DEAN GRAZIOSI: DEAN GRAZIOSI REAL ESTATE

If you are considering buying a home for the first time or purchasing a home after getting back on your feet, you will need to make sure your credit is good enough to get the home loan you will require. There are several things you can do to make that happen. It takes about a year to repair credit, however, so keep that in mind when making your plans to purchase a home.

The first thing you need to do is get a copy of your credit report. There are three credit reporting agencies: Equifax, Experian, and Trans Union. You will need to get a copy of your report from all three agencies, as different agencies may show different debts and you want to be sure you have them all in line. You can get a free copy of your report from each agency once per year.

Once you have your credit report in front of you, highlight anything that doesn’t look familiar. Don’t be afraid to question debts on your report. There may have been a mistake or you may have been a victim of identity theft. If you see a debt that you thought was paid but is showing past due, you should highlight this as well. Follow up on these debts by contacting the creditors, getting original statements, and verifying that the debt is valid. If it is not, you can have it removed from your credit report, improving your score.

Once you have addressed any issues of this nature with your credit reports you need to make a list of the debts you owe. Total the list and see how much debt you have. You should work on getting this debt paid down as much as possible over the next year. The more you can pay it down the better off you will be. Contact the creditors and see if you can make payment arrangements. If you can, then your credit report will begin to show “paid as agreed” rather than “delinquent.” This can make a huge difference in your credit score as well.

Finally, you need to stop getting things on credit as much as possible throughout the year. While taking out new lines of credit such as a credit card can improve your score, using those credit lines and racking up debt will hurt your score. You also want to make sure you pay your bills on time for the entire year, including utilities and the payments on the debts mentioned above. All of this will help improve your score slowly over the course of the year. By the end of the year, unless you have an insane amount of debt, you should be able to qualify for a home loan.

Bookmark With

After you have saved up enough money to start seriously thinking about buying a home, you have a lot of decisions to settle. One of the first is whether to buy a house that already exists or to have one built specifically for you. Consider the pros and cons of buying pre-built.

Buying Pre-Built

Pro: You do not have to wait while the home is being constructed. As fast as you can close on the contract, the home may be ready to move into.

Con: Someone may have lived there before you, and they will have left their mark, whether in minor damage, interior decorating, or poorly executed repairs.

Pro: You do not have the hassle of overseeing the construction of the home as it is being built.

Con: Since the home has already been built, you may not be aware of structural or mechanical problems that exist.

Pro: Someone has already made many choices, and you get the full-scale, living color view of how they have turned out.

Con: You do not get to experience the excitement of making your own decisions about the layout of the rooms and the colors of the walls. Anything you do not like, you have to change or have changed.

Pro: You can negotiate the price you want to pay for the house very quickly in most situations for a pre-built home.

Con: When you build a home or have one built for you, you can make money saving decisions all along the way. In fact, it is usually much less expensive to have a home built for you than to buy the equivalent home already on the market.

Pro: The most tiring part of purchasing a pre-built home is the search, and people who build homes also have to find a site to build on. With pre-built, the search is the end of the physical labor of getting a home.

Con: Building a home from scratch may be more tiring as you go through the days making decision after decision and watching over the construction. However, in the end, you have the satisfaction of knowing that you have the exact home you wanted: your dream home.

Building a home is a fantastic way to get what you want, and at a less expensive cost in most cases. It requires more effort, but many people feel that it is worth every moment they spend. On the other hand, it is much easier and quicker to buy a home that has been pre-built. You know what you are getting right up front and you do not have to guess how much the final price tag will be. Whether you build or buy, in the end, is simply a matter 

Bookmark With

Home ownership is something that many people strive for.  Not only will it provide you a place to call your own, but it is also important for the community as well.  For every two homes that are sold, one job is created.  Also, each home purchase can generate as much as $60,000 in economic activity over time.  There are many benefits to owning your own home as opposed to being a renter, the home is yours.  If you don’t like the color you can paint it, if you’re tired of that wall you can always knock it down.  Owning a home is not only important to the community but it is important for you as well.

Studies have also shown that people who own their own home have a greater net worth, are more active in the community, are healthier and enjoy a better quality of life.  Owning your own home provides you with a sense of control over your own life.  You don’t have to constantly worry about whether or not the landlord is going to sell the home.  You are in control, you know your home is going to be there and that it is not going anywhere.  You are also more in control of how large your monthly payment is.  Homeowners tend to have a better credit score than renters which can result in them acquiring lower interest rates.  Some homeowners actually pay less per month than many renters do.

Another benefit of owning your own home are the tax breaks that come along with it.  Homeowners are allowed to take certain deductions off of their annual income taxes.  These deductions include mortgage interest and property taxes as well as any home improvements that may have taken place during that year.  To ensure that you are properly deducting the correct amounts on your taxes each year you may want to consult with a tax professional that will ensure that you are deducting all of the appropriate amounts related to your home.

Home ownership can also impact your career.  Employers who are looking for someone who is going to be around long term tend to choose someone who owns their own home.  Owning your own home shows potential employers that you are not going to leaving unexpectedly and you are reliable.  Home ownership also shows that you are responsible and that you take pride in yourself.  People who own their own homes also tend to be more productive and dependable. 

Home ownership has many benefits, if you feel that are ready to take the leap and purchase your own home consult with an experienced realtor who can show you properties that are in your price range.  An experienced realtor will help you find the perfect home for you and your family in an area that will be happy to live in for many years to come.

Bookmark With

Determining the asking price for your home is a big step, there are many things to consider in determining a fair price for your home.  A lot of things factor into this determination, and the current state of the real estate market is making this process somewhat more difficult.  To determine the best price to sell your home you should be as accurate as possible to ensure that you receive a fair price.

The first step in determining the price of your home is to determine the assessed value ratio of your home.  To do this you are going to compare the value of your home to those that have recently sold in the area.  You will need to obtain the most recent sales prices for homes that sold in your area in the last six months or longer.  It is important to only include homes that actually sold, once you have this information you should narrow down the list to the four or five most recent sales in your area.  These prices will help in determining the value of your home and what you should list it at.  When compiling this list you should include homes that are similar to yours, this includes bedrooms, total square footage and the size of the yard.  These are important factors when determining your asking price.

Another tool that you can use to determine your selling price is the internet.  You can research homes in your area by entering your zip code, the number of bedroom and bathrooms.  You can also narrow down your options by selecting a certain price range to search in; this will provide you with a list of homes for sale in your area.  You can then use this list to compare your home to those that are listed.  This is an excellent way for you to look at many different homes at one time.  Using the information gathered online you can then create a price range for what you would like to list your home.

If your neighborhood has a lot of open houses during the weekend you may want to consider stopping in.  Looking at other homes for sale in your area can help you determine what an acceptable asking price would be.  You should take into consideration the condition of the homes and any improvements that they may have that your home doesn’t.  This is another great way to find out what you should ask for your home when you list it.

Determining the asking price for your home is a very important step.  You want to ensure that the price you settle on is fair and not too low or too high.  Pricing your home too high may cause your home to sit on the market and not see much activity; while pricing too low may result in multiple offers and a bidding war.  It is better to be on the side of a bidding war than having your home sit for months without any acceptable offers.

Bookmark With