Buying a Home
I know that buyers must consider many options when choosing the
right property for themselves and their families. Location, price,
design, and financing options are but a few.
Whether you're looking for your first home, investing, relocating, or building
a custom home, you need up-to-date and reliable information on property values,
construction standards, financing options, contracts, and closing procedures.
The key to my success is understanding the needs of my clients and exceeding
their expectations.
If you or someone you know is thinking of buying a home or have questions about
real estate, please call me....I think you'll like my "low key" approach.
Is It Time To Buy?
In general, if your salary just shot up by 20 percent or more,
now is not the right time to buy a house. Instead, use the extra
income to save up for a year for a down payment, and you will find
yourself in a much better position to buy at that time.
See
the Qualification Calculator,
and notice the difference that a larger saving amount makes. (
Note: the opposite advice applies if you have just received a one-shot
bonus or capital gain. With a large lump sum, now is a good time
to consider buying a house.)
In general, if the price of a
house is not more than 20 years' rent on a comparable residence,
market conditions are reasonable for buying.
Compare the rent on a residence with the price of a comparable
home for sale, and figure out how many years of rent is represented
by the house price.
| For example, if the house costs $90,000
and a comparable residence rents for $500 a month, then the house
price represents $90,000/$500 = 180 months = 15 years of rent.
It is a good time to buy when this figure is less than
15 years. It is a good time not to buy when this figure
is more than 25 years. Otherwise, this particular indicator
is not decisive.
For more refined analysis, see the Rent
vs. Buy Calculator. |
This simple formula does not apply
to condominiums, because it does not include condominium fees. Condominium
complexes that appeal to first-time homebuyers have a tendency
to turn into rental communities, because of the high degree of
overlap between young renters and young buyers.
Therefore, as an investment, condos can be highly speculative,
and the price easily can go up or down 20 percent in a
hurry depending on luck and timing. |
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Buying a house is one of the most
stressful events a person can go through. With so many things to
worry about, it is easy to become frustrated, confused, irritated,
lose hope, and even end up with a house you are going to regret.
Randy Gridley helped me find a
house I am still happy with today. He listened to what I was saying,
helped me find a house in the price range I could afford, in the
area I wanted to live in, and, most importantly, it had the features
I was looking for.
I didn’t have to compromise,
cut corners, or wait very long to find it either! When I had questions,
he was there to answer them. He worked for me in helping me find
what I wanted, when I needed to find a new home. I would have no
hesitation in using Randy again if I decide to sell my house or
buy another home.
Sincerely, Jeffrey G. Hoseley
Randy helped me purchase my first
home. As a first-time homebuyer, I had no experience or knowledge
of the building or buying process.
Randy made sure the whole experience
went smoothly, and he made sure I understood every aspect of the
buying process. From dealing with the builder to walking me through
the mortgage application, I truly felt that Randy was working hard
to represent me and my needs.
I would recommend Randy Gridley
to anyone who is looking for someone to represent their real estate
needs.
- Corey Jacobsen
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Decide Where
to Buy
There are many factors to consider when selecting a neighborhood that is right
for you. Below are just a few of the many factors -- You may think of others
that are important to you. Please write them on your Requirements List so they
are not forgotten.
Neighborhoods have characteristic personalities designed to best suit single
people, growing families, two-career couples, or retirees. Investigate to determine
that the neighborhood in which you choose to look for a home matches your lifestyle
and personality.
Neighborhood Factors to Consider
- Look for things like access to major thoroughfares, highways,
and shopping.
- Listen for noise created by commerce, roads, railways, public
areas, schools, etc.
- Smell the air for adjacent commerce or agriculture.
- Check with local civic, police, fire, and school officials to
find information about the area.
- Research things like soil and water.
- Look at traffic patterns around the area during different times
of the day and drive from the area to work.
- Is the neighborhood near parks, churches, recreation centers,
shopping, theaters, restaurants, public transportation, schools,
etc.?
- Does the neighborhood belong to a Homeowner's Association?
The first step is to identify a neighborhood where you would like
to live. People take into account factors such as crime rates, school
quality, commuting time, and neighborhood amenities. Also, families
with young children want to make sure that there will be other children
in the neighborhood. List the criteria that are important to you,
and focus on neighborhoods that meet those criteria.
Many people find that they cannot afford the perfect house in the perfect neighborhood.
This means that you have to compromise. In the long run, most people find it
easier to live with a less-than-ideal house in the right neighborhood than
the other way around.
The best time to engage the services of a real estate agent is when you have
identified the criteria that matter for you in choosing a neighborhood. Once
you can articulate the factors that you consider important, the agent can tell
you which neighborhoods meet your criteria and help identify houses that fit
within your budget.
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