Archive for October, 2010
Getting Started (First Time Home Buyer)
There are probably few things in life that are as exciting–or as nerve-
racking–as the search for a house. All the good emotions and the bad
emotions seem to converge when the house hunting begins. Don’t
worry, this is a normal reaction, and is found in seasoned home buyers
as well as those who are looking for their first home. Buying a home for
the first time can bring many questions. Ideally, it would be best to
meet with me in my office or even go over your questions on the phone
before starting the process. I have put this page together to explain the
beginning stages.
Many first time homebuyers go through the (Renting vs. Owning)
process. If you’re currently a renter, you certainly are aware of the
money that you spend monthly and the fact that none of it comes back
to you. You also know, when the water heater goes out you just make a
phone call! There are pros and cons of course. Owning your own home
brings new responsibilities along with a positive financial outcome. It’s a
long-term investment. You can take advantage of tax credits,
appreciation, and your home’s equity down the road. When I rented my
first home, I remember wanting to do certain things to the home
including changing the carpet color. My landlord said ‘no’ They wanted
to keep it ‘neutral’ for a future tenant.
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Credit Crisis – Renters Shouldn’t Bail Out Home Owners
Cast your mind back to a year ago – and I am sure we all remember a certain subset of Home owners ranting on about how much they’d made on their homes and how renters were throwing money away. Those very same people were happy to withdraw equity from their houses and spend it on expensive holidays, 4x4s and the latest designer kitchen. This group were very happy to pocket the money and live the high life while prices went up.
One year on – and how things have changed. Prices are no longer going up, interest rates have risen – and the same people now expect the tax payer to bail them out as prices go down.
Now cast your mind back to 1992 – and the Lloyds of London names crisis. Similarly people happy to pocket large sums of money from the insurance industry – then complained bitterly when they were asked to pay out on the risks they had underwritten. They again wanted the government to bail them out.
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