Beverly VeechLoan Officer – Renovation Mortgage Specialist NMLS#: 1414790
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Whether your family is welcoming new additions making for a larger household or your current living space doesn’t have the room you desire to entertain others and fit everything you need, buying a larger home is a process and making the decision to upsize takes a lot of factors into consideration. Current homeowners looking to purchase a larger home can do so by utilizing their home equity. What is home equity? How can you increase it? Check out these answers to some common questions to determine if purchasing a larger home is right for you and your family. What is home equity? Simply put, home equity is a homeowner’s financial interest in a home that can increase over time. Home equity typically starts when a mortgage is made out on a home and homeowners begin to make monthly payments. For example, if a home is $200,000 dollars and the owners purchased it at full value with a 20 percent down payment and a loan from the bank for the remaining amount, they have 20 percent of the purchase price or $40,000 that they own. Depending on the worth of the house as well as the down payment, home equity can be used towards the purchase of another home. In a 2019 Q3 U.S. Home Equity and Underwater Report conducted by ATTOM Data Solutions, 14.4 million residential properties in the United States were considered equity rich, meaning that the combined estimated amount of loans secured by those properties was 50% or less of their estimated market value. In other terms, these homeowners have at least 50% equity can use it towards the purchase of a new home. How can you increase your home equity for a larger home purchase? Over time, ...
Buying a home is a major investment and for some might be a scary one. The cost of maintenance, utilities and property taxes might be increasing in New Jersey, however, recent real estate reports show that buying a home can set one up for a successful financial future. Whether you are newlyweds looking for your first place to settle down or starting a new career in a new location, some turn to renting a residence for cheaper monthly costs and less hassle. While it may seem like you are saving money by renting, you are actually spending MORE than you would buying a home. Check out these reasons for the benefits of investing in your own property. It’s exclusively yours No strings attached. Being a homeowner means you have your own place that is not anyone else’s and can do what you want with the space freely. Whether you want to paint the living room a new color or change the countertops in the kitchen, it’s your call and you don’t have to seek permission from a landlord. When you are renting a home or apartment, you can’t ever have the space be truly yours since personalization has its limitations. Think of owning a home as your own little HGTV project: you can remodel and redecorate for any style or vibe you are looking for your home to convey. You can see benefits come tax season We all dread the month of April...the 15th to be exact.. But when you own a home, that time of year might not be so unpleasant. When renting a place, you feel as if the burden of taxes is lifted off your shoulder. While that may be true, you will end up paying more for the residence than you would if you owned ...
For some sellers, selling their home as fast as possible is important. Perhaps you need to get to your new home and location for a job opportunity or you are just eager for that fresh start, there are many ways to make your property the best it can be that can result in a faster sale. 1. Make your home warm and welcoming Making your home a place where potential buyers can feel welcomed is key to having a quick and successful sale. By decluttering rooms in your home and only keeping out essential furniture like end tables and sofas, you can assist prospective buyers in visualizing themselves and their personal belongings in your space. Keeping each room of the house neutral with warm color accents and decorations that aren’t too over the top will help the buyer decide if they can truly make the space their own. You can also try rearranging your furniture to allow a somewhat smaller space to have the illusion of being a bigger part of the home. By doing this, Not only will your house spend less time on the market but it will also increase its value and the buyer might be willing to spend more on the property. 2. Adopt the minimalist lifestyle If you choose to stage your home like the advice mentioned it Tip 1, it is important to maintain its organization. If you have a household of young children, store away any toys or mess before an open house and make sure items like clothes and beds are neatly arranged. According to most real estate professionals, the most appealing room to prospective buyers when looking at a home is the kitchen since most of the cooking and gathering of the family is done in this spot. Make sure your ...
You’re looking to sell your home in the new year and finally settle into retirement or move into a neighborhood closer to school or work...we’ve all been there. Selling a home can be a challenging process through working with the right realtors to preparing mentally for the process. Here are a few common mistakes to steer clear of when you place that “For Sale” sign on your front lawn. Mistake #1: Listing your home for more than it’s worth New Jersey is becoming a booming market for small and large businesses to grow their headquarters so a lot more people are considering the garden state for their next home, however it is a gradual process making real estate inventory on the low side. When inventory is low, sellers believe they should increase the price of their home to attract buyers who will become desperate for a home.Think again. When a potential buyer is interested in the seller’s property, the next step in the buying process is to get an appraisal of the home to determine a fair price. This is where if the price of the home is selling for more than what it’s worth, that price might need to be renegotiated. Seeking help from a real estate professional is a great way to ensure a seller is selling their home at a fair price. Mistake #2: Getting too emotionally involved with the sale Everyone knows what it feels like when you buy your first home. That feeling of hope and excitement is overwhelming and you are proud of your first major investment. Over time, these emotions don’t burn out completely. A seller who gets too emotionally involved within a sale might increase the ...
In previous blog posts, we’ve explained the real estate closing process in New Jersey and the various costs that home buyers have to pay. Today, we’ll talk about some of the things buyers can do to prepare for closing day. But first, a quick definition is in order. Definition: You can think of the “closing” as the final step in the home purchasing process. It’s when you will sign all of the finalized documents relating to your mortgage loan and the transfer of the property. It’s also when you’ll receive the keys to your new place. How to Prepare for Your Closing Day As a home buyer in New Jersey, there are some steps you can take to help ensure that your closing process goes smoothly. Much of the paperwork will be done by other people, such as a title or escrow professional. But home buyers can be proactive here as well. Here are some steps you can take. 1. Start saving for closing costs and other expenses. It’s never too early to start putting money aside for your closing costs, and the more you can save the better. Most home buyers in New Jersey have to pay closing costs of some kind when they purchase a house or condo. You’ll receive an estimate of these costs when you apply for a mortgage loan, as well as a finalized list shortly before the scheduled closing day. Getting a head start on the saving process can help ensure that you’ll have the funds needed to close. 2. Try to keep your financial situation stable. When you’re being reviewed for a mortgage loan, it’s generally a good idea to keep your financial situation “static.” That’s ...