top considerations when buying a home

23
Top Considerations Top Considerations When Buying a Home When Buying a Home By: Joe Holmes

Upload: mahon

Post on 21-Jan-2016

24 views

Category:

Documents


0 download

DESCRIPTION

Top Considerations When Buying a Home. By: Joe Holmes. Available Topics (just click). Your Budget Selecting Your Home Purchase Price Future Resale The Decision. Exit Presentation. Your Budget. Credit Good credit Not so good credit Improving your credit. Your Budget. Affordability - PowerPoint PPT Presentation

TRANSCRIPT

Page 1: Top Considerations  When Buying a Home

Top Considerations Top Considerations When Buying a HomeWhen Buying a Home

By: Joe Holmes

Page 2: Top Considerations  When Buying a Home

Available Topics (just click)Available Topics (just click)

Your Budget

Selecting Your Home

Purchase Price

Future Resale

The Decision

Exit Presentation

Page 3: Top Considerations  When Buying a Home

Your BudgetYour Budget

Credit

◦Good credit

◦Not so good credit

◦Improving your credit

Page 4: Top Considerations  When Buying a Home

Your BudgetYour Budget

Affordability

◦Income

◦Expenses

◦Comfort zone

Page 5: Top Considerations  When Buying a Home

Available Topics

Your BudgetYour Budget

Down payment

◦Expected

◦Sources

◦Saving up

Page 6: Top Considerations  When Buying a Home

Selecting Your HomeSelecting Your Home

Location

◦Desirable factors

◦Undesirable factors

◦Commuting

Page 7: Top Considerations  When Buying a Home

Selecting Your HomeSelecting Your Home

Needs

◦Defined

◦Examples

Page 8: Top Considerations  When Buying a Home

Selecting Your HomeSelecting Your Home

Wishes

◦Defined

◦Examples

Available Topics

Page 9: Top Considerations  When Buying a Home

Purchase PricePurchase Price

Comparables

◦Recent sells

◦Most like

◦Square footage based

Page 10: Top Considerations  When Buying a Home

Purchase PricePurchase Price

Location

◦Positive factors

◦Negative factors

Page 11: Top Considerations  When Buying a Home

Purchase PricePurchase Price

Investment return

◦Equity over time

◦Value factors

Available Topics

Page 12: Top Considerations  When Buying a Home

Future ResaleFuture Resale

Property condition

◦Improvements made

◦Improvements

needed

◦Prepare for sale

Page 13: Top Considerations  When Buying a Home

Future ResaleFuture Resale

How long will you stay?

◦Long term

◦Short term

◦Unknown period

Page 14: Top Considerations  When Buying a Home

Future ResaleFuture Resale

Market conditions

◦Buyer’s market

◦Seller’s market

◦Preparation

Available Topics

Page 15: Top Considerations  When Buying a Home

The DecisionThe Decision

Affordability

◦Comfort

◦House rich…

Page 16: Top Considerations  When Buying a Home

The DecisionThe Decision

Suitability

◦Needs met

◦Some wishes met

Page 17: Top Considerations  When Buying a Home

The DecisionThe Decision

Commitment

◦Risks understood

◦Feels right

Page 18: Top Considerations  When Buying a Home

Top considerations when Top considerations when buying a homebuying a home

Your Budget◦ Credit◦ Affordability

Selecting Your Home◦ Location◦ Needs◦ Wishes

Purchase Price◦ Comparables◦ Location◦ Investment return

Future Resale◦ Property condition◦ How long will you

stay?◦ Market conditions

The Decision◦ Affordability◦ Suitability◦ Commitment

Page 19: Top Considerations  When Buying a Home

Case Study #1Case Study #1

A young couple in their early to mid-twenties has decided to buy a home. They have started their new careers out of college and are making a decent income.

QUESTION- What are some key considerations for buying a home for their life circumstances?

THOUGHTS- Their life situation could change significantly over the next 3-5 years, such as income level, job location, familial status and interests so they should consider a home that is transitional and prepares for these possibilities- affordable, re-saleable, and in a central location

Page 20: Top Considerations  When Buying a Home

Case Study #2Case Study #2

A couple in their mid to late thirties has decided to buy a new home. They are established in their careers, make a good living and their kids are in the early years of school.

QUESTION- What are some key considerations for buying a home for their life circumstances?

THOUGHTS- Their life situation is fairly stable and could reasonably be expected to stay so. They should buy a home that meets their needs, is affordable for their budget and allows them to save for retirement and educational needs. They should consider buying a home that they will be satisfied with for about the next 10 to 20 years.

Page 21: Top Considerations  When Buying a Home

Case Study #3Case Study #3

A couple in their early to mid-fifties has decided to buy a new home. They are expecting to retire in the next ten or so years and would like a smaller home since they are empty nesters and would like to spend less time on upkeep.

QUESTION- What are some key considerations for buying a home for their life circumstances?

THOUGHTS- If they are determined to buy a home so near retirement, then they should determine whether the new home would save them money over their current home in mortgage and upkeep. Because they are near retirement they need to evaluate tax and retirement benefit implications of any actions.

Page 22: Top Considerations  When Buying a Home

SourcesSources

How to Find the Right Home by Elizabeth Weintraub, <http://homebuying.about.com/od/buyingahome/a/buyerinfo.htm>, 1 August 2010.

7 Tips for First Time Homebuyers by Bankrate.com, http://realestate.msn.com/article.aspx?cp-documentid=13107818, 1 August 2010.

Buying a Home by HUD.gov, http://portal.hud.gov/portal/page/portal/HUD/topics/buying_a_home, 1 August 2010.

Page 23: Top Considerations  When Buying a Home

Thank you for Thank you for your time!your time!

The EndThe End

Available Topics