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What You Want In A Home VS What You Need

by Mark Rieger, Mark Rieger Realty

I believe homeownership is the American Dream. When you Buy a home, though, it is important to understand the difference between what you want in a home and what you need. How can you tell the difference? 

The first thing I’d advise is pulling out a pen and a piece of paper and writing down two columns. In the left-hand column, list all of the things that you have today. In the right-hand column, list all the things you want. From left to right, your list should expand. This will be the criteria you will use to shop for a new home. 

Whatever amenities you end up listing in the right-hand column, it’s important to keep in mind that you may not get all of them in this next purchase. If your new home doesn’t have all the amenities that you want, I would strongly encourage that you start looking for ways to save money so that somewhere down the line you can procure them. 

I often see people make upgrades to their home solely as part of their strategy for selling it. This is a mistake—you’re spending money that you don’t get a dollar-for-dollar return on. If you’re making upgrades, do it for yourself first. Reap the benefits of how it contributes to the home’s sale later. 

If you have any questions you’d like answered, just shoot me an email or give me a call. I’d love to help in any way I can!

Checklist If You Know Someone Planning To Buy A Home Soon

by Mark Rieger, Mark Rieger Realty
12 Months Out
Check your credit score. Get a copy of your credit report at annualcreditreport.com.  The three credit bureaus (Equifax, Experian, and TransUnion) are each required to give you a free credit report once a year.
Determine how much you can afford.   Lenders look for a total debt load of no more than 43% of your gross monthly income (called the debt-to-income ratio).
Make a down payment plan. Most conventional mortgages require a 20% down payment. FHA offers loans with only a 3.5% down payment.
9 Months Out
Prioritize what you most want in your new home. What's most important in your new home? Proximity to work? A big backyard? An open floor plan? Being on a quiet street?
Research neighborhoods and start visiting open houses.  This is where I can consultant with you to efficiently help find homes for you.
Budget for miscellaneous home buying expenses.  Start the good habit now of putting a little aside each month to fund maintenance, repairs, and home emergencies.
6 Months Out
Collect your loan paperwork. Banks are very particular when it comes to mortgage loans, so it's important to speak with a lender to determine what they will need to provide a loan.
3 Months Out
Get pre-approved for your loan. At this point, if you've been following this timeline, your credit score, paperwork, and down payment should be on track.
Start shopping for your new home. Once you're pre-approved, I will be able to target homes that meet your priorities in your price range.
2 Months Out
Make an offer on a home.  It usually takes at least four to six weeks to close on a home.
 
If you or anyone you know has a question or needs assistance, be sure to let me know. I am happy to help!!

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