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Contact Powers Team

If you have any questions or need more detailed information, please feel free to contact me via phone at 301.613.7253 or fill out the form to let us know how we can help with your real estate needs.

Office Location 795 Rockville Pike,
Rockville, MD 20852
Phone: (301) 613-7253
Fax: (301) 424-9290

Should I buy a home?

There are all types of factors that you should consider before making the choice to purchase a home.  It is, after all, one of the most important decisions that you make in a lifetime.  It is also the most costly decision that many people make.  With that said, consider these questions carefully about the reasons you are considering a home purchase:

 1)  Why do you want to buy?

Most people would agree that homeownership comes with many benefits such as security, tax benefits, a place to create memories and to belong, and so much more.   Likewise, there are responsibilities to homeownership as well and these should be weighed carefully with the benefits.  Some things to consider might be home maintenance costs, resale value in the future, how long do you plan to reside at the address, and so on.

 2)  Are you purchasing a first home, vacation home, or investment home? 

Market conditions play a big role in deciding the right time to purchase a home.  If your plans involve a long term commitment to live in a property, most anytime is the “right-time” to purchase.  If your plans include moving within a few years the decision to buy might be more complicated.  An experienced Realtor can help you analyze current market data and trends to help you make this choice.  But be aware that Realtors cannot predict the future or what the conditions will be like in the future.  They can only use their experience and data to help you make an informed decision.  This is why it is imperative that you chose an agent with years of experience in buyer’s and seller’s markets.

 

3)  Is your decision to purchase dependent upon selling another home?

In some markets, when it is hard to sell homes (called a buyer’s market), the decision to buy becomes complicated if your equity for the new home is tied up in the first.  This means you are dependent upon the sale of your home in order to purchase another one.  A wise and experienced Realtor can help you navigate through this process and give you options that will facilitate the sale.  But it is one that should be taken into account before you choose to buy.

4)  Can you afford to buy a home?

You should begin the pre-approval process before you begin searching for a home.  Most seller’s require this before accepting an offer and you also want to know exactly what you qualify for so you are looking for homes in the right price range. 

If you feel like you answered these questions with ease and are ready to purchase a home, contact the Powers Team today to help you get started.  We strive to make what could be an overwhelming task, a manageable one. 

  • Investing in real estate
  • Why be pre-approved? (Prequalification vs. Pre-approved)
  • How does the settlement process work?
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