Collins & Demac Real Estate



Posted by Collins & Demac Real Estate on 7/5/2018

Before you embark on a search for your dream house, it helps to know what to expect during the homebuying journey. If you understand the true cost of purchasing a home, you can map out your property buying strategy accordingly.

Now, let's take a look at three factors that may impact how much you spend to acquire your ideal residence.

1. The Price of a Home

The initial asking price for a house is not necessarily set in stone. In some instances, you may be able to negotiate with a seller and receive a lower price.

However, regardless of the price you negotiate with a seller, you are responsible for paying for a residence. And if you fail to receive a mortgage, you may struggle to make your homeownership dream come true.

It often helps to get pre-approved for a mortgage. That way, you can enter the housing market with a budget in hand. Pre-approval for a mortgage also may enable you to speed up your home search and ensure you can quickly discover a residence that falls within your price range.

2. Closing Costs and Other Homebuying Fees

After a seller accepts your offer to purchase his or her home, there may be various fees that you'll need to pay to finalize your house purchase.

For instance, a buyer who conducts a home inspection will need to pay for this evaluation. He or she likely will need to pay for an appraisal and any closing costs as well.

As you get ready to pursue a house, you may want to put aside extra funds for any potential costs you may encounter throughout the homebuying cycle. Because if you have the necessary funds at your disposal, you may be better equipped than ever before to seamlessly navigate the homebuying journey.

3. Moving Expenses

After you buy a home, you will need to relocate all of your belongings to your new address. To do so, you probably will require moving boxes and packing supplies to ensure your personal belongings can safely reach your new house. As such, you should account for these expenses prior to starting a house search.

Of course, you may want to hire a moving company too. If you want to find out what it costs to hire professional movers, you may want to receive quotes from multiple local moving companies sooner rather than later.

If you need help getting ready to search for a home, a real estate agent is happy to assist you. A real estate agent can offer lots of insights into the potential costs you may encounter at each stage of the property buying journey. In addition, a real estate agent will help you narrow your search for your dream house, conduct home showings and much more.

Start planning for potential costs associated with the homebuying journey – you'll be glad you did. If you budget for the property buying journey, you could increase the likelihood of enjoying a quick, stress-free homebuying experience.




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Posted by Collins & Demac Real Estate on 6/21/2018

Want to make your homeownership dream a reality? Get pre-approved for a mortgage, and a first-time homebuyer can move closer than ever before to acquiring his or her ideal residence.

Ultimately, there are many reasons to receive pre-approval for a mortgage, including:

1. You can establish a realistic homebuying budget.

Entering the housing market for the first time can be challenging. In fact, many first-time homebuyers struggle to establish realistic expectations before they begin their home search. And as a result, these homebuyers may end up spending too much for a house.

Fortunately, getting pre-approved for a mortgage enables a homebuyer to enter the real estate market with a budget in hand. This ensures a homebuyer can avoid the temptation to overspend on a residence.

Pre-approval for a mortgage also allows a homebuyer to map out his or her homebuying journey. With a plan in place, this homebuyer may be better equipped than others to acquire a top-notch residence that matches or exceeds his or her expectations.

2. You can speed up the homebuying journey.

Although a first-time homebuyer can always submit an offer on a home without a mortgage in hand, doing so may be tricky. In some cases, it may even slow down the homebuying process, especially if a homebuyer has to allocate significant time and resources to find a mortgage lender.

On the other hand, a homebuyer who gets pre-approved for a mortgage should have no trouble accelerating the property buying cycle. This homebuyer will know exactly how much money is at his or her disposal, and as a result, can speed up the homebuying journey.

3. You can gain a competitive advantage over rival homebuyers.

In many instances, a home seller may be more likely to accept a proposal from a first-time homebuyer who has been pre-approved for a mortgage versus an offer from a buyer who still needs to obtain a mortgage.

A homebuyer who has a mortgage likely won't have to wait too long to acquire a house. Conversely, a homebuyer who needs to apply for a mortgage after an offer has been submitted may need to wait many weeks or months to complete a home sale.

Clearly, there are many great reasons for a first-time homebuyer to receive pre-approval for a mortgage. For homebuyers who want to ensure the best results possible, it certainly helps to collaborate with an experienced real estate agent too.

An experienced real estate agent understands the ins and outs of the housing market and will do whatever it takes to help a homebuyer streamline the property buying journey. This housing market professional will set up home showings and negotiate with a home seller on a property buyer's behalf. Plus, he or she is happy to provide honest, unbiased recommendations to help a homebuyer make his or her homeownership dream come true.

Take the next step to acquire your dream residence – get pre-approved for a mortgage today, and a first-time homebuyer can get the necessary financing to purchase his or her ideal house.




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Posted by Collins & Demac Real Estate on 5/31/2018

If you plan to buy a house, it helps to take an honest approach to the homebuying journey. In fact, there are many reasons to remain open and honest throughout the homebuying journey, including:

1. You can set realistic expectations for the homebuying cycle.

If you're honest with yourself, you can determine exactly how much that you can spend on a residence. Then, you can tailor your home search accordingly.

Furthermore, an honest approach is ideal to ensure you can maintain realistic expectations as you pursue houses. No house is perfect, but an honest homebuyer will realize this before he or she embarks on a home search. As a result, this homebuyer may be better equipped than others to discover a terrific house that matches his or her expectations.

2. You can resist the temptation to spend beyond your means.

Oftentimes, it helps to get pre-approved for a mortgage before you enter the housing market. If you pursue houses with a mortgage in hand, you can establish a price range for your home search, thereby reducing the risk of spending too much on a house.

When it comes to getting a mortgage, you'll need to be honest with prospective lenders. These financial institutions will perform their due diligence to ensure you are qualified to receive a mortgage. And if you are dishonest with lenders, you are unlikely to get the mortgage you need to acquire your ideal house.

3. You can speed up the homebuying journey.

The homebuying journey may prove to be a long, drawn-out process if you're not careful. Fortunately, with an honest approach to buying a house, you can limit the risk of encountering time-consuming homebuying hurdles.

For example, if you are honest with yourself about where you want to live, you can refine your home search to particular cities or towns. This will enable you to keep track of available houses in certain areas, resulting in a fast, efficient home search.

The aforementioned list highlights some of the key reasons to be honest with yourself and others as you pursue a house. Of course, if you need extra assistance as you search for your dream home, you may want to hire a real estate agent too.

A real estate agent is a homebuying expert who will be direct and forthright with you throughout the homebuying journey. As such, a real estate agent can help you take the guesswork out of purchasing a house.

Usually, a real estate agent will meet with you and learn about your homebuying criteria. This housing market professional then can tailor a home search to help you identify your dream residence. And if you have any homebuying questions, a real estate agent can respond to these queries immediately.

Perhaps best of all, a real estate agent will provide honest, unbiased recommendations as you proceed along the homebuying journey. This housing market professional will simplify the homebuying process, ensuring you can acquire a top-notch house that you can enjoy for years to come.




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Posted by Collins & Demac Real Estate on 5/24/2018

Buying a home will be the biggest purchase of your entire life. It’s not a decision that anyone should or will take lightly. You want to buy a house that you can live in. Sometimes, it’s even best to think of your home purchase from the perspective of others. Ask yourself, “Would other people want to live here?” When it comes to your home, the financial buzzword is “equity.” As the buyer, you want to be able to build some equity into your home so that if you should choose to sell it, you’ll make a profit. Whether your home is only meant to live in for a few years until your family outgrows it, or you think it’s going to be a forever home, life happens and you don’t want to be stuck with a home that you must take a loss on. Keep these aspects of the home in mind when you are ready to buy: Size Most people search for 3 to 4 bedroom homes. Whether they are married and want to have children or just need extra space for another baby that is on the way, families typically look for places where they have room to grow. The number of bathrooms in a home is also key. Families don’t want to share one bathroom among 4-5 people. These factors are even more important than the actual space available in the home by square footage. On the flip side, you don’t want your home to be too big either. Larger homes aren’t as energy efficient and can cost more to maintain. Know that there is a “sweet spot” for your square footage. Usually this is somewhere between 1,000 and 2,000 square feet of living space. Room To Expand Look at the home to see if there is room to expand. Perhaps you need another bathroom, but there’s some space to construct an additional half bath. This factor of expansion is key when it comes to a home or property. Look Past The Appearance Things like paint colors, floors, carpets and other aesthetics aren’t as important as the big things when it comes to buying a home. You can easily change these without much cost or effort on your part. While everyone loves a move-in-ready home, don’t let a little paint separate you from a home that you love! Curb Appeal Helps While it’s easy to fix some things like the color of a home or the shrubs, find your vision to give the home you’re about to purchase some curb appeal. If you can see past the imperfections and make your home your own from the outside in, your home will be attractive. There’s plenty of things you can add and fix from doors to landscaping to paint to a new mailbox. All of these can give your home some serious curb appeal. Sound Structure If the structure of the home is not in good condition, you’ll face many problems down the road. You want to avoid costly repairs by ensuring that you buy a home without serious structural damage or wear. The most important part of a home’s structure is that of the foundation. If a home has a cracked foundation, it’s going to cause some problems. Be sure that you hire a reputable inspector and attend the inspection so you know exactly what’s going on with the home you are about to purchase. You can prepare yourself for any problems or issues this way, and make a decision from there. A home that has a good structure to start will undoubtedly continue to help you build equity in your purchase.





Posted by Collins & Demac Real Estate on 5/3/2018

When you think of buying or selling a house, the first thing that comes to mind may not be the legal aspects associated with the process. You may want to reconsider this rather boring part of the process as an important one. Hiring a lawyer can help both buyers and sellers to get through many hurdles that buying a home can present. 


The Contracts


There will be many negotiations and a lot of back and forth throughout the process of buying a home. Everything that’s involved with buying a home needs a contract for it to be legally binding. A real estate attorney will negotiate on your behalf and be sure that the contracts adhere to all state and local laws. The lawyer will also help you to address issues that may affect the future of the property such as botched inspections, liens against the home, and other items that could affect you as the home buyer. 


Title Search


Real estate attorneys will perform what is called a title search. This allows them to see if there are any outstanding liens or judgements against the house. This title search will also make sure that the seller has the right to actually sell the property that’s being sold. An attorney can do all of this much quicker than the average person since they have working relationships with title companies.


Transfer Of Property


If a property is being transferred through a corporation, trust, or partnership, things can get complicated. It’s good to have an attorney who is used to working with these complex situations and understands the legal boundaries within the state or municipality   that the property is in.


If You Choose Not To Have A Real Estate Attorney


Many times, a real estate attorney isn’t required to buy a property. It is advisable to have one, however. Without an attorney you increase your chances of problems arising in the future. You run the risk of:


  • Being sued for failure to disclose information
  • An improper property transaction takes place
  • You could miss relevant facts about the property
  • Failing to file the correct documents at both the state an local levels
  • Deeds are not transferred
  • Building permits weren’t correctly filed


The Takeaway


Having a real estate lawyer on your side is important due to the complex nature of property transactions. While some states require that an attorney be present throughout your property transaction, many states do not have this stipulation. You are smart to hire a competent real estate attorney to protect your own interests as either a buyer or a seller.







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