Residential Real Estate Binghamton NY
Johnson City, NY
Jim Murray Appraisal
Residental, Commercial, fha, va, hud, edi, erc
License Number: 46000001721
Johnson City, NY
Jim Murray Appraisal Service
Residential, FHA, VA, EDI capable.
State Licensed In: New York
State License or Certification Number: 45000045949
License/Certificate Type: Licensed.
Residental, fha, va
License Number: 4500000538
License Number: 42RG00203200
Conforms to AQB Criteria
Are You Buying a House or a Home?
As you read and study about buying real estate, you will often find the words "house" and "home" used interchangeably. There is a huge difference between a house and a home.A house can be a place to eat, sleep, park your car, and put all your "stuff" (including other family members). It is a material possession and an investment. A home is where you feel comfortable, warm, safe, and protected.A home is where you live.A house is something you buy logically. A home is an emotional purchase. When buying real estate you have to balance your emotional wants and your logical needs because there will almost certainly be a time when the two conflict.ExampleFor example, you may want a house with a view, but the payment is higher than you feel comfortable with on a thirty-year fixed rate mortgage.What do you do?Purchase the house anyway and budget more carefully for the next few years? Buy the same house without the view and get it cheaper? Make a larger down payment by borrowing from your 401K or family members, so you get a lower payment? Get an adjustable rate mortgage with a smaller payment instead of a fixed rate loan? Or buy a smaller house and still get the view?
Things Not to Do Before Purchasing a Home
No Major Purchase of Any KindReview the article titled, "Don’t Buy a Car," and apply it to any major purchase that would create debt of any kind. This includes furniture, appliances, electronic equipment, jewelry, vacations, expensive weddings……and automobiles, of course.Don’t Move Money AroundWhen a lender reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. Most likely, you will be asked to provide statements for the last two or three months on any of your liquid assets. This includes checking accounts, savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company 401K and retirement accounts.If you have been moving money between accounts during that time, there may be large deposits and withdrawals in some of them.The mortgage underwriter (the person who actually approves your loan) will probably require a complete paper trail of all the withdrawals and deposits. You may be required to produce cancelled checks, deposit receipts, and other seemingly inconsequential data, which could get quite tedious.
Buying a Home With Resale Value
There are many things that should be considered when buying a home. Since most homebuyers expect to buy a bigger and better home someday in the future, resale value is an important factor in decision-making. You use the proceeds from selling one home to buy the next one.While no one can guarantee that your home will grow in value, there are steps you can take that maximize your potential gain."Location, Location, Location""Location, location, location," is a common and almost hackneyed phrase in real estate literature. Your agent may even throw it at you when you ask for advice about buying a home. However, what does "location, location, location," actually mean? Why repeat it three times?Mostly, "location" is repeated to emphasize that it is extremely important to the resale value of your home. The idea is to buy a house that will appeal to the largest number of potential future homebuyers. A careful choice of location can minimize potential negative influences on future resale value, and maximize positive influences.Focusing on resale value requires you to make several different "location" choices. The first choice you have to make is "which community?" At the very least, you should narrow your choice down to just a few local communities.