T. Jay Johnson Jr. - RE/MAX Property Promotions



Posted by T. Jay Johnson Jr. on 5/3/2019

Are you thinking about buying your first home but completely overwhelmed with where to even begin?

Buying your first home is a big, and exciting, decision. Itís also one that comes with a big learning curve you need to get down quickly.

There are many steps to the process and even though your agent is always here to help you and give advice itís critical you do your own research. You want to be able to take action quickly when you find your dream home. To do this you will need to be able to keep up with the process by having everything done neatly, orderly and on time.

So where to start?

Start here:

Start by sitting down with your budget. What do your current finances look like? What sort of wiggle room for spending do you have? What can you afford for a monthly mortgage payment?

And perhaps more importantly, do you have enough saved to cover a down payment and closing costs? Depending on which programs you qualify for you donít necessarily have to put the traditional 20% down. With that said, you should know how much you would need to put down and if you have money in the bank to cover those costs.

Smooth out any credit snags. Your credit score doesnít need to be out of this world, but it should reflect that you are actively improving and financially responsible.

Find a mortgage professional you trust to help you make the right moves throughout the process. Again, you want to be able to take action quickly once you find a home you love. And you donít want to miss out because your mortgage professional hasnít prioritized you.

You will also want to have a preapproval prepared, with the help of your mortgage professional, when you are ready to start looking at houses. Having a pre-approval in hand shows your agent that you are serious about this process.

Calculate the costs. Yes, more math! You will want to take into consideration real estate taxes, HOA fees, home repairs and maintenance as you refine your budget to see which homes make the most sense for your lifestyle.

When looking at homes focus on the ďbonesĒ of the house. Look past paint, hideous wallpaper and yes even the granite countertops. Are there enough bedrooms? Bathrooms? A laundry room? Is there enough garage space and driveway? Do you like the floor plan? The neighborhood?

Know whatís important to you. In an ideal world, you will find a home that ticks off every item on your wishlist. And not to say that itís entirely impossible, but know which items on your list are negotiable. Which are you willing to budge on and which are make or break?





Posted by T. Jay Johnson Jr. on 1/11/2019

If youíre looking to buy a new home anytime soon, getting your finances in order is an excellent first step to getting the keys to your dream property. No matter where you want to buy a home, your financial picture is the most critical aspect of buying a home. Read on for some tips to get you financially prepared to buy a house.


Set A Savings Goal


Buying a property will require a significant amount of money up front. From closing costs to the down payment, you need to set a specific amount to save up before you even get out on the house hunt. 


Break your savings goal down by month over a yearly number if you have multiple years before you buy. 


Have A Specific Account For Savings


If you donít see it, you wonít spend it. Tuck all of your savings in one account. Use automatic transfers to make saving from your paycheck easier and seamless. Before you even check your account, youíre on your way to your savings goals. You may not want to keep your money in higher yield accounts. These may not allow you to take the money out when you need it. Take the time to shop interest rates on savings accounts at different banks. Some may even offer a bonus. Just remember always to pay yourself first. Donít be tempted to spend the money that you have saved.    


Rethink Your Budget


Depending on the amount that you want to save to buy a home, you may need to cut costs significantly. Take the time to do a budget and see where you may be able to cut down on costs. Should you cut the cord on cable? Are you going out to restaurants too often? Another idea is to call your phone company and other utility providers and ask about discounts. You may need to make some lifestyle and budgeting adjustments in order to get on your way to your dream home.


Use Gifts Wisely


Did you get a big Christmas bonus from work? Did a relative give you a monetary gift for your birthday? Take all of the extra cash and stash it away in the account thatís dedicated to your home savings. It will only help you to achieve your goals faster.


Keep Your Accounts Stable


Before your loan can close and the keys to your dream home are yours, youíll need to make sure you donít make any significant purchases. You need a paper trail for all of your money. Before you buy a home is not the time to go nuts and buy furniture or buy a car. These things can affect both your credit and debt-to-income-ratio.   

      





Categories: Uncategorized  


Posted by T. Jay Johnson Jr. on 10/13/2017

Itís a long road to get to the status of being a homeowner. Once all of the iís are dotted and the tís are crossed at closing, youíll be handed the keys to your wonderful new place to live. Now, youíll have a huge responsibility on your hands as well. Youíll need to pay the mortgage monthly. Youíll need to perform regular maintenance around the home. Youíll also need to pay for things like home insurance, utilities, and more. Everything that happens in your home when you have those keys is your responsibility. 


Once you have unpacked and settled into your new place, thereís a seemingly unending amount of things to do including organizing, unpacking, painting, decorating, cleaning, renovating, and so much more. You really need to take a break from all of that and take the time to bask in the glory of homeownership for a few minutes.        


Know What You Have Accomplished


Buying a home is not something that every person can achieve. It takes a lot of hard work, dedication, and persistence to save up money, find a home you love, and close the deal. Youíll also learn a lot through the process of buying a home. Youíve established a sense of independence and freedom through buying a home; youíre truly living the American Dream. 


You Have Something To Call Your Own


As a homeowner, you are not the master of your own domain. Anything that you wish is your command. Any hobbies you have, whatever type of decorations you want, and the types of chairs you like to sit in are all your choice in your own home. Once you own a home you donít need to worry about the unruly neighbors upstairs or the landlord who wouldnít ket you paint the walls. Do you want to plant a vegetable garden in your yard? You can! Thereís no one there to tell you that you canít. Have a blast using your yard and your home the exact way that you want it. Now you can feel free to have friends over and entertain to your heartís content. This is one of the best parts of owning a home.


You Now Have A Better Financial Future


Buying a home is a smart investment. Youíre contributing positively to your financial future. Every mortgage payment that you make is contributing to something that you own. Thereís no security deposits and no fees for your pets. The longer you live in your home, the more equity that youíre building up since your property is increasing in value over time. If you continue to make timely payments and upkeep your home properly, youíll be able to really see a return on your initial investment on the home.  

    





Categories: Uncategorized