Waterfront Realty Group



Posted by Waterfront Realty Group on 12/9/2018

If you’re hoping to buy a house in the near future, you’ll want to focus on saving for a down payment.

Down payments are a way to let a lender know that you are a low-risk investment, and a way to save money on interest over the term of your loan.

If you have your other finances in order--a good credit score and stable income--there’s a good chance that making a 20% or more down payment will land you a low interest rate that can save you thousands while you pay off your loan.

How large should my down payment be?

The larger the down payment you can afford, the more money you’ll likely save in the long run. While there are ways to get a loan with no or very small down payments, these aren’t always ideal.

First, if you put less than 20% down on your home loan, you’ll be required to pay private mortgage insurance, or PMI. These are monthly payments that you make in addition to the interest that is accrued on your loan.

So, if you don’t put any money down on your home, you’ll accrue more interest over your term length and you’ll pay PMI on top of that.

What affects your minimum down payment amount?

Lenders take a number of factors into consideration when determining your risk. If you’re eligible for a first-time home owners loan, a veteran’s loan, or a USDA loan, your loan can be guaranteed by the government. This means you can likely pay a lower down payment while still receiving a reasonable interest rate.

When applying for a mortgage, be sure to reach out to multiple lenders and shop around for the rates that work for you. Many lenders use slightly different criteria to determine your eligibility to pay a lower down payment.

Other things that affect your minimum down payment include:

  • Credit score

  • Location of the home you want to buy

  • Value of the mortgage

Saving for a down payment

You’ll get the most value out of your mortgage if you put more money down. However, if you’re currently living in a high-rent area, it could mean that it’s in your best interest to get out of your apartment and start building equity in the form of homeownership.

If you want to buy a home within the next year or two, there are a few ways you can help increase your savings.

First, determine how much you need to save. Depending on your housing needs and the current market, everyone will have different requirements. Do some home shopping in your area online and look for homes that are within your spending limits. Remember that you shouldn’t spend more than 30% of your monthly income on housing (mortgage, property taxes, etc.)

Next, find out what a 20% down payment on that home would be, adjusting for inflation.

Once you have the amount you need to save, remember to leave yourself enough of an emergency fund in your savings account to last you a month or two.




Tags: Mortgage   down payment  
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Posted by Waterfront Realty Group on 12/2/2018

You've found your dream home – at least, you initially thought you discovered your ideal house. But following the home inspection, you're starting to have second thoughts about whether you want to purchase a particular residence.

A home inspection is a valuable opportunity for a homebuyer. It enables a buyer to receive expert insights from a property inspector about a house's age and condition. Thus, if a home inspection reveals myriad problems with a residence, a homebuyer still has an opportunity to walk away from a home sale.

Ultimately, there are many factors for a homebuyer to evaluate after a home inspection, including:

1. The Home's Condition

When it comes to evaluating a home's condition, there may be more than meets the eye. Fortunately, a home inspection enables a property inspector to take a deep look at a house's interior and exterior and provide detailed findings.

If a home's condition fails to match your expectations, don't hesitate to walk away from a home sale. By doing so, you can reenter the housing market and begin your search for the perfect residence once again.

On the other hand, if a home's condition is not a deal-breaker, feel free to move forward with a home sale. And in a short period of time, you'll likely soon be the owner of a great house.

2. The Home's Age

A home's age may dictate whether substantial home repairs or improvements may be needed down the line.

For example, a home's furnace usually needs to be replaced every 10 to 15 years. If a 30-year-old residence still has its original furnace in place, this device may need to be replaced sooner rather than later.

A home inspection should provide clear-cut insights into potential home improvements that you may need to perform in the near future. Use these insights to your advantage, as they may help you if you try to renegotiate the price of a house.

3. Long-Term Home Improvements

Spend plenty of time with a home inspector and don't hesitate to ask this professional plenty of questions. Remember, he or she is available to help you make an informed homebuying decision. And if you learn about potential long-term home improvements now, you may be able to avoid severe home problems down the line.

If a home inspector discovers roof problems or other substantial house issues, take his or her recommendations seriously. That way, you can avoid the danger of buying a "money pit," i.e. a house that may prove to be more trouble than it's worth.

Lastly, if you need help at any point during the homebuying journey, reach out to a real estate agent. This housing market professional can put you in touch with the best home inspectors in your area and allow you to minimize stress throughout the homebuying cycle.

Ready to make your homeownership dreams come true? Consider the aforementioned factors after a home inspection, and you can move one step closer to purchasing a terrific house at a budget-friendly price.




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Posted by Waterfront Realty Group on 11/25/2018

New windows can work wonders for a house. Depending on how old your windows are, replacements can make your home less drafty, and much quieter, but they can also spruce up a room that’s starting to look dated.

When you replace your windows you also might see a drop in your heating bill. However, the cost of replacing windows is steeper than you’re ever likely to save on heat. So, if you’re thinking of replacing your windows just to save cash, in the long run there might be better ways of doing so.

In this article, we’re going to talk about choosing replacement windows for your home. We’ll walk you through the different types of windows so you can find the type that fits your needs. Read on for our replacement windows buyer’s guide.

Choosing the right window style

There are endless types of windows that you could find in a given home. However, four main styles are what we normally think of when talking about replacement windows.

Single vs double-hung windows

First, there are single and double-hung windows. In double-hung windows, both the top and bottom sash are operable, or able to be opened. Being able to utilize both sashes is beneficial for airflow. Opening the top sash will allow the warm air escape, opening the bottom sash will allow cool air to enter.

In single-hung windows, only the lower sash is able to be opened and closed. But otherwise, they are very similar to double-hung windows.

Both of these types of windows come in variants that allow you to pivot the sashes inward to clean the exterior glass. However, if you buy single-hung windows you’ll only be able to wash the lower sash. Keep that in mind if you’re buying windows for a second floor or attic window.

Sliding windows

Sliding windows are those which move horizontally on their tracks. They produce good ventilation and are easy to use. However, just like single-hung and double hung windows, they do slightly obstruct your view at the midpoint when closed. The rectangular shape of sliding windows, however, means you won’t likely be able to install an air conditioner.

Casement style windows

The last main type of window we’ll talk about are casement style windows. This type of window operates on a hinge like a door would. When they’re fully opened, they produce good ventilation. When they’re fully closed, they don’t obstruct the view at all.

However, just like with sliding windows, you won’t be able to install an AC unit. Furthermore, this type of window is more prone to malfunction due to the crank and hinge system, and cranking it open and closed all the time could be a minor annoyance for some homeowners.

Frame materials

Window frames come in four main materials--vinyl, wood, clad-wood, and aluminum.

  • Vinyl is the most common. They look clean and modern, and they also resist heat and condensation making them easy to maintain.

  • Wood frames are regaining popularity. Since they often come unfinished, you can easily customize them to your home.

  • Clad-wood frames are wood on the interior and aluminum on the exterior, making them rugged and resistant to weathering and rot.

  • Aluminum windows are economical, lightweight, and easy to maintain.


Now that you know a bit more about windows, you’ll be better equipped to decide what type of replacements to purchase for your home.




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Posted by Waterfront Realty Group on 11/18/2018

If you want to achieve the best-possible results during the home selling journey, you should be open to negotiating with a homebuyer. Because if you communicate with a property buyer, you may increase your chances of enjoying a quick, successful home selling experience.

There is no need to stress about a home negotiation. Now, let's take a look at three tips to help you handle a negotiation with a homebuyer.

1. Consider the Buyer's Perspective

Both a home seller and homebuyer share a common goal: to reach an agreement on a house sale. If you analyze both sides of a home negotiation, you may be better equipped than ever before to come to terms with a buyer.

Ultimately, it may be beneficial to make small sacrifices to ensure you and a buyer can find common ground during a negotiation. If you are willing to work with a buyer, you may find that a buyer will work with you too. And as a result, you and a buyer could reach an agreement that satisfies the needs of both parties.

2. Evaluate Your Options

A home negotiation can be stressful, but there is no need to let stress get the best of you. Instead, you should try to stay calm and consider your options as you navigate a negotiation. That way, you can make informed home selling decisions.

Oftentimes, it is helpful to review housing market data as you negotiate with a homebuyer. Information about the prices of recently sold houses in your area that are similar to your own, for example, may help you explain why you want a certain price for your residence.

You also should be unafraid to walk away from a home negotiation. If you feel you cannot find common ground with a buyer, you can continue to promote your residence to prospective buyers until you receive an offer to purchase that matches your expectations.

3. Work with a Real Estate Agent

There is no need to enter a home negotiation on your own. Lucky for you, real estate agents are available in cities and towns nationwide, and these housing market professionals can negotiate with a buyer on your behalf.

During a home negotiation, a real estate agent will do whatever it takes to help you achieve the optimal results. He or she will keep you up to date throughout a home negotiation. Plus, a real estate agent is happy to provide recommendations about whether to accept, reject or counter a buyer's offer to purchase your house.

Let's not forget about the assistance a real estate agent provides after you accept an offer to purchase, either. At this point, a real estate agent will help you prepare for a home closing. He or she will respond to any of your home closing concerns or questions as well.

Be ready to negotiate with a homebuyer – use the aforementioned tips, and you can prepare for a home negotiation and boost the likelihood of getting the best price for your residence.





Posted by Waterfront Realty Group on 11/11/2018

If you're on the lookout for your dream house, it helps to be persistent. In fact, there are many reasons to take a persistent approach to the real estate market, and these include:

1. You can pounce on the opportunity to acquire your ideal residence.

A persistent homebuyer should have no trouble finding lots of homes that match or exceed his or her expectations. Then, this buyer can take the necessary steps to submit an offer on his or her dream house and finalize a home purchase.

As a persistent homebuyer, it is essential to submit a competitive offer on any residence that you want to acquire. By providing a competitive offer, you can increase the likelihood of receiving an immediate "Yes" from a seller.

2. You can stay ahead of the competition.

When it comes to buying the best house at the lowest price, the early bird catches the worm. Thus, a persistent homebuyer may be better equipped than others to find and purchase his or her dream residence as soon as this house becomes available.

To stay ahead of the homebuying competition, it helps to assess the real estate sector closely. This will enable a homebuyer to identify his or her dream house in no time at all.

Furthermore, a homebuyer should create a checklist of dream home wants and must-haves. This list will allow a homebuyer to narrow his or her home search, making it easier than ever before to discover a great house.

3. You can boost the likelihood of a seamless homebuying experience.

No one should be forced to deal with a long, arduous homebuying experience. Fortunately, a persistent homebuyer can act quickly on available houses, ensuring this buyer can accelerate the homebuying journey.

For a persistent homebuyer, it often is a good idea to get extra help from a housing market professional as well. Thankfully, real estate agents are available who can provide comprehensive support to persistent homebuyers in any city or town.

A real estate agent understands the ins and outs of purchasing a house in a buyer's or seller's market and is happy to share his or her industry expertise with a homebuyer. By doing so, a real estate agent can provide valuable insights to help a homebuyer accomplish his or her goals.

In addition, a real estate agent offers plenty of support at each stage of the homebuying journey. He or she will learn about your homebuying aspirations, set up home showings and keep you up to date about new residences that become available. Plus, once you find your dream house, a real estate agent will help you submit a competitive offer right away.

If you want to pursue your dream house, it may be beneficial to take a persistent approach to the housing market. With the aforementioned tips, you can enter the real estate market as a persistent homebuyer who knows exactly what he or she wants to find. Take advantage of these homebuying tips, and you can move closer to acquiring your ideal house.




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