Southwest Washington Real Estate Online
Washington State House Key State Bond Loan Program qualifies you as a 1st Time Home Buyer if you have not owned a home in the last 3 years!
If you purchase a home in a targeted area, you do not have to be a first time buyer!
Down payment assistance and Rural Loans are also available.
Sign up for a free seminar ~ it's required before you can apply for a House Key Loan.
CLARK COUNTY HOMEBUYER SEMINARS
Learn more about the House Key Loans & Columbia Non-Profit Downpayment Programs
WASHINGTON STATE HOUSING FINANCE COMMISSION
Purchase or Rent?
When you get that urge to buy a house, the first thing to do is step back and ask whether it makes sense to buy or rent.
If you still want to buy, you need to figure out how much house you can afford. Mortgage lenders are chiefly concerned with your ability to repay the mortgage. To determine if you qualify for a loan, they will consider your credit history, your monthly gross income and how much cash you'll be able to accumulate for a down payment.
As a general guideline, your monthly mortgage payment, including principal, interest, real estate taxes and homeowners insurance, should not exceed 28 percent of your gross monthly income (this is an estimate only, please contact a lender).
Uncle Sam helps homeowners by letting taxpayers deduct part of the mortgage interest and real estate taxes each year. Borrowers get the benefit only if they pay enough in one year to exceed the standard deduction. But that usually happens, especially during the first few years of a mortgage when most of each payment goes toward interest rather than principal.
Homeowners build equity over time as home values rise and their mortgage balances shrink.
Finding the Right Home
When you set out to buy your first house, you certainly want to buy a piece of real estate you can consider to be "home" and not just an investment. At the same time, the best real estate purchase is one that can fill both of these roles. Therefore, when you begin the search for your home, there are a few things you should keep in mind in order to make the best purchase possible. These include: LOCATION, SIZE OF HOME, & LOT SPECIFICATIONS. By carefully considering these three areas, you will be more likely be happy with your real estate purchase for years to come.
Considering the Location
Everyone has heard that location is the most important aspect of real estate – and for good reason. After all, if the real estate you buy is in a poor location, you are not likely to be happy living there and you will have a difficult time selling the property later.
When considering a piece of real estate, you will want to look into the area's crime statistics. Just looking up the numbers for the area is not enough, however, as this does not paint a clear picture of the specific neighborhood you are considering. Find out as much as you can about your neighbors before moving in, as living next door to the wrong people can make your life miserable and can significantly decrease your property value. You can learn more about your neighbors by driving through the neighborhood at night on a couple of different occasions.
Considering the Size of the Home
The size of the house is another important consideration. Obviously, the houses in the neighborhood will vary somewhat is size, but most should be pretty similar. When it comes to resell value, you don't want to buy the largest home in the neighborhood. Because, if the homes around the one you are looking to buy are smaller than yours your home most likely will not appreciate in value as quickly. At the same time, purchasing a home that is smaller than the other properties in the neighborhood will help to increase its value faster. Of course, you need to purchase a home large enough for you and your family. Therefore, when making your decision, you will have to weigh your needs against the potential resale value of the home.
Considering the Lot
Although most of the value of your real estate purchase will be tied up in the actual home, you certainly want to consider the lot as well. Don't worry too much if the lot does not have a great deal of landscaping done to it. You can add your own landscaping later, which will give the value of the home a nice boost. More importantly, you want to select a lot that is not overly crowded, oddly shaped or situated in a strange position. All of these factors can make it more difficult for you to sell the home later.
When you buy a house, you definitely want to get a place you can call "home." At the same time, you want to shop smart and purchase a piece of real estate that will increase in value and serve as a wise investment.
CONTACT ME ~ SANDYMICHAELS@MSN.COM
Thanks for visiting SandyMichaels.Com ~ Southwest Washington Real Estate Online. Copyright © 2007 by SandyMichaels - all rights reserved.