California Real Estate Podcast with Andrea Manroe - 6 Questions That Answer “Should I Buy My First Home?”

6 Questions That Answer “Should I Buy My First Home?”

04/14/17 • -1 min

California Real Estate Podcast with Andrea Manroe

It is time to buy your first home or continue to rent? I’ll help you answer that today.

Thinking of selling? Get a free home valuation

Thinking of buying? Search all homes for sale on the MLS

When deciding between buying your first home or continuing to rent, there are six questions you need to ask yourself.

1. Are you financially ready? You’ll need money for a down payment and for closing costs, so you need to make sure that is set aside. It’s also a good idea to take a look at your credit score. Homebuyers can get loans with scores as low 620, but a score of more than 700 will get you the best rates.

2. Are you prepared to make compromises? When buying your first home, you might not be able to afford to live in your dream neighborhood or get the optimal amount of space. You need to be ready to look at different neighborhoods and compromise on space.

3. Are you emotionally ready? Homeownership is very different than renting. If problems arise, they are your responsibility. Several things can pile up all at once that require your attention and finances. Make sure you’re ready to handle the stress.

4. Will owning pay off in the long run? The good news is your mortgage payment might be less than your rent, but even if it isn’t, you’ll be building your wealth in the long run instead of your landlord’s.

You need to be ready to look at different neighborhoods and compromise on space.

5. Have you outgrown renting? If your family is growing and you need more space, upgrading to a larger rental might not be in your budget. Instead, you can purchase a home that has the space you need.

6. Has your income increased? If you’ve recently seen an increase in your income, buying is a great option for a tax shelter.

If you are looking to buy or sell a home or if you have any other questions, please don’t hesitate to give me a call or send me an email. I’m always happy to help!

It is time to buy your first home or continue to rent? I’ll help you answer that today.

Thinking of selling? Get a free home valuation

Thinking of buying? Search all homes for sale on the MLS

You need to be ready to look at different neighborhoods and compromise on space.

Previous Episode

What Should Homebuyers Look for When Buying a Home?

If you’re in the market to buy a new home, what are the important things you need to look for?

Thinking of selling? Get a free home valuation

Thinking of buying? Search all homes for sale on the MLS

If you’re a homebuyer out shopping for a new home, what should you look for in that home?

First, you should keep the resale value of the home in mind, or the price and affordability for future buyers. You should then consider the neighborhood it’s located in and the size of the home.

Next, look for a structurally sound home. Look at the “guts” of the home and not just the design or the materials used in the construction. Examine factors like the plumbing, the electrical framework, and how much life is left in the roof. And don’t forget to order a thorough home inspection.

Hire a real estate agent that will help you know what you need to know.

Also, consider what kinds of costly repairs may be required on the property and how that will play in negotiations. Look at the condition of the roof, the plumbing, the electrical system, the heating and air conditioning systems, etc.

Finally, you need to hire a real estate agent that will show you what things you need to look for when buying a new home.

If you have any questions about this topic or are in need of an agent to help you buy or sell real estate, please don’t hesitate to give me a call or shoot me an email. I’d be glad to help you.

Next Episode

5 Ways to Secure a Down Payment

Today I want to share five great ways to get the down payment you need to purchase your dream home.

Thinking of selling? Get a free home valuation

Thinking of buying? Search all homes for sale on the MLS

There are five creative ways you can get the down payment you need to purchase your dream home.

First, if you’re getting married, crowdsource instead of doing a wedding registry. You can raise money for your down payment by using sites like Kickstarter or Feather My Nest.

Next, you can ask the seller to help with closing costs. There are a few different options with seller concessions, so make sure you ask your real estate agent what the best strategy is to get that extra financial nudge from a seller.

You can also look into government options. HUD housing offers different down payment and closing costs assistance depending on what you qualify for.

You should also check with your employer to see if they offer Employer Assisted Housing or EAH, which can help with down payment assistance. Access to EAH sometimes depends on the area you are looking to buy in, but it’s worth checking out.

Finally, check with your lender. They might be able to find a down payment assistance program that will work for you.

You don’t need a 20% down payment to purchase a home.

It’s a common belief that you need 20% for a down payment. However, you could get into a new home for as little as 3.5% down. To get a better idea of what your options are, make sure you talk to your lender and your real estate agent.

If you have any questions about purchasing or selling a home or you have any other real estate questions, don’t hesitate to give me a call or send me an email. I’m always happy to help!