I had to ask myself, “Is it the right time for me to buy a home? I had to decide if I was going to rent again or buy?
I really wanted to be a homeowner but I didn’t want the expenses that come with it. So I pushed homeownership thoughts to the side for just a moment and began searching for rental prices in the Western suburbs of Chicago. I began my search online and noticed that prices were a LITTLE HIGH!
So I thought “well I really miss my old apartment in Westmont, I will call for pricing”. $1300.00 was the price that I received for the same apartment that I previously rented for under $800.00. So I knew then that renting was not right for me.
Now there are so many other things to take into consideration before buying;
Do you have savings just in case a repair is needed? You are the Landlord now! You can’t call for repairs anymore.
Location, Location, Location. Choose a home in an area that you love and that is not too far from work or the transportation that you will take to work – trains or buses. If you live in Chicago or a city that is just as cold or snowy, we know that winters can be brutal and this winter has been the worst. So I would suggest taking location into consideration.
Is it priced right for you? We are excited when we receive that pre-approval amount from the lender. But just because the lender approved you for such a great amount does not mean you should use it all. Think about things that you normally do or purchase. Of course the lender isn’t going to take lifestyle into consideration. Do you normally travel or eat at restaurants often or shop a lot! These are things that can be cut back when you purchase a home but I wouldn’t suggest totally cutting them out because you will be miserable , especially if its something that you love to do. You don’t want to look at your home and think, “l have my home but now I can’t do the things I love!”
So is it the right time? After reading this blog post you may have even more questions running through your head. But guess what? There are always going to be questions throughout the process.
So if you have any questions or if you would like to find out how much you qualify for complete the form below and you will receive a call within 24 hours. This will help you prepare and save before going through the pre-approval process.
As as homeowner everyone has their up’s and down’s. Now when I say everyone I’m excluding people like Oprah Winfrey,The Kardashians & Justin Bieber 🙂 Yes I included Justin Bieber, I know he’s not a favorite these days but he’s a homeowner.
The homeowners that I’m referring to are people like your neighbor, your mom and dad or grandparents that have owned their homes forever. If you are not a homeowner take a look around to see the people that own their home debt free or the people that are excited to have a mortgage now because its cheaper than paying rent.
I know, I know, I know. The thought in your head right now may be “WHERE ARE THESE PEOPLE!!!! Are they really happy when so many homeowners owe more on their homes than they are worth? We see this on the news everyday and even in our daily lives with friends and family.
But take these things into consideration;
When did they buy a home? Was it during The Housing Bubble when things were drastically overpriced.
Did they buy a home that was affordable based on their income at that time, but now no longer working that job?
Right now I think most of us have a better idea of “What to do and What not to do” because we don’t want to end up in the same situations!
I wrote this post because I’m not only a Realtor I am a successful homeowner! I own a home paying less for my mortgage than most people pay in rent! And guess what, I can paint my walls whatever color I like. If I want to paint hot pink with green stripes I can do just that without my landlords consent. (No I really would not choose those colors, but you get my point right! )
I’ve had my ups and downs as a homeowner, but every one has. It comes with homeownership. After you buy you think about things that you wish you would have done better. Some wish they would have bought a home in a lower price range, some wish they would have chosen a better location, and some wish the would have been educated a little more about homeownership before they bought their homes.
This is why I’ve started this blog. I want to Educate & Inspire new homebuyers and current homeowners.
Here are the stories of 2 successful homeowners! Christy & Surita. Read their story and share yours. Then share with your friends on Facebook & Twitter.
“There is nothing that I would really change about the purchase of my home per se… but because it was new construction, I would have checked directly with the county to get a better idea of what the taxes on my home would have been. My home builder WAYYYYY underestimated what we were suppose to pay.
With new construction, taxes are billed a year behind. Many builders give you a low ball estimate (saying the taxes are based on the price you paid for the home, which is FALSE) and they say you don’t pay taxes the first year. Yes, you don’t pay taxes the first year, BUT you will receive a separate tax bill in the mail at tax time for the time you spent in the house. The first year, your taxes just are not escrowed. But you have to pay that tax bill AND your escrow goes up based on that for taxes the following year…
I also wish could have saved the 20% to avoid mortgage insurance. I have an FHA loan. My advice to buyers is to BUY NOW!! You will never see rates this low and homes so low in value again (in my opinion). I got a 3100 sq ft home (brand new) for $240k at a 3.75% interest. That was nearly impossible to get anytime before 2009!!! “
“I love my home but if I could do it all over again I would change the location. I live off Ogden which is a distance from all major expressways. It is not fun driving 10-15 minutes (depending on traffic) to get to any expressway. So first time home buyers should take the distance to expressways into consideration when buying a home.
I would have definitely saved more. There were a lot of unexpected expenses incurred during inspection. Since I purchased my home in the winter, in order to have my inspection done I had to get the home un-winterized and the winterized again after inspection. That was a few extra dollars I was not expecting to spend.
I think having a good Realtor is important. A knowledgeable Realtor that is able to address your concerns and address any questions you may have.
Advice I would give to any new home buyer especially a first time home buyer is to have patience. Patience from beginning to end. ….This is REALLY important towards the end. Closing can be one of the most stressful times during the whole buying process. Don’t get set on the closing date given. Closing dates are always subject to change !! This can become very frustrating but is soooooo worth all the stress in the end 🙂 !”
Have you wanted to buy a home for years but, you continually put it off because you don’t know where to start, maybe you’re just not motivated, or maybe you’ve even got some advice from someone that made you change your mind.
Well I have 3 tips for you to get started now.
Review your credit.
Make sure there are no items listed on you report that don’t belong. If it is, dispute them right away
Contact a Lender
Contact a lender to see where you are, and ask questions about where you need to be in order to qualify. Many people just ask advice from friends or family without speaking to a lender directly, but this advice may not be totally accurate for your credit situation. A lender can give you exact advice.
Put a plan in writing
Set a date that you would like to strive for! But remember this date is subject to change due to paperwork, scheduling with attorney’s etc. So the date won’t be exact but, you can always try to stick to a time frame.
Write down you needs and wants in your new home. How many bedrooms do you need? How many baths do you need? Do you want or need a full finished basement? Don’t forget the location!
Hopefully this list will help you get started, if you need a lender complete the form below to be connected to a great lender! I’ve also written a 3 part “Home Buyer Education Mini Series”, don’t worry it’s not to long, most of us are to busy these days to sit long enough to read a book 🙂 But it’s just enough information to get started and I also go into further detail about the tips above and “Getting Started in the Home Buying Process”.
So click the link below to sign up for my mini guide series and don’t forget to complete the form if you need to be connected to a lender.
Are you searching for a home? Do you have a folder full of unorganized documents with notes written everywhere. Have you said a few times lately, “Oh I don’t have to write it down, I will remember it”. But later you think, “What was that 1 thing that I was supposed to remember”.
I understand as a Broker, a Mom, and a Homeowner, I have to stay organized! So I want to give you a few tips to keep organized during your search.
Here’s your first tip
1. Create a Folder or a Binder, that you can carry all documents in. A binder would be better because it gives you the chance to separate things a little more. I would keep listings separated in 3 different sections.
The 1st section would be “listings that you are going to see”.
Section # 2 would be the “Maybe” section, listings that you are somewhat interested in but haven’t made the final decision.
Section # 3 . Not Interested” section, these are the listed that you have decided that you are totally not interested in.
2. Keep your pre-approval letter handy in your very organized folder! If you see a home that you love, you may want to right an offer right away and you don’t want to take the time to fax or e-mail the document or call your lender for a copy. I normally recommend that my buyers send a copy to me in the beginning of our search so I can keep this document saved in a folder that I’ve prepared for the buyer, but just in case your agent does not request this, it is best to keep a document handy. Remember you don’t want to miss out on the home you love because you are waiting on a copy of your pre-approval.
3. Keep a buyer checklist handy! Especially if you have several homes that you are interested in, this will help you see all of the differences in writing and allow you to make the decision a lot easier.
I hope this helps with your search & if you need a checklist click the link below for your free copy! Happy House Hunting!