Buying
a home is a major undertaking. Before taking the plunge, make sure
that you've thought it through and are ready to proceed.
Deciding
to Buy
Consider your motivations for buying to help determine if you are really ready
to enter the market.
Personal
Considerations
Think about your personal reasons for moving. Do you need a larger home to
accommodate a growing family? A shorter commute to work? Don't forget to consider
the difficult aspects as well. Are you emotionally attached to your present
home - will it be painful to leave? Being mentally and emotionally prepared
is the first step toward a well-conceived and well-executed move.
Do You Feel
Pressure to Move Now?
Do you feel that you'll be priced out by a rising market if you don't buy now?
Or are you afraid you'll miss bargains in a troubled market? Review our tips
for evaluating real estate markets to help you decide how to proceed.
How
Long Do You Expect to Own Your New Home?
Buying or selling a home is an expensive and involved process. Closing
costs alone can amount to 4-8% of the sale price - for both buyer
and seller, making a home purchase financially unattractive unless you plan
to own the property for several years. Remember that you'll face another round
of closing costs when you sell; so your house will have to appreciate 8-12%
just for you to break even.
Assess
Your Financial Condition
Do you have enough cash to fund the down payment and closing expenses? Can
you comfortably afford the mortgage payments as well as taxes and insurance?
Do you have any credit problems? Review our affordability guide to help you
get the answers.
Homeownership
as an Investment
While markets can be turbulent and values occasionally decline, owning a home
remains an attractive investment over the long term. Additionally, don't forget
to consider the tax advantages of homeownership - mortgage interest is deductible
and profits from the sale of a home are usually exempt from capital gains taxes.
Call
us at 561 626-8550 if we can
help you sell or buy a new home
or e-mail to Realtor@RandRFlorida.com
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