What Should I Buy

Q.  Where can I get information on home builders?
A.  Contact the National Association of Home Builders at 202.822.0200.

Q.  Where can I get information on manufactured homes?
A.  Contact the the Manufactured Housing Institute at 703.558.0400.

Or contact your Realtor.

 

How To Buy A Home
Q.  What resources are their for finding out all the steps in buying a home?
A.  There are several.
   1)  For closing cost information call the Federal Reserve Bank of San Francisco at 415.974.2163 for their brochure on settlement costs.
   2)  For lease option information call 800.245.6536 ask for their brochure on lease options.
   3)  For home market stats call U.S. Census at 301.495.4700.
   4)  For home inspectors call your Realtor
   5)  For a real estate attorney call your local bar association.
   6)  For IRS information call the Internal Revenue Service at 800.TAX-1040.
   7)  For housing discrimination information call the U.S. Dept of Justice
     at 202.514.2000.

• What You Can Afford
  Q.  How can I find out what I can afford to buy?
  A.  The easiest way to determine this is to call your lender.  They will gather the information needed from you and be able to tell you what price homes you should be looking at.  What is taken into consideration is:  your gross income, the amount of cash for down payment and closing cost plus cash reserves, your outstanding debt, your credit history, the type of mortgage and current interest rate.

Q.  Why should I buy a home?
A.  There are numerous reasons to buy a home.  It gives you a tax break, you can afford the monthly payments, you prefer to be an owner rather than a renter.
Other reasons have been sited but ultimately you have to make the decision.

• New Homes
  Q.  Can the price of a new home be negotiated?
  A.  It can be difficult because most developers will claim that their prices are based on fixed construction costs.  If that doesn't work, try negotiating on upgrades to the home.

Q.  Should I employ a home inspector for a new home?
A.  Most experts recommend that you always have a home inspected regardless if it is new or a resale.  If you decide to hire an inspector, make sure you look for one who is a member of the American Society of Home Inspectors.  Rates for their services will vary depending on the scope of the inspection.