Tag: Realtor - page 7

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.

If you are a first time home buyer with a family there are chances you are a bit anxious to begin the process of finding a home to call your own.  Buying your first home when you are single and unattached is different than buying a home when you are married with a family to consider.  There are other people’s needs and desires to take into account and therefore more to think about.

One of the first things to bear in mind is the cost of a new home, not just the payment but the increase in expenses overall.  You will want to determine what you can afford; in order to do this you will want to get pre-approved for a mortgage loan.  The amount that you are pre-approved for is just an estimate of what a lender is willing to lend to you and not to be used as a bench mark on the amount you need to spend on your first home.  Use the amount as a guideline.  Be willing to look at homes under and slightly above your pre-approval amount.  This can be used as a solid negotiation tool if you find a home slightly above your price point in getting the seller to negotiate a lower asking price.

After you have been pre-approved it is time to look into finding a real estate agent to work with.  An experienced, full time agent will help you find a home that meets the needs of your family within your price point.  A realtor will have foresight and connections into homes that are currently on the market and also those that are soon to be coming available.  This can be helpful to you as a buyer with a family because they can put you ahead of other buyers in the chase to find a home within a certain location.  Location will be everything to you as a buyer with a family.  Whether it is a certain school district or distance to and from work you will be more specific on a location over first time home buyers without a family.

Another point to consider when buying a home with a family is that you must have the home inspected.  When you have a family your home needs to be virtually move-in ready.  Minor updates and aesthetic items can be overlooked but when it comes to major structural damage or repairs above and beyond normal maintenance you may want to consider moving on in your quest to find the perfect home.

Buying your first home with your family in tow may not be the easiest of all situations but will for certainly be worthwhile and rewarding.  Take time find a reputable real estate agent that will help you find a solid home well within your budget in a location that works well for your entire family.

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.

As first time home buyer it is important you follow the tips below in order to prepare to find and purchase a home you can afford. The purchase of a home is the biggest financial commitment most of us will ever make. In order to make a solid decision it is crucial that you have a detailed understanding of the market. This will help you to make an educated decision as well as help you save money and avoid any unnecessary frustrations.

The home buying process is one that can be enjoyable and relatively free of stress. Buying your first home is exiting and the process is thrilling. It is especially pleasant when you understand the real estate process and have an agent working with you that has a lot of experience with first time home buyers.

Before you can start looking or purchase a home you need to have an understanding of how much you can afford. The biggest mistake first time home buyers make is not taking into consideration the true cost of owning a home. The cost of owning a home doesn’t end with the mortgage payment. You need to consider the additional mortgage fees, taxes, insurance and utility fee increases to determine an actual amount of money that will be needed per month to own your new home. A new home buyer can quickly deplete their savings when not taking into consideration these extras.

Another priority for first time home buyers is to calculate the required down payment amount. Long gone are the days of no money down home loans. Mortgage lenders require ten to twenty percent of the purchase price down on a home. Without this you will end up paying a substantial fee monthly for mortgage insurance.

In order to get the best possible interest rate on your home loan you need to have a sufficient credit rating. If your credit rating is less than perfect take a year to clean it up and get your financial house in order before looking deeper into buying a home. To obtain the lowest mortgage interest rate your financial house must be in order. A high credit score, a decent down payment and an affordable home will ensure you don’t take on a payment that you can’t afford.

Most real estate agents will not show you house until you have been pre approved. Without pre approval most sellers won’t take the time to even consider your offer. A quick way to determine how much you can afford is multiply your total household income by three. For instance, if you make fifty thousand dollars a year your home should cost no more than one hundred and fifty thousand dollars. With a minimum down payment of ten percent you should consider having at least fifteen thousand dollars saved.

Being prepared as a first time home is key. With a bit of industry knowledge, help from an experienced real estate agent and a bit of luck you are only a few steps away from owning your first 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 us at http://www.ladyofthelakes.com.

• Be aware of the three major causes of sellers stress:  Selling your home is never easy.  You are emotionally attached, not necessarily to the home itself but to the memories that took place in it.  To minimize stress it is best to work with an experienced seller’s agent.  A real estate agent that is used to working with homeowners looking to sell has experience in the process and understands the needs of the seller.  This all benefits you as the seller.  The three highest areas of stress when selling your home includes during the appraisal process, home inspections, showings and open houses.

• Be prepared to repair:  Instead of waiting until your home is days away from being listed for sale take time to repair the things in your home that are not suitable to buyers.  This process can take anywhere from six to nine months.  Preparing ahead of time allows you to hire a reputable handyman to come in and service the areas within the home that need to be fixed before your home goes on the market.  Waiting until the last minute only causes more stress and tension between you and the person making the repairs.  Compile a list of things that need to be done and within what time frame in order to minimize down time.  Make note of all of the recent updates for home buyers to access when looking into purchasing your home.

• Prepare to be fair:  Having your home appraised is one of the most difficult events in selling a home.  Not every repair that was done on the home will recoup its value in the asking price of your home.  Some repairs or upgrades done to the home will only be for you and will not cause an increase in the asking price.  Being prepared for the appraisal process will alleviate a great deal of stress for you as the seller.  The memories you made in the home are not valuable to anyone else.  The home is being valued on what it is in comparison to other homes available on the market with similar offerings.  That is it.  The process should not be taken personally as that will only add stress. 

• Prepare your home:   Preparing your home for sale is one of the most cleansing experiences and should be thought of as just that.  Take the stress out of preparing by organizing and eliminating unnecessary furniture, knick-knacks and clutter.  Create a routine that allows you to prepare your home for showings without really doing anything out of the ordinary new normal routine.  In the morning before you leave for the day take time to make beds, put dishes in the dishwasher and do one complete load of laundry.  Then you will be prepared in the evening when the realtor schedules a viewing or if someone wants to see your house during the day.  Minor preparations, spending ten to fifteen minutes in the morning and at night can keep you from being stress during unexpected showings.

• Keep all things in perspective:  Don’t worry if the house doesn’t smell like fresh baked goods or if pillows aren’t all fluffed perfectly.  Buyers that are really interested in buying your home are not going take those things into account as much as they will that the house looks well kept and is clutter free.  

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.

• Determine what you can afford:  When you are looking for a home to buy one of the best rules of thumb is to consider a home that is only two to three times your annual household income.  This allows you to stay within a comfortable range with your house payment, insurance and household bills.  If your lifestyle is one in which you like to travel or spend a bit more money on other toys consider this as well.  Don’t strap yourself into a house payment that does not allow you to continue enjoying the activities you desire.

• Find a mortgage broker or lender to work with and get pre-approved: In order to really start looking for the home of your dreams you must find a mortgage broker or lender to work with.  They will help guide you through the entire process from cleaning up your credit, preapproval, mortgage terms and the final mortgage application process.

• Figure out what mortgage is right for you: How long is it practical for you to pay on a home loan.  There are different mortgage terms for different needs.  Some people choose a less expensive home because to them having a home paid off in fifteen years is ideal.  Others prefer a smaller payment so they spread theirs out thirty years.  Also consider a fixed or variable rate depending on how confident you are with mortgage interest rates.

• Consider a financial dry run:  Before you actually decide to purchase a home do financial dry runs.  Take what is equivalent to the amount of your new payment, insurance and utilities and sock it away in a savings account.  Be sure you can do this for at least six months without dipping into it to ensure you can swing the extra payments. 

• Decide must haves verse what would be nice to have:  You may not be able to find everything your dreams desire in one house.  Make a list of the items you can’t live without, the deal breakers verse this feature it would be nice to have. 

• Find a real estate agent and start house hunting: Finding a reputable, local real estate agent that specializes in the type of home you are looking for will help in your search to find the perfect home.  If you are looking for recreational living find a real estate agent that specializes in waterfront property, homes on golf courses or homes for sale near recreational adventures. 

• Put in an offer, review your contract, and sign the papers: The final step in stress free home buying is to put in an offer, have it accepted, review the contract, sign the papers and move in.  With the right real estate agent and mortgage broker or lender working with you the process of buying a new home should be as simple as the steps listed above. 

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.

Hire an Agent

This is the most crucial step in getting your home sold; hire an agent who is experienced in selling homes in your location.  Spend time researching agents that are licensed, experienced and motivated to sell your home.  This may take some time but it is time well spent.  Check around and talk with people who have recently sold their homes.  Check out the references of agents you are looking to work with. You will want to make sure that your initial feeling about the agent transfers to their ability to sell your home.

Research Similar Homes for Sale

Take time to look at homes that are similar to yours that have recently sold or are up for sale.  Look at the amenities that the home offers as well as the asking price.  The quickest and easiest way you can do this is by checking out homes online and in local publications.  This will help you come to an agreed upon asking price for your home.

Look at Your Home from the Buyers Perspective

Put yourself in potential buyer’s shoes.  Come up with a list of all of the positive features of your home and enhance them to their fullest.  You want the most affirming reaction possible for buyers when they enter your home.

Update Your Home’s Exterior

Curb appeal is something all agents stress to their clients.  It is a key element in getting your home sold quickly.  You want the first impression of your home to be one that evokes a feeling that puts the buyer in motion to be thinking about them living there.  Your landscape should be well manicured, maintained and thriving.  Treat the exterior of your home as an extension of the interior.

Remove Clutter

Your home may look lived in when you see it but to potential buyers it can look cluttered.  You want your home to be at its fullest potential.  Remove extra clutter and place it in storage.  Your home should be free of anything that is not needed to live comfortably.  Too much furniture makes a room look small so try to clear out larger pieces that take up an abundance of space.

Get the Little Jobs Done

Spend time taking care of the little things you have been putting off.  Cracked tiles are a simple fix and without it can deter some potential buyers.  The small things that need to be done around the house can really add up in a buyers mind.  Take those worries away, spend a day and with less than a hundred dollars get the little jobs done.

Repaint in Neutral Colors

Make your home desirable for the masses and this means painting all of the rooms the same neutral color.  Fresh, neutral colors allow buyers to visualize themselves in the space.  It also allows them to see their belongings filling the room.

Keep Your Home Clean

Your home needs to be clean thoroughly.  Never let a viewing occur without first tidying your home and taking the time to really de-clutter the space.  It is better to postpone a viewing opportunity a half hour over showing a home that is not clean.

Bake and Brew

During open houses start a pot of coffee and throw in a frozen pie.  The scents filling the home will make the home feeling cozy and warm.  Helping to increase the appeal of your home with smells of familiarity and warmth will only help to sell your 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.  More information can be found at http://www.ladyofthelakes.com.