Home Buying FAQs

Buying a new home can be stressful. You probably have a million things running through your head, so Town & Country Realty is here to help! Below are some of the most important things you should think about.

• Have you had a steady job for 2-3 years that provides a reliable source of income?
• Do you have a good record of paying your bills?
• No outstanding debts such as credit card or car payments?
• The means to pay a monthly mortgage?
• Money saved for a down payment?

If you can do all of these things, you may be ready to purchase a home!

How does purchasing a home compare with renting?

These are two very different things. Renting does have the advantage of not being responsible for any maintenance that needs to be done. It does also mean that you don’t benefit from any of the tax benefits, the chance to build equity, or the freedom you gain from owning a home. You may not be able to decorate the way you would like to.

You’ll cherish the feeling of having a home to call your own. You can put your personal touch to your home. Imagine being able to plant your own garden, paint the rooms any color you wish, having a place to raise your children. Not only do you benefit from those things, but there are financial advantages also. You can subtract the interest from your mortgage loan from your federal income taxes, and usually from your state taxes, too. The interest adds up to nearly all your monthly payment for about half the time you pay your mortgage. At the end of the year, you can see how this can amount to an immense savings. When you rent, the money you pay is gone with each payment you make. Your home’s value may increase as the years go by also.

How do I know what kind of home to look for?

Make a list of what you need and what you would like to have in your home first. These could be things such as, a shorter commute to work, the size of the home, or are schools for your children are nearby? Your home should fit the way you and your family would like to live. Make sure the home has your essential needs to even consider it, but it’s always a plus to have a few of the extra things you would like to have.

How can I find out how much homes are selling for in specific neighborhoods or communities?

Your agent can give you an approximate amount by showing you similar homes in the area.

Are there questions I should ask while viewing a home?

Focus on maintenance questions such as is there any potential problems, anything that needs fixing or replacing? You can also ask questions about the neighborhood and the community. To help coordinate your thoughts, compose a list of questions you would like to ask.

How can I remember all the homes I see?

Take pictures of each house you see. Make sure to get pictures of all the important things. Such as the rooms, extra amenities, the yard, or anything you have concerns about.