Buying a Home & Home Ownership

I know that buyers must consider many options when choosing the right property for themselves and their families. Location, price, design, and financing options are but a few.

Whether you're looking for your first home, investing, relocating, or building a custom home, you need up-to-date and reliable information on property values, construction standards, financing options, contracts, and closing procedures. The key to my success is understanding the needs of my clients and exceeding their expectations.

If you or someone you know is thinking of buying a home or have questions about real estate, please call me....I think you'll like my "low key" approach.

Is It Time To Buy?

In general, 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. 

See the Qualification Calculator, and notice the difference that a larger saving amount makes. ( 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.) 

In general, if the price of a house is not more than 20 years' rent on a comparable residence, market conditions are reasonable for buying. 

Compare the rent on a residence with the price of a comparable home for sale, and figure out how many years of rent is represented by the house price. 

Decide Where to Buy

There are many factors to consider when selecting a neighborhood that is right for you. Below are just a few of the many factors -- You may think of others that are important to you. Please write them on your Requirements List so they are not forgotten.

Neighborhoods have characteristic personalities designed to best suit single people, growing families, two-career couples, or retirees. Investigate to determine that the neighborhood in which you choose to look for a home matches your lifestyle and personality.

Neighborhood Factors to Consider

• Look for things like access to major thoroughfares, highways, and shopping.
• Listen for noise created by commerce, roads, railways, public areas, schools, etc.
• Smell the air for adjacent commerce or agriculture.
• Check with local civic, police, fire, and school officials to find information about the area.
• Research things like soil and water.
• Look at traffic patterns around the area during different times of the day and drive from the area to work.
• Is the neighborhood near parks, churches, recreation centers, shopping, theaters, restaurants, public transportation, schools, etc.?

Does the neighborhood belong to a Homeowner's Association?

The first step is to identify a neighborhood where you would like to live. People take into account factors such 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. 

Many people find that they cannot afford the perfect house in the perfect neighborhood. This means that you have to compromise. In the long run, most people find it easier to live with a less-than-ideal house in the right neighborhood than the other way around. 

The best time to engage the services of a real estate agent is when you have identified the criteria that matter for you in choosing a neighborhood. Once you can articulate the factors that you consider important, the agent can tell you which neighborhoods meet your criteria and help identify houses that fit within your budget.

Is Homeownership Right For You?

Ask Yourself...

• Do I have a steady, reliable source of income?
• Have I been employed regularly for the last 2 years?
• Do I pay my bills on time?
• Is my total debt (all credit cards, car loans, etc.) manageable? Can I afford those debts and a mortgage?
• Do I have some money saved for a down payment?
• Do I have some money saved for closing costs?
• Can I afford both the mortgage and other expenses, such as electric, water, repair and maintenance costs?
• Do I plan to live in the house for at least 2 years – long enough to build some equity?
• Do I have time to take care of a house – including responsibilities like mowing the lawn and repairing my property each spring?
• Do I have time to devote to buying a home right now? Or are other commitments, like night school, a priority?

If you can answer "yes" to most of these questions, you are probably on your way to owning your own home.

Becoming a homeowner takes time, energy, and money – but it's worth the effort!

Suzi Boyle