Prudential Gary Greene, Realtors® Homebuyer Guide A Step by Step Process to Owning the American Dream The American Dream of Homeownership Owning a home. It is the American Dream. Many people simply assume that it is always to their advantage to buy a home, and for most, it is.
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A Step by Step Process to Owning the American Dream
More fixed costs for term of the lease.
Not gaining equity, but not losing any either.
When the lease is up, you can just move.
There is generally less work in maintaining a home or apartment.
Smaller amount of “up-front” cash.
More variable costs.
Equity may go up, down, or stay stagnant.
If you want to move, home generally must be sold.
Work needs to be done by you--or paid for by you.
Generally a larger initial investment--the downpayment.The Disadvantages of Owning a Home
No matter what happens with the value of the home, you will never gain equity.
Limited--or no--ability to personalize your living quarters.
No tax advantage to renting. Your landlord gets any and all tax breaks that are available.
Over time, the mortgage balance decreases and equity builds, even if the value does not increase.
The ability to remodel and redecorate the home to match your needs and desires.
There can be tax advantages attached to home ownership. Consults competent legal and accounting advice for details on your situation.The Advantages of Owning a Home
Enough square footage for comfortable living.
Enough bedrooms to accommodate the family.
Adequate number of bathrooms
Garage or closets for ample storage needs
Lot size to accommodate children’s play area.
Proximity to a specific school
Examples of WANTS
Carpeting color, paint color, exterior color, roof color, etc.
Pool or Jacuzzi [unless for medical reasons]
Built-in entertainment center
Brass lighting fixtures
Skylights or a pretty view.Examples of Home Buying “Needs and Wants”
Types of Agency Representations
Closing is the proverbial “signing on the dotted line:” the process of which will put the title to the house in your name, verify homeowners’ insurance on the property, commit in writing to the terms of the mortgage, and usually, put the keys to the house in your hands.
What Items will you need?
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