Buying a home is one of the largest purchases you can make during your lifetime and for many people, it can cause a little bit of apprehension at first. For first time home buyers, there are many unknowns and many questions to be asked: what can I afford? What neighborhood should I live in? What will my property taxes look like? Is buying a home a worthwhile investment? These are just some of the thoughts that can happen throughout the home buying process. We’re here to help answer these questions and make sure you feel ready and excited to start your journey to buying the home you’ve always wanted. Here are some ways to take the uncertainty out of home ownership.
#1: Know what you can afford.
Before you start shopping for a home, talk to an experienced lender to find out what you can afford. They will sit down and talk to you about your income, debt or other financial obligations, and any other factors that will provide the information they need to give you a pre-approval letter with the amount that you can spend. Remember, even though you are given a set price, you don’t have to spend to the limit. If you use your full pre-approved amount, your monthly payment will be higher, and you will need to determine if that is something that you are willing to take on.
#2: Ask questions.
There is no doubt about it – the home buying process can be overwhelming at times. There are a lot of different steps involved and stacks of papers that need to be explained and signed. If there is anything along the way that confuses you, don’t ignore it. Ask questions so you can be sure you fully understand what is going on. This will help take some of the uncertainty out of the future for you. Our team has years of experience with real estate transactions and know the inner-workings of the process of buying a home. If there is anything you are unsure of, we are glad to explain it to you.
#3: Be flexible.
When you start shopping for a home, it can easily become an emotional process. You may feel a sense of urgency to purchase a home before interest rates climb, which can cause you to feel stress, and when combined with finding a house that you really love, it can be difficult to be flexible. While emotions are good to an extent, it’s important to factor a sense of flexibility into the process, too. Understand that you may not get the first home that you fall in love with, and you may need to be flexible in marching onward to find a different house. Talk to us about your feelings along the way and we can help keep reality at the forefront of your home search.
Buying a home is an exciting time. Not only does it mean you get to make an investment that will likely reap great rewards for your future, but it will also allow you to find a place that you can put down roots and enjoy for many years to come. If you are ready to set out on the path toward home ownership, contact us today to get started!
Owning a home requires paying for home repairs and improvements every so often. Major renovation projects, however, will take some more planning and preparation. It is very easy to go over budget on home remodeling plans, so here are some tips on how to curtail the spending but still get the updates you want.
#1: Take time to plan.
As a homeowner, there is almost always a to-do list of things that you want to complete on your home. Make a list of some of the most important things that you want changed and start doing some research on how much it will cost to change them. For example, if your windows and doors are old and inefficient, get quotes on how much it will cost to replace them and do some calculating on how this can end up saving you money in the long term on utility bills. Or, determine if your kitchen needs a full remodel and how that will impact the value of your home, or if just replacing or refinishing the cabinets will do the job. If you have a detailed plan with a specific budget set aside for it, the less chance you have on overspending.
#2: Figure out what you can do yourself.
Do-it-yourself home improvements are very desirable for many homeowners, simply because of the significant amount of money that can be saved. However, it’s important to know your limits. If you end up messing up something that you thought you could do yourself, then you might end up having to call a professional to fix it. This could cost you a lot more in the long run. Be sure to pick home improvement projects that are within your skill set and expertise and anything outside of that, hire a reputable company or contractor.
#3: Do your research.
If you want to pay a professional to undertake your home improvement projects, be vigilant on your research. Take time to read online reviews, ask questions, get details on how they intend to complete the job, and make sure you have a written estimate in hand. If you are not sure where to start, I am glad to help provide references of reputable places and people that are good to work with.
Home repairs and renovations are inevitable at some point. Make sure you have a plan of action, so you can stay on track with your budget. In the end, you will have a space to come home to that is exactly how you envisioned it. Or, if you have decided that it is time to move on and find a new home that better suits your specific needs, I am ready to help get the process started! As a Realtor®, I can help get your current home listed and sold and can help you find your next home. Contact me today so you can get the information you need to start your adventure.
Buying a home is a dream come true for many people and the longer you live in it, the more opportunity you have to build equity. Equity is the difference between what the home’s market value is versus what you owe on it and with each house payment you make, the more equity you gain. Also as your home’s value starts to increase your equity also grows. If you’re looking for additional ways to improve equity in your home, here are a couple of ideas.
#1: Large down payment.
When you’re ready to buy a home, you can get a head start right at the get-go, by making a large down payment. Putting down 20% or more of the property’s value is a great way to not only add instant equity, but it can also keep your house payment lower and it will also allow you to avoid paying private mortgage insurance each month which doesn’t insure you but rather insures the lender against a possible loss.
#2: Shorter mortgage terms.
It’s very common for homeowners to take out 30-year loans on their home, but if you can swing refinancing your home to a 15-year mortgage, you will be able to pile on the equity and help pay off the loan quicker. Your monthly payments will be higher, but the payoff can be significant when your mortgage is paid off in half of the time. If you can’t swing the refinance to a 15-year mortgage, consider paying a little more on the principal of your loan with your payment each month or make one or two extra payments a year and apply it toward the principal. This can help you pay off the loan sooner and will help bolster equity over time.
#3: Home renovations.
There are some remodeling and home improvement projects that can help increase the value of your home and boost the equity. Replacing windows and doors, adding attic insulation, and completing a kitchen or bathroom remodel can all help with increased property value and greater home equity. There are certain home projects that do not add as much value. If you’re not sure, I’m glad to provide advice on which to-dos reap the most return.
If you’re ready to explore the option of buying or selling a home, contact me. I’ve been helping clients of all kinds for more than two decades. As a Realtor®, I can help you start the process and can provide tips along the way. I am glad to help you with the information you need to start your adventure.