Category Archives: C21 Lady of the Lakes

Downsizing is a Good Idea as Homeowners Age

You purchased a large property to fulfill the requirements of your family with kids. Now your kids are gone and settled in their own homes and careers. You are living with your spouse in the same large house, somehow coping with the maintenance costs and huge utility bills. Why don’t you move into a smaller apartment or house to cut down on your expenses and maintenance costs? Referred to as downsizing, this concept has become very popular among old age couples preparing for their retired life without kids and their families.

Cut down on your expenses

Are you frustrated by the fact that you have to mow the lawn on your own in an attempt to save on the fee charged by a gardener? Do you find it irritating to pay for the cost of heating and cooling such a large area inside the house when you and your spouse are effectively using only a small percent of the area?

Well, this is the case with most couples staring at their impending retirement with their children having moved to faraway places, settled in their careers. You can get rid of these extra expenses by simply selling your large house and moving into a smaller house or apartment. You can even start to live in a rented place, depositing all the cash you get by selling the house into your bank account.

There are emotional costs of downsizing

Cost of ownership is not limited to just financial costs. There are so many memories attached to the place you called your home for so many years. You have the neighbors and your friends living in the area. It can be painful leaving all these memories behind. Also, you need to find your new home in a place that is not too far away from the kids and your friends otherwise traveling back and forth could add to your expenses.

Calculate the cost of selling and buying

Selling your large house will no doubt fetch a lot of money in your hands but do not forget the commission of your agent and other related costs of selling. Add to this the cost of buying your new small home and take a decision to downsize only when you are able to save a considerable amount of money for your retired life. Downsizing proves counterproductive if you cannot give up on your ego and plan to splurge on furniture and other household items like before.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

 

The Smart Way to Buy a Home

Buying a house is perhaps the biggest financial decision of your life. You must remain careful and take a wise and informed decision as it is a matter of crucial importance for you.

Why are you buying the property?

There can be many reasons why you have decided to buy a property.

  • You are fed up of living in a rented property
  • You want to pay the EMI of your own home rather than feeding your landlord
  • Your family has outgrown the space available in your present home
  • You are interested in buying a rental property
  • You want a property having a yard
  • You desire to live closer to your workplace

Once you know the real reason behind your desire to buy a property, it becomes much easier to identify and buy the right property matching your requirements.

Can you afford buying a property?

Knowing the answer to this question is very important in arriving at a decision to buy a property. Of course it is a great way of building an asset for your family and an investment into your future. But only you know whether you can easily afford the monthly repayments to the lender for a long time to come. If you are settled in your career and sure of receiving increments in future, you can go ahead and buy a home for your family.

Preparations before buying

You may be surprised to know this but it is a fact that there are some preparations that are necessary to be carried out before you start the process of buying.

Make the green file

If you do not know, green file is a file that contains financial documents of an individual necessary for securing a loan. It includes:

  • Your banking details
  • Financial statements
  • Investments and assets
  • Credit card details
  • Loan details
  • Recent paystubs
  • Tax retunes
  • Life insurance policies
  • Retirement account information

Check your credit report

This is perhaps the most important step in your preparation for buying a property. Every lender studies your credit report and pays attention to your credit score before deciding in favor, or against giving you mortgage loan. Ask your credit report from one of the three credit ratings (Equifax, Experian, and Trans Union) and check your score before you go and apply for a mortgage loan in a bank. It is your credit score that decides how much of a loan the lender will give and at what rate of interest.

Be realistic with your expectations

Many individuals are very happy and excited when starting their search for a new home. All their enthusiasm fizzles out when they find that they are not getting their dream home in the price range that they have in their mind. If you have seen 3-4 houses and feel that you are not getting what you have in your mind, you have to remain prepared to make some compromises. This is exactly how people are able to buy homes for their families. A little compromise on space, location, price, and features is what you should be mentally prepared for. If you are too picky, you will spend a lot of time seeing houses and still not be satisfied with any of them.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

5 Things that Every First Time Home Buyer Must Know

Congrats to you if you have made the decision to buy a home for your family. You will be fulfilling the great American dream and also creating an asset for yourself. Buying a home involves major financial transaction. You do not buy homes every now and then. Any mistake or negligence on your part can not only cost you dearly but also make the procedure tiring and tough for you.

Here are 5 things that you must absolutely know about before buying your first home:

  1. Know how much of a home you can afford

Many individuals become excited after landing a decent job. They are in such a hurry that they start conducting search for a home without knowing how much loan they can get from a bank based upon their financial statements. You are only wasting your and your realtor’s time if you do not know how big a home you can afford to buy.

  1. Location is crucial

Every first time home buyer needs to make an assessment of his requirements. This allows him to shortlist neighborhoods on the basis of amenities available, ease of transport, lifestyle, and the requirements of the family. It is no use starting on your search with your realtor without knowing what you want in terms of location of the house.

  1. Keep in mind your budget

You have saved a small amount of money to be given as down payment to the bank. You can easily calculate the price range in which you can buy a home for your family on the basis of this amount. Do not forget to keep aside money to meet the closing costs as well as the fees of your agent. It becomes easier to see houses that fall within your desired price range and politely refuse the request of your agent to see more expensive homes. Ask yourself if you can bite more than you can chew and you will stay on track when searching home for your family.

  1. Are you ready to pay the EMI’s?

Just because you have some money in your saving account does not mean you will be able to easily afford the monthly repayments to your lender. See what the monthly amount that you can pay comfortably is. Do not commit to until you feel you are ready for this kind of a commitment. Buying a home is easier than repaying monthly installment for a long time period of 20-25 years. Understand the terms and conditions of the mortgage clearly before signing the contract.

  1. Pump in as much down payment as you can afford

Your Down Payment Matters

Money spent on down payment should be considered as a wise investment and not as an unnecessary expenditure. You should offer to pay as high a down payment you can possibly afford to get a lower rate of interest and the confidence of the lender. Some individuals make the mistake of holding on to their savings when they get the facility of a no down payment mortgage loan. If you do not have a solid plan of investment, it is better to pay a large sum of money upfront to your lender.

Final Thought On Buying a Home

Buying a home is a huge transaction in your life. It should be based upon research and understanding of your own requirements and ability to repay the loan. Hiring the services of a reliable and experienced realtor can prove to be a very wise decision when buying a home.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

Keep a House Hunting Checklist When Buying a Home

When buyers go for a showing, they often feel shy and find it hard to speak up and inquire about details of a home. They behave in a very formal manner and feel awkward to look under the sink or behind the closets when they are being shown around by the owner or the listing agent. Feeling like you are being nosy or feel that you are snooping around are completely unnecessary. After all, you will be paying a huge amount of money to the owner if you decide to buy his property. Is it better to feel awkward later on when you find any problems with the house or feel awkward now? Real estate experts say it is better to reassure yourself now than repent later on. They suggest keeping a house hunting checklist with you when you are touring a property.

Explore the Bathroom When Previewing a Home

Every home buyer has a desire to get a glance of the bathroom. Owners proudly show their bathroom to the visitor but only for as long as they want, not any longer. If you are a smart buyer, make the most of this showing. Excuse yourself saying you need to use the bathroom for a minute. Now you are free to closely examine everything inside the bathroom from the toilet seat and the flush to the bathtub and the faucets. See if the water pressure is nice and the flush is working properly. Some owners consider it as impolite but include bathroom in your house hunting checklist.

Take a Closer Look into the Closets

Owners take visitors around their property and show them the closets that look newly painted with new handles. Although, home owners are not always pleased when a person wants to go inside of their closets to get a better view. Of course you need not go through a persons belongings but you are well within your rights when you want to ascertain the actual storage space inside the closets. Include spying inside the closets in your house hunting checklist as you are paying for these closets and you are entitled to find out if your storage needs are fulfilled by these closets or not.

Don’t Wait for the Inspection

It is not enough to take a glance inside the attic and the basement when the home owner opens the doors to feel assured. A thorough investigation is what is needed to give a clean chit to these two features inside the house. If the excuse for not showing your around inside both the basement and the attic is the belongings of the owner piled against the walls, you can ask for their removal when you make a second visit to the house. In fact, it should raise suspicion in your mind why the homeowner has stockpiled items in the basement and the attic when he is planning to sell the house? Seeing a packed attic and basement in a house should be concerning to any potential home buyer.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

Qualities of a Professional Realtor

Are you looking to buy or sell your home in the near future?  Having a realtor do this for you is the best option to consider.  Their entire job description revolves around buying, selling, and renting real estate property for clients.  Therefore having a professional conduct your real estate transactions will not place you in jeopardy in the long run.

Expectations of a Good Realtor

Professionalism

With the vast knowledge realtors have in real estate realtors can manage your plan for property sale or purchase. With the experience gained over time, they will adequately handle your contract due to familiarity with the real estate market. The realtor is also responsible for handling paperwork associated with the real estate property in question. The realtor helps his/her client from being deceived into acquiring property with fake documentation.

Negotiation skills

Realtors are responsible for crafting transactions for their clients with consideration to their budget and needs. With cases of extortion of customers buying overpriced property or sell their property at a lower value the realtor, on the other hand, helps in establishing a fair value for their client. Ensuring fairness by their unmatched negotiation skills they will give their client what they deserve.

Vast Backing

The variety of resources a realtor has to offer is so broad that clients will be more than satisfied with their service. The realtor will assist in getting in touch with a bank for a loan, home auditors, mortgage advisors and attorneys in case complications occur in a transaction. They will
also be in charge of finding real estate property best suited for a client by guiding you into what is best in the current market.

Commitment

Realtors take an oath to follow work ethics that enhance fairness, order, and honesty of both transacting parties before being handed their licenses. Therefore it distinguishes a realtor from an agent or broker. The realtor schedules appointments with your potential clients, research about the property verifying all legal requirements. With more than just follow up of your transaction, the commitment of a realtor is with no doubt reliable.

Though getting a realtor comes at a fee, going through the whole transaction alone might lead to various complications in the long run. Hiring a real estate expert with broad knowledge of the market is the best option if you are looking forward to buying or selling the property. Time and
work put in will also be saved.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

What to Expect When Hiring a Real Estate Agent

Real estate agents are your fairy god-parents when it comes to buying or selling property because their job is to keep an eye on the market to know where a house needs to be sold and which one is being eyed a lot by the buyers. Quite honestly, the average man does not know about the homework it takes to be a good real estate agent. Hiring one can significantly improve your chances of carrying out a deal in your favor.

Real estate agents work for both buyers and sellers.  Here is what you can expect from them under each case.

For Sellers

This is the faction where most of the real estate agents are employed. Essentially, the job of the agent is to place a price on the house which is acceptable in the market. You can expect your agent to know everything about your locality, the plot where your house/apartment’s building is located, and the traffic in the market for buying houses in your area. The level of competency of the services you get depend on you staying fully honest with him/her, because there is a chance that he/she will instruct you to carry out a few repairs before you put your house up for grabs on the market.

Payment

In the case of the seller, there is an agreed band that the agent and the seller follow according to which the agent states the amount of commission he/she will be taking if the house gets sold. In addition, there is a primary hiring fee that you will have to pay in order to get the services, but considering how you can expect a great result in the end, it is certainly an investment worth making.

For Buyers

This is the faction where fewer real estate agents are employed.  The main tasks of the buyers include searching for houses in the areas where the hirer wants one, bargaining with the sellers regarding the cost, getting the pre-approval letter for the house loan readied (if applicable), and informing the buyer about the condition of the house and any problems relating to the house or the neighborhood where it is located. Even though the number of real estate agents employed for buying property are quite less, because at the end of the day it depends on the purchasing power of the authority wanting to buy a house, the costs you can save in the short and the long run are certainly worth the effort of finding a good agent.

Payment

The buyer usually takes a fixed a percentage of the amount for which the house was sold, in monetary terms. Payment is rarely ever done in installments because once the documentation procedure is over and the place is handed over to the new owners, the job of the real estate agent comes to a close. In any case, you can expect the cost and wait to bear excellent results for you by the end.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

Buying and Selling During a Seller’s Market

Buying a home during any type of market offers many different demands of your time and resources.  There are times in which the situation may be more demanding of the buyers than others, one such time is during a seller’s market.  This is when the housing market is experiencing a low inventory of houses with an exploding population of buyers looking.

When you are looking for a new home and/or selling a home during a seller’s market you need to work with a local realtor that understand how the market for the home you are selling and looking to purchase work.  A local real estate agent can answer all of your questions and detail the local amenities, schools, and neighbourhood climates.  This allows them to highlight your property and answer questions that buyers have about your home.  The same is true of homes you are looking at.

When selling your home it is important to know exactly what the realtor is going to do for you.  What type of marketing will they offer?  How do they use social media?  Do they offer a responsive website design to feature your home?  These things are all crucial elements in developing a plan to market your home.

Agents must consider and completely understand the market that currently exists.  Buyer’s markets, seller’s market, and balanced markets are the three common real estate markets.  A seller’s market exist when there are several buyers competing for the identical home due to a shortage for housing options available for sale.  A buyer’s market exists when there is an abundance of homes available for sale.

For most people buying a home is the single most expensive purchase that they will make at any stage in their life.  For this reason it is a good idea to grasp the ins and outs of buying real estate along with the present day market situations before you begin the search for a new home.  It is however important to consider the market at the time and determine if the market is a seller’s or buyer’s market to see if this is the right time to buy or sell.

The real estate market is a perfect example of the economic principals of supply and demand.  When the supply is abundant and the demand is low the market is in favour of the customer.  On the flip side, when the supply is scarce and the demand is high the market is in favour of the seller.  Buying and selling during these market ups and downs is by no means impossible however it is important that you understand the challenges and limitations that can be faced during each.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

7 Things Buyers Need to Know in a Seller’s Market

A hot property market indicates a period in the real estate pricing cycle where the advantage goes to the seller, rather than the buyer. This scenario occurs when there is greater demand for houses than the supply of homes for sale. If you are buying into this type of market, then you need to ensure you are getting the best value.

The first thing to do is learn how to identify a great deal when you see one. Do your research and examine sales for at least the past three months in the area you wish to purchase.   If a home that you are interested in has a listing price of $120,000 but other homes in the area are only going for $90,000, there is a good chance the home that you are looking at is overpriced.  A home that is overpriced will have a difficult time being appraised for what is needed.

Getting the right agent is a must as they will give you every little detail you need to know to write up a compelling offer. Plus, they will also be able to guide you into making the best decisions.  Find a local real estate agent that is familiar with the area, different neighborhoods in the area, the schools, and more.  Their knowledge is incomparable.

Use logic when making your purchasing decision. If you fall in love with a house, you are more likely to make a ridiculous offer and pay too much. Reducing your decision to cold hard logic will help you get the best value.

Set your budget and stick to it. It’s a seller’s market and this means you won’t get your dream home at a price that is a fraction of its value. You have to accept that sellers are only going to take full price, or close to it, so only look at homes with prices that fit within your budget.

Get yourself into a position where you can offer more cash up front. A higher cash deposit can be the deciding factor on whether your offer gets accepted or not. The greater amount of cash you have to offer the stronger your offer will be.

Don’t overlook a home for sale that is a fixer upper. Sure, it may need a coat of paint or a new driveway, but if you can get it at the right price, the investment may well be worth it. And don’t forget, many renovations can dramatically increase the value of a home.

Consider if buying a home now is worth the stress. A sellers’ market often means you are going to be on the hunt for quite a while as offer after offer gets rejected. It may be better for your stress levels if you wait until more homes become available. Real estate values go up and down in cycles so you may even get in on a low point if you decide to wait.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

 

Is Now The Right Time To Sell Your Home?

Are you thinking of it is time to put your home up for sale?  Ask any real estate agent and they will agree that if you are looking to sell a home this is the perfect time!  Working with a professional agent aids in the sale of your home whether it is in a sub division, on a golf course or on a lake.

This article will help you know what signs to watch out for and how to know the right time for you to sell your home.

  • Change of Status: This seems pretty obvious but when your home no longer suits your lifestyle, then it’s time to sell it. If your family size is larger than the size of your home, if your kids have moved out, or if you want to change your location then it sounds like you are ready to sell your house.

No matter why you are selling it is always wise for buyers to look to make sure the new homes mortgage matches their budget.   Buying a bigger home is only wise when the payment is similar to the smaller one because of the large down payment you have from the sale of your house.  It is also wise when downsizing to consider a significant down payment from the sale of your previous home.

  • If you have the money to buy another home: There are times when you are bored or you want something new. If you can afford to buy a new home then selling your home isn’t a bad idea.

It is important that clients make investments that can help them in the future when they are putting their homes on the market.  Simple changes such as a fresh coat of paint or updated appliances often attract realtors.  If you can afford to remodel specific places like your bathroom and kitchen it will be a great advantage when selling your home. This is one place buyers pay attention to. You don’t need expensive countertops however updated faucets and fixtures go a long way. It is nice to keep your closets and shelves neat or tidy make your home look larger and attractive as well.  If you can do this then your house will sell.

In conclusion, there are no straightforward formulas to determine when and how to sell your home, but a real estate agent can help you decide.  People sell their homes for many reasons.  If you are looking to sell your home make sure you are doing it for reasons that satisfy you.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

 

What Buyers Need To Know When Buying A Home

A little knowledge goes a long way when buying a home during a sellers market such as the one we are currently experiencing.  Whether you are a first time home buyer, an investor, or a well seasonsed buyer there are many things that this article will identify that need to be addressed when you are purchasing real estate.

Are you considering a home that has been forclosed on?  It is important to identify items that wil have to be completed before you can occupy the home.  The same thing needs to be considered when you are looking at homes that are vacant and have not had regular maintenance provided to them. Consider the HVAC system, pest infestations, plumbing issues, and electrical maintenance.

Onе area оf thе fоrесlоѕurе mаrkеt thаt уоu mау wаnt to consider iѕ HUD fоrесlоѕurе hоmеѕ. Thеѕе hоmеѕ аrе houses thаt hаvе been financed bу FHA mоrtgаgе lоаnѕ аnd have gоnе intо fоrесlоѕurе. You may аlѕо bе аblе tо buу a HUD fоrесloѕеd hоmе with only a one hundred dollar dоwn рауmеnt. HUD iѕ currently оffеring programs wеrе you саn buy оnе оf thеir fоrесlоѕеd hоmе with a small downpayment using FHA financing.

Be flexible with what you are willing to look at in homes. Don’t limit yourself to certain criteria that might not fit the market that you are currently pursing.  Yоu mау have to ѕасrifiсе some оf уоur еxресtаtiоnѕ in order tо livе in thе neighborhood of уоur сhооѕing.  Think about looking outside of your current list of desires and look at all of the options that are available.

If уоu mаdе thе ѕеllеr аn offer thаt was rеjесtеd, thеу may still find ѕоmе way to mаkе thе hоmе аffоrdаblе ѕо уоu buу it. The ѕеllеr might bе willing tо meet уоu hаlf wау, соvеr сlоѕing соѕtѕ, or finаlizе ѕоmе rераirѕ. It nеvеr hurtѕ to соuntеr оffеr аnd ask what they are willing to compromise on and what agreements can be met to make the deal workable for both of you.

If you are uncertain аbоut уоur finаnсiаl future, уоu should bе саrеful whеn соnѕidеring purchasing a hоuѕе. Whеn уоu ѕign уоur mortgage agreement, уоu are hеld responsible fоr the payments, nо mаttеr whаt. If thingѕ аrе unsure аt the office, then ensure уоu саn make several mоnthѕ оf рауmеntѕ еvеn without income before you commit to buying a home.  This is especially true for first time home buyers.

Hоmе insurance is a necessity fоr anyone buying a house. It muѕt be dоnе рriоr tо moving in. Mortgage companies will make it a priority for you to put insurance on your home the minute the take your mortgageon.  They know that putting thiѕ off mеаnѕ that thе inѕurаnсе may not kiсk in if ѕоmеthing bаd happens.  Mоthеr Nature can bе quiet unpredicactable at times, as we all know.

Yоu need tо еxресt extra fees or соѕtѕ if уоu аrе buying a hоmе. Thе сlоѕing соѕtѕ fоr the buуеr are uѕuаllу dеtеrminеd bу аdding the рrо-rаtеd taxes with thе down payment and bаnk fееѕ. Hоwеvеr, mоѕt of the time, еxtrа thingѕ are inсludеd in сlоѕing costs, ѕuсh as improvement bоndѕ, ѕсhооl taxes, and оthеr ѕресifiс itеmѕ related tо thе аrеа.  Take this into account when considering the amount of downpayment you can put down while keeping a safe cushion in your savings.

When уоu are ready to start looking for a new home it iѕ еxtrеmеlу important that уоu hаvе a good rеаl estate agent wоrking with уоu especially in a sellers market such as the one we are currently experiencing. No matter what stage you are as a home buyer professional real estate agents know a thing or two about getting you the most bang for your buck.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.