Buyer Resources
East Valley Home Buyers FAQ's
Answering Your East Valley Home buying Questions
Buying a Chandler, Gilbert, Mesa, or Tempe home is both thrilling and a bit unnerving especially if you're a first-time home buyer. Both experienced home buyers and first-time buyers alike will benefit from the frequently asked questions below. Before you begin your home search, it is recommended you prepare yourself for the journey by educating yourself. This will insure you are a knowledgeable home buyer prepared to make a confident home buying decision.
Q - If I'm moving a considerable distance, is there any way I can screen homes before I relocate?
A- Yes, by utilyzing my Relocation Section, you can compare cities, search the MLS for available properties, request instant email notification of new listings, research schools, and recieve a customized relocation package tailored to fit your criteria!
Q - How does buying compare to renting?
A - Renting offers a lifestyle that's nearly maintenance-free. That may appeal to you, but consider that renting offers you no equity, no tax benefit, and most likely no protection against likely rent increases.
If your rent has averaged $700 a month for the last 10 years, you've spent $84,000 with nothing to show for it. Isn't it time you invested in yourself instead of your landlord?
Several financing options hold special advantages for first-time buyers or families with limited cash reserves . FHA-Insured and VA-guaranteed mortgages can minimize or even eliminate your down payment. You may also consider a Lease-Purchase Agreement, or borrow cash for a down payment from life insurance, profit-sharing or a retirement account.
In addition to tax deductions you'll likely receive that can partially offset the cost of real estate taxes, insurance and home maintenance, your home may appreciate in value. If you purchase a home that costs $100,000 and the property increases in value only two percent each year, your potential appreciation in just two years is nearly $4,200. And due to changes to the tax code, subject to certain restrictions, up to $250K (or $500K if married filing jointly) of the profit you make when you sell the house is tax-free as long as you own the property for a minimum of 24 months.
Q - I've never purchased a home before. Where should I begin?
A - Actually you've already started the process. Fact-finding and reading articles is a great way to become a smart consumer. The highest priorities before you begin searching for specific areas, neighborhoods, or homes would be to:
- Familiarize yourself with your personal finances.
- Use me to learn about the Chandler, Gilbert, Tempe, or Mesa real estate market.
- Carefully review your budget and begin to eliminate as much debt as possible.
- Have a down payment and earnest money ready when the time comes to act and make your offer.
Q - With all the bad news about mortgage products and home foreclosures, how do I avoid making a big mistake when deciding which type of loan to select?
A - Once we meet and review your finances along with your home buying needs, you should select a lending consultant. I can recommend several trusted lending professionals or you can choose your own. Having utmost confidence in your lender is important. Be sure you feel completely at ease with your lender. They should speak to you in easy to understand terms. Ask lots of questions and never ever sign any document until you know what you are signing and feel completely at ease signing it. More and more lending professionals are recommending fix interest rate loans and interest rates are still very attractive. Of course, what type of loan is best for you depends on several factors. Here are just a few:
- How much money you have for a down payment?
- How long you plan to live in the home?
- Do you qualify for a FHA or VA loan?
