Buying a new home is an exciting experience. Who doesn’t love new things—and a new home at that? But a new home is also challenging and intimidating. If you have left a home that you adored then this new home has high expectations. And if it’s your first home then such an investment is a big step and can be intimidating for that reason. But one thing that can be agreed upon is the need for this house to feel like your home. Let’s look at a few simple tips for making your new house truly feel like your home.
Family Heirlooms: Have a family heirloom that has been passed down from generation to generation? These types of keepsakes could range from an afghan that a great-grandparent or grandparent had knit, various antiques, clocks, diaries and recipes. You can display recipes on a kitchen counter or you can even get creative and design custom wallpaper from the recipe cards. Grandfather clocks fit the atmosphere of home offices and formal living rooms. There are tasteful ways to add each one of these into your home and preserve the memory of these keepsakes.
Photos & Artwork: What better way to bring personality and familiarity into a home than photos of family and friends or artwork from a favorite artist or of your favorite place. A popular approach is a grid-like arrangement created on large, open walls. This is one way to display many beloved photos without creating clutter on tables or other pieces of furniture. A long wall along a hallway would be a great place to display larger photos or artwork that would run horizontally. This is especially nice for sequenced pieces such as change of season photos.
DIY projects: Add your personality to your home with DIY projects. Mason jars, glass vases, and wine bottles can be turned into beautiful home décor with only a few materials and a couple hours. Items like rope, artificial flowers, ribbon, and glitter are just a couple examples of supplies that can be used to turn those simple items into a homemade masterpiece.
Memories: Last, but certainly not least, create memories.This is the easiest and quickest way to make a house feel like a home. Things as simple as cooking dinner with your loved ones and as extravagant as starting a family are amazing memories to make. And the first time you remember something special happening in your home will be an amazing feeling. You’ll truly feel like you’ve left your mark and turned four walls into something extraordinary.
It’s crucial that you add your personal touches to your home, especially if it’s going to be your forever home. It’s the place you will spend most of your time, besides work. The tips above are just a couple examples of ways to help add your personality in the home. Be creative and most of all be genuine and your home will feel like it’s been yours forever.
Buying a home should be an unforgettable experience. However, problems sometimes may arise that prevent a homebuyer from enjoying the property buying journey.
Whether it's tough negotiations with a stubborn home seller or a property inspection that reveals many problems with a house, problems may occur that can make the homebuying journey memorable for all the wrong reasons.
Lucky for you, we're here to help you streamline the homebuying process and ensure you can acquire your dream home quickly.
Now, let's take a look at three tips that homebuyers can use to transform an ordinary property buying experience into an unforgettable journey.
1. Perform Plenty of Real Estate Market Research
Navigating the real estate market can be tricky, particularly for first-time homebuyers. Conversely, homebuyers who evaluate the real estate market closely should have no trouble discovering a wide range of terrific residences.
Examine the prices of recently sold homes in your area. That way, you can establish a price range for homes that match your needs.
Also, analyze the amount of time that recently sold properties were available. This will help you differentiate a buyer's market from a seller's one and ensure you can map out your homebuying journey accordingly.
2. Get Pre-Approved for a Mortgage
Buying a home likely will require you to get approved for a mortgage. If you receive pre-approval for a mortgage, you can narrow your home search based on your budget.
To get pre-approved for a mortgage, you should meet with several banks and credit unions. These lenders can explain how a mortgage works and help you find one that suits you perfectly.
In addition, don't hesitate to ask plenty of questions when you meet with lenders. These mortgage professionals can provide expert insights into the different types of mortgages, including fixed- and adjustable-rate options. By doing so, they can help you get pre-approved for a mortgage so you can kick off your search for the perfect home.
3. Work with a Real Estate Agent
When it comes to buying a home, working with a real estate agent is paramount. This real estate professional will do what it takes to eliminate guesswork and streamline the homebuying journey.
A real estate agent understands the challenges that are commonly associated with buying a home and can help you overcome any potential hurdles along the way. He or she also is happy to respond to your homebuying concerns and queries and provide you with the support you deserve at any time.
Furthermore, a real estate agent will keep you up to date about new homes as they become available, set up home showings and negotiate with home sellers on your behalf. This housing market professional will even provide honest, unbiased recommendations to help you make informed decisions throughout the homebuying cycle.
Ready to get the best results from the homebuying journey? Use these tips, and you enjoy an outstanding homebuying experience.
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If you’re buying your first home, there are plenty of things that you’ll need to know. Being informed will allow you to avoid some of the most common mistakes that first-time homebuyers make. These errors and their remedies can be found below. Don't join the crowd and make an error, know before you buy.
They Don’t Have Enough Funds
Every homebuyer plans for mortgage payments. Not every buyer plans for all of the other costs that go along with buying a home. Just because you can afford mortgage payments doesn't;t necessarily mean that you can afford the house.
There’s so much financially that goes into owning a home. You’ll need to plan for things like home maintenance, insurance, taxes, closing costs, and more. All of this will need to be saved ahead of time in order to buy and maintain a house. Things like property tax and insurance can go up yearly, and these costs can be very unexpected.
Not Securing A Loan
If you don’t secure a loan first and find the home of your dreams, you could be in for trouble. If you haven’t been pre-approved for a mortgage, finding a home and putting an offer in is a bit riskier. Many buyers don’t realize that they can’t qualify for the amount of loan that they think they can. Getting pre-qualified allows buyers to understand just how much house they can afford.
Avoiding Real Estate Agents
If buyers go it alone, they are taking a risk. The seller pays the real estate agent fees in a home transaction. You really have nothing to lose getting a professional to help you. From there, your agent can recommend all sorts of professionals to assist you in your home search including lawyers, mortgage companies, home inspectors, and others. It’s essential for a smooth home transaction to work with people who are experienced and know what they’re doing.
Depleting Your Savings
When you buy your first home, you’re going to need a reserve of cash beyond what you have saved for a downpayment. This cash includes an emergency fund, money for repairs, furniture, new appliances, and other unexpected expenses. If you use all of your savings on a downpayment, you’ll be in a dangerous financial situation. Just make sure you have saved enough extra for a rainy day fund.
Opening New Accounts
Before your loan is closed, you should be frozen- financially frozen that is! Don’t open any new accounts. It can be tempting to head out and buy a new car that will look good in your new driveway or to fill your house with all sorts of brand new furniture, but you should wait. Once you get the keys to your new home, you’re in the clear to spend again and open new accounts. You don’t want to overextend your budget of course. Just be sensible!
Preparing to buy a home is a long and stressful process for many. You’ve spent months, or even years, saving for a down payment, planning your future, and building your credit to ensure you get the best possible interest rate on your loan.
Then you find out, when getting preapproved for a mortgage, that your credit score dropped by a few points. So, what gives?
There’s a lot to understand about how credit scores affect mortgages and vice versa. In today’s post, I’m going to attempt to cover everything you need to know about how applying for a mortgage can affect your credit score so you’ll be prepared when it comes time to buy a home.
Prequalification, preapproval, and credit checks
There are a lot of misconceptions about what it means to be preapproved or prequalified for a loan. Some of it is due to the jargon that is used in real estate transactions, and some of it is just a marketing technique on the part of lenders.
So, what does it mean to be prequalified vs preapproved?
The short version is that getting prequalified is a quick and easy process to determine whether you’re eligible to lend to and how much you’re likely to receive. It involves a quick review of your finances, and often includes either a self-reported or soft credit inquiry.
A “soft inquiry” is the type of credit check that employers typically use for a background check. It doesn’t affect your credit score, as you are not applying to open a new line of credit. In fact, many lenders’ process for prequalification is a simple online form that doesn’t even require a credit check. We’ll talk more about the difference between soft inquiries and hard inquiries later.
The simplicity of prequalification makes it a simple and easy way to get started. But, it isn’t always accurate in how well it predicts the type of mortgage and loan amount you can receive. That’s where preapproval comes in.
When you get preapproved for a loan you fill out an official application (you often have to pay for these). This will request documentation for your finances and assets, and will ask your approval to run a detailed credit report.
These credit reports are considered “hard inquiries” and are a vital step in getting approved or preapproved for a mortgage. However, they also, at least temporarily, lower your credit score.
Why hard inquiries lower your credit score
When any creditor, be it a bank or credit card company, is determining whether to lend to you, they want to know that you are a safe investment. To determine this, they want to know how frequently you pay your bills on time, how much you owe to other creditors, and how financially stable you are right now.
When you make multiple inquiries in a short period of time, it’s a red flag to lenders that you might be in trouble financially. Thus, hard inquiries will lower your credit score for 1 to 2 months.
Applying to multiple lenders: the silver lining
When borrowers apply for a mortgage, they often shop around and apply to multiple lenders. While it may seem that all of these hard inquiries will add up and drastically lower their credit score, this isn’t the case.
Credit bureaus take into account the source of the inquiries. If they realize that you are applying for mortgages, they will typically recognize this as rate shopping and group these applications together on your credit report, counting them only as a single inquiry. This means your score shouldn’t drop multiple times for multiple mortgage preapprovals that were made within a small time frame.
Now that you know more about how mortgage applications affect your credit score, you can confidently shop around for the best mortgage for you and your family.