Tips for Finding the Right Home out of College
By Lauren Tessin
You’re finally out of college and you want a place of your own. Single women like you would find the following tips useful especially if you’re looking for the perfect home:
1. Find a home that is accessible to your work location. If you live near your place of work, you can save on transportation expenses such as fuel costs. In fact, you can just even walk to your office instead of driving your car. This will enable you to save more money. Try to consider your home’s accessibility to essential establishments such as grocery stores and shops as well as hospitals and police stations in case of emergency.
2. Find a home that is less expensive. Since you’re just starting out with your career, try to find a home that would fit your budget. The suburbs or country locations are generally less expensive compared to urban areas. However, if you don’t want to compromise travel time, you can find a location which is more accessible. There are also high traffic areas in cities which cost cheaper. Unless the noise on a busy street doesn’t bother you, you may want to take that option.
3. Privacy. If privacy is not a big issue for you, you can try out a condo unit, townhouse or apartment. These types of residential areas are cheaper compared to single detached homes. However, just be prepared for neighboring noises since you only have walls separating you from other people. However, if you want to keep your privacy, you can purchase a single story house, which is just ideal for a single woman like you.
4. Look for a house which is easy to maintain. For single women like you, it will be more advantageous if you live in a smaller house. This way, you will be able to maintain cleanliness and run things smoothly. A house which is too big for you entails a lot of effort and a lot of money to maintain. So unless you have no budget for regular maintenance and housekeeping just stick to a house which is just the right size. A house with two bedrooms is just enough.
5. Buy a house which offers maximum security. Considering that you’re alone most of the time, look for a house that is located in a secure area. Make sure that your house is equipped with a functional security system. Inspect the door locks well to make sure that you will be safe. Also make sure that the house is well lighted. A gated community is better compared to homes in an alley.
6. Check out the location’s crime rate and neighboring structures. Before deciding to buy your house, try to check whether the area is safe by checking the crime rate and neighboring structures.
Keep in mind that safety, accessibility, convenience, and cost are just some of the factors you need to consider when looking for a home. Enjoy house hunting!
FindCollegeCards.com, is a place for college students to find their first credit card, as well as find helpful college tips through a blog.
How to Buy A House: Avoid These Common Mistakes!
By Andrew Black
Finding and buying a new home can be an overwhelming experience. It can be both exciting and stressful at the same time as there are just too many ‘hot’ properties up for sale in the market. Homebuyers, especially the first timers, usually find it confusing and challenging to come up with the best home purchase. With so many homes up for sale, it can be hard to find and buy the best.
Logically, any homebuyer needs to conduct actual and ample research before finally getting into any purchase deal. Experts advise buyers to learn from the mistakes committed by others instead of learning from their own home purchasing blunders. First-time buyers would find it particularly beneficial to do so. There are several usual mistakes committed by homebuyers. It would be ideal if you would strive not to commit the same errors to make sure your purchase is the right one.
Buying Based on First Impressions
Many homebuyers usually commit the mistake of buying a property based on first impressions. In general, buyers are tempted to choose and buy homes that look fabulous. Homes that initially look messy and not properly painted are usually disliked although most of them are of best conditions and are exhibiting ideal interior and structural designs. Likewise, homes that are not well designed and are close to condemnation are preferred because buyers like the new wall paint and other aesthetic features.
The best way to overcome this mistake is to conduct a proper and thorough home inspection before you buy. Many first-time homebuyers fail to do this. It is advisable to hire an inspection professional or employ the services of a home inspection company. Ask for guidance before making the purchase. A good home inspection report should provide you with a comprehensive list of pros and cons of buying the property. Take note of potential setbacks identified that would possibly make you lose your money in futility.
Some buyers also fail to first check out the neighborhood before entering purchase deals. Some homes may appeal to the first impression of prospective buyers although they are located in an area where there is no reliable and sound infrastructure and where amenities are poor. Instead of being influenced by initial impressions, look at a different perspective. Would the home be too far from major establishments and institutions like schools, groceries, churches, or parks? Would it take too long to travel from the house to your work?
Lack of Enough Knowledge About Negotiations
A number of homebuyers believe that the best way to enter a fair price negotiation is to offer low. In reality, such a strategy would just hamper flexibility, possibly polarising the purchase discussions. If you are not very adept and knowledgeable about buying properties, be honest to yourself and employ the expertise and services of experienced realtors. Such professionals have mastered the art and science of winning negotiations.
Another common mistake when buying a home is making an offer based on an asking price instead of a market value. In general, home sellers usually conduct a comparative market analysis before imposing and assigning price tags to any property for sale. It would be best if you would get hold of a similar analysis. You have to first understand the logical prices in the area before making an offer. This could be your best defense against possibly buying a home above normal or market prices. Of course, no seller would dispose a property at below market valuation.
Before making an offer, you as a homebuyer should also know and understand your basic rights as well as obligations in making an offer. Many buyers commit the mistake of overlooking this aspect. Your understanding of the purchase offer and the proposed contract would certainly spare you from getting into friction with other parties involved. Thoroughly check all contract clauses and assumptions as such factors could potentially lead to improperly increased costs. Beware of clauses that could lead to a void contract. In this regard, hiring a professional realtor could still be advantageous. A lawyer’s advice should also be sought.
Andrew is a contributing author in various real estate blogs. Andrew has been working in the finance industry for several years as a refinance specialist and has advised many home buyers on the best solution for their home loans
Tips on Getting the Best Mortgages
By Nicole Rodgers
Shopping around for a mortgage is not as difficult as it may seem. Although there is a lot of paperwork involved, comparing offers and searching for a good deal is worth your effort. Before going for a mortgage loan you should understand how things work and then try to get lower interest rates. Here are some tips on getting the best mortgage:
Improve Your Credit Rating
Before you start shopping for a home loan or mortgage, check your credit record. Paying down your financial obligations and getting rid of debt is a good start. Individuals with a poor credit record have a difficult time finding competitive deals. It is highly recommended that you improve your credit score before applying for a mortgage. Credit scores over 620 are usually approved.
Shop Around and Compare Costs
Although you might be tempted to go to a local bank because you have a checking account there, it is advisable that you first research your options to make an informed decision. Contact a broker, use the Internet to get loan quotes and search for information in your local newspaper. Each bank, loan association or mortgage company has its own interest rates, so be sure to evaluate a number of offers from different providers.
Make a Large Initial Deposit
The size of your deposit is very important when it comes to getting a mortgage. The best rates out there are available only to those with a large deposit. The larger the deposit you have, the more money you will save. The good news is that there are a couple of things you can do in order to build up your deposit. Getting an unsecured loan is a viable option. You may also ask your family or friends for help, reduce daily expenses or use your other savings.
Decide on the Right Mortgage
If you decide to apply for a mortgage, be sure to do proper research. Potential homeowners can choose from various types of loans. Some of them prefer a 30-year mortgage, while others opt for fifteen-year fixed rate loans. Evaluate your budget and decide how much you can afford paying every month. Remember to ask each lender and broker about the loan’s annual percentage rate (APR). The APR includes broker fees and points, as well as the interest rate that applies to the loan.
Act Fast
Once you find an offer that suits your needs, act quickly to secure the mortgage. Although you need to do research and evaluate your options, it is important that you act quickly to avoid disappointment and get the best deal out there. You may hire a broker and ask for expert help. A good broker can move quickly to secure funds for you.
Applying for a mortgage loan requires your full attention. Be sure to get all the information you need from several lenders or brokers. Ask about the lender’s requirements for a down payment and try to find out what each fee includes. Make lenders compete with one another for you. Examine your credit report and make sure you don’t borrow more money than you need. Don’t hesitate to contact a broker; he can help find a loan that best suits your needs. Get loan quotes from multiple sources and check the reputation of the brokers and lenders you interested in working with.
Nicole Rodgers has been in the mortgage industry for 4 years; she currently contributes to blogs dealing with ways for people to refinance a home loan and how online trading can help families earn extra income.
Choose Your Home: Top Ten Things To Consider When Buying
By Greg Andruff
10. How long do you think you will live there (people move on average every 4-7 years)? Or, if you are an investor, when do you hope to cash out if ever? What is your exit strategy?
9. Location –- Is your purchase close to shopping, traffic, airport? What area/neighbourhood is the property in? Is it close to schools and parks or close to downtown?
8. Is the property restricted by certain rules? Be aware that in a strata or a heritage home, certain rules and restrictions can possibly hamper resale.
7. Market conditions — You don’t buy the market but you want to know what conditions you are working in. (Is it a buyers, sellers or balanced market? Are you in a seasonal market?)
6. Is the property close to transit? Bridges? What about paying tolls?
5. What is the property condition inside and out? An inspector is cheap insurance. Typically, older buildings will require more work, so be aware of that. There may be a chance for sweat equity…
4. Think about resale: Is the property easy to get into but hard to get out of?! What is the type of ownership — strata, freehold, or co-op? Co-ops tend to trade at a lower price because they require 35% financing up front. This may or may not be an advantage to a buyer.
3. Neighbours — Talk to the neighbours before you buy. What is the neighbourhood like? Are there mostly older people, families, or professionals? Keep this in mind, especially in a strata where you live right on the other side of the wall from your neighbours! Does your neighbour have a dog that howls at the moon?
2. Think about the future. Is there a possible transit connection (bridge or train) being built soon? Is there a development going in around the corner, or a half-way house, old folks home, or super complex and how does that relate to you?
1. Mortgage qualification – Most importantly, you need to know your budget. What type of mortgage do you want or need? Best rates are not everything: flexibility or readvanceable principle may be more valuable! Be sure to talk to a professional mortgage broker about your options.
Greg Andruff is a member of a successful Vancouver residential real estate team, Team Andruff.
They strongly believe in helping educate and inform their client to make confident buying and selling decisions in any market. To contact Greg visit www.GregAndruff.com or call 778-899-4267*
How To Improve Your Credit Score
By Karen Boies
Your credit score is a judgment about your financial health, at a specific point in time. It indicates the risk you represent for lenders, compared with other consumers. There are many different ways to work out credit scores. The credit-reporting agencies Equifax and TransUnion use a scale from 300 to 900. High scores on this scale are good. The higher your score, the lower the risk for the lender. Lenders may also have their own ways of arriving at credit scores. In addition, lenders must decide on the lowest score you can have and still borrow money from them. They can also use your score to set the interest rate you will pay.
Which parts of a credit history are most important?
35% – Your Payment History
30% – Amounts You Owe
15% – Length of Your Credit History
10% – Types of Credit Used
10% – New Credit
Top 5 tips for improving your credit
1. Pay your bills on time.
Pay your bill in advance of the due date, ensuring it reaches the creditor before the payment is due. Pay off debt, don’t move it around. Owing the same amounts, but having fewer open accounts, can lower your score if you max out the accounts involved.
2. Contact your creditors as soon as you know you will have a problem paying bills on time.
Try to work out a payment arrangement and negotiate with them to keep at least a portion of the late notations off of your credit reports.
3. Reduce the number of active credit cards to 2 or 3 accounts.
Revolving credit includes department store cards, grocery store cards and gas cards. Establish a minimum of 2-3 trades with good repayment history for 24 months.
4. Keep account balances within 50% of the available credit limit.
Keep your credit card balances low. High debt-to-credit-limit ratios drive your scores down.
5. Pay or satisfy all outstanding collections and judgements.
It is advisable to avoid applying for credit and having your credit report checked unless you have a genuine need for credit. The risk to consumers with a lot of activity on their credit report over a short period of time is that a lender may interpret this as a sign that you are in financial difficulty or taking on more debt than you can manage. Fortunately most scoring systems will not penalize you if they determine that you are shopping for the best rate on a particular product like a mortgage.
Your credit score is important and you need to take action to make sure that you will be able to borrow money when you need it. If you currently have a low credit score don’t be discouraged. Take action. Start doing the things that will cause your credit score to improve. Be consistent and before you know it you will have better credit.
Karen Boies is a mobile mortgage planner in Greater Vancouver. If you have any questions about your credit score or about getting a mortgage, please call Karen at 604-726-9550 or email at Karen@mortgagecentrecitywide.com
Ready to Buy? Advice From A Realtor
By Colette Gerber
Ladies, did you know that it’s a Buyer’s market? And did you know about 35% of people buying their first home are single women? As a group we (yes, I too am single) have more disposable income than any other time in history. After you’ve made the decision to buy, the first step should be to obtain mortgage pre-approval.
Lenders are beginning to recognize the power women wield with their disposable income and are willing to lend generously to single females. Personally, I prefer to use a mortgage broker since they will shop a number of lenders to ensure you get the best possible rate without gender bias. Mortgage pre-appproval gives you clout when it comes time to make an offer to purchase. Knowing that you have financing in place, sellers will take your offer seriously. As well, the pre-approval letter-which you should get in writing- establishes how much you can spend on real estate. This ensures you are looking in the correct price range.
In the current Buyer’s market there is a larger inventory of real estate than there are people wanting to buy. As a Buyer, this gives you the opportunity to look at multiple properties and give some thought as to what you like. For most properties, multiple offers are not currently a concern. This is good news since it takes the pressure off having to make a quick decision. However, having said that, if you find something you really like you should have your Realtor write an offer as soon as possible. If the property is that good, chances are others will feel the same way and you don’t want to take a chance and lose the property.
Let’s talk about Realtors for a moment. Did you know that as a Buyer it doesn’t cost you anything to work with a Realtor? Realtors get paid by the Seller only when a deal completes. Working with a Realtor can save you time, money and inconvenience. Time: they search the listings every day to see if anything suits your criteria so you don’t have to spend time on the computer. Money: when it comes time to negotiate, they will do everything they can to ensure you get the best possible purchase price. Inconvenience: they know the pitfalls a Buyer can encounter so a good Realtor will stay involved in the entire buying process, until they hand you your keys. Women know the importance of listening. They understand you want great bathrooms, need closet space to accomodate your shoes and that you don’t care if the floor is ¼” or ½” real or faux wood. I encourage you to work with a female Realtor who “gets” what you want…..
Colette Gerber is RE/MAX Realtor who works anywhere in the Lower Mainland that the business takes her. She was recently awarded her Accredited Buyer’s Agent designation, joining the 1 ½% of BC Realtors with this prestigious accreditation. You can contact Colette by visiting www.colettegerber.com
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