Monday, August 22, 2016 / by Teresa Dipeso
Negotiate: Sometimes people sell because they can and sometimes people sell because they have to. This alone can make all the difference in you getting the property for a price you can afford. Perhaps the sellers have to relocate, pay off a debt or are going to lose the house. If they are highly motivated, they just may well be highly flexible in price. As an experienced Realtor, I can help you get the property for the lowest price the sellers are willing to accept.
Explore: There are numerous programs, such as for first time home buyers, that will help you get more favorable financing. Perhaps the interior is in bad shape, then we might want to explore a home renovation loan.
Work the Mortgage: Not all mortgages are created equal! There are many different types and plans out there, all of which we can explore together to find a mortgage that works for your unique situation. Having a Realtor with decades of experience, who works with equally experienced and knowledgable mortgage specialists, will help you get into the property of your dreams.
Let the property work for YOU: Perhaps the home you're looking for is closer to your work or regular vacation destination, this will save you money that you can allocate toward the sale price. Perhaps the property is highly efficient, allowing you to save on utilities. Or, maybe you will want to rent it out to vacationers when you're not using it yourself. There are many ways to get money back in your purchase over the long term.
Think of the future: Yes, the home you want may be over budget, but if it isn't WAY outside your price range, spreading the extra cost over the life of a loan may be something you can afford, much to your pleasant surprise. For instance, an extra $25,000 spread over a 30 year term amounts to about $70 extra a month. Maybe that's too much for you, but maybe it's not. Also, consider the resale perspective. A more expensive home almost always means a more desirable home, one that will appreciate better over time than a lesser priced property. You may pay a bit more now, but if you decide to resell in 10, 20, 30 years, you will very possibly make it back!
Long story short, you've got options. It's great to figure out your budget and work within it, but you might have more flexibility than you thought. Let's talk and figure it out together!