condo in Anchorage Alaska, pay close attention to the Home Owner Association documents. There is a lot there to pay attention to especially the financial portions. Watch the survey for common problem with set-backs, lot lines and easements, too. A small oversight could cost you dearly as a first time real estate buyer in Anchorage, Alaska.

Below are a few mistakes that would make your first time real estate purchase frustrating rather than a rewarding experience.

• Not prequalifying prior to finding your home; – Lenders have a lot of rules to follow! It’s much more than having some savings in the bank. Your credit and history of bill paying is critical to purchasing real estate in Anchorage Alaska. Purchasing a home is a great financial investment, and you can be saved from taking that risk if your financial situation is not that good.

• Not calculating "debt-to-income-ratio or housing-ratio" - Mortgage lenders in Anchorage, Alaska would like to know about your affordability for a real estate by calculating your total monthly expenses for debt payments including automotive loans, study loans, child maintenance and credit card payments. It is known as house-ratio or debt-to-income ratio. The higher is your front-end ratio, the better is the chance of lenders approving your mortgage loan. In case, you are overburdened with debt, and spending all of your monthly income for debt payment, consider improving your debt condition and minimizing your monthly payments before purchasing real estate in Anchorage, Alaska.

• Not doing the home inspection before you purchase - A home inspection is the opportunity to ensure that the home is in good condition and won’t demand repairing or maintenance in the initial years. You should not avoid the home inspection otherwise you may have to regret your decision.

• Not weighing different properties available in the same area and price – Getting emotionally involved in a certain property and looking to purchase it might just ruin your prospects. You need to control your emotions before starting with real estate purchase otherwise it might turn out to be bumpy ride rather than getting smoother. This again is why you want a relationship with a trustworthy real estate agent who has been in the area a long time.

Be sure to contact Wolf Real Estate Professionals for real estate in Anchorage! You can write to us via team@wolfhomes.net or even call us at (907) 248-9653 to get the latest offers available for your first-time purchase!