A Plan for First-Time Homebuyers: Go from Prepared to Purchase
If you’re a first-time homebuyer who has succeeded in saving enough for a down payment (remember, you don’t necessarily need 20%) on your very first home – congratulations! You’ve tackled one of the hardest parts of the homebuying journey with success, but you haven’t crossed the finish line to homeownership just yet. Now it’s time for the follow-up work that can take you from prepared to purchase.
Credit Check
Do you know your credit score? If not, it’s time to request a copy of your credit report from TransUnion, Equifax and Experian to find out your score and what it means to your future financial picture. Start working to resolve any errors or outstanding debts before it’s time to make an offer on a house. It’s important to determine your DTI, or debt-to-income ratio, by reviewing assets and debts. The higher your DTI percentage, the riskier the investment is for lenders – which can lead to higher interest rates.
Expert Advice: Staging Your Home for Selling Season
If you own a home, it is likely one of your largest investments. When the time comes to move up or downsize, you want to do everything in your power to protect your equity and get your asking price – or more. One way to ensure your home is listed, and purchased, at the right price point is to work with a real estate agent to boost your home’s buyer appeal. Check out these home-staging tips from experts across the country.
Depersonalize and Neutralize
A home filled with someone else’s personal belongings and clutter can make potential buyers feel as though they are invading private space. “Neutralizing the atmosphere encourages buyers to envision themselves living there,” says Leslie Cain with RE/MAX Realty Affiliates in Carson City, Nevada. “Think of staging your home as an investment – it typically costs less than a first price reduction [if the home doesn’t sell].”
How a Home Office Can Increase Appeal for Home Buyers
With housing inventory remaining tight in recent years, RE/MAX agents are diligent about keeping up with the trends to help clients buy and sell properties in this competitive market. “Remote-friendly” workplaces are one of those rising trends. In fact, according to 2018 data from the U.S. Census, nearly 8 million people worked at home in 2017.
“In my experience, the home office is an integral part of the millennial homebuying criteria,” says Chris Krzemien with RE/MAX Experience in Fort Lauderdale, Florida.
If you think it might be time to get to work (pun intended) on sprucing up – or creating – that home-office space, here are some tips to help you get started:
• Designate a Dedicated Office Space. One of the pitfalls to working from home is distraction. It’s crucial to create an atmosphere that’s conducive to professionalism and creativity. If your home is big enough to accommodate an entire room dedicated solely to work, an office might be a draw for millennials envisioning their productive and comfortable work-from-home days. If not, it’s a great idea to establish a semi-private area in your home where a buyer could picture themselves using a computer, talking on the phone and keeping important documents stored.
Nalini “Ash” Maharaj
Lic#1888582Residential & Commercial, MBA
(760) 401-1309
Email Ash
Military Relocation Professional
Associate Broker
