Carol Snider and Laura Snider Cooperman's Blog
Although buying your first house can be a little bit frightening, it should not be if you have a clear plan to get the funds you need. Aside from the mortgage process that may be confusing, every other thing is irrelevant because all you want is to ensure that the house is your choice and that it readily fits your needs.
Many of the things that homeowners keep worrying about are not worth the stress. Here are five things that you should not worry about when you buy your first house:
1. Poorly fitting furniture
You can replace furniture that doesn't fit into your new home or give it away to some charity. You can also resell furniture items still in good condition. However, if you continue to like it, you can decide to keep it and put it in storage. After all, this is just your first house. If it doesn't fit in here, it will work in the next one you buy.
2. Wall paints
You have every right to pick the color of your new home. First-time homeowners, however, are found guilty of expecting things to look a certain way and get disappointed when they are not. If you don't like the paint, you can always change it to your taste. If you love the color, but it looks worn out, you can still have it repainted when you can afford the cost.
3. Decorations are worn out
There's no doubting the fact that some homes may look outdated and worn-out already, but you need to understand that upon acquiring your new home, there will be plenty of time to bring it up to your standard. Sometimes, kitchen and bathroom remodeling are the only areas that’ll cost you some cash. Other times, there’s a lot more to do to bring it up to your style. Check and confirm before buying to know where you will be spending money.
4. Outdated kitchen
The kitchen may not be entirely what you want. What's more important is how you evaluate the house in terms of infrastructure. Take a look at the roof, plumbing, and the electrical systems; make sure they all are in place. If everything looks and works perfectly, then you can prepare for a kitchen remodeling when you can afford it.
5. No children, no problem!
If you do not have children, then you should not worry too much about space, the quality of schools in the area, and the nursery facilities. While you may be tempted to worry about where your future children will go to school and where you can drop them off when you are going to work, the reality is that when children come, you will likely be in another phase of your life, getting ready to move to a larger home perfect for children.
Have a clear set of goals and objectives when buying a home for the first time and discuss them with an experienced, local realtor to help you make the right decisions.
Selling a house may prove to be difficult, particularly for those who are competing against dozens of rival sellers in the same city or town. Fortunately, there are lots of things that you can do to gain a competitive advantage over rivals in a fierce housing market.
Now, let's take a look at three tips to help you get a leg up on the home selling competition.
1. Focus on Curb Appeal
How your residence looks to buyers can have far-flung effects on the house selling journey. Thus, if you allocate time and resources to upgrade your house's curb appeal, you can differentiate your home from all others in your area. And as a result, you could speed up the home selling cycle.
To enhance your home's curb appeal, eliminate clutter and debris in front of your residence. Also, if there is any damaged home siding, you should fix this problem.
If you are unsure about how to improve your home's curb appeal on your own, you can always hire professionals to help you out, too. These professionals will take the guesswork out of home exterior improvements and allow you to upgrade your residence's curb appeal without delay.
2. Set an Aggressive Initial Asking Price
If you price your home too high, you risk alienating prospective buyers. Or, if you price your house too low, you risk missing out on the chance to optimize your home sale earnings.
Ultimately, it is beneficial to establish an aggressive initial home asking price. If you learn about the local housing market, you can compare your residence to available houses in your city or town. Then, you can use this housing market data to help you establish a competitive initial asking price for your home.
You may want to conduct a home appraisal as well. That way, you can receive a property valuation that you can use to help you set an aggressive initial home asking price.
3. Collaborate with a Real Estate Agent
Navigating a fierce housing market often is challenging for first-time and experienced house sellers alike. Lucky for you, real estate agents are available who can help you simplify the house selling journey.
By hiring a real estate agent, you can collaborate with a home selling expert. Typically, a real estate agent will work with you to create a custom home selling strategy. And when you are prepared to sell your home, a real estate agent will ensure that you can put this plan into effect and achieve the best-possible results.
Furthermore, a real estate agent will help you review any offers to purchase your house. He or she is happy to provide honest, unbiased home selling recommendations. By doing so, a real estate agent will help you immediately sell your residence and get the best price for your home.
Ready to sell your house? Take advantage of the aforementioned tips, and you can quickly and effortlessly sell your home in a competitive real estate market.
The process of applying for a mortgage is tedious and time-consuming; it requires you to answer personal questions about your finances. To ascertain your credibility for a mortgage, lenders structured the application process in such a way that allows them to get as much information about borrowers either directly or indirectly.
Before you decide to apply for a mortgage; it's best you familiarize yourself with some of the possible questions the lender would ask about your finances. Because it involves a considerable amount of money, you should be prepared to answer questions about disparities in your income, why you defaulted in making any accrued payments and questions about your credit history.
Below are some of the possible questions your lender would ask relating to your finances.
How long have you earned your present income?
Lenders want to ascertain if you have earned your present pay for over two years. If you just got promoted or got a salary raise recently, this is good. However, what most lenders are looking out for is a consistent income amount for the last year. If they are not sure of your income, they would take a look at your W-2s for previous years and your pay stub for the present year. Before you go ahead to make an offer for a house, ensure it's an amount your current income will support.
How often you get paid?
A lender wants to ascertain how much income you earn, how your pay is derived, and the steadiness of your salary or irregularity of income. If you receive a steady means of income, your annual salary would determine how much mortgage you get – if your income varies, you might be required to provide details.
The disparities in your income
If your income keeps changing each year either positively or negatively, come prepared to explain the reason behind the fluctuation. If your revenue decreased from the previous year, there is every possibility the underwriter would select the worst period in the last two years to determine how much you get on a mortgage. However, if your income increased in the previous year, the underwriter would take the average of the last two years to determine your mortgage value. If your income rises yearly either due to promotion or a new position, get someone from your human resource department to write a letter to that effect.
If you are new at your job
Being new at a job doesn't affect your application for getting a mortgage – as long as you are receiving either a salary or a full-time hourly rate. Some lenders even grant loans to individuals who haven't gotten their first paycheck if they have a fully executed employment contract.
If you earn commissions
If you are a salesperson who earns a commission, you would need to provide two full years of tax returns to determine non-reimbursed business expenses you wrote off.
Before applying for a mortgage, ensure you take a second look at all your finances and identified anything that could act as a deterrent so that your application has the best chance of being approved.
The home selling journey offers no guarantees, and as such, there is no assurance that you'll be able to enjoy a fast, profitable home selling experience. Lucky for you, we're here to offer insights into the home seller's perspective and ensure you can reap the benefits of a successful home selling journey.
Now, let's take a look at three tips to help you become a smart home seller.
1. Analyze Your House's Strengths and Weaknesses
Although you've allocated significant time and resources to keep your house looking great over the years, your home soon may be just one of many houses that is available to property buyers. But if you analyze your residence's strengths and weaknesses, you may be able to identify opportunities to improve your house and differentiate it from others in a competitive real estate market.
Oftentimes, it helps to conduct a house inspection before you list a residence. This inspection will enable you to receive a comprehensive analysis of your house from a property expert. Then, you can use an inspection report to prioritize home improvement projects and upgrade your house accordingly.
2. Set an Aggressive Initial Asking Price
What you initially paid for your house is unlikely to match your home's present value. However, if you analyze the real estate market, you may be better equipped than ever before to establish an aggressive initial asking price for your residence.
Take a look at the prices of available houses in your city or town that are comparable to your own residence. By doing so, you can narrow the price range for homes in your region.
Furthermore, a home appraisal may prove to be exceedingly valuable. An appraisal enables you to receive a property valuation based on your house's condition, age and the current state of the real estate sector. With this appraisal in hand, you can set an asking price for your house that will hit the mark with many potential buyers.
3. Collaborate with a Real Estate Agent
Even a home seller who is persistent and intelligent may require additional help to achieve the optimal results. Fortunately, real estate agents are available who can make it simple for a home seller to maximize his or her home sale earnings.
A real estate agent is a housing market expert who is unafraid to be honest with a home seller. This housing market professional will offer unbiased feedback about a residence's condition and provide recommendations to help a home seller improve his or her property. Plus, a real estate agent is happy to respond to a home seller's concerns and questions. This means a home seller can receive extensive housing market insights from his or her real estate agent and make informed decisions throughout the home selling journey.
When it comes to selling a home, there is no need to leave anything to chance. Take advantage of the aforementioned tips, and anyone can enter the real estate market as a smart home seller.