First Time Home Buyer Guide
By Brian Begley
Newcastle Realtors, Inc.
708-828-2800
Most people have a lot of questions when they are thinking about buying their first home. Do I have enough money for a down payment? Do I qualify for a mortgage? Can I find a home that I like at a price that I can afford? All of these questions, and probably more concern you. Buying a home is most likely the single most important financial decision of your life. I can help you each step of the way. One of the reasons people use a Realtor is for their knowledge and ability. As an experienced Realtor I have gone through this process many times. I know what to do and when to do it. I can help you avoid common mistakes and help you negotiate the best possible deal. Best of all, I have the answer to the most common asked question, “What does this cost you, as a buyer?”……Nothing!
What are some of the reasons for owning your own home?
- Pay rent and you accumulate a pile of receipts at the end of the year. Own the home and you accumulate equity.
- Most of your mortgage payments, in the early years, is interest. Mortgage interest is a deductible expense on your income taxes.
- Property taxes are also a tax deduction on your income taxes.
- If you meet the IRS guidelines, a home office is also a deduction on your income taxes.
Steps to buying a home
- You have to determine how much you can afford for a down payments and monthly mortgage payments. I can help you determine this amount through a formula that lenders use.
- Decide how much you want to spend.
- Decide where you want to live. What kind of neighborhood? What kind of schools? Urban, Suburban or rural areas?
- Decide what kind of home your want: new, older, single family, duplex, townhouse, or condominium.
- Try to find a home in an area that will appreciate. At some time, when you build up enough equity, you may want to step up to a bigger and better home.
- Find a good Realtor, hopefully me, that will help you develop a good sense of prices and market conditions.
- See enough houses so you can compare what is out there and fits your needs best.
- Through your Realtor, make an offer to purchase the home.
- Have the home inspected.
- Confirm your mortgage loan.
- Attend closing and you are the proud owner of your own home!
Article written by:
By Brian Begley
Newcastle Realtors, Inc.
708-828-2800
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