Saturday, August 17, 2013

Plan and Prepare to Sell Your House

Million of existing homes are sold each year, and while each transaction is different, every owner wants the same thing; the best possible deal with the least amount of hassle. Unfortunately, home selling has become a more complex business than it used to be. The home-selling process has changed.
Are you ready?
The home-selling process typically starts several months before a property is made available for sale. It's necessary to look at a home through the eyes of a prospective buyer and determine what needs to be cleaned, painted, repaired and tossed out.

Ask yourself: If you were buying this home what would you want to see? The goal is to show a home which looks good, maximizes space and attracts as many buyers as possible.

While part of the "getting ready" phase relates to repairs, painting and other home improvements, this is also a good time to ask why you really want to sell.

Selling a home is an important matter and there should be a good reason to sell; perhaps a job change to a new community or the need for more space. Your reason for selling can impact the negotiating process so it's important to discuss your needs and wants in private with the realtor who lists your home.

How do you improve your home's value?
The general rule in real estate is that buyers seek the least expensive home in the best neighborhood they can afford. In terms of improvements, this means you want a home that fits in the neighborhood but is not over-improved. Improvements should be made so that the property shows well, is consistent with the neighborhood and does not involve capital investments, the cost of which cannot be recovered from the sale.

Cosmetic improvements - paint, wallpaper and landscaping - help a home "show" better and often are good investments. Mechanical repairs to ensure that all systems and appliances are in good working condition are required to get a good price.

Ideally, you want to be sure that your property is competitive with other homes available in the community.

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Saturday, August 03, 2013

7 ways to financially prepare to buy a home

Many home buyers have been haunted by the problem of being able to save up enough money in order to buy a house. Since buying a house is a financial commitment, various factors have to be considered and home buyers need the opportunity to step back and assess their strategies. However, before actually going out and looking for a home, you must first have the money to pay for the house, financially support it and still be financially comfortable. A house is a lifetime asset that provides happiness, satisfaction, shelter and security which only indicates the importance of being financially ready when investing in it.

1. Factors needed for saving strategies

Aside from making every effort to save up money to buy a house, there are a few factors that you will have to incorporate into your strategies to guide you into being able to save the right amount of money before you buy the house and for any other expenses after the house has been bought.

2. Find out the total amount of money needed upfront and other associated fees

Unfortunately, down payments are not the only cash requirements when you buy a house because there are also fees such as transfer tax, notary fees and insurances. When you find out the total amount of money involved beforehand, you can save yourself the stress when you are already in the process of buying the home.

3. Your credit score

If you have a good credit score, you can get better rates and an increase on the amount of money you can borrow. This is why you must pay off any debts you may have before you begin saving up for a house or you will have a hard time getting a bank to lend you a reasonable amount of money for mortgage.

4. A 15 year or a 30 year mortgage

When you have more money to pay for your house then you can expect a short term mortgage. However, if you are unable to produce a reasonably large amount, then you will have to opt for a longer mortgage term so that the monthly payments will be easier to pay. Longer mortgage terms are usually preferred even if there is money available due to the flexible terms and payments can often be made at your own pace. Shorter mortgage terms on the other hand can help you pay off your loans in half the time with less interest involved.

5. Determine the size of the house you intend to buy

The price tag of a house will be based on its size and location, so if you want a large house with upgrades in a desirable neighborhood, you can expect a higher price tag. Determine how much you can afford and then look for a house that meets your budget even if you must compromise on certain features.

6. Funds that you can set aside in cases of emergency

Never invest all your money into buying a house as you will need a security blanket in cases of emergency such as loss of income and other expenses. So you must always have other funds set aside even after you are able to buy a house and settle in.

7. A set timeline until you are able to buy the house

Buying a house cannot be done within a short period of time if you do not have the funds. You cannot rush the process of buying a house and you cannot rush yourself to save up fast either. When you do things in a rush, you will only find yourself making poor decisions.

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