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Buyer's
Guide. Making the Decision to Buy
Is now the right to buy? Are you ready to
buy? Can you afford to buy? These are all questions to consider
when you are deciding to buy a new home.
Whether you are buying your very first home or ready to sell
your existing home and move to a new location, you need to
make some big decisions. We're here to help, so lets see if
we can't help you answer some of those questions.
What Are the Benefits of Buying A Home?
The first step in making any big decision is weighing the pros
and cons of that decision. So to begin this discussion, start
a list of all of things you would have to gain if you purchased
a new home. Use these questions to help you start your list:
- Do
you need more room for a growing family?
- Will
you be closer to schools for your children?
- Will
you be comfortable in the new home?
- Can
you decorate the home to your tastes without high costs?
- Are
you moving closer to friends or family?
- Is
the home in an area where you want to be?
Examine Financial Concerns
Buying a home is one of the largest single purchases
you will make in your entire life. It's a big
commitment, so prepare
yourself with the right information before you
make the decision to buy a new home.
- Is it better to rent or to buy?
There are only a few reasons to rent rather than buy, but in
some cases renting can be a better decision. If you are planning
to move or expect to be transferred in the near future, you
may want to rent. Likewise, if you like the area where the
home is, but you're not quite sure if its right for you,
it may be a better option to live there for a couple of years
before you buy. For a better idea of what to do, use our
Renting vs. Buying Calculator
- How much can you afford?
Do you have enough money saved to cover a down payment, your
closing costs, moving expenses? If you're selling a home, then
buying, is your lender willing to give you Interim Financing?
If you buy this home, will you still be able to meet your other
financial obligations? These are all questions you need to
answer for yourself. Your mortgage lender or your Realtor can
help you examine different aspects of your financial situation.
You can also use our how much can you afford calculator.
- Use our other calculators to help you decide
We've got some great calculators to help you make the decision
to buy your next home. Click
here to use our Mortgage Calculators
Responsibilities of Home Ownership
There are most certainly many benefits to owning your own home,
but their are also many added responsibilities. It is important
to ask yourself whether you are prepared to take on these additional
responsibilities before you make the commitment to buy. Here
are just a few things to think about before you buy.
- For buyers who currently rent
You will have the added responsibility of lawn maintenance,
landscaping & keeping the exterior of your
home. You will have to pay for any maintenance
or repair work on home
systems or structural problems. If something breaks,
its your responsibility. You will have to comply
with all federal,
state and local laws as they pertain to your property
including paying property taxes, etc.
- For current home owners
Many of your responsibilities will stay the same, however,
in many cases, you will have a larger home with larger responsibilities
and more work to maintain. You should also consider whether
your home furnishings and appliances are well suited for this
new home otherwise, you'll find yourself having to buy new
things.
Whatever you decide is the best path for you to take, be sure
to find the right information and the right person to represent
your needs. While you can buy your own home without the help
of a Realtor, having someone to represent you and your concerns
can help to ensure that you receive the best terms, the best
advice and the best home.
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