Visit my blog: Click Here |
Subscribe to my newsletter. Send a blank email with "subscribe" as the subject. Click Here |
10 Steps to Prepare for Home Ownership1. Decide how much home you can afford. Generally, you can afford a home equal... (Read More)7 Reasons to Own Your Own Home1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property... (Read More)(Email Roger) |
 Roger Monger  
|
New Listing
Call or email Roger for more information on this property. |
Buying real estate is a complex process. If you are thinking of purchasing real estate in Harrisonburg, Rockingham or Augusta Counties, let me know. I will assess your wants, needs and capabilities and find you the property of your dreams. I have access to multiple resources to assist you in your search and will guide you all the way from search to closing and further. Give me a call at 540-476-4644, or e-mail me.
Roger is a licensed salesperson with Old Dominion Realty.
| HARRISONBURG OFFICE 2340 S. Main St., Harrisonburg, VA 22801 Ph: 540-433-2454 | TF: 800-296-2455 | Email Us |
 Click on logo for website |
BROADWAY OFFICE 124 S. Main Street, Broadway, VA 22815 Ph: 540-896-5255 | Email Us |
1. Decide how much home you can afford. Generally, you can afford a home equal in value to between 2 and 3 times your gross income.
2. Develop a wish list of what you'd like your home to have. Then prioritize the features on your list.
3. Select three or four neighborhoods you'd like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety.
4. Determine if you have enough saved to cover your downpayment and closing costs. Closing costs, including taxes, attorney's fee, and transfer fees average between 2 and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report.
6. Determine how large a mortgage you can qualify for. Also explore different loans options and decide what's best for you.
7. Organize all the documentation a lender will need to preapprove you for a loan.
8. Do research to determine if you qualify for any special mortgage or downpayment assistance programs.
9. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.
10. Find an experienced REALTORŪ who can help you through the process.
(Back to Top)1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, as well as some of the costs involved in buying your home.
2. Gains. Over last five years (1998-2002) national home prices have increased at an average of 5.4 percent annually. And while there's no guarantee of appreciation, a 2001 study by the National Association of REALTORSŪ found that the typical homeowner has approximately $50,000 of unrealized gain in a home.
3. Equity. Money paid for rent is money that you'll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability. Unlike rent, your mortgage payments don't go up over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will rise.
6. Freedom. The home is yours. You can decorate any way you want and be able to benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
To calculate whether renting or buying is the best financial option for you, use this online calculator courtesy of Ginnie Mae.
(Back to Top)