Finding the Right Home

Click a question to jump right to the answer:

  1. Do we dig deep and buy a dream home or settle for a starter home?
  2. How do I find out the real scoop on the home I am interested in?
  3. How do you choose between buying and renting?
  4. What are the pros and cons of adding on or buying new?

Do we dig deep and buy a dream home or settle for a starter home?
This is a common question first-time buyers ask themselves. Many buyers find themselves torn between the decision to buy a conservative starter home or extend their pockets to purchase their dream home. Whenever purchasing a new home, you should set your budget well before starting to look at homes. First talk with a financial advisor and/or mortgage lender to discuss your current financial status and future goals. After setting your budget, create a list of what you need and what you would like in a home. Then, when searching for a home, stick to your budget and your need list. You may even find your dream home is within your reach. And even if it is not, you will be able to find a home that fits your needs and your budget.

How do I find out the real scoop on the home I am interested in?
It is important that all buyers properly research any home they are interested in purchasing. This is just one of the many reason to have a Magnificent Manors Realtor ® represent you during your home search, as they will help ensure you receive imperative information such as property disclosures as well as a thorough inspection. Equally important is analyzing sales of comparable homes in the area. Comps, disclosures and inspections provide the most insight into a home’s history and condition, and therefore supply you with the knowledge needed to make a fair offer and negotiate a smart contract.

How do you choose between buying and renting?
There are pros and cons to owning a home, as well as to renting. Owning a home has its costs and can be expensive –you are responsible for all maintenance and repair fees and utilities. But, there are tax benefits to owning a home. There can be a financial return, and you have the pride and joy of having your own place to call home. On the other hand, renting can be more cost effective and it gives you the ability to move easily if needed. But, your rent most likely will rise each year and you must follow your landlord’s rules and condo regulations when applicable. The decision between renting and buying often comes down to two factors: affordability and time. If purchasing a home would cause financial stress to your life, it is often best to rent for the time being and begin saving for a down payment. And, if you do not plan to live in the home for more than a few years, renting may be more cost effective than buying. If you are unsure what path is right for you, schedule a meeting with a financial advisor to review your options.

What are the pros and cons of adding on or buying new?
Some questions to ask yourself when contemplating between a home expansion or move: how much extra space do you need, how long do you plan to remain in your home after the expansion/move, how much will the expansion cost, how much will buying a new home cost (remember to include closing fees, moving costs, etc.), what type of financing will you obtain, will your home accommodate the type of expansion you need? Will the expansion make your home the most expensive in the neighborhood making any future sale result in a loss of money to you? These are an examples of the important questions to address prior to making a decision. Meet with your Magnificent Manors Realtor ® to find out how much you could list your current house for and for an estimate on the price of a new home that would fit your needs. Also schedule a meeting with an architect to discuss the possibilities for expansion.