What Do First-time Homeowners Want?

/in /by

As a first-time homebuyer, it’s understandable that you would be very selective about the home you purchase. This is likely the largest financial investment you’ve made in your life so far so you want to ensure you’re going to get exactly what you want. That’s why, as a seller, it’s important to be aware of the most desirable features for buyers. Check out the five below.

Location. This one should come as no surprise. Location has always been key. Buyers are looking for low crime rates and nearby stores. Families with young children are looking for great schools and parks nearby. Young professionals are looking for easy access to work, restaurants, and nightlife.

Extra storage. A garage with floor space and shelves. An extra bedroom that can be converted. A backyard shed. Or a closet under the stairs. Adequate storage space is highly sought after.

Updated kitchen and bathroom. Many buyers are in the market for high-end, modern appliances, finishes, countertops, and more in their kitchens and bathrooms.

Large patio or backyard. This feature may make or break a first homeowner’s decision to purchase. Many times, these buyers are coming from smaller living spaces like apartments and are looking for a place to entertain guests, enjoy the fresh air, and play with kids or pets.

Smart appliances. These have been on the rise for years and aren’t going away anytime soon. Homeowners are looking for these devices to help them save money on energy, connect with friends and family, secure their home, and add convenience.

Your Guide To The Home Appraisal

/in /by

You’ve found your dream home and now it’s time to cross all your T’s and dot all your I’s before it’s all your own. And one of the first items on your closing checklist is the home appraisal. So, what exactly is that?

The home appraisal is essentially a value assessment of the home and property. It is conducted by a certified third party and is used to determine whether the home is priced appropriately.

During a home appraisal, the appraiser conducts a complete visual inspection of the interior and exterior of the home. He or she factors in a variety of things, including the home’s floor plan functionality, condition, location, school district, fixtures, lot size, and more. An upward adjustment is generally made if the home has a deck, a view, or a large yard. The appraiser will also compare the home to several similar homes that were sold within the last six months in the area.

The final report must include a street map showing the property and the ones’ compared, photographs of the interior and exterior, an explanation on how the square footage was calculated, market sales data, public land records, and more.

After it is complete, the lender uses the information found to ensure that the property is worth the amount they are investing. This is a safe-guard for the lender as the home acts as collateral for the mortgage. If the buyer defaults on the mortgage and goes into foreclosure, the lender generally sells the home to recover the money borrowed.

Entertaining At Home

/in /by

One of the joys of homeownership is getting to host your friends and family on various occasions. Here are a few hosting tips for your next party!

Pick a theme. Once you select a theme, planning the rest of the party is simplified. The menu options are pared down, finding decor inspiration is as easy as a Google search, and guests will have attire direction. Some common themes are fiesta, backyard BBQ, wine and cheese night, and garden party.

Plan your menu. Whether you are serving small appetizers or a formal dinner, it’s important to survey your guests for food allergies or preferences (ie. vegan, vegetarian) to ensure you offer options for everyone.

Stock up on refreshments. When it comes to drinks, it’s better to overstock than understock. Make sure to have alcohol staples on hand, such as beer, wine, vodka, and bourbon. Equally important is ice, fruit garnishes, and a good supply of juices and soda that can be used for mixing as well as drinks for children and those who don’t partake in alcohol.

Don’t forget the kids. Hosting a party with children in attendance? To ensure their parents get to enjoy the party, plan a few child-friendly activities. Purchase coloring books and crayons, pick up children’s board games, or have a couple age-appropriate movies queued up.

Make sure you have fun too. By having a flexible timeline for the party and setting aside time to prep ahead of people arriving, you can minimize the stress of hosting. Make sure you take time to talk to all your guests, enjoy the food you’ve prepared, and have some drinks (alcoholic or not) too!

Save Or Pay? Which Route Should You Choose

/in /by

The balancing act between paying more than the minimum payment to rid yourself of debts and building solid savings can be a difficult one for some. Here are some things to consider when making this decision.

What’s the interest rate on your loan or credit card? If your debt carries high interest, choosing to pay more and settle that bill first can be more financially beneficial in the long run. You will likely gain more by paying it off than the return on the average savings account or stock if you were to invest that sum.

Do you have a cushioned savings account? Failing to maintain a solid emergency fund can potentially get you into bigger financial trouble down the road. Anything from a tire replacement on your car to an expected doctor bill can throw you off track. It is recommended to try and pad your account with enough money to cover at least three months of living expenses.

Do you have an employer match through your job? If your job offers a retirement savings plan that has an employer match available, you want to contribute at least the maximum amount each month for the match. Forfeiting that benefit is essentially turning down free money.

Will payments reduce your monthly minimum? Making payments to standard loans such as student loans and mortgages generally only reduces the outstanding principal. Paying over the minimum usually doesn’t cause your lender to recalculate and lower your monthly payment. In a case like this, it may be more beneficial to save some extra money instead.