Home Buying For Dummies, 3rd edition
by Eric Tyson, Ray Brown
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Book Summary Information
Author: Eric Tyson, Ray BrownEdition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2006-02-06
ISBN: 0471768472
Number of pages: 408
Publisher: Wiley
Book Reviews of Home Buying For Dummies, 3rd edition
Book Review: Get yourself ready for your first home purchase
Summary: 5 Stars
This excellent (and surprisingly quite comprehensive) home buying book guides us through the entire journey of home ownership including the saving of downpayment, clearing existing debt and cleaning up of credit scores, mental prep, the understanding and selection of different mortgage types out there(fixed rate, adjustable, 80-10-10 etc), different types of housing available (condos/lofts, single-family etc), insurance shopping, advice on home inspection and closing the deal, and even advice for preparing your home sale down the road.
It is extremely important that we buy our house at the right budget without overstretching ourselves or under-buying it and this book helps us in making the right financial decisions.
From what I have gathered from various home buying books and articles, we should opt for a 20% down payment (or at least 10%) and go for a fixed-rate mortgage (or hybrid mortgage if intend to keep for only 5-10 years) to avoid potentially disastrous financial risks down the road. Our true monthly payment for our home ownership is usually 40% additional of our monthly mortgage payments (since it includes our home ownership tax, insurance, maintenance etc), so we should be aware of it before taking the plunge. Buying a house with the intention of selling it for quick profits is usually a very risky proposition. Though it is difficult to time the housing market, it looks like it is cooling off recently. So if you happen to buy a house at its peak value, you might encounter a considerable loss if you decided to sell it after a few months or even a couple of years later. A quick word about tax breaks for home ownership. We should only consider our tax breaks as nice bonus and should not factor in the tax returns into how much house that we could afford to avoid biting too much house.
I highly recommend reading Suze Orman home buying guide http://biz.yahoo.com/pfg/e10buyrent/. Very informative read.
With this book, I am confident that we will be a much better informed buyer and make our home ownership experience a true American dream instead of a financial nightmare. Best of luck!
Summary of Home Buying For Dummies, 3rd edition
Though fun and exciting, buying a home can also be complicated and confusing?and most people learn the hard way that a wrong move can cost dearly. In order to find the perfect home at the best price, you must have skill, foresight, and a little guidance from experienced professionals.Home Buying for Dummies, Third Edition provides just that! Packed with invaluable advice in an objective, down-to-earth style that will have you sitting in your dream home in no time, this friendly guide contains everything you need to know to play the home buying game. It has the tools you need to:
- Improve your credit score and select a mortgage
- Choose a time and place to buy
- Determine the price you want to pay
- Assemble an all-star real estate team
- Make use of the wonderful world of the Internet
- Negotiate your best deal
- Inspect and protect your home
- Handle and become responsible for the title
- Cope with buyer?s remorse
Featured in this guide are tips and tricks on things you should do after you seal the deal, as well as things you ought to know about real estate investing. Also included is advice on how to sell your house, as well as a sample real estate purchase contract and a good inspection report. Don?t get chewed up by the real estate market?Home Buying for Dummies, Third Edition will lead you to the home you want!
This may be the best comprehensive guide for home buyers. Home Buying for Dummies is coauthored by Eric Tyson, author of several other books in the For Dummies series, and Ray Brown, a long-time real estate professional. Like other books in the series, this one is an easy and even entertaining read. But it does not gloss over details in pursuit of simplicity. Home Buying for Dummies covers all the bases, providing clear explanations and reasonable judgments on how to select a mortgage, hire a real estate agent, find the right house, and negotiate a good deal. The book goes further than most in providing helpful, specific information. For example, in discussing ways to save money for a future down payment, Home Buying for Dummies even includes the phone numbers for various mutual funds appropriate to different investment time frames. --Barry Mitzman
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