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Ready to buy?
We'll get you into your new home
Paula Purvis We'll get you into your new home Paula Purvis
(860)230-8143
Laura Giro
(860) 280-8274
*single family
*multifamily
*condos
*land
*new construction
*commercial
more than 10 year of combine experience
We'll get you into your new home
Paula Purvis
(860) 230-8143
Laura Giro
(860) 280-8274
*single family
*multifamily
*condos
*land
*new construction
*commercial
(860) 230-8143
Laura Giro
(860) 280-8274
more than 10 year of combine experience
We'll get you into your new home
Paula Purvis
(860) 230-8143
Laura Giro
(860) 280-8274
more than 10 year of combine experience
Ready to buy?
We'll get you into your new home
Paula Purvis
(860) 230-8143
Laura Giro
(860) 280-8274
*single family
*multifamily
*condos
*land
*new construction
*commercial
more than 10 year of combine experience
Ready to buy?
Tips for First-time Homebuyers Buy? Why?
Are you already deep into the search for your first home, just beginning to consider whether owning your own home is right for you – or somewhere in between?
In any case, you've got a lot of company. According to the National Association of Realtors, about 40 percent of existing homes are purchased by first-time buyers every year, with sales of new homes to first-timers adding to the total. That's nearly three million sales to first-time homebuyers annually.
So, what is it about owning a home of one's own that so many of us find attractive? The first answer that comes to mind for most of us is the financial advantages. As a home owner, you can build equity in your property over time, and you can benefit from the substantial tax advantage of the deductibility of the interest portion of your mortgage payment.* In addition, upgrades and improvements to your home can add value, as well as add to your comfort and enjoyment for years to come.
That said, the appeal of homeownership can be as much about the intangible benefits as about the cold hard facts of investment potential and tax savings. Your home is, well, yours, a means of expressing your personal taste and satisfying a fundamental need for shelter and security for yourself and your family. It also represents a solid connection to community, and instills a sense of place and participation in community life.
*Individual tax savings vary. Consult your tax advisor for details about potential tax consequences.
RENTING VS. BUYING Renting offers a lifestyle that's nearly maintenance-free. That may appeal to you, but consider that renting offers you no equity, no tax benefit, and most likely no protection against regular rent increases.
How does buying compare to renting?
If your rent has averaged $700 a month for the last 10 years, you've spent $84,000 with nothing to show for it. Isn't it time you invested in yourself instead of your landlord?
Several financing options hold special advantages for first-time buyers or families with limited cash reserves.FHA insured and VA-guaranteed mortgages can minimize or even eliminate your down payment.
In addition to tax deductions you'll likely receive that can partially offset the cost of real estate taxes, insurance and home maintenance, your home may appreciate in value. If you purchase a home that costs $100,000 and the property increases in value only two percent each year, your potential appreciation in just two years is nearly $4,200. And due to changes to the tax code, subject to certain restrictions, up to $250K (or $500K if married filing jointly) of the profit you make when you sell the house is tax-free as long as you own the property for a minimum of 24 months.
The Hardest Part: Getting Started
Steps to Buying a Home
The most daunting part of choosing your first home is simply getting started; it's a complex process full of uncertainties and unknowns that can seem overwhelming at times. If you've ever felt that way, don't worry, those feelings are part of the process too.
The best way that we know to keep you on the path that leads to the door of your first home is information, a lot of which you'll find with us.
We will listen to your needs, and show you homes that fit your particular desires; homes that may even be new to the market and whose listings are not yet generally available online. In addition, we are dedicated to taking care of the seemingly endless details that buying a home entails and keeping the process on track to a successful conclusion at the closing table.
Note: Bring a camera and a copy of the listing when you view a property, and take notes on your likes and dislikes.
You've already made one smart step toward home ownership by putting the power of the Internet to work for you. Used wisely, the Internet can help you do an amazing amount of research on all the things it takes to find the home that's right for you in an amazingly short time. That's why nearly 80% of searches for a home begin on the Internet; and that percentage continues to grow Decide What You Want Research Your Favorite Neighborhoods – The Internet makes it a snap to research economic, demographic and a whole host of other data about specific communities and neighborhoods with a few mouse clicks.
Determine What You Can Afford Note: In addition to a down payment, you should keep up to 5% of your home's purchase price in reserve to cover closing costs and contingencies.
The first step to take when buying your first home is to decide what you want. The best way to do this is to create a prioritized list of features and amenities that are important to you ; minimum square footage and number of bedrooms and bathrooms, as well as proximity to schools, shopping – whatever you think you must have in your new home. This list should serve as your guide to searching for a new home, keeping in mind that the home you eventually purchase might not include every feature on your list. Three important factors to consider in your search are location, personal tastes, and budget. Paula and Laura can provide a wealth of information on community characteristics including schools, shopping, dining and other neighborhood features that will play an important part in your final decision. 
In general, the answer to this question is a function of how big a down payment you can put down and how much you are able to borrow, based on your credit score and other factors as determined by a lender. There are many loan calculators on the Internet to help you determine what you can afford; none of these is a substitute for discussing your needs with a reputable lender. A common rule of thumb is that your annual mortgage payments, taxes and homeowner's insurance should not exceed 28% of your gross annual income. Most lenders breathe easier when your total monthly debt service from all sources – including homeowner's insurance, property taxes and your mortgage payment – will be below 40% of your gross income.
Check Your Credit – ... and your debt. This would be a great time to obtain a copy of your credit report from a credit service bureau and make sure that your credit history is in order.
Note: Cancel credit cards you never use; the credit line, even if unused, can raise a flag with lenders.
Apply for a Mortgage With the availability of fixed rate, adjustable rate, hybrid, interest-only, etc., etc. programs for financing your first home, entire books can (and are) written on the subject of financing your home. In short, research financing options while you're researching potential neighborhoods, and shop for financing as soon as you're ready to begin viewing properties.
There are several programs available to first time homebuyers, and it can seem like a daunting task to know which program will give you the most for your money.
Note: Competition for choice properties occurs regardless of market conditions, and the potential buyer whose mortgage line of credit is pre-approved often walks away with a signed contract for their dream home.
Shop for a Home Once you see a few homes that you like, you should begin to visit homes in person. We can arrange visits for you and you can attend open houses in your target area and price range. A Final Tip – When you find the first home that's perfect for you, buy it!
Make an Offer Inspection and Insurance In addition to the previously mentioned inspections, you will also need to arrange for homeowners insurance and finalize your mortgage agreement.
The Final Closing Once all the paperwork is completed and signed, you own the house.
Now that you have an idea of the area you would like to live in and how much you can afford, you can start your search for your new home. To help you simplify the process as much as possible, you can register with us and the system will automatically notify you when new listings are available that match your search criteria.
After you have found a home you like, you will need to make an offer. It is beneficial to have us to negotiate the offer on your behalf. An important thing to remember is that if you have any personal interaction with the homeowner, be sure not to divulge any information about your move, current housing status, financial status or positive or negative feelings about the property. All of these factors will play an important role in future negotiations on the purchasing price.
Once your offer is accepted, you will need to set up, coordinate and interpret various inspections on the property. These can include insect, radon, building quality, oil tank, title, etc. It is important not to get discouraged if problems are discovered during this period. We are always there for you to make this process as easy and smooth as possible. Many homeowners find that consulting a real estate attorney can also help with interpreting and understanding the language involved in the contracts and paperwork that need to be completed.
Before you arrive at the final closing, you should make sure that all the necessary paperwork and deposits have been completed and forwarded to the appropriate parties. Missing or incomplete information can delay the closing, so it is imperative that everything is done prior to your closing date.
