You are most likely very excited to buy a home in Wantagh. However, there are some things that you should make yourself aware of before you venture out and begin your home-buying journey!
Over the past few weeks, we have discussed various real estate trends to assist those who wish to either buy or sell a home complete their transaction more efficiently. This week, we complete our series of articles with our final real estate trend, which discusses some risky buying options that you should be aware of!
Here are Kim Holland Homes, as Massapequa real estate agents, we have gathered some great insight about trendy ways that are being utilized to purchase homes. However, these ways should definitely be given some second thought. So, if you are all set to discover some helpful information, be sure to read on:
- Rent-to-Own. A lot of people are itching to buy a home, however can’t quite afford it. Therefore, they are opting for rent-to-own agreements. This means that if you are wanting to buy a home in Wantagh, you agree to instead rent the home for a specific amount of time, whether it’s several months, or several years, before becoming the actual owner. While this may sound appealing, there are some negatives to this option:
- More Expensive. One of the major downsides of a rent-to-own option is that it makes your rent more expensive, because some of your monthly payments will go towards the future homeownership.
- Money Wasted. In addition, if down the road if you decide that you would like to back out of the deal, or if something were to break your contract, all of the payments that have already been made would then be wasted. So, overall, if you feel as though you can’t afford to buy a home at this time, it’s best to wait until your finances are in order, and then work with a real estate agent to make it happen, as they will be able to guide you in the right direction!
- Loans for Down Payments. Another risky home-buying option is taking out a personal loan to fund a down payment. If you are to buy a home in Wantagh, you will certainly want to be prepared with a down payment of around5% to 20%, as anything less could have you paying too much extra in interest and fees. Therefore, overall, it’s best to personally save for a down payment or get a gift from family.
If you are preparing to buy a home in Wantagh, it’s best that you go about it the right way. We hope that these tips will now have you headed in the right direction!
So, if you are all set to partner with a real estate agent in Massapequa, New York to embark on your own real estate journey with, please get in touch with us here at Kim Holland Homes, as we would be pleased with the opportunity to work with you!