How to Make Your Home More Attractive to Millennial Buyers

More and more millennials are entering the homebuying market for the first time. In fact, studies suggest that millennials now account for one in three buyers. The number is expected to rise in the next few years.

Millennials now represent the fastest-growing generation of consumers in the country. If you are looking to sell your home fast, it is a good idea to adapt your marketing strategy to millennials. Otherwise, your home may stay on the market for several months.

Here are some tips to make your home more attractive to millennial buyers.

Embrace technology

Millennials like to gather information online, and are considered to be the most competitive. They browse the internet for home listings before they decide to see the property in person. Many of them have already done their research about the neighborhood, the schools and establishments in the area before they even step foot in your home. If they do schedule for viewing, make sure that your home looks exactly as it is on your online listing.

Move-in ready

Millennials are busy individuals. They don’t have time to paint the walls, tackle repairs or remodelling projects.  They want to spend the free time they have with their family and friends. If you are selling your home to millennials, make sure it’s move-in ready.

Open floor plan

Millennials are a lively group. They love to entertain guests. As such, younger buyers are in search of homes with a large open space that is big enough to accommodate their guests. They are interested in houses with fewer walls and partitions.

Be responsive

Patience was long considered a virtue. Living in an age of modern technology, milllennials feel the pull of instant gratification.

When selling to millennials, you want to make sure that you respond to text messages and emails as quickly as possible. Many of them don’t have the patience to wait. They have high standards when it comes to customer service, so make responsiveness a priority.

Small and practical

Not too long ago, most people dream of having a big house with formal rooms, an oversized Jacuzzi and large basements. Today, however, younger buyers are interested in smaller homes. They live a busy lifestyle, so they want a house that is easy to clean and maintain. And since many of them have no solid plans for the future, most of them are looking for small, economic properties to escape to from the busy city.

3 Ways to Save Money on Your Closing Cost

dpgSAVEBuying a house isn’t cheap. Just when you thought you have the necessary funds to buy a new house, you will then be faced with another round of expenses. Closing cost is one of them.

Closing cost can be anywhere between $2,500 and $3,500, depending on the amount of your loan. Given the amount you have put towards down payment, you’ll want to keep the closing cost as low as possible.

Don’t let closing expenses keep you from purchasing your dream home. Here are some tips on how to save money on your closing cost.

Shop around

Different lenders have different mortgage rates. Not only that, they may charge different fees for closing.

Closing costs usually run about 3-6% of the mortgage. Get estimates from at least 3 lenders and then compare costs. Find the best interest rate and lowest fees. Shopping around for the lowest closing costs could save you thousands.

Get the seller to pay

One of the most common ways to reduce your out-of-pocket closing cost is to ask the seller to cover the closing cost. While not all sellers will agree to this, those who are desperate to sell may be willing to pay a portion or the entire closing cost just to finalize the sale.

Some lenders require the sellers to pay a percentage of the closing cost. That said, you need to check if the lender has any limitation about who pays the closing cost.

Close later in the month

If you want to lower your closing cost, consider closing at the end of the month. Buyers who close at the beginning of the month are likely to pay interest till the end of the month. Let’s say you closed on the 3rd of this month, you are expected to pay the per diem interest from the 5th to the 30th. But if you do close on the 28th or 29th, then you wouldn’t have to pay that much.

Extra Costs to Consider When Buying a House

Beyond the down payment, there will be a number of fees, which you’ll need to take into account when buying a house. One of the most challenging aspects of the home buying process is making sure you have enough money to pay up for all the costs that crop up.

If you’re thinking of buying your first house, be sure to include these extra costs when working out your overall budget.

Insurance

Homeowners who borrowed money from a lender are required to purchase an insurance. This is to ensure that you’ll be able to cover repair, rebuilding or replacement costs in the event of a major catastrophe such as flood, fire and subsidence.

If you live in a flood zone or earthquake zone, expect to pay more for hazard insurance.

Property taxes

Property tax is usually based on the value of the property, including the land you own. Homebuyers are aware that they’ll be paying taxes, but some of them tend to forget that they need to have the funds available at closing. The seller will collect tax payment at closing since the government has already collected money from the previous owner.

Mortgage fees

Lenders can help you acquire your dream property, but you usually need to pay a fee. Mortgage fees often include valuation fee, booking fee, arrangement fee, mortgage broker fee and others. It is important that you understand all fees you might have to pay when you take out a mortgage.

Home inspection costs

This is an absolute must, especially if you’re buying an older and resale homes. Remember, even newer properties turn out to have some defects. This will save you from spending hundreds of thousands of dollars on a train wreck disguised as a house. It’s worth paying a professional to evaluate the property and spot problems that can only be detected by trained specialists.

 

 

 

America’s Top Real Estate Regrets

images

The last thing you want after moving into your new home is buyer’s remorse. But with a decision as big as buying a house, it is no surprise that regrets are common.

According to a survey conducted by Trulia in 2013, 52% of home buyers have at least one regret tied to their purchase. Some said they wish they had been more financially secure before buying; while others said they wish they had chosen a bigger home.

Learn from the mistakes people made so as to avoid having regrets down the road.

Not making a bigger down payment

Buying a house requires careful planning and preparation. Saving enough money for down payment is one of the most important things you have to do before you push through with the home buying process.

Survey reveals that 60% of home buyers regret not making a bigger down payment. If they did, they should have more time to save money before getting locked into a mortgage.

Misunderstanding the buying process

9 out of 10 homebuyers felt prepared when they bought their home, but 56% of these buyers said that they wish they had a better grasp of the buying process when they bought their home.

Make sure that you are well-versed on the intricacies of making a real estate purchase before signing your name on the dotted line.

Rushing to buy

As with anything else, moving too fast leads to mistake and regrets. You’ll have fewer regrets if you wait for the right time and make sure that you are financially capable before making an offer.

Size matters

Homeowners are three times more likely to wish they bought a larger home than a smaller one. Do not overlook your future needs. If you are planning to start a family, you might want to buy a bigger house with an extra bedroom to accommodate the new member of the family.

 

Things You’ll Need for Your First Home

firsttimehbWhether you have bought a snug studio apartment or a 3-bedroom house, there are certain basics that any new home needs. While you may never forget about big furnishings like sofa, bed and table, there are some things you may not think of right away. And when you do, that’s when you discover that you still have a lot of shopping to do.

In an attempt to help first-time homeowners like you, we have put together a list of essentials you’ll need to help you function and ultimately, thrive in your new home.

Kitchen supplies

Of course, you’ll need plates, glasses, bowls, cups and silverware. You’ll also want to have small appliances like a toaster and a coffee maker on hand. Don’t forget to include some knives, cutting board, can opener and a decent fry pan on your list.

Stock your kitchen with the basics so you can prepare simple meals. This will help cut down your expenses and stay healthy as well.

Cleaning supplies

This is an often forgotten home essential, especially if the homeowner isn’t used to cleaning the house before.

From a broom and dust pan to dish soap, toilet bowl cleanser, kitchen sponges and all-purpose cleaner, you want to stock up on cleaning supplies to make your home sparkle.

Keys and locks

Once you move in, the first and most important thing that you should do is to change the locks. You don’t want strangers to have access to your house.

Garbage can and trash bags

Now that you have a whole house, that cute little bin you have next to your bed isn’t enough to hold your trash. You’ll want to have one trash can in each room, including the kitchen, bathroom and even the garage. Don’t forget to buy some trash bags and liners for your garbage cans.

Iron and ironing board

Now that you have bought a new house, we’re assuming that you have a job. And that means that you have to look presentable when you show up at work, right? Okay. So, if that’s the case, then you’ll obviously need an iron and an ironing board to get rid of those unsightly wrinkles on your shirts and trousers.

Flashlight

Now that you’re a homeowner, you’re also an electrician, plumber and a handyman. That said, having a flashlight on hand is a must. Don’t forget to stock up on batteries, not just for your flashlight, but for the remotes and other gadgets as well.

 

4 Things Every Homebuyer Should Know

everyhome buyer shoudl know

If you think you are ready to take the home buying plunge, then it’s time to get informed and make educated decisions.

Buying a house requires a lot of preparation and research. So before you jump head first into a house search, we thought it would be a good idea to give you some advice to help you sail smoothly through the home buying process.

Be sure you’re financially and emotionally ready

Purchasing a house is a serious financial commitment. If you are getting a mortgage, then this means that you’ll be tied up to this house for at least 15 years. That said, you have to be sure you know what exactly you’re getting into before you decide to buy a house. Also, take a moment to determine whether or not you’re financially and emotionally ready to handle the responsibilities that come with homeownership.

Know what you need

When buying a home, it is important to decide what is important to you. Start by sitting down with your partner and create a list of things you need and want in a house.

If you settle on this in advance, it would be easier for you to weed out homes that do not meet your needs and focus in finding your dream home.

Location is everything

Some houses look magnificent with a vast closet, upgraded kitchen and spacious lot but if it’s not located in a good school district, it’s far from restaurants and coffee shops and the street is busy during rush hour, it might not be the perfect house for you.

When searching for your first home, it is important to do your research on what a new location means for you and your family. Buying a house in a good location will also help increase your property’s value overtime.

Home inspection is a must

This is something you don’t want to skimp on. Some buyers believe that they can save money by just inspecting the house themselves or asking a few friends to do so. Sounds like a clever idea, right? Not necessarily. By not hiring a home inspector, there’s a good chance that you’ll miss out on something. This could cost you thousands of dollars in the long run.