CommunityLink

Conway, AR

Relocation

Conway is a great place to live for many reasons. There is an excellent school system, state-of-the-art health care facilities, entertainment opportunities galore, a low cost of living, a clean environment and much more.

Located in the heart of the Mid-South, Conway is the sort of community most people dream of. Conway is located a short distance from Little Rock and within easy driving distance of the many recreational and tourist attractions of the Ozarks.

Residents enjoy a relaxed lifestyle amidst the endless energy of a college town. The area’s three colleges provide residents and visitors with an endless array of amenities and culture. There are countless opportunities for entertainment and enrichment activities of all kinds.

Conway’s growing and thriving economy is diversifying into the high-tech industry, bringing more visitors and residents all the time. With the development of the Meadows Office & Technology Park, Conway continues to entice high-tech businesses to the area.

Conway experiences all four seasons. Year-round temperatures are moderate, providing a great climate for outdoor activities.

In Conway, you’re never more than a few minutes away from great shopping. Conway Commons Mall, the downtown area and over 20 other smaller shopping areas provide unique shopping experiences.

Conway has abundant and affordable housing. Whether you are seeking a luxurious estate, a condo or a traditional family neighborhood, Conway has something to fit your lifestyle and your bank account.

The youthful population keeps Conway young at heart. So if you’re thinking of retirement and want to keep your -youthful lifestyle, Conway has lots to offer you. Retirees are attracted to the superb health care facilities and the many educational, cultural and recreational opportunities found here. There are endless -opportunities for volunteer work in Conway, and you can always take a class at one of the colleges or continuing adult-education programs.

Whether you’re a part of a family or corporation looking for a home, a retiree looking to settle down, or a tourist considering a relaxing vacation spot, Conway’s the place for you.


Getting Started

How do I know if I’m ready to buy a home?
You can find out by asking yourself some questions:
Do I have a steady source of income?
Have I been employed on a regular basis for the last 2–3 years?
Is my current income reliable?
Do I have a good record of paying my bills?
Do I have few outstanding long-term debts, like car payments?
Do I have money saved for a down payment?
Do I have the ability to pay a mortgage every month, plus additional costs?
If you can answer “yes” to these questions, you are probably ready to buy your own home.
How do I begin the process of buying a home?

Start by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment? How much space do you need? What areas of Conway do you like? After you answer these questions, make a “To Do” list and start doing casual research. Talk to friends and family, drive through neighborhoods, and look in the “Homes” section of the newspaper.

Additionally, you may want to consider pre-applying for a loan. Doing so will allow you to know how much home you can afford before you begin searching; it can also give you negotiating power once you’ve selected a home, as the buyer will know that you’re already approved for a loan. However, the rates and amounts of pre-approval loans are usually only good for a fixed period of time; if your home search exceeds this period, you will have to re-apply for the loan.

How does purchasing a home compare with renting?
The two don’t really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing.

Owning a home has many benefits. When you make a mortgage payment, you’re building equity, and that’s an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities — like insurance, real estate taxes and upkeep — which can be substantial. But given the freedom, stability and security of owning your own home, they are worth it.

How does the lender determine the maximum loan I can afford?
The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. According to the FHA, monthly mortgage payments should be no more than 29 percent of gross income, while the mortgage payment, combined with non-housing expenses, should total no more than 41 percent of income. The lender also considers cash available for down payment and closing costs, credit history, and so on when determining your maximum loan amount.

How do I select the right real estate agent?
The Conway Area Chamber of Commerce can provide a list of area agents. Talk to each before choosing one. Look for an agent who listens well and who understands your needs and whose -judgement you trust. The ideal agent knows the local area well and has resources and contacts to help you in your search. Overall, you want to choose an agent who makes you feel comfortable and can provide all the knowledge and services you need.

How can I determine my housing needs before I begin the search?
Your home should fit the way you live, with spaces and features that appeal to the whole family. Before you begin looking at homes, make a list of your priorities — things like location and size. Should the house be close to certain schools? to your job? to public transportation? How large should the house be? What kinds of amenities are you looking for? Establish a set of minimum requirements and a “wish list.” Minimum requirements are things that a house must have for you to consider it, while a “wish list” covers things that you’d like to have, but that aren’t essential.


Finding the Right House for You

What should I look for when deciding on a community?
Fortunately, Conway has many community and neighborhood choices. Select a community that will allow you to best live your daily life. Many people choose communities based on schools. Do you want access to shopping and public transportation? Is access to local facilities like libraries and museums important to you? Or do you prefer the peace and quiet of a rural community? When you find places that you like, talk to people who live there. They know the most about the area and will be your future neighbors.

How can I find out about community resources?
Contact the Conway Area Chamber of Commerce for promotional literature, welcome kits, maps and other information. Conway’s real estate agents and the local library are also good sources of information.

Is an older home a better value than a new one?
There isn’t a definitive answer to this question. You should look at each home for its individual characteristics. Generally, older homes may be in more established neighborhoods, offer more ambience and have lower property tax rates. People who buy older homes, however, shouldn’t mind maintaining their home and making some repairs. Newer homes tend to use more modern architecture and systems, are usually easier to maintain, and may be more energy-efficient. People who buy new homes often don’t want to worry initially about upkeep and repairs.

What should I look for when walking through a home?
In addition to comparing the home to your minimum requirement and wish lists, consider the following:
Is there enough room for both the present and the future?
Are there enough bedrooms and bathrooms?
Is the house structurally sound?
Do the mechanical systems and appliances work?
Is the yard big enough?
Do you like the floor plan?
Will your furniture fit in the space? Is there enough storage space? (Bring a tape measure to better answer these questions.)
Does anything need to be repaired or replaced? Will the seller repair or replace the items?
Imagine the house in good weather and bad, and in each season. Will you be happy with it year-round?
Take your time and think carefully about each house you see. Ask your real estate agent to point out the pros and cons of each home from a professional standpoint.
What questions should I ask when looking at homes?
Many of your questions should focus on potential problems and maintenance issues. Does anything need to be replaced? What things require ongoing maintenance (e.g., paint, roof, HVAC, appliances, carpet)? Also ask about the house and neighborhood, focusing on quality of life issues. Ask questions until you understand all of the information you’re given. Making a list of questions ahead of time will help you organize your thoughts and arrange all of the information you receive.