Tag Archives: buying a home

Tips for Buying a Home With Good Resale Value

When you’re in the midst of buying a home, chances are that selling it are far from your mind. The stresses of homebuying are overwhelming enough without the added headache of thinking about whether future homebuyers will be interested in buying your house once it comes time for you to sell. However, it’s always wise to plan ahead and there are certain features that homebuyers are always on the lookout for. Learn about how to make the best investment possible by buying a home with a good resale value in this week’s blog.

Buyers are always looking for certain features.

Tips for Buying a Home With Good Resale Value

Location

A good location never goes out of style. As the old adage goes: it’s always better to buy a cheap house in an expensive neighborhood than the other way around. While desirability of locations can and does fluctuate, but looking at the long-term stability of the neighborhood and moving trends can be a good indicator. If an area or neighborhood has remained popular for decades, chances are things won’t change any time soon. Is the area improving? Often, residential neighborhoods lack the infrastructure they need to thrive and so signs of development such as grocery stores and retail shopping can indicate that the area is poised for growth.

Who’s buying homes here?

It’s always a good idea to look at the demographics of homeowners in the area you’re interested in. Is it mostly college students, senior citizens, or working professionals? This will let you know the type of buyer who is likely to look at your home in the future. So if you’re looking at a neighborhood that’s popular with the over 60 crowd, perhaps investing in a 4 story rowhome with lots of stairs is not the wisest move. But if the neighborhood is mostly filled with families with young children then that gorgeous rancher with a huge back yard may prove to be a great investment.

Make sure it’s current

Outdated features can lead to a long time on the market. Nowadays, most buyers are looking for homes with more than one bathroom so unless you want to undertake an expensive renovation, maybe skip over any homes that have fewer than 2. Other deterrants include popcorn ceilings, kitchen and bathroom features in outdated color schemes or bad condition, and carpeting (depending on the application as many of today’s homeowners prefer the look and feel of hardwood floors).

Sell Your Maryland Home Quickly with Grays Home Solutions

Consider selling your home with Grays Home Solutions. We’re a home buyer working throughout Maryland and the Tri-state area. Interested in learning more? Use our fast response contact form or call us at 240-347-3141. We’re a free service and we’re here to help.

Buying a Home: New Construction vs. Existing Homes

One of the first decisions you’ll have to make when you’re buying a home is whether you want new construction or an existing home. Both have their pros and cons, but at the end of the day the choice really comes down to what your priorities are.

So in this week’s blog, we’re going to talk about the pros and cons of both types of homes so you can evaluate them according to your own priorities for a new home. Keep on reading to learn more!

Learn the pros and cons of new vs. existing homes, below.

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What’s the First Step of Buying a Home in Maryland?

Home ownership is one of the best, most reliable ways to build wealth. But for first time buyers, the process of buying a home can seem pretty intimidating. There’s no way to sugarcoat it, buying a home in Maryland is no walk in the park. But if you go into the process armed having done your homework, you can definitely make it easier on yourself.

That’s why over the next few weeks we’re going to talk about the process of buying a home, from start to finish. Our blog will serve as a general overview, but remember you can always come to us with any questions you have!

This week, we’re going to cover the first step of buying a new home, which is taking a look at the financial requirements of buying a home.

How much home can you afford?

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Shopping for a Home

After you’ve got your finances in order, it’s time to start shopping for a home. There are lots of things you want to consider when shopping for a home including price range, area, size, and specific home features, so lets explore these further.

Price Range

Your price range is dependent on your yearly household salary. In general, you can afford a home that is 2.5 times your yearly salary. Say you and your spouse take in $100k a year, then you could afford a $250k mortgage. There are plenty of online mortgage calculators out there that can give you a good idea of what you can afford.

Area

Now you want to consider where you want to live. Your three options are in an urban, suburban, or rural area, each with their own pros and cons. Urban areas are often closer to employers, entertainment, schools, and shopping, but may be more expensive. Urban areas may also have crime problems and be noisy. Suburban and rural areas aren’t as expensive as living in the city, but the drive to work, school, or shopping centers will probably be longer. These areas are definitely quieter than the city and also most likely don’t have the same level of crime problems.

Home Size

Home size is another factor you want to consider when shopping for a home. One-story or two? How many bedrooms and baths? What kind of square footage should I look for?

Square footage – Homes with high square footage are cheaper per square foot than homes with less square footage, but you should also consider the layout of the home in this equation. Small homes that have an efficient layout may seem larger.
Stories – One story homes are easier to clean and most likely less expensive. However, this means the bedrooms take up more space overall in the home. Two story homes have more living space and provide a nice separation of the bedrooms from the rest of the living space. However they are more difficult to clean and heat/cool as well.
Bedrooms, Bathrooms, etc. – If you have or plan on having a family, you’ll need at least 3 bedrooms if not more. Singles or seniors are generally fine with two bedrooms. Similarly, families will probably want more than one bathroom in order to avoid conflicts in bathroom time when everyone gets ready in the morning. Singles and seniors may be fine with one. Adding a second bathroom is always an option. You’ll also want to consider other features like a garage, which protects your cars from the elements and adds more storage. Finished basements are also a nice option, though you can most likely finish an unfinished basement unless it’s very old.

If you’re looking to invest in low-cost properties with lots of earning potential, we can help. Gray’s Home Solutions has properties of all types across the state of Maryland. Contact us for a full list of properties. Even if you’re not looking to buy right now, you can participate in our sellers referral program. Here’s how it works. Send us the phone number and property address for a For Sale By Owner or vacant property. We’ll take a look, and if we buy the property we’ll pay you $250 as a thank you for providing the lead.

Are you interested in learning more about selling your home fast? Our ebook has a ton of great information for you. We also have an ebook with information on how to avoid foreclosure, available for download here. They’re both free, so give them a look. You can also connect with Grays Home Solutions on Facebook, Twitter, Google+, and LinkedIn for more real estate made simple.

Source

http://homebuying.about.com/od/buyingahome/a/buyerinfo.htm

The Purchase of a Home: Part One

Buying a home can seem like an overwhelming and complicated process, and the truth is, it can be. Fortunately, if you go about buying a house in a methodical way and plan well, you can make the process a little more easy to manage. Over the next few weeks in our blog posts we’ll talk about the process of buying a home and how to make it work for you.

The First Step in Purchasing a Home

Before you even set foot in a home that’s on the market, you have to get your financials in order. This means credit scores, pre-approval, mortgages, first time buyers programs (if you’re a first timer) and possibly a lawyer. Let’s get into some specifics.

Credit Score – Your credit score measures how reliable you are in terms of paying off your debts on time. This includes things like credit card payments and bills. Your score can range anywhere from 300 (worst) to 850 (best). You build your credit score by paying off bills and payments on time. Having a good credit score is important when buying a home because it can get you a better interest rate on a mortgage. Even a difference of half a percent can save you tons of money over the years you pay.
Pre-approval – Before you start shopping or dealing with a real estate agent, “apply to several lenders within a two week period so that the inquiries do not damage you credit report.” This will tell you how much house you can afford. This benefits you in several ways. First, it keeps your purchase expectations realistic, because you know what you can and can’t afford. Second, if you get pre-approved, you’re much more attractive to sellers, who will recognize that the deal has a better chance to go through if you already have the backing of a lender.
Mortgage – It might seem strange to look for a mortgage before you buy a home, but doing so is another way to keep yourself in a ballpark of homes you can afford. A problem many people encounter when buying a home is that they find a home they love but can’t afford, and are unable to find a mortgage to pay for it.
First Time Buyers Program – Many state and local governments offer first time buyers programs that reduce down payment requirements.

Source

http://www.wikihow.com/Buy-a-House