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Buyers Guide
What can you afford?
One of the most important calculations is to first consider what you can afford. The first step is to consider how much you can put down on a purchase. In our current market this is now 20% down. Therefore, if you have $50,000 put away for your home, you will be able to afford a $250,000 home. If you have $100,000 put away for your home, you will be able to afford a $500,000 home and etc.
The next calculation is using a percentage of your income, which is 28% of your gross income. To receive a bank loan, this will need to cover your mortgage, taxes and insurance for your new home/condo. If your gross income is $100,000, then your total budget is $28,000 per year or $2,333.00 per month. With these numbers in mind and the associated paperwork collected, then contact your bank or mortgage representative to evaluate what they would approve you for. This first step is very important, as it will then guide you to areas that are affordable, styles, etc. We highly suggest that you take the time to do this first step to avoid you wasting your time or a realtors time.
What areas/prices do you want to consider?
Now that you have a price point done in step one, look online using services such as realtor.com, homes.com, homeseekers.com or realtor sites looking at various areas of interest at your price points. Further consider your areas of interest and make sure they are offered in the place you would like to move. You can obtain most if not all of this information by going to the town or city web sites. These sites typically offer a wealth of information about the town, libraries, schools, parks, and other amenities offered.
After doing your homework you can now narrow down the areas you would like to live. Make sure you consider how much annual tax you will have to pay in each town as they can differ greatly. A $500,000 home in one town may mean $4,000 in taxes annually, while in another town it could be $8,000 in taxes. This is particularly important when you add the tax amount to your affordability as found in the section ìWhat can you afford?î.
Selecting a Realtor?
Either select a realtor or interview realtors. DO NOT sign commitments for more than 1 week with a realtor to represent you. You DO NOT want to get stuck with a realtor that is not looking out for your best interests. By signing for a short time they will want to work hard to keep you and find you the right home for you and your family. You should always maintain the option of working with them or changing realtors, if you choose. READ EVERYTHING THE REALTOR HAS YOU SIGN, AS THESE DOCUMENTS ARE LEGALLY BINDING! |
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Review the information within this web site to find information about homes, or condominiums for sale in the community as well as links to a number of condominium web sites where more detailed information is given. In addition if you are considering selling your home or condominium review the Sellers Information tab in order to get an insight into how you should best proceed. Within this we present the 5 Pís of successfully selling your property, which are:
- Pricing
- Presentation
- Promotion
- Professionalism
- Profitability
Call Tom Hanson for a no cost consultation:
Direct # 203-912-4903
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