Buying a first home is a complex process. An experienced real estate broker or agent will assist you all through the search, comparable homes sold making an offer, inspection, repair, and appraisal processes, as well as help you find the best value, neighborhood,and quality for your budget and requirements.
The sellers real estate broker pays your broker or agent out of the loan proceeds. If you don’t use your own agent, thesellers broker keeps the commission, so you might as well avail yourself of professional advice. Your real estate broker or agent works in your best interest. In this article you will find what to expect and how to think long term. When represented by a informed real estate agent it will make you see things in a different perspective.
Don’t expect perfection
There’s no perfect home. You may want all the latest amenities of a new home, but even new homes come at a price, perhaps longer commutes and bigger price tags. Many sellers don’t repaint or recarpet prior to selling, so if you’re shopping for an older home, expect to do some cosmetic work.
Homes that need updating are priced below homes that are up to the minute and move-in ready. That could be to your financial advantage, so try to look beyond outdated fixtures and focus instead on the floorplan and dimensions. Ignore the seller’s tastes and imagine each room clean and clear of clutter and with your own things in them. Most cosmetic changes are relatively inexpensive, and you can even pay for them with your mortgage loan, in some cases. Talk to your lender.
Think long-term investment
Buying a home can be a wise financial investment, if you buy right and hold your home for long-term gain. Because of closing and moving costs, it’s nearly impossible to buy a home and sell it immediately for a large gain, but it is possible to sell after a couple of years with no capital gains tax, should you make a profit.
According to the National Association of REALTORS®,home equity growth beats inflation by about oneto two percent annually, not to mention government subsidies for home ownership in the form of tax relief and other incentives.
However, if you look at owning a home strictly as an investment, you’ll miss many pleasures. With the dramatic rise and fall of housing prices over the last decade, consumers have new respect for homes as investments. But the flip side, is that your investment is still a home, one you’re likely to occupy for several years or more.
According to the annual Profile of Home Buyers and Sellers, compiled by the National Association of REALTORS®, the primary reason buyers cite for purchasing a home is simply the desire to own, followed closely by the desire for more space, and a change in the family situation. For most people, buying a home is more about giving household members more comfortable living arrangements and putting them closer to jobs, favorite activities, other family and friends. What are your goals for buying a home? You might want a better home and neighborhood. You might want a different kind of living experience, such as moving from an apartment to a single-family home with a private garage and yard. Your family may be growing, so you have to think about school districts and proximity to parks and other recreation.
If you’re not certain, you might think about what would change about your situation if you became a homeowner. You’ll definitely be more established. If you’re like most homebuyers, you expect to stay in your new home about 10 years.
You’ll also build equity for yourself, instead of for someone else. Every payment you make, plus the rules of inflation will eventually allow you to recoup most if not all of your investment, or make a profit when you sell. Affordability may also be an important factor for you. The combination of low interest rates and low prices allows you to buy more home for the money. Rents are rising, making ownership more affordable than renting in many areas, especially when you factor in tax incentives such as mortgage interest deductions and property taxes allowable as deductions against your income.
When you buy, make your goals long-term. Choose the home you think will serve your household’s needs the best for the longest period of time, as it’s been proven that the longer you own a home, the more equity you’ll build. Today’s market conditions and affordability, make it more likely that you will reach your homebuying goals, no matter what they are.
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Information provided courtesy of Holli Paddio-HP- Powerhouse Realty Group
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JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
Our mission is to provide extraordinary services and exceed our clients’ expectations by always committing to the highest levels of professionalism, ethics and standards in the real estate industry.
JP and Associates REALTORS is a real estate company with a solid structure and foundation built around service and productivity. We believe in providing a fun and rewarding environment for all our REALTORS® and therefore always ready to support our REALTORs® Associates in any market and in any condition. All our REALTORs® will always strive to close more transactions in a given year than the average REALTOR®. Our goal is to recruit and retain the most professional, better trained REALTORs Associates in the local market.
If you are interested in a new career in real estate or already have a real estate license but wish to learn more about our company please contact us directly to set up an interview. We offer our agents a 100% commission plan, company leads, training and mentoring and coaching from TOP Producers with no office, desk fees or monthly marketing fees ever. We are a full service brokerage at a transaction fee cost.
At JP And Associates REALTORS we strive to exceed our Clients AND our Associates expectations.
"I worked with William Fogg for over twelve years in an Accounting /Finance environment at a major corporation. During that time, I found William to be knowledgeable, conscientious, and dependable. He exhibited a strong work ethic and the ability to communicate effectively with all employees across the corporate spectrum. I am certain he will successfully apply his business knowledge and personal skills to any endeavor he chooses to pursue."