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Are you excited to purchase a new house for the first time? Here are useful tips that are sure to help you in your new venture. 

  • Do a research on how much comparable properties cost in the same area. There are websites where you can do this. Websites like National Association of Realtors allow you to search actual MLS listings in your area. Websites like Zillow and Homegain gives you an estimate of how much it will cost you.
  • Use a mortgage calculator to see how much it will cost you and see which properties you can afford. MSN Real Estate’s home affordability calculator can give you a good idea of how much you’ll need to prepare.
  • Find out what is the maximum cost you will have to pay every month for the house (including staxes and insurance). MSN Real Estate’s home affordability calculator can help you do that. According to the Insurance Information Institute, annual premiums can range from ($477 in Utah) to $1,372 (in Texas). Where you live influence your cost. In some states, taxes and insurance costsare so high, they can increase your mortgage payment by almost 100%. To get a good estimate of how much insurance will cost, call an insurance agent in the area you’re interested in. Getting a quote does not oblige you to get insurance from them. With regards to taxes, you can go to Zillow. There you can find property-tax information for homes across the country. Keep in mind that there may be exemptions and irregularities in local tax law that could cause rates to differ.
  • Keep in mind closing costs. This is one of the things required to purchase a property but oftentimes overlooked. It needs to be paid upfront. The fee is estimated by the lender. It will include other fees like origination fees, taxes, settlement fees and prepaid fees. If you want to know the average closing cost in your area, check Bankrate.com’s annual closing cost survey.
  • Study your finances and see if it can still accomodate payment for a house. According to Fannie Mae (FNMA), you should not spend more than more than 28% of your budget on housing fees. If you do, you risk becoming house poor.
  • Get insights from reputable real estate agents in your area. Get their forecast on the real estate market and gauge if they think it’s looking up or if it’s not doing so well.
  • Think about this: Can you really afford a new house? It may need major repairs soon. Can you handle the costs?

Buying a new house is a good investment. But you need to be sure you’re ready for it because it’s also a big responsibility.

Corey Bishop - Extension 701

Corey Bishop started his Real Estate career as a Sale Associate in 1995. Currently Corey is a licensed Broker in MA and Salesperson in VT. He carries many professional designations including the ABR,ATWDC,CRS,C2EX,GRI,SEC,SFR,RSPS.

Corey owns Bishop West Real Estate Inc with his business Partner Peter West which services Massachusetts, New York & Vermont. He’s also the co-owner of Bishop West Real Estate LLC with Mr. West which services the State of Florida with Offices in Venice & North Port

A current member of the Society of Exchange Counselors; the nation’s premier creative real estate marketing organization, Corey also served on the Board of Governors and is involved with many other committees for the Society.

Corey holds an Unrestricted Construction Supervisor and a Home Improvement Contractor license in the state of MA. As one of the owners of Modular Building Systems Inc he has been instrumental in the construction of new modular homes, residential fix & flips, multi-family renovations, commercial and Industrial building updates and renovations.

Currently his business revolves around Managing Bishop West Real Estate Inc & LLC, selling and investing in Residential, Land, Commercial & Investment real estate on a national level for clients, or on his own behalf. He also owns and manages a large apartment and Commercial/Industrial real estate portfolio.

Corey also is the managing partner of The Bishop West School of Real Estate, a Real Estate School that provides education on a local, regional & national level.

Professional Affiliations Include:

– NAR – National Association of Realtors

– SEC – Society of Exchange Counselors

– BCBOR – Berkshire County Board of Realtors

Professional Designations & Certifications Held:

– ABR – Accredited Buyers Representative

– AHWD – At Home with Diversity

– CRS – Certified Residential Specialist

– C2EX – Committed to Excellence

– GRI – Graduate of Real Estate Institute

– SFR – Short Sales and Foreclosure Resource

– SEC – Society of Exchange Counselors

– RSPS – Resort & Second Home Property Specialist

Other Notable items:

– President of Modular Building Systems Inc.

– Vice President of Bishop West Real Estate Inc. (MA, NY, VT)

– Managing Partner of Bishop West Real Estate LLC. (Florida)

– President of Bishop West School of Real Estate. A Licensed MA Real Estate School

– Managing partner of Interstate Investment Group LLC & Trifecta Properties LLC

– 2022 Berkshire County MLS Board of Directors

Community Involvement:

– Current President of the Adams Lassie Softball League & The Greylock Thunder Travel Softball League

– Current member of The Hoosac Valley Hurricanes Basketball & Baseball Booster Clubs

– Former Vice Chairman of the Town of Adams Conservation Commission

– Current Elected Town of Adams Meeting Member

– Past North Adams Rotary President

Email: [email protected]

 

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