You are here: Home / Buy a Home, Get a Raise!

Buy a Home, Get a Raise!

home in Raleigh

Here are FIVE THINGS we think every First Time Home Buyer should consider before making that move:

  1. When you buy a House – you get a Raise!  Uncle Sam definately sees benefits in having homeowners, so you get to “write off” the interest you pay each month on your taxes!  We advise First Time Home Buyers to see a tax professional, and consider changing your W-4 when you purchase!  This way, instead of the govenment giving you a $2400 refund… you get a $200 RAISE! (seriously, you can bring home more each month and not owe on April 15!)!
  2. You CAN get into a house with no money -  but it’s HARD.  We would suggst that you have at least $1500 if you want to buy a house.  Yes, you can get the seller to pay closing costs… and yes, you can use your VA benefits (if you have them) to buy with no money down, and / or you can use USDA no money down loans… but you’re going to want an Inspection of the home, you will have to pay for your Home Owners Insurance, your part of the taxes… you need a LITTLE money!  Also, the State of North Carolina offers $8000 in down payment assistance to those who qualify!
  3. Go ahead and meet with a mortgage lender EARLY in the process!  Let the lender peek at your credit, look at your paystubs and give you an honest assessment about your decision to purchase!  You might think you have to wait 6 months – and they might be able to tell you NOW is the time!  Even if it IS six months – let them talk to you about the taxes, and insurance and the tax benefits!  Let us HELP YOU get your credit in order – this is what we do all day, and we don’t charge for that help! (Here are some questions to ask your lender!)
  4. Use a Real Estate Agent (period).  You will NOT get a better deal without one.  Do NOT go to a new home Community and think that the sales person there is going to help you get the best deal… get a Real Estate Agent that is working for YOU.  That does NOT mean that you have to pay for them – you don’t… but they work on YOUR behalf!
  5. Don’t believe everything you read on the News!  Yes, the real estate market has tumbled… IN CALIFORNIA!  We live in North Carolina!  Housing sales have slowed, and there are SOME foreclosed homes available… but for the most part, this is one of the best markets in the WORLD – and it will continue to be a great investment because we have over 20 Colleges and Universities in the area, State Government (the Capitol) and MAJOR World Class Hospitals!  These are jobs that keep on tickin’… when the Economy comes back… we have the RTP, Distribution Centers, and Tech jobs everywhere!

So Relax!  You can do this!  Buying your First Home is FUN!