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When should you consider a new home?
January 26, 2024
As a homeowner, there may come a time when your current home just isn’t what you need it to be. You might be able to update or add on to your property, but that may not be enough to change the circumstances.
In some scenarios, buying a new place is the only viable option. But how do you know when you’ve hit that point?
Here are four situations in which you should consider whether a new place is the right choice.
- A Changing Household: Whether you’re having more children, inviting an older relative to move in, or becoming an empty nester, family changes may be a smart reason to buy a new place. At that point, you can choose a home that fits all of your needs.
- A New Job: Have you found a new job with a different commute? It might be time to consider buying a home closer to the office. Shortening your commute could make your days more productive and improve your overall quality of life.
- Changing Priorities: Urban, suburban and rural communities offer different things. If you decide you want a slower-paced lifestyle, acreage to raise animals, or access to more businesses, moving homes may be necessary.
- Costly Renovations: If the updates your home needs are expensive — or if you’d need to take out a high-interest loan or use a credit card to pay for them — buying a new place might be a good move. Mortgage rates are typically much lower than rates on other loan types.
If you’re ready for a new home, get in touch today. We can work together to find a place that meets your needs.
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How can you build up your home equity?
January 12, 2024
As a homeowner, you have the opportunity to build equity, which is the financial interest you have in your home. When your equity grows, it can mean bigger profits once you sell your house.
Your equity can also be borrowed against using home equity loans or lines of credit and cash-out refinances, which you can then use to cover the costs of home repairs, pay off debt or achieve other financial goals.
But how exactly do you build up equity? Here are four strategies:
- Make a larger down payment. The size of your down payment directly equates to your home equity stake. When you buy a home, a larger down payment means that you have to borrow less money. For example, if you put 10% down, you’ll start your homeownership journey with 10% equity.
- Pay down your mortgage. As a homeowner, you’ll build equity every time you reduce your mortgage balance. Putting a little extra toward your loan each month (or even once a year) can help, too. Just be sure to review whether your lender charges prepayment penalties if you pay off your loan balance too quickly.
- Increase your home’s value. Making home improvements that boost your home’s value can boost your equity. Consider updating the roof, installing a new garage door or making other beneficial upgrades.
- Use a shorter-term loan. You could pay down your balance quicker with a shorter-term loan, which would also build your equity faster. If you have a 30-year loan, you might consider refinancing into a shorter-term option (like a 15-year loan). Think about the interest rates, closing costs and monthly payments before you decide to switch.
Get in touch if you’re searching for a new home or have questions about the current market.
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Avoid These 4 Common Homebuyer Regrets
December 29, 2023
Buying a home is always a big decision, but with higher mortgage rates and rising home prices, today’s homebuyers seem to face even higher stakes.
Want to ensure you buy a house that makes you happy, get a mortgage you can afford, and make the best moves for your future?
Read on to learn some of the most common homebuyer regrets — and how you could steer clear of them.
Regret: Paying a too-high interest rate. A higher mortgage interest rate means a higher monthly payment, which could pose problems if you can’t keep up with it.
Solution: Work on improving your credit score before applying for your loan to try to get a better rate. You can also pay for mortgage points or consider an alternative loan type for a lower interest rate.
Regret: Forgoing an expert’s help. Buying real estate is complicated, especially in today’s market. Not having an experienced negotiator by your side means you may spend more.
Solution: Work with an agent who’s knowledgeable about local market conditions and can help you put your best foot forward during the process.
Regret: Underestimating costs (and effort). Depending on your budget, you may have to buy a home that needs a fair amount of work — and those expenses can add up.
Solution: Make sure you get a home inspection and pay close attention to the report. You should have an accurate picture of the repair and renovation costs you could face.
Regret: Rushing the process. It’s easy to get caught up in the moment, especially if there’s a bidding war. But being too hasty could lead to disappointment down the road.
Solution: Don’t purchase a place that only checks your boxes today; consider one that will meet your needs in the long run. And don’t skip your due diligence to get into a home faster.
Do you want help finding the right home? Reach out so we can get started.
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Affordable Updates for Home Sellers
December 01, 2023
It can be a good idea to update your home a bit before putting it on the market.
Making some updates could mean better photographs and a more eye-catching listing — plus, it could help your home sell faster or for a higher price.
Still, home projects can add up, and you may not want to spend a lot on a home you’re ready to list.
Fortunately, there are lower-cost ways to improve your house prior to selling. Try one or more of these options:
- Add curb appeal. You don’t have to fully change the yard’s landscaping to make an impact. Painting your front door, replacing your mailbox, adding some new flowers or even changing out your welcome mat can make a big difference.
- Restore flooring. If your floors are looking a little worn, there might not be a need to replace them outright. You can refinish wood floors and give carpeting a good steam cleaning.
- Paint interior walls. Walls can get scuffed and dirty over time. Make them look like new again with a fresh coat of paint, particularly in high-visibility spaces like the kitchen, entryway and living area.
- Change the kitchen’s aesthetic. Consider adding a new backsplash (stick-on tiling is a great, low-cost option), refacing or painting your cabinets or upgrading the hardware on your drawers and cabinets.
- Brighten the space. Increasing the amount of light in your home can make it seem bigger. Affordable ways to do this include swapping heavy drapes for lighter curtains and hanging a few mirrors to reflect existing light.
Get in touch if you’d like to discuss buying or selling a home.