Susan Baghdasarian's Blog
Buying a home is one of the most expensive undertakings that you’ll ever have in your lifetime. You probably have spent months upon months saving for a downpayment in order to make your home purchase. The problem is that after they believe their savings are complete, many buyers discover unexpected costs that go along with buying a home, making the entire process even more stressful. You should be prepared for many different kinds of costs that go beyond the sticker price of a home. Below, many of those surprising costs are laid out in detail.
Closing costs can be anywhere from 2-7% of the purchase price of a home. Closing costs cover quite a bit including:
- Inspection fees
- Title insurance
- Property taxes
- Mortgage insurance
- Underwriting fees
- Recording fees
- Loan origination fees
Depending upon the type of loan you get or your specific circumstances, your closing costs could be even more. Keep in mind that you won’t find out your specific closing cost amounts until the purchase of the home is well underway. You can talk to your realtor and lender ahead of time to be prepared for your own situation.
Closing costs are also negotiable, so don’t forget to ask questions. Certain administrative fees, for example, are often unnecessary and can be waived.
If you have a low appraisal on your home, you may need even more cash on hand. In order to meet loan and home value requirements, lenders won’t approve a loan for an amount that’s higher than the home is appraised for. In this case, if you still want the home, you’ll be left to come up with the difference in cash. Otherwise, you could be forced to walk away from the deal and lose some money in the process. This is one of those home purchase emergencies that you should simply be aware of. It can be an emotional experience to get a low appraisal on a home, but remember that there are sensible ways to deal with this dilemma.
Many buyers forget in the excitement of buying a home just how much it will cost to move. Whether you hire a moving company or do it yourself, moving can be expensive. You’ll need a truck, packing supplies and a way to pay (or simply thank) the people who help you to move.
The Things You Need For Your Home
Your home won’t come with everything that you need. You may have to buy a refrigerator, have some repairs done, or simply get furnishings for the home. Don’t strap your budget so thin that you won’t be able to buy a sofa until six months after moving into the home.
It must have been frightening, in the days before the internet, to move to a new place that you knew little about. The culture, the people, the things to do--all of these things are now at our fingertips thanks to Google and others.
However, it can still be difficult to get used to a new town, especially if you’re moving far away from your previous home. So, in this article, I’m going to give you some tips on how to investigate your new town. That way, you’ll have a good idea of what kind of things you can do for fun, where to eat, and countless other things you might want to know about the place you’ll soon call home.
The lay of the land
A good place to start your search is on Google Maps. From here you can explore your future neighborhood; find out how close you are to grocery stores, parks, hospitals, and even get an estimate on how long your work commute will take each day.
Since many of these places will have ratings and reviews, you can also take some time to read the reviews for popular places around town.
Eating around town
It can seem like you’re always flipping a coin when you eat at a new restaurant. When you move to a new town, you’ll have to discover new favorite places to eat. However, you don’t have to do these experiments on your own.
Check out Yelp reviews for local restaurants and cafes to get a sense of the pricing and atmosphere. This way you’ll give yourself the best possible chance of enjoying the experience.
Meeting new people
Making friends is hard enough as an adult. In today’s world, many people meet their friends online or through other connections, rather than simply hanging around with their neighbors.
Luckily, sites like Facebook and Meetup make it easier to introduce yourself to like-minded people.
Browse local meetups that you’re interested in, and don’t be afraid to try out a new activity or attend a paint night--you might meet new people and discover a new hobby all at once.
Most towns have a strong presence on Facebook in terms of things like groups and events. Joining local groups will give you an idea of the type of things people do for fun around town and give you a way to introduce yourself to new people.
Read the news
Many towns are covered by a local or regional newspaper. They can often be found online or at a local library or cafe. These newspapers are often the key to discovering the good and the bad about your new home, tipping you off to the things you’ll want to pay attention to when you move.
0 Chestnut, Uxbridge, MA 01569
When you want to buy a home, you know that good credit will be necessary. You may have heard some things about your credit score that just aren’t true. Read on to set the record straight on some of the most significant misconceptions about credit.
Checking Your Credit Only Gives You Knowledge
Checking your credit score or report will not lower your score. The only way checking a score is damaging to a credit score is in the form of credit inquiries. This is when a lender, employer, or other merchant checks your credit in order for you to either gain employment or open a new line of credit. You have the right to review your score without it being impacted.
You Shouldn’t Carry Balances
The best way to keep a high credit score is to use a credit card and pay the balance off in full each month. It’s a false belief that carrying a balance is an excellent way to increase your credit score. You need a low debt level to maintain a good credit score.
Your Age And Income Have Nothing To Do With Your Score
It’s natural that older people who have a longer credit history have a better shot a good credit score, but your age has nothing to do with your score. It all depends on when you established credit. Some people started their credit histories early because their parents opened accounts for them. Others needed to wait awhile before opening their first credit card account.
Your income also is not a factor in determining your credit score. It may be true that if you have a higher income, it’s easier to stay out of debt, but the amount of money you make has no direct impact on your score.
You Cannot Access Your Credit Score For Free
You have a legal right to obtain a free copy of your credit report once a year but, your credit score isn't included in this report. There are free services that are outside of your credit report that will give you your credit rating, but you need to search for them. It’s a good idea to check your credit report periodically, but you should also know your score especially if you're getting ready to make a big purchase such as buying a home.
Your Credit Matters More Than You Think
While you know your credit score matters when you head to get a home loan, you may not know just how many entities take your credit into account when you apply for them. Some things you may do where your credit score matters:
Apply for a job
Apply for a credit card
Rent an apartment
Sign up for phone and Internet services
Get other utilities in your home
Your credit history gives a picture to the world to let them know if you’re financially stressed. If you have gone through rough patches, there are always ways to bring your score up. If you had a judgment ruled against you in a lawsuit, for example, that would only appear on your credit report for a certain number of years. Lenders will often allow you to explain bumps in your credit report as well. Understanding credit is half the battle to a good score!
Choosing an interior decorator to handle your home remodeling project can be tough. You want to have the best result and everything to look exactly as you dreamt it. Because you will be spending a large amount of money on the project, it is crucial that you choose the perfect person or company to take charge of the job for you.
Here are a few things to contemplate so that you hire a great interior designer for your home or living space:
Any successful interior design project depends on the client and the designer being able to communicate well. The interior designer must able to provide regular updates and ask for the client’s opinion in all areas of the job. When interviewing an interior designer, ask about their design process to see how they involve you in the process.
The Rule of Three
To pick the right person for a job, the rule of three suggests that you should meet at least three designers. Meeting several designers allows you to get a feel for different styles, personalities, and quotes. After seeing three designers, chances are you may not have found the "chosen one" but you would have learned what you definitely don't want.
Be prepared for the meeting.
Bring your mood board, inspiration pictures and your existing floor plan to the meeting with the interior decorator so that you can have an informed conversation. Your preparation also means that they have to speak based on what is available so you can easily tell if they are learned or not. It also passes along the impression that you know precisely what you want and won't be pushed around. While it also creates a design bias, it's a practical way to find out bad fits for you.
Be honest about how much you want to spend on your project so that the designer can give you options that are achievable for you. The budget determines what the designer will recommend. It also leads to the conversation of which rooms are the priority or high rollers. All these help you to know what the discussion and final project will look like if you hire the person.
Follow your guts.
If you don't like the person upon first impressions, chances are you may not work well with them no matter how great a fit they are. You must be comfortable with whoever you choose to design your home.
Now that you know how to pick an interior decorator for your project start that process today.