Buying a home is one of the smartest financial decisions people will ever make, even in this day and time.
Don’t just take my word for it; look at the Federal Reserves Survey of Consumer Finances, you will see they consistently found a huge gap between the wealth piled up by homeowners and that accumulated by renters.
Average net worth of homeowners vs. renters
Annual income Owners Renters
$80,000 and up $451,200 $87,400
$50,000 to $79,999 $194,610 $25,000
So if you want to break out of the rental cycle and begin searching for a home, here are a few important tips to consider.
PREAPPROVAL:
Before you start looking, get preapproved for a loan. This process only takes a few minutes and a letter from your lender is a must when writing a contract. It might also give you more negotiating power when you find the right home. If you don’t know a lender, I have a list of some my past clients have used. Interest rates are so good that most of the time you can get a loan cheaper than you can pay rent.
USE A REALTOR:
You might think you can do-it-yourself, but there are many, many complicated details. A Realtor gives you full representation which is essential when negotiating the terms of the purchase and sale agreements, and then will handle all the details of the transaction through closing. Best of all, the seller pays the Realtor’s commission.
HOME INSPECTION:
Make sure you have a professional home inspection on any house you are buying. A home inspection will give you an overall picture of areas that may be a concern in the future. Don’t worry I can help you with a list you can pick from.
DON’T HESITATE:
If you find a home you like, don’t wait! Contrary to the media the Real Estate market is so hot that your dream home may be snatched from under you if you don’t act immediately.
Buying a home is a major investment. Once you have the keys in your hand, you’ll know the process was all worthwhile. I look forward to hearing from you in the very near future.
Aleene Embry, Realtor®
806-790-7001
RE/MAX® Lubbock
www.BestHomesInLubbock.com
aembry@remaxlubbock.com
P.S. Remember that my professional counseling is free so give me a call and I will help make the process as stress free as possible. Call me (806)790-7001