Monthly Archives: June 2015

Tips In Buying Your First Home After Your Family Has Been Established

If you are a first time home buyer with a family there are chances you are a bit anxious to begin the process of finding a home to call your own.  Buying your first home when you are single and unattached is different than buying a home when you are married with a family to consider.  There are other people’s needs and desires to take into account and therefore more to think about.

One of the first things to bear in mind is the cost of a new home, not just the payment but the increase in expenses overall.  You will want to determine what you can afford; in order to do this you will want to get pre-approved for a mortgage loan.  The amount that you are pre-approved for is just an estimate of what a lender is willing to lend to you and not to be used as a bench mark on the amount you need to spend on your first home.  Use the amount as a guideline.  Be willing to look at homes under and slightly above your pre-approval amount.  This can be used as a solid negotiation tool if you find a home slightly above your price point in getting the seller to negotiate a lower asking price.

After you have been pre-approved it is time to look into finding a real estate agent to work with.  An experienced, full time agent will help you find a home that meets the needs of your family within your price point.  A realtor will have foresight and connections into homes that are currently on the market and also those that are soon to be coming available.  This can be helpful to you as a buyer with a family because they can put you ahead of other buyers in the chase to find a home within a certain location.  Location will be everything to you as a buyer with a family.  Whether it is a certain school district or distance to and from work you will be more specific on a location over first time home buyers without a family.

Another point to consider when buying a home with a family is that you must have the home inspected.  When you have a family your home needs to be virtually move-in ready.  Minor updates and aesthetic items can be overlooked but when it comes to major structural damage or repairs above and beyond normal maintenance you may want to consider moving on in your quest to find the perfect home.

Buying your first home with your family in tow may not be the easiest of all situations but will for certainly be worthwhile and rewarding.  Take time find a reputable real estate agent that will help you find a solid home well within your budget in a location that works well for your entire family.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area.  More information can be found at http://www.ladyofthelakes.com.

Priorities When Buying Your First Home

As first time home buyer it is important you follow the tips below in order to prepare to find and purchase a home you can afford. The purchase of a home is the biggest financial commitment most of us will ever make. In order to make a solid decision it is crucial that you have a detailed understanding of the market. This will help you to make an educated decision as well as help you save money and avoid any unnecessary frustrations.

The home buying process is one that can be enjoyable and relatively free of stress. Buying your first home is exiting and the process is thrilling. It is especially pleasant when you understand the real estate process and have an agent working with you that has a lot of experience with first time home buyers.

Before you can start looking or purchase a home you need to have an understanding of how much you can afford. The biggest mistake first time home buyers make is not taking into consideration the true cost of owning a home. The cost of owning a home doesn’t end with the mortgage payment. You need to consider the additional mortgage fees, taxes, insurance and utility fee increases to determine an actual amount of money that will be needed per month to own your new home. A new home buyer can quickly deplete their savings when not taking into consideration these extras.

Another priority for first time home buyers is to calculate the required down payment amount. Long gone are the days of no money down home loans. Mortgage lenders require ten to twenty percent of the purchase price down on a home. Without this you will end up paying a substantial fee monthly for mortgage insurance.

In order to get the best possible interest rate on your home loan you need to have a sufficient credit rating. If your credit rating is less than perfect take a year to clean it up and get your financial house in order before looking deeper into buying a home. To obtain the lowest mortgage interest rate your financial house must be in order. A high credit score, a decent down payment and an affordable home will ensure you don’t take on a payment that you can’t afford.

Most real estate agents will not show you house until you have been pre approved. Without pre approval most sellers won’t take the time to even consider your offer. A quick way to determine how much you can afford is multiply your total household income by three. For instance, if you make fifty thousand dollars a year your home should cost no more than one hundred and fifty thousand dollars. With a minimum down payment of ten percent you should consider having at least fifteen thousand dollars saved.

Being prepared as a first time home is key. With a bit of industry knowledge, help from an experienced real estate agent and a bit of luck you are only a few steps away from owning your first home.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find us at http://www.ladyofthelakes.com.