Tag Archives: home buying

Preparing for a Spring Home Sale or Purchase

Spring has sprung, which means the housing market is in full bloom. Each year, roughly 40 percent of real estate transactions occur between the months of May and August. If you’re feeling inspired to buy or sell a home soon, make sure you’re prepared. Use these checklists to catch anything you may have missed.

When You’re Ready to Buy a Home
Purchasing a house is one of the biggest transactions you’ll ever make. Whether it’s your first time or the fifth, tackle the following prep work:

  • Calculate what you can afford. Use a home affordability calculator to make sure you’re ready for the mortgage payments.
  • Check your credit score, and fix any inaccuracies you discover ASAP. Errors can impact your ability to get a good interest rate.
  • Save up for a down payment. Most lenders require 5 to 20 percent, and larger down payments can lower the amount you pay each month.
  • Be ready for additional closing costs. Plan to have approximately 4 percent of the home’s purchase price on hand to cover taxes, fees and other necessary charges.
  • Re-evaluate your insurance coverage and update all of your policies, including life and car insurance.

When It’s Time to Sell
Putting your home on the market is a process that can take months. Before you do, complete this home seller to-do list:

  • Declutter, clean and get your home ready to show. You only have one chance to make a first impression.
  • Take inventory of what needs to be fixed and make a schedule to complete any updates, such as roof work, new paint or landscaping.
  • Decide on an appropriate selling price. Pulling comps in your area can give you a better idea of your home’s value. Or click here to request a free, personalized home value report!

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Featured Image Credit: “Home For Sale Sign” by Guy Kilroy © 2014 (CC BY-SA 2.0; Edited)

Fixer-upper or move-in ready home?

Shows like HGTV’s “Fixer Upper” have popularized the idea of buying and renovating the worst house on the best block. Homes that need major remodeling, however, aren’t for everyone. Sometimes a move-in ready house is a better option. Whether you’re a first-time homebuyer or a seasoned investor, it’s important to understand the pros and cons of each.

Pros of Fixer-Uppers

  • Lower price — Homes that require some updating tend to be priced lower, and many renovations can quickly add value to your home.
  • Creative control — When you’re the one in charge of updating your home, you can customize it however you choose.

Cons of Fixer-Uppers

  • Delayed move-in — The planning and work involved to fix it up can significantly delay your move-in date.
  • Unexpected costs — No matter how well you plan, major renovations are always subject to unforeseen expenses.

Pros of Move-In Ready

  • Quick move-in — Can’t wait to begin nesting? With a finished home, you can start moving in as soon as you get your keys.
  • Energy-efficient technology — New and renovated homes are often outfitted with the latest energy-efficient options when it comes to kitchen appliances and heating and cooling systems, which can save you money over time.

Cons of Move-In Ready

  • More expensive — To recoup the costs of updating, sellers often price move-in ready homes much higher. These homes also don’t allow for easy customization.
  • Questionable quality — When you’re not there to oversee the update process, you’re unable to ensure that high-quality work and materials are used for your home.

Still not sure which approach is right for you? Take this quiz to help you decide if you’re ready for a fixer upper.

Have you bought a fixer-upper? What was the process like? Share in the comments!

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Photo Credits: “house updates” by mazaletel © 2011 (CC BY 2.0) | “Dining Room with Recycled Wood Ceiling” by Jeremy Levine © 2009 (CC BY 2.0)

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