Are You Ready To Buy A Home

How does Buying a Home in the Sarasota Real Estate Market Compare with Renting ?

    The two aren't really comparable. The advantage of renting is being free of most maintenance responsibilities and costs. But by renting, you lose the chance to build equity in a Sarasota real estate property, take advantage of tax benefits, and protect against rent increases.You may not be free to decorate a rental without permission or like having your neighbor live "on the other side of the wall."

    According to one leading Tampa Florida Real Estate professional, "owning a Sarasota Florida home has many benefits. When you make a mortgage payment, you are building equity. And that's an investment. Owning a piece of Sarasota real estate also provides income tax deductions for interest and property taxes that help you handle the added financial responsibilities; homeowner insurance, real estate taxes, and upkeep."  But given the freedom, stability, and security of owning your own home, most families agree that it is worth it.

Are you ready to own a home ?

    Start by asking yourself some questions:

• Do you have a steady source of income (usually a job)?
• Have you been employed on a regular basis for the last 2-3 years? Is your current income reliable?
• Do you have a good record of paying our bills and paying them on time ?
• Do you have relatively few outstanding long-term debts, like car payments or college loans ?
• If this your first home, have you saved money for a down payment or will someone give it to you as a "gift"?
• Do you have the ability and the commitment to make a mortgage payment every month and cover the additional costs of home ownership ?

    If you can answer "yes" to all of these questions, you are probably ready to consider buying a home of your own.

How do we get started ?

    Then, there are some more questions to ask yourself and some priorities you need to establish:

• How much can home we really afford ?   A bank or Sarasota mortgage company can help you answer this question.
• How much space do we need (or want)?
• Are there specific areas of Sarasota that we prefer ?
• Remember that there's a relationship between an area's attractiveness and it's affordability
• How many bedrooms and baths do you really need vs. want ?
• What other amenities are important to you ?
• How big a lot of land would you like ?
• Should your home be close to schools, your job(s), or public transportation ?

    Answer these questions at two levels - a minimum set of requirements and a second "wish list"

    Your minimum requirements are those things that a house must have for you to consider it, while your "wish list" covers things that you'd like to have but aren't really "essential."

    After you've answered these questions, start doing some casual research. Talk to friends and family, drive through Sarasota neighborhoods, check the "Sarasota real estate for sale section of the newspaper. And the sooner the better, find a Realtor® you feel comfortable dealing with. He will be an important part of your home search.

    OK, it's time to start looking for your Sarasota home. Be prepared to see homes that look appealing outside but inside you really don't like them at all.. There is the perfect home on the Sarasota real estate market for you and your family out there. If you're persistent and working with a Realtor®, you'll find it. And, it will be worth the effort as you fulfill the "American Dream" of owning a Sarasota home of your own.

    Some of the above information has been extracted from the U.S. Department of Housing and Urban Development Home Buying Website. You may wish to consult that website as well as an experienced Sarasota realtor for assistance.