

	Realty Associates - Luxury Partners 16950 Jog Road Delray Beach, FL 33446 877-264-5909 (561) 495-8084 (561)819-6300 (fax)

For Buyers

Common Questions From First Time Buyers

Why should I buy, instead of rent? Answer: There's more to owning a home than personal satisfaction. You can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes, too. Since interest will compose nearly all of your monthly payment, for over half the number of years you'll be paying your mortgage, this adds up to hefty savings at the end of each year. And you're also allowed to deduct the property taxes you pay as a homeowner. If you rent, you write your monthly check and it's gone forever. Another financial plus in owning a home is the possibility its value will go up through the years.

Should I use a real estate broker? How do I find one? Answer: Using a real estate broker is a very good idea. All the details involved in home buying, particularly the financial ones, can be mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier. A real estate broker will be well-acquainted with all the important things you'll want to know about a neighborhood you may be considering. With immediate access to homes as soon as they're put on the market, the broker can save you hours of wasted driving-around time. When it's time to make an offer on a home, the broker can point out ways to structure your deal to save you money. He or she will explain the advantages and disadvantages of different types of mortgages, guide you through the paperwork, and be there to hold your hand and answer last-minute questions when you sign the final papers at closing. And you don't have to pay the broker anything! The payment comes from the home seller - not from the buyer.

How much money will I need to come up with? Answer: That depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money - the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house. When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money varies. The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price. Closing costs - which you will pay at settlement - average 3-4% of the price of your home. These costs cover various fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you won't be caught by surprise.

Move-In Checklist

Remember - many of your moving expenses are tax deductible, so hang on to your receipts. Call the Internal Revenue Service and request "Tax Information On Moving Expenses" to find out which moving expenses you can deduct.

ARTICLES FOR BUYERS

Eight Steps to Getting Your Finances in Order

Budget Basics Work Sheet

Eight Ways to Improve Your Credit

Five Factors that Decide Your Credit Score

Your Property Wish List

Tips for Finding the Perfect Neighborhood

Tips on Buying in a Tight Market

The Pros and Cons of Condos

Five Reasons You Need a Real Estate Agent

Questions to Ask When Choosing a Real Estate Practitioner

Ten Steps to Prepare for Home Ownership

How Big A Mortgage Can I Afford?

Seven Reasons to Own Your Own Home

Five Common First-Time Homebuyer Mistakes

Ten Tips for First-Time Homebuyers

Ten Things to Take the Trauma Out of Home Buying

How High Tech is Your Home?

Ten Questions to Ask A Home Inspector

Hidden Home Defects to Watch For

What Your Home Inspection Should Cover

How Comprehensive is Your Home Warranty

Five Property Tax Questions You Need to Ask

Ten Questions to Ask Your Condo Board

Ten Questions to Ask Your Lender

Six Creative Ways to Afford a Home

Ten Things a Lender Needs from You

Choices that Will Affect Your Loan

Five Things to Understand about Homeowners Insurance

Ten Ways to Lower Your Homeowners Insurance Costs

Five Things to Understand about Title Insurance

What Not to Overlook on a Final Walk-through

Common Closing Costs for Buyers

What to Keep from Your Closing

Tips for Packing Like a Pro

One Month Before Moving

Pick up a Change-of-Address Kit from the Post Office and fill out for:
- Banks
- Insurance companies
- Credit card companies
- Magazines and newspapers - to cancel local newspaper delivery
- Doctors, dentists and other providers - to transfer drug prescriptions
- Past employer - for W2 forms
Take a look around the house.
Start to think about what you don't want to take with you.
Use up perishable foods
Sell, donate or hold a garage sale for unwanted items
Prepare a list of what you want to move.
Large appliances?
Outside furniture?

For full service moves:

Get written estimates from several moving companies
Will the movers pack for you?
What items won't they move?
Get appraisals of high-value items in case of future claims
Videotape your home and its contents for future reference in case of future claims

For do-it-yourself moves

Make arrangements for truck rental and moving help, and buy packing supplies:
- Boxes
- Packing and masking tape
- Markers
- Newspapers
- Twine
Start packing boxes. Mark boxes clearly as to contents and room to be placed in. Mark "Open First" clearly on boxes containing important items to be unpacked first including:Dishes, Pots and pans, Alarm clock, Bedding, Special toys, Towels, Light Bulbs, Plates, Tools - hammer, pliers, wrench
Stop by and make arrangements for picking up your important records: Birth, Doctor, Dentist, Legal, Optician, Optometrist, School Documents, Veterinarian
Close out your bank accounts
Start a new bank account in Boca Raton.
Transfer account from current bank?
Contact your child's new school; notify them of your upcoming move to their area.
Contact the Boca Raton Chamber of Commerce. Request a relocation package.

Two Weeks Before Moving

Pack your vital documents in one place: Passports, Military records, Mortgage records, Marriage license, Birth certificates, Vehicle titles, Stock certificates, Insurance papers, Bank records, School records, Medical records
Make arrangements to disconnect your utilities. Get refunds for any deposits made. Have meters read. Give new address for them to send their final bill: Cable - return box if necessary, Electric, Gas, Fuel, Telephone, Water
Make arrangements to connect utilities to your New Home.
Make arrangements for cleaning your old home.
Inquire about your new Florida's auto licensing procedure and auto insurance rates.
Check with your insurance company about transferring coverage to your New Home.
Arrange to have a sitter watch your children away from the house on moving day.

One Week Before Moving

Dispose of any flammable items: lawn mower gas, snow blower gas, paint aerosol cans
Plan what goes in the car with you: Toys and games for kids, Special breakable items or collections, Important documents and records, Change of clothes and toiletries for your first day, Vacuum cleaner - if you want to clean right away, Toilet paper, First aid kit, Food kit with bottled water, cereal, bananas
Make travel arrangements for your pets and plants.
Purchase moving insurance if you have valuable antiques and collections.
Have your car tuned up, oil changed and ready for the trip.

The Day Before Moving

Defrost, clean and air out your refrigerator.
Clean your stove.
Make sure you have payment ready for the mover - they will not unpack without a check.
Check your moving company's payment policies.
Purchase traveler's checks for other possible expenses.
Pack your former town's phone book for future correspondence.
Get a simple breakfast ready for the next morning.
Pick up ice and beverages for moving day.
Take down curtains and curtain rods.
Get a good night's sleep!

Moving Day!

Strip your beds.
Moving company - will they disassemble the beds? Show movers around. Make sure your possessions to be moved are inventoried with them.
Get all keys together. Put in a safe spot.
Make sure moving van driver has correct address, phone number and directions.
Confirm delivery date with movers.
Check all rooms one last time.
Remember closets and cupboards, basement and garage!
Make sure all windows and doors are locked.