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Fairbanks started life as a gold rush boomtown but has since grown into one of the best places to live in Alaska. Currently, there are nearly 100,000 residents enjoying everything the Fairbanks North Star Borough has to offer.
Fairbanks is considered the jumping off point to exploring the Alaskan Frontier and the Arctic, with most places accessible via driving, or just a short flight away.
Whether you’re making the move from the hustle and bustle of the lower 48, or just looking for a new home in Fairbanks, we’ve got you covered. Here are a few tips for you on how to buy a house in Fairbank Alaska.
Buying a house is a huge financial commitment and, and other than investing in a business, will probably be rate as the biggest investment of your life.
With so much money on the table it makes sense that you go in fully prepared with a plan that will help you seal the deal with the minimum of stress.
The first step of the plan is to figure out where you want to live. As you are reading about how to buy a house in Fairbank, Alaska it’s a safe bet that this is your area of choice, but there are still plenty of locations in and around Fairbank that you will need to consider.
Some things to consider when deciding on a location may include:
The financial industry has changed a little over the last few years. Where once you could choose your dream home and then go about getting finance, this system doesn’t hold up so well in today’s housing market, so here are a few home buyer financial tips which will help stack the odds in your favor when you start house hunting.
The most efficient and preferred way is to pre-qualify for a loan, which can be easily done over the phone. You will be asked a number of questions designed to reveal your financial situation and work out how much of a mortgage your current and future financial situation can handle.
Being pre-qualified may get your foot in the door, but if you are going to stand any chance against the competition then you will want to go one step further and get pre-approval.
When you are pre-approved your mortgage is but a step away from becoming a reality as you will have filed the mortgage application, verified your employment status, and received your credit report. Plus, you have an exact idea of how high you can go on your offers.
Avoid financial stress by determining the number of repayments you can commit to monthly, and stick to purchasing a property in that price range. Never take your emotions into account when deciding on a property as a dream home may end up costing more in repayments which may cause you to start struggling financially.
When getting pre-approved stick with legitimate lenders such as banks, mortgage brokers, credit unions, mortgage brokers, savings and loans associations, and reputable online lenders.
You will know you are dealing with a less than reliable lender because they will misplace your files, gather information in a haphazard way, lack up to date data on current interest rates, costs, and points, and will be unable to supply you with relevant information on request.
Now that you have your pre-approved mortgage in hand it’s now time to learn how to buy a house in Fairbank, Alaska. To get the best deals your ideal targets will be those sellers who are highly motivated to make a sale. The more highly motivated they are, the more likely they are to take your offer.
Just like there are sellers you should actively seek out there are also more than a few you should actively avoid. These types of sellers will include those who balk at having an appraisal or inspection completed on the house, they are having trouble clearing liens on the house, or they try to extend the move-out date. Also avoid those sellers who do share property ownership with a third party.
It’s tough, if not impossible to find a seller who is perfect in every way, but if you stick to your plan you will at least weed out the sellers who are not 100% legitimate.
Once you have found a house that seems to be perfect you still need to ensure the property is in good order by having it professionally inspected. A property inspection should never be considered as an optional extra, even though you will need to demand one as part of your offer and write into the contract as a contingency. Property inspections are also necessary for established and new properties alike. However, most real estates will automatically include an inspection contingency in the contract.
During the inspection, every inch of the home will be examined and an oral and written report completed. The report should be organized by a professional organization such as a local trade organization, or a national organization such as ASHI (American Society of Home Inspection). It is always a good idea to be present during the inspection so you can ask questions and receive unbiased answers about any issues you may have with the property.
Buying a new home is an exciting time in your life, but with such a large purchase you want to make sure you don’t make any mistakes. As experienced real estate agents with years of experience in the area we can show you how to buy a house in Fairbank, Alaska and get the best value for money. Get started on the next chapter in your life by giving us a call today.