Monday, December 4, 2017

A Guide to Home Buying



Buying a home can be an overwhelming process if you are a first time homebuyer. It pays to do your homework and know the important steps in the home buying process so that you do not feel surprised or overwhelmed. It is the dream of every individual to have his own home. Congratulations to you if you have decided to buy a home for your family.
Real estate transaction are a major financial decision involving lots of money. As you will be living in your new home for years to come, it is prudent to do your homework and make a move only when you have found a house that fulfill your requirements.

Hire a real estate agent to represent you

Many people think that hiring the services of a realtor can be a burden on their pocket. The fact is that the fee of a buyer’s agent is paid by the seller. But this professional provides invaluable help and assistance with his knowledge and experience.

Get pre approval letter from your lender

Many buyers make the mistake of starting their search for a home without this all important document. Pre approval document in your hand is a clear sign for the homeowners that your offer can be taken seriously. Your bid is also preferred over other buyers when you have been preapproved for a mortgage loan.

Search for your new home

Make a list of your requirements and start your search. It becomes easier to conduct this search when you know what you want and for how much. Try to find a house in a neighborhood where there are good schools for the education of your kids. Do not buy a house at a low price if it is too far away from your place of work.

Make an offer

Once you have found the right home, let your agent make an offer based upon price and other terms you have chosen for yourself.
Negotiate and enter into contract
These are two very crucial steps in home buying process. Your offer may not be accepted by the homeowner. Allow your agent to negotiate with the seller on your behalf.  Once the price and terms are acceptable to you, it is time to draw up the contract. This document specifies the time within which you agree to make the payment and also the time within which you need to get the property inspected. Your real estate agent gets incorporated points that you wish to focus upon so that there is no dispute later on. Negotiation and contract are two steps where the expertise and negotiation skills of your agent are tested to the core.
Final details
Once you have got the property inspected, you can review the report one last time before you are ready to close the deal. You arrange the money by getting the mortgage loan from the lender. Discuss the terms of repayment before singing the mortgage deed.
Closing on your new home
This is the last step in home buying process. You hand over the check and take the possession of the property. A title company facilitates closing after studying the title deed of the property.
Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

Wednesday, November 15, 2017

Downsizing is a Good Idea as Homeowners Age

You purchased a large property to fulfill the requirements of your family with kids. Now your kids are gone and settled in their own homes and careers. You are living with your spouse in the same large house, somehow coping with the maintenance costs and huge utility bills. Why don’t you move into a smaller apartment or house to cut down on your expenses and maintenance costs? Referred to as downsizing, this concept has become very popular among old age couples preparing for their retired life without kids and their families.

Cut down on your expenses

Are you frustrated by the fact that you have to mow the lawn on your own in an attempt to save on the fee charged by a gardener? Do you find it irritating to pay for the cost of heating and cooling such a large area inside the house when you and your spouse are effectively using only a small percent of the area?

Well, this is the case with most couples staring at their impending retirement with their children having moved to faraway places, settled in their careers. You can get rid of these extra expenses by simply selling your large house and moving into a smaller house or apartment. You can even start to live in a rented place, depositing all the cash you get by selling the house into your bank account.

There are emotional costs of downsizing

Cost of ownership is not limited to just financial costs. There are so many memories attached to the place you called your home for so many years. You have the neighbors and your friends living in the area. It can be painful leaving all these memories behind. Also, you need to find your new home in a place that is not too far away from the kids and your friends otherwise traveling back and forth could add to your expenses.

Calculate the cost of selling and buying

Selling your large house will no doubt fetch a lot of money in your hands but do not forget the commission of your agent and other related costs of selling. Add to this the cost of buying your new small home and take a decision to downsize only when you are able to save a considerable amount of money for your retired life. Downsizing proves counterproductive if you cannot give up on your ego and plan to splurge on furniture and other household items like before.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

Tuesday, November 7, 2017

The Smart Way to Buy a Home

Buying a house is perhaps the biggest financial decision of your life. You must remain careful and take a wise and informed decision as it is a matter of crucial importance for you.

Why are you buying the property?

There can be many reasons why you have decided to buy a property.
  • You are fed up of living in a rented property
  • You want to pay the EMI of your own home rather than feeding your landlord
  • Your family has outgrown the space available in your present home
  • You are interested in buying a rental property
  • You want a property having a yard
  • You desire to live closer to your workplace
Once you know the real reason behind your desire to buy a property, it becomes much easier to identify and buy the right property matching your requirements.

Can you afford buying a property?

Knowing the answer to this question is very important in arriving at a decision to buy a property. Of course it is a great way of building an asset for your family and an investment into your future. But only you know whether you can easily afford the monthly repayments to the lender for a long time to come. If you are settled in your career and sure of receiving increments in future, you can go ahead and buy a home for your family.

Preparations before buying

You may be surprised to know this but it is a fact that there are some preparations that are necessary to be carried out before you start the process of buying.

Make the green file
If you do not know, green file is a file that contains financial documents of an individual necessary for securing a loan. It includes:
  • Your banking details
  • Financial statements
  • Investments and assets
  • Credit card details
  • Loan details
  • Recent paystubs
  • Tax retunes
  • Life insurance policies
  • Retirement account information

Check your credit report

This is perhaps the most important step in your preparation for buying a property. Every lender studies your credit report and pays attention to your credit score before deciding in favor, or against giving you mortgage loan. Ask your credit report from one of the three credit ratings (Equifax, Experian, and Trans Union) and check your score before you go and apply for a mortgage loan in a bank. It is your credit score that decides how much of a loan the lender will give and at what rate of interest.
Be realistic with your expectations
Many individuals are very happy and excited when starting their search for a new home. All their enthusiasm fizzles out when they find that they are not getting their dream home in the price range that they have in their mind. If you have seen 3-4 houses and feel that you are not getting what you have in your mind, you have to remain prepared to make some compromises. This is exactly how people are able to buy homes for their families. A little compromise on space, location, price, and features is what you should be mentally prepared for. If you are too picky, you will spend a lot of time seeing houses and still not be satisfied with any of them.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

Thursday, October 26, 2017

5 Things that Every First Time Home Buyer Must Know

Congrats to you if you have made the decision to buy a home for your family. You will be fulfilling the great American dream and also creating an asset for yourself. Buying a home involves major financial transaction. You do not buy homes every now and then. Any mistake or negligence on your part can not only cost you dearly but also make the procedure tiring and tough for you.

Here are 5 things that you must absolutely know about before buying your first home:

  1. Know how much of a home you can afford
Many individuals become excited after landing a decent job. They are in such a hurry that they start conducting search for a home without knowing how much loan they can get from a bank based upon their financial statements. You are only wasting your and your realtor’s time if you do not know how big a home you can afford to buy.
  1. Location is crucial
Every first time home buyer needs to make an assessment of his requirements. This allows him to shortlist neighborhoods on the basis of amenities available, ease of transport, lifestyle, and the requirements of the family. It is no use starting on your search with your realtor without knowing what you want in terms of location of the house.
  1. Keep in mind your budget
You have saved a small amount of money to be given as down payment to the bank. You can easily calculate the price range in which you can buy a home for your family on the basis of this amount. Do not forget to keep aside money to meet the closing costs as well as the fees of your agent. It becomes easier to see houses that fall within your desired price range and politely refuse the request of your agent to see more expensive homes. Ask yourself if you can bite more than you can chew and you will stay on track when searching home for your family.
  1. Are you ready to pay the EMI’s?
Just because you have some money in your saving account does not mean you will be able to easily afford the monthly repayments to your lender. See what the monthly amount that you can pay comfortably is. Do not commit to until you feel you are ready for this kind of a commitment. Buying a home is easier than repaying monthly installment for a long time period of 20-25 years. Understand the terms and conditions of the mortgage clearly before signing the contract.
  1. Pump in as much down payment as you can afford

Your Down Payment Matters

Money spent on down payment should be considered as a wise investment and not as an unnecessary expenditure. You should offer to pay as high a down payment you can possibly afford to get a lower rate of interest and the confidence of the lender. Some individuals make the mistake of holding on to their savings when they get the facility of a no down payment mortgage loan. If you do not have a solid plan of investment, it is better to pay a large sum of money upfront to your lender.

Final Thought On Buying a Home

Buying a home is a huge transaction in your life. It should be based upon research and understanding of your own requirements and ability to repay the loan. Hiring the services of a reliable and experienced realtor can prove to be a very wise decision when buying a home.
Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

Thursday, October 12, 2017

Have a House Hunting Checklist When Purchasing a Home

When most buyers go to a showing at a home they can be very shy and unsure of what to look for. They behave in a very formal manner and feel awkward to look under the sink or behind the closets when they are being shown around by the owner or the listing agent. Having the feelings of being nosey or think you are invading someones privacy but you surely are not. After all, you will be paying a huge amount of money to the owner if you decide to buy his property. Is it better to feel awkward later on when you find any problems with the house or feel awkward now? Real estate experts say it is better to reassure yourself now than repent later on. They suggest keeping a house hunting checklist with you when you are touring a property.

Explore the Bathroom When Previewing a Home

One of the rooms that every home buyer has interest in seeing is the bathroom. Owners proudly show their bathroom to the visitor but only for as long as they want, not any longer. If you are a smart buyer, make the most of this showing. Excuse yourself saying you need to use the bathroom for a minute. Now you are free to closely examine everything inside the bathroom from the toilet seat and the flush to the bathtub and the faucets. See if the water pressure is nice and the flush is working properly. Some owners consider it as impolite but include bathroom in your house hunting checklist.

Take a Closer Look into the Closets

Owners take potential buyers around their property and show them the closets that look newly painted with new handles. However, they do not like it when a visitor tries to take a look inside these closets. Of course you need not go through his belongings but you are well within your rights when you want to ascertain the actual storage space inside the closets. Include spying inside the closets in your house hunting checklist as you are paying for these closets and you are entitled to find out if your storage needs are fulfilled by these closets or not.

Don’t Wait for the Inspection

Be sure to look carefully at the inside of the attic and the basement and not to take a quick glance. A thorough investigation is what is needed to give a clean chit to these two features inside the house. If the excuse for not showing your around inside both the basement and the attic is the belongings of the owner piled against the walls, you can ask for their removal when you make a second visit to the house. In fact, it should raise suspicion in your mind why the homeowner has stockpiled items in the basement and the attic when he is planning to sell the house? There are reasons why you should feel nervous when you see a packed attic and basement in a house.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

Wednesday, September 13, 2017

Qualities of a Professional Realtor

Are you looking to buy or sell your home in the near future?  Having a realtor do this for you is the best option to consider.  Their entire job description revolves around buying, selling, and renting real estate property for clients.  Therefore having a professional conduct your real estate transactions will not place you in jeopardy in the long run.

Expectations of a Good Realtor

Professionalism
With the vast knowledge realtors have in real estate realtors can manage your plan for property sale or purchase. With the experience gained over time, they will adequately handle your contract due to familiarity with the real estate market. The realtor is also responsible for handling paperwork associated with the real estate property in question. The realtor helps his/her client from being deceived into acquiring property with fake documentation.

Negotiation skills
Realtors are responsible for crafting transactions for their clients with consideration to their budget and needs. With cases of extortion of customers buying overpriced property or sell their property at a lower value the realtor, on the other hand, helps in establishing a fair value for their client. Ensuring fairness by their unmatched negotiation skills they will give their client what they deserve.

Vast Backing
 The variety of resources a realtor has to offer is so broad that clients will be more than satisfied with their service. The realtor will assist in getting in touch with a bank for a loan, home auditors, mortgage advisors and attorneys in case complications occur in a transaction. They will
also be in charge of finding real estate property best suited for a client by guiding you into what is best in the current market.

Commitment
Realtors take an oath to follow work ethics that enhance fairness, order, and honesty of both transacting parties before being handed their licenses. Therefore it distinguishes a realtor from an agent or broker. The realtor schedules appointments with your potential clients, research about the property verifying all legal requirements. With more than just follow up of your transaction, the commitment of a realtor is with no doubt reliable.

Though getting a realtor comes at a fee, going through the whole transaction alone might lead to various complications in the long run. Hiring a real estate expert with broad knowledge of the market is the best option if you are looking forward to buying or selling the property. Time and
work put in will also be saved.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

Friday, August 25, 2017

What to Expect When Hiring a Real Estate Agent

Real estate agents are your fairy god-parents when it comes to buying or selling property because their job is to keep an eye on the market to know where a house needs to be sold and which one is being eyed a lot by the buyers. Quite honestly, the average man does not know about the homework it takes to be a good real estate agent. Hiring one can significantly improve your chances of carrying out a deal in your favor.

Real estate agents work for both buyers and sellers.  Here is what you can expect from them under each case.

For Sellers

This is the faction where most of the real estate agents are employed. Essentially, the job of the agent is to place a price on the house which is acceptable in the market. You can expect your agent to know everything about your locality, the plot where your house/apartment’s building is located, and the traffic in the market for buying houses in your area. The level of competency of the services you get depend on you staying fully honest with him/her, because there is a chance that he/she will instruct you to carry out a few repairs before you put your house up for grabs on the market.

Payment

In the case of the seller, there is an agreed band that the agent and the seller follow according to which the agent states the amount of commission he/she will be taking if the house gets sold. In addition, there is a primary hiring fee that you will have to pay in order to get the services, but considering how you can expect a great result in the end, it is certainly an investment worth making.

For Buyers

This is the faction where fewer real estate agents are employed.  The main tasks of the buyers include searching for houses in the areas where the hirer wants one, bargaining with the sellers regarding the cost, getting the pre-approval letter for the house loan readied (if applicable), and informing the buyer about the condition of the house and any problems relating to the house or the neighborhood where it is located. Even though the number of real estate agents employed for buying property are quite less, because at the end of the day it depends on the purchasing power of the authority wanting to buy a house, the costs you can save in the short and the long run are certainly worth the effort of finding a good agent.

 Payment

The buyer usually takes a fixed a percentage of the amount for which the house was sold, in monetary terms. Payment is rarely ever done in installments because once the documentation procedure is over and the place is handed over to the new owners, the job of the real estate agent comes to a close. In any case, you can expect the cost and wait to bear excellent results for you by the end.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.