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Boulder News |
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Home improvement ADVICE |
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Buyers' ADVICE |
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Fall in Love with the Right Home
You’re ready to fall in love with your first home. As you write your wish list, you may find that it grows longer than you’d imagined. You want more living space, a place to do your art and crafts, enough bedrooms to expand your family or accommodate relatives and friends, a separate master suite, and an entertaining area that will impress. All in the best neighborhood, of course!
Welcome to the first lesson of homebuying – you won’t find the perfect home, but you’ll find one that’s perfect for you right now, and that may mean doing without a swimming pool or hilltop view. Choose three essentials to begin your search, so your Berkshire Hathaway HomeServices network professional can show you homes that best match your needs.
- Price range – Your lender will prequalify you and tell you how much you can afford, based on your down-payment, credit history and debt-to-income ratio. If your limit is $300,000, it won’t benefit you to look at homes that are $400,000.
- Neighborhood preference – Choose neighborhoods based on a radius of where you want to be, whether it’s in a certain school district, close to work, or near family and friends.
- Bedroom and bath requirements. Start with three bedrooms and two baths, typical for a starter home.
By sticking to basics, you’ll find you have plenty of homes to consider. You’ll narrow your selection more quickly if you’re not distracted by showy or unnecessary features, and ultimately, you’ll be more satisfied with your new home.
Poor Drainage Can Drain Your Equity
As a new homeowner, you may not know much about drainage, but rainwater that isn’t properly drained away from your home and yard can result in high repair costs and mold remediation that can deplete your equity quickly.
So what can you do to avoid drainage problems? Drainage issues are typically manmade and can be easily fixed. Watch how your home performs when it rains for clues.
Check gutters. Rain gutters are designed to route rain into drain spouts that carry water away from your foundation and home. A gutter blocked with leaves and dirt will produce a gush of water that doesn’t reach the drain properly. Preventive maintenance like keeping gutters clear of debris can help prevent damage to the siding and structure of your home.
Look for yard erosion. Puddles, gullies and pools caused by rain are exacerbated by yards without poor sloping, eroding topsoil, missing downspouts and catch basins, and breaks in underground drains. Where the rain collects can tell you what action to take, from rerouting drain spouts, to installing decorative “dry” creek beds of rocks and stone, to installing additional drains under the soil.
Look for basement puddles. A yard that slopes toward the house, clogged gutters, cracks in the foundation, and inadequate landscape drainage can lead to puddles in the basement. If there are stains and mildew near the ceiling, then it’s a drainage issue. If they appear near the floor, there could be broken drainage pipes under or near the house. |
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Financial Advice |
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Slowing Market Good for Buyers and Sellers
Experts are predicting that the housing market will slow down in 2019. But, that’s not such a bad thing. A slower market is more stable and offers advantages for both buyers and sellers.
The 30-year fixed-rate mortgage averaged 4.45% in mid-January 2019, according to Freddie Mac. While rates were nearly half a point higher than they were a year ago, they’ve since pulled back, making homes a little more affordable for homebuyers heading into spring.
Existing home sales in December 2018 were the lowest since November 2015, more than 10% lower than year-ago levels, reflecting sensitivity to rising interest rates and prices, according to The National Association of REALTORS. NAR chief chief economist Lawrence Yun explained that softer December sales reflected homes under contract at higher mortgage interest rates.
NAR also reported that the median sales price was $253,600, 2.9% higher than a year ago. While gains have been higher in previous years, prices are still rising – a benefit to home sellers.
Realtor.com economist Danielle Hale told Forbes.com that 2019 will bring less competition for homebuyers as the inventory of homes increases on the market. The Realtor.com forecast for 2019 is a 2% decline in home sales volume and a 2.2% rise in home prices from 2018.
These statistics are national averages, and market conditions could be very different in your area. Your Berkshire Hathaway HomeServices network professional can share important local data with you that will improve your ability to buy or sell a home.
Get your Finances into Shape
You want to buy a home, but first you need to get your finances squared away. You’ll need money for a down payment, for moving and for other costs. How can you get more money in just a few months? Here are three ways that work together as nicely as compound interest.
1. Slow down your spending.
Like counting calories on a diet, tracking your spending can be an eye-opener. You’ll identify “spending leaks” that can be easily plugged, like eating out less often or only buying items at the grocery store that aren’t on your shopping list. You’ll see that small changes make a big difference to your bottom line.
2. Save more.
Like spending less, setting money aside is important, too. Look at your monthly expenses and determine how much you can save, then have that money debited from your checking account and put into a savings account, a short-term CD or other vehicle with every paycheck. This account should be considered separate from your retirement savings.
3. Pay off revolving debts.
If you can’t pay cash (or debit) for something, don’t buy it. Focus on reducing credit card balances. Pay off the card with the highest interest rate first, make payments on time, and pay much more than the minimum payment. As you eliminate each debt, double down on the remaining cards.
Keep your goal to buy a home top of mind always, and you’ll be pleasantly surprised at how quickly you can make your dream happen. |
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2500 E. 6th Ave. Ste. A
Denver, CO 80206
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©2024 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Information not verified or guaranteed. If your property is currently listed with a Broker, this is not intended as a solicitation. Equal Housing Opportunity.
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