Buying a home for the first time can be hectic. That is why I wanted to share some questions frequently asked by first time buyers just like you, with my own answers to better prepare you for taking that first step into the home-buying market.
- How much money do I need to purchase a home?
Because of many first-time buyer programs offered through the state of Nevada, a new home buyer can move in with little to no money down. However, it does depend on the cost of the home. It is best to have $2,000.00 to $4,000.00 saved in cash to put towards a down payment. At the end of the day, the price of the home truly determines the down payment amount. To see if you’re eligible for the first-time buyer program, please give me a call as I would love to help.
- What will my mortgage payment be?
It depends on the purchase amount. We can calculate an estimated payment of your principle, interest, taxes, and insurance on each home you’re interested in. We like to make sure that each home owner knows what each payment would be before moving forward with a decision, so that they are not making a blind choice.
- Does it cost me money to use a real estate agent?
No. The fees for the realtor are paid by the seller through the transaction. In addition, we almost always negotiate many of the buyers cost to be paid by the seller. Which means we are doing everything we can to get you in to your new home for as little out of pocket as possible.
- Why should I buy a home instead of renting one?
When you buy a home, you can write off the taxes, the interest, and the mortgage insurance, as well as some of the upfront costs of the purchase. Therefore, the tax benefit usually exceeds the difference of the fluctuating monthly costs of renting a home.
- Why should I buy now instead of waiting to buy?
We have the lowest interest rates we have had in history for the longest amount of time. You can afford more house for less money. Also, the first-time buyer grants are not forever, so it is best to jump on them now before they are gone. Why wouldn’t you want to make such a great investment now for little to no money down, with a small interest rate? I know I would!
Please do not hesitate to give me a call today in regards to any of the topics discussed here, and any other questions you may have. We look forward to hearing from you!