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Why should you buy instead of rent?
- Tax Incentives - Mortgage interest and property taxes may be tax deductible on your income tax returns.
- Potential Property Value Appreciation - Real Estate on the Central Coast over the long haul has had a history of increasing in value.
- Equity - Unlike rent, your mortgage payments may help you build equity in your home.
- Pride of Ownership - There is nothing like the feeling of buying your first home.
Before you get excited about buying a new home, it is worth it to take the time to see what you can afford financially. You may find that you can qualify for a larger loan than you EXPECTED, putting you in another level of housing than you first thought possible.
Most lenders will allow your housing costs to be about 30% of your gross monthly income.
- TIP: Find a good Mortgage Broker (if you need suggestions please see our links).
There are lots of options, and as we are Realtors and not financial advisors, we will leave those decisions up to you. We can help with some explanations and can let you know what we have seen work in the past. One interesting type of loan is one with a fixed interest rate, with flexible payment options. This type of loan allows you to pay one of 4 different ways: full payment, partial payment, interest only, or negative amortization.
Then there are "points". One point is the same as 1% of the loan, and these can be paid to lower the total interest rate of the loan.
Check with your lender to find the best possible loan you can get pre-qualified for.
Questions, Questions, Questions
Now that you are pre-qualified and set on buying a home, let us help you find it! This is most likely the biggest investment you will ever make, so we will ask you lots of questions to do our best to make sure you find the perfect fit for your individual needs. Some of those questions include:
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What size of a home do you (realistically) need? |
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Bedrooms |
1 |
2 |
3 |
4 or more |
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Bathrooms |
1 |
2 |
3 |
4+ |
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Square Footage |
under 1000 |
1000-1500 |
1500-2000 |
2000-2500 |
2500+ |
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Where do you want to live? |
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SLO |
Five Cities |
Avila |
Morro Bay |
North County |
Nipomo |
Other |
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Is proximity to the following important? |
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Schools |
YES |
NO |
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Transportation |
YES |
NO |
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Work |
YES |
NO |
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Shopping |
YES |
NO |
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Parks |
YES |
NO |
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Beach |
YES |
NO |
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Bike paths |
YES |
NO |
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Open Space |
YES |
NO |
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Now we have the basic area you are looking for, and what kind of home you need; it is time for what you really want in a home. Hayley and I used this checklist to determine the “Must Have” that a home needed before we would be interested. Circle the things that are on your Must Have List.
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Fireplace |
View |
Big Yard |
Garage |
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Not on busy street |
Neighborhood |
Air Conditioning |
Freeway access |
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Rural Setting |
Pool |
Dog/Cat friendly |
Garden Area |
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Cable ready |
Water pressure/quality |
Big Kitchen |
Single Level |
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This is where our expertise comes in. We have great knowledge of the market, and will listen to your needs. We have seen thousands of homes in the area, and know the quality of the current inventory of homes. We also have the advantage of being an independent broker, allowing you the comfort of knowing we access all listings on the Multiple Listing Service. We are not tied to any specific listings or companies. With Comet Realty, you can rest assured that you won’t waste time looking at homes that do not fit your needs.
We will assist you in the total process, from making an offer, through counter offers, escrow, disclosures, all the way to handing you the key to your new home! We will do our best to make sure you get the most value for you dollar.
As our goal says:
We work to make your real estate transaction a pleasant experience.
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