Lisa Westerman's Blog
Ready to discover your dream home? With help from your loved ones, you may be able to accelerate your journey from homebuyer to homeowner.
Ultimately, there are many reasons to include family members and friends in your search for the perfect home, including:
1. Loved ones are happy to help you in any way they can.
Loved ones have your best interests in mind and will do whatever they can to assist you. That way, you can get extra help as you embark on the homebuying journey.
Before you begin your home search, it may prove to be helpful to meet with loved ones so that you can explain your homebuying goals to them. This will allow you to describe what you'd like to find in your dream home. Plus, meeting with loved ones gives family members and friends an opportunity to ask you questions about your home search.
If you and your loved ones are all on the same page, you'll be able to get ample support as you prepare to kick off your home search. Then, you and your loved ones can check out a broad array of houses and find one that matches or exceeds your expectations.
2. Loved ones can share their homebuying experiences with you.
For those who are entering the real estate market for the first time or have not purchased a house in several years, it may be beneficial to involve loved ones in the property buying process.
Loved ones who have recently purchased homes can provide real estate insights that you may struggle to obtain elsewhere. They can respond to your homebuying concerns and queries and help you prepare to enter the housing market.
Also, loved ones may be able to help you avoid potential pitfalls as you search for the ideal residence. Although some family members and friends may have made mistakes when they bought homes in the past, your loved ones can help you learn from their errors and ensure you can avoid various homebuying pitfalls.
3. Loved ones can help you make tough homebuying decisions.
Let's face it – the decision to buy a home is one of the biggest that an individual may make in his or her lifetime. As such, the decision to purchase a home is not one that should be taken lightly.
Loved ones are happy to listen to your homebuying concerns time and time again. They can offer suggestions and recommendations as you explore homes and help you remain calm, cool and collected at each stage of the homebuying journey.
Of course, if you want additional assistance during the homebuying journey, it never hurts to hire an expert real estate agent. This housing market professional can set up home showings, negotiate with home sellers on your behalf and provide comprehensive homebuying support at any time.
Reach out to loved ones for support as you get ready to search for your dream home. By doing so, you may be able to speed up the homebuying process.
Tired of renting an apartment? Buy a house, and you can reap the benefits of homeownership for years to come.
Ultimately, there are many wonderful reasons to start a search for your dream home today, including:
1. You can enjoy the freedom of owning your own residence.
Let's face it – nothing beats the freedom of owning your own residence, and perhaps it is easy to understand why.
If you launch a search for your own house, you can find a residence that matches your personality and budget. Plus, you can always decorate and customize your house however you choose. And if you complete myriad home upgrades or maintenance, you may be able to boost your house's value – something that may prove to be important if you eventually decide to sell your residence.
2. You can capitalize on various tax benefits.
Believe it or not, buying a house may enable you to reap myriad tax benefits.
The U.S. Tax Code allows homeowners to deduct the interest paid on a mortgage and property taxes. Also, if you study the U.S. Tax Code closely, you may find that you can deduct some of the costs involved in a home purchase.
3. You can pay predictable housing costs for a set period of time.
With a fixed-rate mortgage in hand, you can pay the same amount each month for the duration of your mortgage. This means you won't have to worry about fluctuating housing costs; instead, you'll pay the same total each month – without exception.
Of course, homebuyers who choose an adjustable-rate mortgage can enjoy fixed housing costs for a set amount of time too. On the other hand, those who select an adjustable-rate mortgage likely will need to plan ahead for a potential increase in mortgage costs after three, five, seven or 10 years.
Clearly, there's a lot to like about buying a house. For those who want to enter the housing market today, it certainly helps to work with an experienced real estate agent as well.
A real estate agent allows you to take the guesswork out of pursuing a residence in any housing market, at any time. In fact, this housing market professional will ensure you can streamline the process of going from homebuyer to homeowner.
In most instances, a real estate agent will keep you up to date about new houses as they become available, teach you about the ins and outs of shopping for a residence and set up home showings. Furthermore, a real estate agent will negotiate with home sellers on your behalf, guaranteeing that you can get the best price on any house.
Perhaps best of all, a real estate agent is available to respond to any homebuying concerns or queries. This means you can get the expert insights that you need to make informed decisions at each stage of the homebuying journey.
Take the next step to pursue your dream residence – employ an experienced real estate agent, and you should have no trouble transforming your homeownership dream into a reality.
Before you launch a home search, it helps to prepare for the property buying journey as much as possible. Fortunately, there are many things you can do to get ready to find your dream house.
Now, let's take a look at three tips to help you prep for a home search.
1. Establish Homebuying Criteria
If you know you want to buy a home, it generally is a good idea to define your ideal residence as well. That way, you can streamline your house search.
Consider where you want to reside. For example, if you work in the city, you may want to focus on houses in or near the city itself. On the other hand, if you plan to return to school, you may want to search for a home near top colleges and universities.
Think about what features you want in your ideal home, too. If you have always wanted to own a home that boasts a luxurious outdoor swimming pool, for instance, you can map out your home search accordingly. Or, if you want to purchase a residence that features a state-of-the-art kitchen, you can search for a home that offers this amenity.
2. Get Pre-Approved for a Mortgage
A mortgage typically is a must-have, regardless of where and when you search for a home. And if you enter the housing market with a mortgage at your disposal, you will know precisely how much you can spend on a residence.
Getting pre-approved for a mortgage can be simple. If you meet with banks and credit unions in your area, you can review your options and select a mortgage that complements your finances.
If you have concerns about home financing, don't hesitate to ask questions. Banks and credit unions employ courteous, diligent mortgage specialists who can respond to your home financing queries. As such, you can work with these specialists to gain the home financing insights you need to make the best-possible mortgage decision.
3. Hire a Real Estate Agent
As you get set to conduct a home search, there is no need to work alone. If you hire a real estate agent, you can collaborate with a homebuying expert who can take the guesswork out of finding and purchasing a house.
A real estate agent is happy to provide guidance throughout the homebuying journey. He or she can offer tips and recommendations to ensure you can find a terrific home at a price that matches your budget. Plus, a real estate agent will simplify the process of setting up home showings. Perhaps best of all, if you are uncertain about whether to submit an offer to purchase a home, a real estate agent is ready to provide insights to help you analyze all of your options.
Dedicate time and resources to prepare for the homebuying journey. By doing so, you can enter the housing market with the insights you need to succeed.
As a homebuyer, you'll want to do everything possible to guarantee a quick, seamless homebuying journey. Because if you're not careful, you may be forced to deal with a nightmare homebuying experience.
Ultimately, there are many ways to ensure that you can avoid a nightmare homebuying experience, such as:
1. Narrow Your Home Search
Although you know that you want to buy a home, it pays to consider exactly what you'd like to find in your ideal residence. By doing so, you can narrow your home search and avoid the homebuying nightmare of pursuing residences that fail to meet your expectations.
Think about which features are must-haves for your new home, as well as which features you can afford to live without.
For example, if you require a home that is close to your office, you can search for houses near your workplace. On the other hand, if you want to live in a small town, you can remove city residences from your home search.
Establish priorities as you search for your dream house – you'll be glad you did. If you separate your home must-haves from your wants, you can simplify your home search and move one step closer to finding your ideal residence.
2. Get Your Finances in Order
How much can you afford to spend on a house? Create a homebuying budget, and you can avoid the risk of browsing available residences that fall outside your price range.
To determine how much money you have available for a home purchase, it often helps to meet with local banks and credit unions. These financial institutions can provide details about a variety of mortgage options and help you select a mortgage that corresponds to your finances.
Also, you should check your credit report before you buy a home. You are entitled to a free annual copy of your credit report from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). Take advantage of this perk, and you can learn your credit score and take steps to improve it prior to purchasing a house.
3. Hire an Experienced Real Estate Agent
An experienced real estate agent understands both the homebuyer's and home seller's perspectives. As such, this housing market professional can help you analyze a home seller's point of view and negotiate the best price on any home, at any time.
Typically, an experienced real estate agent will meet with you and learn about your homebuying goals. This housing market professional then will map out a homebuying journey, one that helps you streamline the process of acquiring your ideal house.
Let's not forget about the assistance that an experienced real estate agent can deliver throughout the homebuying journey, either. A real estate agent can provide expert insights into the housing market and help you make informed decisions, thereby reducing the risk of a nightmare homebuying experience.
Take the guesswork out of buying a home – use the aforementioned tips, and you can minimize the risk of a nightmare homebuying experience.
Although you might have entered the housing market with a strategy to help you streamline your search for your dream home, it is important to remember that even the best-laid plan may need to be changed. And if you fail to discover your ideal residence after a comprehensive search, now may be a great time to revise your homebuying strategy.
Let's take a look at three tips to help you revamp your homebuying plan.
1. Consider Your Home Must-Haves and Wants
Creating a list of home must-haves and wants may be done at the start of a house search. Over time, however, this list may evolve. And if you update your list, you may be better equipped than ever before to reenter the real estate market with a fresh perspective.
Think about where you want to live in the foreseeable future too. Then, you can narrow your home search to specific cities and towns and accelerate the homebuying journey.
2. Review Your Budget
If you recently paid off your student loans or eliminated your credit cards, you may want to reassess your homebuying budget. That way, you can hone your house search and explore residences that fall within your up-to-date price range.
Of course, if you have yet to get pre-approved for a mortgage, you can still do so. Meet with banks and credit unions to learn about all of the mortgage options that are available. This will enable you to gain the insights you need to select a mortgage that matches your finances.
3. Learn About the Housing Market
The housing market may favor buyers or sellers. And if you have been searching for your dream home for several weeks or months, the market may have changed.
It does not take long for a buyer's market to become a seller's market, or vice-versa. As you consider your homebuying options, you should study the local real estate sector closely to determine whether the current housing market favors buyers or sellers.
Evaluating the prices of recently sold houses in a particular city or town usually is a good idea. This housing market data will enable you to find out whether sellers are receiving offers at or near their initial home asking prices.
You also should find out how long current residences in a particular city or town have been listed. If houses linger on the real estate market for an extended period of time, you may be operating in a market that favors buyers. Or, if homes are selling quickly, you may be operating in a seller's market.
Lastly, hiring a real estate agent often is helpful, particularly for homebuyers who are struggling to identify the perfect residence. A real estate agent can offer lots of tips as you conduct your search for your dream residence. Plus, if you need to revamp your homebuying strategy, a real estate agent will make it easy for you to do just that.