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What Are the Advantages of Home Ownership?

 

What are the benefits of homeownership?

·          Tax savings.
You may earn significant tax savings because you can deduct mortgage interest and
property taxes from your federal income tax and many states' income tax if you itemize
your deductions.

·          A more stable monthly housing expense.
Your monthly housing loan or mortgage expense can remain the same for the life of your
mortgage, depending on the type of loan you choose.

·          Equity.
You may build equity in your home over the life of your loan, which allows you to plan for
future goals like your child's education or your retirement.

 

 BASICS of BUYING and SELLING REAL ESTATE
 

        Buyer Decides to Buy                            Seller Decides to Sell

Text Box: Select a real estate agent Pre-qualify for a mortgage Determine needs & wants Discuss financial issues View homes Make offer to buy Finalize Mortgage Close on transaction

 

 

 

 

 

 

Text Box: Select a real estate agent Determine needs Prepare home for marketing Agent markets the home Accept, reject, or counter offers Contract agreement Close on transaction

  • When the seller accepts the buyer’s offer.
    1. The loan application begins.
    2. The mortgage company orders an appraisal.
    3. The inspection occurs and repairs negotiated.
    4. A survey is completed if necessary.
    5. An insurance company is chosen.
    6. The termite inspection occurs.
    7. A closing attorney is chosen.
    8. A title search is done.
  • When the loan is approved the closing is scheduled.
    1. The closing papers are signed.
    2. The documents are recorded.
    3. The funds are given to the seller.
    4. The seller moves out.
    5. The buyer moves in.
  • Buying a house is the biggest investment most of us
    make so it pays to choose your agent wisely.   Ask questions.
    1. Is the agent full time? A part time agent means part time marketing.
    2. Is he/she computer savvy? The Internet has become the preferred means for listing
      homes for sale.
    3. If selling, ask if the agent can supply you with a comparative market analysis
      (CMA). A CMA is not an appraisal but will give you a market price based on the selling
      prices of other homes in the neighborhood with same data used by appraisers.
    4. Ask the agent if you can pick your own attorney. If the answer is no and he/she works
      with only one attorney, get your hat.  (Note: Since builders often have many closings,
      they may require as part of the contract that you work with their standard attorney to
      make closing easier and more efficient.)
    5. Check his/her license and make sure it’s current.
    6. Ask if the agent is a REALTORÒ . Only members of the National Association of Realtors
      can call themselves REALTORSÒ and they must adhere to a strict code of ethics.
  • Here are some good house hunting tips:
  1. Take notes so you’ll be able to discuss the details later.
  2. Bring a spouse, family member, or friend.
  3. Make sure the house fits into your budget.
  4. Ask about utility and maintenance costs.
  5. Think of commuting time and costs.
  6. Compare what you'd like to have against what you really need.
  7. Consider your monthly budget - can you afford the renovations and maintenance that
    you'll need to do?
  8. Don't make a "spur-of-the-moment" decision.

 
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