Getting started: How to Buy a Home in Prescott Arizona

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Getting Started
Am I ready to buy a home?
You can find out by asking yourself some questions: Do I have a steady source of income? Is my current income reliable? Do I have a good record of paying my bills? Do I have few outstanding long-term debts, like car payments? Do I have money saved for a down payment? Do I have the ability to pay a mortgage every month, plus additional costs? If you can answer "yes" to these questions, you are probably ready to buy your own home.
What do I do first?
Start by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment? How much space do you need? What areas of town do you like? After you answer these questions, make a 'To Do" list and start doing casual research. Talk to friends and family, drive through neighborhoods, and look in the "Homes" section of the newspaper
Is buying better than renting?
The two don't really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing. Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that's an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities - like insurance, real estate taxes, and upkeep - which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.
How much can I afford?
The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. According to the FHA, monthly mortgage payments should be no more than 29% of gross income, while the mortgage payment, combined with non-housing expenses, should total no more than 41% of income. The lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount. Of course, these are only general guidelines. There are plenty of exceptions as well. Your best bet is to call our office and arrange for a FREE review of your financial situation. The entire process takes just a few minutes and, when we are done, you will know exactly how much you can afford.
How do I select the right real estate agent?
Hire a professional. Look for an agent who listens well and understands your needs, and whose judgment you trust. The ideal agent knows the local area well and has resources and contacts to help you in your search. Overall, you want to choose an agent that makes you feel comfortable and can provide all the knowledge and services you need. Please contact Me.
What's the right home for me?
Your home should fit the way you live, with spaces and features that appeal to the whole family. Before you begin looking at homes, make a list of your priorities - things like location and size. Should the house be close to certain schools? your job? to public transportation? How large should the house be? What type of lot do you prefer? What kinds of amenities are you looking for? Establish a set of minimum requirements and a "wish list." Minimum requirements are things that a house must have for you to consider it, while a "wish list" covers things that you'd like to have but aren't essential.
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Debbie Dunbar
ABR, CCSS, SRES, SFR

Direct: 928.899.1867
Contact Me

Russ Lyon
Sotheby's International Realty
PRESCOTT ARIZONA

Search Homes | Buy a Home | Sell a Home | Contact

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   DebbieDunbar.com will guide you to Prescott, Prescott Valley and Chino Valley, AZ homes for sale and property listings. You will also find an extremely valuable treasure of knowledge. Debbie Dunbar, is a licensed real estate agent for Russ Lyon | Sotheby's International Realty. Highly trained, educated, and experienced to efficiently, promptly, and professionally meet your expectations, dreams, and goals. We serve home buyers, sellers and investors with all their real estate needs. We will help you buy or sell your house, condo, townhouse, loft, land, lot, apartment, condominium, properties, et cetera.
   You will also find hundreds of pages of information, advice, methods, techniques, and more, all regarding real estate. Reports are available in a print-friendly format. It is like a mini-seminar, a training course on buying, selling, investment strategies, preparation, financing, legalities, and so much more. You will be made aware of the pitfalls in buying and how to avoid serious mistakes when selling. Discover why this professional real estate agent will make your home buying and/or selling process less stressful and virtually pain free. You will understand how to come out ahead in your negotiations to make your transaction a memorable and profitable experience. There is even a guide on how to sell your home yourself, without an agent or broker. This is known as a "fsbo" or for sale by owner. You will learn what it takes to sell property and understand how and why real estate professionals earn their commissions.
   All is expertly written by a highly successful retired real estate agent/broker. Taken from his actual weekend seminar curriculum that was presented to agents, brokers, home buyers, sellers, and investors across the United States and Canada.
   In addition, we have provided numerous links to sites of local interest and official governmental websites. These will assist you in your search for a home or a buyer for your home.
   Learn from our website, search our real estate listings, then contact Debbie for relocation information in Prescott, Prescott Valley, or Chino Valley, Arizona.

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