Negotiation Tips for Buying a Home

If you’re in the process of buying a home, you know how important the price is. The cost of a property is one of the main influences on whether or not you are able to buy it. Luckily, the listed price is far from the final price. In fact, you can lower the price considerably, by using a few negotiation tips.

Take your time

In almost every case, the party that has more time gets a better deal. Try not to be in a rush to close on the property. Make sure you don’t have any deadlines. If you do, the seller will use it against you. If you find out that the seller has their own deadline, don’t be afraid to take your time. As they become more eager to sell the property, the price will come down.

Always ask for something in return

Don’t make any concessions without asking for something in return. It doesn’t make sense to let a chance to gain more from the deal pass you by, and giving an opponent something for nothing can create a sense that they deserve free things from you. This definitely isn’t a position you want to be in.

Listen

Many people negotiate by talking about what they want as much as possible. In reality, this is the opposite of what you should do. Give the seller plenty of time to tell you what they want. Whenever you listen, you gain knowledge, and knowledge is the best tool you can have when it comes to negotiation.

Looking for more information about negotiation or buying a home? Contact us.

Get Your Credit Back On Track So You Can Buy A Home

The holidays are over and the credit card bills have been rolling in. Now is the time to get your credit back on track so you can prepare to buy a home.

Is Credit Score Important?

Yes! Your credit score and credit report will be viewed by the lender before you are able to obtain a mortgage. If your credit score is very poor the lender will decide you are too risky and you will not be able to get a mortgage. With a moderate credit score you will be offered a mortgage but the terms will not be ideal. Therefore maintaining a good credit score puts you in the best position to get good mortgage rates.

Steps to Take

If your credit score has been impacted by your holiday spending you can take steps to make improvements. Consider the following:

  • First, check your credit report. If you don’t know your credit score or it doesn’t seem like it reflects what you expect, you should check the report. Many financial institutions suggest that the report should be checked once a year. Look for errors or identity theft. Contact the National Credit Reporting Bureau if you find issues.
  • The credit card company provides you a credit limit. It is not wise to spend to this limit however. Instead keep your purchases well under the limit so you do not appear to be a heavy user of credit.
  • Make payments on time! Your credit score is lowered when the payments are delinquent.
  • Pay as much as you can. Ideally you would pay off your card each month. If that is not possible pay as much as possible to reduce your balance.

Lenders study your credit score and credit report to verify that you will be able to pay your mortgage on time each month. They use the report to determine your credit history and if you are worthy of a loan. Taking your credit score seriously is important.  Contact us to learn more about being a first time home buyer.

Do It Yourself Tips: Emboss Your Switch Plates to Match The Light Fittings

Have you ever moved to a new home, installed the perfect light fittings but were taken aback by how they looked next to your room’s existing switch plates? If so, you’ll appreciate what we found out about modifying and replacing switch plates. Surprisingly, converting a ho-um, contemporary switch plate into a fantastic, vintage one is actually pretty easy. For instance, you could purchase metal plates and then emboss or tin stamp them. Embossing is the easier of the two, do it yourself options.

All you need to emboss your old switch plates and make them match your vintage light fittings are the following:

  • Aluminum Foil Tape
  • X-Acto Knife
  • Scissors
  • Plastic or Metal Spoon
  • Cutting Board
  • Design Template
  • Pencil or Stylus

Begin by cutting a piece of aluminum foil tape that is big enough to cover the front of the switch plate and wrap around the sides. Next, peel off the sticky backing and affix the tape to the switch plate taking care to completely cover all edges. Do not cover the entire back portion of the switch plate as no one will see it and it may interfere with the wiring later on down the road. Proceed by using the back of the plastic or metal spoon to carefully smooth out any bubbles or wrinkles that may be present. Once the switch plate’s surface is smooth again, it will be time to start decorating.

Place the design template you’ve chosen to use and place it over top of the covered switch plate. Continue by using your pencil or stylus to trace the desired pattern on to the plate. Although aluminum foil tape is traditionally tear resistant, use a good deal of caution and an even hand when tracing your design. Otherwise, you might end up breaking through the tape, thereby exposing the underlying plastic. When you’re done embossing the design on to your switch plate, simply remove the template. Finally, affix your DIY vintage switch plate on to the wall and enjoy!

To discover more ways to light up those switch plates and other areas of a new home, please contact us.

3 Important Financial Factors: Buying Your First Home.

images

Buying a home can be a taxing affair. It can take a toll on your mental stasis, as well as your wallet. But doing your research will go quite a long way in reducing your anxiety. 

3 important financial factors to consider

1. Credit Report

It goes without saying that you credit is one of the most important factors involving the decision to grant you a mortgage. Your credit report is, after all, a complete record of your borrowing and repayment history with credit card companies and other lenders. Mortgage brokers will be very discerning when it comes to this document, so a positive credit report is a must. learn how to improve your credit score and be on your way into your new home

2. Credit Cards

In tandem with your credit report and score, lenders will look at what they call your “debt to income ratio,” or the amount of money you make versus the amount of debt you have.

Many experts agree that if you are planning on relocating, it’s best that in the months leading up to you securing a mortgage that you get a handle on your credit card payments so that it shows positive on your report. Don’t cancel any cards that are in good standing and show established credit. Also, do not apply for any new cards three to six months before applying for a mortgage. Eliminate all red flags.

3. Employment

If you are trying to secure a mortgage, and you recently accepted a new job, be sure you are prepared to show proof of your new income. The length and overall terms of your employment are always in question when large sums of money are being discussed. So whether you are self-employed, work several jobs, or even relocated for work, providing evidence of your income through pay stubs, bank statements, and tax returns is essential. Lenders want proof that you can pay back the money you borrow.

First Time Home Buyers: Be in the Know

1. The purchase price is not the only cost of home ownership.

With many fees and expenses involved with home ownership, it doesn’t end with the purchase price. As a home buyer you have to understand on top of your monthly mortgage payment, there are many other fees and expenses to owning a home that first time home buyers overlook. When your going over the monthly budget and expenses keep these in mind. Some might be included in your monthly mortgage payment and some may not.

  • Home owners insurance
  • Property taxes
  • Utilities (heating costs) (electric bill) (water bill) (condo fees)(garbage removal)
  • Home maintenance

2. Getting Pre-approved for a loan can help with your budgeting and home buying power.

A pre-approval is one of the most important steps for a first time home buyer. This will help you understand how much home you can afford with your current credit rating, income and expenses, and other factors. The pre-approval also shows home sellers that you are a serious buyer and able to afford their home. It gives a confidence to the seller and could set you apart from other home buyers that may not be pre-approved yet. The best part of the pre-approval process is it’s fast, easy and free. Contact us to put you in touch with 1 of our veteran mortgage officers who can get the ball rolling for a pre-approval.

3. There is no such thing as the perfect home.

Most first time home buyers think they’re going to find the perfect home, with the perfect upgrades, in the perfect neighborhood. Unfortunately most home buyers have a huge list of wants that most homes cannot live up to or they can afford. The trick is to make a home wish list that has everything that you want and desire with out holding it 100% accountable. It is also wise to separate your wants and needs. Understand that you might not find the perfect home within your budget. Here are a few quick bullet points on things to know that will help you prioritize.

  • You cannot change the location of the home.
  • You usually can change the floor plan.
  • You can update kitchen and baths, along with many other things.

Overlook paint color, outdated light fixtures,  and grandma’s wallpaper because these are the most simple and inexpensive updates that many first time home buyers take on as projects. If your up for the challenge, buying an outdated home can actually be beneficial. You are going to get in the home at a cheaper price and you will be able to customize the home to your liking. Unless your buying new construction, you can expect to do at least some updating.

4. The economy would love for you to buy a home.

First time home buyers stimulate a lot of local economic activity and growth. Therefore banks and the government are constantly changing rules, credits, loan programs and giving general help geared toward getting a first time home buyer in the home of their dreams. The best resource to see the latest loan programs and local government help is talking to an experienced mortgage officer to see what is available and would work best for you.

Questions to ask your loan officer

  • Do no money down programs exist?
  • What government back programs are available?
  • What are the guideline and income limits for programs available?

First Time Home Buyers: Getting Started

Defining Your Ideal Home  and Neighborhood

The property you buy will be much more than a house; it will be
your home. The following questions can help you describe the things
that are most important to you in your ideal home and neighborhood.

Home Buyer Checklist

The Home Buying Process usually includes many of the following elements. Understand the Checklist and steps you will need to take to go from a CT Home Browser to a Connecticut Home Buyer.

Home Buying Resources

Advanced Home Searching Toolssearch icon page veiw
Browse like a Pro. Feature rich Home Searching tools that are easy to Use. Includes easy glide parameters,distinct mapping, and much more. Make sure you set up an account while your there and receive email updates with the newest listings that hit the market in your search criteria.

Mortgage Calculator
Check out are 19 in 1 Mortgage calculator. calculatorMany different detailed calculations to choose from that you do not want to miss out on. Feature rich with calculations such as “rent vs. buy” “affordability calculator” “how much income do I need to qualify” along with many more. Its a great tool to start understand how much home you can afford and exact payments,along with tax benefits and different payoff scenarios for credit cards and other loans.

 

Check out articles we update regularly regarding helpful Home Buying Tips.

Also feel free to Contact Me anytime to answer any questions you may have and get the home buying process started.

 

 

You landed the Home of your dreams. Time to move!

moving-icon

It’s hard to trust your belongings to someone else when you’re Moving. To simply hand over your items in a moving truck and hope it gets there safely is too much to handle; it’s all you have. Everyone has heard one time or another about how movers have lost or stolen items. Moving insurance makes sure your items stay with you from your old home to the new one in the same condition.

Poor service and unreliable movers are the main reasons why items are missing or stolen. Avoid both of these hurdles through research. Look at the Better Business Bureau for complaints. Read reviews online and listen to loved ones for their opinions. On the company’s website read their testimonials and contact them about references. Learn about hidden fees and extra charges. Know the company inside and out before doing business with them to avoid surprises.

Moving insurance protects your belongings by covering damages, lost items and stolen items. It covers moves from one side to the other side of town, city to city, state to state, and country to country. There is a plan that works for you and your budget. The two plans available are full replacement and released value. Full replacement plans offer complete coverage for everything you own. The moving company is responsible for covering the liability up to the full value. Read the contract if you choose this option. It’s more expensive to buy, the deductible may not be what you expect, and it may not cover extremely expensive items. Released value is the cheaper option. They pay sixty cents per pound of total belongings. Some liability comes from the mover, but the majority of liability comes from the customers. Moving companies naturally add this basic insurance in moving expenses. However, it’s only added by request.

Both versions of insurance coverage are written in a contract, so look at it carefully before signing. Movers are not responsible for damages happening to the inside of boxes. The only way they’re responsible is if the box is damaged itself. If you want them to be responsible for the boxes, let them pack the belongings for you. Remember though that it will cost extra money to let movers pack and move your stuff.

If you move yourself anything that happens to furniture and personal belongings are your responsibility. The only way to get moving insurance is to hire a professional moving company or talk to an insurance company who handles this type of insurance.

Nicholas Despoteris

Licensed in CT – RI

860.889.3811 x54321

Fax: 1.888.510.6866

Nicholas.Despoteris@libertymutual.com

 

3 Tips for Buying Your First Home In Connecticut

My-FIrst-Time-Title

Buying your first home will be one of the biggest decisions that you make in your life. While the Constitution State’s draw may be its beauty and history, many young professionals and families would ideally love to live in this beautiful state. However, homes in Connecticut can be somewhat pricey and sometimes over 100 years old. Here are some home buying tips that can make the process of buying your first dwelling in Connecticut easy and stress free.

Prioritize Your Wants and Needs

Typically your first home will not be your dream home, but it can come pretty close if you’re patient and willing to bend on some of those little extras that you may not necessarily need in a home. First time home buyers have a hard time prioritizing. The best way to prioritize is to make a list of what is most important, second important and least important. Would you prefer to be in a more populated area? How close do you want to live to your child’s school? Are you okay with having oil heat? By making these decisions ahead of time, you will be able to sort through hundreds of homes to make the process easier. Keep in mind that winters can be very cold in Connecticut and summers can get up to 100 degrees so finding a house that can be cooled and heated easily are important.

Get Pre-Approved

While you’re in the process of looking for homes, it is a good idea to get pre-approved for a mortgage so when you find the home that is right for you and your family, can make an offer quickly and efficiently. It can take four to six weeks to be pre-approved so make this a priority and one of the first things you do when you’re ready to buy.

Find a Real Estate Broker

For free, a real estate broker will help you sort through the literally thousands of homes for sale in Connecticut. They can do the hard work for you as they have access to many resources that you don’t to search for the home that is right for you and your family. If you provide the broker with a list of the key points you’re looking for in a home, they will find listings that closely match what you want.

The secret to buying a home in Connecticut is to find a balance between what you want and what you can actually afford. It can feel like a long process but with patience and some hard work, you will find the home you are looking for to enjoy for years to come.

Michelle Manter As a local top producing Realtor, I would Love to get you started on you home buying journey, Michelle Manter Giglietti is here to help. I run a team of all star agents who specialize in first time home buyers. Feel free to Contact me anytime to talk about your real estate goals.
——->Check out my Reviews

First Time Home Buyer Resources

email alert

  1. What you need to know
  2. Checklist
  3. Questions to ask Yourself?
  4. Mortgage Calculator
  5. General Home Buying Tips Articles

 

Questions to ask yourself when your buying your first home.

does it fit

Buying your first home is a big deal, and it’s natural to be nervous. It is important to work with a good realtor, so that they can use their experience for your benefit, and you can get the right questions answered before you buy. Some of the questions you should be asking, and the information you want to find out are:

1.) Is the listing price fair and appropriate with the market value? Market values change with time. Have your realtor show you reports of recently sold homes in the same area and of the same size and age. From this information, you can determine if the home you are looking for is priced well or not. If the house has been on the market a long time, it might be a sign that the price is too high.

2.) What are the annual taxes? Make sure you figure this into your budget, so you are sure you can afford the payments.

3.) When can we close? The closing date might be negotiable. The current owner may want to delay closing while they are finishing the sale on their new property, or they may want to speed it up. This is not the same for every home, so if you have a specific date in mind, make sure you discuss it with your realtor.

4.)Are there any easements on the property? Sometimes, a utility company or a neighbor might own an easement on the property. If there is one, find out all the details about it. It may not be an issue, and you can move forward.

5.)What is included in the sale? Many times, appliances, window coverings, area rugs and swing sets are included in the sale price of a home. This is not always the case, so it’s best to find out.

6.)How old is the ____? Fill in the blank with roof, appliances, hot water heater, furnace, well pump, garage door opener, etc. Find out as much information on these items as possible. They may need to be replaced in the future, and knowing their age can help you determine future maintenance costs. In addition, if the items are relatively new, they may still be on warranty.

Click Here for More First Time Home Buyer Info

Listing information is deemed reliable, but not guaranteed. This IDX solution is (c) Diverse Solutions 2013.
Each Keller Williams Realty office is independently owned and operated