INDUSTRY INSIGHT REAL ESTATE SPONSORED CONTENT
ARE YOU READY TO BUY A HOME ?
This is just the first in a series of Industry Insight articles that will be published on the many facets of the real estate market in southwestern Pennsylvania . Future topics will include : steps for first time homebuyers , creative ways to save for your down payment and closing costs , key market factors and secrets for selling a home , issues to consider when trying to sell your home without the assistance of a qualified real estate professional , simple steps to a healthier home and guidelines on when to repair an item versus replacing it .
The decision to purchase a home is a highly personal one , based on both tangible and intangible factors . Your personal situation — whether you have rented all of your life , are a recent college graduate starting your first job and want to move out of your parents ’ home , or are newlyweds or young professionals with a growing family , the decision to own a home is a major one . Additionally , local market conditions , financing costs and future expectations must be evaluated . The following list of questions can help you decide if you are ready to move forward with a home purchase . I , along with my team of highly qualified referral partners , would be happy to assist you in sorting through these issues and provide essential local market perspectives . In many cases , when my clients have consulted with one of my referral lenders , they are pleasantly surprised to find out that they can actually obtain a monthly mortgage payment ( principal , interest , property taxes and insurance ) for less than they are currently paying in rent !
PURCHASING CONSIDERATIONS :
• If you purchase a home , how long do you expect to live there ?
• What can you afford to pay each month for housing-related expenses ?
• Identify the total costs of home ownership , including :
• Mortgage payments , principal and interest ( based on various interest rates , home prices and term assumptions
• Property Taxes
• Home Owner ’ s Insurance
• Utilities
• Maintenance Costs
• Any Other Special Fees ( i . e ., Home Owner ’ s Association management fees )
• Do you expect these housing related expenses to increase or decrease over time ? ( changes in property tax assessment values may be a big factor in your annual property tax expenses )
• What additional expenses are required to complete a purchase transaction ? ( closing costs , moving expenses , etc .)
• Are local market prices favorable for purchasing ? What are your expectations for future price ?
• Do you qualify for any special purchasing assistance programs that could help reduce the cost of home ownership ?
RENTING CONSIDERATIONS :
• If you are currently renting , what are your total housing expenses ? ( monthly rent , utilities , laundry , parking , etc .)
• How does renting versus buying factor into your long-term investment goals ?
OTHER FACTORS :
• What are your personal preferences regarding the type of housing you wish to live in ?
• How does loacation factor into your housing preferences based on your current employment and lifestyle situation ?
• How do you expect your personal situation to change in terms of future housing needs ? ( marriage , starting a family , moving a parent ( s ) in with you to care for them as they age , etc .)
• What are your expectations concerning future employment opportunities ?
• What are your long-term personal and financial goals regarding housing ??
As you can see from this list of questions , there is a lot to consider before taking the leap into home ownership . I have a Home Buyer ’ s profile exercise that I would be happy to share with you , as well as referral partners for financing , insurance , financial planning , etc ., who would be available to assist you in analyzing your personal situation and suitability for home ownership . Please contact me today at your convenience .
This Industry Insight was written by Darlene B . Kruth , a Sales Executive with Northwood Realty Services . Darlene is a licensed real estate agent in the state of Pennsylvania and has designations as an Accredited Staging Professional (“ ASP ”) and a Seniors Real Estate Specialist (“ SRES ”). For more information regarding Darlene ’ s services and qualifications , please contact her at 412.831.0100 x3013 ( office ), 412.874.0415 ( cell ), or email her at dkruth @ northwood . com .
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