Consider your options. People sometimes begin the home buying process without actually thinking about or reviewing their own preferences or circumstances. Other times, family members know their preferences but have conflicting choices. There are many situations that can affect the ultimate decision, but it’s easier to find what you are looking for once you know what that is. This is why the DearMonty.com goal is to help make the most informed buying decisions possible.
There are many reasons to buy a home: an investment property to rent out, a place to live for yourself, or a chance to put your construction and design skills to work with a fixer-upper. Before you even begin looking, it’s a good idea to sit down and take a minute to think about what exactly your goals are before you make a big real estate purchase. Click here to learn the details.
Let’s look at some specific questions sent in by DearMonty readers from across the country. Read more Q&A articles about the “Determining Preferences” stage of the Home Buying process:
Reader Question: We recently purchased a home. We used a buyer agent because we understood that a buyer agent works for the buyer instead of the seller. Our friends also bought a house recently, and they used a buyer agent. We just learned that our friends signed a buyer agent contract when they started […]
Reader Question: We are buying a home, and the agent suggested a home warranty to replace or repair things that wear out. The warranty covers such items for a year, after which time we can renew the contract or let it lapse. The cost of the coverage is over four hundred dollars. We have asked […]
Reader Question: We are thinking of buying a home and starting a family. We are in our early thirties with good jobs and in for the long haul. We are a bit “out of the box” with many interests and don’t want a cookie-cutter in suburbia. Do you have any ideas for us? Zach and […]
Reader Question: We have been looking for a new home for months. Now we are thinking of custom building. We have heard many horror stories about missed deadlines, poor quality and construction flaws. How do we pick the right custom home builder? Shaun and Alyssa D. Monty’s Answer: You have already identified a number […]
Reader Question: Monty, we are considering the co-op style of living. What are you and other folks saying about the way that this works regarding the buy-in and the monthly costs? Monty’s Answer: Hello Mike, and thanks for your question. Here are some thoughts, not about any particular co-op. Instead, it is one person’s opinion based […]
Reader Question: Hi, We are ready to begin searching for a first home. We live north of a city with over 4 million people. My husband has a long commute to a close neighboring city. We cannot decide if we should move close to his job, stay where we are (what we are familiar with […]
Reader Question: Hello Monty. I would like to know the investment advantages and disadvantages noted between the homes located in recreational areas of the ocean beaches of Maryland vs. Virginia. As an example; homes located in Ocean City, Maryland vs. Virginia Beach, Virginia. I am looking for long-term advantages, resale, rental streams, noted replacement or new […]
Reader Question: I am buying a commercially zoned property for personal use. I will be storing personal items and not operating a business. The value of the property is $35,000 dollars. Will I be required to get a commercial mortgage? Also, would I be required to carry commercial property insurance or would regular property insurance be sufficient? Bob I. Monty’s […]
Reader Question: My home is paid for and recently went up for sale (375k). I want to buy another home in the neighborhood (420k). How can I do this before my present home sells? I do not want to miss out on the other home. Thanks, Robyn. Monty’s Answer: Hello Robyn, thanks for your question. […]
Reader Question: Hi Monty, My spouse and I live in a rental home that the current owners want to sell to us. They floated an idea in which they become the “lender”, sell us the home and we make payments to them. Is this a dumb idea? Is this possible with the real estate laws? If it can be done, […]
Reader Question: Monty, I am a first time homebuyer. I have been saving for several years and have a good down payment, but I am in no hurry. I like your column, but there are so many topics to consider. Is there is one single subject that I could focus on to simplify the home buying […]
Reader Question: Monty,houses are selling at one third of what their market value was five years ago. Should I buy one, two or more? Monty’s Answer: The answer to your question will be different for different people. There is no “right” answer. Most of us have circumstances that are unique that others do not share. […]
Reader Question: Monty, I live in an apartment with several friends. I have a terrific job. I am the only one with a steady income. I am considering purchasing a home to get the tax breaks and renting rooms to them. I would not charge them full rent, and, everyone could share common expenses as […]
Should I own a home? We are fortunate because the dream of someday owning a home is a reality in our country. Home ownership is a solid symbol of our free enterprise system and is one of our greatest rights as U.S. citizens. It offers some income tax advantages and is often viewed as a […]
Before You Begin Your Builder Search Just as with buying or selling an existing home, building a new home can be a complicated process. Fortunately, there are steps one can take to avoid costly problems and unsatisfactory results. At the same time you can provide more input to achieve the outcome you want. First, as […]