Cheryl Fleming, GRI, ABR's Blog
When you’re searching for a house, the location is often key. Maybe you have found homes in your desired city or town. Yet, all homes are not created equal. Locations aren’t created equal either. There’s advantages and disadvantages to the type of street that a home is on. If you’re on a main road, you may have more accessibility to what you need, but traffic noise could be a negative aspect of this living situation. Living on a cul-de-sac gives you the best of both worlds. You can be in your desired location, but also enjoy some peace and quiet. Your kids will even have a fairly safe space to play on without worry on your part about traffic conditions. Here’s some of the best reasons to find a property on a cul-de-sac:
There’s No Through Traffic
No one will be using your street as a shortcut for anything, since it’s a dead end! This provides a safety net for you as you’ll know the types of vehicles that should be on the street at any given time. Neighbors can be mindful if they happen to see strange people or vehicles lingering in the neighborhood. This allows streets with dead ends to have lower crime rates. Everyone is more alert, because there’s generally so little happening on the street that any activity is noticeable. Criminals also tend to shy away from these types of neighborhoods due to the fact that people are much more aware.
It’s Better For Children
You always need to watch your children and teach them basic safety rules. Living on a cul-de-sac may actually help relieve a bit of the burden in allowing your children to play more freely. Cars that are traveling down the street won’t be doing so as fast. Your children will be visible right form your home as well.
Also, since everyone lives so close together and basically in a visible range of one another it’s easier to develop neighborhood friendships. Children will be able to play with other kids their own age and have a common meeting spot- at the end of the street! Even as a parent, you’ll have a better opportunity to get to know other parents and meet up with those in the neighborhood. There’s just something about living on a dead-end street that allows for a more tight-knit community.
Home Values Rise
All of the positive things that we have emphasized here about living on a cul-de-sac are part of the reason these properties keep their high values. With better curb appeal, more safety, and a strong sense of a community, it’s hard to pass up a chance to live on a cul-de-sac.
If you intend to buy a house, it generally is a good idea to establish realistic property buying expectations. That way, you can plan ahead for the homebuying journey and avoid potential problems that otherwise may prevent you from achieving your desired results.
Now, let's take a look at three tips to help you manage your expectations as you pursue your dream residence.
1. Create Homebuying Criteria
With homebuying criteria, you can determine exactly what you want from your dream residence. Then, you can narrow your house search and speed up your quest to discover your ideal home.
Think about where you want to live. For instance, if you prefer the hustle and bustle of the big city over life in a small town, you may want to hone your house search to properties in the city of your choice. Or, if you have always dreamed about owning a home near the beach, now may be the ideal time to transform your dream into a reality.
Don't forget to consider the features you want from your dream home too. Make a list of home must-haves and wants, and you can streamline your home search.
2. Set Homebuying Goals
Establishing homebuying goals can help you build a roadmap for your home search. This roadmap then will enable you to identify potential homebuying hurdles and resolve such issues before they escalate.
Homebuying goals can guide you along the homebuying journey. You can create as many or as few goals as you'd like, and by doing so, simplify your search for your ideal residence.
In addition, it is important to be flexible with your homebuying goals. And remember, if you fail to accomplish a homebuying goal by a specific date, you can always adjust your homebuying roadmap as needed.
3. Collaborate with a Real Estate Agent
If you are unsure about what to expect during the homebuying journey, there is no need to stress. In fact, you can hire an expert real estate agent who can help you establish realistic property buying expectations from day one.
A real estate agent first learns about you and your homebuying goals. He or she next will put together a personalized homebuying strategy for you and ensure you can complete a successful property buying journey.
As you search for your dream home, a real estate agent will set up home showings and keep you up to date about new houses that meet your homebuying criteria. He or she also will help you submit an offer to purchase on any house you want to acquire. And once an offer to purchase is accepted, a real estate agent will help you navigate the final steps of the property buying journey.
Ready to begin your search for your dream residence? If you understand how to manage your homebuying expectations, you should have no trouble achieving the best-possible results at each stage of the homebuying journey.
Although you might have entered the housing market with a strategy to help you streamline your search for your dream home, it is important to remember that even the best-laid plan may need to be changed. And if you fail to discover your ideal residence after a comprehensive search, now may be a great time to revise your homebuying strategy.
Let's take a look at three tips to help you revamp your homebuying plan.
1. Consider Your Home Must-Haves and Wants
Creating a list of home must-haves and wants may be done at the start of a house search. Over time, however, this list may evolve. And if you update your list, you may be better equipped than ever before to reenter the real estate market with a fresh perspective.
Think about where you want to live in the foreseeable future too. Then, you can narrow your home search to specific cities and towns and accelerate the homebuying journey.
2. Review Your Budget
If you recently paid off your student loans or eliminated your credit cards, you may want to reassess your homebuying budget. That way, you can hone your house search and explore residences that fall within your up-to-date price range.
Of course, if you have yet to get pre-approved for a mortgage, you can still do so. Meet with banks and credit unions to learn about all of the mortgage options that are available. This will enable you to gain the insights you need to select a mortgage that matches your finances.
3. Learn About the Housing Market
The housing market may favor buyers or sellers. And if you have been searching for your dream home for several weeks or months, the market may have changed.
It does not take long for a buyer's market to become a seller's market, or vice-versa. As you consider your homebuying options, you should study the local real estate sector closely to determine whether the current housing market favors buyers or sellers.
Evaluating the prices of recently sold houses in a particular city or town usually is a good idea. This housing market data will enable you to find out whether sellers are receiving offers at or near their initial home asking prices.
You also should find out how long current residences in a particular city or town have been listed. If houses linger on the real estate market for an extended period of time, you may be operating in a market that favors buyers. Or, if homes are selling quickly, you may be operating in a seller's market.
Lastly, hiring a real estate agent often is helpful, particularly for homebuyers who are struggling to identify the perfect residence. A real estate agent can offer lots of tips as you conduct your search for your dream residence. Plus, if you need to revamp your homebuying strategy, a real estate agent will make it easy for you to do just that.
Buying a home is a complicated process with a lot of opportunities to make costly mistakes. There’s no high school class to prepare you for buying a home but there probably should be. If you’re a first time homebuyer and you came across this article looking for advice, congratulations--you’re already doing the most important thing you can when making a big financial decision: the research.
In this article, we’ll cover some of the most common mistakes that first time homebuyers make when entering the real estate market. We’ll break it down by the three main phases of home-buying: saving for a home, hunting for a home, and signing a mortgage.
Saving for a home
One of the first lessons that all first time homeowners quickly learn is that being able to afford your monthly mortgage payments doesn’t mean you can afford a home. Many first time buyers are often coming from living situations where certain utilities are included (water, heat, electricity, etc.). Aside from those obvious expenses, there are also things like property tax and home insurance to budget for, both of which may increase. Finally, when you’re living in an apartment and your faucet breaks, you simply call the landlord. When you own a home, especially an older home, be prepared to spend on repairs and to start learning basic maintenance skills that will save you money.
The hunt for your first home
Now that you’re aware of the costs, it might be tempting to jump in and start looking at homes. Another common mistake first time homebuyers make is to waste time looking at homes before they’ve met with a real estate agent or have gotten pre-approved for a loan. Start there, then once you know the scope of your home search, you’ll have a much more relaxing hunt for your new home.
Another mistake that first time homebuyers make is to underestimate the time and commitment it takes to find a home. When you work with a real estate agent, make sure you are available at all times. Keep your phone nearby, stick to your schedule for viewing homes, and keep a list of each home you’re considering. Showing initiative and dedication won’t just help you stay organized, it will also show your agent and the home seller that you are worth their time.
One of the most common mistakes that buyers make when it comes to their mortgage is to fail to shop around for a lender. In fact, the Consumer Financial Protection Bureau found that only half of all buyers considered more than one lender for their home.
Buyers, first time and repeat, often think their credit report is set in stone. What they don’t realize is that the three main credit Bureaus (Experian, Equifax, and TransUnion) can all make mistakes on your credit. Check your detailed credit reports and fix any errors long before applying for a mortgage to increase your chances of getting a good rate.
If you avoid these common mistakes and continue to do your research along the way, you should be able to save yourself some headaches and some money in the long term.
A closing represents the final stage before a buyer acquires a house. At this point, a buyer and seller will meet and finalize an agreement. And if everything goes according to plan, a buyer will exit a closing as the owner of a new residence.
Ultimately, there are several steps that a buyer should complete to prepare for a home closing, and these are:
1. Review Your Home Financing
Typically, a lender will provide full details about your monthly mortgage payments for the duration of your home loan. This information is important, as it highlights exactly how much that you will be paying for your house.
Assess your home loan information prior to a closing. That way, if you have any home loan concerns or questions, you can address them before your closing day arrives.
If you allocate the necessary time and resources to review your home financing, you may be able to alleviate stress prior to closing day. In fact, once you know that all of your home financing is in order, you can enter a closing with the confidence that you'll be able to cover your mortgage expenses.
2. Perform a Final Walk-Through
A final walk-through provides a last opportunity to evaluate a residence before you complete your purchase. Thus, you will want to take advantage of this opportunity to ensure that a seller has completed any requested repairs and guarantee that a house matches your expectations.
Oftentimes, a final walk-through requires only a few minutes to complete. The inspection generally may be completed a few days before a closing as well.
It is essential to keep in mind, however, that a final walk-through won't always go according to plan. If you give yourself plenty of time for a final walk-through, you should have no trouble getting the best-possible results.
Try to schedule a final walk-through at least a week before a closing. By doing so, you'll ensure that a seller can perform any requested repairs prior to closing day.
3. Get Your Paperwork Ready
During a home closing, you'll likely need to provide proof of home insurance, a government-issued photo ID and other paperwork. If you get required documents ready ahead of time, you won't have to scramble at the last minute to retrieve assorted paperwork for your closing.
If you need help preparing for a home closing, there is no need to worry. Real estate agents are available nationwide, and these housing market professionals can guide you along each stage of the homebuying journey.
A real estate agent will help you find a house, submit an offer on it and conduct a house inspection. Plus, this housing market professional can provide recommendations throughout the homebuying process to help you achieve your desired results. And as closing day approaches, a real estate agent is available to respond to your homebuying concerns and questions too.
Prepare for a home closing – follow the aforementioned steps, and you can seamlessly navigate the home closing process.