First-Time Home Buyer
So you’re a first-time homebuyer and are wondering where to start. There are many things to consider when deciding to buy a home. This is probably the largest financial decision you have ever made, so we want to make sure you get the answers your looking for. In this short video, Elizabeth Banks gives us a humorous introduction to the home buying process.
Should you rent, or should you buy? This is a very important decision. If you rent, then you can move easily without much risk. However, many renters don’t realize exactly what they are giving up by not buying. When you own your home then you will make a mortgage payment which includes four parts, Principal, Interest, Taxes and Insurance. Did you know that you can potentially deduct the interest portion of the payment and property taxes from your federal income taxes? Of course, it is recommended you consult a tax professional or CPA to determine what is best for your specific financial situation.
When you rent, you are still paying the principal, interest, taxes and insurance for the house. However, you are paying these for your landlord, and they are able to take the tax deductions, not you. Owning a home also give you family stability, the ability to make changes such as paint or updates you desire without having to get permission from anyone else putting you in control.
Some other considerations you have when deciding on your first home is what are your plans and goals for the next several years. Are you newly married and looking to start a family? Is your family growing with children in school? Do you want to be close to your job or certain areas of town? Considering these before hand can help you narrow down your search.
At the Lockhart Real Estate Team, we take time up front for a Buyer’s Consultation which is absolutely free. At this time, we will listen to you through a Needs Analysis process to learn exactly what your needs and wants are. We will also take a moment to explain the entire buying process from beginning to end to let you know what to expect each step along the way. To schedule your consultation, call us today at 940-228-1730.
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