Feb 8, 2018 | Home Buyer Tips
Are you growing tired of renting? Or perhaps you’ve recently graduated from college and are looking to set down some roots? Whatever the case, buying your first home is an exciting prospect. Let’s take a look at a quick and easy four-point checklist that you can use to determine if you are ready to buy your first home.
#1: Is Your Credit In Good Shape?
How is your overall financial health? Once you have your down payment saved up, you should turn your attention to your credit rating. If you are going to borrow a mortgage to help cover the cost of your home, your lender will be doing some digging into your credit history. It is best to ensure that you aren’t late with any payments and have cleared off any black marks from past credit problems.
#2: Can You See Yourself Living In This Community?
Do you love the area you live in? Or are you thinking about moving to a community that you like a bit more than your current one? Perhaps it’s the local shops, the amenities, the walking trails or just being closer to work. It is always best to ‘love where you live,’ so ensure that you are buying your first home in a community that you can call home.
#3: Is Your Job Situation Stable?
Another factor to consider is your job or career situation. Are you likely to switch companies or be transferred to another division within the next few years? Be sure to give some thought to this as it will be inconvenient to have to move shortly after buying and furnishing a home.
#4: Are You Planning To Have Children?
Finally, have you considered what your family might look like in the future? Are you planning to get married, or if you are already married are you planning to have a family? If you have children now, do you expect to have any more of them? Keep in mind that as your children grow older, they will need a bit more space. If you have a couple of young kids sharing bunk beds, each will need their own bedroom soon enough.
When you’re ready to buy your first home, our friendly real estate team is here to help. Give our offices a call and we will be happy to meet with you to discuss your needs and share a variety of beautiful homes that are available today.
Feb 6, 2018 | Home Seller Tips
Has a loved one or family member recently passed on and left you with their home? Inheriting a house can be a delightful gift, but it can also present a significant number of challenges that you must navigate. Let’s explore how to deal with an inherited house and, should you decide to, how to sell it without incurring too much stress.
Are Emotions Involved?
The death of a family member or other loved one can be a trying time emotionally. Depending on how the deceased left the property, you may also have to deal with cleaning out personal belongings and reviving old memories. A battle over a will or the proceeds of an estate can compound the situation, making things worse.
If you are emotionally involved, it is best to work with a real estate agent who can do much of the heavy lifting. That way you can focus on supporting your family and keeping your stress levels down.
Understand Your Legal Obligations
Although real estate inheritance is common, there are still some legal issues that must be considered. As such, you will need to understand what your legal obligations are regarding the will or estate process. Are you the executor of the will, or is someone else? Is the property included in a trust, or is it free-standing and gifted directly to you? Has the probate period passed, or can a family member or relative still challenge the will? If you haven’t already, it is best to speak with a real estate professional or experienced lawyer to get their advice.
Consider The Tax Implications
As with any financial windfall, there are going to be tax implications that need to be considered when selling an inherited home. For example, it’s unlikely that you will qualify for the home sales tax exclusion unless you have been living in that house as your primary residence. Once you sell the home, you will also need to report the proceeds of the sale to the IRS. There are also a variety of different taxes that need to be factored in, including estate taxes, inheritance taxes and more.
Consult An Experienced Real Estate Agent
Selling a home that you have inherited in a will or as part of an estate can be an emotionally draining process. Before you make any moves, it is best to speak with a real estate professional. Contact our offices at your convenience and we will be happy to meet with you and share our guidance.
Jan 25, 2018 | Home Buyer Tips
If you are thinking of buying a condominium or a home that is part of a planned community, you have likely come across the term “homeowners’ association” or HOA. In short, the HOA is a coalition of local homeowners who have banded together to manage the needs of the local community. Let’s explore the concept of the homeowners’ association, why they charge fees and what you can expect from your HOA if you buy a home that is part of one.
HOA Fees Are Meant To Make Things Easier
HOA fees are meant to make your life easier. Common sense dictates that all homeowners won’t be able to commit to investing some of their time in community upkeep. So the HOA charges a monthly fee to everyone to cover the costs of keeping everything in order. Of course, some HOAs can make mistakes or foolish investments that don’t benefit all equally. But most are well-intended and do positive work.
What Do HOA Fees Cover?
Your HOA fees will be used to pay for needs that benefit all homeowners’ in the community. If you live in a building, this will be everything from elevator maintenance to keeping the doors in good order. If you live in a townhouse complex or planned community, this includes landscaping, gardening, road maintenance and more. As long as your HOA leaders are doing their job, they will use fees to maintain and improve the community for everyone.
Some Pros And Cons Of HOA Fees
The main benefit of paying HOA fees is that you are offloading your share of the responsibility for building or community upkeep. In essence, you are trading a monthly payment so that you don’t have to vacuum the common areas, change the light bulbs or worry about repairing the gate when it breaks. The main downside to paying HOA fees is that you only have a single vote as to how they are spent and you may disagree with other homeowners about the HOA’s priorities.
All things considered, whether or not you have a favorable view of your HOA generally comes down to you. If you are the type that likes to share their opinion and is willing to commit the time to improve your local community, you may want to join your HOA. However, if you are less interested in having someone spend your money, you might disagree with their approach. Whatever the case, when you are ready to buy or sell your next home, contact our professional real estate team. We’re happy to help you find the right home – HOA or not.
Jan 23, 2018 | Home Seller Tips
Are you thinking of selling your home this year? If so, you are almost certainly going to interact with millennial homebuyers. This generation numbers around 80 million and are the fastest-growing consumer demographic in the country. As their earning power continues to increase, millennials are now turning their attention to real estate. In today’s post, we’ll share three tips that you can use to help make your listing more attractive to younger millennial homebuyers.
Minimalize As Much As Possible
Is your home full of trinkets and other clutter? If so, it might be best to box all of that up and store it during the home selling process. This generation tends to lean more towards a minimalist lifestyle and a ‘quality over quantity’ mentality. They are also highly social, which means that open space for mingling is more important than having large, clunky pieces of furniture all over the place. If you have large living areas, try to stage them with more of an open concept in mind.
Embrace Technology And Make Upgrades
As you might imagine, millennials are very tech-savvy and gravitate towards homes that already have their technology interests in mind. Of course, you do not need to run out and invest in a massive solar panel setup for your roof – although solar is certainly popular. Smaller, more thoughtful investments like strong WiFi signals, Internet-connected thermostats and video-based home security options are all useful tech upgrades.
Highlight The Local Community And Amenities
Finally, you will want to highlight your local community as much as possible. Everything from the local elementary and middle schools to walking trails to community centers and shopping is important to the millennial crowd. Many of this generation prefer walking and cycling over driving and aren’t interested in long, horrific commutes to work each morning. If you have a nice coffee shop or bakery that you like to frequent, try to have some of their products on hand at your open house as well.
Following the selection of tips above is sure to make your home more attractive to millennial homebuyers. To learn more about how to sell to younger buyers, or to list your home for sale, contact us today. Our professional real estate team is happy to meet with you and share how we can get your home sold quickly.
Jan 18, 2018 | Home Mortgage Tips
Are you the type of person that struggles with remembering to pay their bills on time? You’re not alone. People across the country regularly submit late monthly payments, inflicting terrible damage to their credit. Let’s take a quick look at how paying your loan or other monthly payments late can have a negative impact on your mortgage.
Your Credit Score Is At Risk
As you already know, almost all banks, credit cards, mortgage companies and other lenders rely on your credit score to help assess the risk of lending money to you. Paying any of your payments late – even something as small as your mobile phone bill or a department store credit card – can result in negative marks showing up on your credit report. If you are late enough times or fail to repay the late payment in full, then your score will start to drop.
Refinancing Can Be Affected
If you already have a mortgage, then a lower credit score can be a problem when you try to refinance. The process of refinancing involves taking out a new mortgage, in which your lender will reassess your risk using your credit score as one of the indicators. If you have been making late payments, you might end up having to settle for a higher interest rate or you may even be declined for the new mortgage.
Making A Late Payment? Contact Your Lender
If you are caught in a bind and have to make a late payment, it is best to call your lender as soon as possible. First, there may be a grace period in which you can be a few days late without any penalty. If that little bit of breathing room is all you need to get caught up, you’re set. If not, you can let them know your circumstances and discuss what options you have.
It is essential to pay your monthly payments on time, even if it means making some small sacrifices in other areas. The better your credit score looks, the more opportunities you will have to make positive financial moves in the future. Ready to start looking for your next home? Contact your local real estate professionals today.
