First Time Home Buyers
If its your first time purchasing a home, you will need special attention. You will want to make sure you know as much or, sometimes, as little about the transaction as you want to know. If you are the kind of person who wants detailed explanations, we love educated the buyer and making sure they know what we are doing, why we are doing it this way and what comes next. If you don’t want to know anything but where to sign, you will want an advisor who gives you the big, important things to know and who you can trust to take care of the details and keep you safe. Whatever your preference, we can accommodate you.
Move Up Buyers
Perhaps your family has grown and you need more space, you are earning more money, you want to live in a better neighborhood, or you want more amenities. Thus, you might be considering selling your current home and “moving up”. Here are a few questions to consider:
– Do you want to sell your old home or rent it out?
– How do you plan to cover your down payment and moving costs for your new home?
– If you want to sell your old home find out how much of the equity you can use toward your new purchase?
– What is the tax situation with the sale of your old home?
– What can or needs to come first: buying your new home or selling you existing home?
The answer to these questions will depend on your financial situation and your personal preferences. The two, sometimes opposing, considerations will need to be carefully considered. Your income may limit your ability to own two homes at the same time. Due to this, your new loan will want the escrow on your existing home before they close on the new purchase. If you are fortunate enough not to have this limitation, you will still want to consider the cost of having two properties at the same time (paying two mortgages).
Owning investment property has the following benefits:
– Rental income and cash flow: The investment property may provide ongoing income and cashflow that will get you closer to your financial goals.
– Potential tax benefits: Mortgage and home equity interest payments and property taxes may present the opportunity for tax advantages. Your tax advisor can provide you with more information.
– Potential Appreciation: Your investment can appreciate over time.
– You may be able to use your current home’s equity to buy the investment property.
We enjoy working with small investors looking to purchase a Single Family Home, Duplex, etc as an investment. We can spot the properties that make good investments and advise you as to what you can expect.
Typically a home which is strictly for investment purposes will require a minimum 20% down payment. Properties with more than 5 units and commercial buildings will not be financed the same as homes with 4 or less units. We can advise you on the differences so that you know what you are getting into.