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First Time Home Buyers
What to do when buying your first home:
Meet with a lender and determine what financing options are available to you and how much you can afford. Learn more about financing programs for first time buyers and what your agent can do for you.
Be sure to see my page on the tax credit for first time home buyers. The credit is available only through November 30,2009!
Work with a REALTOR®. As your REALTOR I will work to earn your trust and confidence so you can:
- take advantage of my knowledge and experience in the housing market.
- evaluate the value and price of all potential homes currently for sale.
- structure an acceptable offer.
- manage the sale from offer to closing (including inspections, repairs, and mortgage processing).
- avoid pitfalls: for example, don't use your credit card until after closing.
- prevent hidden costs: for example, what about a refrigerator or washer/dryer?
- understand laws of agency in North Carolina. I would be happy to send you a free brochure.
Advice for First-Time Homebuying
Are you a potential homebuyer who is currently renting? Here are some tips on buying your first home:
- List things about your current living situation that you dislike. Most people are better acquainted with their loathings than their likings; this task should give you important insights into what kind of home is right for you.
- Put more emphasis on finding a prime property than on finding a bargain. Your property value is more likely to hold up if you buy a solid home in a high-quality neighborhood than if you negotiate a deep discount in a lesser community.
- Plan ahead and buy a house that's big enough to please the market when it's time to sell. Chances are your plans will change and you need to move again within 5 or 7 years; buy a home that suits your needs, as well as the needs of the future market.
- Consider buying a low-maintenance house that's 2 to 7 years old. A house more than 7 years old will cost you a minimum of $100 a month in upkeep, and if the house is more than 20 years old that bill can jump to $200 - $400 a month! Newer houses may cost a bit more on the front end, but your monthly upkeep expenses will probably be lower.
- Look ahead to what you'll want in a home after you have children. Consider parks, schools and the quality of the community. Ask your friends or family about child-friendly neighborhoods in the area.
- Financial planning first. Before beginning your house-hunt, visit your lender to find out how much of a mortgage you can qualify for. This will streamline your search and save you time in the long run.
Students:
Think about buying vs. renting
- Home ownership is a great investment opportunity. Houses appreciate in value and that is money in your pocket. In fact, in the Triangle, houses have been appreciating at a rate of 5% a year, and in some areas as much as 11%.
- You can't afford to overlook the tax breaks of home ownership. Since mortgage interest and property taxes are deductible, home ownership can save you money each year.
- Renting doesn't protect you against rising prices since landlods pass on increases in their expenses.
- The waiting game is a losing game. Don't put off buying a home, waiting for prices to come down. Interest rates are low and mortgage programs have been specifically designed to help first time homebuyers -- those who have enough income to make a mortgage payment but may not have enough cash to make a 20% down payment.
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All contents copyright © 1998-2009 by Susan Sommer. All rights reserved.
(919) 619-6143
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