Buy a Home Orlando Series – Lesson 2 – Needs vs Wants

How to Buy a Home
It begins with Preparation

When thinking about buying a home the first mistake many home buyers make is run out or go online and start looking at houses.  To minimize mistakes and maximize your time, you must resist the urge to start looking for houses.  Instead you need to be prepared before looking at your first house.  Your success is contingent how well (or poorly) prepared a home buyer is prior to making the purchase. This preparation does not need to take a great deal of time, and most of it can be done from the comfort of your home, but it is important to spend some time getting ready before running off to look at specific homes.

In this article, which is the second of the series, we will discuss evaluating your needs and wants in a new home.

Know your Needs and Wants for buying a home.

I have a theory, one reason for the housing mess we are currently was partially caused because of this very lesson.  I’ve talked with many homeowners and sellers over the years and their wants were substantially more than their needs.  “I really didn’t need a big house with a view of the lake but I sure did want it.”  “I really didn’t need that 60″ Flat Screen High Definition TV but I sure wanted it and we took out a second loan on the over inflated equity of my house.”  We’ve become a society of more wants than needs.  Because of this lack of financial and emotional restraint the housing market is correcting itself to realistic levels. But in the laws of economics one’s loss is someone else opportunity. We as a nation have a chance to do it right this time buy being more educated, informed, and showing “I want” restraint.

Unfortunately the mind set of many people is their needs and wants are interchangeable concepts.  They are not and they have quite different meanings.  In simple terms a Need is something required.  A Want is something desired.  Not making this simple distinction before purchasing your new home can be very costly in the long run.

This is not to say your dream home cannot have what you want.  But instead you have to be very clear to separate true needs from your desired wants.  Ultimately your budget will be the determining factor and not a wish list.  Also note many of your wants can be changed in a particular home, if the house doesn’t have a feature now you can change it later.  The Rolling Stones summed this up with their song “You can’t always get what you Want” “…because if you try sometimes you’ll get what you Need.” 

The important lesson here is determine your needs in a new home and keep them separate from your wants. This simple exercise will greatly increase the probability your dream home doesn’t turn into a money pit or nightmare. 

Take a few minutes to develop your own list of NEEDS and WANTS. Provided is a form to assist you complete this task.  Checklist

If you are married one approach to consider is for you and your spouse complete the checklist separately.  Then sit down and compare and explain why each of you consider features as a need or want.  This approach will shed light what is considered important to you and your spouse.

When looking at houses, the checklist will keep you focused on what is important.  Because when you start looking at houses your emotions will likely turn you in a direction which is not in your best interest.  One person told me I don’t know what I was thinking when I bought this house, the lake view wasn’t a need or a want, but when I entered the house I just had to buy it!!  Don’t fall into this emotional trap, the check list will keep you on track, focused, and reduce time spent in the house hunting phase.

The goal is to find a home which includes all your needs and as many of your wants which remain within your budget.  Speaking of budget, the next article in the How to Buy a Home Series we’ll discuss the financial piece of this puzzle.

Your Real Estate Resource

If you are an existing home owner or future home buyer, take advantage of this tremendous Buyers market we are currently in. When you add up the below market prices, historically low interest rates, and the new federal government tax credit there has never been a better time to own a home or upgrade your current home. Think about it!

Your Real Estate Resource is a professional Orlando Florida home buying company that buys houses at a discount and passes this discount on to our home buyers. Interested living or investing in Orlando Florida?

We Sell Houses in and around these surrounding locations of Orlando Florida

Altamonte Springs | Apopka | Avalon Park | Bay Lake | Belle Isle | Edgewood | Lake Buena Vista | Maitland | Ocoee | Orlando | Winter Garden | | Waterford Lakes | Winter Park | Eatonville | Oakland | Windermere | Azalea Park | Bay Hill | Bithlo | Christmas | Citrus Ridge‡ | Conway | Doctor Phillips | Fairview Shores | Goldenrod‡ | Gotha | Holden Heights | Hunters Creek | Lake Butler | Lake Hart | Lockhart | Meadow Woods | Oak Ridge | Orlo Vista | Paradise Heights | Pine Castle | Pine Hills | Sky Lake | South Apopka | Southchase | Taft | Tangelo Park | Tangerine | Tildenville | Union Park | Wedgefield | Williamsburg | Zellwood | Plymouth | Reedy Creek Improvement District‡ | University Park | Vineland | Altamonte Springs | Casselberry | Lake Mary | Longwood | Oviedo | Sanford | Winter Springs | Chuluota | Fern Park | Forest City | Geneva | Goldenrod | Heathrow | Midway | Wekiwa Springs | Kissimmee | St. Cloud | Campbell | Celebration | Citrus Ridge‡ | Lake Buenaventura | Poinciana | Ashton | Bull Creek | Deer Park | Harmony | Holopaw | Kenansville | Intercession City | Lake Marian Highlands | Narcoosee | Reedy Creek Improvement District | Yeehaw Junction

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Car Financing in San Diego

There are many different ways to get new car auto loans today. Car dealers, local banks and credit unions, and online websites like auto loans in San Diego, just to name a few. The most important thing that should be taken into consideration when deciding on auto loans for new cars is determining what is best for you.

 

Many local credit unions have started working with local car dealers. Credit unions still provide new car auto loans but the credit score criteria required is usually higher than that required from online websites like auto loans in San Diego. Credit unions car loans are now available through the local car dealership. If you apply directly credit unions car loans many will recommend local dealerships within their lending network. This is becoming a popular way to get auto loans for new cars. These lending programs benefit the local credit union and the local car dealer, and allow you to get new car auto loans so you can purchase the vehicle you want to own.

 

If you’re not sure if a credit union car loan is the best choice for you then check into bank auto loans for new cars. Local banks don’t usually offer lower interest rates on new car auto loans when compared to credit unions; the reason for this is simple, credit unions are owned by their members and banks are for profit corporations.  It’s good to know that regulations for bank new car auto loans require full disclosure of all rates and fees. Laws like this give you the opportunity to comparison shop and decided whether bank auto loans for new cars is the best option for you. Before you get a credit union car loan or a bank new car auto loan, research the options to determine which is best for you.

 

If you’re a home owner with equity in your home and good credit, another option you should consider is getting a home equity loan to buy a car. Being a cash buyer has some benefits; it allows you to negotiate the best new car price without having to negotiate the financing separately. Car dealers make a lot of money when you finance a vehicle from them, the bank, or credit union pays the car lot to send them the business, with this in mind, the if you have the cash to purchase the vehicle you want the car dealer will work harder to make sure you get a great deal with offer you lower interest rates and lower monthly payments, to get you to finance the car through them. If your on a budget and     accept the dealership financing make sure that the car loan payments are not higher than the payments on the home equity loan. Also consider that getting money to buy a car through a home equity loan will put you in jeopardy of losing your home if you default in your monthly payments.

 

New car auto loans have come a long way and auto loans for new cars aren’t only available for people with stellar credit scores. It’s comforting to know that even people can still get poor credit auto loans and get the new car they have always dreamed of driving in the past.

 

Why are FHA loans the best bet for first time home buyers?

 

What is the most exciting yet challenging prospect faced by a first time home buyer Seattle? Yes, they are able to kill two birds with a one stone. The individuals realize their long awaited dream to become a Seattle homeowner and live in a property that is all their own. Moreover, they are also relieved of giving away their well-deserved money to a landlord month after month!

Without a second thought, home ownership remains the most important aspect of the Great American dream. Little, do we realize that the dream, once accomplished turns into an incredible achievement. The present state of economy makes the task of obtaining Seattle mortgage loans much more difficult. All this has added to the problems of a first time home buyer Seattle.

No doubt, Seattle first time home buyers seem to have an uphill task. Generally, a first time home buyer Seattle has to secure a Seattle mortgage loan for purchasing a residence anywhere in the area. Well, aspiring home owners need not worry. FHA loans are always available to them. US Department of Housing and Urban Development Federal Housing Authority offers these loans. Moreover, the loans are also insured by federal government. Therefore, it is more likely that lenders will agree to finance first time home buyers. The list of benefits does not end over here. The terms offered with Seattle fha loans are much more favorable than the ones available with conventional Seattle mortgage loans including lower down payment requirements and lower monthly payment requirements.

You can easily find more information about the FHA loans as well as other financial tools by seeking advice from the Federal Housing Authority directly or through state-level agencies. These agencies collaborate with federal authorities for FHA loans as well as other HUD programs.

A Seattle first time home buyer can also consult private companies. Such companies specialize in providing help to first time home buyers hoping to understand the procedure of applying for Seattle fha loans. The professional services extend a helping hand at every step of the process, including obtaining approval for the purchase of a Seattle first time home, setting a budget for the amount you can afford as well as all other things to help you close on your first Seattle home.

Seattle fha loans can also help first time home buyer Seattle obtain the most favorable terms on Seattle mortgage loans. This implies that you and your family can focus on building a safe financial foundation for the future rather than lining the pockets of others. FHA loans are even capable of providing for the cost of buying a multi-unit home (maximum 4 units) or giving a new lease of life to a “fixer-upper”. Therefore, you can utilize the opportunity of making a lucrative real investment while purchasing a home simultaneously.

All of Seattle first time home us accept that purchasing a Seattle first time home is not an easy task. However, the financing programs from Federal Housing Authority as well as the home financing professionals are ready to offer their invaluable support. Therefore, you can realize the dream to become a homeowner by allowing more and more people to use Seattle mortgage loans.