Lisa M. Corr's Blog
If you want to purchase a home, it pays to establish a homebuying budget. By doing so, you can enter the housing market with a budget in hand and narrow your search for your dream house.
Now, let's take a look at three best practices to help you create a homebuying budget.
1. Look at Your Finances
Your finances will play a major role in your ability to purchase a home. Thus, you should evaluate your current financial situation closely so you can map out an effective homebuying journey.
Request a copy of your credit report – you'll be glad you did. You are eligible for a free copy of your credit report from each of the three reporting bureaus (Equifax, Experian and TransUnion) annually. Take advantage of this complimentary perk, and you can gain deep insights into your outstanding debt.
If you have outstanding debt, try to pay this down as much as possible. That way, you can boost your credit score, which ultimately will help you improve your chances to acquire your ideal residence.
2. Meet with Banks and Credit Unions
When it comes to buying a home, meeting with banks and credit unions usually is a great idea. That way, you can learn about your home loan options and get pre-approved for a mortgage.
Apply for a mortgage from several banks and credit unions. Then, you can receive various mortgage quotes and select one that suits you perfectly.
Also, don't hesitate to ask plenty of questions during a lender consultation. Banks and credit unions employ friendly, knowledgeable mortgage professionals – all of whom are happy to help you make an informed mortgage decision. Therefore, if you're unsure about whether to proceed with a 15- or 30-year mortgage or can't decide between an adjustable- or fixed-rate mortgage, you can ask these mortgage professionals for expert advice.
3. Consult with a Real Estate Agent
A homebuying budget is tricky to establish on your own, especially if you are entering the real estate market for the first time. Fortunately, a real estate agent can help you plan ahead for all stages of the homebuying cycle.
During a real estate agent consultation, a housing market professional will learn about your homebuying goals. Next, this professional will help you establish realistic homebuying expectations and ensure you can discover a great house at a budget-friendly price.
Of course, let's not forget about the world-class support that a real estate agent provides after you kick off a home search, either.
A real estate agent will set up home showings, keep you informed about open houses and offer homebuying recommendations and suggestions. Perhaps best of all, a real estate agent can negotiate with a seller's agent on your behalf to help you get the best price on a house.
Ready to begin your search for your dream home? Use the aforementioned best practices, and you can craft a homebuying budget and start your homebuying journey.
There's one thing all successful real estate agents, advertising executives, and marketing professionals know about human behavior: Many people make buying decisions for emotional reasons, and then justify those decisions with facts. In other words, they might say they bought a particular house because of all the updates and stainless steel appliances, but the real reason was that they could imagine themselves living there, being happy, entertaining friends and family, raising their children, and even growing old together there.
For some home buyers, the deciding factor is that it reminds them of fond childhood memories or perhaps the house they grew up in. Whenever a home for sale stirs up good feelings, happy memories, or positive thoughts in the mind of prospective buyers, it increases the chances they'll make an offer on the house.
Home Staging Tips
If your house is now on the market or you're considering putting it up for sale, there are a lot of steps you can take to make it more attractive to buyers. Obvious improvements like doing a thorough top-to-bottom cleaning of the house can make a big difference, but there are literally dozens of other things you can do to attract more offers and get the highest possible price for your property. Sometimes it's something as simple as a creating a pleasing scent, like cinnamon, lavender, hot coffee, of freshly baked bread, cookies, or muffins, that can create a comforting and enticing ambiance for potential buyers.
Although your real estate agent should already be well versed in the nuances of home staging, it would be to your benefit to do some research on it and participate in the process. Some home owners hire a professional home staging consultant to make sure no details are overlooked.
Avoiding Home Staging Pitfalls
Attractively decorating your home can be one aspect of making a good impression on potential buyers, but it's necessary to cast the widest possible net, so to speak, when making decorating choices. In other words, you would want the appearance, style, and color choices in your home to appeal to a wide variety of different tastes, rather than just a select few. That's why it's beneficial to get an objective opinion from an experienced real estate agent, a professional decorator, or a home staging consultant. Since you've been living in your home for umpteen years, you're probably going to be "too close to the trees to see the forest."
Some things that homeowners often tend to overlook just before prospective buyers arrive to tour their house include the following:
- Furniture that's arranged in a haphazard, disjointed, or cluttered way
- 'Welcome' mats that are dirty, faded, and anything but welcoming
- Overflowing or grungy-looking trash baskets
- Overgrown shrubbery
- Smudged or cobweb-laden windows
- Kitchens, bathrooms, and other areas of the house that are disorganized and visibly unclean
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- Adding a fresh coat of paint.
- Perform basic landscaping.
- Update fixtures.
- Replace cabinet knobs and drawer handles.
- Pick up a new front door mat.