Thursday, September 4, 2003
More Bang for Your Buck: Best Time To Buy Home
September is historically the best time to buy a house. Tonight, Lynn shows us what to look for before buying a house and what can you do to make your dream home a reality.
(WSVN) -- For most people, buying a home is the biggest purchase they'll ever make.
But if you're not prepared, that dream house can become a house of horrors.
Tonight's -- the experts real how to purchase the perfect property and get more bang for your buck.
We've heard it before, but if you're looking for a house, now really is the time to buy.
September is statistically the best month when it comes to finding the lowest prices.
"We were really looking to make the most of our investment and also be able to use it and enjoy it," homeowner Gary Hall says.
Gary and Elizabeth Hall recently purchased a place in Miami Beach.
But for some people, finding a suitable home isn't so easy.
Jill Hertzberg, of Jill's Real Estatesays, "Everyone has a price range they want to be in, and you have to respect that and find them the best deal you can."
The rule of thumb - invest in a home about three times your annual salary.
And place more priority on the property rather than the house itself.
In time, the land will be more valuable than anything else.
"You definitely want to find the best property value for what you're serving," says Judy Ayers of the Department of Housing and Urban Development.
First-time buyers can take advantage of what is called an adjusted rate mortgage.
This allows buyers to get an interest rate below three percent for the first 5 years.
"You want to say I can afford this much. You want to know what you are doing."
You also may want to consider looking into some government programs.
In some cases, Uncle Sam will even give you thirty thousand dollars for a down payment.
"All you have to do is live in the property for 10 years depending on the program and you never have to pay the money back."
On the other hand, if you do have the money, foreclosures are frequently placed up for auction online.
Most sell for less but may need extra elbow grease.
"A lot of them are good fixer-uppers. The prices of them are affordable."
Gary and Elizabeth couldn't be happier with their new home.
They know finding the right place at the right price can make all the difference.
"That's the difference between happiness and disaster."
When you buy a home -- also consider a down payment of at least 20 percent.
That allows you to waive the mandatory mortgage insurance -- which can be high.
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