Buying a new home
You know where you want to live, but before committing to it, you must consider the following aspects.
- Residential prices vary depending on location, size and characteristics
- Prepare your family budget
- Decide how much you can afford to pay a month
- The idea is to obtain the property with the highest value that your budget allows
- Choose a property that retains its resale value, in case you want to resell it later
- If you do not have the budget for the property you want to purchase, but are in the position to purchase another of lower price in a good area, consider buying the more affordable property to use as a base for acquiring the more expensive property in the future
- If you are buying a new house, remember to add to your budget the costs to fix up, furnish, fix the patio, etc. These expenses can add thousands of dollars to your purchase
- If you are buying an existing property, the repairs made by the previous owners are added to the cost of the property
- If the property needs repairs, remodeling or restoration, add these costs to your budget
- When you decide to remodel, think if your remodeling will increase the property’s value
- When you see a property that interests you, look to see that the structure is in good conditions and that the plumbing and electricity are functional
- Explore the neighborhood
- Ask for an inspection of the property by a specialized professional that assures you that the structure is in good conditions and completely functional in all aspects
- Make sure that the property has all its corresponding insurance policies in order. If this is not the case, process them immediately
- Obtain title insurance for the property. If there are claims on the title, you can loose your investment
- If you are building a house, demand the contractor the guarantees you are entitled to receive by law
- When processing your mortgage loan, learn about all the options the bank offers you
- Compare the offers from different lending institutions.
- Find out about the current interest rates
- Verify the interest rates on mortgage loans for 30 years, 20 years and 15 years
- Ask if the interest rate is fixed or variable. If the loan has a variable interest, ask how your interest rate and loan payments will vary, and if the payments will reduce when interest rates fall
- Ask how much the down payment will be
- Process your purchase documentation carefully. Obtain all the titles and registrations
- If necessary, ask for legal opinions on the transaction
Selling your home
Just like when buying a new home, selling it should be a positive and profitable experience. To achieve this, consider the following:
- Set the asking price for the property and decide how flexible you are willing to be with the set price.
- Start looking for buyers and advertising the availability of the property.
- First impression is important. The buyer should be sufficiently impressed to want to come in.
- Paint the entrance and maintain it free of obstacles.
- Mow the lawn and eliminate any visible trash or junk.
- A good impression will make your buyer more interested in closing the deal as soon as possible.
- Make the small improvements. These details can make the difference.
- Paint worn surfaces, cover any humidity stains.
- Make sure your home is well illuminated. Change the burnt out light bulbs and illuminate dark areas.
- Repair any leaks in the ceiling and plumbing.
- Put the house in order. Take out all the extra furniture. This will allow the house to look more spacious.
- The areas the buyers look at the most are the bathrooms and kitchen. Keep them clean, tidy and clear of any bad odors.
- Do a general cleaning.
- Affordable improvements can make a great difference in what the buyer is willing to pay.
- Avoid all noises.
- Avoid visits from friends or family while you are showing the house.
- Be prepared to talk about any problems with the property.
- Take photographs that show your home's best assets to show them to possible buyers, send them to real estate websites or other sales channel.
- Use a real estate broker if you are not ready to manage the sale yourself.
At Doral Bank, you and our community take center stage.
Access your account or perform transactions through our Internet Banking Service at www.doralbank.com.
Verify information about your accounts and make transactions through TeleDoral by calling 787.749.7000.
Visit any of our branches to get more information.