Introduction: Learn about Buying Real Estate in AZ
Affinity Real Estate Advisors believe an educated home buyer and seller is a good home buyer or seller. It is our goal to help you make the best choices by supplying you with upto-date information on the market, your home, home loans, investments, and general real estate needs.
Are you thinking about purchasing or selling a home? Whether you are planning to purchase or selling your first home, or are a seasoned home buyer and seller, you probably have some questions. To help you understand the home buying and selling process and get the answers you want, Affinity Real Estate Advisors has compiled a list of F.A.Q.s - your most frequently asked questions. The answers provided should give you a great foundation of knowledge, especially when coupled with the other informational pages about home buying found in our learn tab.
Frequently Asked Questions
What's involved in buying a residential property?
Buying a home is an exciting time. This is will be the largest purchase you will ever make. it can also be seen as one of your best long-term investmentsso it is extremely important we get the right house at the right price in the right market. Research and doing your homework will ensure that the property you will buy is the right one for you in terms of price, location, value, size and lifestyle. Your Affinity Advisors will hold your hand, educate you, and guide you every step of the way.
Why should I buy a home, instead of renting?
Most importantly you will be paying on an asset that you own, not making money for someone else. If you rent, you write your monthly check and it is gone forever. At the end of your lease, you have nothing and face the possibility of increasing rental rates. Home ownership will give you a sense of personal satisfaction. You will be able to create your own private space that is unique to you.
In most markets owning a home is actually less expensive than renting. Your Affinity Advisor has a rent vs. buy calculator that can prove the financial benefits of home ownership. Ask today!
A tax benefit is the deduction of the cost of your mortgage loan interest from your federal income taxes. Initially interest will compose nearly all of your monthly payment, over the life of the loan your interest decreases and your principle gets paid off. This can add up to BIG savings at the end of each year. You can also deduct the property taxes you pay as a homeowner.
Don't forget apprecaition, that is just icing on the cake!!!
How much can I afford to pay for a home?
Affinity Real Estate Advisors will get you to a licensed mortgage banker. However here is a good rule of thum to 'affordability'. First, you will first need to know your taxable income along with the amount of any debt outstanding and the monthly payments. This is your Personal Financial Statement. Assuming it is a principal residence you are purchasing, calculate 32% of your income for use toward a mortgage payment, property taxes, and heating costs. If applicable, half of the estimated monthly condominium maintenance fees will also be included in this calculation.Second, calculate 40% of your taxable income and deduct all of your monthly debt payments, including car loans, credit cards and lines of credit. The lesser of the first or second calculation will be used to help determine how much of your income may be used towards housing related payments, including your mortgage payment. These calculations are based on lenders' usual guidelines.In addition to considering what the ratios say you can afford, make sure you calculate how much you think you can afford. If the payment amount you are comfortable with is less than 32% of your income you may want to settle for the lower amount rather than stretch yourself financially. Make sure you don't leave yourself house poor. Structure your payments so that you can still afford simple luxuries. Our lenders will make sure you are in an affordable home for your needs.
What should I think about when I'm deciding which community I want to live in?
Talk in depth to one of our Affinity Advisors. They have a series of questions that will help determine the best area for your lifestyle. They will take into consideration your age, marital status, childern, city services, nice parks and playground facilities, convenient shopping and transportation, a track record of sound development and good planning--and much more!
Determining Value
Once you find a home you like, in a comunity you love, we will pull similar homes that are both on the market and sold in the past 6 months similar to your desired home. Remember most of the time the market sets the values, we can just play within a range of what is already been sold. This is important so that your home appraises. Your Affinity Advisor will give you an in depth Comparative Market Analysis.
Offering on a property?
Your Affinity Advisor will walk you through the offering process step-by-step. Your Affinity Advisor will help you determine a purchase price and write an offer. You offer can be accepted, coutered, or rejected. All of these are ok. It is a work in progress at this point and it is your Affinity Advisors job to work out the best deal for you and your family.
Offer Accepted... Now What?
Now it is your Affinity Advisors turn to go into extra high gear. They will be ordering your inspections, making sure your lender is on tract, opening escrow, and much more. Make sure you read your Real Estate Buyers Adviosry Packet provided to you from your Affinity Advisor. It will give you a step-by-step plan of all the details your Advisor will be doing.
