Tips To Buy Your Home
Buying a home,using a real estate agent,home buying pitfalls to avoid,home inspection, mortgages and using a real estate attorney to maximize your home buying experience. These real estate and home buying tips are offered as generalized guidance. Obviously some of this advice might be modified based upon your area, so rely on home buying advice from local legal, real estate and mortgage advisors. There are also many additional home buying resources listed throughout the website to help you. I wish you the very best in the search for buying your home.
Navigating “Buying A Home”
This website contains ten pages. Due to some practical problems with my webhost, following from point to point is somewhat of a problem, but just read the whole site sequentially by following the numerals at the top of the site just under the words “Buying A Home”, or those which appear on pages as you access them. When a number is missing at the top, it means that the subsequent numbers are continued from one of the top pages, so that when you go to point 11 on Financing, for example, it will also lead you to the remaining succeeding points.
Home Buying Tips
These suggestions are oriented toward buying a resale home, although much of the advice is equally useful in purchasing a new one:
Buying A Home
Before you buy a home, you’re consistently victimized by inflation, through ever increasing rents and escalating home prices, but when you buy, inflation becomes a partial ally, since it helps increase the value of your home. In addition to providing pride of ownership, owning your own home creates tax advantages in the form of deductions for mortgage interest and real estate taxes, a particularly attractive incentive for single home buyers who frequently lack significant deductions.
Common reasons for not buying are that homes are “too expensive” interest rates are “too high” (certainly not an excuse recently), or that a prospective buyer wishes to save a larger down payment and postpone buying until later.
Housing isn’t likely to be getting any cheaper. Waiting will only be likely to lead to paying more for a similar home later or to simply winding up settling for a lesser house.
Postponing a home purchase to save a larger down payment can also be a delusion. Unless you can save at a rate equivalent or better than the rate of property appreciation in your area,its going to cost you more to buy a similar or lesser home later. Meanwhile home ownership benefits in the interim would have been lost. Better to step on the escalator and start riding up now.
Buy the best home you can afford now. Use your equity build up, and a hopefully higher future income, to move into a better home later. The basic principle with real estate investment, as with other investment media, is to get started. On the other hand, it is not always sensible to be a buyer. If you are going to purchase a home, you should generally expect to be in the area at least three years or more. You need time to be able to recover closing and other costs. Naturally, how long the time will be can only be determined on the basis of the rate of appreciation in your area.