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Vince Madrid | Broker

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Buying? Know What You Can Afford

Consider these factors:

 

  • Downpayment: Most loans require a downpayment. The amount varies, but 20% of the purchase price is typical. If you’re a first-time buyer or fall below certain income thresholds, you may qualify for affordable-housing programs.  Generally, a higher downpayment means better loan terms and a lower interest expense on the mortgage.

  • Qualifying for a loan: A lender will determine how much he thinks you can afford based on your income, employment history, education, assets (e.g., bank account balances, other property, insurance policies, pension funds), and debt.  Check your credit report before the lender does to clear up any problems.

  • Your comfort level: You don’t have to spend $200,000 on a home just because the lender says you can afford a $200,000 home.  Do some math and determine what you’re comfortable spending.

Secure Financing

Unless you’re paying cash for the home, you’ll need a loan. Keep in mind the true price of financing goes beyond the interest rate alone.  Consider items such as points, total lender fees, term of the loan, and penalties for early payment.  The lender will likely require an appraisal to verify that the home is worth the cost of the loan as well as a physical survey.  Repairs may be required.  Insurance must be purchased.  All these conditions and others must be satisfied before a transaction can close.  Need help? CALL TODAY 210.378.5392 OR CLICK HERE!

5 Tips To Sell A House

Learn your home’s market value:

Having a local agent look at your home is the first step toward getting a practical idea of your home’s value. Even if you’re months or years away from selling, having an agent over early on engages you in the process and allows you to start gathering information.

 

Assess your home’s physical condition:

In most cases, you’ll have some work to do to sell your home. A good agent, along with a CMA, will give you ideas for home improvements to consider. This could be as minor as moving things into storage or as major as a full paint job with kitchen and bathroom renovations.

 

Start watching the comps:

The train to a successful home sale truly pulls out of the station once you’ve gathered all of the information. Armed with knowledge about your home’s current market value and what you would need to make it “market ready,” you should start watching the comps, going to open houses and fully engaging with the local real estate market.

 

Do your homework:

After speaking to a good local agent, you may have any number of assignments or things to do before you can list your home for sale. Start speaking to painters, general ‘fix-it’ contractors, landscapers, and stagers. Ask your agent for referrals. Get bids for what would need to be done. Start understanding how much work you’re willing to do, what needs to be fixed and how much you want to spend. Working with your agent, prioritize the work and get things lined up.

 

Set a deadline and get to work:

You and your agent should pick a date to get the property officially “listed” and then work back from there to plan the work. Your home should be “open house ready” for the photo shoot. Listing photos are people’s first impression of your home today. While curb appeal still matters, photos are the single most important part. Plan to get all the work done before the photo shoot. The hardest part for most sellers is these weeks and months leading up to a sale. Once the home is on the market, the home is out there, in its full glory!

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