Mar 4, 2022 | Home Buyer Tips
Sometimes a move is unavoidable, regardless of how much you or your kids’ would rather stay in your current home. If your young ones are not looking forward to a change in scenery, here are a few tips to help them make a smoother transition into their new home.
1. Involve Them
Involving your children in the moving process will not only help them to better understand the move, it will also make them feel as though they are more in control of the situation. By taking them to open houses they’ll become familiar with the neighborhoods you’re considering moving to, and will have the chance to see first-hand some of the benefits that a new home would offer over your current one.
2. Say Goodbye
Moving can be an emotional time for children, and it’s important to allow them to face and embrace their feelings. Hosting a goodbye party will provide closure to an important chapter of their life, and creating a memory book will offer comfort on days when they miss your old home. It is totally normal for there to be some sadness associated with a move, so do not feel guilty if your child is upset, but be there for them if they struggle with letting go.
3. New Beginnings
Although it’s okay for your child to feel sad about leaving your old home, it will help their transition if you give them something to be excited about, such as a new bedroom. By allowing your child to help plan and pick out the layout, paint colors, or bedding for their room, you will give them something to look forward to.
4. No Benchwarmers
When it comes to packing and unpacking, don’t let your kids sit on the sidelines as mom and dad do all the work. By helping you pack and unpack, your children will feel secure knowing that their belongings are all on their way to your new home, and will feel more welcome knowing where items have been put when they’re unpacked.
5. Make Friends
Being the new kid on the block can be lonely, which is why it’s important to encourage your child to socialize within your new community. Make an effort to meet the neighbors, enroll them in an extra-curricular activity, and schedule play dates with classmates if they have had to move to a new school. It can be intimidating for a child to socialize when faced with a whole new environment, but a little extra encouragement can go a long way.
Considering moving your family into a new home? Speak with your real estate professional who is experienced in family relocation today!
Feb 1, 2022 | Home Buyer Tips
One of the challenges you will face when deciding how much money to put down on your new home is whether to put down a larger down payment or to take a bit of money from your down payment and use it to pay “discount points” to lower your interest rate.
There are pros and cons to doing both and each borrower’s situation will be different so it’s important to understand which option is best for your individual need.
Some Factors You Should Consider Include:
- Cost Of Borrowing – generally speaking, to lower your interest rate will mean you pay a premium. Most lenders will charge as much as one percent (one point) on the face amount of your loan to decrease your mortgage interest rate. Before you agree to pay discount points, you need to calculate the amount of money you are going to save monthly and then determine how many months it will take to recover your investment. Remember, discount points are normally tax deductible so it may be important to talk to your tax planner for guidance.
- Larger Down Payment Means More Equity – keep in mind, the larger your down payment, the less money you have to borrow and the more equity you have in your new home. This is important for borrowers in a number of ways including lower monthly payments, potentially better loan terms and possibly not having to purchase mortgage insurance depending on how much equity you will have at the time of closing.
- Qualifying For A Loan – borrowers who are facing challenges qualifying for a loan should weigh which option (discount points or larger down payment) is likely to help them qualify. In some instances, using a combination of down payment and lower rates will make the difference. Your mortgage professional can help you determine which is most beneficial to you.
There is no answer that is right for every borrower. All of the factors that impact your mortgage loan and your overall financial situation must be considered when you are preparing for your home mortgage loan.
Talking with your mortgage professional and where appropriate your tax professional will help you make the decision that is right for your specific situation.
Jan 25, 2022 | Home Buyer Tips
Whether or not you’re new to real estate, there’s little doubt that you’ve heard the term down payment as it relates to purchasing a home. There’s a lot of different information out there in regards to how much this figure should be and it can be hard to determine exactly what the importance of this payment is. If you’re trying to determine the ideal amount to put down, here are some things to consider.
Explaining Down Payments And Why They’re Important
The down payment is probably one of the largest single payments you’ll make for anything, and this is why so many people save for years. When you buy a home, the down payment is the amount of money that goes into the initial home investment, and this is taken off of the cost of the house. In essence, while this money qualifies as an asset, it is tied up in paying off the total cost of your home.
The Differing Amounts For Down Payments
It’s often the case that many figures are thrown around in regards to the ideal down payment percentage, and they generally vary from 3-20% of the home’s cost. If you are paying a percentage on the low side of the scale, this can unfortunately mean that you will have fewer mortgage options and will be stuck with an increased interest rate. The amount you should pay depends on your financial health and purchasing commitment, but the larger the down payment is, the more minimal your monthly payments will be.
Deciding The Perfect Percentage
Saving up 20% of a home’s total price may seem like a lot of time and effort, but this can be the ideal amount to put down. In addition to lowered monthly payments and a better interest rate, you’ll also be able to avoid Private Mortgage Insurance (PMI), which is required if you put down less than 20%. There is no right answer to the question of how much to put towards a down payment, but you may end up spending less in the long run if you can invest more in the beginning.
There are many figures thrown around when it comes to real estate, but the amount of a down payment should be economically feasible for you and enable you to make your monthly payments consistently. If you’re planning on purchasing soon and are looking for home options, you may want to contact one of our local real estate professionals for more information.
Jan 20, 2022 | Home Buyer Tips
Some people love living in condos, while others swear by detached homes. When it comes to deciding between the two, however, you can’t always rely on someone else’s word.
Sometimes it’s as simple as understanding and assessing your lifestyle to make the best choice, since condo living and home ownership are two radically different experiences, and thereby serve two very different types of lifestyles and personalities.
Here are a few considerations if you’re trying to decide whether you should invest in a house or a condo.
House: Best If You Have A Furry Friend
Do you have a furry friend or two that are an integral part of your family? Depending on their size and species, you may want to consider a detached house over a condo, simply for the amount of space available.
If you have dogs, you should consider that many condominiums don’t allow certain numbers, sizes, or breeds, and this could be just another reason you opt for a house. Having a backyard for your dogs to play in, and being able to avoid the daily elevator rides, are just more reasons to add to the list.
Condo: Best If You’re A Busy Business Person
If you’re a busy businessperson who’s rarely ever home, you may want to consider condo-style living. You will be able to save on mortgage costs, which will certainly help you reach your financial goals, and you will have fewer worries involved than you would if you owned a detached home.
Full size houses require significant upkeep, which is a major time investment. In contrast, a condo is a turnkey living space that gives you the amenities you need without the responsibilities of home ownership. If you hardly entertain and would like a space to enjoy yourself during your off time, living in a condo might be just the perfect setup for you, the busy business-minded individual.
House: Best If You Like Privacy And Control
If you’re someone who adores your privacy and likes to be in complete control of the maintenance and care of your home, a detached house is certainly the best option for you. Having your own detached house means living with added privacy, as you won’t have neighbors as close by as would be the case if you were living in a condominium.
You’ll also be pleased to be the sole decision maker when it comes to the upkeep and maintenance schedule of the various aspects of your home. Rather than ask a strata manager for permission to, say, paint your front door, you can simply paint your front door.
Condo: If You’re A Single Minimalist
Condo living can be great for single people and minimalists. If you prefer to live on the lighter side, with fewer responsibilities and chores, a condo setup can be extremely rewarding. All of the big stuff will likely be taken care of, and all you’ll have to worry about is the minimal space inside of your four walls.
If you decide to travel for an extended period, it’s much easier to find short-term tenants for condos than for houses.
It can be difficult to decide whether a house or a condo is best suited to your lifestyle. Don’t be shy to ask your friends and family what they think of your personality, and do your due diligence to discover which home is best to accommodate your daily life. Once you’ve made your decision, contact a real estate professional and find the home that fits your lifestyle.
Jan 5, 2022 | Home Buyer Tips
Are you currently shopping for a new home? While it’s true that real estate transactions can be stressful, this stress can be minimized by following a few simple tips. For example, following proper etiquette plays a big role in making your real estate experience go smoothly, and in this post we’ll share four key etiquette tips that are sure to help.
Get Preapproved
Prior to shopping, a buyer should check with a lender to determine the maximum loan amount they qualify for. This is proper etiquette because both the seller and the real estate broker have likely prepared themselves and assume you have as well.
Keep It Professional
Shopping for a home seems personal, but keeping interactions on a professional level can ease the awkwardness of the process. One step in that direction is being considerate of others’ schedules. Proper etiquette includes being realistic about how many properties can be seen in a span of time. Allowing time for a sellers’ special conditions, pets or children is also good etiquette.
Negotiate Through A Representative
When it’s time to negotiate pricing between a buyer and seller, the real estate agent should be used as the intermediary. While touring a property, it is best not to make offers or discuss how much the house is priced for, or make any counter offers without involving the real estate agent. It is also not advisable to point out stains, outdated designs or noticeable damage in the hopes of getting a discount.
Use Closing Credits
Home sellers should not be surprised once a buyer has decided to close and begins to negotiate the price. Home inspections reveal problems a home has and the buyer’s willingness to continue negotiating can depend on how willing the seller is to address those problems. A closing credit can be a win-win for both parties. If the buyer and seller of the home agree on closing credits instead of repairs and inspections, the buyer has the option of hiring a contractor and dealing directly with the contractor if not satisfied. Meanwhile, sellers are typically ready to move out or are not living at the property, so closing credits save them time.
Well-mannered people handle real estate transactions in a way that lets them join the ranks of successful buyers and sellers who operate with as little stress as possible. The good news is that real estate agents can help with understanding what proper home-buying etiquette is. Call a real estate agent to receive guidance on how to navigate a real estate transaction with ease.
Nov 23, 2021 | Home Buyer Tips
While making a real estate purchase can be filled with many questions, buying to invest in a long-term property can be even more confusing. If you’re looking into investing in real estate and wondering what variables to consider, here are a few tips that you’ll want to keep in mind before deciding on an investment property.
Be Aware Of The Market You’re Buying Into
Since you’ll need to be aware of what other people are looking for in a property if you’re diving into real estate to invest, you’ll want to carefully consider the neighborhood and city that you’re buying in and think about what the future holds. While becoming knowledgeable about home prices in the area you’re thinking of buying is a must, you’ll also want to think about market projections, trendy new neighborhoods and what the appeal will be to renters or buyers of the home you’re contemplating.
Consider A Diamond In The Rough
It might seem like a home that is a little rough around the edges is going to be a high-maintenance endeavor that doesn’t balance out in the end, but a fixer upper of a place may be end up being the best option. While you may need to renovate a little here and there to unearth some of its natural features, improvements to a home with a good structure in a good neighborhood can be more economical than spending more on a home that instantly appeals. It can also provide a better return on your investment in the long-term.
Stay Within Your Spending Means
When considering an investment property, it can be quite easy to get derailed and think about what you’ll be making instead of the expenditure of the initial investment. However, it’s important to determine beforehand that what you’re choosing to afford is going to be manageable in case you have to swing it on your own. By determining whether or not it’s an affordable expense, you can have a successful investment that will balance out in your favor at the end of the day without having to worry about sinking beneath the cost.
There are many questions that can come along with choosing to invest in real estate, but by carefully considering the market and keeping your purchase at a reasonable price point, you may have a long-term moneymaker on your hands.
