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Date Archives: October 2016

Choice Properties Real Estate Home

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Bellefontaine | 19 Posts
Home Buyers | 68 Posts
Home Owners | 31 Posts
Home Sellers | 36 Posts
Indian Lake | 23 Posts
Lakefront Homes | 6 Posts
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Moving | 11 Posts
Real Estate | 10 Posts
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October
19

 selling your indian lake home

Selling a home in Indian Lakes does not have to be a hassle. Most places are experiencing a buyer's market with slower prices. Sellers must be prepared for an average of four months to sell a home. Learn ten tips for selling an Indian Lake home on the current market.

 

10 Steps to Selling Your Indian Lake Home

 

Recognize every market's differences

Every town, city and area will have a different trend. Regional markets are more important to look at than national markets. Try the following tips to review the Indian Lake market:

  • Speak with a handful of professionals

  • Do research

  • Listen to gut instinct

 

Home inspection

Get a home inspected before calling a real estate agent. Early warning signs such as big repairs to be made can make the difference on deciding to buy a property. If a problem is discovered, it can be fixed prior to selling to help resale value.

 

Shape Up

Potential buyers will be interested in a home that looks and feels good. Six weeks prior to putting a home on the market is a great time to do the following:

  • Fresh coat of paint

  • Pressure-washing of the front walk and porch, polishing and general clean up

  • Put in new mulch, landscaping elements and flowers to freshen up the look of the front

 

Marketing plan

Think about whether to find a real estate agent or do the selling without one. Selling without an agent can save the real estate commission but potential buyers may feel without an agent there are some disadvantages to buying the home.

 

Check into relocation company

Some companies may provide a list of real estate pros who will work with a person at a discount. If selling in a tight market, every little bit helps.

 

Interview real estate agents

Interview a few agents to ask opinions before putting the home on the market. Experience speaks volumes so look for agents with loads of experience selling in the area.

 

Set a price

People who overprice homes are wasting buyer's time as similar homes can be looked up on real estate apps online. Track actual sales prices and set it accordingly.

 

Understand the price

Many sellers won't make as much as neighbors who sell a home. It may be wise to wait a bit to sell until the price goes up as it is not advisable to undervalue a home.

 

Get rid of junk

Buyers will be fussy. Throw things out, store or donate that are not needed. Clear out clutter as buyers look for space and light.

 

Stay on top of the market

Be aware of market changes. Keep looking at comps and see trends before others do. The real estate market should be approached with cautious optimism.

 

Choice Properties real estate agents are able to assist sellers with putting a home on the market. Contact one of our experienced agents to find out how we can assist you in selling your property in Indian Lake.

October
19

 The Basics of Qualifying for a Home Loan

Looking to purchase a new home or refinance requires an understanding of the basics of qualifying for a mortgage. It helps to know some basic steps can help prepare for what is ahead. Learn how to be in a position ahead of time to get the best deal available.

 

Credit

A credit report is required from three major credit bureaus to document payment histories for auto loans, personal loans, credit cards, debt collections or other negatives. Credit scores are considered a predictor of lending risk. The higher a score, the better it looks to a potential mortgage lender. The following factors may also play a role in credit scores:

  • Debt payment history, including late payments can influence credit score

  • Credit card balances of more than 30-50 percent of credit limit can have a negative impact on a credit score

  • Collections can damage your credit score but can be negotiated with the agency

  • Bankruptcies and foreclosures have a general waiting period of around 2-4 years following insolvency prior to qualifying for new mortgage financing

 

Capacity

A mortgage lender wants to know an individual has the financial ability to repay a home loan. W2 income (working for somebody) is considered the most stable source of income which varies little from month to month. Self-employed income is riskier in a lender's eyes as it can vary widely month to month in terms of generating revenue to pay a loan. Some helpful hints include:

  • Document income with W2s, paystubs and tax returns to demonstrate financial stability

  • Self-employed individuals will be required to document income on tax returns and should be prepared to show the documents to potential lenders

  • Debt-to-income ratio is important as it shows what proportion of income goes to debt payoff and risk for lending. Typical DTI should be lower than 45%-50% going to debt.

 

Collateral

The property being purchased will serve as collateral for the mortgage. A lender will look at the value of the property as one of the most important factors. A full appraisal may be required to verify the value and condition of the property.

 

Getting Started

The following are some great next steps to take when looking to take out a mortgage for a property:

  • Check credit and make sure any issues are cleared up ahead of time.

  • Pay off outstanding debt before applying for a loan. The lower the DTI ratio, the easier it is to get desirable financing terms. This can save money in the long run.

  • When refinancing, take care of necessary repairs before having an appraiser come out. This will help the home value.

 

Having a financial portfolio that looks solid, has low debt and high credit scores can greatly increase the chances for getting a mortgage with better financing terms. Understanding how lenders think and preparing the portfolio will help individuals prior to applying for a loan search for a great deal and support a smoother process overall.

October
19

The Indian Lakes region is a beautiful, scenic place to buy a home. Bellefontaine has top rated schools, amazing community of people and has been growing in popularity for individuals and families looking for affordable homes. Learn some things to do before looking to buy a home in Bellefontaine.

buying a home in Bellefontaine.

Checklist for Buying a Home in Bellefontaine

No matter whether a person is a first-time buyer or experienced owner, a house purchase requires some checks before moving forward. The following is a great start.

 

Strengthen credit scores

Generally speaking, the higher a credit score, the more desirable it appears to potential lenders. Anything below 660 or 680 may result in paying fees or a higher down payment. To get the best rates available, stay above 700 but, ideally, a score at 750 or above will receive the best mortgage rates. Review credit reports prior to applying for a mortgage to assess credit worthiness and make any adjustments.

 

Go low

FHA financing accounts for one-fifth of loans which dictates a payment cannot exceed 31% of monthly income. A safe formula is to stay at or below 28% of gross monthly income. Calculate mortgage payments in the desired price range, along with expenses and bank the difference.

 

Save money

Depending on credit and financing, it generally helps to save enough for a down payment between 3% to 20% of the home's price. To receive an FHA loan, a credit score must be 580 or higher. Saving up now can result in lower, shorter payments and save money in the long run.

 

Build up savings

Loan fees can add up including closing costs. Building savings is something people can do to save up for anticipated costs. Save up anywhere from 3 to 5 months' worth of mortgage payments to demonstrate financial stability. Having money in the bank can demonstrate to the financer equity and are generally considered lower risk for mortgages.

 

Get pre-approved

Serious home buyers must focus on the most important thing which is getting everything in order. Prior to shopping, look at financing and get that in place. The preapproval process is much more extensive than it was a few years ago.

 

Buying the dream house

Bellefontaine is a beautiful area with lots of places to search for the perfect home. Do some research to find the right home that will keep the family happy for years to come. Whether it is a vacation property or permanent home, focus on finding the right home, in the right price range which is affordable and has most of the desired amenities. Step back, be certain the home is the right one and only move forward when it feels right.

 

Speaking with an experienced, qualified real estate agent can help guide a home search. A Choice Properties real estate agent can support individuals in the search for a property in Bellefontaine and surrounding areas.

October
19

 A vacation home purchase can be a great place to spend time with family and friends or as an investment property. It is essential to do research to make sure one's money is invested in a property which will continue to give back for a long time to come.  If you're on the lookout for a great vacation lake home, here's our advice on how to find the perfect vacation home on the lake here in beautiful Ohio.

How to Find the Perfect Vacation Home on the Lake

Opportunities

Many opportunities exist to find the perfect vacation home on a lake. Buyers of new-construction vacation homes have many options in various price ranges. The opportunities for existing homes on the market exist, but price points may vary as will wear and tear on the property which can create more headaches than opportunities. It is worth doing some research up front on the kind of property desired prior to purchasing.

 

Multifamily Properties

Vacation home buyers may consider properties designed for families or people who will use the space part-time and want a higher-than-average return on investment when it is not in use. Multi-use properties are more ideal for individuals willing to rent space out than families who plan to reside in the space on a more full-time basis/

 

Plan to Rent

Plan for the possibility the home may become a rental property at some point. Circumstances change and the ability to save an investment might depend on converting vacation property to one that produces income. Look into rules which may prohibit rental of the property or prevent a person from renting it out.

 

Create a Business Plan

A vacation home that will be owner-occupied or for rent are different scenarios. Calculate expenses for the property and prepare for the unexpected. Colder-weather locations, such as Ohio, may require extra money for burst pipes or a leaky roof.

 

Purchase in a Desirable Market

Even if the plan is not to use the property for one's own vacations or to rent on a part-time basis, it is essential to visit on a regular basis, twice a year at minimum, to be sure the property is being well-maintained. Location matters for vacation homes. A property located 10 blocks from the lake may be less expensive but can decrease the resale price or ability to rent it out. Looking to stay in one which is closer to a lake, if desirable, can increase the home's desirability and value.

 

Insurance

Obtain insurance for a property near the lake. Flood insurance for waterfront property may make it an expensive investment but is worthwhile if done at a reasonable rate.

 

Some advance preparation, research and due diligence can help individuals find a profitable investment, a vacation home of one's dreams and is sure to bring joy to any person's family for years to come. Contact a qualified Choice Properties real estate agent with years of experience buying and selling in the Bellefontaine area to start looking at available properties and seeing what's available to make the dream a reality.

October
18

AirBnB has transformed the vacation rental industry and many homeowners are taking advantage of all the platform has to offer. When thinking of becoming a host, it is important to follow some steps to protect the property, one's privacy and provide the best chance at success. Learn about how to rent a vacation home on AirBnB.

renting your vacation home on Airbnb

Hosting Experience

A person who wants to host others in a home can gain more than financial benefits. Three main types of hosts exist:

  • Someone looking to make extra money from the space

  • Someone looking to support a secondary source of income

  • Someone who wants Airbnb to become a business and main source of income

 

The more income a person desires, the more planning it will take as well as risk. Many tools and strategies exist to support a person who wants to make a sizeable income from renting rooms on Airbnb.

 

Set Realistic Expectations

Chat with potential guests to ask questions prior to booking. It takes time and effort to earn great reviews as well as checking guests in and out. Set expectations up front about time commitment will be required prior to hosting.

 

Get Proper Insurance

Home insurance plans are not a guarantee of insurance for damage due to short term renting. Airbnb provides a $1 million guarantee but it is still risky and additional insurance may be needed.

 

Consider Neighbors

A quiet community may be averse to having tons of outsiders coming into the neighborhood on a regular basis. If a unit is part of a shared space, it helps to keep neighbors in mind. Consider managing relations with neighbors who may ultimately put the kabosh on things if it doesn't go well.

 

Furnishings Matter

For a person serious about hosting guests, furnishings and amenities can make a huge difference. Each unit must have furniture. The choice of furniture must provide both function and form. Consider what pieces are important to guests and make sure it supports the best interest of those staying in the room or space.

 

Get the Listing Right

Once the listing is ready, get positioned for success. Great photos and descriptions are fine but don't tell the whole story. The following can help in putting up a space for a successful run on Airbnb:

  • Seat clear house rules about what is off limits and strike a balance for those coming and going

  • Protect identity and follow the Airbnb rules

  • Keep bookings short to avoid potential squatters (people who stay for weeks or months at a time)

 

Renting a vacation home can be a fun, creative way to make extra money while meeting interesting people and offering a fun way to engage travelers. It can also be a headache if the research and work is not done up front. By following the tips provided, it will help to alleviate some frustration with renting to make it a more enjoyable experience for everyone involved.

October
12

 Are You Ready to Buy a Home in Indian Lake?

 

Purchasing a home is an investment of time, effort and, of course, money. Indian Lake is a premier location for individuals and families looking to live in a place with a great community and activities for every season. The question of buying a home in Indian Lake should focus on a person's budget and desired payment plan. Learn some tips for knowing whether now is the right time to make an investment in a home in Indian Lake.

 

Calculate Payments

Affordability is the main factor in calculating payments. The 43% debt-to-income ratio rule is generally applied by the federal housing administration (FHA) as a guideline for approving mortgages. The ratio helps determine if a borrower has the ability to repay the mortgage. Market conditions play a role in this calculation. Consider also the following expenses in addition to the mortgage payment:

  • HOA fees

  • Property taxes

  • Homeowner's insurance

  • Other fees

 

The total should not equal more than 43% of the monthly gross income. Other expenses such as credit card debt, student loans and other debt should also be considered. It is recommended room is left to take on additional debt in the case of needing a new vehicle (and car payment).

 

Consider Other Expenses

Other expenses should factor into the decision to purchase a house including vacation budget, hobbies and other expenses. It can help to consider looking at a less expensive house as a place to start rather than at the top end of the budget where less wiggle room exists.

 

Down Payment

A down payment can be a significant portion of the upfront cost of a home. Generally, 20% of the home price is recommended as a down payment to avoid paying private mortgage insurance (PMI) which may add $50-$100 per month onto a mortgage. A smaller down payment is not necessarily a bad thing but some of the bonuses include more lender choices, a smaller mortgage payment and more chances to save down the road.

 

When to Buy

The opposite of high season in the preferred area is best when buying a home. The off season is a great time to look at properties, including the month of October for families with children as school will already have begun. The perfect market conditions for home buying are challenging as prices fluctuate but looking in off season has advantages to finding the right homes for the right value.

 

Affordability is a big factor for individuals and families looking to buy a home in Indian Lake. One of the more affordable areas to live with many activities, great schools and community life to explore, it still helps to follow tips from the pros about how to find the right property at the right time to make that investment worthwhile.

 

Contact Choice Properties agent who are ready and able to assist you
in the home search for that perfect Indian Lake property.

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