There may be a more important reason to sell your home than money.....
Buying a home is one of the biggest financial investments you'll make in your life, and it's important to make sure that you're doing what will be right for you down the road. If you're trying to avoid buyer's remorse and are wondering what major missteps to avoid when diving into the market, here are a few things you may want to watch out for.
Buying Too Much Home
It's often the case that a homebuyer will get so excited about a home they see that they need to have it, but putting all of your money into one investment can be difficult to sustain over time. Instead of deciding to budget and buckle down on your expenditures, ensure that your monthly budget still leaves room in the event of other expenses or financial setbacks. This will ensure that your home stays as something you can enjoy that won't become a burden.
Not Saving Up Enough
Many people want to invest in the market right away and get into a home, but it can often be worth the wait to save up so that you have at least 20% for a down payment. Putting 20% down on a house means that you won't have to pay the added costs for Private Mortgage Insurance (PMI). Not only can this lead to smaller mortgage payments on a monthly basis, it also means that you'll be able to pay off your mortgage loan that much more quickly.
Forgetting All The Associated Costs
It's easy to be wooed by the cost of the monthly payment and think that it's less expensive than you thought, but it's important not to forget about all the other costs that go into owning a home. In addition to the closing costs of home ownership, there will also be property taxes, homeowner's insurance and the maintenance fees required for home upkeep. If the monthly mortgage payment is already pushing it, costs like these can throw your overall cost into unmanageability.
There are many mistakes that can be made when it comes to purchasing a home, but by being aware of all of the costs of home ownership and taking the time to save up, you'll be well on your way to owning a home that's affordable and sustainable. If you're getting prepared to delve into the real estate market, you may want to contact one of our mortgage professionals for more information.
When it comes to the real estate market, nothing is better than putting your home up for sale and finding a potential homebuyer who offers you the price you're looking for. However, while the right offer is ideal, there are a lot of things that may come along with a high offer that may be less than perfect. If you're wondering what kinds of things can hamper a good offer, you may want to watch out for the following.
What's The Timeline?
If you're almost packed and you're prepared to go, there won't necessarily be any inconvenience in dealing with a 30-day closing period. However, if you're not quite ready and are going to struggle during that time, having to close quickly can add a lot of pressure to a stressful situation. While it may be do-able to make the arrangements to move in a short amount of time, if it's not the way you want to leave your old house and move on, you may want to go with a more flexible offer.
The Details On Cash
The right price is indeed a good offer, but when it comes to homebuyers who can pay with cash, there's a lot less to worry about on the back end. As a result, cash can easily trump many other offers for the convenience of not having to deal with lenders or many other factors involved in closing the purchase. While it might not seem like most people have the available cash on hand, cash purchases on real estate are becoming more common, and with less complication, they can be more enticing.
Are There Contingencies?
If you're experiencing a bidding war with your home, it's important to look at all the details of the offer and ascertain which one can best be relied upon. That's why it's important to look at any contingencies on the home sale that may have to do with the financing, appraisal, or inspection. An offer may be more than a little striking at the start, but if there are a lot of strings attached, there may be a bidder with a lower offer who's less likely to back out.
It's easy to get snared by the highest offer when selling your home, but it's important to be aware of your timeline and any contingencies before accepting an offer. If you're currently preparing to put your home on the market, you may want to contact one of our real estate professionals for more information.
Denver’s housing market is booming. It’s hot, it’s popular, and it seems that everyone learned Denver’s once well-kept secret…that it’s the best. With so many people moving to this great city, inventory has been low and demand has been high. Looking at the housing market, one might feel discouraged and wonder if it is even worth it to buy right now. We’re here to assure you – it is! Despite the high demand and low inventory of the Denver housing market, it is possible to find a home you love as you make this wonderful city your permanent home (until the next adventure, that is)!
FIND AN AGENT
It is vital to find a great real estate agent who is knowledgable about the market, a real estate expert, and someone dedicated to their clients. The right real estate agent will fight tirelessly for their clients, finding you the right home. Madison & Company Properties has over 140 truly incredible, highly recommended, and vetted Realtors® who can help you find your new home. Check out our website to find a Madison Realtor® who is right for you!
PATIENCE IS A VIRTUE
Finding the right home probably won’t happen overnight. It’s important to take time to learn about different neighborhoods, and know what you want going into it. Have a list of must-haves, really-wants, and can-live-withouts. Be flexible, you might get the giant backyard but no wrap-around patio, or there are the perfect number of rooms, but you wish the kitchen had a different layout. No matter the housing market, it is almost impossible to find a home that is 100% perfect (unless you design and build yourself!), but you can find the 100% right home. And remember – you can always paint, redesign, or renovate!
When purchasing a home, it is important to know your budget and what you can afford. Before even beginning to look for homes, find a mortgage broker and get pre-qualified on your mortgage loan.
YOU’LL LOSE A FEW
And it will be okay. Bidding wars happen, folks come in with a bajillion dollars over asking price and you get bumped. It happens to everyone, and it will all work out in the end. This is one of the reasons it is important to hire a Realtor®, it is their job to negotiate, help you find the best home, and work with the seller to make sure everything is in line.
Filed Under: DENVER NEWS, HOME OWNING, MADISON & COMPANY, MADISON NEWS, REAL ESTATE, STATISTICS, UNCATEGORIZEDTagged With: BROKER, BUYING A HOME, COLORADO REAL ESTATE MARKET, CRAZY MARKET, DENVER, DENVER METRO ASSOCIATION OF REALTORS, DENVER REAL ESTATE, DENVER REAL ESTATE MARKET, DMAR, FINDING A HOME YOU LOVE, HIGH DEMAND, HOME OWNERSHIP, HOUSING MARKET, LOW INVENTORY, MADISON & COMPANY, MADISON AND COMPANY PROPERTIES, NEIGHBORHOOD, REAL ESTATE, SELL
To Paint or Not to Paint Before Selling Your Home, That Is the Question. Here Are Some Answers!
If you're planning some renovations before you sell your home, you're probably trying to determine what will boost its value best so you can get out the money you're putting in. Pulling out the paint for some touch-ups may be one of the most common things you'll hear about, but before taking on such a sizeable job, it's worth considering the needs of your home and what you'll have the ability to do before it goes on the market.
The State Of Your Paint
To brighten a room and instantly improve the look of a space, there are a few things that will do the trick like paint. Often, a poor paint job will be one of the first things potential buyers notice when they visit your home, whether the color is dull or there are cracks showing. If your home's paint job is neither impressive nor out-of-date, you may not want to take on such a big project. However, if these issues will negatively impact your home sale, it may be worth the effort.
What Is Your Timeline?
There are many easy home fix-ups that can improve your home, but painting is one of few things that can take a lot of time. It's unlikely you'll want to shell out for a professional painter if you've already decided on a renovations budget, but if you don't have the time you may want to decide on a few problematic areas to paint. If the bathroom or the kitchen are looking weathered, focus on those areas instead of taking on the whole house.
What Buyers Will Change
When potential homebuyers are looking at your home, they'll not only be thinking about what they love, they'll be considering what they want to upgrade down the road. Unfortunately, painting is not one of the projects that buyers will want to spend time on as soon as they move in. While it may not be worth their time to move into a house that needs to be painted right away, it just might be worth yours to get out the roller.
There are several home renovations that can improve your home's value, but painting may be a necessity if your walls are dull and showing signs of age. If you're currently preparing to put your home on the market, lets take a look and see what may be the best option.