Tips for buying a luxury home by Betty White

Tips for buying a luxury home

Buying a luxury home isn’t something that you can do on your own, without the right real estate agency like Tyler Vincent Real Estate by your side. You should make sure to hire a real estate agent that is local and knows NYC if you want the proper advice and guidance.

Just because you have the means and opportunity to own something extravagant, like a luxury home, doesn’t mean that you should be reckless. On the contrary, in order to stay successful, you should be even more cautious. Assuming you want to have smart investments, you should do thorough research before deciding on which expensive home to buy. Buying a luxury home has more variables and it’s a little more complex than buying a regular home. However, with the proper help of a reliable real estate agency, you will get to your goal rather stress-free.

We talked to Imma Giocoli, located in Carroll Gardens, to help us with our top ten tips for buying a luxury home. She is a real estate broker with more than 15 years of experience in this business. So, this woman is someone who knows everything there is to know about real estate and whose mission is to make your dreams come true while maximizing your investments. Imma knows that information is priceless, and consultation is free, so she makes sure to be at clients’ disposal every step of the way. That is how she obtained a huge base of loyal and satisfied clients who recommend her whenever someone needs a good broker.

And here are the tips:

  1. work with a local expert,
  2. think about location,
  3. drive time,
  4. don’t rely only on photos,
  5. inspection of the home,
  6. taxes and insurance,
  7. utilities,
  8. mortgage,
  9. document everything,
  10. negotiate.

Work with a local expert

Firstly, you won’t be able to find those kinds of houses or apartments on the Craigslist. You need a realtor with personal connections to get in touch with sellers. Mainly because people who sell those properties don’t want everyone to know that. Only the chosen ones, those with good connections, like Imma Giocoli. It is a thing of security and caution. The owners want to avoid curious people walking around their home just for entertainment. They need only serious potential buyers. That’s why they rely on mouth to mouth advertising. If you are buying a luxury home, you want to be the one to get the word. And a local expert real estate broker can get you that.

Think about location

You can’t see luxury homes everywhere, just in some parts of cities. However, working with a local expert will help you find out if there are some other parts of the city on the rise, says Imma. Make sure to follow your checklist with priorities to automatically exclude some neighborhoods and include other locations. It’s unreasonable to expect that you can find a house with a golf course in the backyard in Manhattan or Brooklyn, right? Or, if you are moving from a big house in the suburbs to a Manhattan penthouse, can you expect the new place to fit everything you own? Even if you hire the best possible moving company, like DA Moving NYC, you have to make peace with the fact that there just isn’t enough space to fit everything. No matter how well they pack it. That’s why location is so important.

Drive time

This is closely connected with the location. If your work requires you to be close or you have to move fast, think twice if it’s a good idea to move to the suburbs, where the big houses usually are. You will probably have to limit buying a luxury home to places closer to your work.

Don’t rely only on photos

Some houses are just not photogenic enough. Others are too retouched on the photos. That’s why you should trust your broker when she tells you that something is worth the visit. You should also use different sources, like Google Maps or Street View, to see what is around your potential new home.

Inspection of the home

 

Trust Imma Giocoli to hire unbiased inspectors before you close on the house. When they are in a hurry, people tend to skip this step. They see that the property is new, so they hire a reliable moving service to move household goods in no time and start living there as soon as possible. But not one serious real estate broker or agent will let you buy any home, let alone a luxury one, without prior inspection.

Taxes and insurance

A pretty obvious fact that people sometimes forget about. The larger and more luxurious home you purchase, the more money you will have to set aside for taxes and insurance fees. Have in mind those additional costs when buying a luxury home, because they affect your budget directly. Also, if you are a first-time buyer of a new home, look at some real estate trends. You’ll know what to expect in the near future.

Utilities

Just as your taxes and insurance will increase, the same goes for utility bills. If you haven’t lived in a big place before, you can expect an enormous rising of every cost you have to pay. Imagine what water bills look like when you suddenly obtain a pool. Not to mention the electricity and gas costs.

Mortgage

The first thing Imma advises her clients is to get the preapproval of the mortgage. Sometimes, even the owners demand to see the preapproval before they let you see the real estate. If you are buying a luxury home with cash, great! But if not, before you even start shopping, get the preapproval of the mortgage.

Document everything

Even when you are buying kitchen appliances, it’s advised to save receipts. When you are buying a luxury home, you need to document every transaction, deal, and contract. Also, to make copies for backup. Don’t rush things and trust your real estate broker when she or he tells you to wait for some document.

Negotiate

A real estate agent is someone who is on your side and does things only in your best interest. They are obligated to do so by law, but Imma adds that a moral code is equally important. So, listen to her when she tells you to find a broker that you can trust and then let them do the magic with negotiations. As you can see, buying a luxury home is a pretty serious project to take on, but with the right people on your side, you will handle everything successfully.

Close and Move In:

The final step of the process is closing the deal, once we have arrived at the end of the negotiation and financing process we are cleared by the lender to close. On the closing day be prepared to spend an average of 90 minutes sometimes less sometimes more, to finally get the keys to your new home.

I always recommend to get a good night’s rest, relax and be prepared to ink a lot of paperwork,

But once the its all over you will be handed your keys and you are free to move in, renovate , change the locks and get to sending out your I just moved cards 😊 or allow us to handle that for you as a closing gift.

 

Meta: Are you buying a luxury home? That is not an easy task. So, make sure to get some tips and the professional help of a real estate broker.

Key word: buying a luxury home.

By: Betty White

 

 

Rent Vs. Buy? How can I ?

Renting in NYC is an obstacle course, don’t let that stop you from buying.

Owning Real Estate is one of the best financial decisions you can make, so long as you are on the right path. DON’t let anyone stop you, or scare you. Please try to work with a Real Estate professional that owns some Real Estate so that they can show you the pro’s and con’s from an owners perspective not just a sale on the old belt.

Owning gives you something that becomes part of your financial portfolio for decades to come the only person who can push you out of your own home is YOU.

So, decide if you want to rent or buy, decide if you want to stay or go, and get yourself an appointment with me, yours truly, ASK IMMA and I will put you on the path to owning your own home, we will clear all the smokey mirrors email me or text me or find me on Facebook. Tyler Vincent Real Estate Inc. Located in Carroll Gardens by appointment ONLY.

Renting has it’s place, don’t get stuck for decades paying rent. Buy Real Estate then wait.

It is one of the best ways to passive income, and a secure future. Say goodbye to evictions and hello home.

Check out our youtube channel at ASKIMMA Giocoli . I love what I do, I work by appointment and here top help get you home.

Weekend Q&A … Renting in NYC

Hi, thanks so much for checking in here to follow up I wanted to create the Q&A based on questions that come into me so that you can hear me and find the info right here to support the video.

The weekend Q&A calls were about Pets, Fees and Leases.

So let’s start with Pet’s ..

The question was when do pets get residency in NYC and or do they or can they.

The short of it is YES after 30 days but you cannot hide the pet, you must have the pet visible and if the pet is not seen it gets residency after 30 days.

HOWEVER I do not ever recommend that route, if you want a pet speak to your landlord, offer pet security deposit and rider, the rider and security deposit protects the landlord to damages made by the pet. Leases and Riders cover normal wear and tear, pets are not part of “normal” wear and tear.

So try to be honest and ethical at all times and most important transparent because transparency is key, and your landlord owns the home, building you are living in. They are not your friend, or family but at the same time it has to be mutually respected relationship.

The 2nd question was to clarify income and fees for renting so here goes..

Income qualifications are based on a 40x multiplier so basically goes like this:

2300 monthly rent x 40 = 92,000 that would be your minimum income requirement.

Just remember to multiply 40 x whatever the rent is.

FEE is structured by taking that same monthly rent 2300 x 12 months in a year = 27,600 Gross rent x by the FEE – let’s keep it simple here and say the fee is 10% then the dollar amount out of pocket is 2760.00.

ALL FEES and INCOME GUIDELINES are all subject to the landlord and the brokerage.

DISCLAIMER: FEES vary and there is NO INDUSTRY REGULATION, there might be what they call an”industry standard” but nothing is standard in NY, this is a buyer beware state of mind and “representation does not equal compensation “so make sure if you have an agent and you are seeing a FEE FREE space that you clear the air.

CYOF- means collect your own fee.

Keep the lines of communication open and know that everything is negotiable, everything is flexible and everything is not in stone.

Income multipliers are also subject to change and vary based on landlords discretion, 40x the income has been used more so than not so we are using it as an example.

Any questions or concerns call me , Tyler Vincent Real Estate Inc located in Carroll Gardens, email me igiocoli@tylervincentrealestate.com, and or check it out ASKIMMA Giocoli on youtube.

@giocoliImma

 

Three ways to invest in New York City Real Estate by Betty White

Most of Earth’s population is aware of the fact that New York City is one of the most popular places in the world. And rest assured, there are many excellent reasons for the city’s attractiveness. This one-of-a-kind, vibrant and dynamic place has always been inviting for people looking for a new place of residence. This has remained a fact for many years. So, it is no wonder that the Big Apple is well-known for its real estate demand. It is also notorious for its over-the-top rent costs and real estate prices. There are, however ways to make a profit by investing in NYC. So if you are searching for an investment idea, look no further. Invest in New York City real estate and here are three ways to do it right.

INVEST

 

It may sound like the obvious choice, but buying real estate in NYC directly may be easier said than done

 

Of course, this thought has at least crossed your mind. Investing money in real estate means simply buying a real estate property, right? Well, not exactly. New York City is a complex real estate market. If you choose to buy directly you may face some rather strict requests and requirements. The demand is constantly high, and so are the prices, so be prepared. You are stepping into a serious market. Real estate demand in NYC reflects its popularity. And the prices can sometimes seem through the roof. Try consulting askimma.com if you are starting to feel overwhelmed!

Check which neighborhoods are high in demand

 

If you are not a New York City local, get to know the neighborhood and its advantages and disadvantages before buying. After doing this, try to find moving professionals in Caroll Gardens or a similar neighborhood that is high in demand. They could help you find out more about people’s moving habits. Currently, there are a few neighborhoods in New York City more popular than others:

  • Midtown
  • Chelsea
  • Dumbo
  • Long Island City

Neighborhoods such as these do actually tend to be expensive, but you might have a chance at some price cuts since sellers seem willing to negotiate.

But if buying directly seems a bit risky for you, there are other ways.

INVEST-2

Invest your assets in turnkey property

If you are still not quite sure how to invest in New York City real estate, try investing it in a turnkey property. Not familiar with the term? It’s not as complex as it sounds, actually. A turnkey property is a completely redone apartment, house or an entire building that a financier (in this case, you) purchases and then rents out. So you could make money by renting your property. There are many companies whose specialty is to restore buildings and sell it afterward. If your place of residence is not within NYC, this would be an excellent way to invest your money. There is also a turnkey option for office space since NYC is a popular center of many businesses. So if you want to make a profit in real estate but you currently cannot do the renovation or maintenance yourself, a turnkey property is the way to go. Still not convinced your money would be safely invested?

INVEST3

If you are looking to invest in New York City real estate, then REIT might be the safest option available

 

Many experts on the matter would agree that REIT is the best option for real estate investment. If you are unfamiliar with the term, REIT stands for real estate investment trust. Those trusts are corporations which act as owners and managers of real estate and mortgages. If you are looking to invest in New York City real estate, maybe REIT is the safest choice. REIT offers liquidity and diversity, which are vital for any kind of investment. An important advantage of REIT is that you can sell the shares quickly and easily. Essentially, you are investing your money in a portfolio of real estate properties, and not in a single property. This means less financial risks for you. So it is a great choice if you are searching for the safest way to invest your assets.

 

Think carefully, consider every available option and take your time

 

You are about to step into a vast real estate market. If you haven’t had experience with this type of work so far, there are several simple pieces of advice. Before you dive into complex real estate data, think carefully what your main goal is. Sources such as askimma.com can be useful for finding market information, as well as some tips and tricks. Consider every available option before you decide how to invest in New York City real estate. Do you want to make a profit as soon as possible? Would you like to earn more money by taking some risks? Or you prefer keeping it safe and investing your money in the safest possible way? Whatever you decide, do by all means take your time making that decision.

 

The Big Apple is a vast market of real estate. If you feel overwhelmed by the notion of choosing to invest in New York City real estate, it’s only normal. Keep in mind, though – to be successful in business such as this one, you need to rely on your gut from time to time. Good investment deals are a product of careful consideration, as well as a personal feeling and trusting yourself a bit. After all, every investment carries a certain amount of risk. What matters is how you decide on it. New York City offers an abundance of choice and your task is to try and make the right one!

When in doubt always ASKIMMA  She is always available to clear the air.

By: Betty White

ASkImma – Navigating rentals in N.Y.C.

Hi, Welcome back I want to continue on this quest to show you and teach you how to navigate the rental market in NYC and beyond. Clearly every state has local laws that vary and you need to definitely check that because you need to know before you go.

Renting in N.Y.C. can be an obstacle course, from selecting where to live, the type of apartment you want and the things you need – like pet friendly, garden, light , space etc.

Once you figure all of that out just go out and explore before you make offers on things, be sure be 100 pct. sure it is where you want to be . You need to visit this area at least 3 times. I always recommend – morning, weekend and after 8:pm. Try the commute if it is a bit out of the way, see if you can deal with that. Make sure you can enjoy the quality of life you so desire.

Get yourself a great local expert and work with them, ask questions and be clear on the FEE structure. There is a form you will be asked to sign, do not panic IT IS NOT A CONTRACT, it is an AGENCY DISCLOSURE FORM, which simply discloses the relationship between the parties to the transaction. Here is a link to a Landlord – Tenant disclosure form Agency Disclosure-FOR RENTAL read it and get cozy if anything is NOT clear email me igiocoli@tylervincentrealestate.com or call or text me.  Listen to it here live – ASKIMMA-Agency Disclosure

I am easy to find. If you feel that your agent is not working in your best interest move on. Do not make that decision based on losing an apartment, this is a highly competitive city, many people here have great applications and perhaps there were just too many and one got picked that had the best credit score the highest income and the least questions. SIMPLE.

Moving to N.Y.C. or moving within N.Y.C. has challenges. The longer you stay here the harder it will get to qualify for a rental – so to recap before we more on make sure your finances are in order, disclose things on your credit report or background check this is an expense to YOU so be transparent it will all show up. If there is anything on there like a ton of student debt let the people know way in advance, and explain it. If you have anything like an eviction, write a letter about it and just know that the more you make them aware of the more they will get comfy with it. If you HIDE it they will just discount you immediately. So, once you have the elements together for your package, go out looking, hone in and make your offers.

We will continue dissecting the rental market, any questions or concerns we are here to help. WELCOME TO N.Y.C..  Just remember Tyler Vincent Real Estate is right around the corner. Call me anytime. Until the next episode. We remain , truly yours.

 

Luxury Condo: A Buyers Guide to Living the Dream By: Betty White

It’s only in human nature to desire to be lavished with luxurious things. Expensive cars, trendy clothes, cutting-edge gadgets – at some point, we’ve all wished to be the proud owners of all the things aforementioned. At the top of our wish list of the things we would like to possess lie luxurious properties. Buyers are aware that luxury condos cost an arm and a leg, especially in developed cities such as LA or NYC. But those who were lucky enough or worked hard for many years, possibly even decades, and who can afford such luxuries, should be wary. Whether you are buying your first home or adding another property to your long list of residences, know that there is a long process before you can start living your dream.

2019-CONDO1

Luxury condos turn out to be worth every penny you spent on them!

It’s always best to work with a real estate agent

You might be a world-renowned doctor or a successful businesswoman, and that deserves nothing but respect. It must have taken you a lot of sacrificing to get where you are. Still, you are not almighty. Precisely because you are a successful and established person, you should know that there are professionals in every area that you can rely on to provide you with their services. The moment you need to relocate to your new luxurious condo, you will employ the best movers in your neighborhood. Be it Moving of America – NJ Movers or another relocation professional, it won’t matter. The point is, you will seek the help of those more experienced than you. It should be no different when becoming a homeowner.

One thing no city lacks are real estate agencies. If you are unsure why you should hire a real estate agent and not try to find a home by yourself, just ask a real estate veteran like Imma Giocoli, who is the owner of Tyler Vince Real Estate Inc. and they will give you more than a few valid reasons for doing so. The reasons include:

  • Less stress, as real estate agents are already familiar with the listings in the area of your interest.
  • Condos are different than other properties, and they have their own purchase contracts. You will need someone with the appropriate knowledge to help you deal with the technicalities.
  • A real estate agent will have your best interest in mind, and help you avoid making any bad decisions.

2018-OFFICEShOT

Real estate agents will have your wishes and possibilities in mind.

Before saying yes, consider the community

Luxury condos are very much different from other types of properties. They differ in one very important aspect – shared space. Usually, every condo will come with a set of events that the HOA organizes. It is your job to inquire about them in each condo you visit. Condo life is much more than the luxury you are surrounded with – it’s the people you will be surrounded with that matter, as well.

Moreover, it’s also important to look at the communal spaces and rules and regulations. A lot of condos have commodities like gyms, pools, golf courses and similar. It’s up to you to find the one that has all the facilities that you consider important. Most importantly, find out whether there are any specific rules at the place of your interest. Is there a point in trying to transfer your grand piano safely if you can only play it at a certain time of the day? The same goes for pets. If you can’t part ways with your lovely furry friend but the residents around you don’t want to hear a dog’s bark every day, it’s clear what you should do.

Don’t be afraid to negotiate

Going into this process, you are probably already expecting that your bank account will suffer a significant loss. And that’s true – you are looking at luxury condos after all. But, you should not let that stop you from getting the best price possible. Negotiating a better deal is an inevitable part of home buying. And that does not change just because you are buying a luxurious property. During the entire process of home buying, you should have your budget in mind. Going over it will bring you nothing but trouble. Besides, your budget should contain much more than just the costs of condo buying. It should also contain the amount of money you want to spend on renovation. If you decide to keep old stuff in a storage unit and fill your new condo with shiny new things, good for you! Just have in mind that you will have to spend a lot on that, and don’t buy a condo that will leave you in debt.

headshot

Let your real estate agent help you seal the best deal!

Finally, don’t even consider buying a condo in an area that does not fit your wholesomely. That means that it should not only be in a good school district, but it should also be close to your work and other important amenities. You won’t feel like travelling hours upon hours just to reach your favorite restaurant or cinema.

Luxury condos are more than the glitz and glam that surround them. If you have trouble believing that buying such a condo can be a 100% pleasurable experience, just ask Imma – the aforementioned real estate expert. People with experience in the field know that all that glitters is not gold. Luxurious condos can be a source of great joy and pride, but they can also be a huge financial burden on your family’s budget. Make sure you have taken everything into account before making such an expensive deal. As a final piece of advice, there is only one conclusion to be drawn from what has been said – be extra wary and keep your eyes wide open. When you are dealing with such an expensive endeavor, even the slightest mistake could result in a huge financial loss. That’s the last thing you, or anyone else, needs.

 

Contributing writer, Betty White

 

 

Real Estate Trends ..By: Betty White

real estate trends - 2019 edition (5)

/caption: Real estate trends – 2019 edition /alt: A large suburban home with a mowed lawn, and two stories.

Are you thinking about buying your first home? Or are you perhaps considering a real estate investment? This is a wonderful idea, especially if you’re based in New York City! There’s no type of investment more secure than real estate, and NYC has been one of the most extraordinary real estate markets in the US for years. And sure, sometimes barriers to entry here may be tough, but for those who know what they’re doing, this place presents ample opportunity! If you don’t mind an ever changing, dynamic market – you’ll find yourself right at home here. So, if you’re interested in hearing all about the recent real estate trends, we’re here to help!

Rising mortgage rates

First of all, let’s take a look at one of the most important factors when it comes to home buying power – mortgages. In the previous year, we saw mortgage rates that were not really on par with the economic growth we had. This kind of strong economic development really sets the stage for higher mortgage rates and the adequate real estate trends that follow. And that’s precisely what awaits the market in 2019, when we’ll see those rising significantly. Especially the long-term fixed rate mortgages, which will reach almost six percent.

real estate trends - 2019 edition (6)

/caption: Rising mortgage rates will definitely affect the number of home sales! /alt: An open house sign on a lawn.

Bear in mind, these are numbers we haven’t seen since the economic crisis of 2008. At that point, mortgage rates took a sharp dive because of the looming housing crisis. So, for those who decide to buy a home in New York and call up a moving company like Dynamic Movers NYC, think long and hard if you can afford it.

Market domination of millennials

When looking at the most important real estate trends, it’s worth noting which sections of the population will prove to be the biggest home buyers in the coming months. And in 2019, millennials will definitely be the most numerous home buyers. And sure, while higher mortgage rates might make certain buyers refrain from their purchase, there are other factors to consider. Indeed, statistically – the biggest cohort of millennials will enter the perfect home-buying age of early thirties. And this kind of influx means most of those buying a house in 2019 will be young professionals with families.

Also, considering their youth, millennials will also be the largest first-time buyers of real estate. So, if you notice skyrocketing first-time demand – that will be precisely the reason why. And this isn’t a trend you should expect to end any time soon – it’s something that will only increase over the following decade.

The NYC market will feel this

This will influence the New York real estate market quite directly. After all, when we look for a new home, our lifestyle choices are a big influence in that decision, especially in New York. Some boroughs and neighborhoods fit the millennial lifestyle better than others, which will lead to predictable spikes in the local real estate market.

real estate trends - 2019 edition (1)

/caption: Finding a reputable real estate broker to help you navigate the market is a good idea! /alt: A female real estate agent working in her office, with binders on a shelf in the background.

So, what does that mean specifically? Well, we can expect more and more young people trying to find local movers in Brooklyn area and buying a home there. Which is why anyone buying real estate in the area for the first time should definitely find a trustworthy, reputable real estate agent. You’ll need to search for someone who is a local and knows the area well, but is also looking out for your best interests -someone like Imma, Broker Owner of Tyler Vincent Real Estate Inc.

Real estate trends dictate reduced home buying power

As you can probably guess, some of the real estate trends we’ve mentioned will affect home buying power across the board. More specifically – the rising mortgage rates will have a negative impact on people’s ability to buy homes. As those rates climb, the fixed payments on a monthly basis will mean smaller borrowing capacity for everyone. Consequently, buying power will be significantly smaller compared to the last year.

However, even though it may not seem so from the start, this might actually be a good thing for the buyers. As this trend continues, there will be fewer people buying at all price points, and the market will respond logically. Thus, we can expect slower and fewer sales and a lowering in prices. So yes, as ironic at it may seem – a rise in mortgage prices will probably lead to something akin a buyer’s market.

A possible buyers market

As with any other market, in real estate, there are constant shifts between demand and supply, in favor of one or the other. And as everything is connected in economics, the real estate trends we’ve talked about may have interesting consequences in 2019. You’ve probably spotted the slower sales momentum we mentioned above and a smaller number of buyers. Well, in light of this, we can almost definitely expect a buyer’s market in 2019. As fewer people decide to invest in real estate, those who do will be able to have their pick.

 

real estate trends - 2019 edition (7)

/caption: Recent real estate trends will also influence the dynamic New York market! /alt: A view of downtown Manhattan from one of the buildings, representing real estate trends.

And don’t think that New York will be an exception to this rule. Even though this is a traditionally expensive real estate market, you’ll see those prices become more affordable in 2019. Of course, this doesn’t mean people who decide to sell real estate won’t be able to make a profit. But they’ll definitely need to tread more carefully, and consult experienced real estate pros. Like Imma Giocoli located in Carroll Gardens says – while advice is free, information is priceless!

By: Betty White

 

 

 

 

 

 

 

 

Tips for buying your first home..

tips for buying your first property (1)

If you are thinking whether you should buy a home or continue to rent your place, we advise you to consider buying your first home, your first property. In case you have already decided that you want to buy your new home and invest in your future, we gathered some tips for buying your first property. We hope that they will help you to avoid some common mistakes and make your experience better.

Think about hiring an agent

This is the first thing you should consider when you are deciding about your next move. If you are still having doubts and thinking that you should rent instead of buying, you can ask an agent all the questions. The agent can help you by showing some properties that are currently on market.

When you hire an agent to help you to buy your first property, they can guide you through the whole process. A good real estate agent will be able to show you properties that fit your requirements. Also, a good agent will tell you if you are looking at some overpriced property and what the real price is. When it comes to open houses, you can go and check a house or your agent can go instead of you.

Do not hurry with buying your first property!

A lot of people see one house and they like it and they want to buy it instantly. And, we can honestly tell you that is a mistake. You need to think about a couple of factors before making such a rushed decision. You have to think about a mortgage, about the moving process and making plans on how to do it properly.

Do not go and see too many houses in one day. It will only make your head spin, and you will not be sure what you actually saw. According to some research, it takes between 5 and 8 weeks for a buyer to select the right neighborhood. After that, the buyer goes to 2-4 different houses and decides, to buy. So, do not hurry. Take your time! Just browse through the offer!

Getting a loan

Although you might think this shouldn’t be done so early, actually, you need to do it in the early stages of buying your first property. A lot of people will tell you not to do this before you actually buy a house. But, to be honest, this way, if you get pre-approval, you might raise your chances when you are buying a home and browsing through the offers.

You should really think about asking your agent for advice, They can recommend you a good mortgage broker. A popular first-time buyer loan is FHA loan. This loan is guaranteed by U.S. Federal Housing Administration (FHA).

Think about your budget

When it comes to buying your first property, think about your budget. You need to determine how much you are willing to spend. Also, you should go to your bank and check your options. Depending on your income, you can get different loans that can be paid over a course of 15 to 30 years. There are a lot of ways how you can save money as a first-time buyer.

Check and plan your mortgage

You can apply the same rule here. Do not hurry with getting the loan. Compare mortgage rates from different lenders. Also, always check if there are any state and local programs that can help you with the purchase. If you compare offers from 3 different lenders, you can be sure that you will save more than $3500 just in the first 5 years.

Pre-approval letter

This is a great thing for first-time-buyers. A lot of sellers now request that you have this when you are putting an offer. This is just the way to know how much money the lender will be able to lend you based on your income and possible debts.

Your pre-approval letter from a lender can help you when you are buying a house /  person signing a document

Also, the lender will check your finances thoroughly and you will know exactly what you can buy. And, as we mentioned you will look much more serious to the buyer.

Negotiate!

A lot of people that are buying their first property make this mistake. They do not negotiate the price. Also, you can make an even worse mistake by comparing prices of similar houses. The seller can put any price they want, that doesn’t mean that they will actually get that money.

Also, your agent should be able to give you comparable sales advice. This means that they can provide you with a information about houses sold in the last 3 months, that were similar to the one you want to buy.

Also, when we are talking about negotiation, there is one more thing that you should negotiate as well. When you buy your first property, you will need a moving company. So, you need to look carefully and find someone that can give you a reasonable price. You can check for a free estimate with orangemover.com since they can give you all the information needed. You can also negotiate with them about the price and make sure that you are getting the best offer.

Don’t forget home inspection!

A home inspection is different from state to state. Don’t be afraid to ask about home inspection, after all, you are planning to buy this property. Just keep in mind that if the inspection finds some problems, that doesn’t mean that the seller will be fixing them.

You can hire inspection and go with them, and pay attention very closely. At the same time, you can check the house and plan where you will place your belongings. If you agree to buy a house that has some issues, maybe you should put your belongings in a storage. That way, you will avoid damaging them in the process of repairing the house. And by doing this, you will definitely save some money.

Think about the future!

And we have one final advice – think about the future! Don’t buy your first property just for today. You need to think about your plans, your future and buy a new home accordingly. You are getting a loan for a long period of time, so think about what you plan to change during that period!

By Betty White

5 Home Buying Tips …by Betty White

5 home-buying obstacles and how to overcome them

Finding a home and submitting an offer is an exciting process, but that is not all it takes to purchase a property. There are home-buying obstacles that need to be overcome before you can hold the keys to your new home. You should know how to deal with the home-buying obstacles. Otherwise, you risk failing and starting all over again, from the first step.

Home buyers are dealing with many obstacles during the purchasing process. Housing prices are just one of them; there are many more obstacles you should learn to overcome. From the booming housing market to poor credit history and defects in the home, homebuyers are facing different challenges during the homebuying process.

If you are not sure you can overcome all homebuying obstacles yourself, consider hiring professional help. Utilizing the services of an experienced and reliable real estate agent can be of great help when finding your dream home! When I was buying a home, I searched for the support of a professional. I saw a real estate agent who knows NYC best. I heard about Imma, Broker Owner of Tyler Vincent Real Estate Inc. who is more than capable of helping you handle any obstacle during the home-buying process. A professional like Imma can determine the price of the property and negotiate the offer for you. Plus, a real estate agent will guide you every step of the purchasing process. But, still, if you want to buy a new home, you should be aware of home-buying obstacles and methods to overcome them.

Five home-buying obstacles you should be aware of

Armed with the right information and knowledge, you can deal with even the most prominent home buying obstacles. Soon, you will hold the keys to your new home! Be aware of all the challenges, and you will find the solution for each one.

1. The pain of high home prices

When you start the home buying process, the reality can hit you right in the face. Every home buyer soon realizes that the housing market is booming and the prices are continually raising. In NYC, the cost of living, just like home prices, has a tendency to increase. But, with the right real estate agent, you will find a home that fits your budget. Also, do not despair, consult with mortgage brokers. They can help you find nonbank mortgage lenders who have fewer requests than the banks you have already asked for a mortgage.

The affordability of homes in today’s real estate market is not just about the price of a house; it is also about being able to make the down payment. If you are buying a home for the first time, apply to the Federal Housing Administration to get a loan. With the FHA, you will have a chance to pay 3.5% of your mortgage loan instead of the 20% that banks are charging.

2. Poor Credit History – another home buying obstacle

If you want to get a loan from a traditional bank, there is a big chance you will have to deal with the poor credit history as one of the most common homebuying obstacles. Banks have strict rules and very few mortgage options. That’s why I suggest you talk to the mortgage brokers, to find the nonbank mortgage lenders who can give you better loans that can work out for you. There are two most popular types of mortgages. Besides conventional loans, FHA loans require down payments from 3 percent to 15 percent of the sales price.

 

3. If you are Self-Employed

Many self-employed individuals have a fear of starting the home buying process. In many cases, they have been denied by traditional banks. If you are self-employed, do not despair. Contact mortgage brokers because they have helped many people. With mortgage brokers, you are expanding your chances to find a nonbank lender who can be the perfect match for your specific situation. With the right mortgage broker who has the knowledge and connections, you will quickly become a homeowner. So, being self-employed isn’t a big obstacle – you need a good mortgage broker who can help you find many good non-bank lenders.

 

4. A home inspection shows the significant defects in the home

 

After you pick a home, before you sign the contract, make sure to arrange a home inspection. In many cases, houses have a lot of defects and damage. This is one of the biggest home-buying obstacles. You don’t want to risk buying a home that requires a significant improvement and investment in remodeling. In the contract annexure, the seller should declare the condition of the property. In case you have closed the deal and accepted the contract, you can bring the proof of the defect to the mortgage bank. In this case, the bank will not grant finance, so, the deal will be broken. If the flaw isn’t that big, you should hire an attorney to negotiate a lower price of the property.

But, remember, this is only possible when the defect is already in the home before you move in. If you accidentally damage your property, for example, when trying to move a billiard table into the house, you cannot ask for a reduced price since the error was made while you were trying to settle down.

Conducting a home inspection before you move in, is the best way to find the house’s flaws, so you can negotiate for a better price. So, a defect in the home does not have to be just an obstacle, it is an opportunity to buy a house at a lower price.

 

  1. The availability of homes

Today, it can be hard to find a house that is your perfect match at an affordable price. But, when you have a realtor who knows the real estate market well, it will be easy to find your dream home. A good realtor is never out of smart ideas. With a professional real estate agent and knowledge about the market and home buying obstacles, you are one step closer to your new home.

And, remember, when you close the deal, find a reliable moving company which can help you relocate your household items. Decent moving assistance is as essential as a dependable real estate agent if you want a safe delivery to your new home. If you have overcome all the home buying obstacles, hire Big Apple Movers NYC to help you settle in your new NYC home.

By: Betty White

 

 

Buying a house after moving to the USA – What’s to know..by BettyWhite

lady liberty

We have all heard stories about very successful people in the USA, of how much can you prosper professionally if you live in that country. The American dream, they say. We have also heard stories about how hard it is to get a green card. A green card is a document you need to be able to live in the USA. Moving abroad is not an easy thing to do. When you have done all that, the next step is buying a house after getting there. We have seen in the movies that you have to do it with the help of a real estate agent because, in America, people give the permission of negotiating the price to a company that works in that field. The person who does the negotiation is affiliated with that company.

Buying a house in the US is one of the smartest things you can do!

Choosing the right location 

Choosing the location is a very important part of the whole moving process. Do you want to live in warm and sunny Florida, or in the cold north of Minnesota? Do you, maybe, prefer the glamorous lifestyle of Las Vegas or Los Angeles? Or, is a quiet life in a smaller town the thing for you? You need to make sure that the location of your choice corresponds to your wishes and expectations. You do not want to move to some place and then be unhappy about your decision.

Buying a house

You do not need to move to the USA in order to buy a house. You can buy it from your own country and then move in. You need to have some documents, though, in order to prove who you are. One of the documents is the Individual Taxpayer Identification Number. This will make you eligible to pay taxes even though you do not yet live in the United States of America. This is why you have to have good timing when buying a house. You do not want to buy a house and then spend 3 or more years waiting for a green card. You also need to have another form of identification, like a valid passport or a driving license.

suburban house

A nice suburban house with a yard

If you plan to move to the United States first and then buy a house, you should rent a house or live in a hotel during the buying process. Getting a good real estate agent working for a reliable company is of utmost importance. You do not want an amateur negotiating for your house. The last thing you want is to put your future into their hands. Real estate refers to the property which the buildings are on, along with everything else that is on the property, such as crops, minerals or water. This does not seem related to buying a house but it actually is. When you buy a house, you do not only get the house itself, but also the whole piece of land which it resides upon. A real estate agent may not mention this because they think that you already know it. This is why it is important to get a real estate agent that has experience with buying a house abroad. That way, you can ask everything you want to know about the differences between your country and the United States.

Real estate agents also know the town you want to buy a house in perfectly well. They will tell you which area of the city is good for single people, young families, senior families and so on. Use this to the maximum because a family with young kids would not want to get a house in a busy part of town but rather in a quiet suburban neighborhood. But, in the end, the choice is yours. Take the advice the agent offers you and apply it to buying your new home.

Mortgage plan

There are ways to get a house for a lower price by getting a mortgage. This means that you pay a certain amount for the house, and then pay off the rest over the years. There are many affordable mortgage plans. You should consult your real estate agent about this before buying a house.

Buying a house or an apartment

This is another choice that you have to make. You should consider the pros and cons of both. An apartment is probably cheaper and can be located near the downtown area. But getting an apartment means that you are surrounded with people. This means that you will have to pay much more attention to noise and stuff like that. That is why buying a house is a much better way to go. You will pay a bit more, but you will have a house in which you can raise a family for generations, if you wish. You will also have a yard in which you can have barbeques and such, and a garage, so you will not be obliged to use a car park every time you want to drive your car.

Culture in your new town

The United States is a melting pot of cultures. There are many neighborhoods occupied by people of specific cultural backgrounds. This can be an important part of your new life in the United States. If you are relocating to the USA from Japan, you can ask your real estate agent if there are any Japanese neighborhoods in the city. This will help you with any cultural discrepancies as you will be surrounded by a culture you understand, and slowly begin to understand the culture of the US.

citylife

There will be some cultural differences between your home country and the US

Conclusion

Buying a house in the US and moving abroad can be a tough experience. By finding the right location and a good, reliable company, you will have a much easier time during the whole process. This will help you save money, time, and nerves. Do not be discouraged by the amount of work that needs to be done because a new life of opportunity awaits you if you manage to seize the moment. Good luck!

Author: Betty White

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