Buying Your First Home, Turning the American Dream into Reality
Buying Your First Home
(Turning the American Dream into Reality)
Buying a home can be a daunting experience- even for a savvy veteran. With the real estate market as flexible as a rubber band, itís hard not to get scared about making an investment that may snap back when you least expect it. Many homebuyers do very little research before diving in and investing their hard- earned money. Before doing that, doesnít it make sense to be as informed as possible? Thatís what this article is about.
As the real estate market continues to boom, and with good reason, property is a sound investment and property values rarely decrease. If you have decided to purchase your first home, congratulations! The process may seem complicated but if you take it one step at a time, and find the right agent, buying a home can be a fascinating, rewarding and an enjoyable experience. Deciding when to buy is one of the key factors in buying any real estate property, whether youíre planning on purchasing a home, townhouse or condo the same rules apply. In general, the longer you are likely to remain in a residence, the more advantageous it is to own rather than rent. If your job and family status are likely to be stable for the next few years, then your housing needs should also be stable. This means that it is time to think in terms of buying. If your salary just shot up by 20 percent or more now is not the right time to buy a house. Instead, use the extra income to save up for a year for a down payment, and you will find yourself in a much better position to buy at that time. (Note: the opposite advice applies if you have just received a one-shot bonus or capital gain. With a large lump sum now is a good time to consider buying a house.)
The next big question about your first home is deciding where to buy. As the saying goes, what matters is ďlocation, location, location.Ē When trying to decide where to live, itís not uncommon for people to take into account such factors as crime rates, school quality, commuting time, and neighborhood amenities. Also, families with young children want to make sure that there will be other children in the neighborhood. List the criteria that are important to you, and focus on neighborhoods that meet those criteria.
A home purchase is not just a big financial decision, but it an also be one of the strongest emotional choices in your life. Take your time, think rationally and make wise decisions when you are in the process of buying your home. Letís take a moment to consider all the benefits there are to home ownership.
Financial Security: Once the ďsoldĒ sign has been put up on the home, youíve not only purchased a piece of property, but youíve gained and extraordinary amount of capital. When housing prices increase, your home will provide you with some added financial security due to capital appreciation.
Flexibility: With home ownership comes absolute decision-making power. No more plain white walls or barren balconies. You are free to decide how you will decorate and renovate and what to plant in your yard. Personalize your home to suit your own unique tastes and preferences.
Stability: When you won a home, you tend to acquire an innate sense of comfort and security. Home is where you always belong. Having your own home will make you feel more at ease and less of a burden then when you were a tenant.
There are countless benefits to home ownership, and its fun to dream about them all. However, there are a few common home buying pitfalls along the way which can easily be avoided.
1. Not getting pre- qualified for a home loan.
Realtors and sellers are more likely to work with a buyer if they are pre-qualified. Talk to your agent and see what your options are.
2. Inspect, Inspect, and Inspect
Go over the inspection report with a fine-toothed comb. Make sure the report was done by a professional organization. For condo purchases, go over the by-laws and association fees. Donít take anything for grantedÖ. Inspect everything!
3. Income plus lifestyle equals mortgage payment
Sit down with a competent teal estate professional and honesty discuss your income level and living expenses. Take into consideration like: children, add-ons, amenities or fix-ups. Your dream home is certainly worth the sacrifice, but donít mortgage your future.
4. View several homes
See at least 3-5 properties. Donít move on the first property you see butÖ.donít move too slowly either. With your agents help you can view enough properties to get a good perspective of your market.
5. If itís not in writing, it doesnít exists
All promised and discussions are to be in writing. Donít make any assumptions or believe any assurances. Have your real estate professional keep and ongoing log (in writing) of all discussion and get the sellers to write down all agreements.
Whether youíre looking for real estate in Utah or anywhere else in the country, remember that there are no silly questions. Make sure you understand and are comfortable with the aspect of the transaction; your real estate professional can be an invaluable asset in helping you with the decisions so that your first-home purchase is a rewarding experience.
If you have any inquiries about properties or a real estate in Utah or Northern Utah, please contact us directly at www.northernutahhome.com
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- Garrett Pierson
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