Home Ownership New Year’s Resolution

We are nearing the end of the year and you have been pondering, “What will my New Year’s resolution be this year”?  If you have been longing to join the ranks of homeowners, make this upcoming year the time to achieve your dream. Now is the point in the year in which you should be getting your “ducks in a row”, in order to achieve a New Year’s resolution that you can stick to. 

Begin by contacting the experts. Teaming up with a real estate agent is pivotal in beginning your home ownership endeavor. Your realtor will provide you with all of the information about your local real estate market, and will be invaluable in guiding you through the lending process. They will be your best asset from the initial search for a home, to closing. 

Be smart and practical about your finances. A qualified lender will work closely with you in determining the many programs and loans that will be applicable to your particular financial situation. Even though you may have allotted a specific amount of money for a down payment, you must also consider additional upfront costs incurred when purchasing a home. These include charges such as inspection and closing costs.

Once you have concluded where you stand financially, it is time to determine your preferences. Working with your realtor, you can browse their online sight for homes that meet your criteria. Specific neighborhoods, community life, and the convenience to shopping, hospitals, and transit will be researched by your realtor. Your agent’s website should become your number 1 go-to resource. E-mail alerts can be set up by your agent when new listings become available. In addition, their site will allow you to view multiple photos of homes, virtual tours, view school and neighborhood information, and even supply you with real estate articles and weekend events.

Before embarking on viewing any homes, be sure to have a clear idea and understanding of what your wants and needs are. Be aggressive in obtaining both, yet practical in focusing on homes that meet the standards and measures that you must have. At this juncture, you should also be confident of the price you are willing and able to pay. 

Are you ready to achieve your New Year’s resolution of becoming a homeowner? Please contact me for an appointment to get the process going. I’ll be happy to help you determine how much house you can afford, and help you find your dream home.

Patty Ross 
831-236-4513 
pattyre@comcast.net
www.pattyrosscarmel.com 

Click here to listen to Patty discuss the latest trends in Northern California Real Estate including the communities of Carmel, Carmel by the Sea, Carmel Valley, Marina, Monterey, Pacific Grove, Pebble Beach and Seaside

Photo courtesy of Ivan Akira/Wikimedia

Buying a Home? Don’t be Surprised by These Extra Expenses!

When buying a home, it’s logical to expect to pay the purchase price. However, purchasing a home requires other expenses that you may not expect. Knowing what these are in advance, and what additional expenses to anticipate, will eliminate any unpleasant surprise both during and after the purchase of a house.

Here are some of the additional expenses to anticipate when buying a home. Take these expenses into account before buying, so you won’t be surprised by them after signing a purchase agreement. 

Closing costs. Consider rolling some of these into your mortgage or negotiating with the sellers to pay a portion of these costs.  Regardless, you will likely need some additional money to fund your closing costs.  Depending on where you live, you should expect costs that run 2-4% of the purchase price of your home. 

Taxes and insurance. Depending on your local tax rates and assessed values, real estate taxes generally increase owners’ monthly costs – and many times, substantially so.  In most cases, these expenses are paid from an escrow with your mortgage lender. Taxes add costs to your monthly payment.  Even if you can eliminate a tax escrow through your lender, you’ll still need to accumulate the funds to pay your real estate taxes on time. Protecting your home produces another requirement – insurance.  This can range from a simple homeowners insurance policy to additional policies covering a range of other natural disasters such as flooding, earth stability, etc. 

Homeowners association fees, condo fees, and utilities. When you rent, HOA and condo fees are paid by your landlord, as are many utilities such as trash removal and water. Once you own, these responsibilities become your own.  So you’ll want to be certain to budget for these expenses.

Extra costs can definitely add up.  So, before you buy, prepare a well-planned budget that includes all these additional obligations. It should give you the confidence to proceed knowing you are not getting in over your head.

When are ready to own your own home or buy a new one, please contact me for an appointment. I’ll help you find a home you love within a budget you can afford! 

Patty Ross 
831-236-4513 
pattyre@comcast.net
www.pattyrosscarmel.com 

Click here to listen to Patty discuss the latest trends in Northern California Real Estate including the communities of Carmel, Carmel by the Sea, Carmel Valley, Marina, Monterey, Pacific Grove, Pebble Beach and Seaside

Photo courtesy Sufi Nawaz, Stock.XCHNG.