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    Home Sweet Home
    Home Sweet Home
    Home Sweet Home
    Ebook114 pages1 hour

    Home Sweet Home

    By S.P. Panford

    ()

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    About this ebook

    Home Sweet Home, will help anyone looking to buy a home, and any real estate agent looking to effectively help their buyer clients, to be more educated and effective about the home buying process. Refreshingly honest and without fluff, you'll learn everything about the home buying process, what to expect during your due diligence period, and how

    LanguageEnglish
    PublisherPrince Panford Consulting LLC.
    Release dateFeb 1, 2021
    ISBN9781637601198
    Home Sweet Home

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      Book preview

      Home Sweet Home - S.P. Panford

      Dedication

      This book is dedicated to my mother, who through God’s grace, bought a beautiful house, and made it into a lovely home for my siblings and I. She is my inspiration for always striving to make the goal of Home Ownership, a possibility for millions and millions of families in North America, and around the globe. May God continually bless you

      Real Estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world

                                                                ~Franklin D. Roosevelt

      Table Of Contents

      Dedication

      Table Of Contents

      Chapter 1

      Home Sweet Home

      Chapter 2

      Decisions, Decisions, Decisions

      Chapter 3

      Financing Your Home

      Chapter 4

      Hiring A Professional

      Chapter 5

      - Know the Process

      Chapter 6

      7 Common Mistakes to Avoid

      Chapter 7

      Real Estate Terms

      Chapter 8

      Conclusion

      About the Author

      Chapter 1

      Line

        Home Sweet Home

      HOME takes on a different meaning for lots of different folks.

      What does a home mean to you? Once you sell yourself on what a home means and feels to you, your experience throughout the process becomes far more efficacious and manageable. Especially for first time home buyers, it can be an emotional journey. This explains why working with a well-qualified licensed real estate professional who works for your best interest, is very vital.

      He or she can help mitigate the emotional roller-coaster and ease most of your worries. In reading this book, I intend to shed light on some of things you may have yet to consider, and clarify any myths you had prior to reading this book.

      Buying a home is not just about a shelter. Otherwise we will all be contempt in a cave, I would not be an amazing real estate professional and developer – thanks to the many families who have trusted me with one of their most valuable investments made yet.

      In modern times, home buying is about realizing dreams, creating memories, a sense of status, self-esteem and belonging, and in some instances, boosting how we see ourselves and how we feel others see us.

      With the average value of a home increasing at approximately 3 percent per anum, helping to offset the effects of inflation on its future value, I am astonished at the number of ill-informed and or poorly prepared individuals who take such a huge step. In most cases, so many people rely on the advice of a single person with a vested interest, such as a mortgage loan officer, builder, or a real estate licensee. Don’t get me wrong, most of these people are true professionals, and strive to give an honest and helpful advice, the best they know how. However, for such a large purchase for most people, you must also have an independent, reliable source for your home buying. That is why I wrote this book, for millions of Americans, to avoid a gross financial loss.

      Regardless of how you felt about it in school, doing your homework prior to buying a home, is very crucial for a successful home buying transaction. Unlike preparatory school or even college, the cost of a make-up exam can be financially crippling.

      My goal is to shed light on why it is advantageous to do a thorough homework – due diligence, when building or buying a home.

      All in all, there is nothing like home.

      Chapter 2

      Line

            Decisions, Decisions, Decisions

      Before embarking on a journey to own your home, a fundamental decision you will have to make is whether or not you are venturing into:

      A brand-new construction home – vis-à-vis, buying a builder’s spec home, or building from scratch

      Custom build home

      Existing home (move-in ready, or requiring work – and the amount of work you are willing to risk to take on)

      The process of buying a resale home, can take anywhere from approximately twenty-one business days, to 30 business days – depending on the type of mortgage loan being used to fund the purchase. Should you opt to buy a resale home that requires some work, make sure you have a distinct conversation with your lender, to help you determine the extent of repairs that will be funded. Do not make the mistake of watching a television show that airs in thirty minutes, to conclude that you can make all repairs in a blink of an eye.

      Buying a spec home from a builder, will depending on the stage of construction, and a brand-new build can take anywhere from three months to six months, depending on product demand and materials’ availability.

      If you are a first-time home buyer, are you really ready to put down roots? This is a much greater commitment than an 18-month lease agreement. The golden rule is Caveat Emptor which means, Buyer Beware. Having a buyer remorse six to 12 months into this entanglement, will potentially cost you far more than a security deposit. As a rule of thumb, your first 48 to 60 months of on-time mortgage loan repayments, without any extras, will cover approximately your interest payments for that duration, as well as selling costs – and this is when you have successfully closed on a home.

      Seldom do first-time home buyers pay cash for their homes. This means, you will be seeking a mortgage loan for your purchase. Part of this process, is determining your financial readiness and capability to make the purchase. Do you have enough saved up to cover your down payment, transaction costs – commonly referred to as closing costs, which includes lender fees, loan application fees, loan origination fees, home inspection fees, appraisal fees, title insurance, attorney fees, etc. We will dive into the money matters in the next chapter.

      Another item to consider is Location – Location – Location. I highly recommend to you that you

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