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Buying a Home as a Couple
Buying a home is all about getting what you want. Being in a relationship is all about compromise.
When you and your significant other start thinking about buying a home, whether it is your first or fifth, there’s a good chance that you will have some difficult choices to make. You each have a different idea of what the perfect home should be. You also might have different ideas about how much home you can afford, or even which neighborhood you want to live in.
If you’re looking to buy a home, the first step is to take the time to figure out what you want. Make a list, and then sit down with your significant other. Compare lists, and discuss any differences. Remember to keep an open mind. If you can’t decide between two neighborhoods, look in both of them. Your goal is to create a plan for house hunting, not a checklist that has to be followed absolutely. It’s important to be flexible, and the idea you might not be crazy about right now might seem like a better option once you actually see it in a home.
Before you contact a Syracuse real estate agent, you need a shared plan for how much home you can afford. It is recommended that no more than 33% of your income go toward housing costs. Taking out a loan for a home that you can’t afford can lead to financial problems and put a lot of strain on your relationship. Set an affordable limit, and agree to stick to it together.
When you sit down with your real estate agent, share your agreed upon list of what you do and do not want in your new home. Not only will this make finding a home a lot easier, you’ll also be less likely to have disagreements later about the features of the home. Buying a home can be stressful enough without petty disagreements about how big the living room needs to be, or how many bathrooms you need. When you find the perfect home, you won’t need to worry about spending as much time debating the particulars.
Remember that buying a home is a big step in the course of your relationship, especially if it is the first home you are buying as a couple. Working together as a team is the best way to assure that you find a home you’ll both love, without putting unnecessary stress on your relationship.
Number of Views :119Choosing a Price Range
Thinking about buying a home? One of your first steps should be to determine a price range. To do that, you first need to know what you can afford for a monthly mortgage payment; generally, lenders will consider anything above 30% of your mortgage payment to be too much. You also need to know what you can afford for a down payment. Depending on your credit score, you will need between 3.5% and 8% of the purchase price set aside for your down payment, but you will want 20% available if you want to avoid private mortgage insurance.
There are several online calculators that can give you a rough idea of how much home you can afford. Or, if you have 20% for a down payment and only a small amount of debt, you can get a basic idea by multiplying your annual income by three. For example, if your household makes $75,000 a year, you should be able to afford a home that is priced up to $225,000.
Does that mean that you should necessarily buy a home for the full amount? Not necessarily. Think of your maximum price as a credit card limit; just because it’s there doesn’t mean you need to use all of it.
Once you know what you can spend, you need to decide on a price range. Most people start with their highest amount, and then subtract between $25,000 and $50,000. If you have a maximum price of $225,000, then your price range might be $175,000 through $225,000.
That’s a great place to start, but don’t carve these numbers into stone. The first thing to look at when looking for a home isn’t the price, it’s the features. You should buy a home that fits your needs and wants, or that comes as close as possible to that. If you’re looking for a nice 4 bedroom, 2 bath home in a good neighborhood, you might miss the perfect home if you don’t wander outside of your price range a bit.
With the real estate market in its current state, a home that might have been originally priced at $180,000 might now be selling for $165,000, below your price range. A home that is listed for $235,000, but has been on the market a while, might only cost $225,000 (or less) after negotiations, especially if the seller is motivated. Without flexible a flexible price range, you might have missed both of these homes.
Having a target price range is important. It gives you a starting point when looking for a home. You need to remember, however, that it is not the most important factor when searching for a home. While you shouldn’t try to buy a home that you can’t afford, you could miss your dream home entirely if you don’t look at homes prices slightly higher or lower than your initial price range.
Number of Views :88Buying on a Budget
Saving up for a down payment is hard. With the new FHA regulations, if your credit score is below 580, you need to have at least 10% of the purchase price of the home set aside before you’ll qualify for a loan. Even if you do have good credit, you still need at least 3.5%. Depending on the home you’re thinking about buying, that could still be close to $7,000. Not exactly pocket change, for most people anyway. If you don’t want to pay for costly PMI (Private Mortgage Insurance), you need 20% down.
If you’re struggling to find the extra money to set aside for a down payment, you’re not alone. A lot of buyers, especially first time buyers, have a hard time finding the extra money in their budgets. There are, fortunately, some quick and easy steps you can take to make it easier to save the amount you need.
- Set aside your tax return. If you’re lucky enough to get a decent amount back, have it automatically deposited into a savings account. Don’t start making plans for the money; it’ll make it harder to leave it alone. Let it sit and collect interest, and you might be several thousand dollars closer to your goal without even touching your current budget.
- Use a change jar. Empty out your pockets, purse or wallet every night when you get home. When the jar is full, put the money into your savings account. It’s surprising how quickly a handful of change here or there can turn into some serious cash in a month or two.
- Ask about automatic deposits for your paycheck. Most employers offer this plan, and banks can take out a percentage or set dollar amount every week, and put it right into your savings account. You won’t have to do anything once it’s set up, and the money will be set aside well before you even see it. Even $30 a week can add up; over a year, you’ll have an extra $1,560 in your account.
- Rework your budget. Or, if you don’t have a budget, now’s the time to make one. Figure out how much you earn in a month, and subtract any necessities (rent, utilities, vehicle expenses, credit card payments, ect.). Look at what’s left. How far can you make that amount stretch? What are you currently paying for that you don’t really need? Can you use coupons to save money on your grocery expenses? Do you need your daily latte fix, or can it be a special treat? If you can find a way to cut $25 from your expenses each week, that’s an extra $1,300 a year towards your down payment.
Saving up for a down payment isn’t impossible. It might take a year or two of concentrated saving, but you’re building a habit you’ll thank yourself for later on. Keep in mind that you’ll end up needing more than just the initial down payment amount; keep some money set aside for a couple mortgage payments (as a back-up), closing costs, and as actual savings.
Number of Views :120Tips for Buying a Short Sale Home
These days many people have to sell their homes in hurry either because they cannot afford the payments, they lost their job and need to move soon, or maybe due to a divorce or other personal reason. Whatever the case, this means the sellers usually sell their home using a short sale which means the process will go faster. If you see a home you like but it is a short sale, you may have questions about it. Here are some tips for buying a short sale home to help put your mind at ease.
Ask your Syracuse real estate agent for advice
It is the job of a real estate agent to know all about what goes into the buying and the selling of a home, no matter what kind of sale it might be. They are a great resource for any questions you may have and may even be able to help you along the way.
Find a House You Like
With your real estate agent, look for a home that is short sale, it may be advertised or have a big price reduction letting you know that it may be a short sale property. It may that a bank has to approve the sale before it can be sold.
Make an offer
Making an offer on a short sale home may seem easy, but there are a few things that you should know. If the owner has the house listed at a certain price, but they paid a different price and the house was appraised at a certain price, it is important to try to meet the appraised price. You will need to get the seller and the seller’s bank’s approval before the home can be sold. This may take several different offered prices.
Get as much information as possible
If a house is a short sale, it is important to talk with your real estate agent about getting as much information as possible. This way you can make the best offer or counter offer possible. See if your agent can talk with the owner to find out more information or see if they can do some research.
Make a Counter Offer if Needed
Talk with your real estate agent about what would be a fair counter offer given the market, location of the home, short sale conditions, and more. This way you do not waste time making many rejected offers and have a better chance of getting the home you want.
With the housing market the way it is and many people needing to move quickly, short sales are being more popular. There are some things you need to know with short sales though and it is important to work with your real estate agent as much as possible. This way you will have peace of mind and enjoy your home now and in the future.
Number of Views :72Ready to Buy?
This is a great time to buy a home, but are you ready?
There are six signs of a home owner who is ready to buy. Buying a home is one, if not the, most important financial decision you’ll ever make. It’s a great move, but only if you’re ready for it.
- Are your finances in order? This means that bills are paid on time, your consumer (credit card) debt is paid down, and you have a strong credit rating. Get a copy of your credit reports, and look for any errors or negative comments. Pay off old debts, and take the steps necessary to correct errors. Call the credit agency or the company reporting the debt to get the correction process started.
- Do you have a down payment ready? Depending on your credit rating, you may now need as much as 10% of the purchase price of the home set aside for the down payment, even for a FHA loan. You still need at least 20% if you don’t want to pay private mortgage insurance. If you don’t have the money saved up, look over your budget for any extra money that can be set aside towards your new home.
- Do you understand the market? You don’t need to know the specifics, but it’s a good idea to know what you’re going to be looking at. What are homes selling for? What can you expect for an interest rate for your mortgage? Learn as much as you can about buying, and your local market, before you start looking at homes. You’ll be better prepared when you finally start your search for a home.
- Do you have funds set aside for payments or emergencies? If you’re buying a home, you probably aren’t planning on losing your job or facing a family emergency. However, it’s important to be prepared, just in case. You should have at least two or three months of mortgage payments set aside, outside of the money you have saved for your down payment.
- Have you held steady employment for several years? Mortgage lenders want to see that you have a strong employment history. If you haven’t held the same job for at least two years, or at least a similar position in the same industry, you may have a harder time getting a mortgage.
- Are you staying in the area? If you aren’t certain that you want to stay in the Syracuse area for at least the next five years, hold off on buying a home. While you can buy a home even if you are planning a move, it might not be worth the extra hassle.
If you can answer yes to all six questions, you’re well on your way to being ready for buying a home. If there are still areas you need to work on, do some research and start working on what needs to be done. Save up your down payment and emergency money, learn as much as you can about buying real estate, and get your credit score repaired. It might be hard to wait, but you’ll thank yourself later on.
Number of Views :48Things to Look For When Searching the Internet for Homes
Many people even if you hire a real estate agent, have a tendency to still look in newspapers, magazines, in the neighborhood and even on the internet for homes that may be on sale. We do this because maybe we think the real estate agent may have missed something or maybe just because we are curious. Whatever the reason, buying a home on the internet can be tricky, so here are some things to look for to make the search better for everyone.
Ask your Syracuse real estate agent for advice
As a real estate agent, it is their job to keep up to date on which homes are for sale and where they might be. They may be able to offer you reliable internet resources and offer advice on what to look for and avoid.
The Home May be Sold
If you are looking on the internet, the information could be outdated or incorrect so the home you want may have already been sold and the listing just did not get removed yet.
Pre-foreclosure home
If you are looking on a national website that lists homes for sale, it may also list homes that have had to default. This does not actually mean the home is for sale and it may not mean it will even be a foreclosure. Ask your agent for help in knowing what to look for if you get stuck.
May Not Meet Criteria
If a home is listed on the internet it may not actually meet your criteria. If you need to close on a home within a certain time some internet listings may not be what you need or it may not reveal whether or not the home is actively on the market and for sale. Your agent will better be able to help you meet your criteria.
Description May be Incorrect
The home may actually say that it is one location when in reality, it is somewhere completely different. Or it may say it has storage space when really it just has an extra garage. Buying a home this way may not let you know what the home actually looks like.
If you are going to look for a home on the internet, it is important to consult your real estate first. This way you know that the home you are looking at is really the home you want and will be buying. Also, more mistakes and problems can be avoided later on. This way you will truly be happy with and enjoy the home of your dreams.
Number of Views :57Ways to Profit from Real Estate
Many people only think about buying and selling homes when it comes to talking about real estate. However, there are many other topics in real estate including real estate investments. There are plenty of ways to invest in and profit from real estate. If you are interested in owning property and profiting from it, here are some real estate investment tips to help you get started. This way you can not only enjoy your property, but make some money as well.
Ask a Syracuse real estate agent for advice
If you don’t know much about real estate investments, a person to ask is your real estate agent. They are a great resource and can put you in contact with people you need to talk to, to help you get started.
Rental properties
If you own a rental property, you can ask for just enough rent to cover costs such as: mortgage costs, taxes, and maintenance costs as well as other unexpected costs. It is important to be patient and in time the rent will actually become a profit and be a very important real estate investment.
Real estate investment Groups
These groups can look over your real estate investment and profits without you actually having to deal with most of the direct hassles and problems. You can buy or invest in some properties from this group, but the group itself will manage all of properties and give you a percentage.
Real Estate Trading
Real estate traders buy a property and hold it for a short time and then fix it up and sell it for a profit. This is also known as flipping and can be a wise investment for many people that know exactly what they want.
Real Estate Investment Trust
This is when a corporation uses investors’ money to buy and operate properties. Then these trusts are bought and sold just like other stock and dividends are given out to investors.
These real estate investment ideas can help you chose which one is best for you, your situation and your family. They can also help you make more informed decisions. This way you can profit from your real estate not only now but long into the future.
Number of Views :75Paperwork to Have Before Buying a Home
If you are considering buying a home then you know, there is much to think about before making such an important decision. You have to consider location, cost, schools, the maintenance that goes into a home, and much more. All of these things are very important before buying a home, but some other important things like paperwork may be even more important when buying a home. If you do not have proper paperwork then you can lose the deal and the home. Here are some tips on the proper paperwork needed to buy a home to help you get started.
Ask your Syracuse real estate agent for advice
As a real estate agent, it is there job to know what kinds of paperwork are needed to buy a home. They are a great resource in helping with the whole home buying process and making sure you have the proper paperwork needed to buy the home of your dreams.
Current Pay Stubs
It is important for sellers to know that you have a steady income and can afford to purchase the home. This is why you should have at least your last two pay stubs with you before buying a house. It is important however to make copies of these and do not give out the originals.
W2 Documents
This is your wage and tax return for the last year, given to you by your employer. It is important that lenders get the last two years of W2’s from each home buyer to help you get the home loan you may need to make the purchase.
Federal Tax Returns
Bring your tax returns for the last year or the last two years of tax returns if you have not yet filed your taxes. It is important to make copies of these and not give out the originals. It is a good idea to include all schedules and make sure they have your signature.
Bank Statements
It is important to have copies of your bank statements ready for a lender. They may want two or three months worth of bank statements, so make sure you either ask your agent or lender what they will require from you. It is a good idea to include every page of the bank statements when giving them to the lender.
Buying a home means that there is much to consider and do before you can actually own the home. Many people do not think about the proper paperwork they will need until the last minute but it is very important. Having the paperwork you need, will help ensure that you can buy and enjoy the home you want far into the future.
Number of Views :89Home Updates That May Cost You
If you are getting ready to sell your home, you may think that making certain updates and upgrades will give you a better chance of making more of profit from the sale of your home. Home updates may make your home look newer but they just may actually end up costing more money and not actually help you sell your home any faster. Here are some home updates that may cost you more money and should be avoided. This way you can save time, money, and stress in the long run.
Ask your Syracuse real estate agent for advice
As real estate agents, it is their job to know what appeals to possible buyers and what may not. They are a great resource in asking what updates should be made to your home before selling it and which ones may actually waste some money. You should get their advice before starting on any home updates.
Make Improvements Based on the Neighborhood
It is important to only make improvements that make your house stand out but still makes the house fit in with other houses in the neighborhood. If you improve your home too much, you may scare off possible buyers that will think your home is overpriced and too expensive for them.
Swimming pool
Many people may consider this update an important one, but it may actually cost you more money in the long run. Many buyers view swimming pools as high in maintenance and also a safety hazard for children. Therefore, you may lose your investment in the pool.
Changing a Garage into a Game Room
Before making a major change like this, consider what other homes around you offer. If the other homes offer more parking, then it may be a better idea to keep the parking option and save your money for a possible game room in your new home.
Design Changes
Everyone likes the idea of decorating and having a style that fits them. If you are selling your home though, you may want to pick neutral, calm colors and leave the bold design changes for your new home.
These tips will not only save you time and money, but allow you to have less stress and worries in the future. The money you save from minor updates can also be used for your new home and future. This way you sell your home and save money as well. It is a win-win situation for everyone.
Number of Views :50Tips for Selling a Home on a budget
With the economy the way it is these days, everyone has on a tight budget. When selling a house, many people think this makes the whole process even harder. There are many things that go into selling a home and there is so much to consider, but there are ways, selling a home can be done on a budget. Here are some ways to save money when selling your home. This way you can move on to your new home and future with even more peace of mind.
Ask your Syracuse real estate agent for advice
Real estate agents help many people buy and sell homes each and every day. Many of these people probably are in similar budget situations. Your agent can offer tips, advice and is a great resource of information to help get you started.
Start looking at the outside of the home
There are many things you can do to the outside of your home to get it ready for selling that does not cost that much money. These include: mowing the lawn, planting flowers, wash the windows, touch up the paint, replace lights and more.
Remove clutter and furniture
You can do this by holding a garage sale which will actually help you to make some money. Other options may include: removing photos from walls and tables, pack up books and bookcases, clean out closets and store items that are not needed, and organize.
Working on the kitchen
If you are on a budget and cannot afford new counters, just consider redoing or fixing them. Re-grouting counters, re-staining, and painting can help save you money and make the kitchen look great at the same time. Also, a good cleaning will also help the kitchen look great
Clean
A good cleaning will make any home look great and it does not cost very much. You can rent a carpet steamer to clean the carpets, dust, make all wood and ceramic floors really shine, and give everything a good washing.
These days every money-saving tip is very important especially when it comes to selling your home. It may take some work and time or some creative thinking, but selling a home on a budget can be done. This way you can save your money for your future and rest easier knowing you were able to sell your home.
Number of Views :52