Waterfront Realty Group



Posted by Waterfront Realty Group on 2/10/2019

You’ve never owned your own home and your thinking about buying. Transitioning mentally from renter to owner can be confusing at times. As a renter, you haven't had to deal with the ins and outs of owning your own home, and as you examine the reality of ownership, it can seem like it involves more cons than pros. You have to take care of all maintenance, repairs, insurance, upgrades and more. With all the added work to maintain only to one day resell your home, it might not seem worth it. So why is buying a good idea? Here’s why!

Consistent monthly payments

As a renter, you constantly are subject to rent increases. Depending on your city or neighborhood, this might be a small percentage annually (if your rental unit is under rent control), or an annual increase determined in your rental agreement. In many cases, your rent is subject to your landlord’s discretion at the end of each term of your lease, and if the property value and quality of living go up in your neighborhood (as you hope it does), it could price you out of your favorite living space. When you choose to purchase a home, you make a longer commitment, but your monthly payments are guaranteed to be the same throughout the repayment of your fixed-rate mortgage. Living with no surprise changes allows you to set budgetary and lifestyle goals further into the future, and the certainty to achieve them.

Equity and future cash flow

Yes, you will likely need to take out a loan to purchase your own home. The upside to ownership is that every mortgage payment you make increases the percentage of equity you have in your home. When you rent, you are only paying toward the term of your lease and the owner of the rental property gains all the equity. Investing in your own property helps your financial stability for the future. The more equity you have, the better your net worth and the more you can invest in other properties or goods. The more stake you have in your home, the more valuable it becomes to you when you want to sell your property in the future—to create cash flow, or to invest in a new home, other property, or your retirement lifestyle. 

Apart from the personal value of owning your own home—taking care of it, raising a family there, or starting a new life in your place—the investment can add even more value to your life. If you’re considering your first home purchase and aren’t sure about the commitment or investment value, speak with your local real estate agent for the best advice for you. Review your current means, your interests and abilities, and your life goals and let them help you make the right decision.





Posted by Waterfront Realty Group on 9/23/2018

If you've set a goal of buying your first home within the next year, there are several things you can begin doing now to set the stage for a positive experience.

While it pays to familiarize yourself with everything from your credit score to mortgage options, choosing a good real estate agent will prove to be an invaluable advantage when navigating through the process of buying a home. An experienced, knowledgeable agent will help keep you on track, prepare necessary documents for you, and answer the myriad of questions that will occur to you.

Should you choose the first real estate agent you talk to? People occasionally find a perfect fit right off the bat, but it's often a good idea to interview a couple agents before you make your final decision. Having one or two points of comparison can provide you with a wider perspective of available choices.

Not only would you want to work with a professional who has a successful track record in helping first-time home buyers, but you also want to make sure your personality is compatible with your agent's communication style and energy level. Unless you stumble on the home of your dreams on the first day, you're probably going to be spending a lot of time with them. Most real estate agents do tend to be knowledgeable, resourceful, and service oriented, but your journey will be a lot smoother and more satisfying if you sign on with an agent who's a good match for your individual needs and personality.

One of the most effective ways to prepare yourself for a real estate search is to create lists of things you need to do, have, and schedule. It's also helpful to prioritize what you want in your ideal house. By identifying and reminding yourself of the features that are most important to you, you'll have a greater tendency to recognize what you want when you see it. You'll also find yourself communicating your needs and wants more clearly to your real estate agent. As is the case with any professional or personal relationship, good quality communication usually yields the best possible results.

As a home buyer, there are many property features and priorities you'll want to ponder and discuss with your significant other. In addition to your future home's square footage, bedroom space, and number of bathrooms, you may also be interested in the reputation of school districts, the character of neighborhoods you're considering, and the amount of privacy each property affords.

Another list worth compiling before you get too far into the house hunting process is a personal budget. By seeing how your income stacks up against your monthly expenses, you'll be in a stronger position to determine a realistic price range for your next home.





Posted by Waterfront Realty Group on 7/23/2017

Although an exciting time in your life, moving out of the home you grew up in or your college/first apartment can seem scary and daunting. The thought of packing and unpacking is intimidating. And let’s not forget about the cost. Making such a large investment for the first time and really, truly living on your own is a whole new experience. It’s important that when you visit a house for sale you can feel yourself living there and turning it into your home. Here are a few tips for making a house a home: Photos & Artwork: What better way to bring personality and familiarity into a home than photos of family and friends or artwork from a favorite artist. Often frames can become a thing of clutter and even dust collectors. However, adding photos and artwork can be done tastefully. A popular approach is a grid-like arrangement created on large, open walls. This is one way to display many beloved photos without creating clutter on tables or other pieces of furniture. Have a long wall that’s runs along a hallway? This would be a great place to display larger photos or artwork that would run horizontally. This is especially nice for sequenced pieces such as change of season photos or artwork. DIY projects: Add your personality and blood, sweat, and tears to your home with DIY projects. Ok, maybe ‘blood, sweat and tears’ is a little dramatic but get ready to get your hands dirty. Mason jars, glass vases, and empty wine bottles can be turned into beautiful home décor with only a few materials and a couple hours. Items like rope, artificial flowers, ribbon, and craft glue are just a couple examples of supplies that can be used to turn those boring items into a homemade masterpiece. To make this idea even more appealing invite friends or family over for a craft day and work on multiple DIY projects. Keepsakes: Have a family heirloom that has been passed down from generation to generation? An heirloom could range from a quilt or afghan that a great-grandparent or grandparent had knit, family photos that span over many generations, clocks, diaries and recipes. Recipes could simply be displayed on a kitchen counter or you can get creative and design custom wallpaper from the recipe cards. Wall clocks can be displayed in family or dining rooms and grandfather clocks fit the atmosphere of dens. There are tasteful ways to add each one of these into your home and preserve the memory of these mementos. Fresh flowers: Nothing adds life to a home like fresh-cut flowers. The colors and the scents just fill a room. Add a pop of color to a room with dyed carnations, tulips, roses or hydrangeas. Add elegance to a room with white or cream colored flowers such as roses, daisies or lilies. Small, horizontal arrangements look lovely on a rectangle or square dining room table. Taller arrangements are perfect for a bay window or small table. Fresh-cut flowers would also pair well with a DIY vase.




Categories: Uncategorized  


Posted by Waterfront Realty Group on 5/10/2015

Being a first time home buyer has it's benefits when it comes to financing. The Federal Housing Administration (FHA) has loans tailored specifically to you! Lower down payments and lower closing costs help newbies make the jump into home ownership. With a FHA first time home buyer loan you can get interest rates as low as 3.5%, which can really save money on the life of your loan and keep your monthly payments lower. Your down payment is also lower than a traditional mortgage; instead of putting 20% down, you can put as low as 3.5% down if you qualify. While a lower down payment will increase your monthly payment (since you are taking a loan out for more money), it will help with the burden of needing a large amount of money up front. With FHA loans you can also include most of the closing costs and fees into the loan, again helping with the money needed at the time of purchase. You can even add in the costs for repairing a home that needs a good deal of fixing up. Regardless, you will need to have enough money for the down payment, some closing costs, and inspection. Since you would be putting less than 20% down, FHA loans require that you also have private mortgage insurance (PMI), which is a percentage of your loan. This will be added to your monthly mortgage payment, and the bank will pay it out of your monthly. Being a first time home buyer probably means you need some help on getting through the process. The US Department of Housing and Urban Development (HUD) has housing counseling agencies that can give you advice on buying a home, avoiding foreclosure, and fixing your credit. You can find your local agency at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm. Lastly, you can also find local buying programs to help with buying a home, including helping with your down payment at http://www.hud.gov/buying/localbuying.cfm. If you never thought you would be able to afford a house, think again. With programs out there to help you buy your first home, you could be moving into a place before you know it!




Categories: Buying a Home