Advice for your first time buyer deal

There are many reasons that should convince you to buy your own house instead of renting one.

Reasons to rent a house

One of them regards the flexibility that comes when you rent a house. So, you can live in a neighborhood for as little or as long as you want. Another one, is that you also free of most maintenance responsibilities because your landlord usually handles all the repairs.

But, the home owning has several benefits and there is no better time to have your own home, then the moment you decide to buy one.

Reasons to buy your own house

• Better invest in your own house, then in others

You pay monthly an amount for your house. Maybe, in time you will find out that is better for your to invest in your home and increase your home value.

• Gain tax advantages

You are allowed to deduct mortgage interest and property taxes from your federal income tax and from some states’ income tax. After calculating your taxes, you may find that it’s cheaper for you to buy than to rent.

• Rely on Payment Stability

If you select a fixed-rate mortgage, you will pay the same monthly principal and interest payment for the term of your loan. Unlike renting, this type of payment will remain the same month after month, even when inflation leads to higher prices. However, your total monthly housing expense could vary if tax and/or insurance expenses change.

• Last but not least, you will have your own home

The result of all these efforts will be a contract were at the owner place is signed your name.

Each year there are a lot of homes purchased by first time buyers. The purchase process is taken as a brand new thing and for sure, for first time buyers, this have to be a bit difficult. But like most things that are done for the first time, there are ways to make this/it easier.

You may require advice from friends, relatives that know your taste and could have some good general advice. But, because they are located in diferrent areas than Miami Beach. That’s why they cannot give you a hand that really helps you. They probabily know very well their neighborhood, the local conditions market and other important aspects, but they cannot advice you with proper informations regarding your chosen location. These informations regard house types, location, prices, mortagages and all these are very diferrent from one state to another.

Let’s go through few steps that should suggest what you need to know for first time buyer deal.

How much can you borrow?

Before you start doing the visits to realtors, you need to know how large a mortgage you can get - there’s no point searching for the house of your dreams if it’s out of your price range. First, find out how much mortgage you can afford. You have to think about your monthly mortgage payment and the current loan interest rates. The lower the interest rate, the more expensive the home you’ll be able to afford.

The amount you can borrow will be based on the size of your deposit and how much you earn.

Make your lists: wants and needs lists

Knowing what you are looking for will help you and your realtor focus on your search. Make two lists. A list of needs and a list of wants.

The first should include items you must have: number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor and others. The second list regards your wants, things you would like to have: a swimming pool for example, but this isn’t absolutely necessary. Realistically speaking, for first time buyers, you probably won’t get everything on your wish list, but it will keep you on track for what you are looking for.

Who do you have to work with?

Consider hiring your own miami beach realtor, one who is working for you, the first time buyer, not the seller. It’s important for you to know the role of the realtor you are working with. Talk to your realtor about the real estate customs in Miami, Fort Lauderdale or other city in Florida, about the type of house you want, the prices range, the neighborhoods and all other aspects you were thinking of.

Talk to miami beach realtors. See our free directory: http://www.realestateparadise.com/directory/real-estate-agents/florida/miami-beach/section108.html

Take a look in our free fsbo miami directory: http://www.realestateparadise.com/fsbo to the ones that have in front of their house ‘for sale’ sign. Give a round with your realtor to all of them you are interested in.

Consider what location will work best for you

Look at your’s and your family needs, your preferences in terms of commuting, shopping, recreation, and other factors that are important to all of you.

Plan on getting a home inspection as part of any offer you make.

A professional inspection can help you understand the condition of the property and the repair bills you are likely to face in the next few years.

Examine the different financial options which are open to you

Examine all types of loans the realtor shows you, think about the credit and all taxes you need to pay in order to close the transaction. How much money do you need to buy Miami Beach comdomium or luxury home in Fort Lauderdale? You need money for a down payment, closing costs and other housing-related costs: mortgage payments, maintenance and repair costs.

Being a first-time home buyer is challenging. So start now looking for the your own house in our free real estate directory.