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4 Imperative Things To Consider Before Moving Home

Moving home is one of the most significant moments in your life. You’re taking your existence and taking it to an entirely new, different place. Whether you’ve only ever done it once or you consider yourself to be somewhat experienced in this field, you can’t deny that it holds a lot of importance. There are so many personal and financial connotations surrounding a home relocation, so it’s something that really should be thought about a lot. 

Because it holds so much weight and value, moving home should have a considerable amount of questions around it. You’ll have plenty of personal and recreational thoughts going into something like this, but you also need to take into account your finances and how your professional life will be impacted. The world will continue to spin and you’ll need to stay in control of your life when something as significant as this is undertaken. Here are a few questions that you need to ask (and talk about) before you commit:

Will You Be Able To Sustain The Home For The Long-Term? 

Whenever you move house, you aren’t really looking for a one-month stopgap – it’s going to be something that you are hoping to work on for years. If you don’t feel as though this can be something you can handle for close to a decade (or more), then perhaps you should rethink your decision. When the time comes to make a decision and if you are looking for a mortgage, you’ll be advised in all kinds of aspects. You’ll then be tasked with making a decision that could impact your personal and financial future. 

How Far Are You From Your Workplace?

Working is important, obviously. If you are moving to a place that impedes your ability to get to work and back, then perhaps the move isn’t right. If you work from home, then this kind of thought shouldn’t even raise your eyebrow. The same idea should be pondered if you have kids, though, as they’ll need to get to school.

How Are Your Underlying Costs Looking?

In terms of your overall finances, you’re going to have to look at your current regime and evaluate things. You’re going to have a lot of overheads already taking their toll on your bank balance and your savings. Whether we’re talking about basic needs, car insurance costs, debts you may owe, or anything of that nature. Take a look at this aspect before you make a significant decision.

Is It Situated In A Location Suitable For You?  

Whenever the topic of property or real estate is talked about, people always go straight to the location, location, location point. Where the home is situated matters an awful lot. If you (and your family) would like to be in a wonderful location with all of the right people, then you need to put in a little work and do the research. The location also matters due to the accessibility – people will need to be able to reach you and you’ll need to get to important places comfortably. 

Shopping for a Home? Here Are 6 Ways to Save Money

A home is one of the best investments you can make in life. For most people, this is also the biggest single purchase they make in life. With your own home comes freedom, and this is one reason most people save right after getting the first job. If you’re shopping for a home, you want to get the best value for your money. This post explores some simple ideas to help you save money buying a home.

Work With a Local Real Estate Agent

If you want to make the home purchase process easier and save money, use a local realtor. These real estate professionals have an intensive knowledge of the market. They know everyone selling and have different properties in the area at varying prices. If you want to save money, the real estate agent can find you a house suited for your needs and at the price range you want.

Look for Features and Additions

When shopping for a home, look beyond the structure and instead look at other features which add value to the property. From solar panels, water and hardscape features, oil tanks, outdoor additions, air conditioning to skylights, there are many features which can save you money. Once you move in, you don’t have to invest more money to improve the property.

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Boost your Credit Score

The higher your credit score, the more affordable your loan. As you continue saving towards the down payment of your home, make sure you improve your credit score. Evaluate your finances and make sure you repay all bills on time. Pay down your credit card debt and avoid taking up another loan in the meantime.

Shop for the Right Mortgage

Don’t rush to buy the first mortgage you come across. While your bank might look like the obvious source of financing for your home, consider other options on the market. The mortgage structuring also determines how much initial capital you need and the total cost of the loan.

Working with a financial advisor helps you identify the mortgage options on the market and also determines whether you need a fixed-rate or adjustable-rate mortgage. For such a huge investment, take your time to get the best deal. The last thing you want is to struggle with repayments or lose your home.

Save More Down Payment (Deposit)

If you want to enjoy the freedom that comes with homeownership, save more towards the down payment. This is the biggest secret to accessing affordable loans. If you have over 20% of the mortgage, you won’t have to pay for extra costs such as mortgage insurance.

Be Flexible

Everyone wants to buy that dream home, but it might not always be possible. For a start, you should be more flexible when shopping for a home to get the best deal. Don’t look for the grandest property on the listing, but also consider those that need some reworking. With some compromises, you can save on the home purchase and still get a good property.

Buying a home is not an easy process but with the right information, you can ace it and save money in the process. Use these tips to start your home buying process. 

Five Things To Remember Before Shopping For A Mortgage

The world of real estate has become more competitive than ever in the wake of the pandemic. Homebuyers need to get all the help possible to ensure that they are smart about their choices when shopping for a mortgage. You may find that the market is far tougher to get into than it was before, and that’s pretty much the case all around given that people are losing jobs and homes all over the world.

If you do manage to find your ideal house, you can use some help from Trufe to get some information on your mortgage choices. You want to present a great offer and be sure that you have the house closed ASAP. Finding the right lender is important, but it’s also helpful to find an advisor who can talk you through everything that you need to know about your mortgage and the choices that you have in front of you, too. So, what should you remember before you start shopping for a mortgage? Let’s take a look:

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  • Get referred. Ask your friends and colleagues who they chose to use to get their homes closed off and mortgages completed. They will be able to advise you on the best mortgage advisors and brokers out there, and they can give you a personal experience of getting their mortgage, too.
  • Know your budget. You can’t start house hunting without an idea of your affordability. It’s always wonderful to be nosey about the homes that are way past our budgets and play celebrity, but it’s not always the best option for you. Get to know your budget first and you will be able to shop realistically.
  • Pre-Approval is a must! If you want to skip the stress in the market today, get pre-approval for your loan before you start looking. If you know what your pre-approval rate is, you will know exactly what the budget is for your home dreams. Lenders will verify your application through your income and asset documents, and you need to have that information validated.
  • Get online and check reviews. Technology has revolutionized very different things in the market today, so if you get online and start researching your mortgage offers, you will be able to get to know which is the best place to look in the market for your mortgage. Research is a must!
  • Work well with your real estate agent. Your real estate agent is so important to your application, and you need to know someone who will give you honest information about mortgage lenders. They will be able to talk you through your mortgage options and you can use their insider knowledge to the industry, too!

When it comes down to it, it’s important to remember that your mortgage is the biggest purchasing decision you’ll make in your life. This should be done carefully so that you get the right lender and advisors on your side throughout the process. Buying your house allows you to level up in life!

How To Leave The Stress Behind When Moving Home

A recent study found that on average, people will move home eight times in their lifetime. You would think that the frequency of such moves would mean that it gets a little easier (or less stressful) over time, but this simply not the case. In fact, moving home is often the cause of great stress, be that due to financial pressures or property induced woes.

However, there are several steps you can take that make moving home a little easier – meaning you can focus on the positive side of moving – not the negatives! 

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  • If you are selling your current property, figure out how much your house is worth. Consult with experts to ensure that you are not selling yourself short, as you can use the extra cash towards a downpayment for your new home. 
  • Work closely with a Mortgage broker to ensure that you get the best deal on a mortgage. They have years of experience within the industry and are able to provide you with invaluable knowledge and insight that could save you hundreds. 
  • If you know you want to move, but aren’t sure where you want to move to – write down a list of everything you need from your new home. For example, do you need access to certain amenities? How long is your ideal commute? If you have children, you might also want to consider the nearby schools. 
  • Look around a variety of different properties before signing a contract. By shopping around, you’ll be able to gain a clearer picture of precisely what you are looking for – and you’ll know you are making the right decision when you find your dream home. 
  • When you decide to move, ensure that you have a clear budget in mind. Figure out how much you can spend on the move, taking into consideration some of the hidden costs of moving, such as removal fees. 
  • A large majority of the stress associated with moving is tied up in packing. Therefore, you should get started on this task early instead of leaving it till the last minute. Remember: the sooner you start packing, the sooner you finish. 
  • If you plan to redecorate your new property, see if the bulk of the decorating can be completed before the move. This means that you won’t be getting in the way of any of the decorators, and you can unpack right away after the move. 
  • If you are worried about finances, take an affordable approach to moving. For example, you can save money on buying new furniture through DIY projects or buying items second hand. Additionally, you can earn a little extra money by selling anything you no longer need or use. 
  • Another way in which you can reduce the stress associated with moving home is by taking your time. Unless you are moving for work, you have plenty of time to organise the move – meaning you don’t have to do everything right away. Slowing the process down a little also gives you a chance to save up money. 
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Photo by HiveBoxx on Unsplash

I’m Moving: How Much is My House Worth

Understanding the value of your property is important when you are moving and looking to buy a new home. You might find that your real estate investment has gone up since you originally bought it, that it is about the same price, or that the market has dipped. Even if you are not looking to move right now, it is still useful to know the approximate market value of your house.

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Finding Values Online

Some online estimators can help you determine the worth of your house, based on details such as its location and what prices homes sold for recently in that area. The good thing about these calculators is that they show a figure almost immediately when you enter the data the software asks for.

You will likely be prompted by an online calculator to enter the type of home it is, the year it was built, how much you paid for it, and the number of rooms (bedrooms and bathrooms). However, that figure is only an estimate of the neighbourhood.

The number is only as accurate as the amount of public data that the specific website has access to. A real estate agent can provide more accuracy, as well as additional information from other sources.

Getting a CMA

A realtor understands how to do a comparative market analysis (CMA) to find your home’s value. To be as precise as possible, this professional looks at nearby homes that are similar to yours (comps); they have the same number of bedrooms and bathrooms as yours, as well as a similar-sized lot.

Next, the realtor typically averages the figures of the handful of comparative properties. Then they have an accurate idea of your own home’s worth. This professional also likely has a lot of experience with the market that the online calculator mentioned earlier does not; they will factor in their knowledge with the numbers.

Assigning a Value is Difficult

When it comes to putting a number on your home when you’re selling it, this activity is very difficult for most people. It is tough not to think about all the memories you have had there and the effort you have put into home improvement projects.

It is hard to be objective, which is why a realtor will help you to do a CMA and suggest a price. Of course, that is only a suggestion and always remember that you are in control and can set the price. But if you go significantly higher than suggested, you have to be ready to explain why to those who are looking to buy.

Why is Knowing Your Home’s Value Important?

Understanding the worth of your existing home will help you to understand how to price it and then calculate what you can afford when looking for a townhouse or another type of house. After all, you are both a buyer and a seller.

When looking for a new property, the bank will look at the appraised value of your home as part of the mortgage approval process. So, it is in your best interest to know as much as you can beforehand.

What Else to Consider

Other details affect the value of your home too. For example, you don’t want to include comps that are on opposite sides of major roads or railways. While you might not realize it, these dividing lines can make a difference from a financial perspective.

Also, when comparing similar properties, try to get within a 10 percent variance of the square footage, if possible. Look at properties that were built around the same time as yours when making comparisons too.

Another factor that affects your home’s market value is curb appeal. If it looks outdated, it is likely to get a lower price than one that has a beautiful garden and was newly painted.

Finally, consider any upgrades you or the other owners of the other homes have done that increase its sale price. There might also be additional amenities in them that increase the property value.

Final Words on Home Value

When you are ready to buy a house, it makes sense to know the worth of your current property going into the process. Getting a CMA from a real estate professional is part of the process, as is looking at online listings to get an idea of what you can afford and what kind of house you would like to live in one day.

When you sell your home and buy a new one, you are moving into the next phase of your life. It is an exciting time, and you can feel good about the investment you are making in your future.

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