MY LEASE IS UP IN 3 MONTHS. SHOULD I BUY OR RENT? That's a question real estate agents often get from consumers. The answer is, of course, "IT DEPENDS".
For the consumer who is renting, buying now may not depend as much on the investment value of buying a home as the prospective home buyer's cash position.
HOW PREPARED FOR HOME OWNERSHIP ARE YOU? That's the analysis needed. Home ownership is likely to require:
1. The credit scores necessary to finance the purchase of your home with a home loan.
2. Cash to pay the local closing costs to transfer the title from the seller's name to your name.
3. Cash reserves for moving, utilities, etc.
4. Cash reserves for unexpected maintenance needs.
THE MESSAGE IS, YOU'LL NEED A CASH RESERVE. While there are a number of federal, state and local programs that permit most first time home buyers to make that home purchase with a minimum of cash, there will ALWAYS be a need for cash when buying a home.
WHEN SHOULD I START LOOKING? The time to consider buying a home isn't when your present lease is expiring. The time to consider buying a home more likely depends on how long it will take for you to save the necessary cash to pay for the purchase of the home, moving costs and average maintenance costs.
HOME OWNERSHIP SHOULD NOT BE A QUICK DECISION. Planning to buy a home is not like giving notice and moving to another rental unit. Home acquisition requires a thoughtful approach to the saving, planning and search process necessary for a well executed transition from renting to home ownership. A step by step approach is helpful when making the decision to buy.
SHOP FOR AN EXPERIENCED REAL ESTATE AGENT OR BROKER. Many real estate agents will be able to guide you through the pre-qualification steps.
How is my credit? This is critical and a question that many prospective home owners can't answer.
How much home am I qualified to buy? Another question that requires an analysis of your income, debt, credit.
Where do I wish to live? The answer may depend on transportation needs, school needs, recreation needs, and more.
LET'S TAKE A TOUR OF HOMES FOR SALE. Once you and your real estate agent have explored your housing needs verified your ability to buy, you're ready to look at some homes.
WE CAN HELP!
Courtesy, Lenn Harley, Broker, Agent, Homefinders.com, 25 years of service to home buyers in Loudoun County, Virginia, 540-822-9907.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~`
WHEN EXPERIENCE COUNTS, home buyers will enjoy our many years of serving home buyers in Northern Virginia. We provide buyers with . . .
* Comprehensive home searches in your price range and location of choice for Loudoun County.
* Personal tours of homes for sale. We are available weekdays and weekends,
* Comparative Market Analysis for homes under consideration. We know real estate and will help you determine the value of homes for sale.
* Experienced financial analysis to help you understand different mortgage types and programs to help first time home buyers.
* Personally manage home inspections, termite inspections, settlement meetings. We'll be there with you.
AND MUCH, MUCH MORE.
Lenn Harley, Broker, Homefinders.com, 800-711-7988
Comments (10)Subscribe to CommentsComment