Homes of Distinction Realty



Posted by Homes of Distinction Realty on 3/5/2020

Buying your first home is undoubtedly a long and complex process for someone who has little to no experience in the subject. Your average first-time homeowner learns as they go, with the help of their real estate agent and mortgage lender.

But, even so, first-time buyers often make many mistakes along the way that they could have avoided with prior knowledge and preparation.

In todayís article, weíre going to cover 5 of the most common mistakes that first-time homebuyers make when purchasing a home. From the first house you look at up until closing on your first home, weíll cover common mistakes from each step of the way to give you the knowledge you need to make the best home buying decisions.

1. Shopping for homes preemptively

Once you decide that youíre interested in potentially buying a home in the near future, itís tempting to hop online and start looking at listings. But, searching for your dream home at this stage is a poor use of your time.

Itís best to use this time to start thinking about the bigger picture. Have you secured financial aspects of owning a home, such as a down payment, a solid credit score, and two years of steady employment history?

Youíll also need to have a clear picture of what you want your life to look like for the next 5-7 years. Will you still want to live in the same area, or will your job lead you elsewhere?

These are all questions to ask yourself before you start house hunting that will inform your process along the way and make your hunt a lot easier.

2. Not knowing your budget

Itís a common mistake for first-time buyers to go into the house hunting process without a clearly mapped budget. You want to make sure that after all of your expenses (mortgage payment, utilities, bills, debt, etc.) that you still have leftover income for savings, retirement, and an emergency fund.

Make a detailed spreadsheet of your expenses and determine how much you can afford each month before you start shopping for mortgages.

3. Borrowing the maximum amount

While it may be tempting to buy the most expensive house you can get approved for, there are a number of reasons this might be a bad idea for you, financially. Stretching your budget each month is putting yourself at risk for not being able to contribute to savings, retirement, and emergency funds.

Furthermore, you may find that the extra square-footage you purchased wasnít worth having to cut corners in other areas of your life, like hobbies, entertainment, and dining out.

4. Forgetting important expenses

If youíre currently renting an apartment, you might be unaware of some of the lesser-known costs of homeownership. Your chosen lender will provide you with an estimate of the closing costs, which youíll have to budget for.

However, there are also maintenance, repairs, utilities, and other bills that youíll have to figure into your monthly budget.

5. Waiving contingencies or giving the benefit of the doubt

While it may seem like an act of goodwill to give the seller the benefit of the doubt when it comes to things like home inspections, itís usually a bad idea to waive contingencies.

The process of purchasing a home, along with a purchase contract, have been designed to protect both your interests and the sellerís interests. It isnít selfish to want to know exactly what youíre getting into when making a purchase as significant as a home.





Posted by Homes of Distinction Realty on 2/27/2020

If you want to achieve the best-possible results during the house selling journey, you need to be flexible. Because if your initial home selling strategy fails to deliver the desired results, you need to be ready to make adjustments.

Now, let's take a look at three tips to help you revamp your home selling strategy.

1. Analyze the Local Housing Market

The local housing market may play a role in your house selling success or failure. If real estate market conditions have changed since you originally listed your home, you need to adapt accordingly. Otherwise, you risk falling behind rival home sellers in a fierce real estate market.

Oftentimes, it helps to monitor home sales in your city or town. This will allow you to see if houses similar to your own are selling quickly. It also enables you to understand how your house stacks up against the competition and may help you find ways to differentiate your home from comparable residences.

2. Review Your Home Listing

If you find that buyers rarely set up home showings or visit open house events at your residence, now may be the perfect time to assess your home listing. That way, you can explore innovative ways to use your home listing to engage and inform buyers about your residence.

Generally, it helps to make a home listing as clear and concise as possible. If buyers can read your home listing and retrieve accurate information about your house, they can determine if your residence matches their expectations.

You may want to include high-resolution images of your home in your listing as well. These images can help you show off the true size and beauty of your residence to buyers. Plus, they may help you distinguish your home listing from all others.

3. Consult with a Real Estate Agent

For those who are struggling to stir up interest in a house, it may be beneficial to hire a real estate agent. In fact, with a real estate agent at your side, you can receive expert assistance as you navigate the house selling journey.

A real estate agent understands what it takes to make a home an attractive choice to buyers. He or she will learn about you and your home and analyze your past house selling efforts. Then, a real estate agent will offer recommendations to help you promote your residence to the right groups of buyers.

In addition, a real estate agent will set up home showings and open house events to showcase your residence to buyers. And if a buyer submits an offer to purchase your house, a real estate agent will help you determine whether to accept, reject or counter this proposal.

As you try to sell your home, you may want to consider revising your house selling plan. Thanks to the aforementioned tips, you can revamp your home selling strategy and move one step closer to enjoying a fast, profitable house selling experience.




Categories: Uncategorized  


Posted by Homes of Distinction Realty on 2/26/2020


182 Hines, Cumberland, RI 02864

Single-Family

$384,900
Price

8
Rooms
3
Beds
2
Baths
Beautifully renovated Dutch Colonial situated on a large corner lot. Open floor plan with granite counters, newer kitchen and baths. Large family room, living room, dining room and office.
Open House
Sunday
March 01 at 12:00 PM to 2:00 PM
Cannot make the Open Houses?
Location: 182 Hines, Cumberland, RI 02864    Get Directions






Categories: Open House  


Posted by Homes of Distinction Realty on 2/26/2020


182 Hines, Cumberland, RI 02864

Single-Family

$384,900
Price

8
Rooms
3
Beds
2
Baths
Beautifully renovated Dutch Colonial situated on a large corner lot. Open floor plan with granite counters, newer kitchen and baths. Large family room, living room, dining room and office.
Open House
No scheduled Open Houses






Categories: New Homes  


Posted by Homes of Distinction Realty on 2/25/2020


415 S Main St, Sharon, MA 02067

Rental

$1,900
Price

5
Rooms
2
Beds
1
Baths
Spring is almost here! And, there has been a price repositioning to $1,900. If you want gleaming hardwood floors, first floor living with spacious bedrooms, updated kitchen, pantry, seasonal enclosed room; plus, a very large shared rap around deck overlooking an enormous back yard, come visit this wonderful property. A partially finished basement boasts plenty of storage space with separate washer and dryer for your unit in this two-Family home. Pets welcome, with restrictions. Great location; near major highways, the train to Boston and Providence, plus near Heights Plaza and Heights Elementary School.
Open House
Saturday
February 29 at 12:30 PM to 2:00 PM
Cannot make the Open Houses?
Location: 415 S Main St, Sharon, MA 02067    Get Directions

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Tags: Real estate   Sharon   Open House   02067   Rental  
Categories: Open House