Getting Started

Are you thinking about buying a home? Whether you're a first-time or seasoned buyer, buying a home is not a decision that should be made lightly. Buying a home is a big task that comes with big responsibilities, which is why Alabama REALTORS® is here to help. Explore our home buying resources, and contact a REALTOR® to start the process.


    Here, you can learn more about the benefits of homeownership, as well as questions to ask yourself before making the next            steps.  

Is Buying a Home Right for You?

Before starting the home buying process, you must decide if you're ready to commit to a large, long-term investment. If you think you may be ready to buy a home, ask yourself these questions:


Is my current living situation no longer working?

Are you getting married or divorced? Is your family expanding? Is renting no longer a smart decision?


Am I financially stable?

Are you keeping your current job for the foreseeable future? Do you have money in savings? What is your current debt? Purchasing a home includes a down payment, closing costs, and possible maintenance and improvements. Being financially ready is the most crucial part of home buying. 


Am I interested in staying in one area?

If your employment situation changes, would you still want to stay in the area? Is there a possibility of a job relocation in the next few years? Are you content with the cost of living in the area? 


Am I comfortable moving in the current housing market?

Is home inventory in the area low and competitive? Are home prices currently above their true value? Are interest rates at a point where you could afford a mortgage? Be sure to study AAR's Alabama Economic and Real Estate Reports, and contact a local REALTOR® for information on the local market. 

If you answered "yes" to most of those questions, you may be ready to buy a home. Be sure to explore the rest of our home buying resources to learn more about the process and how you can prepare.


The Home Buying Process

Break down each step of the basic home buying process.


Finances make or break a home sale. Learn how to prepare yours.


As a buyer, you have several mortgage options.

Benefits of Homeownership:

  • Tax Benefits: In Alabama, interest paid on your mortgage is tax deductible up to a limit.
  • Personal and Generational Wealth: A typical homeowner’s net worth is 40 times higher than a renter's! Homeownership acts as a savings mechanism through building equity. Once a home is paid off, you have equity to pass down in your family.

Owning an Appreciating Investment: Homes appreciate over time, meaning they increase in value! Your home will be worth more than what you initally paid for it as years pass. 

Freedom to Personalize: When you own a home, you can truly make it your own and personalize it to your taste! When renting, you're limited in personalizing your space and can be penalized for making changes to the rental.

Building Credit: Making your mortgage payments on time will boost your credit score, making it easier to borrow money for other purchases in the future and receive lower interest rates.

Predictability in Payments and Costs: Homeowners don’t have to worry about rent unexpectedly increasing, and can better predict their monthly expenses. This helps lead to better budgeting and money management. 

Stability: Owning a home gives you a sense of stablity and security financially, physically, and mentally. Renting can be unpredictable and can change based on many different outside factors. Inflation and your property manager's choices are just two factors that make renting unpredictable.