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1. Question: WHY SHOULD I BUY, INSTEAD OF RENT?
Answer:
You'll love the feeling of having something that's all
yours - a home where your own personal style will tell
others who you are. A vegetable garden in the backyard,
a bricked entryway, a white kitchen…when you own,
you can do it your way! But there's more: You can deduct
the cost of your mortgage loan interest from your federal
income taxes and from your state taxes. And, interest
will comprise a majority of your monthly payment! This
adds up to hefty savings at the end of each year. You're
also allowed to deduct the property taxes you pay as
a homeowner! If you rent, you write your monthly check
and it's gone forever. Another financial plus in owning
a home is the possibility that it's value, and your equity,
will go up through the years.
2. Question: WHY SHOULD I USE A REAL ESTATE BROKER?
Answer:
Using a real estate broker is a very good idea. All
the details involved in a real estate transaction can
be mind-boggling. A good real estate professional can
guide you through the entire process and make the experience
much easier. We will help you figure the price range
your property should sell for when selling. And for
buyers, help you figure the price range you can afford
and search for homes you'll want to see! With immediate
access to homes as soon as they're put on the market,
we can also save you hours of wasted driving-around
time. We will guide you through the maze of the paperwork,
negotiations, inspections, and be there to hold your
hand and answer last-minute questions at closing.
3. Question: WHAT'S THE ADVANTAGE OF HAVING A BUYERS'
AGENT?
Answer:
If you were in an auto accident, would you use the "other
side's" attorney to negotiate on your behalf? Of
course not! Remember - if an agent has the listing on
a property you have interest in, or if the homeseller
is selling on his own, he or she has the Seller's interest
first and foremost in their mind when you walk in through
the door! Enlisting the help of a Fourteen West, REALTORS®
sales associate to act as your Buyer's Agent can help
prevent you from making a bad purchase decision. As
Buyer's Agents, our job is to be YOUR advocate, researcher,
advisor, confidant and negotiator.
4. Question: HOW FAR FROM ATLANTA CAN I COMFORTABLY
LIVE?
Answer:
If considering a home at a distance from your work,
remember you will have to make the drive from home to
office in all kinds of traffic conditions and in all
kinds of weather. While you may get a "bigger",
newer home further from your office, the commute may
put additional pressure on you and your family. So,
once you have narrowed your choices to two or three
homes, drive the commute during rush hours to become
comfortable with your location decision.
5. Question: HOW MUCH MONEY WILL I HAVE TO COME
UP WITH TO BUY A HOME?
Answer:
Well, that depends on a number of factors, including
the cost of the house and the type of mortgage you get.
In general, you need to come up with enough money to
cover three costs: earnest money - the deposit you make
on the home when you submit your offer; the down payment,
a percentage of the cost of the home that you must pay
when you go to settlement; and closing costs, the costs
associated with obtaining a mortage and processing the
paperwork to buy a house.
When you make an offer on a home, we will put your
earnest money into an escrow account. If the offer
is accepted, your earnest money will be applied to
the down payment. If your offer is not accepted, your
money will be returned to you.
The more money you can put into your down payment,
the lower your mortgage payments will be. Some types
of loans require 10-20% of the purchase price. That's
why many first-time homebuyers turn to HUD's FHA for
help. FHA loans require only 3% down.
Closing costs average 3% to 4% of the amount of your
loan. These costs cover various fees your lender charges
and other processing expenses. When you apply for
your loan, your lender will give you an estimate of
the closing costs, so you won't be caught by surprise.
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