The Decision to Buy - Is it the right one for you?
Today home buyers have more choices than ever before. Financing options that are flexible and affordable, home styles that fit a variety of lifestyles and professional services that make the home buying process fast, effective and enjoyable.
When you begin the decision-making process of buying your first home, your Century 21 Explorer Realty Sales Representative can guide you through the pros and cons of renting vs buying. Simple evaluation can help you decide if you are financially ready to make the investment of homeownership.
Some facts about homeownership that may surprise you:
• Homeownership can be a good investment opportunity. A house offers leverage and the possibility for appreciation in value. And, you can use this investment while it’s working for you!
• You can’t afford to overlook the tax breaks of homeownership. Since mortgage interest and property taxes are tax deductible, homeownership can save you money each year.
• Young people aren’t priced out of the market. Figures from the National Association of Realtors put the average age of first-time home buyers at 32 years old. Ask your Century 21 Explorer Realty Sales Representative about the number of and variety of financing options available.
• Renting doesn’t protect you against rising prices. Rental units are just as susceptible as homes to increases in taxes, insurance, utilities, and other costs. Landlords will pass along these increases.
How much home can you afford?
Most people have a general ideal of how much they feel comfortable spending. It's equally important to know how much your lender calculates you can afford. With assistance provided by your Century 21 Explorer Realty Sales Representative, you'll e able to better prepared the many details required during the financing application process.
Become a pre-approved buyer. Pre-approval gives you more buying strength since the lender makes a credit decision and pre-approves you for a certain mortgage amount. You'll know what price range your lender will approve, and you'll be in a position to make an offer when you find the right home.
Pricing Your Home
How much equity do you have to work with? Consider these factors:
When you begin the decision-making process of buying your first home, your Century 21 Explorer Realty Sales Representative can guide you through the pros and cons of renting vs. buying. A simple evaluation can help you decide if you are financially and personally ready to make the investment of homeownership.
Before you set an asking price for your home, your Century 21 Explorer Realty Sales Representative can help you complete a Home Market Analysis The Home Market Analysis presents an opportunity to review and evaluate the facts before you make a very important decision -- the price you'll ask for your home. Even though we'll set the market range for your home, you determine the actual listing price.
If you want to sell quickly, your home should probably be listed on the lower end of the price range we determine. On the other hand, you may be in no hurry and more interested in obtaining maximum equity from the sale. In that case, the higher end of the price range may be more to your satisfaction. But remember that ultimately, it is the buyer who will determine the price.
Our Home Market Analysis will:
• Show what's happening in the local real estate market right now
• Show what buyers are willing to pay for homes similar to yours
• Show what they won't pay
• Show which homes will be competing with yours for buyers' attention
The analysis also helps us look at your home from a buyer’s perspective -- the perspective that counts when you're pricing your home to sell. Using this process, we will establish a realistic listing price and increase the percentage of qualified buyers who look at your property.
A Complete Home Physical
Even if you've looked in every nook and cranny of the home you want to buy, we at Century 21 Explorer Realty believe it's crucial for you to protect yourself by having a home inspection conducted when you purchase a home. A professional assessment by a reputable home inspector could possibly uncover any problems (large or small), alerting you to any needed repairs and updates. With your Century 21 Explorer Realty Sales Representative’s help, you may even be able to negotiate for repair or replacement of items before the purchase is complete.
You'll have the opportunity to bring in a home inspector of your choosing once you've made your offer conditional upon a home inspection. The inspector will perform a comprehensive evaluation of the home and property, doing everything from testing outlets and faucets; to identifying signs of dampness, termites or carbon monoxide; to making sure walls are strong and windows are secure.
Hire an inspector you can count on
If you don't already have a particular inspector in mind, ask someone you trust for a reference. The inspection will cost several hundred dollars (actual cost depends on the size of the property and complexity of the report), so it's important that you feel confident about the person conducting it and the quality of his/her work. In fact, your Century 21 Explorer Realty Sales Representative is a good resource for home inspection references, as he/she has undoubtedly worked with a number of quality inspectors.
It's best to schedule your home inspection during daylight hours. If possible, you and/or your Century 21 Explorer Realty Sales Representative should attend; expect it to last from 2-4 hours, depending on the size of the home. And feel free to ask questions of the inspector - the more you know about your potential new home, the better.
Take care of repairs
The inspector should deliver a written report upon the completion of the home inspection. It's perfectly normal to have a handful of small issues that need attention or repair. Work with your Century 21 Explorer Realty Sales Representative to decide which of these to ask the seller to handle or pay for, and which you'll handle yourself.
Remember there is no perfect home and even if your home inspector finds no serious problems, the inspection can pay off indirectly. In addition to identifying immediate-need repairs, you'll be alerted to future maintenance issues as well. It's always good to know up-front what to expect, and how much such repairs could cost.issues that need attention or repair. Work with your Century 21 Explorer Realty Sales Representative to decide which of these to ask the seller to handle or pay for, and which you'll handle yourself.
Remember there is no perfect home and even if your home inspector finds no serious problems, the inspection can pay off indirectly. In addition to identifying immediate-need repairs, you'll be alerted to future maintenance issues as well. It's always good to know up-front what to expect, and how much such repairs could cost.