Q & A: Finding the Right Home

Click a question to jump right to the answer:

  1. Do we dig deep and buy a dream home or settle for a starter home?
  2. How do I find out the real scoop on the home I am interested in?
  3. How do you choose between buying and renting?
  4. What are the pros and cons of adding on or buying new?

Do we dig deep and buy a dream home or settle for a starter home?

This is a common question first-time buyers ask themselves. Many buyers find themselves torn between the decision of buying a conservative starter home and extending their pockets to purchase their dream home. Whenever purchasing a new home, the buyer should set their budget well before starting to look at homes. First talk with a financial advisor to discuss your current financial status and future goals. After setting your budget, create a list of what you need and what you would like in a home. Then, when searching for a home, stick to your budget and your need list. You may even find your dream home is within your reach. And even if it is not, you will be able to find a home that fits your needs and your budget.

Main Topic List Back To Questions

How do I find out the real scoop on the home I am interested in?

It is important that all buyers properly research any home they are interested in purchasing. This is just one of the many reason to have a real estate agent represent you during your home search, as they will help ensure you receive imperative information such as detailed property disclosures as well as a thorough inspection. Disclosures and inspections provide the most insight into a home’s history and condition, and therefore supply the buyer with the knowledge needed to make an educated offer.

Main Topic List Back To Questions

How do you choose between buying and renting?

There are pros and cons to owning a home, as well as to renting. Owning a home can be very expensive - utilities are often higher and you are responsible for all maintenance and repair fees. But, there are tax benefits to owning a home, there can be a financial return, and you have the pride and joy of having your own place to call home. On the other hand, renting can be very inexpensive and gives you the ability to move easily if needed. But, your rent most likely will rise each year and you must follow your landlords regulations. The decision between renting and buying often comes down to two factors: affordability and time. If purchasing a home would cause financial stress to your life, it is often best to rent for the time being and begin saving for a down payment. And, if you do not plan to live in the home for more than a few years, renting may be cheaper than buying. If you are unsure what path is right for you, schedule a meeting with a financial advisor to review your options.

Main Topic List Back To Questions

What are the pros and cons of adding on or buying new?

Some questions to ask yourself when contemplating between a home expansion or move: how much extra space do you need, how long do you plan to remain in your home after the expansion/move, how much would the expansion cost, how much would buying a new home cost (remember to include closing fees, moving costs, etc…), what type of financing would you obtain, would your home accommodate the type of expansion you need? These are all important questions to address prior to making a decision. Meet with a real estate agent to find out how much you could list your current house for and for an estimate on the price of a new home that would fit your needs. Also schedule a meeting with an architect to discuss the possibilities for expansion.

Main Topic List Back To Questions