2. Are you ok with the kind of homes that you can afford? If so, continue to step 3. and so on for all 'yes', otherwise return to landlord relations.
3. You need to decide which type of home you are thinking about..condo, multi-unit, single family, mobile home, whatever. Are you prepared to deal with issues (a.k.a. money) that may arise with the functioning condition of a home while you own it? This includes both physical maintenance and cash layout for repairs.
4. Can you accept that your home may never go up in value, and perhaps may decrease in value?
5. Find a buyer's agent who knows what they are doing. How? Have a conversation with them and observe their character. Then ask for references. There is no reason not to use one.
6. Do you want to hang a giant pirate flag from your roof and paint a drunken leprechaun on your garage?
Welcome to home ownership. It's not for everybody, but for those who take the plunge it's a beautiful display of the adage, "what you put into it, you get out of it"
1. Do you want to buy a home?
2. Can you afford to buy a home?
3. Do you want to buy a home that you can afford?
To answer your second question, owning isn't necessarily better or worse than renting.
Almost all of us in real estate own property. We believe in home ownership, and we believe that housing is a good long-term investment. Very few residential real estate agents who can afford to buy choose to rent.
But what really matters is, what's right for you? Frankly, I think that you shouldn't be talked into, or convinced to buy real estate. If you want to buy, then, you should pursue buying. If you have doubts, well . . . in my experience, people who commit to things like buying homes see those doubts grow into resentments.
Prices are low right now, interest rates are at historic lows, and if you have any confidence in your local economy at all, then rents will certainly go up over time.
But none of this matters if you have doubts about buying a home. Maybe you don't feel committed to the neighborhood, or expect life changes that will make you want to move sooner rather than later.
So, it all comes back to #1. And if the answer is, "Yes," then consider that a real estate professional might have ten or twenty years' experience, and you can't cram all that knowledge into a check list!
All the best,
Send an email or call and I will send you a first time home buyers handout that I had generated to answer many of the inital questions about the process of buying a home.
I am sure that you will have more questions and we can discuss.
Orange Key Realty
WOW tall order...
What type of information do you want? How to go about looking for a home, how to get financing, where to live, hwow does the process work?
I have prepared a brochure with the entire buying processs from looking at homes to closing. If you email me I will be happy to send it as a link in Word or PDF format.
I work with a lot of first time buyers so I put together a list of things you should prepare to do before buying a home on my website. Hope the 10 Ways to Prepare helps!
Good luck in your home search!
Purchasing your first place can be a bit over-whelming for sure. You want to surround yourself with an experienced "team" -- Realtor, Mortgage Rep, Attorney, Home Inspector. These people are all going to be working together on your behalf -- so select people that you have confidence in and are comfortable with. I usually start with a "Buyer's Consultation" at my office -- before we head out to see any houses. This is time well invested -- I'd be happy to set up an appointment for you. At the top of your list, though, will be answering "how much can I comfortably afford". Contact me if you'd like more information.
Prudential NJ Properties