What are the advantages of renting rather than buying?
Being a tenant is ideal when you intend to live in an area for only a short period of time, and/or you would prefer not to have the responsibilities associated with homeownership.
What are the disadvantages of renting rather than buying?
The biggest disadvantage of renting is that you end up paying the landlord’s mortgage without gaining any equity of your own. You don’t have any tax advantages, and since your neighbors are also renters, there is little stability among the tenants around you.
What are the advantages of owning one’s home?
Becoming a homeowner offers many advantages, some of which include pride of ownership, tax deductions for mortgage interest and property taxes, freedom to make improvements to your property, more privacy and space, and an increased sense of security.
What are the disadvantages of home ownership?
If you plan to stay in an area for a relatively short period of time, or if you prefer not to tie up your money, this may not be the right time for you to consider buying a home.
What’s my first step to home ownership?
Your first step is to find a Realtor® who has experience with first-time buyers and understands their needs and wants, concerns, and inexperience with real estate transactions.
What are the steps in buying a home?
Pre-qualification, Search, Tours, Offer, Negotiation, Acceptance, Removal of Contingencies, Closing! It may sound complicated, but the Realtor® really does handle all the details.
What am I supposed to do at the showings?
Make a list of everything that you like and don’t like as you go through each home. Then, as you travel to the next house, you can review this information with your Realtor®.
What specific things should I look for in a home?
Look for features that you really would enjoy. Try to look past personal features of the home and picture your own furniture in the home.
Is it possible for us to find our dream home?
Yes, however, no house is perfect in every way. There will always be something that is not exactly right or in accordance with your criteria. A home has a multitude of advantages and features. If you are able to get approximately 90% of those features in a specific house, this may be the one for you.
What should I be aware of before buying my first home?
Be certain to read the entire contract carefully. Never be embarrassed to ask questions about things you are not clear on, such as costs, warranties, etc. It is important that you fully understand and are comfortable with each step of the process.
What if I don’t have enough money for the cash down payment?
There are many ways to find money for the down payment. Some of them include getting cash value for stocks, bonds, IRA’s, life insurance policies, 401Ks, retirement plans, and even gift letters from relatives.
Is FHA or VA financing unfair to sellers?
No. Homes can sell faster because more buyers can qualify with the lower down payment requirements and long-term loans with lowest monthly payments. Sellers receive all cash for the equity to reinvest in a new home or other investment. The purpose of these loans is to provide purchasers the opportunity to buy homes with minimal cash investment thus providing a bigger market for sellers.
What kind of pressure should I put on myself when I’m about to sign a purchase offer?
When you find a house that feels right to you, you should go ahead and make an offer. There may be a potential buyer who also finds this house appealing and if you delay a decision, the other buyer could conceivably offer a purchase agreement first.
What is “buyer’s remorse”?
Buyers sometimes second-guess themselves as to whether or not they made the correct decision. This normally sets in between the time the contract is signed and is closed. You may want to contact your Realtor® if and when you begin to get these feelings and discuss it with him or her.
What will be different once I buy my first house?
You will have the experience of true pride of ownership. Your property is yours to change however you wish. You may want to add landscaping, paint, re-decorate, and make various improvements inside and out. You may even find yourself becoming involved in community associations or subdivision activities.