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Downsize Your Lifestyle To Upgrade Your Life

January 13, 2011 by admin · Leave a Comment

Many people are responding to our economic downfall by spending less money – Downsizing – in every which way they can. Less has really become More; in fact, Less is the new trend.

Cutting back on your spending can easily leave you feeling deprived if you view it in a negative light. But focusing on the fact that you can’t afford the lifestyle you’d like right now will only lead to a worse quality of life. The question is what are you willing to change in your life to achieve your goals?

Shifting your focus away from what you wish you had, though, frees you to take a closer look at what you actually do have right now. It’s then that you can discover hidden treasures in your situation. Could it be that living with less money could lead to more satisfaction? That’s what our family has found. Downsizing our lifestyle has led to a richer life than we ever could have experienced if we’d spent lots of money.

Here are some ways you can downsize your lifestyle to upgrade your life:

Move to a less expensive home. Freedom from the pressures of a large mortgage payment is priceless. The monthly mortgage payment is generally the largest single expense consumer’s face. It routinely accounts for 30% or more of your gross income. A small home also means less space to have to clean, lower utility bills and property taxes, and fewer repairs to handle. How many of your resources are tied up in your house? If you make the right move, you might be able to trade in your house and use the profit from the sale to purchase your next home in cash.

Eat out less. But the benefits of eating at home aren’t just financial. When you make your own meals, you can control what ingredients go into them and prepare food in healthier ways than you’d typically find at restaurants. If restaurant meals are breaking your budget, try eating all your meals at home for a certain period of time and see how much money you have saved.

Eliminate extras. Unnecessary indulgences like manicures, fancy coffee shop drinks, and high tech gadgets that do what you can do yourself can waste a lot of your hard-earned money. When you let go of them, you learn how to separate what you truly need from what you merely want.

And finally, change the way you think about life and money.

Think about these mind set changes; if it cost money, then do not buy it. Find it for free or do without.
Ask yourself, do I really need it and can I really live without it?

Remember, life is not over when you eliminate a few material possessions.

About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida. Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties. For more information please forward your request to communityinfo@comcast.net

The Do’s And Don’ts Of Buying A Home

January 13, 2011 by admin · Leave a Comment

If you think you’re ready to buy a home it’s important to prepare yourself and spend some upfront time doing a little homework to see just how prepared you really are to become a homeowner.

The Definitely Do’s

Get pre-qualified before you go:
By pre-qualifying with a knowledgeable mortgage consultant you’ll know exactly what price range you can afford. Many times buyers get excited about a home they have found; and want to make an offer. However, if you don’t have a pre-qualification certificate the seller may not seriously consider your offer. There may be other offers on the table at the same time. The seller then would most likely accept the one from the buyer who is pre-qualified.

Get your documentation in order:
By providing all the necessary documents promptly, your process will go quicker and smoother, and that’s what you want. Here are some items you will need. If you are employed by a company, you will need to provide your last 2 years W2′s, your last month’s pay stubs, and the last 3 months statements for checking accounts, savings accounts, money markets, stocks, bonds, and retirement accounts. If you are self-employed, you will also need your last 2 years personal and business tax returns, and your year to date profit and loss statement.

You Definitely Don’t Want to

Have a negative history of bill payments:
There is no single element that can so dramatically impact the success of an application as your credit history. Mortgage representatives are going to scrutinize your bill paying history. Another thing, of course, is your personal savings. People should have a good disciplined savings pattern and that’s going to translate into how you’ll handle homeownership.

Don’t finance any expensive purchases that will add to your monthly debt:
When applying for a mortgage, your income and expenses need to be at a certain ratio. By adding more debt to your existing monthly outlay, your ratios could increase to a point of being detrimental.

Don’t get in over your head:
When buying a home, it’s easy to let your imagination run wild with possibilities. Don’t try shooting for that six-bedroom house on the beach if it’s going to be too much of a stretch on your current budget. You can number crunch and daydream all you want but at the end of the day, can you afford that monthly mortgage payment along with all the other homeowner responsibilities? It’s a good idea to know what your goals are and what you can afford, before you set out to buy.

If you’ve missed the mark on any of these Do’s and Don’ts of buying a home, do not let that dissuade you and wipe away your dreams; meet with a professional and outline a plan of action to see where you stand and what you need to accomplish to become a homeowner.

Buying Unfinished Homes

January 13, 2011 by admin · Leave a Comment

Unfinished homes present a great way to save a ton of money and get yourself a new home in the process. If you buy an unfinished home, you can keep your monthly mortgage payment low and also lower your initial investment. You may also be able to buy a larger foundation size as well, which you can easily add on to and save money in the process.

Normally, unfinished starter homes leave the upstairs area unfinished. The question here is just how much equity you want to put into an unfinished area. Before you make a purchase, you should always decide how much money you have to finish what needs to be finished.

If the home you are looking at has plans for a garage, you can save thousands if you decide not to go with the garage; and the best part is – you can get it finished at half of what the builder is charging. On the other hand, if there is another attached room that is planned to go onto the house, you can save just as much if you decide to forgo it. There are always ways that you can save money just by looking at the plans. Unfinished homes may have other planned on additions as well, in which you can save a lot of money just by leaving them out.

This is something that you should always keep in mind. When builders acquire a piece of property that they plan to build a home on, they will do everything they can do to make as much money as possible on their homes. You might be able to get them to agree to some of these ideas, although they probably won’t agree to all of them. Building homes can be a very profitable business – which is why most companies like to build their homes exactly as the plans call for.

As most of us already know, buying an unfinished home provides an excellent way to get into the housing market and get your very own home. Unfinished homes also allow potential buyers the chance to grow into their home along with their family. If you are interested in saving money, you should be sure to talk to the builder. This way, you can go over the plans and decide what doesn’t need to be there.

In most cases you can save a lot of money and still get a home that will provide years and years of memories for yourself and your entire family.

Buying A Home At A Discount

January 13, 2011 by admin · Leave a Comment

Real estate is no exception when we talk about how inflation has affected each and every aspect of our life. At first, buying a home was only a matter of selecting your area, surveying places around it and making a decision. Times have changed now and the first thing that you bring under consideration is affordability. Not that you didn’t worry about finances back then, but you at least knew you weren’t over paying for your property. So the name of the game, when it comes to buying real estate today, is not only to get the best house of your liking but also to get the best financial deal for yourself.

Short Sales

So what do you do to get a discount while buying your dream home? The first step that you can take in order to find good financial deal on your next house is reviewing Short Sales.
A short sale means a sale that falls short of the amount owed on the mortgage. They happen only when the seller can’t come up with the cash to pay off the difference. Most important, though, is that they can happen only when the lender agrees to accept the reduced payoff. However, it doesn’t mean the lender will agree to sell to you in all cases.

Lenders aren’t in the business of accepting less than they are owed, so few short sales make it to the finish line. The best way to go about it is to hire an agent who has experience with short sales. He knows how to find people who are looking to sell. First, find out if the bank even has a clue that the seller is trying for such a deal; it would be a complete waste of time to try and bargain with the seller just to have the bank refuse the deal.

Foreclosures

Another way to look for a discounted deal is to look for foreclosures. Everyone has heard about foreclosures and the overwhelming inventory available. Situations like this usually give rise to discounted prices, especially in today’s times, because of the large inventory of homes sitting on bank books.
Buyer Beware; this process is lengthy and buying a foreclosed home can be full of pitfalls. If you have this picture in your mind of a well-maintained family home, surrounded by a white picket fence that is owned by an elderly woman who couldn’t keep up with mortgage payments, think again. Those types of foreclosures are few and far between. Unless you are a licensed general contractor, bring someone who is highly knowledgeable about construction with you.

Many foreclosed homes need repairs and most have been gutted by squatters looking to sell the best features of the home. Assuming that you’ve done all your homework and you still want to purchase that foreclosed property, your real estate agent will make an offer to the bank.

Best advice before getting to this point is while seeking that foreclosed home, get your financing complete with pre-approvals – the deal will go a lot smoother if the bank sees that all the foot work has been completed.

Short sales and foreclosures are just two options available to you. And, while they may be challenging deals to put together, they can be a great avenue towards home ownership.

6 Common Mistakes Homebuyers Still Make

January 13, 2011 by admin · Leave a Comment

Getting a new home is easy but tricky at times. Many buyers are encountering stumbling blocks en route to their chosen house. This is because they commit minor mistakes along the way that hinders smooth processing. This can be prevented only if you are familiar with these common mistakes.

1. Having no pre-arrangements with the bank for mortgages before making an offer is the most popular mistake. Communicate with a bank to know the price range you are capable of paying and other mortgage details that you need to know.

2. Knowing your exact budget is critical. Most people look around for houses even without the budget in mind. First thing you need to know before finding a home to purchase is how much you can pay for a new home. You can save much time if you trim down your list of houses based on its price; imagine finding that dream home only to find out you won’t be approved for the mortgage?

3. Getting unreliable and inexperienced real estate agents is a big no-no. Choose an agent that has the background to back him or her up. Also, consider the real estate companies you are dealing with. Make sure that they have a good standing in terms of the services they are providing.

4. Most people are shopping around within a limited market. You can find homes for sale anywhere such as internet, print ads, and even on TV. You may also want to ask for help from your agent to provide you a list of preferred houses. You can save time if you know what kind of house you are looking for.

5. Purchasing a home long distance without thorough inspection is a mortal mistake. After choosing a home, it is a must to visit it personally so that you can see it in a closer view. Some pictures only show the good angles of the house. It can be very deceiving at times. Check the structure and foundation to ensure safety. Also, look around the neighborhood and get comfortable with it.

6. Buyers tend not to compute the total cost of the house. Other expenses such as home insurance, association dues and even lawyer’s fee for proper documentation of the purchase should be considered. We are not talking about coins here. These range from hundreds of dollars to even thousands. You need to prepare your pocket for it.

Buyers are usually not aware of all the details. It is your home and you are responsible for it. You need to know and understand everything about it, from home warranty to insurances and even the history of the house.

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Featured Posts

Downsize Your Lifestyle To Upgrade Your Life

The Do’s And Don’ts Of Buying A Home

Buying Unfinished Homes

Buying A Home At A Discount

6 Common Mistakes Homebuyers Still Make

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