Tag Archives: Buying

5 Tips for Saving Money On Your Next New Home

Looking to save more money on your next new home? Kara Masterson from housecall outlines some really helpful ways to do so. If your interested in making your new home a mountain escape contact me and we can get you settled in Summit County and saving money! – Anne Skinner


5 Tips for Saving Money On Your Next New Home

Posted on Sep 30 2016 – 12:08pm by Housecall
By Kara Masterson

The process of buying a new home is stressful, even if you’ve already done it before. Looking at properties, researching areas, processing paperwork, etc., can all take a toll on your schedule and daily life. With all this going on, the last thing you should have to worry about is saving money when it actually comes time to buy the property. Use the following five tips for saving money on your next new home:

Always Use a Real Estate Agent

One of the biggest mistakes people make is trying to purchase a home without a licensed real estate agent. Places like Lisa Burridge & Associates Real Estate can be of immense help during the purchase process. Not only can an agent help with paperwork, but they’ll also know how to negotiate the price using fair market value, the actual condition of the home and other various factors.

Try Not to Pay PMI

Also known as private mortgage insurance, this is tacked on to your monthly payment if you buy a home with less than 20 percent. Some lenders will still offer standard mortgages with smaller down payments, but they’re increasingly hard to find. Save money by trying to save at least 20 percent for your home, or purchase a home that fits into a slightly smaller budget.

Reduce your Property Taxes

This is a very popular and often effective way to save money on a new home. If you think the assessed value of your home is too high, ask for a review. A different assessor will come out, perform an inspection and make any adjustments, if necessary. While this doesn’t always work, it’s worth a shot if you want to save as much money as possible.

Find Better Insurance Rates

Similar to auto insurance and health insurance, monthly property insurance premiums vary depending on the company that underwrites the policy. Spend time shopping around to different insurance companies until you find the one that offers an affordable rate that sufficiently covers your property.

Make Additional Monthly Payments

If your mortgage payment is low enough where you can consistently pay more each month, doing so could save you tens of thousands of dollars over the course of the mortgage and reduce the number of months you’ll need to pay.

There are a variety of methods consumers can use to save money, both upfront and during the course of their mortgage. To avoid financial issues in the future, always purchase a home that is within your set price range and never buy a home with zero money down; doing so will make it much harder for you to borrow against the property in the future.

From RISMedia

What to Know When Going From Renting to Owning

6 Things Renters Should Know in Summit County: When They Go From Renting to Owning

1) Your mortgage can be less than your rent.  That is not always the case but with our extreme rentals rates it definitely can be the case for many people.  When you own a home you will be responsible for paying for your association dues if there are any.  This can affect the overall amount you contribute towards housing each month.
2) Your mortgage payments can fluctuate.  Your mortgage payment is typically made up of principal, interest, taxes and insurance. The biggest reason mortgage payments fluctuate is because taxes and insurance may change year to year.  Our taxes are mainly based on the value of your home.  The county and towns re-asses these values every two years so your payments may fluctuate then.
 
3) When you are buying a home, your lender probably can not count income from roommates.  Most lenders can only count income from a lease when you have a signed lease in hand.  You may not be able to get a lease signed until you own the home.  It’s a smart idea to make sure that you can handle the full mortgage payments on your own so you don’t find yourself in a tough situation.
4) You can buy a home with a friend or family member. Two friends can go in on a home together to make the purchase more affordable.  You would buy the home as “tenants in common.”  You would want to make sure you have a plan in writing for what will happen when one person wants to sell or move. You can also have a family member co-sign for you.
5) Plan to be at your new home for at least 2 years.  When renting, you may move to different areas more frequently.  Once you buy a home, you will want to occupy it as your primary residence for at least 2 years otherwise there can be greater tax implications.
6) You may need to abide by new rules.  When you own a home you need to ensure that you are complying with the rules and regulations of the neighborhood or complex.  On the upside, most owners are allowed to have pets where as it might have been a struggle to find a rental where you could have a pet.

CNE – Certified Negotiation Expert

I am constantly looking for ways to better myself as your Realtor and this past week I added another helpful certification to my name: Certified Negotiation Expert

What this means for you is that I am extremely prepared to get you the best possible price on your next home or mountain escape. The course focused on these main topics and principles (From http://negotiationexpertise.com/courses/certified-negotiation-expert/)

  • Competitive Win-Lose Hard Bargaining vs. Collaborative Win-Win Negotiating
  • Psychology of Buying
  • Persuasion Principles
  • CNE Model and Planning Guide
  • Case Studies
  • Skill Practice/Role Plays
  • Group Discussion Topics

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