For many people here in the Triangle, purchasing a home is one of life’s largest financial transactions. For this reason, it literally pays to consider all of the possible risks and rewards, and to plot a careful and deliberate course of action.
Following these four tips from Flat Fee Realty will help Triangle-area homebuyers keep financial goals in focus:
- Be ready to put down roots: When investing in a home, a good rule of thumb is to plan to stay for at least four years. With all the transaction costs involved (obvious and otherwise) there’s a decent chance money would be lost if an earlier move was necessary. Even if the home does manage to appreciate in a short time, paying a capital gains taxwill likely be required if less than two years have passed.
- Consider the resale value: Look for a home that works for a wide of buyers in terms of size, layout, and location (typically the top selling factor). Choose an area with quality schools (even if there’s not kids in the picture) and within a reasonable proximity to main roads, shopping centers, and cultural amenities. Know what is important to buyers in the local real estate market.
- Lay the groundwork: Obtain a credit report from each of the three major credit bureaus. Review them carefully because errors are not uncommon. Resolve any issues with the reporting agency, and start a few months in advance of a mortgage application (these agencies tend to move slowly). In the meantime, continue to make on-time payments and keep all debt to credit ratios below 30%.
- Get professional help: Exclusive buyer’s agents (like those at Flat Fee Realty) represent only the buyer’s best interests during the transaction. Thanks to the Internet, homebuyers have access to an unprecedented (and often overwhelming) amount of data and tools. However, the real estate market is actually hyper-local, and a well-versed Flat Fee Realty agent can most effectively interpret the myriad of information.
While no one can guarantee an absolutely seamless transaction, the dedicated agents at, Flat Fee Realtycan help both new and experienced buyers make financially sound decisions. If you are looking to make a move, give us a call!
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This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes only.
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Flat Fee Realty
919 342 5230
Photo credit: 401(K) 2013 / Foter / Creative Commons Attribution-ShareAlike 2.0 Generic (CC BY-SA 2.0)
When it comes to purchasing real estate in the Triangle, there are a few truths even the most inexperienced home buyers in Raleigh-Durham know. Making location a top priority and cleaning up credit reports are on the list, but first-time buyers need to be savvier than ever before.