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  How Much House Can You Afford?      Rent Vs Buy

HOME BUYER TIPS

The American Dream of owning a home is alive! Before you get lost on that road to home ownership, consider the following tips

1.      How much home can you reasonably afford? Lenders (Mortgage Companies) can evaluate your finances to help you determine this with 2 qualifying guideline: Your monthly housing expenses which are: mortgage payment, property taxes, insurance, etc., should not total more than 28% of your monthly gross income. Your monthly living expenses and any long-term debts which are: utilities, car and school loans, child support, health and car insurance, etc. should not total more than 36%.
 

2.      What is your credit status? This info will determine the risk factor for the lender and  your interest rate, minimum down payment and type of loan you qualify for. It is best to have a pre-approval or pre-qualification letter from your lender before making an offer. This will make the seller more comfortable when considering your offer over an unqualified buyer.
 

3.      What and where do you want to buy? Of course, location is the key to your search. Your realtor can provide you with an extensive list of available homes in your chosen location at your price level, but first you need to make a list of what you need in your home and what you don’t want in your home. This will help the agent narrow the target to a reasonable number of properties…saving time, aggravation and frustration.
 

4.      How do you negotiate your offer? Once you have found “your” future home, be sure to have your agent provide comparable sales prices to better help you make a fair offer IN WRITING. Be sure you include all the terms, commitments and promises between you and the seller. Take advantage of the option period to research neighborhood, traffic, schools, shopping and homeowner association facts as well as have your home inspections. The title company will coordinate the paperwork once your earnest money is in escrow.
 

5.      What about Repairs? Repair negotiations require give and take by both parties. As an added precaution, have a professional inspector evaluate the house for potential problems. You may have overlooked issues. Some repairs the seller may be willing to fix, but at least you will be aware of any problems with your professional inspection report.
 

6.      What about the closing? Your contract contains a closing date but always plan for the possibility of a delay. Things happen like documents or surveys arriving late. Rescheduling movers, utility connections, school enrollment, etc. can be stressful, but you must have contingency plans. The title company will try to accommodate everyone’s schedule after reviewing docs and preparing the settlement statement. Once you leave the closing table, you can experience the American dream moving into your new home!

TIPS TO HELP HOME SELLERS
	Thousands of articles have been written to help sellers prepare their home for a competitive real estate market. In almost every article the suggestion is made to “stage your home to sell.” Many no- or low-cost improvements can help sell the home close to the asking price and much faster. Consider the following suggestions before you put your home on the market: 1.      Clean Up The Clutter. Thin our closets, clear out the garage, take down extensive art and personal photos to give your home a more open feel. Even if this requires a storage facility, the expense is worth the effort. Buyers feel more comfortable viewing a clean, uncluttered home and tend to consider the prospect of buying it because their belongings would fit.   2.      Make Needed Repairs. Buyers will lower their offer to cover costs of repairs, so fix what is obvious before putting the house on the market. If you know a door is broken, a sink leaks, a light flickers, or the shower needs caulking, don’t wait until the buyers try to use these as negotiating tools to lower the price. Keeping your home maintained equates to a good sales price.   3.      Lighten and Brighten. Make sure rooms are bright with lots of light, open blinds and replace any burned-out bulbs. Trade heavy drapery for sheers and trim shrubs blocking windows. A brighter appearance strengthens the home’s appeal to buyers.   4.      Make Subtle Improvements That Pay. Painting to lighten and brighten is a good value especially if using neutral, warm colors for that welcoming appeal. Bold accent colors should be used sparingly. Other subtle changes like replacing the rusty porch light, switch plate covers, outdated kitchen cabinet hardware and plumbing fixtures can make a big difference in the look and feel of the home. Installing new carpeting is the most expensive upgrade and may be one that is unavoidable; however, don’t expect to add that cost to the price.   5.      Stage the Showing. Leave the home smelling of fresh baked cookies, displayed on the kitchen counter for guests. Burn candles if you don’t bake. (Avoid heavy floral scents which can be overwhelming.) Leave lights on, interior doors open and soft music playing. This can really make a buyer feel at home!
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