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Home buying tips

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Home buying tips

  1. 1. Home Buying Tips Ray Hishmeh Coldwell Banker Real Estate
  2. 2.  Buying vs. Renting • 3 Major Advantages to Buying: 1. Your money goes toward owning the home  Make your house payments for several years, then sell your house and get your money back * 2. Home Loan interest is tax deductible  Pay less taxes! 3. Interest rates are so low right now that a house payment can be lower than a rent payment.
  3. 3.  Size & Features of the home: • What is important to you? • Family? • 3 bedrooms, 2 bathrooms? • Garage, Basement, Central Heat & Air conditioning Consider Resell Value: • The average American moves 11 times in a lifetime • Will these features help you sell the home later? • Does having a pool help sell a home?
  4. 4.  Location! Where do you want to live? Big Difference in property values based on location • Newer 3 BR, 2 Bath, Munfordville  Around $100,000 +/- • Newer 3 BR, 2 Bath, in Bowling Green  Around $110,000 to $120,000
  5. 5.  Price of the home! • Maximum Monthly Payment What is your yearly salary? According to Bankrate.com, your house payment should not exceed 28% of your gross monthly income: • $40,000 yearly salary x 28% = $11,200 • $11,200 ÷ 12 (months) = $933 max monthly payment
  6. 6.  Price! How much can you afford based on your salary: • http://www.ginniemae.gov/2_prequal/intro_question s.asp?section=YPTH
  7. 7.  Maintaining Good Credit • Credit Report  Student Loan, Car loan, Credit cards, late payments The bank will look at your credit report to determine if they should give you a loan You cannot get approved for a home loan with bad credit If you get behind on a payment, contact the bank The worst thing you can do is ignore the problem
  8. 8.  Homes for sale • Realtor.com, Trulia.com, zillow.com, homes.com Other Websites • Bankrate.com • Ginniemae.gov
  9. 9. What’s the value? •3 Bedrooms, 2 Baths •Garage, basement•Located just outside of Chicago
  10. 10. What’s the value? •3 Bedroom, 2 Bath •Garage, basement •Louisville, KY
  11. 11. What’s the value? •3 Bedroom, 1 Bath •Garage, Basement •Munfordville, KY

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