If you're buying a home and have gotten the clear to close from your lender, then CONGRATULATIONS! - all of your efforts to purchase your dream home are about to become a reality!
What they don't tell you is that there are a few actions that can bring this process to a complete HALT.
I'm here to let you know what these mistakes are so that you DON'T make them before you reach the closing table!
All of the following items are RED FLAGS for your lender and they could decline the transaction because of one of the items below happening right before buying your home:
Wishing you Every Success!
How Can I Balance Needs Versus Wants As I Home Shop? That is a great question.
Here's the trick to buying your best house: know what you need. Really, you only need a solid roof, good floors and walls, plumbing, heating, and lighting. Everything else is preference.
Imagine your dream home. Review each item that makes it ideal. Ask which items you could live without and which ones you would pay extra to have. Embrace delayed gratification. Items you want are often those you can add later. You can change features such as light fixtures, countertops and paint. Answering these questions can help you determine budgets for the home purchase and future renovations.
Make a list. Think about a home's different features: bedrooms, bathrooms, lighting, landscaping. List characteristics of each. Determine which ones you need to have, would like to have and don't want. This will help you avoid looking at homes you know don't interest you.
One of the things I advise my clients to do before beginning their home search is to establish their purchasing power by getting pre-approved with a reputable lender.
As a buyer, getting pre-approved for your home purchase—before actually starting your home search—is imperative because it allows you to determine what homes you can actually afford. You may be surprised to find that it is higher than you think! Getting pre-approved is also becoming a standard practice these days and puts you in a much more powerful position as a buyer when you bring an offer to the table; sellers are more likely to take your offer more seriously when it's backed by a pre-approval and they know you are well-qualified to purchase their home.
In addition to helping you determine how much house you can afford, your lender will show you a variety of different types of financing and how much you qualify for with each type; determine what your down payment will be based on your available funds; and determine what your monthly payment will be to ensure you are comfortable with your total monthly payment.
I would be happy to provide you with the name of a dependable lending professional. I know experienced and reliable loan agents and lenders whom I can recommend with confidence as they've always offered first-class service to my clients.
Buying a home is one of life's most important investments and exciting adventures. Whether you are a first-time or experienced buyer, it's important to spend some time preparing yourself before you start your search so you are aware of the potential pitfalls and stumbling blocks that may pop up during your path to homeownership success.[/caption]
Here are some things to keep in mind before and during your search:
With this checklist and the right market conditions, you are well on the road to home happiness. For additional information on the opportunities in today's market or for expert representation, contact me today.
Buying a BRAND NEW home may seem daunting when you can get a resale for a couple hundred dollars less a month but let me tell ya, buying a new home can actually SAVE you money in the long run (plus a few other benefits!)
The word NEW is the key here because everything in a new construction home is brand new.
This includes a 1 year warranty on everything PLUS a 10 year structural warranty. This comes in handy when appliances break or the foundation of the home starts to shift. If you don't buy NEW, then you will have to pay out of pocket for those items. New construction homes are VERY low maintenance in comparison to buying a resale home.
When you buy a new construction home, you have the ability to have ALL or part of your closing costs paid, this saves you money INSTANTLY.
New construction homes are also energy efficient which means you will be saving LOADS of money on your electricity bill whereas a resale home doesn't offer this same benefit.
You can customize EVERYTHING when you build a new construction home - from flooring to backsplash to faucets and light fixtures. It will be custom tailored to YOUR liking and exactly how you want it.
No need to worry about replacing that hideous tile flooring throughout the kitchen of a resale home or updating light fixtures that are outdated.
Also - most new construction homes also come standard with SMART features which are very convenient in this day and age.
New construction communities offer other benefits like superior drainage, which makes it much less likely to flood compared to an older community.
Builders also don't sell to investors, so the newer community will retain its integrity for a longer period of time.
Most people who purchase a new construction home plan to live in that home rather than rent it out every year or so. This means that you'll get to know your neighbors and your property value is protected.
Ask me how we can get you into a new construction home today!