Buying a home is a big investment. Knowing what to steer clear of will help make this experience a positive and rewarding venture. Here are some common mistakes to avoid.
- Not knowing what you can afford. Get pre-qualified with a lender. Lending standards have tightened considerably; it’s important to know IF you can borrow money and how much.
- Failing to consider additional expenses. Taxes, insurance, utilities, and maintenance are costs on top of your mortgage.
- Being too picky. There is no such thing as a perfect home. Every house has trade-offs. Evaluate what’s important to you and let the little stuff slide.
- Not researching the neighborhood. Check school systems, traffic, potential noise situations, etc.
- Not hiring your own agent. Hire a buyer’s agent and use their expertise to represent your best interests.
The more educated you are as a buyer, the better chance you’ll have for a smooth and easy home buying experience. Give me a call if you are looking for an accredited buyer’s agent! Donna Forest, Broker Associate, 603-526-4116; Donna@DonnaForest.com; www.DonnaForest.com
As our area market continues to see strong demand and low supply, it becomes more important for buyers to be prepared and ready to make an offer when the right property comes along. Here are a few tips to help strengthen your buying position:
- Do your homework and know what you are looking for in a home.
- Get pre-qualified for a mortgage before looking.
- Stay in touch with your agent and be ready to view any new listings that match your criteria.
- Don’t play games when bidding; you’ll likely be competing with other offers.
- Don’t make your offer contingent on selling your house first. It will be the last offer considered if you do.
While it can be discouraging to buy in a tight market, remember, “Luck favors the prepared”. Be ready to act and to present an attractive offer. Contact me if you’d like to know how to make home buying an easier process. Donna@DonnaForest.com, www.DonnaForest.com, 603-526-4116
Did you know 92% of buyers in the Northeast used a real estate agent to buy their home? Buying a home is one of the biggest financial decisions you can make. Whether a first time buyer or not, using a buyer’s agent means you have a professional in the business committed to working in your best interest. Below are just a few of the many advantages you get:
- Local knowledge & insight
- Expertise in contract writing & negotiating
- A buffer to keep emotions from derailing a sale
- Guidance on the whole process from offer to inspections to closing
- A reputable list of inspectors, attorneys, etc.
- Advice on what to do in the event of…
A good buyer’s agent is an advisor and advocate so buyers can make informed decisions.
Thinking of buying? Contact me to work with an Accredited Buyer’s Representative® and put my 23 yrs. of experience to work for you! 603-526-4116, www.DonnaForest.com, Donna@DonnaForest.com.
Searching for the perfect home can be challenging, regardless of the market, and even more so when it’s a seller’s market. It can feel like you’re constantly hitting roadblocks and meeting dead ends, as the sellers are in full control. However, all you need is a bit of momentum, encouragement, and these five tips from our Ask a Pro expert Karlton Utter to survive a seller’s market and find your perfect home:
1. Come to the Table Prepared with a Prequalified Loan
Be fully prepared with a prequalified loan as soon as possible. Obtaining a prequalified mortgage shows sellers that you are a serious buyer who is able to meet your end of the sale to close the deal. This puts you on an entirely new playing field, with a little more control than what you would have had without a prequalified mortgage.
2. Be Taken Seriously by Bringing all the Paperwork
Show the sellers that you’re not kidding around. In a seller’s market, it’s important to show them that you mean business and that you and your offer should be taken seriously. Show up to the table with not only a prequalified loan but with all the paperwork that supports the proof of funds, such as an approval letter from the lender. Actions speak louder than words, and this will definitely entice the seller to work with you!
3. Be Flexible and Discuss Compromising
In a dry market, it’s important to remain flexible. Placing too many limitations on the real estate market will make it even more challenging to find a home. Widen your horizon within the real estate market, as this could introduce you to new homes that you would have never seen otherwise. Being more flexible can also make the process of buying a home easier. If you are hesitant to look outside of your pre-determined boundaries, it’s important to consider compromising. You may be required to give something up – such as a desired feature in a home – just to stay within the area you’re set on. Sometimes by compromising a little, you could have it all and possibly for less.
4. Be Readily Available to Sellers as Much as Possible
With so many buyers looking for homes, timing is essential. It’s important to remain readily available and open for communication with your sellers, and be prepared to make a move on an offer at a moment’s notice. Make it a goal to respond quickly and follow up on requests – or just follow up to get updates if you have not heard back. Communication is not only important for timing, but it also builds rapport with your seller. This can make the difference in getting the offer and property that you want.
5. Don’t Play Hard to Get
Now is not the time to play hardball. A seller’s market leaves very little control to you as a homebuyer. As such, you need to be willing to follow the seller’s lead, as opposed to challenging it with bullheaded negotiation tactics that work in other situations. Limit the contingencies, make a bold offer and if the sellers make a counter offer, proceed carefully by negotiating from there.
With the proper approach, you can find your ideal home – at your ideal price – even in a seller’s market.
Source: reprinted from www.bhgre.com
CNBC recently ran an article on self-made millionaire and financial expert, David Bach, who believes buying a home is an "escalator to wealth." He feels if millennials don't buy a home "their chances of actually having any wealth are little to none. The average homeowner is 38x wealthier than a renter.
Here are some of his tips for first time home buyers:
- Calculate costs so your first investment is minimized. The total housing monthly payment shouldn't consume more than 30% of your take home pay.
- Put down at least 10%. More is better.
- Borrow 10-20% less than a bank is willing to lend you.
- Recognize buying your first home is not buying your dream home.
Bach states, "You aren't really in the game of building wealth until you own some real estate." David has written 9 consecutive NY Times best sellers, been a contributer to many TV shows such as Today, CNN, CBS, ABC, and has been profiled in the Wall St. Journal, Financial Times, Forbes, Business Insider, etc. He gives simple advice - if you don't own a home, go buy one.
Contact me for help in starting on your escalator to wealth! 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com
Congratulations! You’ve just purchased your first home. There’s no denying that this is a very exciting time in your life. Becoming a homeowner will bring many new opportunities your way, the first one being a chance to go shopping! As a first-time homebuyer, there are some things you need for your home that you may not have needed previously. So grab a piece of paper and pen because it’s time to create the ultimate first-home shopping list.
1. Lawn Equipment
One amazing thing about owning a home is that you own the lawn, the grass, the flower beds, and everything else that comes with the property. However, this also means you have to take care of what you own, and unless you’re hiring a landscaping company, you will need to purchase some lawn equipment. Here are a few useful tools to help with lawn maintenance and get you started in your outdoor maintenance:
- Lawn mower
- Weed whacker
- Weed puller
- Water hose and sprinkler
- Ladder
2. Household Tools
Even if your home is newly built, maintenance will be required. Whether it’s a leaky faucet, squeaky hinges, or more elaborate home repairs that crop up, you’ll need some tools of your own. The upfront cost of purchasing tools can be significant, but they can save you an abundance of money in future home repairs. After all, if you let problems persist, they will only get worse—and much more expensive. In addition, you may wish to do some simple home renovations yourself, such as hanging a TV on the wall or changing out the house’s original hardware. As a rule of thumb, grab these tools to ensure regular maintenance and quick home repairs:
- Screwdriver set
- Hammer
- Level
- Pliers set
- Tape measure
3. Gardening Gear
Gardening gear is different than lawn equipment; while you have to maintain your lawn, you aren’t required to plant beautiful, vibrant flowers to enhance the landscaping of your home. However, planting some fresh flowers and/or a vegetable garden can bring an abundance of enjoyment to your experience as a first-time homebuyer. It will also enhance the exterior appearance of your home, and may even provide you with a new hobby to enjoy for years to come. Some items to get you started on the path to creating a captivating landscape include:
- New plants, such as fruits, vegetables, flowers, bushes, etc.
- Soil, fertilizer, and mulch
- Gardening gloves
- Gardening tools, such as cultivator, trowel, and fork
- Shovel
4. Outdoor Patio Furniture
As a new homeowner, you may not have had the benefit of an outdoor living space previously. However, now that you have purchased your first home, if you do have this benefit, you can style your backyard to your liking. Whether you have a condo balcony, small yard, or acres to enjoy, you’ll need some outdoor patio furniture. Create the ultimate outdoor living space with the following items:
- Patio chairs and table
- Outdoor lights
- Barbecue
- Outdoor plates, bowls, and cutlery
Buying a home is a huge investment. It’s the first major purchase you make towards building a better future. Preparing yourself with a list of must-have purchases you need as a first-time homebuyer will help decrease the stress of the move and responsibility, and bring much enjoyment in the long run.
Reprinted from BHGRE.com
In order to take the mystery out of the closing for first time home buyers, here are some basics on the process:
- You do a walk-through the day before or morning of the closing to ensure the house is in the same general condition as when the offer was made and things are left that were supposed to be there (e.g. appliances).
- Your lender hires a closing agent to create a statement outlining the loan amount, loan costs, recording fees, title insurance premiums, escrows for insurance & taxes, state transfer tax, tax prorations, and the deposit. This shows how much money you bring to close.
- You are charged for any oil/propane/cordwood left. This may be put on the closing statement or paid by personal check to sellers at closing.
- Be prepared to sign lots of paperwork at the actual closing! The money you bring to closing should be on a bank check or previously wired to the closing agent.
Your agent will help you through this process, but knowing what to expect can alleviate many concerns. Give me a call if you want an experienced REALTOR® helping you! 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com
- Get you finances in order before even going to look at homes. Make sure you have anough for a down payment and closing costs.
- Talk to a lender and get pre-qualified for a loan.
- Decide when you can actually move. When is your lease up?
- Realize there is no perfect home. There will be trade-offs to every property.
- Don't be tempted to spend more than you can afford. Remember, there will be recurring costs like insurance, taxes, utilities and maintenance.
- Understand the fine print and ask questions. It's important to understand what you are signing to avoid problems down the road.
- Hire a REALTOR® to be your Buyer's Agent. They can guide you through the whole process and provide invaluable advice.
Buying your first home is an exciting experience and should be fun. Give me a call if you are looking for an experienced REALTOR® and Accredited Buyers' Representative to help you through the process. 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com
Known for service, trusted for results – Coldwell Banker Milestone Real Estate.
House hunting is an emotional experience. There is no “perfect” house and you need to keep in mind it’s a decision-making process that involves trade-offs between each property. Here are some key concepts to remember:
- Get pre-qualified before going out to look at homes. This way you won’t fall in love with a house you can’t afford.
- Think about not only how the house will meet your present needs but how it will work for you in the future as well.
- Consider all the pluses and minuses of the location and how it fits into your lifestyle, including travel time to work, schools, etc.
- Set priorities. Put more emphasis on your needs vs. wants.
- Ignore bad décor. Be prepared to look at potential; cosmetics are easily changed.
- Don’t forget resale. Choose a home that not only appeals to you but also is likely to appeal to others down the road.
It is important to work with a good REALTOR® who knows the neighborhoods and local information. If you are planning to buy a home, contact me and put my 21 years of experience to work for you as your Buyer’s Agent. Donna Forest 603-526-4116; Donna@DonnaForest.com; www.DonnaForest.com
Known for service, trusted for results – Coldwell Banker Milestone Real Estate.
Here are some tips to help you buy that get-away you’ve always dreamed about!
- Research the area to see how it matches your wish list. Make a scouting trip first before even going out to look at properties.
- Hire a local agent who is familiar with and has worked in the area for a number of years.
- Buy something convenient to your primary home. You will end up using it more often.
- Consider a location offering both summer and winter recreation, even if you only plan on using it for one of the seasons. This helps maintain the value and provides a greater range of buyers if you need to sell at some point.
- Pencil out your finances before making the offer. Factor in all the costs of ownership including plowing, insurance, dues, maintenance, utility bills, etc.
- Know how you will pay for the home. If you need a loan, working with a local lender will make the sale go more smoothly.
If you are looking for a REALTOR® with 20 years experience in the vacation home market and who has tons of practical advice, please contact me. 603-526-4116, donna@donnaforest.com, www.donnaforest.com
Donna Forest, Broker Associate, ABR