Should I buy or should I rent? A home is an investment. When you rent, you write a monthly check to your landlord and that money is gone forever. You will never be able to really make it your home, every upgrade you do to a rental is money in your landlords’ pocket. When you own your home or condo, you can deduct the cost of your mortgage loan interest from your federal income taxes. As a homeowner you can also deduct the annual property taxes from your federal income tax. In addition, the value of your home may go up over the years. Finally, you'll enjoy having something that's all yours with your own personal style.
First-time home buyers usually starting the search long before most even realize it.
Benefits for a first-time home buyerIf you are like most first-time home buyers, you have probably listened to friends', and family members' advice, which encouraged you to buy a home. However, you may still wonder if buying a home is the right thing to do for you. Having doubts is normal, as more information you have about why you should buy a home, the less scary the entire process will appear to you. Here are just a few reasons why you should buy a home.
Pride of Ownership
Mortgage Interest Deductions
Property Tax Deductions
Capital Gain Exclusions
Preferential Tax Treatment
Mortgage Reduction Builds Equity
Search parameters for a first-time home buyerAlmost 80% of all home searches today begin on the Internet. The internet offers every home buyer the advantage of viewing many homes thru photographs and virtual tours before even leaving the living room. Via Internet search you can define your home, pricing and neighborhoods. By the time you call your real estate agent, you are halfway to home ownership.
How long should it take to buy the first home?A few buyers will look for years and a motivated buyer will find a home within two weeks. Most buyers find a home within two days.
A good real estate agent will listen to your needs and arrange to show only those homes that fit your particular requirements.
How many homes will a home buyer see?The average number of homes that a buyer should tour during a days period is five to seven, not more! If you see more you will not remember the first one you saw or the second… Also make sure that your agent gives you a copy of the listing sheet for each home your agent is showing to you, so you can make notes what you particularly like or disliked about this home.
How a first-time home buyer should be prepared for a home tour. Bring your digital camera and photograph each home with the first shot being the front of the home.
Make plenty of notes of unusual features, colors and design elements.
Pay attention to the home's surroundings such as what is next door, is the next door house well maintained and do you like the location?
Immediately after touring each home, make notes such as likes and dislikes.
Review your top choices a second time before making an offer on your first home. After touring homes for a few days, you probably have selected your top choices you would like to buy. Don’t hesitate to ask your agent, if you would like to see it again, your agent will understand if not even suggesting to you that you should see again before making an offer. Some home buyers even like to bring along a friend or family member the second time around.
At this point, your agent should call the listing agent to find out more about the sellers' motivation and make sure these homes are still available to purchase.
Making the selection to buy a particular homeYour real estate agent should not only point out the advantage of a home, your agent should also point out the defects and disadvantages of a home or location to give you the confidence to make the right purchase.