My Blog

How To Save Money Owning A Home

2/6/2018

3 Things Homeowners Can Do To Save Money

 

  Owning your first home is a great feeling but it can be stressful at times. For one, now you have a new mortgage payment to focus on every month. The good news is that you are not throwing that money out on rent; You are building equity! Here are 5 things you can do to save more money over the long haul!

                           

                            Re/Insulate Your Home

Most homes that I come across, especially older homes are poorly insulated. Whether its due to poor workmanship, laxed building codes or the insulation may have settled over time: Either way its something that should be addressed as soon as possible.  Start with the attic, its easy to access in most cases and you will get the biggest bang for your buck! (Since heat rises) Be aware that too much insulation can be harmful, make sure to consult with a professional. A home without proper ventilation, is like an open invitation for mold.. rent free at that!

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                 Tighten Those leaky Water Faucets 

This may seem tedious but it is important to fix those leaky faucets.  Especially if your home has an onsite sewage disposal system. (Septic system) The constant flow of water over a long period of time is hard on your septic system, to the point where it can even cause a failure. This is a very expensive problem to fix... Why not avoid it if possible? Even if your not on a septic , why let money literally go down the drain? The only time you want a dripping faucet is during the winter, when temps are well below freezing. Yes, believe it or not, if you keep the water dripping constantly it will lessen the chance of your pipes freezing! (Keep in mind, if you follow step one and your home is well insulated you wont have to worry about frozen pipes.) 

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                               A Home Warranty Plan 

A home warranty plan covers the main systems of the home, including appliances. Most companies will repair/replace any covered component which malfunctioned due to normal wear and tear. Keep in mind that there are many home warranty providers, along with many different policys. As a consumer, its best to shop around for the best terms and conditions that fit your needs. Since coverage may vary, ask to see a sample policy before commiting. Home warrantys are not always a viable option for some homeowners either. If you have all new appliances/home system components there is a good chance those things are already covered under the manufacturers warranty. Why spend extra money when you dont have to? If you have not bought a home yet and a home warranty is something that interests you then bring it up to your agent. This is something you can pay for with a lump sum at closing, make monthly payments or even have the seller to cover the costs for you!

 

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3 Home Buying Myths Busted

1/29/2018

You need a 20% downpayment for a loan to buy a home:

This is far from the truth, while some home buyers may need a 20% downpayment, most do not. There are many loan options/incentives to choose from, the truth of the matter is that most lenders would happily offer you a loan with 3.5% down. Wait.. it gets better.. Most of Livingston county qualifies for rural development. Ofcourse the buyer has to qualify for RD as well (Which is not unusual). But with an RD loan you can buy a home with zero down.

Not so fast..

Unfortunately there are other costs involved besides the down payment for your mortgage. It is a good idea to account for another 3-4% of the homes purchase price on top of your loan down payment. This makes up for the homes closing costs. The good news here is, that an experienced agent can help you get around this pesky cost. This means, when you hire the right person you do not have to worry about coming out of pocket for closing costs at all.   

 

You need a perfect credit score to get approved for a home

Obviously the higher the score the better off you are but you do not need a perfect credit score to buy a home.. In fact, I have gotten clients into a home with a Fico score as low as a 580. Keep in mind that other variables take play here such as, debt to income ratio, employment etc. The only way to know for sure is to speak with a lender and find out what program works best for you. Even if your credit score is less than a 580 a good lender will tell you exactly what you need to do in order to bring it up the quickest way possible, without going broke.

 

The first step is to look at homes

The first step you should take when buying a home is to connect with a banker to find out how much home you can comfortably afford every month. Many home buyers make the mistake of putting the carriage in front of the horse. This common mistake often sets your heart on a home that is more than you can afford. Only later to have it broken when you find out the payment is too high for your liking.

 

THE BOTTOM LINE:

The bottom line here is that there are many misconceptions in the real estate world. As a home buyer it is best that you hire an agent who knows what they are doing, an agent who is hands on and keeps you in the loop. Ask your agent any question that comes to mind, the only stupid question is one that you dont ask. You will find the more informed you are as a buyer, the smoother the buying process will be for you

 

 

 

Why rent when you can own?

7/31/2017

Due to a shortage of home inventory, rental rates are on the rise! Did you know that 82% of land lords have raised their rental rates in the past year? Why rent a home when you could own a home for the same price or even cheaper? Its much easier than you think! Interest rates are at a historic lows, lenders are offering numerous incentives and mortgage approval qualifications are becoming more lenient, you could literally move into a place of your own with as little as 0 down! Is your credit score too low? I have worked with numerous clients who thought the same thing! Keep in mind that there are multiple variables when it comes to getting a mortgage but I have worked with people who had a score as low as a 580! Stop throwing your money away on rent every month and start investing it in your future! Give me a call/text to find out how I can assist you in the process! 

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