Ned Mahoney's Blog
When it comes to buying a house, it usually pays to be flexible. Because if you take a flexible approach to the real estate market, you'll be open to checking out dozens of residences and can improve your chances of finding a house that matches or exceeds your expectations.
Although flexibility can play an important role in a successful homebuying journey, buyers sometimes struggle with stubbornness. Fortunately, we're here to help you become a flexible homebuyer who can achieve the best-possible results throughout the homebuying journey.
Now, let's take a look at three tips to help you become a flexible homebuyer.
1. Get Pre-Approved for a Mortgage
The real estate market constantly fluctuates, and a sector that favors buyers one day may favor sellers the next. However, if you get pre-approved for a mortgage, you can pounce at the opportunity to acquire your dream residence, regardless of when that opportunity presents itself.
Getting pre-approved for a mortgage may prove to be a quick, seamless process. Typically, you'll want to meet with local banks and credit unions and learn about a wide range of mortgage options. Once you have mortgage information, you can select a mortgage that corresponds to your finances.
Remember, pre-approval for a mortgage opens the door for a successful homebuying experience. It can help you establish a budget for your dream home by providing you with a set amount that you can spend on a residence. As a result, after you find an ideal house that falls within your price range, you'll have the flexibility to move quickly to acquire this residence.
2. Consider Houses in a Variety of Cities and Towns
Evaluate your homebuying goals – you'll be glad you did. If you understand where you want to live, you can explore houses in a variety of cities and towns that fit your criteria.
For example, if you want to live near family members or friends in a particular area, you can narrow your home search accordingly. Keep in mind that you don't necessarily have to live in the same city or town as these loved ones. Instead, you can search for houses in assorted cities and towns near your loved ones and ensure you're never too far away from them.
On the other hand, if you want to buy a home that is close to your office in the city, it may be worthwhile to consider houses both inside and outside the city itself. City living generally is more expensive than living in the suburbs, so you'll want to assess your finances closely before you buy a city house. Or, if you prefer small town living, you can always purchase a more affordable residence outside the city and take public transportation to work.
3. Collaborate with a Real Estate Agent
A real estate agent is happy to help you become a flexible homebuyer. In fact, this housing market professional will offer expert guidance during the homebuying journey. By doing so, a real estate agent will help you evaluate many houses and ensure that you can find one that suits you perfectly.
Ready to pursue your dream house? Consider the aforementioned tips, and you can enter the real estate market as a flexible homebuyer.
If this is your first time buying a home, you might feel a bit intimidated by the purchase contract. Contracts are often filled with industry and legal jargon, making them difficult to understand for the average buyer and seller.
Contingencies in particular give some buyers cause for concern because their contract depends on the contingencies being fulfilled. However, in most cases contingencies are pretty standard and only serve to protect the interests of both the buyer and seller during a real estate transaction.
In today’s post, I’m going to give you an introduction to contingency clauses and break down some of the most common contingencies you’ll find in today’s real estate purchase contract.
Contingency clause definition
Simply stated, a contingency clause is a statement within a contract that requires a certain event takes place before the contract is considered legally valid. As a result, contingency clauses are used to cancel or invalidate a contract if certain conditions aren’t met before the sale is made final. So, if one party fails to meet the obligation of the contingency, the other party is no longer bound by the contract (or required to buy or sell the house).
Contingencies can get confusing when they are vaguely worded in the contract, making them difficult to interpret. In these cases, a court may decide the specific meaning of the clause or determine that it is too vague to be legally upheld.
The other instance in which contingency clauses can be confusing is when a party includes a contingency that is atypical for a real estate purchase contract. Buyers and sellers alike should be wary of unusual contingencies.
The main contingencies
Appraisal contingency. Designed to protect the buyer, appraisal contingencies require that a home is appraised at a minimum amount, which is stated in the contract.
Financing contingency. Another contingency geared toward protecting buyers is the financing contingency. It states the number of days that a buyer has to secure financing for the home. This allows the buyer to cancel the contract (and offer) if they’re unable to secure suitable financing for the home.
Inspection contingency. One of the most important and most common contingencies is the inspection contingency. It allows the buyer to have the house inspected by a licensed professional within a certain number of days. This protects the buyer against unforeseen expenses and repairs that will need to be made in the near future.
House sale and kick-out contingencies. A house sale contingency gives the buyer a certain number of days to sell their home before financing a new one. However, since this can be a risky clause for sellers, a kick-out clause is often included. This contingency allows the seller to keep the home on the market and entertain other offers while the buyer secures financing and sells their other home or homes.
If you plan to buy a home in the near future, there is no harm in attending an open house. However, for those who want to get the most out of an open house, it helps to plan ahead as much as possible.
Now, let's take a look at three tips to help you get ready to attend an open house.
1. Review the Home Listing
Although you may have already reviewed a home listing, it may be a good idea to take a second look at it. That way, you can double-check to ensure that a residence matches your expectations prior to attending an open house.
As you review a home listing, think about your short- and long-term plans too. If you believe a home corresponds with these plans, now may be the right time to check out this residence in-person.
2. Examine Your Homebuying Budget
When it comes to preparing to attend an open house, it may be beneficial to assess your homebuying budget. By doing so, you can ensure a residence falls within your price range.
Oftentimes, it helps to get pre-approved for a mortgage before you launch a home search. If you have a mortgage at your disposal, you'll know exactly how much you can spend on a home. And as a result, you can set up home showings and attend open houses for residences that match your budget.
3. Prepare a List of Questions
An open house provides an opportunity to walk around a residence and decide whether it is right for you. It also enables you to receive comprehensive insights into a home. Thus, you should put together a list of questions to ask during an open house.
Remember, there is no such thing as a "bad" question, especially if you're on the fence about buying a particular home. And if you enter an open house with a list of questions in hand, you'll be better equipped than ever before to determine whether to submit an offer to purchase.
Lastly, as you prepare to pursue your dream home, you may want to hire a real estate agent as well. Because if you have a real estate agent at your side, you can obtain expert guidance throughout the property buying journey.
A real estate agent can help you prepare for any open house, at any time. He or she first will meet with you, discuss your homebuying options and help you map out a homebuying strategy. Next, a real estate agent will set up home showings and keep you informed about open house events for residences in your preferred cities and towns. And if you discover your dream home, a real estate agent will help you craft a competitive offer to purchase.
For those who want to take the guesswork out of buying a home, it helps to work with a real estate agent. Contact a local real estate agent today, and you can receive plenty of assistance as you search for your ideal residence.
There’s few things in life that are more exciting than closing on your first house. All of the money that you saved and the paperwork that you have filled out has finally come together so that you can now say you’re a proud homeowner.
Before you start planning your housewarming party, there’s a few things that you need to do with your new home and its contents.
Copy The Closing Paperwork
Undoubtedly, there were dozens of pieces of paper that were handed to you during the closing on your new home. You should have an extra copy of everything that was signed. While the local registrar of deeds probably has a copy of everything filed there as well, it’s always a good idea to have extra copies of these papers.
Lock The Doors With New Keys
You’ll need to change the locks when you move into a new home as soon as possible. Many different people had the keys to the home while it was still on the market. Also, before the home was even put up for sale, family members could have passed sets of keys amongst family and friends. The lock category also includes securing sliding doors, electrical boxes, and windows accordingly.
Put Your Name On It
You’ll need to place your name on a variety of things including your mailbox, the trashcans, the buzzer, and anything else that is property of you and your new home. If it won’t pose a privacy issue for you, it’s better to claim what’s rightfully yours early on to ease confusion.
Put Up Curtains Or Cover The Windows
There’s probably 1,000 other things that you would rather do when you move into a new home than put up some curtains. Yet, this is so important to your privacy. Without curtains or window treatments, all of your home and its contents are exposed for the outside world to see. Until you have a chance to settle in, you can even use boxes or towels to cover the windows. This is used initially for a security measure to deter thieves and nosy neighbors.
Meet The New Neighbors
It‘s a good idea to know who is living around you. For one, you’ll be aware of any suspicious activity that’s happening in case you see strange people hanging around the area. It’s good to know who you live next to and what you might have in common with them. At the very least, you’ll have a new friend. They might even water your plants while you’re away on your next vacation.
Don’t forget to change your addresses as well. That’s always one of the biggest hassles about moving. Take the right measures for safety and comfort when you move into your new home for a smooth transition
If you find lots of great homes are available and cannot decide which residence to buy, there is no need to stress. Rather than submit multiple offers to purchase various houses, you should hone your home search. By doing so, you can discover the right residence, at the right price.
Now, let's take a look at three tips to help you narrow your home search.
1. Define Your Dream Home
Think about the features you want in your dream home. Then, you can make a list of "must-have" home features and search for residences that offer these features.
Furthermore, consider where you want to reside. If you prefer big city living, for example, you may want to focus exclusively on city houses. On the other hand, if you want to reside in a small town, you can search for residences in myriad small towns.
2. Conduct a Preliminary Housing Market Review
Let's face it – searching for a home can be overwhelming, regardless of whether you are a first-time or experienced homebuyer. But if you perform a preliminary housing market review, you can get a good idea about the volume and quality of available residences. Next, you can use this real estate market information to map out your homebuying journey.
Of course, it may be beneficial to attend open house events as well. These events enable you to get an up-close look at assorted residences. They also can help you understand the features you want in your dream house so you can further refine your home search.
3. Consult with a Real Estate Agent
When it comes to navigating the housing market, it helps to have a real estate expert at your side. Thankfully, real estate agents are available in cities and towns nationwide, and these housing market experts are happy to help you acquire a superb residence at an affordable price.
A real estate agent understands what it takes to help you find a quality home that won't force you to break your budget. First, he or she will learn about your homebuying goals and teach you about the real estate market. A real estate agent next will help you analyze the real estate market and explore a broad range of houses. And once you find a house you want to buy, a real estate agent will help you craft a competitive offer to purchase this residence.
Let's not forget about the guidance a real estate agent provides throughout the homebuying journey, either. Purchasing a house is no small feat, and a real estate agent will take the guesswork out of the homebuying cycle. Best of all, a real estate agent can respond to your homebuying concerns and questions at any time.
If you want to discover a home that matches your expectations, it helps to plan ahead for the property buying journey. By taking advantage of the aforementioned tips, you can streamline your house search and find your ideal home faster than ever before.