Daryl Lippman's Blog
24 Pleasant Street, Sherborn, MA 01770
If you want to find and purchase a great house at a budget-friendly price, it helps to enter the homebuying journey with a plan in hand. Lucky for you, we're here to help you prepare for all stages of the homebuying journey.
Now, let's take a look at three tips so you can set yourself up for success as you search for your dream residence.
1. Make a List of Home Must-Haves
The definition of a dream home varies from buyer to buyer. To define your dream home, you should craft a list of house must-haves and use this list to streamline your quest to acquire your ideal residence.
Think about which home features you need. For instance, if you require a house that boasts multiple bedrooms, you can tailor your house search accordingly. Or, if you need a home that is close to your office, you can search for a residence that provides convenient access to your office.
You may want to make a list of preferred cities and towns, too. This list will enable you to focus on available houses in cities and towns that match your expectations.
2. Create a Homebuying Budget
Learn about different types of mortgages – you'll be glad you did. Because if you make an informed mortgage selection, you can begin your home search with a budget at your disposal.
Generally, it is a good idea to meet with banks and credit unions before you launch a house search. Banks and credit unions are happy to teach you about myriad types of home financing. Then, you can select a mortgage that can help you make your homeownership dream come true.
If you are unsure about how various mortgage options work, there is no need to stress. Banks and credit unions employ courteous, knowledgeable mortgage specialists, and these professionals can teach you everything you need to know about home financing.
3. Collaborate with a Real Estate Agent
A real estate agent is a homebuying expert who is happy to share his or her housing market insights with you. By doing so, a real estate agent will help you achieve your desired homebuying results as quickly as possible.
Typically, a real estate agent takes an in-depth approach to the homebuying journey. He or she first will learn about you and find out what you want to find in your dream residence. Next, a real estate agent will help you narrow your house search to residences that satisfy your needs and keep you up to date about available homes that may suit you perfectly. If you find a home you want to buy, a real estate agent then will help you craft a competitive offer to purchase this residence. Finally, if your offer to purchase a house is accepted, a real estate agent will help you complete the homebuying journey.
Want to acquire your ideal residence? Take advantage of the aforementioned tips, and you can put yourself in position to succeed as you pursue your dream home.
24 Pleasant Street, Sherborn, MA 01770
It is evident that Millennials, especially the first time homebuyers, are facing some financial challenges when compared to prior generations. One of the significant challenges that Millennials face is an unpleasant debt to income ratio, or that those who wish to buy have less than sparkling credit scores.
Unfortunately, the problem of bad credit scores can affect interest rates offered and could negatively impact the possible extra points a mortgage borrower has to pay. Bad credit scores will determine if the mortgage borrower can get approval for a home loan.
A Credit Report – What Is It All About?
A credit report is a detailed report about an individual’s credit history prepared by the credit bureau. Lenders use it as a foundation to evaluation potential mortgage borrowers. Credit bureaus collect information about a person’s credit history such as credit cards, mortgages, student loans, judgments, auto loans, and others. They maintain the credit history for many years while the last two years is the time of most activity.
Reasons Why Credit Scores Are Essential
Credit scores directly affect the customer in diverse ways. Creditors, employers, landlords consider these scores most times when looking for their prospective customers. A favorable credit score could serve as a means of knowing whether a potential buyer is eligible to be offered a rental house, job, or even a loan.
The credit score of a potential buyer is essential in determining which property that a buyer can afford. Credit scores have a direct effect on the loan amount, interest rates, and down payments needed. A potential customer can be approved or disqualified for a conventional loan based on the credit scores.
What Can the Millennial Generation do to improve their Credit Scores?
In many cases, bad credit scores, a combination of low income and a large amount of debt create credit issues to the average millennial generation. So, it is a welcome idea to advise those Millennials having credit concerns to look for a qualified credit counselor. The websites owned by state governments are useful places to find reliable government and private agencies for this purpose.
The following advice should be useful to potential buyers.
- They should pay the credit card debt first. Start paying off first the debts with the highest interest.
- Save enough money for their purchase immediately after offsetting their debts.
- Any family member wishing to support their Millennial by way of gifting should do so in cash. Advise your millennial to use it for clearing the debts rather than credit card interest payments.
Paying off debts offers Millennials some advantages. It improves the debt-to-income ratio and removes some of the financial responsibilities first-time home buyers may not expect. Often, mortgages have lower interest than credit cards – this is another advantage. Again, a tax is deducted from interest payments for mortgages, but the reverse is the case for credit card interest payments.
If you’re ready to buy, try using pre-approval forms and talking to a mortgage advisor for the best chances at qualifying.
If you plan to add your residence to the housing market soon, now may be a good time to list any unwanted items online. In fact, there are many reasons to sell furniture, decorations or other unwanted items online prior to listing your residence, and these reasons include:
1. You can eliminate clutter from your home.
Excess items may take up lots of space in your residence. As a result, these items may make your home appear small and cluttered.
By listing excess items online, you can give these items a new home. Then, you should have no trouble showing off the true size and beauty of your residence to prospective buyers once you list your house.
2. You can improve your home's overall appearance.
In addition to taking up space in your home, unwanted items may collect dust over time. These items therefore may make your residence look messy and dirty.
On the other hand, selling your unwanted items online gives you an opportunity to transform your home from drab to fab. You can clean items to improve their appearance and showcase them to dozens of prospective buyers online. At the same time, you can clean your residence from top to bottom and ensure your residence is show-ready as soon as you list it.
3. You can earn extra cash.
Selling a home may prove to be costly, particularly for those who need to invest in property repairs or upgrades. Thankfully, listing excess items online allows you to earn extra cash that you can allocate toward the home selling process.
Clearly, there are many reasons to sell items online before you list your house. If you start listing items online today, you may be able to move one step closer to kicking off the property selling journey.
As you get ready to sell your house, you may want to consult with a real estate agent too. If you have a real estate agent at your side, you can receive extensive support from the moment you list your home to the moment you finalize your house sale.
A real estate agent is a home selling expert who will craft a personalized property selling strategy for you. Then, you and your real estate agent can work together to put your plan into action.
Typically, a real estate agent will showcase your residence to potential buyers and keep you up to date with any buyer feedback. If you receive an offer to purchase your home, a real estate agent can provide a recommendation about whether to accept, reject or counter this proposal. And if you approve an offer to purchase, a real estate agent will help you navigate the final stages of the home selling cycle.
When it comes to selling a home and achieving the best possible results, it is crucial to employ a real estate agent. Because if you have a top-notch real estate agent at your disposal, you can boost the likelihood of enjoying a seamless property selling experience.