Knowing What You Want when Buying a Home
Knowing what you want when buying a home can be somewhat hard to define. Sure you have some ideas about what you would like but which of those are absolutely necessary and which can you do without? Have you taken the time to sit down with your family (if you have one) and talked about what is needed in a new home? This is the time that you need to differentiate between mere wants and absolute needs. These factors can be make or break points in a sale so be sure that you know what you need and what you want.
Start by making a list of sensible needs. It is unlikely that you will need 14 bedrooms, a pool and a servant’s quarters, but you may need 3 bedrooms, 2 bathrooms and close proximity to good schools and/or your place of work. Perhaps you need a home with a level entry due to mobility issues or require a home with an in law suite for your elderly parents. Whatever your needs be sure to identify them up front and communicate this to your realtor so they can quickly eliminate homes that do not measure up. Once you have decided on the necessities you can then move on to some of the more “pedestrian” wants.
Finding the perfect home that suits all of your needs and wants is going to be difficult. Chances are that your “perfect home” will be much like other people’s who are looking for similar homes in the same price range. You will find the people’s ideal homes are not as different as you may think. Buyers are generally looking for the same features as other buyers. Smart home owners have tapped into these wants and have made changes to their homes to deal with the more common desires of buyers. Some sellers will even include a flooring allowance or some similar perk to draw buyers in.
If you do find that ideal home do yourself a favor and be sure to have your financial picture settled and ready to roll so you don’t have to scramble to secure funding. It can be heart-breaking finding the right home only to have it swept out from under you by a buyer who has their mortgage ready while you are attempting to secure your financing. Do yourself a favor and get pre-approved before you start looking for homes. It will make the process much easier.
Adam Coyle is a representative of <a href="http://www.smithbowden.com">Smith Bowden Real Estate</a>, serving the <a href="http://www.smithbowden.com/searchmls.php">Madison, Wisconsin real estate</a> community. Smith Bowden specializes in helping buyers invest in properties and expand their real estate portfolios. For more info check out www.smithbowden.com.
The Advantages of Home Ownership
Owning a home was once the greatest symbol of the American Dream. And although the American Dream has changed a bit over time, home ownership remains an important part of what it means to be a successful American. But more than just the pride that you can take in having achieved this dream, home ownership gives you a number of other benefits that can ease your daily life and help you prepare for your future. While there are obvious financial benefits to owning your own home (as opposed to renting), there are also other advantages. Here are some of the advantages of home ownership: Tax deductions. There are all sorts of tax deductions which are available to home owners that aren t available for people who rent. This allows you to save money every single year that you re a home owner. These deductions include mortgage interest and property tax deductions. There are also certain tax tricks in the future when you sell your home. The money that you spend on a home mortgage goes towards a home that can eventually be yours to sell, rent or will to your kids. The money that you spend on rent just disappears to your landlord s bank account. The value of your home will almost undoubtedly increase. There area always ups and downs in the market, but home values across the nation have consistently risen. This means that you ll be your home today and it will be worth more than you paid for it at some date in the future. And looked at from the other side, the home you re renting will also be worth more, so your rent can go up in time. You can use your home for future loans. When you have some of your home paid off, you are able to access loan money against the value of the home. This allows you to get lower interest rates than you would receive from private loans (or credit cards) which are all that might be available to you as a renter. Even if you don t get a loan against your home, home ownership improves your credit and makes it easier to get better rates on private loans. You own your home so you can make changes to it to really make it yours. When you rent, there are limitations on the changes that you can make at the home. Often, you can t hang shelving or even paint the walls, so your home lacks personality. Home buyers don t have these concerns. Basically, if you think about all of the things that you dislike about renting a home (or apartment), you ll find that they are problems that disappear when you buy your own home. With home ownership, you re no longer throwing your money away to a landlord who controls everything about the home. You re establishing good credit and making a lasting investment. And the truth is, there still is some value to the old American Dream and you can take pride in home ownership.
