by Joni McCreith, The McCreith Team, Bella Casa Real Estate
Are you a potential homebuyer? Check out these 8 important tips to help you navigate the waters of home-ownership.
1. To Buy, or not to buy? It’s a question well-worth asking, and unfortunately no simple answer can be given. Are you better off renting or purchasing a home? Or, how does the idea of Rodrock Custom Built Homes sound? There are so many ways to approach the home buying/renting process, you just need to find what suits you best.
Most financial planners would agree that a home is a worthy investment. However, there are situations where it may be better to rent than to purchase. Costs involved are, many times, more than the average buyer anticipates. For example, typically a mortgage is loaded at the front (the initial months and years) with pre-paid interest (which means that very little of your mortgage payment is actually going to pay off your home). Some loans have prepayment penalties for paying them off (upon the sale of the home) prior to the terms agreed upon. Furthermore, there are closing costs involved in buying and selling a home. Many financial advisors would recommend that if you won’t be living in a home for at least two years, you are better off renting.
On the other hand, in a rising market (like the one Yamhill County experienced in 2004-2006), staying out of the market for two years can mean an inability to afford as much house, or even isolate a buyer from the market entirely. If you have concerns about whether purchasing a home is right for you financially, you would be wise to seek advice from a competent financial planner.
2. Why hire a Realtor®?
Buying a home without a Realtor® can be like attempting to defend yourself in court without an attorney. It costs a buyer nothing to be represented by a Realtor® when purchasing a home (the Realtor’s commission is an expense to the Seller). There is no reason for a buyer to make one of the largest investments of his or her life without the assistance of the Realtor® of his or her choice representing their best interests. When choosing a realtor, you want someone who understands what you’re actually looking for. Donnelly + Co. are realtors who pride themselves on providing a simple and effective service, finding properties for you with integrity, allowing you to create your forever home.
A Realtor® will have knowledge of new listings before they show up on public search sites, giving you the opportunity to have the first look at an