The Tomaiolo Realty Group's Blog
Ready to buy a house? It pays to be proactive, especially if you hope to streamline the process of acquiring a terrific residence at a budget-friendly price.
A superb house is likely to stir up interest from large groups of homebuyers. Fortunately, with a proactive approach, you can stay ahead of the homebuying competition and boost your chances of securing a wonderful house.
Ultimately, there are several best practices for proactive homebuyers, and these practices include:
1. Search for Homes Early and Often
The early bird catches the wom. Much in the same vein, a proactive homebuyer is better equipped than others to achieve his or her desired results.
Keep a close eye on the housing market – you'll be glad you did. If you monitor home listings in your city or town, you can quickly identify potential properties that you may want to buy.
In addition, evaluate housing market trends and patterns. With this housing market data in hand, you can differentiate between a buyer's and seller's market.
2. Get Pre-Approved for a Mortgage
Meet with several banks and lenders in your area. By doing so, you can explore a variety of mortgage options and select one that complements your finances.
There is no shortage of mortgage options at your disposal. For example, many homebuyers prefer a 30-year fixed-rate mortgage, which guarantees they will pay the same amount each month for the life of a mortgage. On the other hand, some homebuyers choose a 15-year adjustable-rate mortgage, which features lower upfront payments that gradually increase over time.
If you're uncertain about which mortgage option to select, there is no need to worry. Banks and credit unions employ friendly, knowledgeable mortgage professionals who can help you make an informed decision.
Perhaps best of all, meeting with mortgage professionals guarantees you can receive expert responses to your concerns and questions. These mortgage professionals will devote the necessary time and resources to assist you and make it simple for you to select a great mortgage.
3. Collaborate with a Real Estate Agent
If you want to enter the housing market, there is no reason to wait. In fact, if you contact a real estate agent today, you can immediately launch a successful homebuying journey.
A real estate agent is dedicated to your homebuying success. He or she first will learn about your homebuying goals, ensuring you can start the homebuying journey on the right foot. Then, this housing market professional can help you narrow your search for your dream residence.
In most instances, a real estate agent will set up home showings, keep you up to date about new residences as they become available and help you submit home offers. This housing market professional also provides a one-of-a-kind homebuying resource. And if you ever have homebuying concerns or questions, a real estate agent is ready to respond to them.
Don't wait to kick off a homebuying journey. Instead, use the aforementioned tips, and you can become a proactive homebuyer.
Ready to buy a new home? Ultimately, there is no shortage of high-quality residences at your disposal.
For homebuyers, you'll likely need to conduct plenty of research to find your dream house. And as you begin your search for the ideal residence, you should consider a house's interior closely. By doing so, you'll be able to determine whether costly, time-intensive home interior repairs will be needed in the foreseeable future.
What does it take to assess a home's interior properly? Here are three questions that every homebuyer should ask when he or she evaluates a house's interior:
1. Does a home's interior match my personal style?
Do you prefer bold, vibrant home interior colors? Or, do you enjoy a subtle mix of light and dark colors? Consider your personal style as you study a house's interior, and you'll be able to decide whether a home's interior complements your individual preferences.
Remember, a home's interior might fail to meet your expectations. But keep in mind that there are plenty of fish in the sea. As such, you can explore a broad array of houses and should be able to find a residence with an interior that will make you smile.
2. Were recent home interior renovations completed?
Learn about any recent home interior renovations that were completed. That way, you can understand how much time a home seller has committed to improving a home's interior.
Also, if a home seller has performed myriad home interior improvements, try to find out when these renovations were finished.
As a homebuyer, information is key. With details about assorted home interior renovations, you may be better equipped than ever before as you decide whether a residence is right for you.
3. Am I comfortable with a home's interior?
A homebuyer should feel comfortable with a home's interior before he or she purchases a residence.
If you fall in love with a house's interior during a home showing, you may want to consider moving forward by submitting an offer on a house. On the other hand, if you find a home requires many home interior improvements, you may want to consider exploring other houses that are available.
For homebuyers who are on the fence about a home, a real estate may be able to help. This housing market professional can offer expert insights into a house that you may struggle to obtain elsewhere, ensuring you can make an informed decision about a residence.
Furthermore, a real estate agent can take the guesswork out of the homebuying journey. This real estate expert will keep you up to date about new homes as they become available, set up home showings for you and even negotiate with home sellers on your behalf. As a result, a real estate agent will make it easy to find a house that will serve you sell for years to come.
Work with a real estate agent, and you can move closer to finding a home that looks beautiful both inside and out.
You’ve been binging on HGTV and DIY network every weekend while you save up your money and you’re ready to take the plunge. Your agent tours you through several potentials and there it is … the perfect corner lot, the mediocre house with the awkward layout, chopped up floor plan, aging kitchen, and dated bathrooms. It’s just waiting to reveal shiplap behind the cracked plaster, original hardwood floors under the stained and dusty carpet, and other treasures you can only dream about until their uncovered.
You make the deal … now it’s all yours. Where do you go from here?
Find the right professional
Ideally, a contractor with renovation experience toured the property with you, casting a professional eye over potential problems and exciting possibilities before you made the deal. If not, engage one now. Renovations require specific knowledge of structural issues like which walls to safely remove giving you that open-concept floor plan and which might be load-bearing. Experienced pros know when to call in an engineer to determine whether to expose the beams or if the wiring needs pulling.
Make a plan
As with any project, make a basic plan before you start. Unlike new-builds, however, your plan might be more general until you’ve removed walls and studs, discarded old cabinets and fixtures, and revealed the location of existing drainpipes, wiring, support structures, and other hidden gems. With everything visible determined, it’s time for demolition. Just know that with a renovation, once demolition starts, plans can change. A supporting beam here, an unmovable drain there, a hidden chimney under that plaster … could derail your perfect original plans. When that happens, a pro can help you figure out what do.
Don’t underestimate time
Watching a 57-minute renovation on television might give you an unrealistic expectation of how long it might be until your home is ready. After all, you don’t have a trove of assistants ordering cabinets, changing out flooring samples and visiting showrooms to cull through items for you. Choice fatigue (the inability to choose between too many choices) can stymy a project for a novice.
Normal delays, hidden issues
You’ve planned, then modified the plans after the demo, selected, deselected, then re-selected the cabinets, flooring, and fixtures. Now it’s time to get approvals and permits. Moving a project through the approval process in your municipality could be smooth sailing or rife with delays. Your professional contractor should help you navigate this process, but waiting for a permit can add days, or weeks to a project.
In addition to the normal delays, your demolition may uncover other issues that require remediation. These include lead, mold, asbestos, termite damage, shifting foundations, broken pipes, and myriad other possibilities. Bringing wiring up to code and changing out electrical panels consumes precious time and adds to the delays.
Before taking on a fixer-upper, seek the advice of a real estate professional with renovation experience to help you make a plan, and plan for contingencies.
When it comes to home buying a home, there’s a ton of different information available out there. A lot of what has been presented as “fact” actually is quite false. These misconceptions could keep you away from achieving the very real dream of home ownership. Below, you’ll find some of the most common myths that you’ll find about home buying.
If Your Credit Score Isn’t Up To Par, You Can’t Buy
To get good mortgage rates, having a good credit score doesn’t hurt. You can still buy a home if you don’t have amazing credit. A low credit score means that your mortgage rates will be higher than the average. There are loans like FHA loans, that allow for you to get a loan with a credit score as low as 580. Don’t let a lower credit score discourage you from buying a home. If your credit score is low, there are plenty of things that you can do to help you fix the score in a short period of time.
You Need 20 Percent Down To Buy A Home
This is a long-standing myth about home buying. While putting down 20 percent on a home purchase saves you the extra expense of Private Mortgage Insurance (PMI), you can still be in the running to buy a home if your down payment is less than 20 percent. There are even some home loan programs that allow buyers to put as little as 0-3 percent down for the purchase of their home.
You Have To Make A Lot Of Money To Buy A Home
Your monthly income is one of many aspects of your financial life that’s considered when you’re buying a home. Home loans can be denied to those who make a large income just as easily as to those who have lower incomes. What matters is the debt-to-income ratio, which tells lenders how much debt a buyer has compared to the amount of income the buyer makes each and every month. Keep your debt down, and you’ll be in good shape to buy a home.
You Don’t Need To Be Pre-Approved To Get A House
Being pre-approved gives you an upper hand in the home buying process. Being pre-approved allows your lender and you to go through the entire process of getting a mortgage. When you find a home that you love, you’re able to breeze through the process of making an offer if you’re pre-approved. The pre-approval process is one of the most important aspects of buying a home.
If you’re prepared with knowledge, buying a home isn’t such a daunting process after all. Find a realtor you trust, understand your finances, and the rest will fall into place!
We know that location matters when you’re trying to find the right home to buy, but why? First, buying a home you like in a location that matches your needs is a sign of a solid, long-term investment. Finding the right home isn’t always the answer to your property search woes. Many times, finding a house that needs a little TLC in the right neighborhood can give you a better return on your investment than finding a move-in ready house in the wrong neighborhood. You want to think in terms of finding a home that will be easy to sell if you so choose to sell it. Most importantly, you want to feel comfortable in your home and in your surroundings. What are the signs of a good location? Below, you’ll find the most important things you should look for when searching for a home.
Everyone wants a safe neighborhood, and you certainly know a sketchy neighborhood when you drive through it, but what denotes a neighborhood as “safe”? First, if you see people up and walking around a place, you know it’s a good start to finding a safe neighborhood. People who are outside, interacting with one another give a neighborhood a community feel. You will feel like your neighbors have your back in a neighborhood like this.
the better the school district is, the higher the property values in the area are. If you don’t have kids, this may not be much of an issue for you. However, if you’re thinking that you may want to sell your home anytime in the future, keep in mind that a less than reputable school district can really dip into property values.
You Can Easily Access The Things You Need
If you can access the shops, restaurants, and other conveniences easily from your neighborhood, that’s the sign of a good location. No one wants to have to drive 45 minutes in order to get to the grocery store. Many people who are looking for homes like to be in or very close to the action and have easy access to the things they need. Think in terms of convenience when it comes to location.
A View And Nature
A home with a view is always a sign of a great location. whether you’re near the water or near the mountains, it’s nice to have something scenic and peaceful near your home to enjoy. Property values near the water are also always a bit higher than those further inland.
Access to public transportation is key in many neighborhoods. You want to be able to easily get to and from where you need to go without waiting around. If the area is more suburban or rural, access to freeways and main roads is key. Adding precious time to your commutes is never pleasant. Many times location and commute times come down to a simple matter of balance and planning when searching for a property.