Barbara Bodnar's Blog
When you’re buying a home, there’s a lot of excitement that surrounds the search and purchase of the property. In the process of buying a home, however, there are many things that buyers forget to take into account during their search and budgeting. Below, you’ll find some information to help you be prepared as a buyer to consider your home purchase from all angles without missing a beat.
The Expense Of Closing Costs
Remember that closing costs will be somewhere in the 3-5 percent range of the purchase price of a home. Amidst all of your savings, you’ll need to consider this a part of your expenses. Closing costs need to be paid upfront in most cases. You can roll your closing costs into the financing, but it depends on the circumstances. There are no guarantees that the lender will agree to it. Your realtor can also sometimes negotiate for the sellers to pay the closing costs, but in a seller’s market this is quite rare. Be prepared with your closing costs and understand how much you’ll need to spend so that you have an appropriate amount for the downpayment and the other expenses that you’ll incur during the process of buying a home.
The Cost Of Maintaining A House
Many buyers forget about all of the costs that they will need to pay for after they finish buying the house. In addition to a monthly mortgage payment, you’ll need to pay for things like utilities, routine home maintenance, furnishings, and more. If you completely deplete your savings for the purchase of the home, there’s not a whole lot of wiggle room for you to pay for additional needs in the house.
The Cost Of Furnishing And Decorating A Home
You may move into a home with a few pieces that you have previously owned. You could also need a lot of things from a bed to a sofa. All of these items can add up. You may even have to worry about little things like window shades, curtains, lamps, light bulbs, and more.
Home Repairs Can Cost A Pretty Penny
If something needs to be done in your home, the repairs can cost you quite a bit. If you’re not paying attention during the home inspection, you’ll be in for some surprises. That’s why you need a good realtor to help you through the process. A new roof can cost thousands of dollars. New appliances are an expense you should plan for. Other major work that needs to be done around the house can also dip into your savings significantly. As a buyer, you need to be prepared for any of these expected or completely unexpected costs.
The process of buying a house may prove to be long and complicated. Fortunately, there are several steps that you can take before you pursue a home to streamline the homebuying cycle, and these include:
1. Create a Homebuying Checklist
It helps to start the homebuying process with a homebuying checklist in hand. This checklist will enable you to differentiate between home must-haves and wants, resulting in a fast, efficient homebuying journey.
Think about what you require from a home. For example, if you need a house that is located close to your office in the city, you should include this information in your checklist.
Also, if you want a house that features a built-in swimming pool, you can include this information in your homebuying checklist. But keep in mind that a swimming pool likely is a non-essential item. And if you find a home that is virtually perfect but lacks a swimming pool, it may still be a good idea to pursue this house.
2. Establish a Budget
How much can you afford to spend on a house? This question frequently plagues buyers as they proceed along the homebuying journey. Luckily, you can determine how much money is at your disposal if you develop a budget.
To budget effectively, it helps to meet with local lenders. Banks and credit unions generally offer a wide range of mortgage options and can help you make an informed mortgage decision.
In addition, it often helps to get pre-approved for a mortgage prior to entering the real estate market. Because if you have a mortgage, you can pursue houses that fall within a specific price range and reduce the risk of overspending to acquire your dream house.
3. Hire a Real Estate Agent
If you want to enjoy a quick, seamless homebuying experience, it is beneficial to have a homebuying expert at your side. Thankfully, real estate agents are available nationwide, and these housing market professionals will do what it takes to help you discover a great house at an affordable price.
A real estate agent understands housing market patterns and trends and can help you plan ahead for a buyer's or seller's market. He or she will teach you about the real estate market and respond to your homebuying queries as well.
Furthermore, a real estate agent acts as a guide throughout the homebuying journey. This housing market professional will set up home showings, negotiate with a seller's agent on your behalf and help you finalize a home purchase. By doing so, a real estate agent will take the guesswork out of buying a house, regardless of the current housing market's conditions.
When it comes to purchasing a house, it helps to prepare. If you employ a real estate agent today, you can get the support you need to plan ahead for the best- and worst-case homebuying scenarios. That way, you'll be able to identify and address potential homebuying hurdles before they escalate.
Ready to buy a house? Follow the aforementioned steps, and you can move closer to pursuing your dream residence.
Purchasing home furniture should be a quick, easy and, perhaps most important, inexpensive process. However, finding affordable chairs, couches and other home furniture sometimes can be difficult, particularly for those who recently bought a house and need to furnish their residence on a budget.
Lucky for you, we're here to help you discover top-notch home furniture at budget-friendly prices.
Now, let's take a look at three tips to help you furnish your residence without breaking your budget.
1. Keep an Eye Out for Sales
Furniture stores are available in cities and towns nationwide, and these shops generally offer sales at different times throughout the year. As such, you should plan a trip to various local furniture stores to find the best prices on furniture for your living room, dining room or other areas of your house.
In many instances, it pays to shop at furniture stores on weekends. These stores commonly provide weekend sales that may enable you to save hundreds or thousands of dollars on assorted home furniture.
Also, you may want to plan ahead for potential holiday sales. Furniture stores frequently offer significant discounts around Independence Day, Christmas and other major holidays. And if you capitalize on these holiday sales, you may be able to pick up deluxe furniture at bargain prices.
2. Look Online
Craigslist and other online classified sites make it easy to browse for furniture from any location, at any time. Meanwhile, these sites may enable you to locate high-quality preowned furniture at a fraction of the cost of brand-new items.
If you see furniture online that you like, don't hesitate to reach out to a seller. Because the longer that you wait to contact a seller, the more likely it becomes that he or she will sell the furniture that you want to a rival buyer.
3. Negotiate When Possible
Oftentimes, you may be able to negotiate the price of a sofa, ottoman or other furniture, regardless of whether you buy from a furniture store or independent seller. If you understand the art of negotiation, you may be better equipped than other buyers to acquire first-rate furniture without spending too much.
Perform research before you kick off your furniture search – you'll be glad you did. With furniture price data at your disposal, you can find out how much your dream bed, shelving unit or other furniture costs and budget accordingly.
Furthermore, if you need extra assistance as you search for home furniture, you may want to work with a real estate agent. In addition to helping you buy a new home, a real estate agent may be able to put you in touch with the top furniture retailers in your area. Or, in some instances, a real estate agent may be able to convince a home seller to include his or her furniture in your home purchase.
Ready to acquire outstanding furniture for your new home? Use the aforementioned tips, and you can increase the likelihood of discovering amazing furniture at prices that match your budget.