Buyer's Information
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Buying a home? Right now there are probably a million things on your mind. You're ready to make the biggest single investment of your lifetime...the purchase of your home. But before you do anything, look closely at these important considerations and questions.
How much can you afford to invest for a down payment and monthly payments? Establish how much cash is available by deducting all yearly debt payments from your after-tax income. This includes deductions for family living expenses, auto loans, and personal notes. The most accurate way to determine how much you can afford for a home under current market trends, is to consult a dependable Realtor.
Steps In Buying A Home
Shop around.
Compare houses and their features so you will know the exact details of
each. Keep a record of all the houses you look at and make notes about
the location, layout, interior design, number of bedrooms, storage areas,
construction, and mechanical systems of each house. Don't overlook
this step since it will become very easy to confuse features in different
homes.
Negotiate. When
you find a home that suits your likes and needs, your dependable Realtor
will take charge in negotiating the price and terms. Your Realtor will
follow through with the transaction, taking care of the formal paperwork and
will assist you in all matters pertaining to the sale.
Financing. There
are various sources and instruments for financing mortgages that are
available in your area. The mortgage can come from: savings and
loan associations, commercial banks, federal agencies (VA/FHA), and other
institutions. A good place to start looking for a mortgage is at the
lending institution that you currently work with. Your dependable
Realtor knows current lending trends and will be able to assess which method
is best for your individual situation.
Closing. The day the property officially becomes yours is called the closing or settlement day. In essence, this means that ownership of property transfers from the sellers to you. After the contracts have been signed, the title cleared, loan arrangements made - the property and title are yours.
This is just a brief outline of the home buying process. Don't hesitate to ask your dependable Realtor any questions about the homes you want to see and the process of obtaining the right one for you. These are the areas they are highly skilled in, and have knowledge to assisting you in buying a home that will be satisfying for many years to come.
Owning a home can bring financial rewards as well as a personal satisfaction that comes with knowing that you have a piece of the American dream. The financial benefits of homeownership range from the tax breaks that the owner can enjoy by writing off interest to the possible appreciation in the equity of the home over time. To understand the full extent of possible tax benefits, it is strongly suggested that you contact your local IRS or speak with an accountant about your particular situation. Some of the financial benefits could include:
Appreciation - Real
estate values generally rise over a period of years.
Tax advantages -
Homeowners may deduct mortgage interest and property taxes as an expense
against income, while residential investors may write off cost recovery or
depreciation.
Real estate is marketable - It can be sold at a predictable price to a dependable group of available buyers, provided enough time is allowed to expose the property to those buyers.
The personal benefits are less easy to translate into a specific list, but are in many cases equally compelling as a reason to buy. The following is a list of common motivations that inspire people to own their own homes.
Owning my own home provides me with a deep sense of security. I need to own in order to feel that I have roots and really belong to my community.
I can make my own decisions about design and decorating.
I can invest in upgrades that will not only bring me pleasure, but can also add to the value of the property over time.
I have control over the piece of property. I am not answering to a landlord.
The decision to buy has as much to do with your personal needs as it does to do with the financial reasons that can motivate a buyer. Do the math to understand the monetary ramifications. Take time to understand your own motivations before you rush into this decision. Homeownership has its definite rewards. Pursue them with wisdom!
Whether you are buying your very first home or upgrading to a newer and larger house, owning a home is less expensive than renting in the long run.
|
Buy |
Rent |
|
| EQUITY BUILDUP - Home ownership increases your personal net worth and your home can appreciate to keep in pace with inflation. | 100% | 0% |
| ENVIRONMENT - You choose the neighborhood that compliments your personality and offers the services that your family requires. | You choose where to buy or build. | Where Available |
| SAVINGS ADVANTAGE - A percentage of your mortgage payment goes toward the principal, depending on the type of loan you receive. | 1% to 20% |
0% |
| INVESTMENT - All home improvements you make build equity in your home and enhance your way of living. | 100% | 0% |
| FINANCIAL MANAGEMENT - On fixed rate mortgages, your payments will remain the same, allowing you to adjust your budget. Adjustable rate mortgages vary periodically to the market rate and payments are usually initially lower. | Payments increase with taxes & market. | Rents increase periodically. |
| TAX ADVANTAGES - Your interest on home mortgage payments as well as property taxes are deductible. Consult your tax advisor. | 90% to 95% |
0% |
Where Do I Find The Right Home?
We have access to all the properties for sale by all the Real Estate firms in the area. We will make every effort to only show you the properties which best fit your needs. We will start our search by looking at the listings on the market. From this we will determine the ones YOU are interested in. You may prefer to drive by the properties without us to view the exteriors, or we may go out together and "view" the homes to find that one that's right for you. We would caution you that "driving by" can cause you to eliminate a home that is actually just what you want. Sometimes the exterior can be very deceiving! REMEMBER! We can show you homes LISTED BY ANY AGENT AND ANY COMPANY!
30 Days Before You Move:
Select your moving company.
Decide what to keep, what to give away. Donate items you no longer want or have a yard sale.
Start packing items you don't use often.
Notify your post office and fill out the change of address forms.
Notify your bank, credit card company, insurance company, magazine subscriptions, physician, friends and family members of your address change.
14 Days Before You Move:
Make arrangements with your utility companies to have your service shut off at your old address the day after you move, and started the day before you move in at your new address.
Local phone company/Long distance carrier
Heat/Gas company
Electric company
Water
Cable company
Trash removal
7 Days Before You Move:
Finish packing
Pack by room-clearly mark boxes and be specific about what is inside. This makes unpacking much easier.
Reinforce the bottoms of all the boxes with strong packing tape.
Breakable items should be well padded and marked "Fragile" on all sides of the box.
The Day Before You Move
Make a final walk through to be sure nothing gets left behind.
Have keys for your new home.
Confirm your move by calling your moving company.
Do one last clean-up-it's the most important thing you can do to welcome your new buyers.
Get a good night's sleep.
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