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2020 is a Great Year for Real Estate

 

2020 is shaping up to be a very good year for the real estate market in Maricopa County, and here’s why.

The new 2020 conforming ($510,400) and FHA ($314,827 for Mariciopa County) loan limits are easing the financing requirements that we usually face with higher home prices. What does this mean for you? You can get the home you want at a payment that you can afford.

The NAHB (National Association of Home Builders) has released their Housing Market Index, which decreased one point in January to 75. This is still a very strong level and is only one point off a 20-year high.

Rates are still historically low, and it looks like they will stay that way for a while. That great credit score you worked so hard for is paying off (and you deserve it!). A low rate means you can spend more on your dream home, while keeping your payment at an affordable amount.

With higher loan limits and still low rates, 2020 is going to be a great year to buy. Give us a call today at 480-759-1500 to discuss your options!

What Young Homebuyers Are Looking For

 

These days, if you want to sell your home, you’re probably going to sell to a Millennial, or even scarier, a Generation Yer. It’s not all bad though. A lot of these younger people have solid financial backing, either from their parents or well-paying jobs, giving them the money to buy your home at a price you’ll like. But in order for them to spend their hard-earned money on your home, you’ve got to pique their interests. If only there were a way to figure out what young home buyers want. What if there was a content writer in that same age group with a lot of insight into what people his age are looking for in homes? Wouldn’t that be something? All right, fine, I’ll tell you. But we young people are pretty simple to figure out.

What young home buyers want is a home that requires little to no additional work. At this point in our lives, we’re young professionals who are more concerned with the financial benefits of homeownership and having space for our dogs to run around than fixing up a home and making it uniquely ours. Now, of course, every now and then you’ll run into that charming young couple that wants to invest their sweat equity and personal touch into a property. But the majority of us just want a nice house that we can move into without worrying about a leaky ceiling or doors that don’t shut all the way.

I don’t love pigeonholing young people like this, but it’s the truth. If I wanted to provide a nuanced account of what every type of Millennial/Gen Yer wants in a home, I’d write a book. But I’m a Millennial so this blog post will do just fine. Here’s what young home buyers want in their homes.

1. UPDATED KITCHEN AND BATHROOMS

If there’s one thing that young people don’t want, it’s a home that looks and feels old. We love a modern, upscale, and classy look, but we’re also more budget-conscious than previous generations. When you walk through a home, there are two places that are dead giveaways as to whether the house feels modern or outdated. The kitchen and the bathroom. Nothing turns off young people like old looking bathrooms and kitchens. Why? Well for one, they don’t look like how we envision our dream home looking. They aren’t sleek and modern—they remind you of your grandmother’s house. And who wants to live in their grandma’s house at age 26?

Secondly, when a bathroom or kitchen looks old and outdated, that just means we’re going to have to pay to get them renovated eventually, which is a big red flag for a group of people who want to do as little work and save as much money as possible while moving into a new home. The best way to make a home more appealing to young home buyers is to have bathrooms and kitchens that give off that modern, upscale vibe—and don’t scare them off with thoughts of pricey remodels.

2. SMART HOMES

This is an era of new and exciting technology, and what young home buyers want is a home that reflects that. We already talked about modern-style homes, but what’s more modern than a home with smart technology? Smart home features have impacted the real estate industry significantly over the past few years, and they’ve become a must-have when targeting young home buyers. Some of the more popular smart home features for young home buyers include automated or voice devices that control lighting, appliances, heating systems, garage doors, etc. For a generation that lives on their phones just as much as we do in our homes, it’s important to us to have the ability to retain control of what’s going on in our homes while we’re away.

3. ENERGY EFFICIENCY

You may not be able to tell from the first two points, but we young people aren’t shallow. We have principles. We care about things other than ourselves. One of the main things we look for when we’re buying a home is energy efficiency because we’re trying our hardest to save money— the environment! Seriously though, for whatever reason, energy-efficient windows and appliances can go a long way in making your home more attractive to young home buyers. Being conscious about saving money and the environment is part of the versatility and efficiency that makes our generation so special.

4. LAUNDRY ROOMS

This may come as a surprise, but one of the biggest features we Millennials can’t do without is a laundry room. It sounds silly, but we truly value having a space to wash, dry, and fold clothes without messing up our living spaces. Not to mention, nobody—and I mean nobody—likes the laundromat. If you don’t have a laundry room and would like to add one, a basement is usually the easiest and cheapest place to put it coming in at about $1,000. If you don’t have a basement, a laundry room or laundry closet (just fits a washer and dryer) can cost from $5,000 to $10,000 to install. Don’t have a basement or a laundry room? Don’t sweat it. There are plenty of other ways for you to tailor your home to what young home buyers want.

5. LOCATION, LOCATION, LOCATION

When a young person buys a home, they’re not just buying the house itself, they’re buying into the community around it as well. This is where we’re going to be doing our living, shopping, running, and potentially raising families. When you think about it like that, a good location goes a long way. That being said, there’s not much you can do if you’re selling your home and your community doesn’t have much going for it. That just means you may have to switch your target. If you’re out in a rural area, you may not want to target younger buyers because we like being closer to cities. If your home is in a good neighborhood with cool bars and nice restaurants within walking distance, be sure to include that in your home listing. Selling your home is about playing to your strengths! Do that and you’ll be golden no matter whom you’re targeting.

6. HARDWOOD FLOORS

Aside from their aesthetic appeal, hardwood floors are just really convenient when it comes to maintenance. Not only is hardwood flooring easy to clean and maintain, but it also lasts longer than carpeting. When you add in the fact that a lot of young homeowners have pets, hardwood floors are the perfect counter to the messes that our furry friends love to make. Installing hardwood floors isn’t the cheapest home improvement project but it may be worth the investment as it can bring in young home buyers in droves.

7. OUTDOOR SPACE

Speaking of pets, we’re dying to have outdoor space for our pets to stretch their legs and run around. After years of apartment living, those guys deserve the chance to have their own domain. Even if we don’t have pets, Millennials are social beings. We want space to barbecue with friends or simply kick back and relax by ourselves. If you’re looking to draw young home buyers to your home, creating an outdoor haven should be near the top of your list. The vast majority of Millennials will pay more for a home with a nice outdoor space than one without.

8. HOME OFFICE

One of the best inventions of my lifetime (up there with legendary technology like the iPhone, the internet, and sliced bread) is working from home. Did you know that more than 8 million Americans work from home? And all signs point to that trend continuing its upward trajectory. That means a home office is high on the list for a lot of young home buyers who have put their days of sitting in rush hour traffic behind them.

9. LOW MAINTENANCE

A majority of what young home buyers want really boils down to making things as simple as possible for them. Convenience is the name of the game for young home buyers. We want homes that look fancy and upscale, but without having to put too much effort into keeping it up. We’d rather spend our weekends relaxing than repairing a roof or replacing old windows. Call it lazy if you want, but I call it smart. We’re willing to pay more for a home that’s ready to move into without having to go through the stress and effort of repairs and replacements. So if you’re looking to sell your home to a young buyer, it’s important that you stress a low cost of maintenance.

10. OPEN FLOOR PLAN

Gone are the days of formal dining rooms and rooms with defined purposes. Open floor plans have been all the rage for a while now, and the Millennial generation has caught on. An open floor plan gives us the versatility to convert different spaces based on our needs. We’re looking for large open spaces in kitchens, living rooms, and family rooms that we can use for multiple purposes. We also love to entertain, so we want a home where guests can flow freely through the house during gatherings rather than being sectioned off in different rooms.

11. STORAGE SPACE

This just in: Millennials have a lot of stuff. Do we need all of it? No, but we’d like to keep all of it anyway. That’s why storage space is so high on so many of our lists. Be it walk-in closets, a spacious garage, or a pantry, we really just need a place to keep all our stuff nice and neat. We’re used to tiny apartments and the backs of chairs doubling as clothes hangers. Give us the space we need!

Original post written by Khari Pressley

 

Four Benefits of Owning a Home

 

It’s a major responsibility, but owning a home comes with some big-time benefits – one being peace of mind. Here are a few other benefits to owning versus renting:

You’re Building Up Equity Every Month

What is equity? It’s the amount you sell your home for, minus the money you still owe on it at the time of sale. The amount you owe reduces each time you make a mortgage payment. Your principal payment increases each month, too, meaning that as time goes on, you’re paying more toward the actual loan amount versus interest. Equity in your home is typically lowest at your first mortgage payment and highest at your last payment.

It’s Cheaper to Own a Home Than Rent – In the Long Run

Buying and owning a home may be a little overwhelming at the very beginning because of interest rates, mortgage payments and the paperwork that goes along with it. You may think it’s easier – and cheaper – to rent a house, but it’s really not. After a while, your interest rate will decrease. Plus, each month that you’re making a payment, you’re putting money toward your own home, not sending hard-earned cash into a landlord’s pocket.

As a Homeowner, You’ll Enjoy More Stability

Owning a home actually brings much freedom and a sense of independence. The house belongs to you and you can do whatever you want to it. You don’t have to worry about a landlord hiking up your rent at the beginning of a new year or risk being kicked out of the house. Any improvements that you wish to make benefit no one else but you! Plus, if you have kids, you’ll have to worry less about having to switch school districts on-the-fly because you won’t have to worry about being asked to vacate.

Improvements Are Made for Your Own Good

Let’s talk about this a bit more. Once you a buy a house, you’re no longer restricted by a landlord’s guidelines or requirements on paint, decor or design. You get to decide what type of construction, design or maintenance professionals you’ll hire to work on the home. Any improvements made to a rental are enjoyed by you for only as long as you’re living in the home. Once you leave, your updates will benefit the next renter.

Are you you in the process of looking for a new home? Give us a call today at 480-759-1500 to discuss your options!

Tips & Tricks For A More Organized Move

Moving into your new home is an exciting milestone. It’s the start of an all-new chapter in your life, but moving can also be highly stressful. With a little planning, you can take the frustration level down a notch (or five). Here are some clever and efficient ways to organize your move.

  • Make a list. Before starting the packing process, take a moment to imagine how you want your new home to look. Make a list of things you currently own that you don’t want or need, to move into the new place. Donate or sell what’s usable and get rid of the rest.
  • Pack smart. Use press and seal bags or containers. Buy a roll of stretch wrap to protect your valuables from getting scratched or battered during transport. Vacuum seal your out-of-season clothing for easy storage in the new house. Use wheeled suitcases to move heavy items like books.
  • Start with the easiest and most important stuff. Before things get busy, pack and set aside valuable documents, sensitive financial information, jewelry, electronics and computer-related items. All of these objects should be specially packed and cared for, and doing so at the very beginning will prevent any mishaps (and misplacements!) down the road.
  • Create a labeling system. This can sometimes be more helpful than a personal assistant! Employ a hybrid color-coded and numbered list system to keep track of what’s in your boxes. Keep written record of what’s in each colored and numbered label. This way, you won’t need to search forever for that one thing at the new house. Instead, you can dive right in.
  • Always pack a box of essentials. This box should get you through the first day and night in your new home. Use a clear, plastic bin to easily differentiate between the rest of your stuff. A few things that you may want to include in this “essentials” box are: A minimal set of dishes, towels, sheets, tea kettle or coffee maker, phone charger, hair dryer, toilet paper, light bulbs, one or two rolls of trash bags, paper towels and much-needed tools like box cutters.

I hope you guys found this article and some of these tips helpful. If you have any other tips for an organized move, I’d love to hear about them.  Feel free to let me know in the comments below!

Matt Askland

 

Why You Need An Appraisal

It’s finally happened — after months of searching, you’ve found your dream home. It’s the perfect size for your growing family, the kitchen was just remodeled and there’s a huge deck for entertaining. And best of all, the seller accepted your offer!

As we near your closing date, your lender will want to verify the home’s value with an appraisal. This might sound nerve-wracking, but don’t worry: Appraisals protect you from overpaying.

Let’s dive into appraisals to demystify the process:

When do you need an appraisal?
If you’re taking out a mortgage to buy a new home, the lender will require an appraisal. The appraiser gives an independent estimate of the property based on recent sales data of similar homes.

When your mortgage amount matches the appraised price of the home, you know that you have a good loan-to-value ratio — and aren’t paying more than you should be.

What does an appraiser look for?
An appraiser will physically measure the home’s square footage and visually inspect the entire property. They’ll note things like:

  • Floor plan functionality and the number of bedrooms and bathrooms
  • Age of the house and its overall appearance
  • Value of any recent updates or remodeling
  • Size of the lot
  • Desirability of the surrounding neighborhood

After comparing all of that against similar nearby homes sold within the last 90 days, the appraiser arrives at your home’s value.

What if it’s valued for less than you expected?
Let’s say you agreed to buy the property for $250,000 but the appraisal came in at $225,000. Your lender won’t approve a loan for more than the appraised price.

If you still want to buy the home, a lower price can be negotiated with the seller or you can challenge the appraisal and pay for a second opinion.

Another option is to walk away. This may not sound ideal, and it will probably be hard to do. But the goal is to get you the right home at the best price.

If an appraisal comes in low, we’ll discuss all the options available to make sure you don’t overpay.

Are you ready to find your dream home? Reach out today to get started.

 

 

Helping Your Clients Build Their Wealth

 

If you’ve seen one home valuation tool, you’ve seen them all, right? At least that’s what I thought until I recently came across a new asset management tool that not only provides home valuations, but also provides detailed wealth management tips and statistics that my clients have found invaluable. Moreover, this tool has helped to build and strengthen my database by keeping my clients engaged and better informed.

Introducing Homebot
Homebot is a true home valuation and wealth management game changer. With this unique automated tool, you can build lasting relationships with your clients as their go-to expert, maximize your new purchase clients, and drive repeat and referral business.

How does Homebot work and how is it different?
Firstly, it is a free revolutionary home valuation tool that delivers a monthly digest to your clients that contains their personal financial data, as well as provides actionable home wealth information. From personalized calculations to help your clients save money and pay off their loan earlier; to customized refinancing scenarios and real-time savings; to advanced market rental data and monthly cash flow calculations for potential vacation home rentals. The options are endless and the feedback we’ve received from our clients currently using Homebot have been tremendous.

Evidence of Success
Just this past month, we successfully helped two families pull cash out of their homes to make improvements. This was a direct result of the loan-to-value calculations they received via Homebot in their monthly digest. No matter what your client’s needs are, this tool will help them effectively manage their most important investment.

While Homebot continuously works behind the scenes to create current data for your clients, it’s even more powerful when you use your client list to gain insights into their interest rates, estimated equity, and purchasing power. The customized market analysis that your client receives is not like anything you’ve seen – it offers detailed information about how to use their equity position to achieve both short-term and long-term goals. In addition, with Homebot’s timeline-style activity feed, you can get to know which of your clients are most engaged in their Homebot digest with behavioral insights.

You can also use HomeBot as an engagement tool by importing your prospect list, giving valuable insights to renters and first-time home buyer prospects. Take this tool a step further and place the HomeBot form/widget directly onto your website to capture new leads from prospects who are curious about their home value, rental potential or market conditions. When a person fills out this form, they will see their own home report and the lead is automatically added to your HomeBot database.

What Agents are saying about Homebot
Below are a couple of reviews from local Valley agents that are using HomeBot and the success they’re seeing within their sphere:

“I’ve tried handfuls of automated home value tools over the years and they all have downfalls, but what I love about Homebot is that it is a tool that doesn’t just give home values. It actually shows my clients why the value matters and what can be done with the equity. I’m passionate about helping my clients build wealth and generational wealth through real estate, and this is the first tool that seems to supply that guidance to the average homeowner.”  -Ben Graham, Graham Group, Revelation Real Estate

“Looking for a great way to stay in touch with your clients and keep them up to date on the home values and choices they have? HomeBot is one of the key touchpoints I use for my clients. Homebot allows them to view at-a-glance, where they are with their equity and refinance options, and ultimately helps their lender and I work together on a financial plan to get them where they want to go.” -Beth Cooke, Keller Williams Sonoran Living

How much does Homebot cost?
It’s actually quite reasonable, especially if you partner with your preferred lender. If you’re an agent and don’t have a preferred lender that offers Homebot, give me a call and we’ll be happy to assist. If you’re a lender reading this, we highly recommend taking advantage of this incredible tool. To learn more about Homebot, feel free to visit their website at https://homebot.ai/.

 

 

 

Tips for Choosing the Right Realtor

(2 min read)

Tips For Choosing the Right Realtor

A record number of Americans are gearing up to buy their first homes.  This is a big decision that can bring a lot of questions including the big one. How do I choose the right realtor? We can help with that! Read below for simple tips that will help you find the best real estate agent.  Here’s a hint: the tools you need are actually right in front of you.

 

Ask Around

Just like recommending your favorite local coffee shop, word of mouth recommendations are still the best way to go to begin curating your list. Ask friends and family for realtor references especially if they are recent buyers. It’s important to note that just because a realtor might have been a good fit for someone you know, they still may not be the right one for you.

 

Find Your Neighborhood

Decide on the areas that you are interested in living in and narrow down your potential realtor list based on that.  You can research this online or drive those neighborhoods and take note of the realtors selling homes there. Working with an agent who has experience in successful sales in the area you want to live will put you several steps ahead.

 

Google!

It’s time to find out more about your potential prospects. Do a few Google searches to get to know their online persona.  As a first time home buyer, pick a realtor who is experienced and knowledgeable, but also current and fresh. Does it seem like they know the area you are interested in?  If they have a website, is it modern and up-to-date? Are they active on social media and post regularly? Do they offer relevant content that is helpful and coincides with your vision? A realtor who takes the time to continue learning about the growing market trends is someone you want on your side.

 

Be a Boss

Make a list of real estate questions that are important to you regarding your house hunt.  Ask them to explain the home buying process and add anything that you expect from your realtor (i.e. preferred method of communication, how often you would like updates).  Being honest about your expectations from the beginning will pave the way for a smooth buying experience. Meet your potential realtor for coffee or just give them a quick call. Do you feel that they are genuine in the advice and information they are offering you? Are they approachable and outgoing? Someone who is outgoing is most likely confident and confidence is definitely a characteristic you want when choosing a realtor. At the end of the day, go with your gut. And remember, they work for you.

Buying a first home is a significant milestone. Take your time when selecting who will help you make this major financial and emotional decision. Just don’t forget to have fun and enjoy this time, too! You’re only a first-time home buyer once!

If you need help finding the right realtor for you, call us.  Cardinal Financial AZ has worked closely with hundreds of realtors and will be able to recommend the right fit for you. Call 480-759-1500 or email matt.askland@cardinalfinancial.com to talk about your options!

4 Basic Benefits of Owning a Home

It’s a major responsibility and a giant up-taking, but owning a home comes with some big-time benefits – one being peace of mind. Here are a few other benefits to owning versus renting:

You’re Building Up Equity Every Month

What is equity? It’s the amount you sell your home for, minus the money you still owe on it at the time of sale. The amount you owe reduces each time you make a mortgage payment. Your principal payment increases each month, too, meaning that as time goes on, you’re paying more toward the actual loan amount versus interest. Equity in your home is typically lowest at your first mortgage payment and highest at your last payment.

It’s Cheaper to Own a Home Than Rent – In the Long Run

Buying and owning a home may be frustrating at the very beginning because of interest rates, mortgage payments and the entire legal process that goes along with it. You may think it’s easier – and cheaper – to rent a house, but it’s not, really. After a while, your interest rate will decrease. Plus, each month that you’re making a payment, you’re putting money toward your own home, not sending hard-earned cash into a landlord’s pocket.

As a Homeowner, You’ll Enjoy More Stability

Owning a home actually brings much freedom and a sense of independence. The house belongs to you and you can do whatever you want to it. You don’t have to worry about a landlord hiking up your rent at the beginning of a new year or risk being kicked out of the house. Any improvements that you wish to make benefit no one else but you! Plus, if you have kids, you’ll have to worry less about having to switch school districts on-the-fly because you won’t have to worry about being asked to vacate.

Improvements Are Made for Your Own Good

Let’s talk about this a bit more. Once you a buy a house, you’re no longer restricted by a landlord’s guidelines or requirements on paint, decor or design. You get to decide what type of construction, design or maintenance professionals you’ll hire to work on the home. Any improvements made to a rental are enjoyed by you for only as long as you’re living in the home. Once you leave, your updates will benefit the next renter.

Are you you in the process of looking for a new home? Let RedStone Mortgage assist you in finding loan options that meet your individual needs. Call us at 480-759-1500.

10 Necessary Steps to Any Successful Home Closing

10 Necessary Steps to Any Successful Home Closing - myarizonaloan.com

You’ve finished the exhaustive search for a new home and have finally made an offer on the place of your dreams. Now what? Closing on a new home can be a lengthy process, but the steps are necessary to success. Here’s what to expect in the final stages of buying a house.

Open an Escrow

The first step to unlocking the door of your new home? It’s opening an escrow. During escrow – which lasts for approximately one month – your mortgage advisor will make any required payments on your behalf to property bills that are separate from the loan payment. These payments are made out of a designated escrow account and can go toward things like property taxes, HOA fees and insurance costs.

Lock-In Your Interest Rate

If you’ve found a home and are in the process of obtaining a mortgage, it’s highly recommended that you lock in an interest rate. Exactly when you choose to lock in the rate is up to you, but a solid mortgage advisor will be able to guide you in the right direction. Some people choose to do this immediately and others prefer to wait until just before closing in the hopes that rates will fall during that time.

Schedule a Home Inspection

The last thing you want is for something to go wrong in your new home just days after moving in. That’s why it’s smart to schedule a home inspection before closing. During an inspection, specialists will check things like the air conditioning system, plumbing and electricity. New homes should be thoroughly evaluated, too; even homes that have recently passed municipal inspections by the builder. It’s always a good idea to get an objective third-party review.

Have a Pest Inspection

Hire a licensed pest inspection company to check for issues with flies, mosquitoes, cockroaches, fleas, rats, mice, bed bugs, termites, ants…pretty much any type of pest! Make sure they evaluate the home for any possible environmental health threats caused by lead, fungus and asbestos, too. Presence of any type of contamination is a subject of renegotiation of terms and possibly even a reason to rethink the deal completely.

Address Any Issues

Did your inspection reveal any problems? It’s time to troubleshoot! You may want to discuss dropping the price or asking the seller to fix the problems that were unearthed. Nevertheless, you’ll want to obtain the estimates for repairing the issues and schedule a time to do so as soon as possible.

Ask for Title Search and Insurance

Title insurance is needed to eliminate the third party ownership on the property that you are buying. A title officer will make sure there are no legitimate claims from relatives, collectors and the like on the home. Your title insurance is legal proof that everything is clear and that you have a green light for closing on – and owning! – your new home.

Conduct a Home Appraisal

A home appraisal determines the estimated market value of your soon-to-be property, based on factors like general condition, geographic location, proximity to points of interest, value of nearby homes and recent neighborhood sales or growth. Typically, a mortgage lender will need this information to make sure you’re asking for the right amount of money. Occasionally, you’ll run into the issue of a low appraisal. As a buyer, this isn’t necessarily a bad thing. But if you’re a seller who’s already negotiated a certain price, this could present a major financial problem. To help prevent this issue, make sure that the appraiser is from your county, and has a residential appraiser certification and professional designation.

Set the Day and Time of Closing

First thing’s first – you’ll want to set aside enough time in your day to finish the closing. An hour or two may not be enough time if unexpected issues arise. We recommend allocating at least a half-day’s time for the home closing. Schedule it toward the end of the month, but not on the last day – aim for a day between the 20th and 25th. That way, you’ll still have some padded time should there be any disputes. If you schedule a closing and don’t complete it by that day, you could face increased closing costs for the next month in addition to penalty payments.

Be Present at Final Walk-Through

Don’t miss your chance for a final look at your home before paying for it! Most final walk-throughs are scheduled 24 hours before closing. Make sure the home is in the condition that’s specified on your final sales contract. Confirm that any necessary changes were made post-inspection. Check if everything is in order and that any additional necessary replacements were made. If you do run into an issue, you’ll want to shift the closing day. Or, upon mutual agreement, the repair costs will be submitted to the escrow account.

You Did It! Now Prep for Closing Day

You’ve completed the escrow marathon and it’s officially time to sign the paperwork and get your keys! Prepare in advance all paperwork you collected during the process, such as title search and insurance, inspection reports, bank statements, home appraisal reports, checks for down payment closing costs, etc.

There’s likely to be quite a few people present for closing, including your attorney, a seller (or their representative), the seller’s attorney, real estate agents (for both parties), a lender’s representative, a title company employee, the closing agent and even a public notary.

You’ll be signing a string of documents – do not sign anything at this point that is unfamiliar to you. By now, if you’re working with a competent buying team, you should have seen and read all of the closing documents in advance. Make sure that you understand what you are signing and how your payments will be distributed over the designated time.

Are you you in the process of selling your house and looking for a new home? Let RedStone Mortgage assist you in finding loan options that meet your individual needs. Call us at 480-759-1500.

Home Buying Needs Versus Wants

Imagine what your dream house looks like. You have particular needs, and you can’t imagine not having them fulfilled. Additionally, there are  some desires that you will have to let go due to affordability issues.

There is a bundle of things that are to be considered before buying a home.

Would you like to have a swimming pool?

Where is the house located?

What makes it special?

What can you afford and what is out of your budget?

Budgeting restricts us more than anything else in most cases. While some things are necessary for any home, others will just stay on the list of desires without ever coming to reality.

You might have a first impression of what you need and what you desire to have in your new house, but having a complete checklist can prove to be complicated.

Before starting your hunt for a new home, it is advisable to make a list of all your basic needs and desires while targeting the most important ones.

Making a list and highlighting what truly matters is the way to go. On top of it all, it will make the hunt easier, but at the same time, you need to know that it’s nearly impossible to have all items checked.

Buying a house involves certain aspects, and it is not a simple process.

You can think about budget estimation, choosing the location of the house, contacting lenders ahead of time as well as having detailed discussions with the retailer.

It is also about avoiding traps. You need to be careful and avoid different scams that are out there.

It’s similarly ideal to have a list of priorities for all your requirements that are related to the new house, which you intend to buy.

Having the image of your dream home is reality married with imagination.

In fact, you may find that some aspects of the house you intend to buy are different. It’s not the same as what your dreams would’ve told you. Some criteria you might be looking at include:

  • Distance from your job
  • Nearby facilities
  • Swimming pool
  • Countertops
  • Condition of doors and windows

Different people have different requirements, and not everyone has the same list of requirements.

It all depends on your thought process and personality. We all understand important things and potential compromises differently.

Needs – like basic requirements – can’t be ignored or compromised. Desires, on the other hand, are to be left behind if the situation demands it.

Surely, you need to make a clear distinction between what necessities are, and which items you would classify as desires.

You need to acknowledge that no matter how many desires you have unfulfilled at the moment, they can be worked on at a later date. Maybe you don’t like the color of the walls or the window frames, but it’s very easy to repaint walls and change the windows later.

Without being limited by a certain budget and the basic requirements that you can’t let go of, you should be able to find a great home at an affordable price.

Pet Owners

The majority of people love to have pets in their homes. Some people openly confess that their children and pets are alike.

Pets have taken so much importance in their lives that some even think that they could have children later on in life or maybe never become parents.

Also, those parents who have grown-up children and are alone at home have adopted a lifestyle with their pets.

Home buyers who are pet owners have specific requirements as well, because they have to consider providing for their pets.

It is essential that the neighborhood in which you are going to buy a house in has no restrictions on pets, for which reason you need to be careful and documented.

Usually, pet lovers don’t like carpets because their pets destroy all the carpet fabric and make a mess.

If you are a pet lover, it is better for you to find a home that has a fence, because the security of your pet is also important.

Then you need to consider the arrangement of rooms and the structure of the house to make sure it’s suitable for your pet(s) too.

Traffic in the area is another checkpoint, because certain pets such as dogs and cats can go out on the streets if the door is left open, and if it’s in an area with heavy traffic then that’s a real problem.

If you like, you may also ask if there were pets in that house before. It is also important to have pet-friendly neighbors because otherwise if they don’t like pets, that will create trouble for you and your pet as well.

Pet services like pet food and a vet should be near the house, or at least in range for a relatively short car ride.

Location

You can’t go to buy a home without choosing a suitable location. One of the most significant decisions when buying a home is where you want to live.

Location influences your everyday life.

The climate, job opportunities nearby and availability of necessary facilities are the most important aspects.

A home normally translates to peace and happiness, so the place that you choose for your house must be peaceful and at a distance from highways and other heavy traffic roads. It should also be fairly close to relatives or friends, if possible.

It is a known fact that in real estate, the most significant aspect is location.

The price is mainly based on the location and condition of the property. When someone starts looking for their house, it is important for them to consider the location and how far it is from schools, shopping areas, and other facilities.

Reviewing these points and then making a decision based on them is a wise choice because as much as you might have to pay more when you close the deal, it may actually save you from many expenses and headaches later. Home also means comfort, and comfort can’t come if the location is not suitable.

Schools

If you have a family or are planning to have children soon, then having schools is undoubtedly an important consideration when buying a house.

Living in an area where good public or private schools are available will save you from later headaches.

Even if you don’t have kids yet, it’s a good idea to have quality neighborhood schools so as to increase the value of your investment when selecting the location of your new home.

If you have difficulties finding a house near some schools that meet the threshold of your standards, then you may have to change your mind and choose another house.

This aspect is indeed one of the primary requirements for most people.

Neighborhood

Different neighborhoods will have different characteristics. Sometimes, the neighborhood becomes a reason for your happiness, and sometimes it becomes a headache for you.

You must make sure to be in a neighborhood that offers the closest possible match to the kind of lifestyle that you like and the personality that you possess.

Don’t choose the wrong neighborhoods believing that it’ll work out later. Even if you have a peaceful family life, neighbors can cause problems if you didn’t make sure to be in the right area.

Ideally, neighbors are the people who reach you in case of any difficulties; and if they are kind, they will help you through any difficult situation you that you may encounter.

Good neighbors can sometimes be trusted to watch over your kids when you’re away, or take care of your pet(s). A good neighborhood is not only a blessing but also a fundamental need because without it, there could be no peace at home.

While buying a house, there can be many things that require compromises.

Compromises may arise because of your budget, personal preferences, and dislikes, the location of the home, size of the garage, community, and distance from different important areas as well as structural integrity.

You must carefully make your decision because buying a house is a one-time job that can hardly be undone.