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BUYING TIPS FOR YOUR DREAM HOME
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Home buying is probably the biggest financial commitment you'll ever make.
Buying a home is not just a dollars-and-cents investment; it's an investment in your life.
It will create a sense of stability and identity for you and your family.
Regardless of how times change, owning a home remains the cornerstone of the American dream.
To assist you in the process, We have everything you need – from a basic step-by-step overview
to a property comparison checklist. So whether you're a first time home buyer or need a brief
real estate buying refresher, let us help you through it all.
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HOW MUCH CAN I AFFORD ?
A quick look at your finances and what mortgage payments you can afford, the benefits of equity,
what tax advantages you have as a home owner, and getting pre-qualified and approved for your home loan.
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RENT OR BUY?
With every rent check you write, you're helping to build equity in your landlord's property.
That money could be going toward building equity in a home of your own.
Today's rates are low enough that your house payment could be lower than your rent payment!
There are many advantages to owning a home, including:
Security - A feeling of security that comes from owning a home and the knowledge that your home is a safeguard against inflation.
Investment - Payments on your mortgage loan mean you are acquiring a major possession; instead of rent, you own more and more. The garden you plant, the permanent improvements you make - all enhance your way of living as well as the value of your home.
Tax Advantage - Your real estate taxes and the interest on your mortgage are deductible from your income tax.
Financial Independence - Most people start on the road to financial independence through home ownership. Your principal and interest payments remain the same for the full term of your mortgage while your rent usually goes up as the cost of living increases.
Environment - Your children grow up in the neighborhood of your choice.
Cash Equity - Better than a savings account, your home can appreciate to keep pace with inflation.
Satisfaction - Home ownership offers special advantages that make life more enjoyable - backyard barbecues, large family gatherings during holidays, a home workshop, a chance to enjoy your family's companionship in the privacy of your own home.
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PROPERY FINDER
To make the search easier and faster, nearly half of all house hunters today begin by
browsing for properties on the Internet.
PROPERY SEARCH tool on this web site provides detailed property information that will help you find your dream home!
If you have any difficulties in this initial search, feel free to contact me for assistance.
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WORKING WITH A REALTOR
A professional can help you structure your deal to save money, explain the advantages
and disadvantages of different types of mortgages and guide you through the paperwork.
A good Realtor® can show you more suitable properties, offer valuable advice, and coach you
through the entire home buying process. And you'll save time. Yet many buyers still spend
endless hours pouring through classified ads, driving all over town, and viewing dozens of
unsuitable properties - simply because they haven't connected with a Realtor®.
Some people think that if they have several agents looking for homes on their behalf,
they'll find a house more quickly. Like most relationships, the buyer-agent relationship
thrives on communication, loyalty and trust. By working exclusively with one agent,
you'll improve both the process and the results.
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MAKING AN OFFER - What to know about making an offer on a potential property.
Time for nervous anticipation. You've found the home you want, and your Realtor® says you
need to act fast. Yet you want to be as calm and objective as possible.
The expertise your Realtor® can give you at negotiating time is priceless.
Negotiating The Buy - Be prepared for counter offers. Don't let the pressure get to you.
Remain patient, and let your Realtor® act as your liaison with the seller or the seller's agent.
You may need to be flexible on price, closing date, appliances and repairs.
Contingencies - Beware of putting contingencies in your purchase agreement.
They weaken your offer. However, if you currently own a home, your offer may need
to be contingent on it selling. Or, if you're uncertain about the structural
integrity of the home, you may want to have a home inspection contingency.
Just be aware any contingency could take you out of the running if a non-contingent offer is presented.
Earnest Money - Once your offer is accepted, be prepared to seal the deal with earnest money.
Earnest money is usually a percentage of the home's purchase price that indicates
you're serious about the purchase and indicates your good faith. It's generally
applied to the purchase price when you complete the purchase, but may be forfeited
to the seller if you fail to complete the purchase. Contact your Realtor®
to determine the amount of earnest money you should be prepared to pay based on your target home price.
Many first-time buyers are taken by surprise when it comes to earnest money,
especially if they have to make a fast offer. Be sure to discuss with your Realtor® the appropriate
amount of earnest money you should be prepared to pay based on the price range
of properties you're looking at. You should have this amount available in your
checking account so you can write out an earnest money check on the day
you sign your purchase agreement.
During Contingency Period - When your offer has been accepted, the contingency period begins.
This is time that allows you to obtain financing, perform inspections and satisfy any other
contingencies of your purchase agreement.Better than a savings account, your home
can appreciate to keep pace with inflation.
Complete Settlement or Closing - When the property you’re buying has been inspected
and you’ve had your final walk through of the property. You will be signing closing papers,
paying the balance of your down payment and closing costs. Finally You will get the key to your property.
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