Lynn D'Avolio
J. Barrett & Company | 801-597-2857 | lynn1@soldbylynn.com


Posted by Lynn D'Avolio on 10/1/2019

Buying a house is arguably the most expensive purchase most people will make in their lives. With real estate prices steadily rising year after year, many Americans are finding ways to save on housing.

At the same time, rent prices too are increasing, especially around metro areas where many young Americans are entering the workforce. With costs rising and wages stagnating, it can be hard to find an affordable place to live while still building equity that can be used later on down the road.

One option that many Americans are considering is the fixer-upper route. However, it takes know-how and a lot of hard work to make this method a good choice to save you money. In this article, weíll tell you how to make certain buying a fixer upper is a good idea and what costs you can expect along the way.

Adding up the costs

Buying a house that needs work means youíll need to spend a good amount of time calculating costs and getting quotes from professionals. Even if youíre familiar with several home maintenance tasks, there are some jobs that are safer if left to the pros. This isnít only a matter of physical safety, however. If you start a job that you arenít qualified to finish you could end up paying much more than if you had just hired a licensed professional to do the job in the first place.

When estimating costs for reparations and renovations, aim high. Itís better to plan for it to be more expensive and have more left over than to underestimate your projects and go over budget.

Get an inspection report

If you arenít sure whether or not you want to go through with a deal, make sure you have an inspection contingency clause in your contract. This will enable you to back out if the home inspector makes you aware of any costs that you werenít told about by the seller.

Donít forget added costs

There are several closing costs youíll be responsible for as a buyer. Make sure you keep tabs on how much you can expect to spend closing on the home. If youíre going through a mortgage lender, they are required to give you an estimate of closing costs.

Once you know the purchase price of the home and the closing costs, make sure you account for other aspects of your renovations, such as getting required permits.

Borrow wisely

If you do plan on taking out a loan to cover the cost of renovations, be smart with how you get and pay back that money. One option is the FHA 203(k) loan or renovation loan.

Renovation loans help you save on closing costs and simplify the lending process by giving you one loan that accounts for the cost of the renovations and of the home itself.





Posted by Lynn D'Avolio on 9/24/2019

Believe it or not, your credit score can make a world of difference as you get ready to search for your ideal house. If you have an excellent credit score, you likely will have no trouble obtaining home financing. On the other hand, if you have a bad credit score, you may struggle to get the financing you need to make your homeownership dream come true.

Ultimately, there are many reasons why you should try to boost your credit score before you purchase a home, and these include:

1. You can simplify the homebuying process.

Purchasing a home can be challenging, particularly for property buyers who fail to get pre-approved for financing. Luckily, if you request copies of your credit reports, you can find out your credit score and identify ways to improve it. Perhaps most important, you can explore ways to bolster your credit score before you submit a mortgage application and increase the likelihood that you can receive pre-approval for a mortgage.

It usually is a good idea to review your credit reports before you enter the housing market. You are entitled to a free copy of your credit report annually from each of the three reporting bureaus (Equifax, Experian and TransUnion). If you request a copy of your credit report from the three reporting bureaus, you can learn your credit score and plan accordingly.

2. You may qualify for a low interest rate on a mortgage.

An excellent credit score may help you get a low interest rate on a mortgage. Thus, if you have an excellent credit score, you may wind up reducing your monthly mortgage payments.

Of course, a low interest rate on a mortgage may allow you to invest in your home as well. If you use the money that you save on your mortgage to complete home improvements, you could upgrade your residence and increase its value over time.

3. You can select the right mortgage option based on your individual needs.

With an outstanding credit score, there likely will be no shortage of lenders that are willing to work with you. As such, you can review a broad range of mortgage options and choose one that matches your expectations.

If you need to improve your credit score, there's no need to worry. Typically, paying off outstanding debt will help you boost your credit score prior to buying a house.

Furthermore, if you receive a credit report and identify errors on it, contact the bureau that provided the report. This will enable you to make any corrections right away.

And if you need help as you get ready to pursue your dream house, don't hesitate to reach out to a real estate agent too. A real estate agent can put you in touch with the top lenders in your area and make it easy to obtain home financing. Plus, this housing market professional will enable you to evaluate residences in your preferred cities and towns and find one that you can enjoy for an extended period of time.




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Posted by Lynn D'Avolio on 9/17/2019

To succeed in the real estate market, a home seller must understand what it takes to promote his or her residence to potential homebuyers consistently. However, transforming this dream into a reality can be exceedingly difficult, particularly for a home seller who is listing a house for the first time.

So what does it take for a home seller to succeed in any housing market, at any time? To find out, let's consider the home seller's perspective and look at three steps that home sellers can take to get the best results during the property selling journey.

1. Examine the Housing Market

Today's housing market may change tomorrow. As such, an informed home seller must go above and beyond the call of duty to understand real estate market trends. By doing so, a home seller can map out his or her property selling journey accordingly.

Take a look at the prices of available homes that are similar to your own. That way, you can better understand how your residence stacks up against the competition.

Don't forget to check out the prices of recently sold houses in your city or town as well. With this housing market data, you can find out whether you're preparing to enter a seller's or buyer's market.

2. Perform a Home Appraisal

You might think that your home will sell just days after it reaches the real estate market. Conversely, most homebuyers might disagree, especially if you failed to maintain your house's interior and exterior over the years.

Ultimately, a home appraisal allows you to learn about your house's strengths and weaknesses. This appraisal enables a property inspector to review your home's interior and exterior. Then, the inspector will provide you with a report that you can use to see whether your residence is housing market-ready.

If you find that your home is in need of serious improvement, there is no need to worry. Instead, you can dedicate the necessary time and resources to upgrade your residence's interior and exterior before you list your house.

On the other hand, if a property inspector gives your home positive marks across the board, you may be ready to add your residence to the real estate market right away.

3. Meet with a Real Estate Agent

No home seller should be forced to enter the housing market alone. Fortunately, you can hire a real estate agent to guide you along each stage of the property selling journey.

A real estate agent understands what it takes to sell a home in any housing market Ė without exception. He or she will set up home showings and open houses, promote your residence to the right groups of homebuyers and negotiate with property buyers on your behalf. As a result, you can streamline the process of getting the best price for your residence.

Want to add your house to the real estate market? Now that you know all about the home seller's perspective, you should have no trouble optimizing the value of your home.




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Posted by Lynn D'Avolio on 9/10/2019

A home showing is a valuable opportunity for a property buyer. In certain instances, buyers will set up dozens of showings to review a wide range of residences. Meanwhile, a buyer sometimes finds the perfect residence during his or her first home showing.

Ultimately, there is no set number of showings that you will need to attend before you find your ideal house. It also is important to note that there is no time limit on a showing, and some showings may be shorter or longer than others.

Regardless of how many house showings you schedule, it is paramount to do everything possible to get the most out of a showing. Lucky for you, we are here to teach you about property showings and ensure you can optimize their value.

Now, let's take a look at three tips to help you prepare for a house showing.

1. Review a Home Listing

A home listing may include various information about a house's age and condition, but you likely will require additional details about a residence before you decide whether to submit an offer to purchase. Fortunately, a home showing enables you to gain additional insights that may be unavailable in a listing.

Take a look at a home listing and put together a list of questions about a home. Then, when you attend a showing, you can receive instant responses to your queries.

2. Give Yourself Plenty of Time

There is no need to rush through a home showing. As such, you should give yourself plenty of time to check out a house and walk through it during a showing.

Oftentimes, it is beneficial to bring a pen and paper so you can jot down notes during a showing too. You also may want to take a camera with you. This will allow you to capture photographs of different areas of a home so you can review them after a showing and decide whether a house is right for you.

3. Consult with a Real Estate Agent

A real estate agent is happy to help you prepare for a house showing. He or she will learn about a home prior to a showing and may be able to provide you with insights that you won't receive elsewhere. Plus, a real estate agent will offer honest, unbiased feedback about a residence and ensure you can make an informed decision about a house.

In addition, if you find a home that suits you perfectly, a real estate agent will help you craft a competitive offer to purchase. And if you ever have concerns or questions during the property buying journey, a real estate agent can provide in-depth responses.

For those who want to get the most out of a home showing, it generally is a good idea to plan ahead. Thanks to the aforementioned tips, you can prepare for a home showing and use this event to analyze all aspects of a residence.




Tags: Buying a home   showing  
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Posted by Lynn D'Avolio on 9/3/2019

Finding and purchasing a home sometimes can be difficult, particularly for an individual who encounters assorted challenges throughout the property buying journey. Lucky for you, there are several shortcuts that a homebuyer can use to streamline the property buying process. These shortcuts include:

1. Narrow Your Home Search

If you know you want to buy a home, you should consider where you want to reside and what features you want in your ideal residence. That way, you can avoid the danger of committing time and resources to analyze houses that fail to meet your expectations.

Oftentimes, it helps to craft a list of preferred cities and towns. This list will help you hone your home search to specific areas and ensure you can accelerate the homebuying journey.

Think about what you want to find in your dream house and create a list of home must-haves and wants too. With this list in hand, you can further accelerate your search for your ideal home.

2. Get Pre-Approved for a Mortgage

Some homebuyers apply for a mortgage after they find their dream residence, but doing so may prove to be problematic. Because if a buyer submits an offer to purchase a home without a mortgage at his or her disposal, this individual likely will need to move quickly to get home financing. Or, if a buyer provides a homebuying proposal but cannot secure a mortgage, this individual risks missing out on the opportunity to acquire his or her dream house.

To get pre-approved for a mortgage, you can meet with banks and credit unions and explore a wide range of mortgage options. Then, once you select a mortgage, you can kick off your home search and know exactly how much you can spend to purchase your ideal residence.

3. Hire a Real Estate Agent

A real estate agent is a homebuying expert who will guide you along the property buying journey. He or she can help you identify potential homebuying hurdles and overcome these issues before they escalate. Best of all, a real estate agent will do everything possible to ensure you can acquire a great home at a budget-friendly price.

In addition, a real estate agent will work with you throughout the property buying journey. He or she first will learn about your homebuying goals and help you craft an effective property buying strategy. Next, a real estate agent will help you put your homebuying plan into action and ensure you can discover a house that matches your expectations. And once you discover your ideal home, a real estate agent will help you put together a competitive offer to purchase this residence.

As you prepare to kick off the homebuying journey, you should try to plan ahead as much as possible. By taking advantage of the aforementioned shortcuts, you can prepare for the homebuying journey and speed up the process of finding and purchasing your dream residence.




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