You may think that your house is the only thing that needs to be in its best shape during the selling period. But the truth is, how you are as a seller holds an equal amount of importance to your potential buyer. They may like the house, but if they don't like who’s selling it, they probably won’t push through with the purchase. So, to ensure that you are also at your best behavior while your house is on the market, take note of the following guidelines: 1. Stay away. We know that it's still your house, and you have every right to stay in it. However, if you’re trying to show it to its potential new owners, you may want to keep yourself from hovering over their shoulders. Let potential buyers properly envision themselves living in your house without you watching their every move. Of course, the best way to do this is to let your agent do the tour on your behalf. This way, the viewers of your home can be more comfortable looking at the house and asking questions, and you on the other hand will also be spared from possibly saying the wrong things that can jeopardize a sale. Listing agents are trained to respond professionally to buyers, so just sit back and relax somewhere else, and let your agent do the talking. 2. Make your parking space available. When leaving the house for the viewing, make sure that you bring your car with you as well. Parking issues can cause delay and turn off buyers, so make sure that you're off to a good start by making sure they have a place to park their car. Let them pull up in your driveway as if it’s their own. 3. Don't leave your pets. Yup, your pets have to go, too. Your dog may be great with sporting some puppy dog eyes, but this isn't going to help you sell your home to potential buyers. Some buyers may be allergic to certain types of animals, or some will simply find pet smells off-putting. Some DO love animals, but you also don’t want your pet to draw attention away from the home. Just take them with you during the viewing, or ask a kind neighbor to babysit them for you. 4. Make important documents available for viewing. Since you won't be there to answer the questions yourself, you can at least make it easy for potential buyers to find the answers in writing. Making necessary documents available leaves a good impression on buyers since it signals that you are a responsible owner and seller. Put out important documents such as your home inspection report, appraisal, and home warranty. You can also give them an idea of their potential monthly bills by leaving recent utility bills and proof of any major repairs. 5. Don't be in a hurry to get feedback. Not all buyers express their dislike or even their enthusiasm during or immediately after the viewing. Some of them need to think it over and process everything they just saw. Remember, this is possibly one of the biggest purchases they'll ever make, and buyers need enough space and time to come up with an offer. Asking them for their feedback right after they leave your home can make them feel that you're pressuring them too much into a decision. It is normal practice to ask for feedback from your realtor after the viewing, but expect to hear from the buyer's agent no earlier than 2 days. Simply assure them that you are patiently waiting for what they have to say, and that you respect their space and time. 6. Trust your agent. Never forget that your agent is a trained and experienced professional--and, if everything goes well, he or she will be able to close a deal for you and be handsomely compensated for it. If you're sure you've found a responsible and reliable agent, just relax and let him do his job. Allowing your agent the space to negotiate on your behalf is good practice and will ensure that the transaction goes smoothly.

You are finally done with house hunting, and you think you're ready to make an offer. What are the things you have to consider in settling on a price? Here are the top 10 things you should know to successfully close the deal with your offer. 1. Your budget Before even thinking about looking at houses you might one day call your own, this should have already been settled. Knowing how much you can realistically afford should always be the number one consideration. Getting a loan is difficult enough. If you're still finding it difficult to chip in cash for a down payment and still have to look into other savings for this investment, you might want to think twice or even thrice if you are ready to purchase a house at this time. 2. Your dream house's price What's the price of the house? After making sure that it fits your budget, investigate further if it seems too high or even too low. The following items on this list will help you with that investigation. This will also help you estimate the price you're willing to offer for the property--whether to add more to the asking price, or haggle with a lower-priced offer. 3. The property's value To be sure of the property's value, you may want to get a legal evaluation. You may also want to consider adding (or even decreasing) its cash value for its unique traits. For example, the property's architectural design is outstandingly your style, or maybe you're enthralled by the design of the kitchen. It may also be something as personal as its location being close to a dear relative. For rare features like these, you can show the owner your eagerness to own the house by adding a specific amount on your offer (especially if you're caught in a bidding war). On the other hand, if there are some things on your dream property that you are not comfortable with, you may also mention these to the seller, and offer a lower price. 4. Prices of other houses Look at comparable houses ("comps") in the area, and see how much they are/were sold for. These properties should be in the same neighborhood with the same dimensions, age, and number of rooms. If it has been sold, the purchase should not be older than six months. 5. The market If the real estate market is doing well, there's a chance for other bidders to price their offers too high. This may cost you the house if you don't strategize well. Not to mention that in most cases, giving an offer that is higher than the asking price may easily give you a better (if not sure) chance of owning the property. But if the market is down, you can opt to offer less than the asking price and still have a high chance of winning the bid. 6. The seller Based on your encounter with the house's seller, do you think he/she is the type of person who would price the property irrationally? Does the property have sentimental value to him/her? Is he/she the type who would be offended if you gave an offer lower than the asking price? On making your move, remember that you're not only dealing with legalities, but personalities too. If you still can, try to win the heart of the seller. Sometimes, people choose a buyer regardless of the amount of their offer, as long as they think that you are able to take care of the property when they legally transfer all its rights to you. 7. Conditions to be set Upon making your offer, you must already mention your closing conditions to the seller. These include requesting for a home warranty, the type of deed you are obtaining, and asking for assistance with home repairs. Payment conditions are also very important in this transaction. Will you be paying in full on a specific date? Are you offering earnest money and are willing to pay with interest? These are some things the seller needs to know off the bat. 8. Flexibility with terms If you are in a bidding war, more than the price, you can also haggle with your versatility with the offer's conditions. For example, you can't offer a higher price, but you can haggle that you can pay your offer in full and on the spot. This may be quite attractive to the seller, and instantly gives you leverage on any other higher bid. In cases where the seller gives you a counteroffer, make sure that you study it first before accepting or rejecting. You may still give your counteroffer if you study the terms and conditions wisely. 9. Sending necessary letters If you received a loan to pay for the property, obtain necessary documents as proof like a pre-approval letter from your lender. This ensures the seller of your paying capabilities, and gives your offer a higher worth. Another thing to consider is writing a personal letter to the seller of how much you appreciate the property. Especially for sentimental sellers, a mover like this will give you an invaluable leverage over anyone else who's bidding for the house. 10. Don't give up too easily If you think that the property is really your dream house, don't give up on it even if your offer fails. Most times, very high offers do not push through upon appraisal. In other times, buyers take back their offer, because he/she made bids on other houses. You are still in the game as long as there has been no final transaction yet.

Before you can be honest with anyone else, you have to be honest with yourself first. The first step to effective communication is knowing what YOU truly feel and what you really want to say. Before talking to an agent, be sure that you are 100% ready to sell your home. You don't want to make impractical decisions, so you need to ask yourself the difficult questions. Make sure that you're selling your home for the right reasons, and not just because you're under a lot of pressure to upgrade or to relocate. Ask yourself if it is indeed a more logical choice to sell right now, or should you actually wait a while until you're sure that you're truly ready. When communicating with your agent, transparency is key. Once you sign an agreement with your agent, he or she has the legal obligation to represent only your interests in all negotiations, so it's very important that you disclose every detail. In order to identify and leverage your home’s strengths (and address its weaknesses without compromising the final sales price), your agent needs to know everything there is to know about the sale--such as your reasons for selling, potential problems the house may have, the time frame in which you expect to sell, etc. Likewise, if you think that your agent might be keeping his/her reservations to him/herself, or if you sense some apprehension, you are within your rights to ask for disclosure. Note: If your reason for selling is quite sensitive (say, you and your spouse are going through a divorce), you can ask your agent to keep this private. When working with a listing agent, you'll have to communicate A LOT--most likely on a daily basis. This makes it very important to maintain a healthy professional relationship at all times, and the best way to achieve this is to establish a communication plan with clear and healthy boundaries. Set your preferred methods of communication and manage your expectations when it comes to getting responses. If you’re better reached through your mobile number instead of email, make sure that your agent knows. Communicating on so many different platforms makes it hard to track your progress, so try to find one (or two at most) in which you can be sure to reach each other more effectively. Also, this may not be an issue for highly motivated sellers and agents, but some people do not want to be called at unreasonable hours. If you’re the type of person who is comfortable being updated only between certain times in the day, then it’s best to say so early on. This also goes both ways; even though you’re paying for your agent’s services, it’s proper etiquette to set a window for phone calls and texts. If this is the first time you're faced with the challenge of selling your home, there may be a lot of information to process. If you’re not sure about all the real estate jargon being thrown around during discussions, don’t hesitate to clarify with your agent. This will ensure that you’re both on the same page at all times, and will prevent misunderstandings that can delay the sale of your home. It's hard to keep emotions in check when you’re trying to sell a home you’ve lived in and loved for a long time--which is why if a potential buyer offers below your listing price, you can get offended quickly and end up dismissing a reasonable offer. Sure, the asking price is usually an area of conflict between the seller and his agent, and it’s no secret that some agents have the tendency to encourage sellers to settle for a lower price than what was originally expected. However, don’t jump into the conclusion that your agent is not on your side. Ask yourself (again, honestly) if your emotions are causing you to become slightly realistic about how much your house is worth. If your house has been sitting on the market for a while now, this may be a sign that you’ve priced it too high--and that waiting for more offers might drive the price down even further.

Homeownership is beautiful and rewarding. It gives you the freedom to add any renovations you like and turn your home into your safe haven. However, if you're even considering selling your home in the near future, then you have to be very careful in deciding what improvements you’d like to add to your home. While there are certain features that could greatly increase a home’s resale value, there are also home improvement projects that can be detrimental to it. Most of these renovations, if made permanent, can bring extensive damage to the home. Also, your definition of improvement may not be the same to many buyers. When it’s already time for you to sell, these projects could reduce your potential buyers and even force you to lower your asking price. Unless you’ll never want to move, relocate or downsize in the coming years, then you should avoid making these renovations before putting your house for sale. Consult with your experienced real estate agent on what items will have a potential impact on the saleability of your home. After all, owning a home isn’t only about fulfilling that American dream and having your personal place — it’s also an investment to you and your family’s future. A bedroom turned into another space or bedrooms merged to create a larger room Combining two bedrooms to create a much bigger room, or turning a bedroom into another permanent living space, such as a home office or a huge master closet, is a common mistake that homeowners make. However, removing a bedroom is definitely the number one home improvement that could lower a home's value. The number of rooms in a home can actually make or break a sale because buyers always want the maximum number of rooms available in a home. Merging two small bedrooms to create a bigger one might seem a good idea for young couples and empty nesters, but if you plan to sell after a few years, then it’s a wrong move. Most buyers with families want their children to have their own rooms, or want to use a spare room as a guest room or an extra storage space. The right fix: Instead of knocking down walls to create a bigger room, try to make your bedroom space look bigger by using lighter colors and putting in modern, slim furniture. If you opt to transform a bedroom into a master closet or a home office, make sure that the room can be easily restored to its former state when you put your property on the market. Avoid installing permanent desks, cabinets or any alterations that potential buyers might see as a waste of space. It’s important to keep all options open for buyers without them spending money to undo any renovations you’ve made.   Too much wallpaper Homeowners often put up wallpaper to show off their favorite patterns in their home, but this design choice could be a bit overwhelming when it’s already time to sell. Yes, wallpaper can be removed, but the task can be quite challenging and will require a lot of time and energy, especially if there is too much throughout the home.   The right fix: If you do have wallpaper all over the home and you’re planning to sell, it’s a good idea to remove the wallpaper and repaint the walls in neutral colors before making your house available for showings and open houses. This way, potential buyers will never need to think about how much time and effort they will have to put in order to remove the wallpaper. It could be a deciding factor especially for someone who wants a move-in ready home, or someone who wants to put in their preferred patterns. A fresh coat of paint will also help convince buyers more than any of those patterns and other decorations.   Wall-to-wall Carpeting New carpet looks great at first, but it can quickly show signs of damage compared to hardwood floors. Today’s buyers may cringe at the idea of having wall-to-wall carpeting in a home. It’s because not only is carpeting expensive to purchase and install, but there’s also a growing health concern over its potential for allergens. It can be a serious concern for families with children, especially those who have allergies. Carpeting is also not recommended for buyers who are dog or cat owners since carpets can easily be clawed and ripped off by these pets. Besides, carpeting still comes down to personal choice. Your favorite color and style may not be as appealing to prospective buyers as it is to you. Because of these problems, it may prove difficult for you as a seller to recoup the costs because you may end up spending thousands of dollars to install it, only to have it removed because buyers don’t want it. The right fix: Recent studies have established that people nowadays will pay more for bare floors, so removing carpeting and restoring hardwood floors can be a more profitable investment. Carpets can easily wear out and show signs of damage compared to solid or engineered wood floors that are more durable. You may incorporate the style and colours you want in your floors by buying patterned rugs instead.   Removing closets Homeowners make a big mistake when they remove a closet in order to make room for another upgrade, such as a larger bathroom or bedroom. This seemingly innocent renovation can definitely hurt a home’s resale value since people would prefer to have enough storage space. Oftentimes, people will walk in the house and count the number of closets per room, and it’s a major inconvenience if they notice there are no closets. The right fix: There’s probably no better recommendation than to retain your closets as it is. A spacious closet is what most today’s home buyers want, and knowing that they have enough storage space will definitely have a positive impact on the sale of your home.   Built-in Aquarium A built-in aquarium is certainly a fun, entertaining and fancy addition to a home. However, it requires constant maintenance, can be costly to remove and can become an eyesore if it’s not maintained properly. Potential buyers may not want to pay for the upkeep costs needed for a built-in aquarium, especially if taking care of fishes isn’t something they prefer. The right fix: If you really love to keep fishes, it’s best to settle for a standard fish tank to add to your home. Besides, you can easily relocate it whenever you decide to make changes to your room arrangement.   A garage turned into another space Getting rid of a garage and permanently turning it into another living space can make a home less appealing to many. It’s because most people don’t want to get into their car while it’s sweltering hot in the summer or while it’s covered in snow during the chilly winter, so they’d prefer to put a roof over it. Renovating a garage into a gym or an extra bedroom might seem like a wonderful idea for fitness lovers or parents whose child moved back home, but it can definitely lower a home’s value. Most people will look for a garage — not a gym or an extra living space  — and want it to house their cars and serve as storage for their items. At least 81 percent of home buyers even indicated they want a garage storage in their potential home, as reported in a 2016 survey by the National Association of Home Builders (NAHB). The right fix: If you’re going to turn your garage into another living space, make sure that future homeowners can easily and inexpensively restore it back to its primary purpose. Make sure that any renovations you make can be removed without too much trouble.   Hot Tub Hot tubs are great for relaxation after a tiring day at work, but installing a built-in hot tub can be risky because of many reasons. They take up space and need constant maintenance. For homebuyers with little children, it might be considered a safety hazard and a waste of valuable space. Plus, strangers may associate hot tubs with germs and other unpleasant things. Potential home buyers may be put off because they may actually consider a home with a hot tub less desirable, or they may offer less money because getting rid of it can be quite costly. If you’re thinking of installing one before selling so that it can make your home more valuable, it’s probably wise to think again. Hot tubs generally don’t add to the home’s value and could even lower it. But of course, there may be an exception if you meet a buyer who considers a hot tub to be a top feature for his/her home. The right fix: If a hot tub is one of your must-have features for your home, consider a portable tub instead of installing a built-in one. That way, you can potentially take it with you once you move or it can easily be removed if the new homeowner doesn’t want it.   Expansive landscaping Well-maintained landscaping and other lawn enhancements can dramatically improve the home’s curb appeal and eventually, the overall value of the property. Not to mention that a beautiful yard can certainly encourage potential buyers to take a look at your home. However, homeowners who went overboard with their landscaping may be in for a big risk. Many of today’s buyers, especially Millennials and Gen X-ers, may be deterred by its need for ongoing maintenance. Potential homeowners don’t want to see themselves working tirelessly under the heat of the sun, or don’t want to shoulder the additional costs of hiring a gardener to do the work. Your gardening tastes may be different from most buyers anyway, and any decorative additions you add to your yard are pretty much based on your personal choices. A home with an extensive landscape, if not properly maintained, can become an eyesore that may hurt the property’s value. The right fix: While the importance of curb appeal and a beautiful garden can’t be underestimated, it’s probably better to keep your yard nice and simple but easy to maintain. Buyers will appreciate it more if the yard looks beautiful but doesn’t require countless hours of work. Add new attractive plants that don't require too much trimming or maintenance, repaint your fence, and remove any overgrown weeds and bushes. Also, don’t forget to only use decorative items that can be easily removed, especially when it’s already time to sell your home.   Any over-personalized renovations and fixtures It’s totally understandable that homeowners want to put in personalized touches in many fixtures of their home, such as in tile, sinks, and countertops. However, personalizing your home too much can also be a big mistake once you decide to sell your home. Some of the permanent renovations you may be obsessed with, such as quirky tilling or any eccentric patterns, may turn off a lot of buyers who don’t like your taste and may view the renovation as something that needs more effort and money to replace. The right fix: Remember that any over-personalized renovation can hurt the value of a home, especially if it’s something permanent like tiling. To avoid spending thousands of dollars on a mistake that may cost you too much when it’s time to sell, consider going with a traditional white tile floor or anything with neutral colors. Then settle with a rug or any decorations that can be easily replaced but still shows the style you’re going for.   Bottom Line: Being a homeowner means you can modify your space in however way you like and you can practically do anything to make it feel more like home. However, there’s no harm in thinking twice before investing in any costly renovations or over-personalization that can eventually decrease your home’s value. Before starting any renovation projects, review your market, consult with your real estate agent, and see what upgrades have the best potential to increase your home’s value. You also need to make sure that any renovations you make are completed with the proper permits so you can avoid potential issues when it’s time for you to sell.

They say buying a house together test a couple's relationship like no other. It’s undoubtedly true because many factors come into play when it comes to real estate, and little challenges can become difficult problems in a relationship later on. If you both share the same preferences, then it shouldn’t be too difficult. But if one is swooning over a sophisticated Victorian house which the other really hates, it can make the couple at odds with each other, which could result in a blame game that nobody will benefit from. Before you start arguing about who gets which room or what color of paint to use, addressing the most important things right from the start will help you avoid getting into a squabble during your house-hunting. It will also keep your trusted real estate agent from becoming a referee in your personal match. Resolving these issues firsthand will help you meet both of your preferences and decide on the house that you can both envision yourselves living in. ‘Where should we buy?' As real estate agents and experts always say: real estate is all about location, location, location. It especially becomes crucial for couples when they are deciding to settle down. Many couples disagree on where they want to buy their first home (or even their third!) because location affects many aspects — your commute times, a good school district, proximity to your friends and families, and so on. There’s also the fact that the neighborhood has a large impact on the home’s value. Couples could be torn whether they should choose a good location, and if it’s worth the money. One may focus on the neighborhood while the other may worry more about the potential mortgage payment. The verdict: Before deciding to settle down, sit down with your partner and settle your choice of location first. You could create a neighborhood wishlist, which features each area’s pros and cons. If there are areas that you both like, narrow down your top choices and drive through the neighborhood a few times to really get to know the area. However, once you start touring homes, you and your partner should have a compromise just in case one falls in love with a particular property that the other doesn’t quite prefer. The type of home and style can also be a factor, but it’s wiser to agree on your desired location first before anything else.   ‘How long do we plan to live there?’ It’s important to count your future goals in the house-hunting process and see if you and your partner are both on the same page. It will help you make a better decision on the best type of home and mortgage option for both of you. The verdict: Have a frank but sincere conversation with your partner to determine whether you have similar goals and commitment. Are you both happy with your careers that you see stability in the coming years? Then a 30-year mortgage with a fixed rate will be the most sensible choice. But if one of you have to move in the near future because of a possible job change, or maybe plans to move closer to your family or in-laws, you should consider other options. Rather than a fixed-rate mortgage, there’s an adjustable-rate mortgage option that offers lower interest rates for a fixed period. Talking about these things ahead of time will help you come up with better financial decisions related to your potential property.   ‘How much can we afford?’ Knowing how much you can afford is probably one of the most crucial topics couples should discuss before buying a home. After all, only you and your partner know how your finances will work out on a monthly basis and how much money you can truly put in a mortgage while still living comfortably. The verdict: Decide on a price range for how much house you can afford by talking to a mortgage lender and your real estate agent. There are couples who base their price range on only one income, just in case one becomes unemployed or needs to quit their job to look after the kids. It’s important to assess your financial stability by anticipating all the costs associated with homeownership, your possible future income, as well as your potential family expenses, to be able to choose a mortgage with monthly payments that you and your partner can afford.   ‘Should we buy a fixer-upper or a move-in ready home?’ Choosing a home to buy is like selecting a long-time partner — you have to be very careful and wise in making that big decision. There are times when couples could be at odds between choosing a move-in ready home or a fixer-upper. One could see a move-in ready home as more practical despite the considerably higher price, while the other wants the latter so they could add their own touches to really call it their home. This may become a real challenge later on when the couple are already checking out potential properties. The verdict: Again, you and your significant other should consider your long-term plans and clearly define what is acceptable for a fixer-upper. Carefully assess what repairs are you willing to make, what tasks will require you to get professional help, and whether those repairs will be worth the money and effort. Perhaps you can make an exception if the house is in a good location and the DIY tasks are minimal. Your realtor will suggest what could be best for you, but it’s important that you already know what you really want and when can you make an exception.

As a home buyer, there were many tips you must have followed to ensure a smooth flow in your home purchase. And finally, after the actual closing, congratulations on being a new homeowner! However, the work doesn't stop after arranging for movers to bring your stuff and ordering new appliances. There are many tasks and responsibilities associated with homeownership, and many of those tasks should be accomplished right away after closing (and yes, even before you move in). Accomplishing these tasks will eventually help you become more contented with your home purchase and live your life comfortably in your new place. 1. Replace the locks Changing the locks is the most urgent (and obvious) thing to do after getting your new home. After all, there's no way you can make sure how many copies of your house keys exist or even know the people who have them. Yet, many new homeowners still refuse to spend a few hundred dollars to change the locks or re-key them. It is highly advisable to change the locks on your new home for security purposes. You and your family’s safety should be paramount, and the peace of mind knowing that you’re the only one who has the keys to your new abode is more valuable than a few hundred dollars. If your home is equipped with smart home technology features such as keypad door locks, you should update the keypads and codes after closing. Check for the instruction guides of these electronic keypad locks to know how to change the codes. Don’t forget to update the garage keypads as well if the garage can be opened using the same technology.   2. Store important documents in a safe or in a filing cabinet It’s important that you make copies of all the documents and paperwork involved from your home purchase and the closing process, specifically your closing statement. You will be needing one of these documents in the future, especially when it’s already time to file your taxes. Store these documents in a safe place, such as a safe or in a filing cabinet, so you know where to find them. It’s also best to keep copies of the documents in a secure cloud-based website or in Google Drive or Dropbox.   3. Change your mailing address and inform important people and groups about your move Alerting important people and groups about your new address is another major task that buyers must do after closing on a home. First and foremost, alert the United States Postal Service about your move so that important mails will not be delivered to the wrong address. You can conveniently update your address online at the USPS website. Aside from the USPS, also inform your friends and relatives, the company where you’re working to avoid issues with your workplace benefits, as well as insurance and utility companies. Don’t forget to also update your address in your bank accounts and in your newspaper or magazine subscriptions. If you have children, also alert their school or educational institution about your family’s move.   4. Inspect the water and electrical systems and take care of the home’s essentials You must have checked the water and electrical systems during your final walk-through with your agent a few days before closing. However, before settling in, check the water heater again and make sure you know the right procedure if you want to adjust the water pressure. You also need to make sure that the HVAC system has a new filter. Familiarize yourself with the location of the shut-off valves and the main circuit breaker so you won’t have to search for it during a homeowner emergency. Likewise, also locate and test the smoke detectors and fire alarms. It will give you peace of mind knowing that every system in your home is functioning properly. After alerting the important parties of your change of address, don’t forget to also set up your utility accounts, including water, gas, electricity, phone, internet, and so on. If you are still within the same area, you can call these companies to let them know that you’ve moved and transfer your account to your new address. Otherwise, research your local options and set up these necessary services before moving in.   5. Perform a deep cleaning Completing a deep cleaning is highly recommended after closing on your home and even before you move. If it seems like the previous owner has cleaned up well, then the job will be easier for you. Besides, it’s easier to clean when the house is still empty — even before moving in your things and before the furniture arrives. There will be no obstruction in the way and you can access hard-to-reach places. If you don’t want to do the deep cleaning yourself, hire a professional company or a house cleaner to do it for you.   6. Create a home maintenance checklist, a plan for future upgrades, and a plan for emergencies One of the major responsibilities of being a homeowner is doing home maintenance tasks, so it’s recommended that you start a home maintenance checklist right away. It just means you take your responsibility seriously and want to avoid having unnecessary stress by not planning for these huge repairs and expenses beforehand. Prepare your maintenance checklist and break down the tasks by seasons or months so that you won’t be easily overwhelmed. A separate checklist could also be created for your plans for possible upgrades, including both short-term and long-term upgrades and improvements. You could use the home inspection report given to you by the home inspector to help you create a feasible home improvement plan. It’s critical to note that being a homeowner also means planning for emergencies. Yes, already! You don’t have a landlord now whom you can call anytime, and you also can’t research the names and numbers of the plumbers in your area when the toilet is already clogged or broken. Know the trusted tradespeople or professional companies in your area by asking recommendations from the neighbors or searching online. It also won’t hurt to make an emergency plan for you and your family in case of fire or flood. Look up the numbers of local emergency services aside from 911, create a copy and put them on the fridge where everyone can easily see it. Also, research the local health professionals or local health care providers for any of you and your family’s health concerns.   7. Do any improvements or urgent repairs needed Once the deep cleaning was completed and the maintenance and upgrades checklists were prepared, you’re now a step closer towards customizing your home. Because it’s easier to do work in the house when it’s still empty, start doing those low-cost home improvements and personalized touches that you want to do even before closing. Freshen up the paint on the walls and ceilings and accomplish the small but relevant repairs before finally settling in.   8. Explore smart home technology options to add to your home More and more homes are being equipped with smart home technologies nowadays. And with a new piece of technology being released almost every day, you should explore smart home technology options that interest you and which you can apply or install in your home. When you were still a home buyer, you must have thought of these features as an additional factor in the home you choose, but if you decide to sell your house later on, these advanced features could also be a great factor, especially for tech-savvy buyers. Investigate smart home technology options that will greatly benefit you as a homeowner. Choose if you want to have the Amazon Echo or Google Home, or maybe it will be helpful to install programmable thermostats that you can control using your smartphone. You can also research remote-controlled smart bulbs, or install electronic keypad door locks if your home still doesn’t use one.   9. Know your community After accomplishing most of these tasks to make your home more livable, take the time to meet the neighbors and know more about the community you now belong to. Perhaps you’ve already met some of them during your house-hunting or home buying process. But after you’ve moved in, knowing your neighbors is a good opportunity to exchange contact information with them in case of an emergency and get truly acquainted with the community. Ask them about the local events around the area, the groups or associations they belong to, as well as local activities. Reach out to the HOA and find information about local social gatherings and activities.   10. Give yourself a break or take a few days off Your last few weeks must have been full of adrenaline rush and stress brought about by the home buying purchase, the actual closing, fixing all the necessary repairs and doing improvements, and moving and unpacking your stuff. But at long last, congratulations! You’ve just accomplished the American Dream of owning a home. The reality may come as still a bit fuzzy for you, but you’ve done it. So don’t forget to reward yourself with a few days off — bask in your sunlit porch while reading your favorite book or enjoy your outdoor pool just as you dreamed it. You can even throw a housewarming party to formally celebrate and share this important milestone with the people you care about.

Just like any sale, both the buyer and the seller have their own rights in making a home purchase. Are you knowledgeable about these? Don't get into a deal just yet if you don’t know your rights! In investing in a property, you must be familiar with your own legal advantages and limitations, and always remember that the seller has his/her own rights as well. Before anything, be sure you know what you're getting into! Before closing any deal, you must know what it means to make a “sale.” Legally, this means that one party (seller) is transferring property to another party (buyer) for a price. This price may be paid in full by the buyer upon entering the agreement, or the buyer may have promised to pay in full when he/she gets the rights to the property. Another case would be making partial payments: partial payment upon agreement (a down payment), with a promised partial payment that will complete the deal when the property has been fully transferred from buyer to seller. Now that you’ve made a deal, remember the rights the law provides you. 1. The seller kept something about the property from me, can I do something about it? If the seller didn't disclose something about the property, you should look up the local guidelines for this. Laws on disclosure depend on the state, and may even vary among cities. For example, some states allow a sale even if the seller didn’t tell you that the house you’re buying was once used to manufacture illegal drugs. In another state, though, this will not be tolerated. 2. I'm not sure about the Home Owner's Association (HOA) contract, so I don't think I want the property anymore. Can you walk away from a deal if this is an issue? Yes! But this will depend on a date specified in your contract. There is a law that protects the buyer from any disagreements about the HOA Declaration of Covenants, Conditions, and Restrictions. But keep in mind that there's a specific time for you to check and read through these documents, and this time frame is different in every state. Make sure to check the grace period in your state when you make a deal. 3. My current home isn't sold yet, but I already want to make a deal on my dream home. What can I do? You wouldn't want to be stuck paying two mortgages, so what are your options? Try making an offer with your seller that is dependent on the sale of your current home. A deal like this gives you the option to back out from the deal within a fixed period. You must know, however, that a contract of this kind still gives the seller a choice to back out at any time another offer comes in, especially if it doesn't have a contingency clause. If in case this happens, don't worry--you still have time (around 72 hours) to remove the contingency and make a deal with the seller. 1. I accepted an offer, but I still want to look at my options. Can I still do this? Yes, you can still look at other offers, but that doesn't mean you can accept them in place of the contract you already agreed to. What you can do at this point is to make another interested buyer take the "backup position." If your first deal doesn't go well and fails for any reason, you can automatically take the deal with the second buyer. 2. The buyer's financing is unstable. Can I back out? Yes, especially for the following conditions: - If the buyer's financing fell through before your closing date, you have the right to walk away. - If you see the buyer's loan terms will affect you negatively, you have the right to refuse the offer. 3. The house appraisal doesn't match the contract price. Can I stop the buyer from opting out of the contract? Definitely. If the house inspection raised issues your buyer is not prepared for, you can shoulder the cost for your buyer to continue with the contract. If it's a matter of appraisal that is less than your offer, don't panic about the possibility of the sale falling through. If the lender allows it, you can give the buyer the option of paying the difference in cash. If not, have the buyer shoulder some of the seller's closing costs instead. It is worth noting, though, that lowering the price is often the best solution--since a higher appraisal isn't a guarantee when you decide to go with a different buyer (not to mention the hassle of having to sell the property again).

Choosing the right home is much like finding the best candidate for a job opening. You're the boss and the house is your potential new employee. But more than only seeing a new face in the office 8-9 hours a day, 5 times a week, you’d be living with (or in it) for up to 24 hours a day! But since houses can’t talk, how do you make sure you’re hiring the right home? Here are 10 tips on being the perfect home buyer: 1. Make sure the seller chooses you! Just like how a potential employer may be interviewing other applicants, the seller will also be talking to other interested buyers. So, how do you make the seller want to choose you? Simple: Be the most capable and most qualified buyer he or she will ever meet. How? Get pre-approved on your home loan before even looking at houses. Make sure that your credit history has been stable for the last three to six months, at least. Keep your money where it's at, and don’t make any huge purchases before buying a new home. 2. Make a checklist of things you need (and want) Now that you're sure the seller would like you, it’s time to see if you like the house. What are the things you're looking for in a home? Should it be child-friendly? Do you absolutely need a fireplace? Is having your own backyard a requirement? Don’t just dive into house hunting. Make a list of your own house qualifications so you can easily narrow down your candidates when it’s time to choose. 3. Bring on your poker face Much like a job interview, be professional. Don't show too much enthusiasm to the seller, even if you really, really like the house. Or, if you dislike it at first glance, keep offensive comments about the property to yourself. Come negotiating time, everything you say or do may be used against you. So from the viewing, and even after it (don't post anything online just yet!), keep quiet about your feelings towards the home. 4. Review all of its strengths and weaknesses Did the house satisfy all qualifications on your checklist? Great! Now with that poker face on, ask more about what the house has to offer, and what it may lack. Should you prepare for repairs? Are there any other offers on the house yet? What are the restrictions on the house? What are the fees included in buying this property? Are pets allowed? How long has the house been on the market? These are just some of the questions you should be asking while you can. 5. Take notes, and even photos The seller will always put up the best photos of the property on the listing. So if you can (remember to ask the seller first!), take photos of the house for you to review later on. And as much as we would like to, we won't always remember all the answers the seller gave us during the viewing. Take note of these on a piece of paper, or in a reminder on your phone. You might also want to take note of things you notice that the seller didn’t mention. More than taking a mental note of important details like this, get it on paper. 6. Be a gracious guest As professional and probing as you are, remember that it's not your house (yet). Go through the house like you were a friend invited to view a friend’s new house. Aside from asking first before you take photos, ask permission to do other things in your investigation of the house. It can be as simple as asking if you can check if the toilet's flush is working, or requesting the owner to open a locked door so you can view its contents. 7. Require a physical examination! Just like an employer would require a medical examination before signing a contract, hire a home inspector before you close the deal. You might have asked all the right questions, but to be completely sure of the house's health, it’s best to hire a professional. 8. Stalk the property Much like you would do a background check on a potential employee, do one on the house you are planning to buy, too. One surefire way to see if it's the perfect fit for you and your family is to check it and its neighborhood at all times of the day. Remember, you’re going to spend every day in the area, so you have to make sure that you’ll be comfortable roaming the streets, both during the day and after dark. Another thing people usually forget when buying a house is the lifestyle around it. Does the neighbor’s dog bark all throughout the night? Is there a commercial building around the area that makes rush hour traffic unbearable? These are things you’d want to know. 9. Time your purchase right Sound knowledge of the market will help you gauge whether it's the right time to buy, but obsessively studying and following market trends may only cause you unhealthy and unnecessary fear. While there's nothing wrong in being informed, know that the right time to buy will always be up to you. Which means: It will be up to your preferences and budget. The market will always be unpredictable. It’s easier to be sure of yourself. If you followed everything mentioned above and you think you’ve really found the perfect house with the right price, then it’s time! 10. Have proper bidding etiquette Last but not the least, when you're finally ready to make that offer, remember two important things: Your budget - Don't outbid yourself! Try not to be too enthusiastic in getting the house. Keep in mind what you can and cannot afford, and try to stick to that as much as possible. The house’s worth - Just as much as you shouldn’t be too enthusiastic, don’t be too stingy either. Don’t offend the owner with an offer that’s too low. This will only lower your chances of getting the house. Your Realtor will be your best resource in establishing a winning offer.

Whether you are buying, selling, investing, or simply enjoying being a homeowner - there's no reason why you wouldn't want your house to be in its best shape.. For buyers (especially first-time home buyers), you may already have a list of the features you want in a home, but it would be great to consider adding the following to your list just to be sure that you can sell your home at a great price in the future. For sellers, knowing what features in your home you can use as leverage for a better price will help you take fair advantage of your most powerful selling points. 1. Huge master suite The master's bedroom is the ultimate private space in a home, so if it’s made in tiptop condition, both home buyers and sellers will be at an advantage. If you’re a seller, consider having this room remodeled, but try not to overdo it so that you can still leave space for imagination (what furniture potential buyers can add, how they can decorate it according to their tastes, etc.) It doesn’t really have to be as huge as an executive hotel suite with a California King bed -- as long as there’s enough space to move around and make the homeowner feel really good about coming home. 2. Beautiful landscape A home’s “curb appeal” will continue improving a home's value—and, by extension, the overall value of properties in the neighborhood where it is located. The curb is where the first impression about the home (and even the neighborhood!) is made by potential buyers, so if you’re a home seller, you can improve your curb appeal without spending a ton of cash by simply adding new attractive plants to your landscape, repainting your fence, and cleaning out overgrown bushes. These don’t cost much and it would definitely enhance your home and entice your buyers. If you’re thinking long term, consider investing on having your yard professionally landscaped with mature shade trees to match. This may take several years and upkeep, but it could be a big selling point. However, a beautiful landscape will require some amount of maintenance, otherwise it's going to end up being an eyesore that may negatively impact the home's value. For home buyers, a curb that’s in good condition is an indication that the seller takes care of their home. So if you see it in good shape, that’s a good sign. 3. An extra guest bathroom To a lot of home buyers, bathrooms are a HUGE deal. While two is a suitable number, an extra bathroom can add tons of value to a home and attract more potential buyers. However, this doesn't mean that home sellers should spend an average of $25,000 just to build a new bathroom before selling. According to the NAR, new bathrooms only return an average of 60 percent of their costs at sale time -- so if you're about to add a bathroom just for the sake of raising the price a few weeks before listing your house for sale, think twice because it may not be worth it. On the other hand, if you're a buyer, you're in luck if the home you're interested in happens to have an extra bathroom that isn't located inside the house's private rooms. You can use this as an additional selling point once you decide to list your home for sale. 4. A functional porch or patio A house’s porch or patio adds visual interest to it and is also a spot where family and friends can cook, have meals, and relax. Home sellers can add in a nice table and chair set or a grilling station (or both, if you have the budget) to suggest functionality to buyers. Buyers, you’re probably going to sell the home too at some point (to relocate, upgrade, or downsize) so take note of this tip for future use! 5. Multi-purpose rooms Extra rooms which can be turned into a home office, a playroom, a TV room, a guest room, or any kind of room depending on the home owner's preference is sure to add value to a home. These rooms, which are also called flex rooms or double-duty rooms, are growing popular with today's home buyers. This is because multi-purpose rooms make a house more functional, and is great for people with telecommuting jobs and indoor hobbies. The possibilities a multi-purpose room presents can make a house an instant hit to almost any kind of buyer. You can use this to your advantage as a seller by clearing out one room in your house and offering suggestions on how a certain buyer can make it their own. 6. Stainless steel appliances Stainless steel appliances will assuredly be for the long haul, and the best thing is: It never goes out of style! Do take note, however, that some stainless steel appliances may not look good in some areas of the house (it depends on the color of the walls and other appliances), so you may want to limit this to the kitchen. 7. Walk-in closets Having a spacious closet as one of the features of a home adds to the value of it and enhances every room in the house that has it. The idea of having enough storage will make a positive impact on home buyers. 8. Original wood floors Engineered wood flooring is replacing carpets now as the new trend. It’s long-wearing, durable, and gives off the illusion of more floor space. Instead of the usual structural plywood, wood floors nowadays are made of a thin veneer of real wood or bamboo. This costs less but has the same look. 9. Efficient technology such as sprinkler systems and green-tech additions Sprinkler systems, when used properly, help on cutting down waste and minimizing the inconvenience of pulling a hose or sprinkler around the house. Of course everybody wants their yard well-watered to maintain and showcase their lush green lawns, so you can assume that home buyers would add built-in sprinkler systems to boost the value of the house. 10. Well-maintained attic or basement rooms Make sure that the attic or basement room has a stairway in good condition, interior walls, adequate insulation, as well as windows for air, daylight, and emergency egress. Having these spaces in good condition adds in to the functionality tab of the house because there are a handful of ways it could be of use to a family -- whether it be an extra room, a study, storage space, or laundry space.

If you keep dogs, cats or other pets and regard them as family members, you're more likely to keep their needs in mind when purchasing a home. Some people even think of their pets as their “furever friends” or their “furbabies,” so their home buying preferences and decisions will be greatly influenced by them. After all, 68 percent of US households own a pet according to the 2017-2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA). Recent studies have also found that millennials’ decision to purchase their first home was influenced by their desire to have a better space or yard for a dog, or that they daydream about the day they’d be able to have their furry friend because owning a home can give them the freedom for that. So for all pet owners and pet-loving home buyers out there, here are five things to consider to ensure you and your pets can find the perfect home: 1. The local pet laws and pet owner requirements Before purchasing a property, check the local pet laws and pet owner restrictions. You should familiarize yourself with breed-specific legislation within your state and city, as well as the limits on the number of animals allowed in a home. For an instance, dog lovers in the Los Angeles County can now own four dogs per household in an effort to give homeless dogs additional opportunities to find permanent homes. Some cities also require an owner to have a kennel license to keep several animals. There can also be restrictions on an HOA or a condo development, especially on the types and number of pets allowed. Many HOAs also enforce noise ordinances, which is important to note if you have a dog that barks a lot. In some communities, owners also need to obey leash laws when taking your dog for a walk and clean up after your pet in public places. These restrictions are commonly in place for health and safety reasons.   2. Accessibility to pet services Like parents who will greatly consider a good school district when choosing a neighborhood, home buyers with pets should also consider the property's accessibility to good veterinary clinics and local pet services so that they can easily tend to their pets’ health and needs. If you’re buying a home in a new area, make sure to also ask your local real estate agent for referrals to where you can find a pet food store or a pet grooming salon. Talk to your potential neighbors and inquire about pet sitters and walkers nearby just in case you need their services if you go on a vacation.   3. Whether the neighborhood is pet-friendly and if there are pet-friendly amenities It’s a big must-do for home buyers to drive around their chosen area at specific hours of the day to better familiarize themselves with the neighborhood and the local traffic. For pet owners, it wouldn’t hurt to see for yourself if the neighborhood is “pet-friendly” and if there are pet-friendly amenities nearby. Drive around to see if there are dog/pet parks, a dog trail or other green spaces for your little buddy’s daily walks. Ask about the existing pet parks around the area and be informed about the rules and regulations from the local parks and recreation department. It’s also advisable for buyers to avoid choosing a home that is located right on a busy street or highway as car traffic is dangerous, especially for dogs or cats that like to roam. Pets can dart into the street anytime once they push open a screen door, or if a gate was left open.   4. The home’s layout, flooring and other features It’s important to assess the home’s layout and features and make sure that you and your furry friends will be comfortable living in it. For home buyers who have big dogs, they may be inclined to buy a traditional single family home with more outdoor space or a bigger yard rather than settle into a typical townhouse. They may also find an outdoor or garden faucet as a great feature, especially for bathing. If you have several pets, estimate whether there’s enough space inside the house as they are likely to run around and chase each other in circles. Check if the windows have window ledges where cats like to sleep. If you’re looking to buy a multilevel home, consider whether your dog can handle the stairs, as dogs can get joint problems particularly as they age. Likewise, assess if the house has pet-friendly floors. Carpeting is not recommended for dog or cat owners, as carpets can easily be clawed and get stained. Having an extra closet space where you can store your pet supplies and accessories will also be an advantage for you as a pet owner.   5. Yard and fencing If the yard does not have a fence, it’s important for you to construct one where your pets can roam around and play safely. Review your HOA covenants and see if you are allowed to build a fence, as well as the restrictions on the size and materials that can be used. If your home already has an existing fence, inspect it to know if there are loose fence boards that need to be replaced, if it is gated, and if the fence is high enough so your dog can’t jump over it.

  The main reason cited by non-homeowners as to why they currently do not own a house is because they cannot afford to buy one, as revealed in the 2018 NAR Aspiring Home Buyers Profile. The results are highest at 56 percent in the last quarter of 2017. Also, many home buyers have already indicated that the most difficult step in the home buying process is saving for a down payment. Likewise, many of these potential homeowners believe that you need a daunting 20 percent down payment to be able to buy your first home, so they already deem themselves ineligible without even trying. But the silver lining is that 61 percent of first-time buyers who purchased a home through a mortgage from December 2016 to November 2017 actually made a zero to 6 percent down payment, as reported in the NAR November 2017 Realtors Confidence Index. And yet, coming up with a 6 percent down payment can still prove challenging for many — especially for low to medium-income earners, new graduates who are still paying student loans, single parents, or those who are still recovering from credit card debt. To help you kick-start your home buying process, here's a list of grants and loan assistance programs you could check out to help you afford a mortgage to get your dream home. An FHA loan is a mortgage insured by the Federal Housing Administration (FHA), an agency within the U.S. Department of Housing and Urban Development (HUD). Their most popular home loan is the 203(b) FHA Fixed Rate Mortgage Loan Program, especially for first-time home buyers. It keeps a buyer's down payment to a minimum and could also reduce the closing costs. FHA loans could greatly benefit those who want a home but have little or no money saved for a down payment; including students who just graduated from college, newly married couples, and also those who have had credit problems in the past because of foreclosure or bankruptcy. Pros: Those who have a credit score of 580 or higher can get a mortgage with a down payment of as low as 3.5 percent. For those with credit scores lower than 580, they can still qualify for an FHA mortgage, but the down payment will be at least 10 percent of the home's purchase amount. Borrowers can use many sources of cash to make a down payment, including from their own savings, a gift from a family member, or a grant from a down payment assistance program. The FHA has a list of these grants to help you search for the best assistance program that suits your situation. In an FHA loan, home sellers, builders and lenders could offer to pay some of the borrower's closing costs, such as an appraisal, credit report, or title expenses, as an incentive. Cons: FHA loans require a borrower to pay mortgage insurance, unlike conventional loans. This backing protects private lenders from delinquent borrowers. Despite the mortgage insurance requirement, it remains one of the most popular mortgage options that have a low down payment. Because the FHA is only an insurer, borrowers need to get their loan through an FHA-approved lender. However, these lenders don't offer the same interest rate and costs even on the same FHA loan. So it’s important to shop around for an FHA-approved lender that offers the best interest rate to help you. The home buyer assistance programs offered by the U.S. Department of Agriculture (USDA) help borrowers or families with low and moderate incomes obtain a decent and safe housing in rural areas. Pros: If you qualify for a USDA loan, you will receive 100 percent financing with no down payment necessary. The loan payments are also fixed because the USDA offers mortgage guarantees to lenders. These loans aren't confined to farmland, so there’s no need for a borrower to run or buy a farm to be eligible. However, the properties must be in areas with a population below 35,000, which are mainly rural areas. But there are also some suburban areas that can qualify for the program. Cons: The program has income limitations, which vary per region according to the average median income of the area. Veterans, active-duty service personnel, and select Reservists or National Guard members, as well as spouses of military members who died while on active duty, are among those who can qualify for VA loans offered by the U.S. Department of Veterans Affairs. Pros: VA loans come with competitive interest rates and require no down payment, which is a huge plus. These loans are also more lenient when it comes to bankruptcy and foreclosure than other loan products. Borrowers are not required to purchase a private mortgage insurance. This benefit can help borrowers secure additional monthly savings. Cons: Only VA-approved appraisers can inspect the home chosen by the service member to make sure they meet minimum property requirements and that they are “safe, sound and sanitary.” VA appraisers also tend to have stricter standards than a typical home appraiser. Although VA does not require a minimum credit score for a home loan, lenders generally have their own additional requirements and may add their own “overlays.” The Good Neighbor Next Door Program is sponsored by the Department of Housing and Urban Development (HUD) and provides housing aid for people who belong to certain professions. Those who are eligible include law enforcement officers, pre-kindergarten to 12th-grade teachers, firefighters, and emergency medical technicians (EMTs). The initiative is designed to encourage the renewal of “revitalization areas,” which are neighborhoods that have low household incomes, low homeownership rate and a high number of foreclosures of FHA-insured properties.The listings of houses for sale under this program can be found on the HUD Homes website. Houses must be purchased through a real estate agent who understands the GNND program because the realtor will be the one to submit a lottery bid online. Pros: A buyer can receive a 50 percent discount on the list price of an eligible property that is located in revitalization areas by committing to live in the property for at least 36 months. Cons: There are certain housing conditions for each profession. For teachers, the house must be located within the neighborhood boundary of the school where the teacher works. Meanwhile, for firefighters or EMTs to qualify, they have to serve the jurisdiction where the house is located. A buyer must weigh in the location versus his/her savings when buying a home through the GNND program because most available properties are located in areas of rural abandonment or those which many people are reluctant to live in. For those who are having difficulty saving for a down payment, this program provides down payment and/or closing cost assistance in the form of a non-repayable grant of up to 5 percent of the loan amount. Yes, you read it right — the DPA grant never has to be repaid. It also decreases home buyer costs and avoids burdening the buyer with additional debt. The borrower can also choose to apply to either an FHA, VA, USDA or any conventional mortgage loan. The NHF offers two DPA programs — the NHF Sapphire program and Golden State Finance Authority Platinum program — both have different sets of requirements but are for low to moderate-income earners. Fannie Mae and Freddie Mac are both government-sponsored entities that work with local lenders to offer mortgage options that benefit low and moderate-income families. Fannie Mae is another name for the Federal National Mortgage Association (FNMA), whilst Freddie Mac is another name for the Federal Home Loan Mortgage Corporation (FHLMC). Both entities were initially formed to stabilize the US residential mortgage market and expand opportunities for home ownership and affordable rental housing. Through the support of these companies, local lenders can offer competitive interest rates and appealing mortgage options, including down payments as low as 3 percent of the purchase price. Many states and cities offer a variety of down payment assistance programs to help first-time home buyers afford a mortgage. Most of these programs are location-specific and income-dependent, but many are designed for low-income buyers who need additional assistance. In Texas for an instance, the My First Texas Home Program offers a 30-year fixed-rate loan with closing cost and down payment assistance equal to 5 percent of the loan amount (up to $8,000), but a minimum credit score of 620 is required. While in Colorado, a buyer with a minimum credit score of 680 can qualify for a 30-year purchase loan with a down payment as low as 3 percent and no mortgage insurance, through the CHFA Advantage Program.   Check with your lender or your local real estate agent to know the list of housing grants and programs available in your state/area, and know the best program for which you are eligible and might apply to your situation.

  1. Overpricing and underpricing Perhaps the most common mistake home sellers make is pricing the house too high because of an array of reasons: the house means so much to them, they're looking to buy a more expensive home or trying to pay off debt, or they believe that interested buyers will ask for a discount anyway. But this can't be farther from the truth. In fact, a ridiculously overpriced house will perform poorly in the market because it will soon lose its appeal once it stays in the market for more than three weeks. In pricing your home, it’s important to be as realistic and as conservative as possible. Seek out an experienced real estate agent and allow him or her to guide you in choosing the correct price of your house for sale. Don’t worry if you think the suggested price is a little low; homes that are priced below market value often receive numerous offers, which will then encourage a bidding war and drive up the price. Keep in mind, though, that a house that is priced too low also has its dangers. Don’t assume that this strategy will work for you 100 percent since a lot of low-priced houses were purposely priced that way to drive activity. These homes are usually in great locations and at their best conditions. If your home isn’t exactly the best catch and isn’t located in a sought-after neighborhood, then you’ll have to be very careful in pricing your house too low as well. Again, it is best to seek the help of a professional appraiser and real estate agent. 2. Analyzing the competition Reasonable home prices are set when a seller performs an accurate comparison of homes in the market. Comparable sales, better known as “comps,” is a term that refers to homes that are similar to yours in terms of size, condition, and features, and are located in the same area. When setting a price for your home, appraisers will look at recently listed comps in the same neighborhood, and by recent, this means not older than three months. Unless your property is in a rural or very low-density area, you and your appraiser may have to check homes that are outside the usual mile radius. Still, an experienced appraiser knows that not all homes with the same number and sizes of bedrooms, bathrooms, and kitchens will have the same price. Houses on the same street can vary immensely from each other, and it's important to understand the nuances in the market and know how they can affect the price of your home. For example, a house that is right down your street could actually be in a different school or tax district, which can either make it cheaper or more expensive than yours depending on which area is more desirable. A house that is the same size as yours that was listed at 10 percent more than your selling price could be because of specific features that address a particular need of the buyer. Modern additions such as “green updates” that allow homeowners to save on electricity can also affect the value of a house for sale. Remember, to “compare apples to apples,” you must dig deep into the reason why a particular house is priced as it is. 3. Hiring a real estate agent and appraiser It might be a little difficult to decide on a selling price without bias, especially if this is the first time you'll be selling a house which you’ve spent a good amount of time calling your “home.” While it is ultimately up to you (the seller) to set the final price, a good real estate and appraiser will help you arrive at a suitable price range based on their expert assessments. While there are no price restrictions in place that require you to price according to the market condition or current inventory levels, it will be to your benefit to discuss matters with your real estate agent and appraiser so that you can be sure to arrive at an informed decision. These professionals know that pricing is mainly about supply and demand, and that it is an art as much as it is a science. To find the perfect balance between important factors, it is crucial to seek advice from a expert who is experienced in dealing with all kinds of transactions. Still, it is important to note that realtors and appraisers are not exactly the same. Realtors aren't entirely unbiased since their main objective is to sell, while appraisers are state-credentialed valuation professionals who are required to follow a strict process in order to come up with an impartial opinion. So how do you know if you priced your home just right? Even if you follow all the important guidelines mentioned above, it may still be hard to know for sure if you arrived at the right price until all transactions have been completed. If a home sells after just a few days on the market, chances are the price was too low. If it takes months before a potential buyer takes interest, then it's probably overpriced. The best way to know whether the price is right is if your home gets steady action throughout the course of the listing period. If your house is listed at the right price, be prepared for numerous negotiations and be sure that both you and your agent are always on the same page. If you hit the right mark, the rewards will surely be lucrative and your house will sell at its optimal price.

Since the housing crash in the late 2000's, the real estate market in the United States has regained its composure, which paved the way for low-interest rates and limited housing inventory. This may look ideal for sellers but a burden to homebuyers (and even renters!) because they have to face increasing housing prices, long searching periods, and bidding wars as they enter the increasingly competitive market. Several complicated factors affect the price of properties, and some are unfortunately outside of our control. Still, it’s important to be aware of these things so that you can time your purchase correctly, or - if you’re selling - list your property at the right time. 1. The economy The Great Recession that happened in 2008 to 21012 highlighted the connection between the macro economy and real estate. Real-estate related jobs such as construction and mortgage financing underwent significant property depreciation. Note that even other local macro-trends can influence housing prices. For instance, the income growth in California was at 1.2% in the first quarter of 2015 compared to the national average of 0.9%. This increases the spending power of buyers which in turn also increases real estate prices. The demand for housing is often considered income elastic (luxury good) which means rising incomes lead to a more significant percentage of income being spent on houses. To sum it up, the state of the economy impacts the real estate market, as the consumers' ability to hold up to property prices depends on critical factors such as the GDP, income growth, manufacturing activity, and unemployment. 2. Interest rates As interest rates rise, mortgage rates also increase, which consequently lowers the demand and price of real estate. The real estate crash of 2007 proved the global impact of the real estate market increased awareness of how interest rates and loans are used in home buying. If things aren’t looking good abroad, it might affect your ability to sell homes domestically. Be in the know on what’s happening in the global market and with foreign investment as these play large roles into the expectations of the local market as well. 3. Location Properties within the proximity of establishments such as a slew of restaurants, parks, and schools, the price of houses are higher. In line with this are zoning restrictions which indirectly affect land value and directly impacts tax value. Do take note that local builder activity and local regulations in the area can dictate new home supply, and prices react to the abundance or the lack of supply of houses. While properties remain where they are, what happens around them inevitably affects its value. The price of a house is not only dictated by what it is today, but also what it can be 5, 10, 20 years from now. New roads, schools, and other attractive infrastructure can affect the desirability of a location almost in an instant. However, even though no one can predict developments and declines with absolute certainty, a professional who knows the community in which a property is located will be able to provide valuable insight. 4. Investors According to research by the National Association Realtors (NAR), the percentage of homes purchased by investment buyers stands at about 20% of the market. Investors are those that buy inexpensive properties to either renovate and sell for profit or put it up for rent. The housing crisis which increased the number of distressed properties (those that were foreclosed or were on short sale) made investors purchase more property. But if the number of such houses decreases, investors will want to liquidate some of their properties at some point. And if they do so untimely, this could result in too many homes hitting the market at once, which in turn could reduce the price of houses. 5. Neighborhood comparables Comparable properties (also known as “comps”) sold in an area can also affect another home’s market value. Appraisers and real estate agents look at recent sales of homes with similar features to use as a standard against a home’s potential price. Foreclosures and short sales often complicate things because they tend to sell at lower prices, which decrease the neighborhood’s overall average sales price. Comps (along with offer details) are usually the key driver for the appraisal process, as most appraisers will rely heavily on recent nearby transactions on homes of similar sizes and features. Remember, as with any other investment, there are a lot of factors in real estate that will be outside of your control. But staying informed about what’s happening in the market can help you make informed decisions that will allow you to maximize your returns.

If you're a home buyer deciding between getting a 15-year and a 30-year mortgage, there’s a great chance that you’ve already consulted with friends and family, and may even have done tons of research online. You know that there are pros and cons for each type of mortgage, and that the 15-year mortgage is technically the cheaper alternative since you’ll be paying smaller interest rates. It’s true that there are a lot of practical reasons for choosing a 15-year loan, but you shouldn’t feel guilty for wanting to commit to 30 years of relatively small monthly payments instead. There’s a reason why the 30-year mortgage remains the most popular financing option among home buyers. There are a lot of reasons why a 30-year mortgage can be just as good or even better than its 15-year counterpart. Depending on how efficiently you handle it, you’ll see that there are many ways you can take full advantage of a 30-year loan. 1. You can free up funds for other goals. Buying a home may be one of the most significant achievements of adulthood, but it isn't the only goal for a lot of people, including you.  One of the main advantages of a 30-year mortgage is its relatively low monthly payment — and even if you know that you'll technically be paying more for your house in the long run, lower monthly fees allow you to free up funds to pursue other goals. The extra money that isn’t going to paying off your house can be used for other worthwhile investments such as pursuing higher education, setting up a business, or buying your very first car. If you’re someone who believes in working on multiple goals simultaneously, then a 30-year mortgage can aid you in achieving them more comfortably. 2. You can always decide to pay off your mortgage early. With careful planning and consultation with your lender, you can take advantage of the safety of a 30-year mortgage with one of the main benefits of a 15-year mortgage - which is claiming full ownership of your home quickly. You can start working on some strategies to you pay off your mortgage early if -- during the 30-year period of your mortgage — you feel that you're growing more capable of settling your debt. Ask your lender for an amortization schedule that can help you come up with a plan to own your home fully within the new timeline of your choosing. 3. You won't be dealing with unwanted surprises. The great thing about 30-year mortgages is that no matter what happens, you can be sure that your interest rate stays the same for the full 30-year term unless you sell or refinance the home. Having a fixed mortgage rate will give you a sense of stability and will allow you to be more certain about the money you can use to build up your savings. 4. You can qualify for a bigger or more expensive house. The lower monthly payments associated with a 30-year mortgage will allow you to buy more house than you could afford with a 15-year loan.  If you firmly believe that the perfect home for you and your family is one that you can only comfortably afford by stretching out payments over an extended period, then you're better off taking a 30-year loan. 5. You have a better chance at building an emergency fund. Because monthly payments for a 30-year loan are relatively low as compared to payments for 15-year loans, you'll have a better chance at saving up for a rainy day. If you follow a strict budget and are disciplined enough to set aside a fixed amount to grow your emergency fund, you're likely to feel more secure about your choices. 15-year mortgages require monthly payments that are at least 50% higher than those of 30-year mortgages. On top of this, there are also property taxes and insurance to worry about -- not to mention mortgage insurance premium for those who put less than a 20% down payment. With all of these on your plate, high monthly fees would make it difficult for you to build an emergency fund or even respond to emergencies and other unexpected expenses. This may leave you with no choice other than to sell, refinance, or foreclose.

Millennials. They're the generation of people born between the 1980s to early 2000s, or also called the Generation Y. Many stereotypes have influenced how they have been viewed by the public, including the typical assumptions that they jump from one job to another, that they couldn’t even save for a down payment, or that they overspend. But the recent 2018 Better Money Habits Millennial Report by Bank of America says otherwise. “Millennials deserve more credit — both from themselves and from others — for their mindfulness when it comes to money and their lives, ” says Andrew Plepler, Global Head of Environmental, Social and Governance. This key takeaway is related to how millennials are saving and managing their money. And when it comes to saving, at least 33 percent of millennials prioritize saving towards buying their first home. In the NAR Home Buyer and Seller Generational Trends Report 2017, it is expected that 66 percent of millennials will buy homes in the next five years. And while each generation is different, there’s no doubt that millennials have their own set of unique attitudes and preferences towards home buying. “Millennials are shaping the market more than anyone realized,” says Jeremy Wacksman, Chief Marketing Officer at Zillow Group. According to the 2016 Zillow Group Report on Consumer Housing Trends, 50 percent of today’s US home buyers are under 36 or those who are called Millennials, which means they are shaping the future of real estate. They are having an impact on the industry through their growing influence on the market. Here’s how the millennial generation is changing the real estate market: 1. They are tech-savvy researchers More than any other generation, millennials prefer to approach the home buying process in a more digital fashion. The Zillow report further stated that the process of finding or selling a home is a much more collaborative process for them. They bring all available tools to the process, such as their smartphones, social media and online networks. In the NAR Real Estate in a Digital Age 2017 Report, a whopping 99 percent of Millennials searched on online websites while looking for a home, compared to the 89 percent of Older Boomers and only 77 percent of the Silent Generation. At least 58 percent of millennials also found the home they decided to purchase on their mobile devices. They also rely on online customer reviews more than any other generations. As they technically live in a world that is ruled by technology, real estate investors, firms, and even real estate agents need to boost their online presence in order to attract more millennial buyers and sellers. 2. They are very comfortable trusting a realtor when purchasing their home Despite being the most tech-savvy home buyers, millennials were the number one buying group to purchase their home from a realtor. They might have done their research first before stepping into homeownership, but they are still very comfortable in trusting the experts. At least 92 percent of millennials purchased their home through a realtor, and 74 percent said they wanted help in understanding the purchase process. They value the personal experience and insights that only a top real estate agent can provide. Millennials expect real estate agents to become trusted advisers and strategic partners. Likewise, it might also be related to the fact that their age group had more difficulty handling paperwork and understanding the process than any other generation. 3. They want specific must-have features in a home As the real estate sector becomes more focused on millennials as home buyers, the market is also focusing on what millennials specifically want in their homes. Millennials mostly want to buy newly-constructed homes, rather than fix-uppers, to avoid dealing with renovations and other plumbing and electricity problems. Likewise, they also have specific features that they want in a home they purchase. Some of the features they prefer include a spacious kitchen and an open floor plan, a dedicated workspace for those who are working from home, energy efficient appliances, updated kitchen and bath, and new technology and smart home systems. A unique study was also conducted by Northshore Fireplace in 2016 to know what millennial buyers are looking for in a home. The results have revealed millennials value these features most: new appliances, a large master bedroom, a 2-car garage, solar panels/energy storage, and a luxury kitchen. Millennials are also most likely to choose a home that is located closer to their work, so they can save time and gas. At least 65 percent say convenient location to their job is the most important factor when choosing a neighborhood. 4. They are least likely to view homeownership as permanent Only 11 percent of millennials said they view homeownership as permanent, compared to 37 percent of seniors and 29 percent of baby boomers. It was also revealed in the Bank of America 2017 Homebuyers Insights Report that 68 percent of millennial homeowners say their current home is only a stepping stone towards their dream home. They see the value in buying early but realize it may mean putting their dream home on hold for now. It also reflects the average of six years that millennials are keeping their home before selling, compared to 10 years for the rest of homebuyers. This trend can influence would-be buyers to purchase sooner. 5. They highly associate homeownership with the American Dream This is probably one of the main reasons why they currently dominate the housing market. At least 65 percent of people aged 18-34 associated home ownership with the American Dream, more than any other age group. It is despite the fact that they wait longer to buy their first home compared to their older generations. Most of today's home buyers are also redefining the so-called “starter homes,” which is now as large as the median homes for “move-up buyers.”

Preparing for a home inspection definitely pays off in the long run, and you don't even have to shell out tons of cash for it. You just have to make sure that the process goes smoothly for the inspector so that you can have a well-standing report for your potential buyer. Take note that professional home inspectors check for all issues in your home, both in the exterior and interior parts of the house. It also includes recommendations for fixing and improvement, as well as pointing out safety issues that you may not even be aware of. You can choose to see this to your advantage because it lets you be aware of problems in your home and gives way for transparency between you and your buyer during the transaction. Here are five mistakes you wouldn’t want to be guilty of as a home seller, as well as how to prevent them: “I did not prep the house for inspection!” First, you have to remember what the inspection is for: It's for you and the buyer to know what needs fixing in the house. You can’t “pass” or “fail” an inspection, and it is for your benefit as much as it is for the buyer. If you know that major parts in the house such as the roof or the floor are not in good condition, do take note in your agreement that you are going to have it fixed, whether it's you or the buyer who will shoulder the expenses. Though in most cases, it’s the seller who pays for major fixtures. However, that doesn’t mean that you can just leave the house that you’re selling as is! There are several things you can do to prepare for inspection without even spending. For one, make sure that your pets are secured and not running around the house. Also make sure that utilities are on, and that your lights bulbs are all working properly. Ensure that there are no locks on gates and doors that need to be accessed, namely the doors to your attic, crawl space, etc. Remove the panel cover from the electrical panel and the furnace cover from the furnace, as these need to be checked. And lastly, make sure that remote controls for amenities could be easily identified (suggestion: label them) so that inspectors know which one is for which. Inspectors prefer that the owner of the house is not inside of it while they conduct the inspection, so you need to do these things mentioned in order to make sure that the process goes smoothly for them. “I underestimated minor fixtures.” You may choose to ignore minor fixtures but remember that when they pile up, they can make a big difference on the impression of both the house inspector and your prospective buyers with regards to the house that you're selling. Remember: The inspector will take note of ALL the issues in your home, even the tiny ones. If you have tools, you can definitely fix some of these minor fixtures on your own. Check for broken door knobs, sockets, light bulbs, and rusting and sagging gutters. Other things you can examine is possible leaking under the sink and around faucets, and if electrical outlets, smoke detectors, and toilet flushes are working. Also, test your garage door if it correctly reverses against pressure. If you get a headstart in fixing minor fixtures, your house will have a better chance of looking good to both the inspector and your potential buyer. “The house was so messy and full of clutter!” You don't want to have your inspector remove your dirty laundry from your washing machine or your dryer. Take care of those before inspection, as well as other unnecessary stuff that could obstruct ease of access throughout the entire house.  Also, make it a point that your oven and stove top are clear and clean so that the inspector can test them without setting off the smoke alarm. “I tried to conceal defects — to no avail!” Home inspectors are professionals. They are trained to spot defects no matter how good you manage to hide them. They may even take note on their report that you did, so it's best just to be honest. Don’t take the risk of losing your buyer’s confidence. Keep in mind that the home inspection is not a warranty since the home inspector is only there for a couple of hours, without knowledge of the home and its systems of being built — so he/she has no idea about any quality control processes. One way to address this is that you file all the reports and receipts on the maintenance and repairs that your home has undergone, including annual or semi-annual inspections or repairs for your furnace, roof, chimney, etc. If you've had an insurance claim on your house, keep those documents together, too, so you have proof that you took care of the issue. “I skipped home inspection!” Possibly the biggest mistake any seller can make regarding home inspection is skipping the process entirely. Your buyer will have it inspected anyway, and this may leave you with little or no time to address the issues on your own time and budget. It's always better to have an inspection prior to negotiations, or a pre-listing inspection. This is a win-win for you and your buyer — and will save you from a lot of trouble and inconveniences in the long run. By having your home inspected early, you can prep your house better and be more confident in selling it at the price you want, and the buyer will be at peace knowing that the home he or she is buying is in its best form.

Planning on getting an FHA loan for a house but aren't quite sure which of the things you keep hearing are true? In this blog, we’ll debunk the top seven myths about FHA mortgages so that we can help you gain a better understanding of this financing option. “FHA loans are given by the government.” FHA loans are NOT given directly by the Federal Housing Administration. The FHA simply provides mortgage insurance to protect private lenders from delinquent borrowers. An FHA loan is given only by qualified lending institutions such as banks, mortgage companies, and credit unions. The U.S. Treasury backs the loan and provides a guarantee to lenders that if you, a borrower, fail to continue your monthly payments, the FHA is obliged to reimburse it for you. Because of this, lenders are more confident to grant substantial mortgage loans to subprime borrowers. It is important to note, however, that although the FHA provides insurance standards used as baseline criteria for qualification, it is still up to the lender whether to qualify you for an FHA mortgage or not. Approved lenders are authorized to choose which loan applications to process, underwrite, and close - without further approval from the FHA. “FHA loans are only for low-income borrowers.” Most people believe that FHA loans cater only to low-income home buyers or to those with credit scores below 600, but this is not the case. While they were originally intended for lower-income borrowers who are likely to find it difficult to qualify for a conventional mortgage, FHA loans are also available to anyone who meets the qualifications set by the Federal Housing Authority. In fact, there is currently no maximum income restriction associated with FHA loans. The vetting process simply requires borrowers to submit proper documentation to substantiate income and assets. It is worth noting, though, that a home buyer applying for an FHA loan would still need at least a 3.5% down payment and a reasonable credit score (preferably 620 or above). “FHA loans are offered only to first-time home buyers.” First-time home buyers comprise most of FHA mortgage beneficiaries simply because they are the ones most likely to take full advantage of FHA loans' low credit and low down payment requirements. But even if you’re buying your second or third or even fifth home, you can still qualify for an FHA loan. Just remember that an FHA mortgage is not always the best fit for certain people looking to buy property. Most lenders would advise you to make sure if you really are better off with an FHA mortgage than with a conventional one. “FHA loans are for borrowers with bad credit.” It's true that FHA loans are popular among borrowers with less-than-perfect credit scores, since the FHA allows home buyers with credit scores below 580 to apply. Based on FHA standards, a borrower with a credit score of 580 or higher qualifies for a down payment as low as 3.5%, while a borrower with credit scores between 500 and 579 will have to provide at least 10%. However, most banks and mortgage companies across the U.S. follow stricter guidelines for FHA loans. The FHA penalizes lenders that approve too many “bad” loans, which is why borrowers with FICO scores lower than 620 may have a hard time getting approved for an FHA mortgage. If you think you’re at a disadvantage in terms of credit, it’s best to know exactly where you stand so that you can create and execute a plan to improve your score. “It is difficult to qualify for an FHA loan.” The process may be quite tedious because of lenders that impose stricter guidelines - but don't let that turn you off. A lot of qualified lenders are still willing to go easy on first-time home buyers and especially on those from underprivileged neighborhoods. Borrowers with lower credit scores, as well as those who have filed for bankruptcy in the past still have a real chance at qualifying. As long as you have maintained good credit since your bankruptcy discharge and have the proper documents in place, your chances of qualifying are still high. Consult with different lenders, or ask an experienced agent who has worked with buyers who were approved for FHA mortgages. Gaining insight from people who have gone through the same application process will help you prepare better and up your chances of qualifying. “FHA loans are cheaper than conventional mortgages.” There are a lot of advantages to getting an FHA mortgage, including those mentioned above, but conventional loans also pose numerous benefits for certain borrowers and situations. For example - If you get approved for a conventional loan and agree to make a minimum of 20% down payment, you no longer have to shell out money for a mortgage insurance. On the other hand, an FHA loan would require you to pay an upfront premium and a monthly premium -- no matter how much down payment you're willing to settle. These costs may not seem overwhelming, but they add up to a lot. All factors considered - if you’re still leaning towards getting an FHA loan, just be sure to ask your lender about your mortgage insurance premium (MIP). The current MIP rate is 1.75% of the base loan amount and is usually paid in monthly installments. “I can't get an FHA loan without a credit score.” Actually, you can. The FHA is made available to borrowers without existing credit history, but the requirements may be a little tougher to meet. The FHA may impose lower debt-to-income ratios and cash reserve requirements on this type of applicant, and may not allow non-occupant co-borrowers. Still, there are a lot of ways a borrower can show proof of reliability, such as a history of on-time payments which include utility bills, rents, student loans, etc. Showing at least a year of on-time payments should do the trick. If you are approved, you can even get maximum financing with a 3.5% down payment.

Your trusted real estate agent can basically tell you anything you need to know about the home you're planning to buy, especially if it’s information that may affect the home’s marketability. However, the old adage that says “learn from the experience of others” can also be very helpful before closing the deal on your prospective property. Talking with the neighbors and knowing their first-hand experience while living in the area can be crucial for you to make sure that your chosen home and neighborhood are absolutely perfect. After looking up the area’s demographics, its latest crime rates, local events and school districts online, talking to the current residents can validate your research and will help you get an accurate feel of the neighborhood. Neighbors can also potentially share solid facts that the seller might have forgotten to mention, or purposely didn’t disclose. Your conversation with them may help you avoid making a big buying mistake and move into a neighborhood that can make you miserable in the future. Because aside from your local real estate agent, no one probably knows the area better than they do. So do your mini-survey: take the time to walk through the street, approach some of the residents, and ask if they won’t mind answering a few questions. It’s also a great start if you want to know more about your potential neighbors and whether you can get along. Here are some discerning questions that will help you uncover useful information before buying a home: This flexible question appropriately follows the usual ‘How long have you lived here?' greeting. It allows the neighbors to tell anything they might want to share without restriction — especially about the things they love and hate most about the area. Their answers (and even stories!) can offer sensible information and let you catch a glimpse of the lifestyle they have in the neighborhood. If the positive things they say outnumbered those they least like about the area, then it can be a good indication that you’re on the right track. Because despite the physical signs that could suggest the neighborhood is thriving, some things are not what they seem and the residents surely know better. This is a good follow-up question, especially for the things that the residents probably hate about the area. They can discuss any common concerns or inconvenience that might also affect you as a potential homeowner. Perhaps you've already checked out the crime rate in your prospective neighborhood when looking for your ideal home. You must have looked up the area’s crime statistics in online safety resources such as My Local Crime, or from the local police department. However, those won’t clearly tell you about the real situation of the area. It is the locals who will help you understand what’s really going on, and whether there’s anything that you need to watch out for once you settle down. Inquire about what really goes on in the neighborhood and if there are recent problems with loitering, vandalism, frequent fights, or incidences of stray dogs running down the street. Ask if they have security systems installed in their homes — which could tell you whether you’ll also need to install one. Find out how the neighborhood responds to crimes; if they have a neighborhood watch and how active it is. It may also help to ask if people feel safe to go out late at night or if they let their children play outside with minimal supervision. Those little details can actually make a big difference if you want to live peacefully in the area. One of the social benefits of homeownership is community involvement. Homeowners are more likely to participate in civic groups and tend to be more involved in their communities. Asking the neighbors about how they socialize can help you learn whether you're a great fit for the neighborhood, and also determine what type of community they have. Ask them whether they hold events like backyard barbeques, weekend festivals, neighborhood meetings, dinner parties, farmers markets, and others on a regular basis. It may also say a lot about whether the families living in the area really get along. You've probably toured the place with your agent multiple times at different hours to really make sure that everything is absolutely perfect. You’ve already driven to the places that you will most likely visit often, like the grocery store, the schools, clinics, nearby restaurants and cinemas, etc. However, asking the locals about what the traffic is like during rush hour could give you more insight of the daily road situation. You also need to know the transportation options available in the area; whether there is a reliable public transport; the road conditions during particular seasons; if there are enough parking spaces, and any truthful information that will help you determine how much time you might spend on the road and how quickly you’ll get around to and from your home. Even for singles or young couples without children, schools should be a major concern when buying a home. It's because homes located near top-rated school districts usually translates into higher property values and have a huge resale potential. For those who have families and young children, you also need to make sure that your kids will grow in a safe neighborhood with plenty of good opportunities. You can research about particular schools and their reputation online, but hearing the personal experience of residents whose kids were enrolled in the local schools is more valuable. You can also find out what it’s really like learning from a specific school, or if there are great after-school programs or individualized education programs available for children. After asking insightful questions concerning the neighborhood, it's best to also glean information about your prospective property. Neighbors might be willing to reveal more about the specific home — especially things that weren’t included in the disclosure. It’s best to know whether the home you’re considering has run into some problems that the seller failed to disclose, such as a high water table. Or if the house has endured damaging events like a storm or flood. They may also share bits of trivia about the house’s most appealing characteristic, or give you a backstory of why it is on the market. However, there’s always a chance that personal relations with the seller could affect the neighbor’s response if you tell them which house you’re considering. Still, people have different opinions, so make sure to chat with several neighbors and ask the same questions so you can have a more accurate picture.

When looking for that perfect home, many factors should be put into consideration. There's price, accessibility, proximity to a great school district, lower taxes, and others. However, if you’re working in an office, convenience and accessibility are two of the most critical factors you must consider before buying a home. During your home search, you should aim for that balance between a lower housing price and a shorter commute time — unless you’d want to waste countless hours in dreadful traffic every week that should rather be spent with your family or pursuing your hobbies. According to the Census Bureau, the average commute time to work in the US is 25.4 minutes. But commute times also vary widely depending on location. Some of the metro areas with the longest commute time include New York City, Los Angeles, and Boston, which are obviously highly-populated areas. Apparently, metros which have the shortest commute times are those that have less population density and road congestion. Consider how much time you spend on your commute In a Trulia Report, most people said they would like to live closer to work because commuting times keep getting longer each year. Roughly 16% of working Americans picked either a “short commute to work” or “nearby public transportation” as the most important quality of the next neighborhood they would call home. Before deciding where you want to live, factor your commute into your home buying process. While doing your house-hunting, it would be best to ask your real estate agent to do some research on homes that are closer to your job. Your realtor will help you weigh the pros and cons that can help you make an informed decision on what would be the best home — and commute — for you. Here's how to factor in your commute time when deciding to buy your dream home: Calculate your commuting and transportation costs Transportation costs include how much you spend when you drive a car to and from work — including gasoline, vehicle maintenance, insurance, toll fees, parking, and others. For many Americans, gas is their biggest commuting expense. Meanwhile, your commuting costs amount to how much you spend on public transit, carpool, and others. According to the Citi ThankYou Premier Commuter Index, the average cost of an American commute is $2,600 a year. Many home buyers don’t even realize how expensive their transportation expenditures can be if they fall in love with a house that takes a long commute to their job. Commuting costs are gradually rising, as well as the price of gas. And the longer your commute time is, the bigger you’ll spend on your travel costs. It’s important to factor in the number of hours you’ll spend in your commute, then add in your transportation and commuting costs.   Consider your job flexibility Deciding where you’ll buy a home may also depend on your job flexibility. If you have a fixed 9-5 job, then accessibility is a crucial factor. For people who are lucky enough to have flexible work hours, they may adjust their work schedule to avoid the rush hour traffic. Likewise, telecommuting has now become a new option for many employees. In the 2017 State of Telecommuting in the US Employee Workforce report, roughly 3.9 million employees are now able to telecommute or work from home at least half of time. Those who have that luxury may be inclined to buy a house in the suburbs that require a longer commute.   Weigh in your lifestyle It’s important to factor in your considerations and priorities in life. Millennials who want access to the nightlife, restaurants and retail centers, or outdoor parks, are most likely to buy in urban areas. They place a high emphasis on both affordability and convenience. But for those who have a family and are raising young children, they would likely want a short commute so they can spend more time with them. In the NAR Home Buyer and Seller Generational Trends Report 2017, the neighborhood choices of buyers aged 37 to 51 (which make up 28% of recent home buyers) are driven by their convenience to their job and the quality and convenience of school districts.   Commuting stress and its impact on your health Your health is also a main consideration in relation to your commute time. Recent studies have established that longer commute contributes to work-related stress conditions. The long daily commute can cause both physical and mental health problems, like higher cholesterol and blood sugar levels, neck and back problems, and even anxiety and depression. It also leads to less exercise and less sleep and can be the reason for poor food choices and habits. Some people won’t mind the long commute because it gives them time to do things they weren’t able to do during normal hours, like listening to new music, podcasts or even watching videos. However, it may cause a wear and tear in the person in the long run.   Effects on over-all work-life balance Longer commute time may also have an impact on family and marriage and can cause marital problems. Especially for those with a young family or are single parents, you need to carefully consider the proximity of your job to your home so you can maximize your time with your children. A longer commute may also add financial burdens to the family, especially if more members are also commuting. Prospective homeowners may want to carefully consider their commute time in their home buying decision. Because not only does commuting costs money, but it also sacrifices a lot of time that would be better spent with family or friends, or be used to improve one’s self that contributes to greater work-life balance.

If you're a single parent, you may feel burdened with all the responsibilities on your plate, and you might think that with one income, it’s impossible for you and your family to have a house of your own. Well - it may be tough, but it’s definitely not impossible. There are several proactive ways for you to get the house you want for your family, so lighten up! Here’s a 5-step guide that can help you with that: 1. Determine your budget. For a single parent, a budget is the first thing you must put in order before looking for a home. If you're a newly single parent who is used to two incomes, you may need more time to adjust to your new life. Don't rush into it and don’t feel pressured into making several decisions all at the same time. Ease into your plan of purchasing a home, and start making a detailed budget. The goal is to find out how much more you can shell out for monthly mortgage payments while also paying for your current monthly dues such as utilities, car payments, school tuition fees, etc. Once you’ve done the hard part of listing down all your monthly expenses and figuring out how to cover them with a single income, planning how to get a house will be a lot easier since you’ll know exactly how much you can allot for your mortgage loan every month. And, when you do purchase a house, you also have to take into account the expenses of maintaining it. A free budget planning worksheet by Bankrate can help you with accounting and tracking of your expenses. 2. Be familiar with available assistance. Acquaint yourself with The U.S. Department of Agriculture (USDA) and the Federal Housing Administration (FHA) programs that aid one-income households in buying their own homes. USDA loans are especially useful if you're buying a house in rural areas or counties. USDA also has a program catered for single-parent families, known as Section 502 Direct Loan Program, which offers payment assistance through a subsidy that reduces the mortgage payment amount for a short time so that you can increase your ability to repay. FHA, on the other hand, could give you loans that require you to provide just 3.5 percent of the down payment instead of the usual 5 percent. If you happen to be a veteran or in the military, there’s a VA loan with the option of no money down plus a string of other benefits. Check with your state’s local government housing offices if they offer programs that let you just give a 3.5 percent rate on the down payment and the closing. If you’re planning to avail yourself of these programs, you have to make sure to find a lender that is certified to offer these programs. Ask your agent about it and work through it together. 3. Sort out credit issues. If you have credit issues or you do not have a credit history of your own, there are loan programs backed by the government that are flexible on credit and even exempt you from waiting periods associated with bankruptcy or foreclosure. These type of loans, which you can have access to through the FHA and USDA, allow you to create a credit history through other sources such as the bills you pay monthly - rent, utilities, and insurance premium payments, given that you have a minimum of a year in good standing on those accounts. 4. Use your first-time home buyer status to your advantage. The U.S. Department of Housing and Urban Development (HUD) has a reference guide which you can check if you qualify as a first-time homebuyer. If you qualify as one, hone in on HUD's resource list so you can familiarize yourself with organizations certified by HUD to grant assistance to first-time homebuyers. Take note that there are also tax benefits for being a homebuyer (whether it’s your first time or not) such as deductions on home mortgage interest and loan origination fees. 5. Make a list of your family's preferences in a home. Time is another valuable resource, and you can save so much of it when you make a list of preferences for your home. How many bedrooms does your family need? Are schools and hospitals within the area? Does it have to be near your workplace? Carefully assess what you need in a home based on your family's lifestyle, and make sure to include your children if they’re old enough to help you decide. This doesn’t mean that you have to consult them every time you look at a home - just make sure that you show them their new potential home before you make your final decision to purchase it. Kids are often averse to change, especially if you’re relocating to a place they’re not familiar with, so it’s always best to make sure they’re more excited than scared. Having them weigh in on your decisions will be really helpful in the long run.