Buying your first home is one of the biggest decisions you will ever make, and experiencing the home buying process as a newly married couple makes it all the more special. I have compiled some popular FAQ’s that new home buyers have asked me throughout my years in the real estate business that I feel will make the home buying process much more clear to you and your spouse.
What are the benefits of buying a home as a married couple?
There are many benefits, which include: building wealth, equity, and stability; freedom from a rental; independence as a couple; although it's cyclical, real estate will always appreciate over time so you can make a profit when you sell; tax breaks; and more room to grow your family. Some of the major perks in home ownership are that home owners with fixed-rate mortgages will have the same mortgage payment for 30 years, so there are no surprises. Renters are constantly seeing increases every year that can escalate and force them to move when they are not ready.
Why should I buy instead of rent?
Simple. The feeling of home ownership is unlike any other. There is no restrictive contract or lease to keep you from making a new place your own. You can make the home yours and not worry about whether or not you will be getting your rental deposit back in the end. You want to paint a wall bright pink? Go right ahead. You want to turn your living room into a game room? No one is going to stop you. You want to build a rollercoaster in your back yard? It's all you! Your neighbors may not like you, but it’s your yard! There are also financial pluses as well, such as deducting the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This can add up to huge savings by years end. If you rent, you write a check on the first of the month and it goes right into someone else’s pocket, never to be seen again. You can also claim your property taxes as a deduction if you own a home. These freedoms are not available to those who rent.
Why should I use a Realtor to help me with the home buying process?
With the help of a good Realtor, home buying can be much easier than if you were to go about it yourself. Along with fun and enjoyable, the entire home buying process can be confusing, overwhelming, and time consuming, and a Realtor is there to assist you through it all. They can also help you in finding the right neighborhood that appeals to you, where the good schools are, help you determine the right price range for you and search the Multiple Listing Service in the area for homes for sale based on what your needs are. A Realtor can also save you time and money by structuring an offer that you can afford based on market value. Best of all, a Realtor is free if you are a buyer, because the seller pays the commission.
What do I do when I find a home I like? How do I make an offer?
This is something that your Realtor will be able to help you with greatly. There are a few different factors that go into placing a bid on a house. First, your Realtor will find what other homes in the close vicinity have been selling for. These are called “comparables,” or “comps” for short. The comps will determine if the home is priced according to the current market value. Then you would want to look at the Days on Market, or “DOM.” If the home has been listed for sale for quite some time, you may have more negotiating leverage. If the home is new to the market then the seller may not be as eager to accept a lower bid. You will also want to evaluate the condition the home is in to determine whether there have been renovations and/or upgrades to certain rooms, such as the bathrooms or kitchen. Once these factors have all been added together, you and your Realtor will formulate an offer that seems reasonable based on the information you have collected.
*Feel free to e-mail me, or call me directly at any time if you have a question of your own. My contact information is located to the right of every page on this website. I look forward to hearing from you.