Ben Esposito - RE/MAX Real Estate Center



Posted by Ben Esposito on 5/5/2019

Everyone wants to own a home of their own at some point in their lives. There is only one first home, and you don't get a second chance. Well, you get a second or third if you want, but that first experience can have a significant effect on how you feel about homeownership. So, here a just a few common sense tips. Unfortunately, common sense isn't always common.

First, slow down. There is no rush to buy that home. When you hurry, you put pressure on yourself to get it done, and you overlook things that can cost you time and money down the line. Sometimes family puts pressure on you to buy your first home so that you can start having babies and they don't want their babies living in a little apartment. Again remember, you are the one who has to live there and the one that has to pay for it. So all those people putting pressure to buy really should not have that kind of influence unless they commit to the full responsibility of the homeownership.

Second, be realistic about the cost. You commonly hear that it is cheaper to own than to rent, and depending on the point of view that can be true. Most people are saying that based on just principle and interest. But have you ever driven through a nice neighborhood and some houses are really kept looking nice, and then there are those houses that the yard is a mess? The grass is not green, flowers and maybe even trees are dying — the actual physical house kind of looks a little run down. You think "this is your home, why are you not taking care of it?" Well, there is a thing that as renters you never have to deal with, and it is called upkeep. Also, utilities like water can get expensive.In a lot of cases, the homeowners bought as much as they could afford in payments without having anything extra. So now they do not have the money for the excess water to water the grass or buy new plants or clean the shutters or fix a window. Take time to understand what your budget is currently. Could you right now—outside of your rent—put an extra twenty to thirty percent of your income into a savings account and have it not affect your food budget? If you can START. RIGHT. NOW. Remember you do have to have a down payment too, so if you don't have it in hand, you have to start saving for it.

Third, look at homes. Do not engage a realtor yet! They have one job, and it is to sell you a house. Right now you are not to that point, so do not put that pressure on yourself. Start driving around neighborhoods and start observing different things about them. Start getting into the habit of seeing the little details of each home. Go online Friday night and find the OPEN HOUSES that are going to take place on Saturday and Sunday. Determine which ones you would like to see. Look at ones that are way out of your price range, ones in your price range, and then do not miss the ones that are way below your price range. Remember it is better to be way below your budget than at the very top end. As you go through each of these homes, do not just wander through. Take your time to look at the details. Not only the cool aspects but the little things that show that might be wrong, a link in a sink, marks in the walls and doors. These opens houses not only help you figure out what you do or do not want, but they also help you not to miss things when you are ready to buy and find the house that you would like to purchase. There is nothing worse than buying a home and after you moved in you start seeing things that are an issue that you do not remember being there before you purchased.

It is all about the details and since you have never purchased a home before you need practice paying attention to the details so you will be the best buyer you can be when you have your downpayment ready.

One last note, when you visit these open houses, the realtor usually wants a contact number for follow-up. If you are not ready for that pressure, let them know you're just in the preliminary stages of looking. A home could be the biggest purchase of your life, so go into it relaxed and prepared.




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Posted by Ben Esposito on 9/2/2018

Are you a Millennial who is interested in buying a home? If so, now may be an excellent time to purchase a house. Millennials who understand the ins and outs of buying a house will be better equipped to make a great home purchase. So what should a Millennial look for in a new house? Here are three factors that every Millennial should consider when they evaluate a house: 1. Location Location is everything in the real estate market, and Millennials who consider a house's location relative to their personal needs are sure to find a wonderful house. For instance, if you don't own a car, you may want to consider purchasing a house that is located near public transportation. Conversely, if you want your home to be a haven from the hustle and bustle of your day-to-day office work, you may want to consider buying a house outside the busy city. Examine the location of a prospective residence during the home evaluation process. By doing so, you'll improve your chances of finding a home that fulfills your personal needs both now and in the future. 2. Price A home is a long-term investment, and as such, you'll need to consider the house's price before you begin your search for the perfect residence. Getting pre-approved for a mortgage generally is a good idea before you start looking at homes. Pre-approval means you'll be able to establish a homebuying budget and determine the maximum amount that you can spend on a house. Also, you should examine your personal finances closely prior to your home search. This may allow you to find ways to save extra money for a down payment on a house and explore other cost-cutting measures to ensure you have enough money to afford a new residence. 3. Debt Unfortunately, debt plagues many Millennials and can destroy your chances of purchasing a house quickly and easily. As a result, you'll want to examine your debt and find ways to reduce it before you buy a house. To minimize debt, you'll first need to know your credit score. Fortunately, you're eligible for a free copy of your credit report from each of the three major credit reporting bureaus (Experian, Equifax and TransUnion) at least once a year. Get a copy of your credit report so you know your credit score. Then, you can review the sources of your debt and work toward paying off outstanding credit card bills and other debt that may hinder your ability to purchase your ideal residence. Of course, buying a house can be a stressful endeavor for Millennials. And if you need extra help along the way, it is essential to remember that you can employ a friendly, experienced real estate agent. A real estate agent enables you to take the guesswork out of the homebuying process, and ultimately, may make it simple for you to find a house that fits your personal needs and budget. With the right real estate agent at your side, you'll be able to streamline the process of buying a house and discover a residence that suits you perfectly.




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