Croteau Real Estate Services is in the business of transforming your dream of real estate ownership into a reality. Whether you are an investor or an individual, you should realize your dream of property or home ownership when it is right for you. There is so much information out there about buying real estate, that it can be overwhelming. Here we have collected this information and laid it out for you to be best prepared. Our experienced and knowledgeable staff of agents are available to help you understand all your options, and cut through the red tape. Make sure you reach out to us with any questions or comments you have. We will take the time to sit down with you and explain all your options before you start searching for the home or property that is right for you.
Considering the Costs – Homeowners Insurance
Many people consider the costs of home ownership before they decide what fits into their price range. Often the cost of homeowners insurance is not a factor in this equation, even though most people understand that they will need homeowners insurance once they buy real estate. What you may not know is that you may be required to have more than just homeowners insurance. Other policies that you may be required to carry may include mortgage insurance and flood insurance. When you factor your new living costs, be sure to include all the additional policies you may be required to carry. Don’t know what that might include? Contact your Croteau Real Estate Services agent to learn more and have a very real conversation about the costs of owning a home, before you start your new home search.
Big Ticket Purchases
It goes without saying that when you are shopping for what may very well be the largest investment you ever make, your new home, big ticket items should be considered a no-go. During the course of saving for your new home down payment you may feel the need to purchase a new car, appliances and electronics, or even take a vacation. Adding to your credit cards during the few months before applying for your new home may change your credit score enough to increase your rate or worse yet, cause you to not be eligible for a loan at all. Consider all the consequences of big ticket purchases, and consult with your Croteau Real Estate Services agent before making this common mistake.
You should also be considerate of the timeline of your new home purchase when you decide to move money between accounts, or changing jobs between companies. Often these types of changes can change your eligibility where it would have otherwise been approved. When in doubt, ask your agent at Croteau, they are your best resource to understand how these types of changes could ultimately change your eligibility.
The Best Investment – Buying a Home
Even with the recent changes in economy, and the fluctuation in the housing market, buying a home is still considered one of the best investments, if not the best investment, you can make for your long term future. When you rent you are paying someone else’s mortgage, and making them a property owner, with no ability to recuperate those costs, ever. Buying a home is much different. Even if your housing value were to go down, as a general rule homes appreciate at somewhere between three to five percent annually. This means that over the course of time, the long term, the value of your home should come back, giving you an opportunity to recoup any losses. This might not sound like a lot, but over the course of time, this is a very sound investment.
One of the most common oppositions to owning a home is the additional costs such as property tax, and mortgage loan interest. Keep in mind that both of these are tax deductible, which means that the government is essentially subsidizing your home purchase. The overall rate of return when factoring in all costs and incentives is generally higher than almost any other investment you could make.
Finding the Right Realtor
There are different types of agents, listing agents and seller agents, and since there are generally two agents involved in every real estate transaction, it is good to know the difference. The seller’s side is represented by the listing agent, and the buyer’s side is represented by the selling agent, also known as the buyer’s agent. While it is possible that one agent represents both sides in a transaction, it is typical that agents focus their efforts on one side, and some even exclusively so. At Croteau Real Estate Services we have agents on both sides of the equation, as well as attorneys available to discuss all of your real estate transaction needs. To make sure that you find the agent that is right for you, contact us today to schedule a consultation and start your new home search.
