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FAQs

  • Q: Where do I start if I’m thinking about buying a home?
    A: Start by connecting with a Realtor (hi!) and a trusted lender. Your agent helps you understand the market and neighborhoods that fit your needs, while your lender helps you figure out how much home you can comfortably afford. Once you’re pre-approved, you’ll be ready to start seriously looking.

    Q: What’s the difference between pre-qualification and pre-approval?
    A: Pre-qualification is an estimate based on your self-reported finances - it’s a quick way to gauge your price range. Pre-approval is a verified review of your credit, income, and debt by a lender. It’s stronger and shows sellers you’re serious and ready to make an offer.

    Q: How much money do I need for a down payment?
    A: You don’t always need 20%. Many buyers put down between 3% and 10%, depending on their loan type. There are also Oregon-specific assistance programs and grants that can help with down payment and closing costs - especially for first-time or low-to-moderate income buyers.

    Q: What other costs should I expect besides the down payment?
    A: You’ll also pay for closing costs (usually 2–4% of the purchase price), inspections, appraisal fees, and moving expenses. Your agent and lender can give you a detailed estimate before you make an offer so there are no surprises.

    Q: How long does it take to buy a home?
    A: From the time you get pre-approved, the process typically takes 30–60 days once you’ve found the right property. The search itself varies - some people find a home in a week, others take months. It all depends on timing, availability, and how specific your criteria are.

    Q: What’s the role of a Realtor in the homebuying process?
    A: Your Realtor is your guide, advocate, and project manager. They help you find homes, evaluate pricing, write competitive offers, negotiate repairs, and manage all the moving parts through closing. The best part? In most cases, the seller pays your agent’s commission - not you.

    Q: Should I buy now or wait for rates to drop?
    A: Timing the market perfectly is almost impossible. If you find a home that fits your life and budget, buying now means you can start building equity sooner - and you can always refinance if rates drop later. Waiting can also mean missing opportunities or paying more if prices rise.

    Q: What inspections should I get?
    A: At minimum, a general home inspection. Depending on the property, you might also want a sewer scope, radon test, or oil tank scan. These help you understand the home’s condition before finalizing your purchase - and give you leverage to request repairs or credits if needed.

    Q: What’s earnest money, and do I get it back?
    A: Earnest money is a deposit (usually 1–2% of the offer price) that shows the seller you’re serious. It’s held in escrow and applied toward your purchase at closing. If you back out for a reason protected by your contract, you get it back - otherwise, it could be forfeited.

    Q: What’s the most common mistake first-time buyers make?
    A: Focusing only on the home and not the long-term fit - things like commute, neighborhood vibe, HOA rules, or resale potential. Buying is both an emotional and financial decision, so having an agent who helps you balance both is key.

  • Q: How do I know if it’s better to sell or rent my home?
    A: It depends on your goals, finances, and how involved you want to be. If you want a clean break, need your equity for your next purchase, or don’t want the responsibilities of being a landlord, selling often makes sense. If you’re open to long-term investment and rental management, holding the property could pay off over time.

    Q: What’s the first thing I should look at when deciding?
    A: Start with your equity and local market trends. If home prices in your area have plateaued or started to cool, selling while values are high can lock in profits. But if rental demand is strong and rents are rising, it might be worth keeping as a cash-flow property.

    Q: How can I figure out if renting would be profitable?
    A: Compare your expected monthly rent to your total costs — mortgage, taxes, insurance, HOA fees, maintenance, and possible vacancy periods. If the rent comfortably covers these (plus a little cushion), renting could be a solid financial move. If you’d be losing money each month, it’s probably not worth the stress.

    Q: What are the tax implications of selling vs. renting?
    A: If the home is your primary residence, you may qualify for a capital gains exclusion when you sell (up to $250,000 for individuals or $500,000 for married couples). If you rent it out, your taxes shift — you’ll report rental income, deduct expenses, and potentially face capital gains when you sell later. Always check with a tax professional before making your decision.

    Q: How much time and effort does it take to rent out a home?
    A: Being a landlord can be a part-time job. You’ll handle maintenance, tenant screening, lease renewals, and unexpected repairs. You can hire a property manager to take care of most of it (for about 8–10% of the monthly rent), but you’ll still be the decision-maker.

    Q: What if I plan to move back in later?
    A: Renting can be a good short-term option if you’re not ready to sell or might return. Just keep in mind that tenants have lease rights, so you’ll need to plan your timeline around their occupancy.

    Q: Can renting affect my ability to buy another home?
    A: Yes, possibly. Lenders look at your debt-to-income ratio, and rental income isn’t always fully counted if you don’t have a track record as a landlord. Selling your home first can make qualifying for your next mortgage easier.

    Q: What’s the biggest financial risk of keeping my home as a rental?
    A: Market shifts and unexpected expenses. Vacancies, repairs, or rising insurance costs can eat into profits. It’s smart to set aside an emergency fund for the property — ideally three to six months of mortgage payments.

    Q: What’s the biggest regret sellers have?
    A: Many wish they had held onto their home a little longer, especially if values or rents went up later. But others regret keeping a rental that became more stress than it was worth. It really depends on your financial comfort level and how hands-on you want to be.

    Q: How can I make the best decision for my situation?
    A: Run the numbers both ways — potential sale proceeds versus long-term rental income — and weigh them against your goals. If you’d like, I can help you estimate your home’s current market value and potential rent range so you can see the full picture before deciding.

  • Q: What types of mortgages are available in Oregon?
    A: The main types are:

    • Fixed-rate mortgages – Your interest rate stays the same for the life of the loan, which provides predictable monthly payments. Common terms are 15, 20, or 30 years.

    • Adjustable-rate mortgages (ARMs) – Your rate starts lower for a set period (e.g., 5, 7, or 10 years) and then can adjust annually. They can be cheaper at first but carry some risk if rates rise.

    • FHA loans – Backed by the Federal Housing Administration, these require smaller down payments and have more flexible credit requirements, good for first-time buyers.

    • VA loans – Available to eligible veterans and active-duty military, often with no down payment or mortgage insurance.

    • USDA loans – Designed for rural areas, sometimes offer no down payment. Some parts of Oregon qualify.

    Q: How do I choose between a 15-year and a 30-year mortgage?
    A: A 15-year mortgage has higher monthly payments but you pay off your home faster and save on interest. A 30-year mortgage lowers your monthly payment and gives more cash flow flexibility, but you’ll pay more interest over time. Think about your budget, savings goals, and how long you plan to stay in the home.

    Q: Should I consider an adjustable-rate mortgage (ARM)?
    A: ARMs can make sense if you plan to sell or refinance before the initial fixed period ends. They start with lower rates than fixed mortgages, but your payments can rise later. Make sure you’re comfortable with potential increases and know the terms of the adjustment caps.

    Q: How much should I put down?
    A: The standard down payment is 20% to avoid private mortgage insurance (PMI), but there are options as low as 3–5% with FHA or conventional loans. Oregon also has down payment assistance programs for first-time and low-to-moderate income buyers. Your lender can help you find the right program.

    Q: What about interest rates?
    A: Rates fluctuate daily. Your credit score, debt-to-income ratio, and down payment size all affect the rate you qualify for. Even a small difference in rate can make a big difference in monthly payments and total interest, so it’s worth comparing multiple lenders.

    Q: What are points, and should I pay for them?
    A: Mortgage points are upfront fees that lower your interest rate. Paying points can make sense if you plan to stay in your home for a long time and want to save on interest over the life of the loan.

    Q: How do I pick the right lender?
    A: Compare interest rates, fees, customer service, and experience with Oregon buyers. Local lenders often know state-specific programs and timelines better than national lenders. Your Realtor can recommend trustworthy lenders.

    Q: Are there Oregon-specific programs I should know about?
    A: Yes! Oregon Housing and Community Services (OHCS) offers programs for first-time buyers, down payment assistance, and below-market interest rates. Some programs have income limits or purchase price caps.

    Q: What’s the best way to decide which mortgage fits me?
    A: Start by evaluating:

    1. Your budget and comfort level with monthly payments.

    2. How long you plan to stay in the home.

    3. Whether you prefer predictable payments or are comfortable with some risk.

    4. What down payment you can afford.

    Then, compare lenders, programs, and rates. Your Realtor and lender can walk you through side-by-side scenarios so you can see the impact on your monthly payments and long-term cost.

  • Ownership & Financials

    Q: What exactly do I own when I buy a condo?
    A: You own your individual unit (walls in), plus a share of common areas — hallways, roofs, landscaping, amenities, etc.

    Q: What are HOA fees, and what do they cover?
    A: Monthly fees usually cover maintenance of common areas, building insurance, landscaping, amenities, and sometimes utilities. They vary by building.

    Q: Are HOA fees negotiable?
    A: Not typically — they’re set by the HOA board. But reviewing fees vs. services is key to making sure it’s a fair value.

    Q: What’s included in the resale package?
    A: Budgets, reserve funds, special assessments, CC&Rs (rules), meeting minutes, and sometimes financial statements.

    Q: Can I get a mortgage for a condo?
    A: Yes, but lenders may have additional requirements about the HOA’s financial health and insurance?Market & Investment

    Q: Do condos appreciate as much as single-family homes?
    A: Not always. Some condos in older buildings or oversupplied areas may lag behind single-family home appreciation, but location and building quality matter most.

    Q: Are condos a good investment?
    A: They can be — if you pick a financially healthy HOA, good location, and plan for lifestyle and long-term use, not just quick appreciation.

    Q: What are special assessments?
    A: Extra fees that cover unexpected repairs or major projects not covered by the reserve fund. Reviewing past assessments helps anticipate potential costs.

    Rules & Lifestyle

    Q: Are there restrictions on pets, rentals, or renovations?
    A: Yes, every HOA has rules. Some limit pets, rentals, or changes to your unit’s exterior. Always review CC&Rs before buying.

    Q: Can I rent out my condo?
    A: Depends on the HOA. Some allow short-term rentals; others restrict rentals entirely or cap the number of units that can be rented.

    Q: How is parking handled?
    A: Many condos have assigned parking; some charge for additional spaces. Check if your unit includes a space or guest parking availability.

    Q: Who takes care of repairs?
    A: The HOA handles common areas, roofs, and structural elements. You handle the interior of your unit.

    Maintenance & Risk

    Q: What happens if the HOA is poorly managed?
    A: Poor management can lead to deferred maintenance, rising fees, or surprise assessments. That’s why reviewing financials, meeting minutes, and reserves is critical.

    Q: Are condo insurance needs different from a house?
    A: Yes — you usually only insure the interior and your belongings. The HOA insures the building and common areas.

    Q: Can I get out if the HOA mismanages the building?
    A: You can sell, but mismanaged HOAs can make resale more difficult or reduce property value. Your Realtor can help identify well-managed buildings upfront.

    Buyer Concerns

    Q: Why would I buy a condo instead of a house?
    A: Condos offer lower maintenance, amenities, walkability, and often affordability in urban areas. They’re ideal if lifestyle and convenience matter.

    Q: What’s the difference between a condo and a townhouse?
    A: Condos usually share walls and common areas, often with HOA maintenance included. Townhouses are often multi-level, sometimes with small yards, and maintenance responsibilities vary.

    Q: How do I know which condo is right for me?
    A: Look at location, HOA financial health, building maintenance, rules, and amenities. Your Realtor can guide you to units that match your lifestyle and goals.

  • Q: What’s the difference between a floating home and a houseboat?
    A: A floating home is permanently moored and connected to sewer, water, and electrical systems—just like a regular house, except it floats. A houseboat has engines and can move under its own power. Floating homes are real property; houseboats are personal property.

    Q: Do I own the water or land underneath my floating home?
    A: No. Floating homes are moored to a rented or owned slip within a marina. You may either own your slip (like a condo) or lease it from the moorage owner, similar to renting land in a manufactured home park.

    Q: How does financing work for floating homes?
    A: You’ll need a specialized marine or floating home loan rather than a traditional mortgage. These loans usually require a higher down payment (often 20–25%). A few Portland-area lenders specialize in this type of financing.

    Q: What kind of insurance do I need?
    A: Floating home insurance covers unique risks—like hull damage, flotation integrity, and moorage liability. It’s best to work with an insurance agent who has experience with floating homes.

    Q: How are utilities handled?
    A: Most floating homes are connected to city water, sewer, and electricity through the moorage. You’ll typically pay utilities like any homeowner, though sometimes sewer or garbage is included in the moorage fee.

    Q: What are moorage fees, and what do they include?
    A: Moorage fees are monthly payments for your slip if you lease it. They often cover water, garbage, maintenance of docks and common areas, and sometimes parking or security. The amount depends on the marina and location.

    Q: How are inspections done for floating homes?
    A: In addition to a standard home inspection, you’ll need a float inspection to evaluate the structural integrity and buoyancy of the float. Some inspectors specialize in this type of property.

    Q: Are floating homes affected by flooding or high water?
    A: Floating homes rise and fall with the river, so they’re generally less affected by flooding. However, river conditions, debris, and moorage maintenance can still impact safety and comfort.

    Q: Can I rent out my floating home?
    A: It depends on the moorage. Some allow long-term rentals, but short-term rentals (like Airbnb) are often restricted. Always confirm moorage rules before purchasing.

    Q: What’s it like to live in a floating home?
    A: Peaceful, scenic, and community-oriented. You’ll experience river life up close—wildlife, sunsets, and a gentle rocking underfoot. It’s a special lifestyle for those who love nature and don’t mind a bit of upkeep and adventure.

  • Q: What exactly is a townhome?
    A: A townhome (or townhouse) is a multi-level home that shares one or more walls with neighboring units but has its own private entrance. Think of it as a middle ground between a single-family home and a condo — you own the structure and the land beneath it, but you’re part of a shared community.

    Q: How is a townhome different from a condo?
    A: The biggest difference is ownership. Condo owners typically only own the interior space of their unit, while townhome owners own both the interior and exterior — including the roof, yard, and driveway. Townhome HOAs usually maintain shared areas (like landscaping or private roads), but not the whole structure.

    Q: Do townhomes have homeowners associations (HOAs)?
    A: Most do. HOAs help maintain shared amenities and common areas, which can make the neighborhood look great and keep property values stable. The dues are typically lower than condo HOAs since you’re responsible for more of your own maintenance.

    Q: What do HOA fees usually cover?
    A: It depends on the community, but they often include landscaping, exterior lighting, snow or leaf removal, road or roof reserves, and insurance for shared spaces. Always review the HOA’s financials and CC&Rs (rules) before purchasing — they tell you exactly what’s covered and how well-managed the community is.

    Q: Can HOA rules limit what I do with my townhome?
    A: Sometimes. HOAs might have rules about paint colors, parking, short-term rentals, or pets. It’s best to know the boundaries upfront — a good HOA creates consistency and keeps the neighborhood attractive without feeling restrictive.

    Q: Are townhomes a good investment?
    A: Yes — they often appreciate at a steady rate and appeal to a wide range of buyers. You may not see the same returns as detached single-family homes in hot markets, but they can offer better affordability, lower maintenance, and solid resale value in the right location.

    Q: What about privacy and noise?
    A: Because townhomes share walls, noise can be a concern in some older or poorly built units. Newer construction often uses soundproofing materials that make shared walls surprisingly quiet. It’s always smart to test it out during a showing — talk, clap, or run water on both floors to get a feel for sound transfer.

    Q: Who handles exterior maintenance?
    A: You do — unless your HOA covers it. Some communities maintain exteriors for uniformity, while others leave that responsibility to each homeowner. It’s important to know this ahead of time, especially when budgeting for upkeep.

    Q: Do townhomes qualify for traditional home loans?
    A: Yes. Unlike condos, which require special approval from some lenders, townhomes are typically financed just like detached single-family homes. You can use FHA, VA, or conventional loans depending on your situation.

    Q: What kind of lifestyle suits townhome living?
    A: Townhomes are great for people who want a balance of privacy and community. They’re perfect for busy professionals, downsizers, and first-time buyers who don’t want to mow a huge lawn but still like the idea of homeownership and personal outdoor space.