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| Author: Patti Schopper |
When You Are Ready To Purchase Home, Consider These 10 Elements First
There are many considerations for every home buyer.
The following 10 points will help you in your decision making.
1. Research:
Before you look for a home, you need to consider the financing first. There are many different kinds of loans available today. Once you have established exactly how much loan you can afford and have a good idea of how much home you can purchase comfortably, go on to the next step.
Don't put the cart before the horse and look for a home before you know how much you can afford. You may fall in love with something you can't afford and that can make finding the right home more difficult.
Look for available properties in your price range. If you are a first time buyer, you may not want to try and purchase the dream home just yet. Look for properties that are within your budget.
You have time, so carefully choose your first home. The dream home will be available to you in no time. You need to establish yourself first. If you were to purchase a home that does not fit comfortably within you particular limits, you could loose the home and that looks pretty terrible on your credit. Maintaining good credit is essential, especially when it come to house payments.
2. Time frame:
How soon would you like to make the move into your own home? One good gauge, is with the ownership of real estate comes excellent tax deductions you may need. Another gauge is family. Do you need more space?
3. Availability of funds:
Do you have funds for a down payment? If not, there are many loan programs available to you that require no money down. You can go with 100% financing, usually at a fixed rate for a period of 2 or 3 years at which time the rate will change according the provisions given by the lender at the beginning of the loan.
Do you have funds for closing costs? If not, seller's may be willing to pay a portion of those closing costs. There are also loans higher than 100% to help with closing costs as well.
4. Area:
What area do you want to live in? Do you need to live close to work, perhaps because of rising gasoline prices, or do you need to live close to certain schools for your children or should you live in an area where housing is less expensive and you get more house for your dollar. These are just a few items to think about in deciding on an area to live.
5. Rising interest rates:
Over the last 2 years interest rates have increased at a steady pace. The prime rate of interest has gone from 7.25% to 8.25% in less than a 2 year period. Interest rates are still low and will stay low at lease until after the first of 2007.
6. Housing costs:
The median price of a home has increased in the last 6 months, only because many properties over $700,000 have sold, however, many properties under $700,000, have been selling at reduced prices.
7. Piece of mind:
Have you ever wanted to paint or landscape a rental house, but chose not to because you were not the owner of that house?
When you own a home, you have the right to do most anything you want. If you like certain colors inside your home, you can do that. If you like to garden and want to raise special flowers, you can do that. You have piece of mind knowing that this belongs to you.
8. Equity is money in the bank:
As you payoff your existing loan or loans and the home you buy goes up in value you have equity in that house.
You may want to remodel or add on to your house. You can borrow on that equity to get a loan for most any reason. This is called a home equity line of credit.
9. Tax write off:
With home ownership, you can now deduct the interest on the loan or loans you have each year when you file your taxes bringing down the amount of federal taxes you owe each year.
10. Pleasure:
The pleasure is of knowing that you actually own a home. Whether it's a condominium or a grand property with a pool and land, you will feel great pleasure knowing that this is the American dream and it should be yours. |
Author Bio:
Patti Schopper is a seasoned real estate agent and a senior loan officer. She has been in the real estate industry over 36 years. She keeps the wants and needs of all her clients first and communicates consistantly through out the entire process. Contact Patti at www.realestateandloans4you.com |
| You can also reach this article by using: real estate web sites, real estate agent web sites, real estate investor websites |
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