10 Important Things to Do After Purchasing Your Home via Elliman.com

15 06 2012

10 Important Things to Do After Purchasing Your Home

If you’ve just purchased a home, or you’re in the market to buy one, you will want to pay attention to the broadcast “Ten Things to Do After Buying Your Home.” It’s a discussion between Dottie Herman, the CEO of Eliman and Eric Tyson, real estate author and expert.

Dottie began her “Eye on Real Estate” show talking about the many hurdles of homeownership with Eric Tyson. “There’s a lot of information out there written by journalists who don’t have the knowledgeable experience on what is going on in the real estate market currently,” he stated. Eric partnered with other real estate professionals to come up with an experienced book called “Home Buying for Dummies and Real Estate Investing for Dummies.”

Eric touched on several items of interest during this discussion. He stated, “Consumers need to take a look at their financial situation to determine the amount they can afford; what type of personal financial obligations that they have; and to make a decision that they are comfortable in making.”

The following are 10 interesting tips based on Tyson’s book.

1. Solicitors:  There are going to be an assortment of people trying to sell you additional items and services like extra insurance in case you lose your job, or you have an accident.

2. Hire a Professional Financial Planner: For additional information on this subject, please check out his book.

3. Hire a Knowledgeable Real Estate Team: Tyson talks about the importance of a buyer doing their homework and hiring a real estate team that is knowledgeable from start to finish.

4. Refinancing: The low interest rates can make it confusing to the average consumer on whether or not they should refinance. Since refinancing costs you money, you need to determine if it’s worth it in the end. Be sure to ask about no closing cost options.

5. Automated Payments: This is a great way for your payment to be received on time and you won’t have to worry about missed payments and low credit scores.

6. Put Away Cash: A standard rule of thumb to follow is to put away at least three months of living expenses in case of an emergency. If the economy is in a weakened state, Tyson recommends saving up to six months.

7. Mortgage Insurance: A classic life insurance policy has more benefits than a mortgage life insurance policy.

8. Challenge Tax Assessments: Tyson recommends paying attention to your property taxes, tax assessments and the current market values in case the local municipality makes an error.

9. Homeowner Documents: Always hang on to your homeowners documents and put them in a safe location in case you need to refer to them at a later date.

10. Take time to Smell the Roses: Tyson discusses buyer’s remorse in his book and recommends people purchase a home that is best suited for them financially, and it gives them peace of mind.

Tyson began his career as a personal financial advisor in the early 90s at Bain & Company. He began his writing career with five national best-sellers. He received the Benjamin Franklin Award and is the only person to have four books published simultaneously on Business Week’s best-seller list.

contact information: MGates@elliman.com or http://www.elliman.com/    or   http://erictyson.com/

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