Von Provo
Direct: 425-359-0165
Direct: 425-359-0165 | vonprovo@windermere.com
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Welcome to Refuse2rent / First-Time Buyers Resource
First time home buyers must become acquainted with the real estate buying process to know what to do and what not to do. Below you will find some useful tools and information. Before you begin searching for a new home review the information on this page and avoid some of the most common mistakes many buyers make.- Never assume your credit is too poor to buy a home. Have a mortgage broker review your credit early in the process and make specific suggestions on how to immediately improve your credit scores if they are low or inaccurate.
- Never payoff debts before applying for a home loan. Consult a good mortgage broker to determine what your new mortgage payment will be and see if debt reduction is really necessary. You may need that cash to buy the best possible home.
- Never put more money down than is absolutely necessary. Unless it is a requirement of your loan or if it is necessary to get the monthly payment to a comfortable level, you should keep your money invested in growth accounts. Zero, or low down loans are usually best.
- Never put off buying a home thinking you will afford it better when your wage goes up or your debt goes down. The appreciation of local real estate will likely far outpace your future income adjustments in one year.
- Never buy anything on credit during the loan application period unless the mortgage broker approves that decision. All changes to debt will affect credit and may be a problem for you financing.
- Always use a Realtor who represents your interests when buying a home. Their commission is paid for you by the seller.
- Always secure your financing before you make an offer on a home. This will make you as good as a cash buyer in the eyes of the seller and may help you negotiate the sales price and closing date to your advantage.
Why Buy a Home?
Owning a home is a serious committment, but one that comes with many benefits.
Some of the benefits to homeownership include:
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No more LandlordSome landlords are slow to fix problems or make needed repairs and improvements. Even worse is the risk that the landlord may decide to sell and put you out on the street. Another concern is the risk of rising rental rates your landlord may impose. Home ownership allows you to lose the Landlord and gain Independence.
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AppreciationOver the years real estate has consistently appreciated in value. Economic cycles come and go, but the value of your home imvestment continues to appreciate over time. This creates Equity in your home. With each monthly payment the balance owed is reduced and the net worth of your investment (your home) continue to grow (appreciate).
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Tax AdvantagesHome ownership is an excellent tax shelter, as tax rates favor homeowners. Mortgage interest is fully deductible on your tax returns as long as your mortgage balance is smaller than the price of your home. The Capital Gain Exclusion allows you to exclude up to $250,000 (for a single person) or up to $500,000 (for a married couple) on the profit from the sale of your home, as long as you have lived in your home for (2) of the past (5) years. Which means you could sell every (2) years and pocket the profit, free from taxation! You do not have to buy a replacement home and there is no age restriction. Always consult a tax expert to review your individual situation in this regard.
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Financial Credibility Home ownership works in your favor to establish financial credibility with banking and loan institutions for future financing and credit requests.
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Pride of OwnershipA house is only a building that becomes a home when someone lives in it and invests of themselves in it. Pride and satisfaction are the direct by-products of home ownership, which help lead to greater neighborhood stability, upkeep and lower crimeWhat is a "Buyers Representative"?The National Association of Realtors reports that nationwide only 4% of all licensed realtors take the time and make the effort to earn the ABR designation. The Accredited Buyer Representative designation was specifically created with the Buyers interest in mind, Realtors who earn this designation are prepared to represent buyer-clients in real estate transactions and provide the quality of service and degree of fidelity that sellers have customarily enjoyed. Buyer representation is formalized by a written agreement between agent and client that acknowledges that the agent is the buyer's representative and owes fidelity in all transaction matters to the buyer. This designation is unique because it let's you know that your agent is specifically focused on serving the needs, of you, the buyer. As a Realtor who has earned the ABR designation I represent Buyer clients to obtain the best possible terms and conditions in a purchase and sale. I will be looking out for your best interests in any transaction.
Before you Begin / Free Buyer's Reports
Contact me and I will send you any one, or all, of the Free Reports listed below: -
"How to Stop Paying Rent and Own Your Own Home"
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"6 Things You Must Know Before You Buy"
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"N-E-W- H-O-M-E-S 10 Tips To Save You Time and Money"
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"13 Extra Costs to be Aware of Before Buying a Home"
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"HomeBuyers: How to Save Thousands of Dollars When You Buy"
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"9 Buyer Traps and How to Avoid Them"
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When you decide to begin your home search please use all the tools contained on my site to your advantage. My goal is to assist you in any way I can to help you achieve home ownership. Call or write with any questions. E-mail vonprovo@windermere.com or call me direct at 425-359-0165. Remember, Real estate does not need to be hard, it just needs to be done right.
