Selling Extraordinary

Here are some pros and cons of fixer-upper houses to keep in mind.

PROS:�
- Usually a lower purchase price: Although you’ll likely need to spend more on renovating.
�-Less competition: Generally speaking, there is less competition for fixer-upper homes.�
-Chance to customize your home: Once you buy a fixer-upper house, you have the freedom to do whatever you’d like to it.

CONS:�
-Expensive renovations: Depending on the renovations, you may end up breaking even/spending more than you intended.
�-Unexpected issues: Even if you get an inspection, there can be unexpected issues, especially if the house is older.

Pre-approval shows how much a lender is willing to give you. If you start home shopping before finish the pre-approval process, you could get an unfortunate surprise when you apply for a mortgage and discover you qualify for less.

Before buying a home, you need to wrestle with these two things: your budget and your non-negotiable list.⁣
Your budget: Sit down with a reputable bank or mortgage lender to get pre-approved. Plus, a pre-approval letter will strengthen your offers.⁣
Your non-negotiables: These are your “must-haves” in a new home. Need to stay in the same school district? Need a fenced yard for the dog or a guest room for grandma? Keep this list short, but clear. You may need to reference it when the emotions of buying ramp up.⁣

Trying to decide your home style can be overwhelming; figuring out what you’re drawn to versus what works well when trying to achieve a certain vibe in your home. What style do you try to achieve when decorating your home?

What is the 25% rule?

Keep your monthly payment to no more than 25% of your take-home pay. Once you know what affordability looks like, share your boundaries with your real estate agent and develop a plan.

If you are ready to buy, contact me today!

Remodeling and renovating your home can make your home more enjoyable, and— if done right—increase your home’s value along the way. If you are thinking about boosting your home's value to sell it, contact me today!

An escalation clause is language written into a purchase offer that automatically increases your purchase price by a certain amount above competing offers, until the offer reaches the maximum price you are willing to pay for the home. An escalation clause only goes into effect when there are competing offers.

You typically do not have to put 20% down on a house. In fact, the average down payment for first-time buyers is just 6 percent and there are loan programs that let you put as little as zero down. However, a smaller down payment often means a more expensive mortgage long-term but if you want to get into a house sooner rather than later, that might be a sacrifice you want to make!

Many people choose to hire a buyer’s agent. They can act as a guide to help find the right property for you, negotiate a fair price, and smooth out any difficulties in the buying process. Furthermore, they provide you with a series of fiduciary duties to ensure that your best interests are always protected. Here's an overview of the responsibilities of a buyer's agent.

Equity reveals the portion of the property value that you can rightfully claim as your own. If you are planning to sell your home, the higher the equity amount, the more cash you will get out of the sale. For most, the equity built up in a home is the largest financial asset and an incredible way to build wealth. How fast or slow home equity grows depends on property values and how much principal you pay down on your mortgage.

The first thing you should do before you put your house on the market is try to approach it like it is your first time seeing the home. A ‘fresh set’ of eyes will pick up on things you may not have noticed in the past and can help you see things from the potential buyer’s perspective.

Once your offer is accepted, it comes time to make sure the house is a sound investment and that you can get a mortgage that works for you. An agent is your #1 resource to keep things running smoothly... so make sure to choose wisely. Contact me today!