Tips For Homeowners and Potential Home Buyers

For many families in the United States, paying the mortgage on their home is already a tremendous effort. Research has shown that more than half of Americans bought too much house, to begin with, but also the interest rates, taxes, and the house upkeep was not taken into consideration by many of these first-time buyers when applying for a mortgage loan.  Now, when the payments and property taxes are becoming too much, many homeowners realized they bought a house they cannot afford.

If you are buying your first home this year, these are 3 the things to consider:

  1. Don’t buy too much house – The purchase price is not the only thing to consider when you are buying a home.  Consider the bank rate, closing costs, property taxes, homeowner association fees, and the upkeep of the home.
  2. Consider your other debts – If you have student loans or credit card debt, these debts can put a considerable dent in the income you bring home.  Don’t forget to take into consideration the payment you will be made to pay these loans.
  3. Do you have children? – If you have no children but are considering having them, taking into account the expense children bring into the home can be very helpful in deciding whether you can afford the home you are considering buying or not.

If you are a homeowner now and want to make sure things are in order, these are some of the things many homeowners fail to do.

  1. Draft a will – According to research, 60% of Americans do not have a will.  A will is not only for the people that are sick or old, a will is a document that protects your children and their well being.  In case of a tragedy happening in your home, you want to make sure your children and your assets are protected.
  2. Health Care Power of Attorney – This important document is a document protecting your well being while you are alive.
  3. Homeowners Insurance – After buying a home why not protect it? Homeowner’s insurance is a necessity that you should never be without.  A home is one of the most expensive assets a family will ever own, why not protect your investment?

Now that you have owned your home for several years, have you kept up with the home maintenance? Are you thinking about selling?  According to many experts, to add value to your home or even if you  are ready to sell the home, you need to consider this:

  1. Declutter and clean your home – A home loses its beauty if it’s overflowing with junk.  Painting the walls if the rooms need it, or throwing away items that are no longer used nor wanted can clear a home pretty quickly.
  2. Staging your home- There are businesses that their entire income comes from the clever notion of staging the home to have it ready to sell for you.  You do not need to do this if it will cut into your profit, but having a home staged it’s a clever notion that you can do by yourself.
  3. Curb Appeal- If the front of your home is not clean, the bushes are overgrown, the flower beds are full of dead flowers, chances are your home won’t be appealing to many home buyers and the price they may offer won’t be what you are expecting.

These are some of the advice you need to consider if you have children, are a homeowner, or thinking about buying a home.  Due diligence pays and it can save you lots of headaches later on. Enjoy your home!