Buying Verses Renting A Home

When it comes to a home, you have two options: buy or rent.  What is right for one person may not be right for another, which is why it’s important to know which is the best option for your individual situation.

Why People Rent

There are a number of reasons why someone may either choose or be forced to rent, including sporadic or unpredictable income, a high debt-to-income ratio, a bankruptcy or foreclosure within the last six months, unpaid collection accounts or judgments, frequent relocating for employment or the inability to save enough money for a required down payment on the purchase of a home.

Maintenance Matters

As a homeowner, you will be responsible for any maintenance or repair issues that arise.  This is a big consideration when choosing whether to rent or buy.  When you rent, the property owner is responsible for repairs and it may not always be obvious that these issues can be very costly.

How To Know When It’s Time To Buy

If you have steady income with a good employment history, can provide a down payment of at least 5-10 percent of the purchase price and are current with all debts, it may be time to consider buying a home instead of renting.  In some cases, the cost of rent may even exceed that of a typical mortgage payment.

When deciding to buy, job stability is a big factor.  If your job does not require frequent relocation and you plan to live in the home for at least 5-10 years, you may want to consider making the purchase.  If you need to relocate after that, you may have enough equity from the sale to use as a down payment on another home.

If you are looking to buy or sell real estate in the Raleigh, Durham, Chapel Hill, Carrboro, Pittsboro, Cary, Apex, Garner, Hillsborough, Wake Forest, Mebane or any of the Triangle surrounding communities, we are here to help.  We are your Triangle Area Trusted Advisors in Real Estate, here to provide exceptional service with all your home buying and selling needs.  Please make sure to visit HPWtv and learn more about the various communities that make up the Triangle.

If you find these great tips interesting please check out my website at www.RaleighRealEstateSearch.com

Home Buying Checklist: The Process Of Buying Your New Home

Tips for Raleigh, Cary, Apex, and Wake Forest home buyers.

Once you’ve made the decision to buy a home, it’s time to start thinking about what comes next.  Every buyer needs a checklist that will guide them through the process of searching for the perfect home, evaluating their choices and making a purchase.

Learn The Lingo

When you set out to buy a new home, you will need to familiarize yourself with various real estate terms, conduct research on the market value of homes in the area in which you intend to shop and learn the art of negotiation.  This information will help as you browse homes, talk with REALTORS® and get further into the buying process.

Get A Free Credit Report

Every 12 months, you are entitled to request a free copy of your credit report from each of the three major credit reporting agencies – Equifax, TransUnion and Experian.  You should make this request before you begin looking at homes in order to allow yourself enough time to identify and dispute any inaccuracies in your credit file(s).  When you approach a lender, you will need to make sure that everything is correct and up-to-date.

Get Pre-qualified

Pre-qualification is different than pre-approval in that it gives you a possible price range that you can afford, but does not guarantee you the loan.  Pre-qualification is important because it will help you narrow your search to include only homes that you can afford.  Knowing what you can pay beforehand will save you both time and disappointment in looking at homes that do not fit your budget.

Speak With A REALTOR®

Nobody knows the real estate business like a REALTOR®, so let them help you to find your new home.  Based on your specific requirements, a REALTOR® can locate a home that will suit you at a price that’s within your budget.  When he/she finds one or more possible candidates, you will be invited to tour the home.  At this point, you should take a camera for the purpose of later reviewing each house with visuals instead of relying solely on memory.

Make An Offer

Once you find the perfect home, make an offer that’s less than you are actually willing to pay.  This way, the seller can make a counter offer that would hopefully still be within your budget.  It’s important to familiarize yourself with the art of negotiation so that can learn how to get the best deal without insulting the seller.  If you have not yet been pre-approved, make sure that your offer is contingent upon your being able to obtain the necessary financing.

Obtain A Loan

Once you and the seller agree on a purchase price, you may be required to provide an earnest money deposit that will secure the home as you obtain a loan (if applicable).  A lender will require a home inspection and appraisal for the property in connection with your loan application.  In most cases, you will know within 24 hours whether or not your application is approved, but the actual closing will not occur until the inspection and appraisal are complete.

Get Moving

Now that the papers are signed and you have the keys to your new home, it’s time to get moving – literally.  Remember to decorate your new home and add all of those special touches that reflect your personality.  After all, a house is only a house until you make it a home.

If you are looking to buy or sell real estate in the Raleigh, Durham, Chapel Hill, Carrboro, Pittsboro, Cary, Apex, Garner, Hillsborough, Wake Forest, Mebane or any of the Triangle surrounding communities, we are here to help.  We are your Triangle Area Trusted Advisors in Real Estate, here to provide exceptional service with all your home buying and selling needs.  Please make sure to visit HPWtv and learn more about the various communities that make up the Triangle.

If you find these great tips interesting please check out my website at www.RaleighRealEstateSearch.com

Steps In Buying A Home- Tips for Raleigh, Cary, Apex, and Wake Forest home buyers.

1. Understanding market conditions

2. Pre-qualify with a lender

3. Choosing a Realtor to represent you

4. Researching homes through the Triangle MLS

5. Search the market with buyer’s agent and make an offer

6. Negotiate contract

7. Home inspection contingencies

8. Appraising the value of the home

9. Loan approval

10. Closing

11. Getting settled

If you found this post helpful please visit us online at RaleighRealEstateSearch.com

If you are looking to buy or sell real estate in the Raleigh, Durham, Chapel Hill, Carrboro, Pittsboro, Cary, Apex, Garner, Hillsborough, Wake Forest, Mebane or any of the Triangle surrounding communities, we are here to help.  We are your Triangle Area Trusted Advisors in Real Estate, here to provide exceptional service with all your home buying and selling needs.  Please make sure to visit HPWtv and learn more about the various communities that make up the Triangle.

 Pre-Approval of Loan-Tips for Raleigh, Cary, Apex, and Wake Forest home buyers.

When you begin to look for property and/or the perfect home for yourself and your family, you will find that pre-qualifying for a loan takes the worry out of buying. Through calling a lender and meeting with them prior to looking for a home you will know the price range you will qualify for before you fall in love with a home too expensive or perhaps rob yourself of having a larger home than what you think you can afford. Either way we recommend that you begin your home buying process through pre-qualifying with one of the following lenders:

All lenders offer different programs. Remember rates change daily. In comparing lenders, it is always a good idea to compare apples to apples. Not only should you ask about rates, but about closing costs as well.

 If you found this post helpful or would like some suggestions on some great local Wake County lenders please give me a call at 919-877-8921 or check us out on the web at www.RaleighRealEstateSearch.com

 If you are looking to buy or sell real estate in the Raleigh, Durham, Chapel Hill, Carrboro, Pittsboro, Cary, Apex, Garner, Hillsborough, Wake Forest, Mebane or any of the Triangle surrounding communities, we are here to help.  We are your Triangle Area Trusted Advisors in Real Estate, here to provide exceptional service with all your home buying and selling needs.  Please make sure to visit HPWtv and learn more about the various communities that make up the Triangle.