Key Mistakes To Avoid When Purchasing a Home

Buying a new HomeSo you wake up one day and decide that you’re tired of paying rent and it’s time to buy a home.  You immediately go on-line, do a quick search and then find yourself bombarded by multiple agents, lenders and anyone else that can benefit from your home buying decision.  It’s easy to see how you can become overwhelmed and rush out purchase a home and then wake up the next day wondering what in the world did I just do! Don’t get me wrong, buying a home is a fantastic investment. In the long term I don’t think there’s a safer investment. Owning your own home instills a sense of pride, helps bond a family together and helps you feel like a part of the community which you live. That being said here’s a few tips to help you make the best of your home buying experience so you don’t wake up with buyer’s remorse.

 

 

  • Establish a budget: Do not depend on what the lender states you can afford. Trust me the lender will not be making the payment
  • Save some money: Life will throw you a curve ball and there’s nothing more important than having funds to handle the situation when it arrives
  • Use a Realtor/Agent: Don’t go it alone. You will never come out ahead.  Besides the seller incurs the cost of the agent!
  • Get Fully Approved: Don’t rely on being prequalified. You will be setting yourself up for surprises, emotional stress, and possibly the disappointment of not closing on your new home.  
  • Review Your Credit: Rates and Terms are impacted by your credit scores. Don’t wait till the last minute to address credit issues.

 

Using the 203K Loan to Finance Your New Home

shutterstock_70389316Why in the world would anyone want to buy a home in terrible condition, and then spend time and energy rehabbing the property? Well, to put it in a nutshell, it would be to create wealth. Let’s face it, investors flipping houses do it every day! The theory is you buy a house for well below market value, hire a contractor to do the necessary improvements and the total costs are far less than the final value. It’s not that difficult if you’re working with an experienced Realtor and HUD consultant. Continue reading

The Value of Home Ownership Returns to Hampton Roads VA

shutterstock_1798587A recent survey by a national home builder shows that over 65% of renters’ ages 18-34 have an income of more than $50K. This same survey shows that 30% of home sales are to first time home buyers, who fall into the 18-34 year old age group. These are encouraging signs for the Hampton Roads real estate market, as many of the recent home buyers falls into this demographic. Continue reading

9 Ways to Increase Your Credit Score

shutterstock_109006694If you’re considering purchasing or refinancing a home in Virginia Beach VA, it’s important to take the necessary steps to increase your credit score. You want to ensure you have the highest credit score possible, so you will be better positioned to qualify for the best possible mortgage rate and products. Continue reading

The Pros and Cons of FHA Financing in Hampton Roads VA

shutterstock_97977032As the real estate market in Hampton Roads continues to stabilize, many buyers are considering purchasing a home with a FHA loan. Originally created to boost home ownership for moderate-income families, FHA loans offer low down payment guidelines and affordable closing cost. These benefits have positioned FHA loans as an increasingly popular financing tool for buyers of all income levels. Continue reading

The Pros and Cons of VA Financing in Virginia Beach VA

VA Beach Mortgages Virginia Beach VABuying a new home in Virginia Beach VA can be an exciting experience. Whether you’re moving across town or across the country, buying a house is an important milestone impacting your future. Just as with any major decisions in life, deciding on the type of financing that is best for you, should be carefully researched. Continue reading

7 Simple Updates to Help Sell Your Virginia Beach Home

shutterstock_78966664The spring season is here in Virginia Beach, and now is the time to get your home market-ready. When you list your home and invite potential buyers in, it’s important to have your property ready for the market or you risk the opportunity to make a good first impression. Updates don’t have to be expensive, and with a little preparation and planning, your home will stand-out, which means a faster sale and less market time.

Here are 7 simple ideas to get your home market-ready. Continue reading