Bruno Real Estate Advisors' Blog
In the quest to find a new home that you love, there are two fundamental things you must know: how much you can realistically afford to spend and what you need to be happy.
Qualifying for a mortgage is one of the first hurdles on the road to home ownership, but loan approval doesn't necessarily mean you can comfortably afford a house you have your eye on.
There are other expenses to factor into the equation, such as closing costs, the down payment, school and property taxes, possible HOA fees, and maintenance costs.
If a house you're considering needs a lot of repairs, updating, and decorating, for instance, those projects could take a big bite out of your bank account and household budget. First-time home buyers and growing families moving into larger homes often have to consider the cost of furniture, new window treatments, and painting supplies. People moving from an apartment or condo to a house may also need to buy a lawnmower, tools, and property maintenance machinery (weed whackers, leaf blowers, snow blowers, etc.)
Once you've determined that you can absorb all those costs without being "house poor," the next step is creating a list of requirements, preferences, and lifestyle goals. For example, if privacy is important to you, you'll need to narrow your search to homes that have a sufficient amount of frontage and space between neighbors and streets. Fences, privacy hedges, and mature trees could also help provide you with the kind of living environment you're looking for.
While the emotional appeal of a house is an important aspect of home-buying decisions, the location of a property and the amount of living space it provides will play a central role in your level of satisfaction. In addition to having enough bedrooms, bathrooms, and storage space, you may also want to consider things like the home's architectural style and whether the floorplan is to your liking.
Many families prioritize the quality of the school district, the look and feel of the neighborhood, and the distance from shopping centers, recreation, and needed services. Also highly desirable is a daily commute to work that isn't too grueling or time consuming!
Since everyone has different goals and needs when it comes to finding the ideal home, there's no one-size-fits-all strategy for zeroing in on the house of your dreams. Although there are a lot of websites that provide great ideas on everything from flooring and countertops to cabinetry and room color, having your real estate agent show you houses that match your specifications is the most productive thing you can do.
Getting out there and physically viewing and walking through houses in your price range will eventually lead you to the home that's just right for you and your family. It's a process in which you need to immerse yourself, but with a little persistence and a clear idea of what you want, you're sure to find the home that checks off most (if not all) of the boxes on your priority and wish lists!
202 Aquidneck Street, New Bedford, MA 02744
A seller's market provides many opportunities for those who plan to list a residence in the near future. If you know how to capitalize on a seller's market, you may be able to quickly and effortlessly sell your house and maximize your property sale earnings.
Now, let's take a look at three tips to help you get the most out of a seller's market.
1. Analyze Your Home's Strengths and Weaknesses
It may be beneficial to conduct an inspection prior to adding your house to a seller's market. With an inspection report in hand, you can assess your residence's strengths and weaknesses. Then, you can perform home repairs and upgrades and boost the likelihood of getting the best price for your residence.
In addition, you may want to complete a home appraisal. If you receive an appraisal report, you can analyze a property valuation and use this information to establish an aggressive initial asking price for your house.
2. Craft an Engaging Home Listing
A home listing typically plays a pivotal role in the house selling journey. If you devote time and resources to create an engaging home listing, you should have no trouble stirring up lots of interest in your home in a seller's market.
As you craft a home listing, it may be a good idea to evaluate the buyer's perspective. If you understand what separates your home from comparable residences in your city or town, you may be able to find innovative ways to differentiate your house listing from all others.
It often helps to include high-resolution images of your home in your listing too. You also should incorporate accurate details about your home into your listing to help buyers determine if your residence matches or exceeds their expectations.
3. Work with a Real Estate Agent
Selling a home sometimes is tricky, regardless of the current housing market's conditions. Lucky for you, real estate agents are available who can help you achieve the optimal results in a seller's market.
A real estate agent knows what it takes to sell a residence in any location, at any time. First, he or she will create a personalized home selling strategy designed to help you accomplish your desired goals. A real estate agent next will put this plan into action and promote your residence to potential buyers. If you receive an offer to purchase your house, a real estate agent will help you determine whether to accept, reject or counter this proposal.
Furthermore, a real estate agent will help you finalize a home sale. He or she will offer tips and recommendations to help you prepare for a home closing and respond to any of your concerns or questions. Plus, a real estate agent will keep in touch with you as your home closing date approaches to help you alleviate stress.
There are lots of things you can do to capitalize on a seller's market. Thanks to the aforementioned tips, you can take advantage of a seller's market and seamlessly navigate the home selling journey.
25 Indian Cove Way, Easton, MA 02375
You’ve decided to start the process of buying a home. Congratulations! Now it’s time to figure out how much money you have, and what you can afford. The goal is to avoid purchasing more home than you can afford, but those variables change. In September 2019, the average price of a new home was almost $363,000. As an average, that may sound a bit steep, especially if this is your very first home.
A home may be one of the largest purchases you make. That’s why it’s important to go in with a clear head and everything aligned. Here are a few tips on learning how to budget when you’re preparing to purchase a new home:
- Start with the 25% rule
Your mortgage should not be more than 25% of your gross income each month.
- Consider every source of income you have. That means if you have 2 paychecks each month, each one should be included. If you have side work, that should also be included. That will encompass your total monthly income.
- Write down your monthly expenses and make sure you leave nothing out. That means your donations to charity, student loans, transportation/gas, movie night, coffee and everything else you spend on a monthly basis.
- Once you have these figures, subtract the expenses from the income. That will help you determine the max you will be able to pay for your mortgage. It’s also important to have a place to set aside some money for repairs. As a homeowner, things happen.
Any existing debt you have should be eliminated if you can afford it. The lower your debt to income ratio when you start the process, the better off you will be. Additionally, you should save as much as you can for a potential down payment. Depending on the loan, that will be 10 to 20%.
The figures you come up with will give you a good idea of where you stand and is a good starting point for your initial meeting with a mortgage broker. It’s also a good idea to review the types of loans that you may qualify for and look at the requirements. That will give you a general idea of the amount of money you will need to come up with for a viable down payment.
Although things may seem complicated, once you get started, everything should fall into place. Your real estate agent or mortgage broker will be able to provide more insight once you get started. Take your time and don't rush the process. It will be worth your while in the end.