Collins & Demac Real Estate

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 11/3/2016

Just as selling a house can be a hassle, so can buying one, but it’s exciting and scary at the same time. A few things to remember before entering into an agreement will make the process a little easier. It may be that you are relocating and have decided that the best way to put down roots is to buy. It can also be a better choice than renting, given the high costs of rental property these days. First, you must scope out the area, checking the neighborhood, the proximity to your work, and the school system, for instance. Also, look at the tax rate, as they vary from town to town. As a rule of thumb, taxes are higher if the property is in a city or located adjacent to one. A “bedroom town” might be a better bet. That is a town that is still in the suburbs but doesn’t border on the city. It might be next to the one that does, but that is what keeps the prices and taxes a tad lower. Another very important consideration is to get pre-qualified for a mortgage before looking at property. Your credit rating and income and expenses will be a factor on how much you can afford. Go to a reputable bank or lender and sit down with the lender for a realistic picture of your finances. Although it is “scary”, it is vital to know where you stand. Once you are ready to start looking, there are a multitude of real estate agents just waiting to help. Sometimes, recommendations from friends or people in the area can help you decide which agent is dependable and will have your best interests at heart. Don’t be impatient; it takes some time to complete the whole process. Six to eight weeks on average is likely, but it can take much more time, what with home inspections, and taking care of any issues of the property’s condition and legalities, such as titles and the like. Most of this part will fall on the seller, but it still can slow down the process. Once you have decided on a house and made the offer, sit back and relax, if you can. It’s a time consuming process, but owning a home is very large investment and you don’t want to make a mistake.

Posted by Collins & Demac Real Estate on 8/21/2014

Do you have a home buying strategy? Buying a home can be a risky and expensive proposition so you will want to make sure you have a plan.  In order to put a plan in place you will want to ask ask the following questions: How long do I plan to live here? You will need to consider how long you plan to live in your home to determine if it makes financial sense. Consider what changes you might make during that time frame. Will you be starting a family? Will elderly parents need to move in with you? You may need a larger home or need to find a community with better amenities for children, and that will increase the likelihood of you moving. How is the local market? All real estate is local.  Find out all you can about the neighborhoods you're considering. Look at the inventory of homes, how have properties gone up or down in value, and how much homes are selling for compared to the listing price. What is my financial stability? Consider factors like the stability of your job. Will you still be there in five years? What kind of future does your industry have? Does climbing up the career ladder mean you might have to move elsewhere to get ahead? Look at your current debts and income, not your future salary, to determine whether you can afford to buy.