1011+Real+Estate+Presentation

=Notes from Mr. Dunn's Presentation on Buying a Home= April 15, 2011


 * Step 1 is to figure out where you want to live.
 * You need to factor in where your family lives, what the weather is like, etc.
 * Some areas are more expensive than others. Cities are usually more expensive than rural areas.
 * [|Realtor.com] is a site that lists real estate for sale in all 50 states. It has over 3 million listings.
 * In the "location" box, enter the name of the town/city in which you want to live.
 * Determine how much you want to spend on your home.
 * Use the price range filter on the left hand side of the search results page.
 * Be aware that your closing costs and taxes during your purchase will be about 3-4% of the home price (details below)
 * When you see a home that you like, click on that listing.
 * (Mr. Soskil's note - remember you cannot spent more than $300,000 on your total purchase - everything included)
 * For a family home, make sure that you buy a house w/ enough space. 2000 sq. ft. is a nice size for a family.
 * Choose about 2 or 3 homes that you like. Then compare those houses to see which is the best value for your money.
 * You may not be able to get everything that you want, so figure our what your priorities are. Do you value size? more bedrooms? lots of land? a new kitchen? etc.
 * When you choose the house that you want to buy:
 * First, find the price of your house.
 * Second, find how much the taxes are on your house (look at the listing). If the listing does not show the taxes, figure that the taxes will be 1.5% of the purchase price.
 * You will also need to figure in a "transfer tax". The transfer tax is 1% of the purchase price of the house. This is money that goes to the school district, county and township in which you are buying a home.
 * It is very important that you have a clear title when you buy a house. To make sure that this happens, you have to buy "Title Insurance." This will be 1% of the purchase price of the house.
 * If you are purchasing a house in a community, you may have to pay "association fees." You must figure these in if the fees are listed in the real estate listing. If they are not listed, and you are buying a home in a community or apartment complex, figure $500 for association dues.