How to buy a homeby Mary Garland
THE HOME BUYING PROCESS
Looking for a home? Where should you begin? Home buying can be an over whelming task. Think about any changes in your life during the foreseeable future. Will there be changes in your family size or with your vocation? What are your requirements for the home?
Selecting the right Realtor is a challenge .Eighty percent of the Realtors sell 2 houses a year. There are approximately 7,500 Realtors in Montgomery County, Maryland alone.
CHOOSE A REALTOR
The Realtor you want is a full time professional with at least 5 million dollars in sales each year and at least 10 years of experience. The best way to find that Realtor is though referrals. Decide if the one you have selected is a good fit for you at the initial Buyer Consultation. Has that individual meet the first requirements? Did they explain the buying process to you? The Realtor should be patient, professional, polite, knowledgeable, and willing to work at your pace. An exceptional Realtor will listen intently to you and visualize the kind of lifestyle you want to live in your new home and will recognize the feeling you want in a home. Yes, homes have a feel about them. Some are sunny bright happy homes others are dark, dramatic, cold, elegant, rustic and so on. You don't want a Realtor that will show you every home on the market, nor do you want to be shown luxury homes when they are not in your budget. It's too exhausting.
BUYING IN MARYLAND
Most people move every 2-5 years in our area. Consider keeping your home for a minimum of 2 years so that you will avoid paying 23 percent tax on the profit. Non-Maryland residents must pay a six percent tax on the profit from the sale of a Maryland home. The tax will be with held from the proceeds at settlement. Ask your Realtor to refer you to a tax expert for more information.
Most buyers need to use a step up process beginning with a condo, townhouse and then a single-family dream home. Homeowner's use the equity from one sale to buy the next larger home. This method is useful in today's expensive housing market. So, plan for the foreseeable future-not for infinity.
About the Author
Mary Garland is licensed in Maryland and regularly covers Montgomery, Howard, Prince Georges, Frederick, Washington and Baltimore Counties. In addition the being a Buyer Broker, Mary enjoys helping her clients build investment portfolios consisting of residential, multifamily and commercial properties. She has been in the business for more than 10 years.