The fact that real estate is normally a capital-intensive investment, you find that individuals have so many questions before they decide to settle on a particular property and for that reason, we are going to look at the three frequently asked questions when it comes to real estate and their answers. In this discussion, we are going to look at those 3 common questions that are normally asked with those individuals who are interested in investing in real estate.
One of the most common questions when it comes to real estate is: what is the first step of the home-buying process? When the individual would like to buy the house through a mortgage it is important that the first step that they get themselves involved in to be the pre-approval step. The pre-approval stage is normally the first step and this is because you need to know whether you will be able to qualify for a loan that will be in a position to cater for the house that you would want to purchase. The reason why this step is very important is because it will save you so much trouble in going after houses that you will not be able to afford and therefore it will be easier for you to concentrate on the houses that you will be in a position to purchase. It also enables to know how much down payment will be required and this gives them a clear picture on how they will be able to raise the down payment, whether they will require more time or will be able to work around it. The reason why the pre-approval is very important is that it is required by the majority of real estate agents and also sellers of luxury homes and this is so that they may be able to do away with individuals who are not qualified.
Secondly, the most commonly asked question is: how long does it take to purchase a house? The answer to this question is 30 to 45 days but it can take less or longer depending on the market conditions and it is also dependent on whether it is high season or low season and it is also determined with how fast the loan process takes.
Finally, another commonly asked question is: should I sell my current house before buying a new one. Depending on whether you will require raising some down payment for your second house by selling your current house then you will definitely have to sell it but if it is not a requirement you can easily use it as an investment and get some income from it.