Page 37 - Flathead Beacon // 12.4.13

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DECEMBER 4, 2013 | 37

REAL ESTATE

MONTANA LIFESTYLES
Is Now the

Time To Buy?

By MICHELE LERNER

While it may be acceptable to snap up a pair of shoes
on an impulse, or pick the largest screen TV for your
living room at a 13-hour sale, buying a home requires
thoughtful planning and decision making. Wheth-
er you’re becoming a homeowner for the irst time or
you’re a repeat buyer, buying a home is a inancial and
emotional decision that requires the experience and

support of a team of reliable professionals including a
realtor, a lender, an escrow oicer and a range of other
individuals.

WHY DO YOU WANT TO BUY?
The emotional part of the decision comes into play
when you think about why you want to move. If you’re

a irst-time buyer, consider that you might need stabil-
ity in your career combined with the desire to commit
to living in the same community for ive to seven years. SHUTTERSTOCK
You should want to establish roots in a neighborhood homeowner the moment you earn your irst paycheck. rent rent and buying a home. In some markets buying a
and look forward to decorating as you please, making In order to qualify for a mortgage loan to buy a home, home can cost the same or even less than renting. Re-
home improvements, and landscaping, all without re- you’ll need good credit, a pattern of paying your bills member, when you’re a homeowner you need to include
quiring a landlord’s permission.
on time and saving money, and a maximum debt-to- homeowners insurance, property taxes and homeown-
Purchasing a home is a lifestyle choice that requires income ratio (your gross monthly income compared er association dues in your housing costs. You can also

you to think about how you like to spend your time and to the minimum payments on all recurring debts) of use a home afordability calculator to help you estimate
the type of community where you want to live, such as a 43 percent. Some lenders have stricter guidelines, so what you can pay for a home. You should also think
rural area without nearby neighbors, a high-rise build- the lower your debt-to-income ratio, the better your about your plans for the future and how you spend your
ing in a city or a home within a planned community chances of a loan approval.
money, along with your comfort level with a mortgage
with recreational amenities. The more you understand While loan programs are available with low down payment. A lender will tell you how much you can bor-
your priorities for a home, the easier it will be for you to payments of 3.5 to 5 percent, and a few programs ofer row, but that lender won’t know how much you spend
narrow your real estate decisions.
no down payment at all, you’ll still need some savings on travel or golf or your plans for potentially reducing
Homeownership can also be a powerful way to in- to pay for closing costs and moving expenses, a deposit your work hours when you have a family.

crease your personal wealth for you and your family, on a home, and for cash reserves after you buy. Saving Once you’ve thought through the emotional and i-
since you’ll be building equity in your home as you pay money and preserving or improving your credit history nancial aspects of becoming a homeowner, your next
of your mortgage. Purchasing a home is the average are essential elements to homeownership. As in most steps should be to ind a reliable, experienced Realtor
family’s largest purchase and largest investment dur- important decisions, consulting a professional is a rec- to become your partner in the home buying process
ing a lifetime. The impact this decision can have should ommended irst step. Lenders are the best equipped to and to meet with a reputable lender who can discuss
determine the seriousness of the deliberation before describe the purchasing process and to determine the your options for inancing your purchase. Creating a
buying.
price range to focus your home search in.
team of professionals will help facilitate a seamless

real estate transaction.
ARE YOUR FINANCES READY FOR WHAT CAN YOU AFFORD TO BUY?
HOMEOWNERSHIP?
Housing prices and rent expenses vary from one
While your dream home may or may not be within location to another, but you can use a rent versus buy Submitted by the NMAR PR Committee
your reach right away, you can take steps to become a
calculator to estimate the diference between your cur-

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