As you consider a home purchase, there are a few fundamental questions that you will want to ask yourself. By clarifying your thoughts early in the process you will use your time more wisely, leverage your real estate professional to their fullest advantage and shorten your closing process.
To assist you in this process, I have included a list of the most common and important questions that you should consider as you evaluate a home purchase.
• Have you been prequalified for a mortgage? If you have not, prequalification will assist you in determining the best amount of home to purchase as well as simplify the purchase process by avoiding any contract conditions.
• Have you considered the tax benefits that you will accrue with a home purchase? If you are a first time homeowner, it is important to remember the positive tax consequences of homeownership. For example, if your interest expense and property tax for a year total $10,000 and you are in a 28% tax bracket, you will save $2,800 in federal income tax for the year.
• Have you considered issues that may affect the potential resale of your home? Making a sound home purchase decision involves thinking like the marketplace in general. For example, you may not have children and therefore are not concerned with the local school's affect on your home value. However, when you decide to sell your home, you may find that potential purchasers with children consider such issues very strongly when contemplating a purchase. This is not simply limited to schools, and may also include:
º Access to transportation and major arteries
º Proximity to power lines, flood plain, or waterways
º Possible future development on adjacent properties and type of development
Whether these criterion are positive or negative really depends on your perspective. As your real estate professional, I can help you evaluate your essential home purchase requirements, your returns and your risks. Call me today to schedule a time to review your specific needs.
Sincerely,
Francine Henderson, ABR
Associate Broker
BHGRE Metro Brokers
(404) 843-2500 (Office)
(770) 314-4027 (Cell)
email: francine.henderson@metrobrokers.com