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KNOW YOUR
FINANCE OPTIONS
Knowing
how much you can qualify for can save time and
frustration! Discuss with a reputable lender the
different types of loan programs, and decide which type of
program will work best for you based on your current needs
and objectives. There are literally hundreds of
different types of programs available. You need to
make an informed decision on which is right for you today
and in the long run. Important items to consider
include: when to lock into an interest rate, First
Time Buyer Programs, Zero Down Programs (Yes, you can
purchase a home with no money
down!) pros and cons of
government backed loans, etc.
UNDERSTAND
BUYER REPRESENTATION
There
is a big difference between being represented or not in
what duties and responsibilities the agent owes YOU!
Unless you have a written agreement between you and the
agent, you are not being represented. Through the
entire home buying process, the Buyer's Agent will be
obligated to be looking out for your best interests.
HAVE
A PROFESSIONAL HOME INSPECTION
Inspections
are written into the offer as a contingency of the
contract. If there is a defect uncovered during the
inspection process, and the seller will not correct it,
you don't have to proceed with the transaction! You
may have just saved yourself thousands of dollars and
countless hours of grief.
KNOW
THE FACTORS THAT EFFECT RESALE
Even
if you intend to occupy the property for the rest of your
life, things change! Real Estate is an important
investment. People move much more frequently today
than they ever have in the past. The number one
factor effecting resale is LOCATION, LOCATION,
LOCATION! Other factors to consider are: Is
this the most expensive home in the neighborhood?
Does the property back up to a quiet street today but
could become a 5 lane highway in a few years? what
is the zoning potential for the vacant lot next
door? What is the potential for appreciation?
All of these questions should be reviewed prior to signing
on the dotted line.
KNOW
THE TAX IMPLICATIONS
It
is important to understand what the tax benefits are in
owning your home and what you want for a monthly
payment. Home ownership is one of the last few
"tax breaks" for most Americans. The tax
ramifications of buying or selling should be known BEFORE
making any decision. The capital gains laws and tax
codes change frequently. An uninformed decision could
cost you thousands!
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