Valeria Gaufillier

Bringing Dreams to Reality

Tips For Deciding The Value Of A Home

by

Tips For Deciding The Value Of A HomeHomes are more than just a building. They are filled with memories of children taking their first steps, holidays that were celebrated with family members and friends, and Super Bowl parties filled with smiles and cheers.

These memories are priceless; however, people cannot let emotions cloud their judgment when they are trying to sell a house. Instead, it is important to focus on the building. There are a few tips that everyone should follow as they try to figure out how much their home is worth.

Be Reasonable

The first tip is not to price a home too high out of the gate. While it is tempting to start high and reduce when necessary, the reality is that a price that is too high is going to scare off potential offers. It is better to start with a reasonable price that will get people interested. Then, if the offers start to pour in, there is a bidding war. The price will naturally take care of itself.

Upgrades Don’t Always Lead To A Higher Price

It is tempting to follow in the footsteps of TV shows and pour money into renovations that might lead to a large return on investment. The sad fact is that this is not always the case. Even though the homeowners might love the renovation, this doesn’t mean that a potential buyer will. Do not renovate purely to raise the value of a home. Upgrades can go out of style just as quickly as they came in.

Don’t Price Out Of Necessity

Never price a home based on a dollar amount that has to be reached. It is always better to price a home relative to what the market indicates. Nobody is going to make an offer on an overpriced home purely because that is how much money the seller needs to make.

Leave Emotions At The Door

Finally, do not price a home based on emotions. Yes, a home is a special place; however, remember that the home is on the market, not the memories. Instead, always price a home based on what the comparables are showing. This will lead to a smoother selling process, a higher price, and a bigger return on the initial investment.

The Pros and Cons of Buying a New Home Versus Buying Pre-owned

by

The Pros and Cons of Buying a New Home Versus Buying Pre-ownedAre you thinking about buying a new home? Congratulations!

Buying a house, condo or townhouse is an exciting and rewarding time which tends to be a lot of fun. However, along the way you’ll need to make a number of decisions – including whether you want to buy a pre-owned home or one that has been built recently and is brand new.

Let’s take a quick look at some of the pros and cons of buying a new home versus buying pre-owned.

New Homes Tend To Have Fewer Problems

One of the major upsides of buying new is that newly-built homes tend to have very few problems within the first few years of ownership.

While you’ll still be required to make regular maintenance on a new home, when you buy pre-owned you’re buying a house that has seen years or decades of weather and regular wear-and-tear.

New Construction Allows For Customization

If you want to be able to customize certain aspects of your home, it might be better to buy brand new as the builder will be able to incorporate your requests as they’re building the home. Of course, you can always renovate and upgrade a pre-owned home but if you have significant needs you may find it easier to get them built into the home as it’s being developed.

The Major Downsides To Buying New: Cost And Location

While there are a number of upsides to buying new, there are some downsides that you’ll need to know.

First, new homes almost always cost more than an equivalent pre-owned home. Brand new homes are filled with new appliances, fixtures and modern building materials which add to the overall cost of the home. Unless the pre-owned home is on a larger lot or property, you’ll generally be able to save a bit when you buy pre-owned.

Depending on where you’re buying, you may also find that the location where brand new homes are being constructed is much further from the downtown or urban area. In many cities, the only available space for new construction is in suburban areas, which means that you may be in for a lengthy commute to and from work each day if you choose to buy new.

These are just a few of the factors that you’ll need to consider when buying your next dream home.

Applying for a Mortgage? Three Questions Your Lender Will Ask You – and How to Prepare Your Answers

by

Applying for a Mortgage? Three Questions Your Lender Will Ask You - and How to Prepare Your AnswersBefore approving a mortgage, your lender is going to have to do his due diligence to ensure that you can afford a loan large enough to pay for a house. That means your lender will be asking you several questions about whether or not you can afford a mortgage.

Here’s how you can prepare to answer these questions in a way that will increase your likelihood of approval.

How Stable Is Your Income?

Your lender is going to want to know that your income is going to be stable over the life of the loan. This means that you should be able to document steady employment, that investment income is going to be stable or that the alimony that you receive from your former spouse will continue to come in for the foreseeable future. To document your income, you can provide bank statements, pay stubs or tax returns from the previous three years.

How Much Do You Have In The Bank?

A lender is going to be interested in how much you have in reserve in case you lost your job or suffer an unexpected medical expense that could make it harder to pay your mortgage. For a conventional mortgage, you may be required to have three to six months’ worth of expenses in the bank or in other assets that you could liquidate. To show how much you have in the bank, you can provide bank statements or balance statements from any other account where you may get money from if need be.

Where Is The Money For The Down Payment And Closing Costs Coming From?

While some lenders don’t mind if the money is gifted from a qualified source such as a family member, friend or employer, other lenders will require that the money for a down payment or other costs comes straight from your own bank account. To prove where the funds are coming from, you will need to show when the money was deposited into your bank account if using your own funds (or a gift letter if the funds are being gifted).

A mortgage lender needs to be sure that you are able to repay any loan that you are approved for. That means you’ll want to present your lender with solid, documented proof that you have a steady income and ample cash reserves to pay the mortgage and associated fees. For more information about what lenders look for in mortgage applicants, contact a qualified mortgage professional today.

Company NMLS #328297

Equal Housing Lender


90 Almeria Ave #204
Coral Gables, FL 33134