3 Must-Do's Before Buying a Home
If buying a home is on your list of goals for 2022, then you need to start doing your homework. You need to be prepared for both the purchase and the ongoing expenses of a home. The outcome of an audit will tell you whether you're ready to take this big step, or if you need a little more time to prepare. Generally, to qualify for a home loan, you'll need good credit, a history of paying your bills on time, and a maximum debt-to-income ratio of 43%. 1. SAVEYou’ll want at least three to six months of living expenses set aside after you factor out your down-payment. There will be considerable upfront costs including the down payment and closing costs. You need money put away not only for those costs but also for your emergency fund. Lenders will require it.Even with a high credit-score, it is in your best interest to lower your expenses and save for your down-payment. Big spending right before buying a home can damage your chances of getting approved for a mortgage loan. Plus, keep in mind that even if you have a healthy budget for your down-payment, buying a home elicits much more spending post closing. Start saving now for lawn care, interior upgrades, furniture, plumbing, unexpected expenses etc. 2. SHOP AROUND Before hiring a professional agent to help you with your home search, you’ll want to have an idea of what you want in your home. You have a number of options when purchasing a residential property: a traditional single-family home, a duplex, a townhouse, a condo, a co-operative, or a multi-family building with two to four units. Each option has its pros and cons, depending on your homeownership goals, so you need to decide which type of property will help you reach those goals. Make a list of must-haves and deal-breakers, and also research the areas you are interested in. Location can be just as, if not, more important than the home itself. This will help when selecting your realtor because you’ll be able to narrow your search to an agent who is an expert in your desired area. You also need to shop around for mortgages and mortgage loans. You want to get the very best offer possible for mortgage rates and terms. Most financial experts predict real estate interest rates to increase, which means it is in your best interest to start shopping for options now. In a highly competitive market, buyers may need to show a bank pre-approval to tour homes. It’s smart to use your time now to price-compare rates and figure out what terms work best for you. Once you’ve found a lender, send in the paperwork needed to get pre-approved. 3. CHOOSE AN AGENT Last but not least, you need a trained and licensed real estate professional to assist you with your home-buying process. Who you work with is super important when buying a home which is why, Bob Lucido Team and Lucido Global, make it our mission to deliver the Ultimate Real Estate Experience™ by providing incredible value and exceptional service. You need a team you can trust. When you buy or sell with us you don’t get just one agent, you get an entire team of real estate professionals working to serve and guide you through every step of the process. If you’re looking to buy a home this year, contact us today for a free confidential consultation! Source
We Can Help With Your Military Move
We understand and have firsthand experience buying, selling, and investing in real estate using the VA loan and are committed to serving the unique needs of our active and retired Armed Forces members and their families. Our team not only has the local real estate knowledge and experience, but many of our team members are active or retired military themselves and have lived through many military moves themselves. We provide a “one stop shop” for your Military move. Some of our unique resources include: 1. Agents who are military and have lived through the move and agents who have the VA connection 2. Property Management 3. Access to Lucido Global network of agents who are located close to bases all across the U.S. 4. Access to our network of licensed contractors 5. Relationships with preferred lenders Our agents are well equipped with information about life in the area and common stressors. Whether you're worried about relocation, local school systems, car registration, using a VA loan, or getting specific housing (on base, rentals, etc.), we can help! When you work with us, you don’t just get one agent; you get an entire team of real estate professionals working to serve and guide you through every step of the process.We provide all of these services on top of our military move experience and expertise: Guidance and representation throughout the buying process Insider knowledge from our 150+ agents 44+ years of real estate experience Insight into properties that are in “coming soon” status Access to our trusted vendors list Access to our partners located in 12 states nationwide (Access to our state wide and international partners) Hiring a highly skilled negotiator Complimentary staging consultation Professional photography and videography Customized property brochures Direct mail campaigns Viral listing exposure Extensive multi-media marketing Social media campaigns Print advertisements Open house and broker open events Use our moving trucks for free for life* *Certain restrictions apply. Looking to Buy? Click HERE! Looking to Sell? Click HERE!
What Determines Home Value?
In honor of National Homeownership Month, we’re letting you in on some of the biggest factors that influence home value, and what doesn’t. Essentially, your home is worth what buyers are willing to pay for it. Luckily, depending on what your home has to offer, buyers may be more influenced to buy your home than you might think. We’ve outlined some of the most important factors that influence your home’s value and things that do not: 5 THINGS THAT DETERMINE THE VALUE OF YOUR HOME: 1. School DistrictA number one on most buyer’s homes is being zoned to good schools. Education is important especially to families looking to buy. Often, this even outweighs the size and condition of the home. 2. Square FootageWhen estimating your home’s market value, size is important. Bigger homes can positively impact its valuation. The value of a home is roughly estimated in price per square foot - the sales price divided by the square footage of the home. 3. UpdatesMaking updates to bathrooms, kitchens, flooring, or adding outdoor spaces to increase usable living space can heavily increase your home’s valuation. However, upgrade ROI varies by location. For example, in some areas, finished basements can increase the value of a home by a lot more than they would in other areas.4. Bonus Space Pools, decks, offices, garages, hot tubs, basketball or tennis courts, home gyms, home theaters, wine cellars etc. all factor into your home valuation. Luckily, these spaces will add to the value of your home.5. Your lot desirability/Community This includes your location and neighborhood comparables. The price at which similar homes in your neighborhood have sold recently are a good indication of what you might get for your home. Appraisers also look for 3 things when determining the value of your home: the quality of local schools, proximity to employment opportunities, and proximity to shopping, entertainment, recreation, utilities etc. 5 THINGS THAT DO NOT DETERMINE THE VALUE OF YOUR HOME: 1. Tax Assessment 2. Zillow Zestimate 3. How much you paid for it 4. How much you have in it 5. How much you need to get out of it *Bonus: What your neighbors say it’s worth also doesn’t determine home value! If you’re looking to buy or sell, call 410.465.6900 or contact us to start your search today!
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