Homeownership is a serious and long-term commitment: financially, geographically, emotionally, and more.
Give careful thought to these factors as well:
Financial responsibility: You’ll need to pay for utilities, maintenance, and repairs — on top of your mortgage payments, property taxes, and homeowners insurance.
Potential risk: Real estate often increases in value over time, but not always. Your property value can also go down.
Tighter ties: As a renter, you can pick up and move with short notice. When you own a home, selling it before moving on is more complicated.
A home is probably one of the largest purchases you’ll ever make. Knowing what to expect can help you make informed financial decisions.
2. What are the benefits of homeownership for first-time buyers?
Homeownership brings many benefits. When you buy your first home, you’ll become part of a community and experience the security of owning the roof over your head.
As a homeowner, you may also be able to:
Take control: Avoid rent increases and cancelled leases while creating a home that meets your needs and tastes.
Build home equity: Grow your assets with the principal portion of your mortgage payments as your property value increases.
Get tax benefits: Deduct mortgage interest and real estate property taxes on your income tax returns. (Consult a tax advisor regarding the deductibility of interest.)
Build your credit: Create a strong credit history by making on-time mortgage payments.
2. Should I use a REALTOR?
Not every real estate agent is a REALTOR®. What's the difference?
According to the NATIONAL ASSOCIATION of REALTORS®, the term REALTOR® identifies a real estate professional who is a member of the association, and who subscribes to its strict Code of Ethics. Some of the benefits of working with a REALTOR® include:
Professional assistance and representation Whether you’re buying or selling, a REALTOR® may be able to help you navigate the transaction more smoothly. These trained professionals can make suggestions about what may seem like a complicated process.
A REALTOR® can assess the market — house-by-house, street-by-street — with access to up-to-date information that you may not have.
A REALTOR® who understands your property and location needs can use his or her network to gather first-hand information on upcoming homes for sale.
Selling your home is a huge undertaking, especially when it comes to accurate pricing and bringing in qualified buyers. You may benefit from seeking the assistance of an experienced REALTOR®.
Your REALTOR® will be an important part of your homebuying team.
3. What can I expect during the homebuying process?
Your real estate agent or REALTOR® can help you through each stage of the homebuying process.
Have a pre-approval for maximum leverage
A pre-approval tells real estate agents and home sellers that you have been pre-approved for a specific mortgage amount. Real estate agents and sellers increasingly rely on pre-approvals to identify serious offers.
Make an offer
Working with your REALTOR®, determine the appropriate amount for your initial offer based on comparable home sales, market value, condition of the home, and your closing date.
Put your offer in writing
Handle all negotiations in writing to make sure both parties understand the terms of the agreement. If you do negotiate verbally, follow up in writing.
Submit a deposit
This "good faith" deposit demonstrates commitment to the transaction.
Finalize your purchase contract
The contract is a legally binding contract between the buyer and seller describing all the terms of the transaction. Learn more about purchase contracts.
Depending on your state, an attorney, real estate agent, or title company may help negotiate and draft the contract.
Author:Dorothy Lee Phone: 615-973-6363 Dated: July 30th 2013 Views: 401 About Dorothy: Dorothy Lee’s 20+ years extensive knowledge and experience in Real Estate provides her a unique v...
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At Exit Realty of the South, we are committed to providing you with up-to-date information, comprehensive resources and the highest possible level of customer service in order to meet or exceed your real estate goals and objectives. Guided by honesty and integrity as a professional standard throughout the company, we are devoted to your total satisfaction as the benchmark of our success. The recipe for our success is an extensive support team that is second-to-none and passionate real estate professionals who invest numerous hours of continuing education to remain on top of their field.
Above and beyond having the desire, knowledge and ability to manage a real estate transaction, we employ innovative tools and systems that allow us to be most effective and efficient in serving you. From our computers to web-based real estate software and many other innovative techniques, we are driven to stay at the leading edge of technology to better serve you.
Our mission is to provide the highest quality Realtor services. At Exit Realty of the South we strive to provide the most knowledgeable and savvy real estate agents in the market. Whether you are buying or selling, an Exit Realty of the South sales representative has the skills to serve you above the rest.
With Thanksgiving just around the corner, I thought I should get in th
"Dorothy was personable, professional, and wonderful to work with. She had great ideas on how to sell my home. Dorothy used her many years of experience to help me set my price, negotiate counter offers and close the deal. She actually had two offers within 4 days of it being on the market a and ultimately had my house sold and closed within 25 days. "