Monday, November 2, 2009

Buying your first home

There are a few steps you should follow and asses when you want to buy your first home:
1) Needs and wants
2) How Much mortgage can you afford
3) Costs Associated with buying (closing, inspection, etc)
4) Ongoing costs (upkeep, utilities, etc)
5) Find the right neighborhood
6) Find the right Broker (MLS access)

Why do you want to buy a home?
1) Pride of ownership
2) Appreciation- build wealth
3) Tax Benefits - Deductions
4) Build Equity

The Search process can take from a day to years, depending on what your looking for and where. Looking for a home is a lot like taking a test and you must prepare yourself and be ready, especially if you are looking at more then one a day so you can remember each and waht you like and don't. Bring a camera, and take pictures.

According to HUD these are the 9 steps to buying a home-
  1. Figure out how much you can afford
  2. Know your rights
  3. Shop for a loan
  4. Learn about homebuying programs
  5. Shop for a home
  6. Make an offer
  7. Get a home inspection
  8. Shop for homeowners insurance
  9. Sign papers

Tax Incentives-
  • Deduct interest
  • Deduct Points
  • Property tax deduction from mortgage
  • PMI payments
  • Federal Tax Credit new for 2009 ( 10% of $80,000)

Posted by Chris Keeler

1 comment:

  1. good blog. There is definitely some steps to buying a home that I never even thought about before you sign the papers.

    Nick Vanikiotis