Buying A Home

 

Buying a Home

 
   

6 Reasons to Own Your Own Home

   
         
  1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, and some of the costs involved in buying your home.
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  3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
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  5. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
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  7. Predictability. Unlike rent, your mortgage payments don’t go up over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs might rise.
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  9. Freedom. The home is yours. You can decorate any way you want and be able to benefit from your investment for as long as you own the home.
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  11. Stability. Remaining in one neighborhood for several years’ gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
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9 Steps to Prepare for Homeownership

   
         
  1. Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
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  3. Develop a wish list of what you’d like your home to have. Then prioritize the features on your list.
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  5. Select an area you’d like to live in, such as Northwest, Southwest, Henderson, Summerlin, Green Valley, etc. Consider items such as schools, recreational facilities, area expansion plans, and safety.
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  7. Determine if you have enough saved to cover your down payment and closing costs. Closing costs, including taxes, attorney’s fee, and transfer fees average between 2 percent and 7 percent of the home price.
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  9. Determine how large a mortgage you can qualify for and explore different loans options to decide the best one. You can do this by contacting a lender.
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  11. Organize all the documentation a lender will need to pre approve you for a loan.
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  13. Do research to determine if you qualify for any special mortgage or down payment-assistance programs.
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  15. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.
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  17. Find an experienced REALTOR® who can help you through the process.
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