Owning your home is a powerful (and smart) financial decision!

If you are currently renting your home, it’s never too early to think about home ownership.  Purchasing a home can launch you into a much stronger future financially!  The benefits of home ownership can point you in the direction of greater financial security and a bigger savings for your future and other things you may want or need.

• You won’t always have a monthly payment – In the words of Dave Ramsey, “Every payment brings you closer to owning the house.  When you pay rent, that money is spent.  Gone.  Bye.  Not returning.  But when you pay your mortgage, you work toward full ownership“.  As soon as you buy your home, your monthly cost is working for you as savings called equity.  When you build equity and grow your net worth, you can continue to re-invest those savings into your future and the possibilities are endless!
• Your monthly payment will be less when you own – You will typically have more home (more actual square footage and space) as well as more property for less money when you own your home.  The current market indicates that you will pay $500-$600 per month for every $100,000 paid for the home….for example, a $200,000 home would be a mortgage payment of approximately $1,000-$1,200 per month.  How does that compare to what you are currently renting, how much you pay, and how much space you actually have to enjoy?!
• Home ownership is a tax break – Things like property taxes and mortgage interest are a tax deduction when you file each year, whether you are living in your first home or your fourth home.  There are no advantages at tax time when you’re renting someone else’s home or property.
• Monthly housing costs are predictable – With home ownership, you know what the future holds in regards to your monthly expenses.  When renting, the monthly cost can continue to increase, sometimes with little warning, due to inflation, competition and/or rising property values.  It’s much easier to budget and save when you know your expenses will remain the same over time.  Rental costs have continued to rise (and have been skyrocketing!) for almost 10 years and with today’s low mortgage interest rates, NOW is a great time to start making your money work for you!

How would it feel to put money in YOUR pocket instead of someone else’s and have predictability about your financial future?  If you’d like to talk more about what that would look like for you, let’s connect!

 

Purchasing your first home is an exciting time!  It’s something we’ve all dreamed about doing at some point in our future.  If that time is now for you, make sure you’re considering important details to avoid surprises!

 

• Get pre-approved through a reputable bank, credit union, or mortgage lender.  The market is hot and when you find the right home, you’ll want to know that you’re approved for (and can afford) the home and be able to present your pre-approval when offering on the property.
• Your mortgage won’t be the only cost involved.  You’ll also be responsible for property insurance and taxes, utility bills, home repair/replacement costs, and in some cases, association dues and/or upkeep in the neighborhood.  Make sure your budget allows for these “extras” in addition to your monthly house payment.
• Hire professionals.  From the pre-approval, to finding the right agent that will make sure you’re seeing all of the homes that may be right for you, as well as the inspection and appraisal (and beyond), buying a home and moving isn’t as simple as packing up your belongings and renting a van.  Surrounding yourself with the right people that are invested in your best interest will help ensure a smooth transaction from start to finish!
• Don’t be too picky.  You should absolutely know what you want and need when buying a home however, if your must-have list is too long you may be looking for a very long time.  Make a list of wants vs. needs and keep in mind that you can make changes once you move in.
• Look with your eyes more and your heart less.  Even if a home does not appear move-in ready at first glance, it may have hidden potential.  Imagine YOUR belongings in the home rather than the rugs, furniture, or decor that will be gone when the seller moves out.  Be aware of the layout and the bones of the home rather than the stuff that will be gone when the home is yours.
• What about the future?  How long do you plan to live in your first home?  Will you start a family here?  Are there enough bedrooms?  Is it in a good school district?  Is it within a reasonable distance to work?  Do you have out of town guests that visit frequently and where will they stay?  There are many things to consider when purchasing a home and with the right vision you’ll find what is just right for you!

 

Selling your home?  Here’s a checklist of things you’ll want to do first…

FIND A GREAT REAL ESTATE AGENT

Don’t just blindly hire an agent that is a friend of a friend of a friend who sold their cousin’s neighbor’s co-worker’s house.  Ok…that’s extreme…but you get the idea.  Interview agents and choose the one you will feel comfortable working with, who is familiar with the market in your area, and who you trust to sell your home for top dollar!

CONSIDER YOUR CURB APPEAL

Buyers do tend to “judge a book by it’s cover”.  You want to make sure the first impression of your home is a good one and inspires the potential buyer to want to see more.  A little time and a few bucks spent planting flowers and painting the front door will go a long way!

DECLUTTER AND DEPERSONALIZE LIVING AREAS

Less is more when getting your house “show ready”.  Do a clean sweep of counters, tables, and all other visible areas as well as closets, drawers, and cupboards…remember nothing is off limits for curious buyers.  You’ll also want to remove personal items & family photos.  Besides having a beautiful space where potential buyers can imagine how their personal belongings will fit in each area, your job of packing and moving will be easier if you’ve already done most of the de-cluttering, sorting, purging & donating.

REPAINT AND TOUCH-UP

Fresh paint in neutral colors looks cleaner and can help potential buyers envision their furnishings in the home.  The orange accent wall you love that matches your decor may be a turn off for someone trying to imagine their purple recliner there.  Touch-up and clean baseboards & doors so that everything sparkles!

MAKE ANY SMALL REPAIRS BEFORE PUTTING YOUR HOUSE ON THE MARKET

A loose handle, burned out light bulbs, even a small hole in the wall, or stained carpet can feel like an instant “to-do list” for a potential buyer.  Any visible (even minor) needed repairs can make curious buyers wonder what needs repair that they CAN’T see!

ADD SOME PLANTS

When staging your house remember that green is good.  Plants create a bright and more welcoming environment.  Fresh flowers or a bowl of fresh fruit on the kitchen counter can make a home feel more inviting and shows that you’ve paid attention to detail!

CONDUCT A SMELL TEST

Odors (even slight ones) can be a deal breaker.  You may not even notice the smell so ask a friend (or anyone who will be honest with you!) to come in and let you know if they detect anything that should be addressed.

CLEAN…CLEAN…CLEAN

When you’re done cleaning your house, clean some more.  You want your home and property to be spotless.  You’ll likely have professional photos taken of your home that potential buyers will view online and your home should look in person as amazing as it does in pictures!

REMOVE OR HIDE VALUABLES

Whether it’s art, jewelry, important papers, or any meaningful treasures, keep them locked up or remove them from your home.

CONSIDER STAGING YOUR HOME

Nothing invigorates a home like a few new furnishings, decorative pillows, the perfect mirror, or some new knick knacks.  Remember…less is more…and a fresh look will go a long way!  If you hire a professional stager, they know the market and what potential buyers are looking for so don’t take offense if they make changes or add or remove items in your home.  The goal is to make your home irresistible to its new owner!

***REMEMBER***

It is the seller’s job to help potential buyers picture themselves in the home.  If they don’t feel at home, they will likely look at other options.