Sabrina Carr's Blog
If you know you’d like to buy a home in the future, you’ve probably thought about saving money for all of the upfront costs that buying a home can bring. Saving the sizable amount of money that it takes for a down payment can be seemingly impossible to do. It’s impossible without making yourself seem miserable for a time, at least. You can save money creatively without sacrificing everything. Below, you’ll find some tips for saving money that work for your life.
Put Your Money Somewhere Safe
While investing in the stock market may seem like a good idea to put your savings on hyperdrive, it’s risky. When it comes to your savings, try high interest savings accounts and CDs. The latter is a particularly good option because you won’t be able to touch the money for the time period that the CD will mature. You’ll also earn a bit of interest on the funds that are in there.
If you plan to keep adding to your savings (which you should) a traditional savings account is best. You should have a dedicated account that’s solely for the house fund. Do some shopping around for the savings account that will have the best interest rate and be the easiest option for you. Remember that as boring as a savings account seems, it’s a safe bet for your money.
Apps Can Assist You
There are plenty of budgeting apps and apps that help you to set aside spare change. You should make use of these tools to help you reach your savings goals. Whether you need some help with budgeting or need to find ways to put your spare change to good use, there’s an app for that. You can even find apps that will reward you for good behavior. These apps may “tip” you a few bucks for going to the gym or completing a project on time. You’re saving money and doing good for yourself at the same time! Saving money for your future home can be fun if you find the right tools to help you.
One reason that many people don’t save a lot of money is that they lack specific goals. If you sit down and look at your budget, you’ll see where you can cut expenses. Then, you’ll be able to have clear cut goals of how much you can save on a weekly or monthly basis. With your eyes on the prize of homeownership, you should be motivated to save where you can. Having specific numbers in mind can be a big help in reaching your long-term goals.
While buying a home is an exciting time, many buyers actually regret their home purchase. One of the biggest regrets that people have is the size of the house they purchased. People either pick a home that’s too large or too small. It may be hard to imagine that you can make a mistake on the size of the home that your purchase. You go into the home buying process knowing how many bedrooms you need and what type of home you might like. Once you begin living in the house, you could find a different story. You may not have enough space for all of your family’s belongings. On the flip side, you could find the amount of space in your home as overwhelming.
Buying a home isn’t like buying most other things. You can’t easily return it, and there’s quite a bit of an upfront investment that must be made in order to make the purchase. It’s not simple to make a change if you buy the wrong house. The wrong purchase could set you back in making a move for years to come.
The best thing to do when shopping for a home is not only to see the home in its current state but what type of potential the house has. Can you add on to the home? Would you be able to make use of all the space the home has? Is there enough storage in the house? Are there ways to quickly add storage? These are a lot of things to consider when shopping for a home but they’re all important questions. Once you move into the home, other than doing a complete overhaul, you may be out of options to improve it without looking for these areas. Of course, the ideal situation is to find a home that already has everything you’re looking for in it.
Don’t Buy Until You’re Ready
Another mistake that people make is they try to go from renting to owning before they’re ready. Living in an apartment or rental allows for a bunch of advantages that owning a home may not afford you. Owning a home takes commitment, and some people just aren’t ready. Just because it’s widely known knowledge that buying a home is a smart financial decision, doesn’t mean it’s always the best decision for you. You may not be able to afford a house that’s the right size for your family. You may not even know what the right size home will be for you. When these questions remain, you could end up buying a property that’s the wrong size. Don’t worry if you need to take a few more years to save up for a house. On the contrary, don’t worry if you don’t think buying a home is the right decision for you at all.
Let's face it – most homebuyers have limited time and resources at their disposal. As such, it is crucial for buyers to do everything possible to optimize their time and resources throughout the property buying journey. Because if a buyer maximizes his or her time and resources, this individual can boost the likelihood of enjoying a successful homebuying experience.
Now, let's take a look at three tips to help a homebuyer get the most out of his or her time and resources.
1. Craft a Homebuying Strategy
If you know you want to buy a home, you should develop a property buying strategy. That way, you can map out the steps you'll need to take to find and acquire your dream residence.
A typical homebuying strategy should account for your budget, timeline and other property buying factors. If you analyze these factors, you could streamline your quest to discover your ideal house.
2. Narrow Your Home Search
You plan to buy a house as soon as possible, but you still have no idea where you want to reside. Fortunately, if you hone your house search to a few cities and towns, you may be able to quickly and effortlessly find a great home in an area you can enjoy for years to come.
As you get ready to start a home search, consider your long-term plans. For instance, if your ultimate goal is to work in a big city, you may want to focus on houses in or near major metros. Or, if you want to raise a family, you may want to search for residences near outstanding schools and parks.
In addition, perform lots of research into various cities and towns. If you conduct plenty of research, you can find out whether certain areas match or exceed your expectations and tailor your house search accordingly.
3. Collaborate with a Real Estate Agent
A real estate agent is a property buying expert who understands what it takes to find a terrific residence at a budget-friendly price. Thus, if you hire a real estate agent today, you can get the help you need to reap the benefits of a seamless home search.
Oftentimes, a real estate agent will meet with you, learn about your property buying goals and craft a personalized homebuying strategy. He or she also will respond to your homebuying concerns and questions throughout the property buying journey. By doing so, a real estate agent ensures you can receive expert support as you try to find your dream house.
A real estate agent will make it simple to search for houses that fall within your budget and correspond to your homebuying criteria too. Plus, if you want homebuying recommendations or suggestions, a real estate agent is happy to provide them.
Want to enjoy a fast, successful homebuying experience? Take advantage of the aforementioned tips, and you should have no trouble making the most of your time and resources as you search for your ideal house.
Purchasing a house can be tricky, particularly for those who are dealing with a high-pressure negotiation. Luckily, we're here to help you get the best results from any homebuying negotiation, at any time.
Now, let's take a three must-haves for those who are getting ready to negotiate a home purchase.
1. Housing Market Data
An informed homebuyer is a smart shopper. As such, this individual will obtain a large assortment of housing market data that he or she can use to make the best buying decision.
For homebuyers, it is important to understand how one house stacks up against comparable residences in any real estate market. That way, a homebuyer can submit a competitive offer that is based on pertinent housing market data.
Examine the prices of recently sold houses similar to the one that you'd like to buy. Also, check out the prices of comparable houses that are currently available. And with this housing market data at your disposal, you can boost your chances of getting the optimal price for your dream residence.
Let's face it – a homebuying negotiation is stressful, regardless of whether you're a first-time homebuyer or have purchased many residences over the years. But if you remain confident throughout a negotiation, you can take a calm, cool and collected approach, even when times get tough.
A confident homebuyer will have no trouble standing his or her ground during a negotiation. And if this individual is uncomfortable with a home seller's counter-proposal, he or she will be willing to walk away and restart a home search.
Furthermore, a confident homebuyer will remain open to new ideas and consider the home seller's perspective. This will enable a homebuyer to examine both sides of a negotiation and proceed accordingly.
3. An Experienced Real Estate Agent
When it comes to negotiating a home purchase, there is no need to handle a negotiation on your own. Fortunately, an experienced real estate agent is happy to offer guidance at each stage of a homebuying negotiation.
An experienced real estate agent understands what it takes to purchase a great home at an affordable price. As a result, he or she will go above and beyond the call of duty to negotiate with a home seller on your behalf.
Typically, an experienced real estate agent will act as a liaison between a homebuyer and home seller. This housing market professional will keep you up to date about whether a home seller accepts or rejects your proposal to purchase a home. He or she also will provide recommendations and suggestions to help you transform a stressful negotiation into a successful one.
Perhaps best of all, an experienced real estate agent is ready to respond to your homebuying concerns and questions. He or she will provide you with the support you need to ensure you can make informed decisions throughout a homebuying negotiation.
Get ready for a homebuying negotiation – consider the aforementioned factors, and you can move one step closer to finalizing a home purchase.
A seller's market poses a challenge for any buyer - when there are more buyers competing for homes than there are homes in market, you have to be ready to move swiftly when you find a home you like. Since the inventory of luxury homes is usually small when compared with more conventional homes on the market, a seller's market could make it more difficult to get the home you want, even if your financial details are in order and you're ready to buy.
What is a Seller's Market?
A seller's market simply means that there are more people who want to buy a home than there are homes for sale. When this happens, homes can move very swiftly -- some will sell within days of listing -- and buyers need to be able to offer appealing contracts to secure a home. While the luxury market often contains a smaller inventory, there are also fewer buyers competing for homes, but the market can still favor sellers.
Tips for Buying a Luxury Home in a Seller's Market
Visit in Person: Your real estate agent can help narrow down the possibilities and you can even send someone ahead to take a first look for you -- but you should view the home sooner rather than later if you want to see it in person before you buy. Luxury homes in high end vacation destinations can go very quickly in a sellers market, so you may not have the amount of time you are used to for viewing the property.
Streamline the Process: Work with your luxury real estate agent to prepare a compelling offer that is free of contingencies, or as free as it can be. The fewer conditions you have and the easier you are to deal with, the more likely it is the seller will accept your offer. Offer a swift and easy closing, request no contingencies and be ready to go swiftly when you find the home you want.
Have Financing in Place: If you need a mortgage, you should have your details worked out and ready to go. A seller with an advantage will be reviewing multiple offers and yours should indicate there will be no delays in closing. If you are a cash buyer, the funds should be available in time for closing; make preparations early and assume you will need to close within a month.
Be Prepared to Pay Full Price: The most common impact of a seller's market is that homes sell for the asking price -- or even more than the list price. Your agent can help you determine if a full price offer is right, or if you should even consider offering above the selling price. This is most likely in a hot market where homes are selling as soon as they list. If the home is still available after a week on the market, a full price offer may not be needed, if everything else is in order.
Make the most of the process by working with a skilled agent who is familiar with the complexities and demands of the luxury market. They will be more adept at helping you find and secure the property you want than a conventional agent. When you do find a home you like, be ready to act quickly so it does not get away; these steps will help ensure you don't miss out on a property you love.