Jena Khabazeh's Blog
Are you a productive homebuyer? If not, you may miss out on an opportunity to acquire your dream residence.
A productive homebuyer understands the ins and outs of the real estate market. As such, this individual may be better equipped than others to purchase a top-notch residence at a budget-friendly price.
Ultimately, operating as a productive homebuyer may be easier than you think – here are three tips to ensure that you can become a productive homebuyer in no time at all.
1. Narrow Your Home Search
If you know what you want to find in a dream home, you can maximize the time and resources at your disposal.
For example, if you prefer a home in a big city, you can start searching for houses in the city of your choice. Or, if you enjoy the unparalleled serenity of small town life, you may want to focus exclusively on houses in various towns.
You also should consider your day-to-day activities as you kick off your home search. If you attend college classes every day, you may want to find a house close to school. Comparatively, if you regularly take the bus to work, you may want to consider homes that provide quick, easy access to public transportation.
2. Establish a Price Range
Although you know that you want to buy a home, you may have no idea what it will cost to obtain your dream home. However, if you enter the housing market with a home price range in hand, you can quickly and effortlessly navigate the homebuying process.
Meet with banks and credit unions in your area. That way, you can learn about myriad home financing options and choose a mortgage that complements your finances.
Don't forget to ask bank and credit union professionals for mortgage recommendations and suggestions as well. These mortgage specialists are happy to teach you about many mortgage options and ensure that you can make an informed home financing decision.
3. Work with a Real Estate Agent
A real estate agent is a homebuying expert who will do everything possible to help you optimize your productivity. If you collaborate with a real estate agent throughout the homebuying process, you can increase the likelihood of getting the best possible results.
A real estate agent will set up home showings, negotiate with a home seller's agent on your behalf and help you get the best price on a home. By doing so, this housing market professional will ensure that you can enjoy a seamless homebuying experience.
Let's not forget about the advanced housing market knowledge that a real estate agent possesses, either. A real estate agent understands the challenges of buying a home and will help you identify and overcome these difficulties. He or she will even answer any homebuying questions, at any time.
Become a productive homebuyer today – use the aforementioned tips, and you can maximize your productivity as a homebuyer and reap the benefits of a quick, efficient homebuying journey.
You know you want to pursue a home, and as such, likely plan to attend lots of house showings in the near future. Before you check out a residence in-person, however, it generally is a good idea to prepare as much as possible. That way, you can use a home showing to learn about a residence, evaluate a house's pros and cons and determine if a particular home is right for you.
Ultimately, there are many factors to consider before you attend a home showing, and these factors include:
1. Your Home Must-Haves
It often helps to make a list of "must-haves" prior to launching a house search. With this list at your disposal, you can narrow your home search and schedule showings for residences that offer the features you want.
You may want to put together a list of preferred cities and towns, too. This list will help you hone your house search to residences in cities and towns where you want to live. Then, you can set up showings to view residences in these areas.
2. Your Homebuying Budget
You likely have only a finite amount of money you can spend on a residence. If you start a house search with a budget in hand, you can search for homes that fall in line with your finances and schedule property showings accordingly.
Typically, it helps to get pre-approved for a mortgage. If you meet with a variety of banks and credit unions, you can learn about different home financing options. You then can select a mortgage and start to schedule showings for residences that correspond to your budget.
3. Your Homebuying Timeline
If you want to buy a house as quickly as possible, you may want to start scheduling home showings right away. This will enable you to find and relocate to a new home without delay.
On the other hand, if you can afford to be patient, you may want to take a wait-and-see approach to home showings. In this scenario, you may want to keep a close eye on the housing sector in your preferred cities and towns. Because if you do so, you can pounce at opportunities to view quality residences as soon as they become available.
As you get ready to pursue your ideal residence, you may want to hire a real estate agent as well. A real estate agent can set up home showings and offer tips and recommendations to help you streamline your house search. In addition, if you ever have questions during the homebuying journey, a real estate agent can instantly respond to them.
When it comes to home showings, it may be beneficial to prepare. If you consider the aforementioned factors prior to a house showing, you may boost the likelihood of finding your dream house. Perhaps best of all, you could speed up your home search and discover a great residence that you can enjoy for years to come.
After you complete a condo inspection, you'll need to make a major decision: Should you move forward with your condo purchase or rescind your offer?
Ultimately, there are several important questions to assess before you finalize your decision on a condo, including:
1. What was discovered during the property inspection?
Study the results of a condo inspection closely. By doing so, you'll be able to learn about a condo's strengths and weaknesses and plan accordingly.
A property inspector will evaluate a condo both inside and out. He or she also will provide honest, unbiased feedback, enabling you to make an informed decision about how to proceed with a condo.
Take into account major and minor condo problems that a property inspector discovers. And if this inspector finds minor flaws associated with a condo, you may want to stay the course and move forward with your initial proposal.
On the other hand, if a property inspector finds significant problems with a condo, i.e. issues that may prove to be costly and time-consuming, you may want to consider rescinding your offer. Or, in this case, you can always ask the condo owner to complete property repairs before you finalize a condo purchase.
2. How much will it cost to perform assorted condo repairs?
The costs associated with condo repairs will vary. However, if you allocate the time and resources to learn about condo problems and the costs associated to fix these issues, you may be able to avoid expensive, time-intensive mistakes.
For example, consider what might happen if a property inspector discovers a defective kitchen light switch in a condo. Although this light switch is a problem, the time and costs needed to repair or replace the faulty light switch likely are minimal. As such, a condo buyer may choose to ignore this problem, or a condo owner may be willing to complete the fix quickly.
Conversely, consider what could happen if a property inspector finds that a condo's furnace is defective. It may cost thousands of dollars to fix or replace a faulty furnace. As a result, a condo buyer may ask the property seller to repair or replace the defective furnace. And if the condo owner fails to do so, a buyer may choose to walk away from the condo purchase altogether.
3. Can I enjoy this condo both now and in the future?
It is essential to consider both the short- and long-term ramifications of a condo purchase. That way, a condo buyer can determine whether a property can serve him or her well for years to come.
A property inspection offers valuable information that a buyer can use to assess the pros and cons of purchasing a condo. Furthermore, a condo buyer who works with an experienced real estate agent can get the support needed to make the best decision possible.
Consider the aforementioned questions as you evaluate your options following a condo inspection, and you should have no trouble deciding whether a particular condo is right for you.
If you plan to buy a home in the near future, there is no harm in attending an open house. However, for those who want to get the most out of an open house, it helps to plan ahead as much as possible.
Now, let's take a look at three tips to help you get ready to attend an open house.
1. Review the Home Listing
Although you may have already reviewed a home listing, it may be a good idea to take a second look at it. That way, you can double-check to ensure that a residence matches your expectations prior to attending an open house.
As you review a home listing, think about your short- and long-term plans too. If you believe a home corresponds with these plans, now may be the right time to check out this residence in-person.
2. Examine Your Homebuying Budget
When it comes to preparing to attend an open house, it may be beneficial to assess your homebuying budget. By doing so, you can ensure a residence falls within your price range.
Oftentimes, it helps to get pre-approved for a mortgage before you launch a home search. If you have a mortgage at your disposal, you'll know exactly how much you can spend on a home. And as a result, you can set up home showings and attend open houses for residences that match your budget.
3. Prepare a List of Questions
An open house provides an opportunity to walk around a residence and decide whether it is right for you. It also enables you to receive comprehensive insights into a home. Thus, you should put together a list of questions to ask during an open house.
Remember, there is no such thing as a "bad" question, especially if you're on the fence about buying a particular home. And if you enter an open house with a list of questions in hand, you'll be better equipped than ever before to determine whether to submit an offer to purchase.
Lastly, as you prepare to pursue your dream home, you may want to hire a real estate agent as well. Because if you have a real estate agent at your side, you can obtain expert guidance throughout the property buying journey.
A real estate agent can help you prepare for any open house, at any time. He or she first will meet with you, discuss your homebuying options and help you map out a homebuying strategy. Next, a real estate agent will set up home showings and keep you informed about open house events for residences in your preferred cities and towns. And if you discover your dream home, a real estate agent will help you craft a competitive offer to purchase.
For those who want to take the guesswork out of buying a home, it helps to work with a real estate agent. Contact a local real estate agent today, and you can receive plenty of assistance as you search for your ideal residence.
It’s always a goal in life to be happier in our jobs and make more money. When it comes to buying a home, your job status can have a big effect on whether or not you’ll be able to buy a home or not. You will be able to buy a home using a new source of income. Even refinancing can be a breeze when you have a new job and the right knowledge.
Many people believe that changing jobs or having gaps in between employment is a certain type of black hole when it comes to getting a mortgage. However, if you approach all of the changes in the correct way, you should be able to land the mortgage deal and secure a home.
One of the most important numbers that your lender will calculate when you’re buying a home is that of your average income. This will be based on the pay that you had earned in the past 24 months‘ time. If you have had the same job and pay, this won’t be much of a big deal, However, if any of these things have changed (or will soon change) your lender may have some questions. This doesn’t mean that your mortgage application will be struck down completely.
Information That’s Needed In The Event Of A Job Change
If you have recently changed jobs in the process of trying to refinance or buy a new home, your lender will need a few pieces of information from you. These items include:
- An offer letter for the job
- A role or title change letter (if applicable)
- Compensation package change confirmation
- Verification of employment
- Most recent pay stub
If you’re an hourly employee, unfortunately, you’re under the tightest type of scrutiny when it comes to applying for a mortgage. Your income will be averaged for as long as you have been an hourly employee. If you work full-time, this won’t be too much of a problem. If your hours fluctuate from week-to-week, this can make things a bit more complicated.
If your hourly rates have recently gone up, you’ll need a bit of info from your employer to help you get the income verification that your lender needs. These items include:
- An offer letter
- Recent pay stubs
- The new compensation structure or offer
If you have any sort of extenuating circumstances like a relocation or a new position, this information can help to bridge the gap in any information that just doesn’t add up as far as your employment history goes.
If you’re a salaried employee, things are a bit simpler. Your lender will have a much easier time calculating your average income. The only issue that you may encounter is if you have had a gap in employment. For this, your lender will require a written explanation of what occurred during that time period.
Lenders want to protect themselves, but in a way, they also want to protect you from getting in over your head with how much you can afford for a home. With some proof and a little explanation, you should be able to get a house you can afford if you have all of the information that you need to back up your financial history and employment history.