Did you know that condominiums are one of the fastest growing segments of the housing market? Owning a condo is perfect for those with busy lifestyles, little interest in home maintenance or landscaping chores or who frequently travel. Condos are a fine choice for a first home or when downsizing from a larger house.
Here are some pros and cons to consider:
Condo:
· Fewer maintenance requirements.
· Usually less expensive than a single family home.
· You own the space inside the walls.
· There can be more security with neighbors close by.
· The exterior of the building, landscaping, surrounding roads and driveways, and common areas all owned by the condo association, a group made up of all unit owners.
· Special assessments by the association for painting or repairs can be a substantial added expense.
Single family home:
· Usually offers more storage space.
· You own the interior as well as the exterior.
· You are responsible for all maintenance, landscaping and repairs.
· You usually don’t have to pay community dues or special assessments.
· You have room to grow plants, flowers, trees, veggies, etc.
Think about how your household may change over the next few years. Will you still need a larger home or will you have enough space in a condo? Or would you be happier in a smaller house with room for a garden?
For more information about real estate options in our market, call or email us. We’d be happy to provide you with that info via email or we can show you what is available.
Showing posts with label Buying a richmond home. Show all posts
Showing posts with label Buying a richmond home. Show all posts
Wednesday, December 10, 2008
Tuesday, September 23, 2008
First Time Home Buyer: Part 4 of 8
The Importance of Pre-approval
Pre-approval can be a very valuable step towards purchasing a home. Many home buyers get pre-qualified for a home loan early on, and then become pre-approved before beginning a serious home search. By completing your mortgage application prior to choosing a home, you can get a pre-approval letter stating how much home you can afford.
Your pre-approval letter lets you know exactly how much you can spend, and it shows home sellers and real estate agents that you're serious about buying a home. This may give you leverage in the negotiation process. Many sellers actually prefer to work with pre-approved buyers, especially in hot real estate markets.
To find a mortgage professional and get started with your pre-approval for a loan, please call or email me. My goal is to provide you with practical information as you consider your next move.
Pre-approval can be a very valuable step towards purchasing a home. Many home buyers get pre-qualified for a home loan early on, and then become pre-approved before beginning a serious home search. By completing your mortgage application prior to choosing a home, you can get a pre-approval letter stating how much home you can afford.
Your pre-approval letter lets you know exactly how much you can spend, and it shows home sellers and real estate agents that you're serious about buying a home. This may give you leverage in the negotiation process. Many sellers actually prefer to work with pre-approved buyers, especially in hot real estate markets.
To find a mortgage professional and get started with your pre-approval for a loan, please call or email me. My goal is to provide you with practical information as you consider your next move.
First Time Home Buyer: Part 3 of 8
How Much Home You Can Afford
First-time buyers are often unsure about the financial aspects of buying a home, and you may have many questions swirling in your head. How much can I afford? Do I need a large down payment?
Your home price range will be determined by your income, credit history, the cash you have for a down payment and closing costs, and your debt. How much you earn compared to how much you owe will likely determine how much the bank allows you to borrow.
The financial rule of thumb is: your total monthly debt service, which will include your monthly mortgage, shouldn't be more than about 36 percent of your gross monthly income. Most experts say that your monthly housing expense, including taxes and insurance, should not exceed about 28 percent of your gross monthly income.
Naturally, every situation is different, and each lender has different rules about working with buyers. A number of choices within your control can affect your monthly payment as well. For example, you might choose an adjustable rate loan, which has a lower initial payment than a fixed rate program. Similarly, a larger down payment may lower your monthly payment.
If you'd like more information about how much home you can afford, please call or email Mohamed Mekhimar. We can help you get the mortgage information you need.
First-time buyers are often unsure about the financial aspects of buying a home, and you may have many questions swirling in your head. How much can I afford? Do I need a large down payment?
Your home price range will be determined by your income, credit history, the cash you have for a down payment and closing costs, and your debt. How much you earn compared to how much you owe will likely determine how much the bank allows you to borrow.
The financial rule of thumb is: your total monthly debt service, which will include your monthly mortgage, shouldn't be more than about 36 percent of your gross monthly income. Most experts say that your monthly housing expense, including taxes and insurance, should not exceed about 28 percent of your gross monthly income.
Naturally, every situation is different, and each lender has different rules about working with buyers. A number of choices within your control can affect your monthly payment as well. For example, you might choose an adjustable rate loan, which has a lower initial payment than a fixed rate program. Similarly, a larger down payment may lower your monthly payment.
If you'd like more information about how much home you can afford, please call or email Mohamed Mekhimar. We can help you get the mortgage information you need.
First Time Home Buyer: Part 2 of 8
Considering Making a Move?
When you're thinking about making a move, the first steps in the home buying process are:
1. Deciding when you want to make your move
2. Considering how much money you would like to spend
3. Thinking about what type of home you would like
4. Deciding where you would like to live
The next step is usually finding out how much loan you can qualify for and deciding the type of financing will work best for you.
If you're in the "thinking about it" stage, you will want to speak with a lender about receiving pre-qualification. If you choose to become pre-qualified, the lender will determine how much you can borrow based on financial information you provide to the lender. Pre-qualification is useful for making preliminary decisions about how much home you can afford, but does not assess your creditworthiness.
You will need to fill out a loan application and go through the lender's loan approval process at a later date. When you decide to buy a home, you will want to become pre-approved for a loan prior to beginning your home search.
Please don't hesitate to call or email me for additional information about the buying process. Our goal is to provide you with practical information as you consider your next move. And, when you're ready to make your move, we'll help you find your dream home and handle all the details of the transaction, so all you need to do is pack
When you're thinking about making a move, the first steps in the home buying process are:
1. Deciding when you want to make your move
2. Considering how much money you would like to spend
3. Thinking about what type of home you would like
4. Deciding where you would like to live
The next step is usually finding out how much loan you can qualify for and deciding the type of financing will work best for you.
If you're in the "thinking about it" stage, you will want to speak with a lender about receiving pre-qualification. If you choose to become pre-qualified, the lender will determine how much you can borrow based on financial information you provide to the lender. Pre-qualification is useful for making preliminary decisions about how much home you can afford, but does not assess your creditworthiness.
You will need to fill out a loan application and go through the lender's loan approval process at a later date. When you decide to buy a home, you will want to become pre-approved for a loan prior to beginning your home search.
Please don't hesitate to call or email me for additional information about the buying process. Our goal is to provide you with practical information as you consider your next move. And, when you're ready to make your move, we'll help you find your dream home and handle all the details of the transaction, so all you need to do is pack
Tuesday, September 9, 2008
First Time Home Buyer: Part 1 of 8
Why Buy Instead of Rent?
When you're thinking about buying your first home, it's essential for you to be confident in your decision to buy instead of rent. However, you may not know about the many great reasons to buy a home! Here are just a few of them:
Smart investment
When you invest in a home, it offers the possibility for appreciation in value. The equity becomes yours when you're still paying off your mortgage. You even get to live in it while your investment matures.
Tax advantages
Since both mortgage interest and property taxes are tax deductible, homeownership can save you significant amounts of money every year.
Planned housing costs
You decide how much you spend on your home, including repairs and improvements. Unlike renters, homeowners with a fixed-rate loan can lock in their monthly housing costs.
Improvements to your taste
You can choose which improvements to make your own property, such as a deck, kitchen remodel, or new paint, instead of needing permission from your landlord.
If you have more questions about making the decision to buy a home, please feel free to call (804-243-0605) or email (mmekhimar@remax.net)!
Warm regards,
Wednesday, April 9, 2008
Buyers, what are you waiting for?
Buyers are now faced with a common dilemma in today's buyer markets. They often ask...
"If home prices are still going down, should I wait to purchase until later this year?"
The short answer is no. It's not smart to time the market. My advice to first-time, move-up, and relocating buyers: buy when it's the right home at the right time for you.
THREE REASONS WHY NOW IS A SMART TIME TO BUY
1. Flexible loan options are available. Buyers with "ok" to good credit can obtain 100% financing, asset-based loans, and put little money down.
2. Interest rates are great. Buyers who were on the fence have jumped on the ability to obtain a good interest rate.
3. More competition from Sellers to sell their homes. The market heated up in March, but there is even more competition among Sellers during summer months.
"The thing that will make home prices stop falling is the
very same thing that will push mortgage rates higher,"
says Jim Svinth, chief economist at mortgage firm
Lending Tree. So anything you gain by a further drop in
prices might be offset by rising financing costs.”
- TIME MAGAZINE | February 25, 2008
"If home prices are still going down, should I wait to purchase until later this year?"
The short answer is no. It's not smart to time the market. My advice to first-time, move-up, and relocating buyers: buy when it's the right home at the right time for you.
THREE REASONS WHY NOW IS A SMART TIME TO BUY
1. Flexible loan options are available. Buyers with "ok" to good credit can obtain 100% financing, asset-based loans, and put little money down.
2. Interest rates are great. Buyers who were on the fence have jumped on the ability to obtain a good interest rate.
3. More competition from Sellers to sell their homes. The market heated up in March, but there is even more competition among Sellers during summer months.
"The thing that will make home prices stop falling is the
very same thing that will push mortgage rates higher,"
says Jim Svinth, chief economist at mortgage firm
Lending Tree. So anything you gain by a further drop in
prices might be offset by rising financing costs.”
- TIME MAGAZINE | February 25, 2008
Saturday, March 29, 2008
Buying a Richmond Home? Down Payment Assistance Program
Are you looking to purchase your first home in the Richmond area soon? Well, the city of Richmond has a Downpayment Assistance Program for first time home buyers that could help make this dream a reality. The goal of the program is to increase the homeownership rate among first time buyers in lower income and minority households.
There are some requirements to Downpayment Assistance Program. There are income limits and the buyer must be purchasing their first home within the Richmond city limits. There is also a free homebuyer education course that must be attended.
For more information on the complete requirements and details on the program please feel free to contact me mmekhimar@remax.net or give me a call 804-243-0605.
There are some requirements to Downpayment Assistance Program. There are income limits and the buyer must be purchasing their first home within the Richmond city limits. There is also a free homebuyer education course that must be attended.
For more information on the complete requirements and details on the program please feel free to contact me mmekhimar@remax.net or give me a call 804-243-0605.
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