Home Buyers, Home Financing, Home Sellers, Uncategorized
Movin’ On Up
Here’s a Ten Step Process to Help Move You Into a Larger House–and Pay Even Less a Month Than You Are Now!
Buying a home can be a “hair-raising” experience. It can be a roller coaster of emotions… finding the right place… securing the loan… moving in. And if you’re like most of us, your home will be your largest investment. The emotions over such a large and personal purchase can often cloud good business judgment.
Many home buyers do very little research before “diving in” and investing their hard-earned money. Before doing that, doesn’t it make sense to be as informed as possible? That’s what this report is all about. It’s designed to help you determine if the time is right to make a move to the home you’ve been dreaming about. If you follow these 10 suggestions, with the help of the right real estate professional, you’ll make a good sound business decision that you’ll be happy and proud of for years to come.
1. Home Values Are On the Rise- The biggest decision that you need to consider is whether or not the time is right for you to make a move. Since home values are increasing, waiting will likely bring a higher selling price for your house. Keep in mind, however, that the house you’ll be buying is steadily increasing in value. The decision to wait could cost you thousands of dollars in future equity.
2. Interest Rates & Equity- A question that I’m frequently asked is, “How can I afford more house and pay less out of my pocket every month?” Two critical factors to consider are: 1) how much of the equity from the sale of your current house you’ll put down on your next home, and 2) the interest rate that you get on your new home loan. A good down payment combined with a lower interest rate makes this easier than most people think. Call me for a list of reputable lenders that’ll be happy to look at your personal situation and make it work for you.
3. Income Plus Lifestyle Equals Mortgage Payment- Sit down with a competent real estate professional and honestly discuss your income level and living expenses. Take into account future considerations like: children, add-ons, amenities or fix-ups. Your dream home is certainly worth a sacrifice but don’t mortgage your entire future.
4. View Several Homes- See at least 5-10 properties. Don’t move on the first property you see but… don’t move too slowly either. With your agent’s help, you’ll be able to view enough properties to get a good overall perspective of your market. And when you find the right property, all the leg work will be worth it.
5. Utilize Your Team- By aligning yourself with the right real estate professional, you’ll have an entire team working for you. Top real estate professionals have lenders, title reps, inspection teams – an entire group of trained professionals to make the whole buying experience simple and easy for you.
6. Be Columbo- Check out all your costs and expenses before you sign: utilities, taxes, insurance, maintenance and homeowner dues, if applicable. Make sure all utilities are on (gas, electricity, and water), so you can inspect everything in working order. Ask lots of questions and be very detail conscious.
7. Don’t Wait for the Bottom of the Market- The odds of your hitting the bottom of your market are about like the odds of you hitting your state lotto! You will almost never hit the bottom of a market. And trying to time it exactly right is often costly. It usually causes a person or family to miss out on the opportunity to purchase a very nice property. You’re better off simply negotiating the best rate and terms you can at the time you find a property. If interest rates go down, you can refinance. This is a much better approach because you won’t miss out on the property you’ve spent so much time locating
8. Plan For Flexibility- Closing dates are not written in stone. Allow for contingencies and have a back-up plan. Don’t be discouraged if you, your buyers, or the sellers need a little more time to finalize the arrangements. These types of circumstances are not uncommon in a real estate transaction.
9. If It’s Not In Writing, It Doesn’t Exist- All promises and discussions are to be in writing. Don’t make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. Have your real estate professional keep an ongoing log (in writing) of all discussions, and get the buyer’s or seller’s written approval for all agreements.
10. Loyalty Breeds Loyalty- Be open, honest and up-front with your team. Hard feelings and disloyalty will cause headaches, delays or may even keep you from getting into the home you worked so hard to locate. Take the time to select the right team in the beginning and your first home purchase will be a simple, easy and profitable experience you’ll have fond memories of… for years to come.
My hope with this report has been to educate you and help you avoid the pitfalls many home buyers go through. I hope you found the ideas valuable and if there is ever any way I can be of service to you or anyone you care about, please contact my office. Your initial consultation is always completely free of charge and you’re under no obligation of any kind. We’ll sit down for 15-20 minutes… no high-pressure, just plain, honest talk about what it’s going to take to achieve your personal goals. Go ahead, pick up the phone and give me a call. I’d love to hear from you!