Sponsored by Jacqui Barr, Coldwell Banker Premier Realty
What a magical time it is to start a family and to own your own home.
As parents, you may be considering a home purchase or feeling the need to upgrade to a larger space to accommodate your growing family. With rents on the rise and rates being low, NOW is the time to become a homeowner! Here are a few key points to consider:
-Home ownership is an investment in your own future
-Your property value may increase over time
-You can design and customize your own home to your taste
-Remodeling may also increase your home’s value
-Fixed-rate mortgages offer stable monthly payments vs renting that is likely to increase every year
-With each payment, you build equity and increase your networth
-Home ownership provides you with tax breaks
-You and your family get a priceless sense of comfort and security
Where do you start?
Find a Realtor that is knowledgeable and that you trust. I love having a Buyer Consultation where I interview what your family needs are. As the agent and the family work together we get to ask a lot of questions to find what are the most important items that you all want in a home. I believe working with the families and narrowing down the search criteria to specific properties that will fit your family and lifestyle are a key to success.
Upgrading to a Bigger Home?
Things I have never heard from a client ever…I regret getting the extra bedroom. If it’s time for an upgrade, it’s time to have a conversation with your Realtor to know how much your home is worth and if you should sell it and use the proceeds for your next property or if it is better to use as rental income. The loan for your new home may require you to sell. Knowing your options ahead of time is best. You could also potentially sell your home, and rent it out until your new home is ready to be moved into.
Photo: Leslie Sullivan Photography
Get an agent that keeps their emotions in check and loves what they do. I have found as a real estate agent that the more fun I am having and the more I laugh the better it is for my clients. My job is to help this be as smooth as smooth as possible — and laughter helps. Home buying can be a bit stressful. This is about you, not the real-estate agent. Find an agent who is passionate, and that can keep your needs as the priority.
Meeting with the lender before even viewing properties is a must.
A great real estate agent can refer you to a lender that is knowledgeable to a variety of loan programs that can help your family. It helps you as the buyer know how much you will need for a down payment and closing costs and how much your monthly payment will be. Knowing this information can give you such an amazing piece of mind and keep your vision clear.
Checking out a Brand New Home?
Always have your own agent escort you into a New Builder Development, that way you have your own representation. I think the best thing about the Paragon homes (photographed) for families moving up is the size. All homes are 3-4 beds with lots of open space and many with very large yards. And then of course the fact that it’s located right next to a park and paseo with walking path, perfect for getting everyone out of the house and playing outside.
First-Time Home-buyer Tips:
-As a first time home buyer you will have a lot of questions, ask any questions you want!
-Communication with your agent and asking any questions that you have is part of the process and a great agent will be happy to answer and explain the process.
-A common misconception is that you need 20% down or perfect credit in order to purchase a home which simply isn’t the case. There are several loan options with lower down payment requirements. Stated housing agency programs and other grants may also be available to help with your down payment and closing costs. If your credit isn’t stellar, don’t worry! One of the best loan programs for someone with a lower credit score is an FHA home loan. You only need a 580 credit score or higher to qualify for a loan with a minimum down payment of just 3.5%!
Photo: Leslie Sullivan Photography
For more information about Selling or Buying contact: Jacqui Barr, Coldwell Banker Premier Realty
For more information on Financing contact:
Mom and Dad to be, Jane Villafuerte and Coby Sherlock of The Parent Team at CrossCountry Mortgage
Photo by: Mike Larson