Burgess Realty Group LLC's Blog
You know you want to make your homeownership dream come true sooner rather than later. At the same time, you still have no idea about how you'll acquire a great house at a budget-friendly price.
Navigating the housing market can be tricky, especially for those who are operating with limited finances at their disposal. Lucky for you, we're here to take the guesswork out of the homebuying journey and ensure you can discover a wonderful residence at a price that won't break your budget.
Now, let's take a look at three tips to help you buy your dream house at the lowest-possible price.
1. Analyze the Housing Market
The real estate market may seem complicated at first. Fortunately, homebuyers who collect and review housing market data can become real estate experts in no time at all.
Ultimately, homebuyers who know the ins and outs of the real estate market may be better equipped than others to get the best price on a house. These buyers can identify patterns and trends within housing market data and determine whether they're operating in a buyer's or seller's market. Then, once a buyer finds his or her dream house, this individual can submit a competitive offer to purchase that meets the needs of all parties involved in a home sale.
2. Get Pre-Approved for Home Financing
Getting pre-approved for home financing allows you to enter the real estate market with a good idea about how much you can spend on a residence. Thus, you'll be able to determine exactly how much you can afford to pay for a residence – and avoid overspending on a house – if you obtain pre-approval for a mortgage.
To receive pre-approval for a mortgage, you should meet with a variety of banks and credit unions. These financial institutions employ courteous, knowledgeable mortgage specialists who can teach you everything you need to know about home financing. That way, you can get the information you need to make an informed mortgage decision.
3. Collaborate with a Real Estate Agent
Hiring a real estate agent is essential for a homebuyer who wants to purchase his or her dream house at the right price. In fact, a real estate agent will go above and beyond the call of duty to ensure that you can avoid paying too much for your ideal residence.
Typically, a real estate agent will meet with you and learn about your homebuying goals. He or she next will craft a personalized homebuying strategy, one that allows you to quickly and effortlessly discover a high-quality and affordable residence. After you find your ideal house, a real estate agent will help you put together a competitive offer to purchase too. And if a seller accepts your homebuying proposal, a real estate agent will guide you along the final stages of the property buying journey.
Ready to make your homeownership dream a reality? Use the aforementioned tips, and you can find a top-notch house at a price that matches your budget.
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Deciding whether to submit an offer to purchase a house may prove to be difficult. Fortunately, we're here to help you weigh the pros and cons of submitting a homebuying proposal so you can make the best-possible decision.
Now, let's take a look at three tips to help you determine whether now is the right time to submit an offer to purchase a residence.
1. Evaluate Your Budget
If you believe you've found your dream home, you should take a look at your budget. That way, you can verify whether you'll be able to afford this residence both now and in the future.
Oftentimes, it helps to get pre-approved for a mortgage before you start a house search. If you meet with banks and credit unions, you can learn about all of the mortgage options at your disposal. Then, you can select a mortgage that allows you to pursue a house with a budget in hand.
2. Consider Your Homebuying Criteria
You want to discover your dream residence as quickly as possible, but it is paramount to find a house that you can enjoy for years to come. If you have a list of homebuying criteria, you may be able to quickly determine whether a residence is right for you.
As you craft homebuying criteria, think about what you want to find in your dream residence. For instance, if you've always wanted to own a house on a beach, you can narrow your home search accordingly. On the other hand, if you would like to own a home that has an above-ground swimming pool but can live without this feature if necessary, you should include an above-ground swimming pool as a low-priority item on your homebuying checklist.
3. Assess the Housing Market
The housing market often fluctuates, and a buyer's market today may shift into seller's favor tomorrow. If you analyze the housing market closely, you can differentiate a buyer's market from a seller's one. You then can decide whether to submit an offer to purchase or hold off on providing a homebuying proposal until housing market conditions improve.
To distinguish a buyer's market from a seller's market, it generally is a good idea to look at the prices of recently sold houses in your city or town. You also should find out how long these residences were available before they sold. By reviewing this housing market data, you can assess the demand for houses in your city or town.
Lastly, as you debate whether to submit an offer to purchase a residence, you may want to consult with a real estate agent. This housing market professional is happy to provide honest, unbiased homebuying recommendations. As a result, a real estate agent can help you perform an in-depth evaluation of a home and determine whether to offer to buy this house.
Make an informed decision about whether to submit an offer to purchase a residence – use the aforementioned tips, and you'll be better equipped than ever before to decide how to proceed with any house, at any time.
Putting your home on the market is a life-changing decision and, for some people, it may involve conflicting feelings.
Ideally, all members of your family should be on board with the decision to sell. If you, your spouse, or your kids are ambivalent or even against the idea of moving, it could send a negative message to prospective buyers, estate agents, and others. Helping your family stay positive and motivated can ensure that everyone is pulling in the same direction.
A common stumbling block for many sellers is the inclination to attach too much sentimental value to their home. While you may associate your home with fond family memories, years of hard work, and thousands of dollars in home improvements, your actual selling price should be a reflection of market conditions and the price comparable houses in your neighborhood recently sold for.
Based on a comparative analysis, your real estate agent can help you come up with a realistic asking price that will reflect both its market value and major improvements you've made in recent years. Although remodeling your kitchen or bathrooms will not provide you with a dollar-for-dollar return on investment (ROI) when it comes time to sell, prospective buyers will be much more attracted to a home that's been updated and well maintained.
When selling your home, perhaps the most important principle to keep in mind is that "You don't get a second chance to make a great first impression." By minimizing the negatives and making the most of your home's attributes, you'll be increasing the probability of selling your house within the shortest period of time
Keeping your home meticulously clean for every showing can often be a challenge, but it's a goal worth striving for. Other ways to make a favorable impression on potential buyers is to focus on maximizing your home's curb appeal and minimizing clutter -- both inside and out. While it may seem like a tall order to declutter your home, keep your lawn looking manicured, and apply fresh coats of paint where needed, you'd be surprised at how much you can accomplish by setting your mind to it. One simple but effective strategy for getting things done is to create checklists of priorities, projects, and important tasks that need to be completed. When you commit goals to writing and review your priority list every day, you'll tend to be much more organized, action oriented, and focused.
Although a lot of people take a sense of humble pride in saying that their home is "a work in progress," once it's on the market, you need to have as many of those rough edges smoothed out, as possible! Putting your best foot forward for every showing could make the difference between a fast sale and a house which lingers on the market for months!
If you work from home either full or part-time, you may want to give the home office deduction a go on your taxes. The problem with this deduction is that it can be tricky.
Are You Eligible?
Your workspace needs to meet the criteria for business use. You need to use your work space regularly and as your principal place of business. If you don’t work from home as a self-employed individual, your employer must require you to work from home due to a lack of office space or other circumstances. The keywords in this part of the clause are “exclusively, regularly, and must.”
First, you’ll need to calculate the percentage of your home that’s used for business. This means that if your office is 100 square feet and your home is 1,000 square feet, you use 10% of your home for business. If you own the space you’re living in, you can deduct 10% of the mortgage interest that you pay each month. Keep in mind that you can’t double dip either. This means the amount of mortgage interest that you deduct on other parts of your taxes is reduced. If you rent your home, you’d deduct the percentage off of your monthly rental payments.
Home Office Maintenance
If you own your home, you are able to deduct a portion of your property taxes, insurance, utilities, maintenance, and other expenses that are associated with your home office space. These expenses vary because some are direct such as the expense of you painting your office. Others are indirect. Home insurance applies to your entire home, so you would only apply a portion of that to a deduction. For the direct expenses, you are able to deduct the entire cost.
For the indirect expenses, you’ll go back to applying the percentage of your home that is used for work. This means if we’re working with a 10% figure, you are able to deduct 10% of your utilities, 10% of your home insurance premiums, and so on.
If you rent, you can still deduct many of the same things that homeowners can from your taxes for a home office expenditure. The only thing that you’ll lack as a renter is the ability to write off things like mortgage interest, property taxes, and homeowner’s insurance. Know that you’ll be able to write off a portion of your renter’s insurance.
The Complicated Stuff: Depreciation
You are able to depreciate the value of a home office as your home ages. It’s not always necessary to do this, so you should consult your tax professional before you decide to make this type of deduction. Equipment in your office, such as your computer, can be claimed as a depreciation over time as well.
The important thing when it comes to your home office tax deduction is to do your homework. You don’t want to miss out on important savings!