Tag: Homes for sale - page 7

There are always a ton of must haves and wants on the list of home buyers.  For real estate agents the tricky part is finding what a buyer wants within their allotted budget.  It is important for both sellers and buyers to recognize what is important in regards to home improvements in the market.  Sellers want to make their homes as appealing as possible to the needs of buyers in order to move their homes from the market quickly.  In the next two installments on home improvements we will discuss the home improvements that bring homeowners a return on investment and those that fall short.

One home improvement that is always a hit with buyers and sellers is a well equipped master suite.   It is important that at the end of the day we come home to an environment that is equipped just for us.  Nothing does this better then a master suite that offers everything one needs for solitude and relaxation.  The most wanted features in the master suite include a luxurious spa tub, walk in shower, lounging area and a full walk in closet.

The use of natural materials in home improvement is also a draw for new homebuyers.  People enjoy natural materials used in ceramic tile, hardwood flooring and granite countertops.  For flooring it is best to forgo using linoleum and look towards ceramic tiles.  If instead of hardwood you choose carpet flooring it is best to choose a carpet that is neutral and of the highest quality.  It is best to combine natural flooring with carpet to avoid the wall to wall feeling of fabric.  Natural materials in the kitchen, bath and flooring tend to be huge requests when buyers are looking for a home.

Landscape, exterior care and the aesthetics of the area all make curb appeal another top priority for new home purchasers.  Local realtors stress to sellers that the exterior must appeal to the eye to attract a buyer.  If the outside is un-kept buyers are likely to suspect the same level of care on the interior of the home. No matter what season you are looking to sell your home in it is wise to invest in the exterior appeal.  Make sure that the siding is kept clean and free of imperfections.  Take time to spruce of the homes landscaping.  In the fall trim bushes and clear leaves, in the winter clear sidewalks and keep patios clear and in the spring and summer keep the lawn in the best shape possible enhancing the green of the grass and adding mulch to improve the coloring of landscape plants.

Another improvement that is a huge hit amongst home buyers is the addition of new, top quality windows.  It is amazing how much this improvement can boost the price you can ask for your home.  Windows are expensive but it is one of the most likely home improvements to bring homeowners a high return on investment.

In our next installment on home improvements we will discuss the home improvements that bring homeowners that don’t offer a return on investment and should be avoided on homes that are about to be placed on the market for sale.   The improvements we will discuss are those that should only be done to improve the quality of life for the current homeowner and should not be viewed as an increase to the homes overall value or mass appeal.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

Have you been thinking about purchasing a new home but are afraid to start looking now because the winter season is right around the corner? This article will bring a new perspective to home buyers that are uncertain about buying a home in the winter.  It is true that the spring and summer seasons are typically the most active seasons for both sellers and buyers.  Winter house hunting does have benefits over other seasons.  Work these to your advantage and you will be moving into your dream home without having to wait until spring comes around again.

When it comes to buying a home in the winter the one main benefit is the lack of competition in the bidding process.  The myth that buying a home in the winter is undesirable leads many sellers and buyers hesitant.  This means that although there are fewer houses on the market the houses that are on the market will have less competition when submitting your offer.  It can be a bit inconvenient and messy to move in the winter but when you think about an offer without the competition of other buyers it diminishes the worry about a bit of untidiness during the moving process.

When buyers are scarce, it is the perfect time to start looking for a home.  Homes during the winter move more slowly; it is truly a buyers season.  Sellers most often have a reason for selling in the winter that makes the need to move their home off the market more crucial.  This means that a buyer is able to negotiate a better deal.  It leaves room for the buyer to ask for money off the asking price, the appliances to stay in the home or any extras the buyer is interested in.  For instance, a client recently purchased a luxury recreational property.  In the offer they asked for the seller to include the family’s golf cart as part of the deal.  These items are easier to negotiate for when the buyers offer is the only one on the table.  This is often the case when buying in the winter.

Another advantage of buying in the winter is that you are seeing the property at its worst.  In the winter sellers don’t have any real curb.  Trees are barren, grass is brown and the flowers have all been cut back.  It also gives you a better chance to inspect for drafts, pipe freezing issues, attic air leaks and other issues that are commonly seen in the cold weather that are hidden from even the most experienced inspectors during the summer season.  You can feel the warmth of the home or lack thereof and really get a feeling for the homes insulation as well.

Mortgage brokers, mortgage lenders and real estate agents are also less occupied during the winter as well which allows you to have more of their attention when buying in the winter.  Mortgages tend to be processed faster with fewer issues because they aren’t focusing on thousands of new mortgages.  Paperwork flows through the proper changes without as many hiccups because people have more time to properly process documentation without the rush that occurs with the spring and summer seasons.

As you can see buyers should not fear starting to look for a new home or their first home in the winter.  Winter is an advantageous time to purchase a home for buyers.  It should actually be considered a prime time for buyers to find the perfect place to live.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

It is true that it is possible to buy and sell homes without using a real estate professional.  Although possible, it is not recommended.  Many who have tried to sell or buy a home without using a professional agent have said that in the end the costs and emotional stress were more than what it would have been if they had hired a professional from the start.  Below you will find just a few reasons why homeowners should not automatically rule out the idea of hiring a real estate agent to help with the purchase or sale of their home.

Improved Access and Convenience

When you do something over and over again you are able to simplify the process; you achieve an exact science in completing the task at hand.  This is what realtors offer to buyers and sellers.  The agent will link the two parties together which offers better exposure for both of them.  An agent works to close offers efficiently and quicker.  Homeowners choosing to buy or sell a home without the help of an agent actually end up missing a great number of interested parties because they lack the same resources that an agent has.

Negotiating is Harder Then It Seems

It is a myth that homeowners save themselves a ton of money by negotiating the sale or purchase of a home on their own.  Negotiating is hard when emotions are involved; both parties believe that their offer has more benefits than the others.  An agent has experience connecting the buyer and the seller.  This allows the messages that they both have to be conveyed in a less emotional manner helping the other to perceive it in a better manner.  Real estate agents have proven negotiating skills and have experience in convincing people to come to an agreement.

Real Estate Contract Are Complicated

Anytime a contract is involved it is important to be sure that what is stated is what you had agreed upon when speaking.  Even if you agreed that the appliances were to stay if it is not stated in the contract there is nothing legally binding to ensure that occurs. An agent knows exactly what needs to be included or omitted in a real estate offer and an end contract.   This alone can save buyers and sellers the amount they are paying for the professional real estate services an agent provides.

Buying and selling homes is an intricate process.  The steps are compounded with the stress that homeowners naturally feel when big decisions loom overhead.  With all of the paperwork that needs to be done, questions to be answered and deals to be negotiated it is impossible for homeowners to flow through the process without complications. That is why real estate agents are an absolute necessity when buying or selling a home.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

In our last installment we talked in depth about buying your first home.  With the excitement that surrounds this time in your life it is easy to overlook some of the most important areas surrounding home ownership.  Below are some questions you will want to ask yourself before committing to buying your first home.  The anticipation of owning a home can make even the most put together individual in a tail spin.

What do you expect for your future?

Although the future is unpredictable you need to think about it.  Envision your future; how will buying your first home be affected or affect this future?  Examine the prospective properties with the following things in mind:

Is there development coming to the area?  New neighborhoods, shopping center and such can affect the traffic and value of the property.  Are these things you can live with?

What are the home values of the surrounding area?  Are they increasing or decreasing?

Will the zoning laws affect your region?

Does the school district have a solid reputation?  Can you see your children attending the neighboring schools?

Anything that may affect your future should be at least considered when buying a new home.  If your job is one in which you see a transfer in your future is it safe to say that you will be able to sell the home without taking a loss or is it wiser to wait.

Where should you look to find a mortgage?

You will find that there are a ton of options when it comes to financing your first home.  It is almost impossible to research all of the options available on your own.  One of the best places to start looking into mortgage options is with a mortgage broker.  An experienced real estate agent will often have a recommendation for you in regards to a broker to work with.   After working within the industry for any length of time, realtors have invaluable connections and insight with mortgage brokers, contractors, home inspectors and more.

Will you need to take on any new debts?

Before you take on a mortgage payment consider how much debt you have now and any new future debts.  Will you need to buy a new car soon? Are you planning on starting a family?  Do you think you will be adopting a four legged companion when you move into your new house?  Do you have a nest egg set aside to handle these expenses without adding to any current debt?  Your debt to income ratio is one aspect of determining the mortgage amount you qualify for.  Not considering future debt could allow you to be qualified for more than you can comfortably take on.

Are the repairs needed in the home inspection?

No matter if you are buying your first home or last, a home inspection is a good idea.  In fact, in order for many mortgage companies to consider lending to you they will want to see a copy of the inspection.  After receiving a report from the inspectors do you need to re-figure your initial offer to take into account expensive repairs?  If the repairs to the home are non-negotiable will you have the funds to make the necessary repairs on the home while making the monthly mortgage payment?  If you will be struggling to make necessary repairs while keeping up with current bills you may want to reconsider purchasing this particular home.

Buying your first home is an experience unlike any other.  To make sure you are truly ready for everything that comes with the process of owning a home it is a good idea to ask yourself some tough questions, like the ones above and in our last installment.  Then and only then will you be sure that this step is one you are ready to take on.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

Are you tired of living in your parent’s basement?  Perhaps the current neighbors sound like a herd of elephants are crashing through your ceiling?  Whatever your reason, buying a new home can be a bit overwhelming.  Below you will find some questions you will want to consider before making the leap into homeownership for the first time.

Can you afford to buy a house right now?

Purchasing a home, especially for the first time requires a great deal of planning.  Without proper preparations you are willingly exposing yourself to unnecessary risks.  When buying a home you need to make sure that you are fully capable of affording all the aspects that come with it.  A good rule of thumb is to spend less than thirty percent of your monthly income on housing expenses.

You will want to remember to calculate the private mortgage insurance (PMI) into this figure.  PMI is charged when your down payment is less than twenty percent.  Certain mortgage options, such as FHA financing allow you to purchase a home with only three and half percent down.  In this case PMI is necessary.  PMI is the insurance that the mortgage company takes on your mortgage to cover the risk associated with small down payments.  To avoid paying the extra expense of PMI you will want to have a down payment of twenty percent or more.

Do you have time to shop for a house?

Buying a home takes time and patience.  You will not want to rush through the house-hunting process.  Take plenty of time to define what you want verse what you need in a home.  Work with a real estate agent that is familiar with the location you are hoping to buy.  Using a professional realtor can certainly help with the time strain that comes with looking for a new home.

Experienced agents know the ins and outs of the business.  They have connections throughout the industry and a real understanding about the market.  More often than not, experience allows agents to show you only homes within your specifications, thus not wasting your time one options that are not feasible.

In our next installment, we will look into more questions you need to ask yourself before buying your first home.  There are many aspects that are overlooked especially by first time home buyers.  Asking yourself these few questions can save you a lot of time, money and anguish.  Our next installment on buying your first home we will cover the future, mortgage options, debt and home inspections.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

Are you looking for a new home in the market today?  There are an abundance of homes for sale that are known as handyman specials.  Fixer uppers are homes that are for sale that are in need of repair.  These homes generally cost less compared to other homes in the area.  Many times these homes are quickly purchased by real estate investors.  After purchasing these locations they fix them up and sell the property at a premium.

These handyman specials are a top target for real estate investors because they are cheap.  With the properties needing a variety of repairs they are sole far below the market value.  While many fixer uppers continue to be purchased by investors there are still plenty of them to be snapped up by residential buyers.  This is a great option for buyers looking for an affordable option in homeownership that aren’t afraid to put in the time, money and sweat equity to fix the home up to meet their needs.

The one thing that homeowners looking at fixer uppers must consider is the cost of repairs.  Most handyman specials are sold “as is”.  You must have a fairly accurate estimate of the repairs the home needs before purchasing a fixer upper.  Don’t underestimate the cost of repairs needed.  This is how many buyers get in trouble when purchasing a fixer upper.

If you are seriously considering a fixer upper it is pertinent that you get a proper inspection.  You will want to make sure you hire an inspector that is reputable in handyman specials.  The structure, roof, heating, plumbing and electrical systems are of the utmost importance.  These five areas are the most expensive repair areas in home renovations.  Substantial expense lies within these repairs.  Only take on a home with these issues if the selling price is well below the market value and can be recouped in the long run.  Look into toxicity issues, mold and the sewer system as well.  A licensed inspector that specializes in this type of home is required when seriously looking into a handyman special.

A home that is worthy of being fixed up can end up being a terrific investment.  As the buyer it is important to understand what needs to be repaired and the costs involved.  Figure out what repairs you can handle on your own and those that you will need to hire out.  For a complete list of local homes that are in need of some tender loving care find a realtor in your area.  A reputable real estate agent can even find a diamond in the rough in even the most amazing areas.  Golf courses, recreational properties, lakefronts and more can all be found below market value.  They may just need a little attention to make them the eye catching beauties they once were.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

Set a Budget: Setting a budget and following it is a key concept when buying a home.  No matter what you are qualified for if you don’t feel comfortable with that monthly payment it will cause you undue stress.  Calculate how much you believe you can reasonably afford to spend each month on housing.  This is the most important aspect in buying a home to be successful.  If you are stretched with a payment that is out of your comfort zone homeownership will become a burden rather than an accomplishment.

Include Principal, Interest, Taxes and Insurance In the Budget: If you have been renting you may not be familiar with the fact that your mortgage payment is not alone when it comes to expenses related to your mortgage.  Many lenders will roll the principal, interest, taxes and insurance into your monthly payment.  If you have less than twenty percent down, a PMI expense will be added as well.  Make sure you talk to your lender about these extras as they can almost double your monthly payment.

Determine How Much Cash Is Needed At Closing: Typically your down payment should be between five and twenty percent of the cost of the home.  A down payment of less than twenty percent requires primary mortgage insurance, otherwise known as PMI.  The amount you will need in cash at closing includes your down payment, loan origination fees, title insurance as well as other miscellaneous fees.  Be prepared to have a substantial amount of reserve in your savings as expenses tend to creep up throughout the home buying process.

Research Yearly Utility Rates: Moving to a different climate or larger home can significantly change the monthly payment on your utilities.  The last thing that you want is to get into a home that you can comfortably afford and then learn the heating and cooling expenses knock your budget into chaos. 

Eliminate Debt Prior To Purchase: Try to eliminate as much debt as possible before you start the home buying process.  This will lower your debt to income ratio and give you a better chance at a lower interest rate on your mortgage.  It will also free up cash that is being used on old debt to apply towards your home.

Find Out What Your Credit Score Is: You should know your credit score before beginning to look for a home as well.  There needs to be time to repair any discrepancies as well time to increase your score.  The higher your credit scores the better financial risk you appear to be and thus lenders will be more apt to offer you a lower interest rate within the terms of your mortgage.

Get Prequalified:  A prequalification is something most real estate agents require before they begin showing you homes.  A prequalification is the amount that lenders feel comfortable loaning you.  This will give you a base to begin your search.  The amount you have towards a down payment also factors into the overall amount that you have to spend on a home.

Find A Realtor:  After you have taken all of the above steps you are ready to start looking at homes to purchase.  There are many real estate agents available to show you homes but few are qualified to help you through the entire process.   Work with an agent that understands what your needs are.  They should be familiar with the area you would like to live and be able to offer you stats on the neighborhoods, the schools, crime, recreational options and more.  Don’t just work with anyone.  Find a realtor that is willing to go the extra mile in finding you exactly what you want at the price you can afford.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

In this continuation we continue to define the steps buyers can take to simplify the home buying process.

Look for a new home: This is where you’re your realtor comes into play.  Your realtor will help you narrow down the homes for sale that meet the criteria you set.  They will only have you look at homes within your budget that fit your needs.  If you are looking for a three bedroom home there is no use looking at homes with anything less than that.  These are the types of criteria that you will share with your real estate agent that will allow them to find you a selection of homes to look at.

Make an offer: Once you find your dream home your real estate agent will help you draw up a contract and submit an offer to the homes seller.  They will look at your offer and determine whether they will accept the offer or counter offer.  This process continues until an offer is agreed upon and a contract is drawn up.

Get an inspection:  Every contract should be written with a stipulation that states a final sale is pending the results of a home inspection.  Hire a reputable home inspection company to come in and evaluate the state the home is in.  They will create a checklist and booklet that states clearly what issues the home has.  They will divide the list into categories about repairs that must occur now, that can wait or are optional upgrades that would allow the home to function smoother.  The inspector will give you a better understanding of how old the utilities and appliances are.  This information allows you as a home owner to get a solid understanding of money that will need to be spent on home repairs and a likelihood of when it will be needed.  If the inspector will basically let you know if the home is a solid investment or if it has issues that need to be fixed before the home should be purchased.  If the contract is contingent on the inspection it is then up to you to decide to move forward, the contract needs to be reworked or if the deal is a no go.

Apply for a mortgage/Close on your new home:  The final step of buying a home is applying for a mortgage and closing on your new home.  To find out more information on applying for a mortgage talk with a local mortgage broker or lender.  These professionals will offer guidance in finding the best mortgage rate and home loan option for your exact situation.  After this is done a closing date will be set and you will close on your new home.

The process of buying a home is one that can be quite simple with a bit of knowledge on how the process works and the wisdom to hire experts when needed.  Real estate agents, home inspectors and mortgage brokers all help to simplify your home ownership quest.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area.  More information can be found at http://www.ladyofthelakes.com.

The idea of buying your first home can be overwhelming for some.  Working with a professional realtor can help alleviate many of the stressors that can make buying a home a process that is intimidating.  To simplify the process even further follow the checklist below.

Complete a credit check: You need to have solid credit to apply for and receive a mortgage.  This is why the first step in the process of home ownership is completing a credit check.  This will allow you to correct any errors that exist with your credit report.  A low credit score means a higher interest rate on your mortgage.  If your score is incredibly low and you have several late or missing payments take time to correct these issues before looking into purchasing a home.

Set a budget with mortgage preapproval: Setting a budget is simple especially when you look into getting pre-approved.  A pre-approval will give you an idea of exactly how much the mortgage lenders feel comfortable in lending to you.  This is the amount they feel you will be able to pay back to them in monthly payments including interest.  A rule of thumb in general is that your home that cost between two and a half to three times your yearly salaries.  Most lenders will not allow you to spend more than thirty six percent of your gross monthly income.

Gather cash savings: It is preferable to have a down payment of twenty percent when buying a home.  This will account for your closing costs as well as your down payment.  Twenty percent allows you to avoid paying private mortgage insurance.  Different loan options have different regulations.  It is crucial to have as much cash on hand as possible when buying a home to have a substantial down payment as well as money for closing costs and fees as well as additional expenses that occur with moving into a new home.

Find a local real estate agent: This is perhaps one of the most critical requirements to finding and purchasing a home.  A local real estate agent that specializes in finding homes for clients with specialized circumstances is most favorable.  If you are a new home buyer find a realtor that specializes in new home purchases.  If you are looking for a home on a lake or golf course find a realtor that finding homes to fit a recreational lifestyle.

There is more to come in our next installment on simplifying the homeownership process.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area.  More information can be found at http://www.ladyofthelakes.com.