4 Mistakes Same Sex First Time Home Buyers Make

Owning your first home together is an exciting dream that can come true with a minimum of stress if you prepare before you begin your search. Many people, including same sex couples, make the mistake of jumping right into the search for their perfect home and then end up stressed out and exasperated with the unknown. Following are the top five mistakes first time same sex home buyers make.

1.         Not Getting Pre-approval from a Mortgage Company

Getting pre-approved for a mortgage is not a requirement for writing an offer on a home, but it can put you in a better position for having your offer accepted over a bidder who does not have preapproval. In addition, since you will know how much the mortgage company is willing to lend you for the purchase of a home, you will not waste your time, or the professional you’ll be working with by making offers on homes that you cannot afford.

2.         Not Fully Understanding and Budgeting For the True Cost of Homeownership

A general rule of thumb is to budget one-third of your income to housing costs. While many assume that budgeting for a monthly mortgage payment is enough, that is not the case. Other costs that must be factored in include property taxes, homeowners insurance, utilities and property maintenance (mowing, painting, trimming, repairs and replacements). While maintenance is difficult to estimate, you should commit to saving a small amount of money each month that is dedicated to unexpected purchases. For example, your furnace or hot water heater breaks down and you need to have it repaired or replaced. While you could call the landlord if you were renting and problems arose, you will be required to correct any problems with your new home on your own.

3.         Not Understanding Fluctuating Real Estate Markets

Real Estate, even today, has made more millionaires than any other investment – but we must always understand that real estate fluctuates up and down depending on the state of the general economy. Be very careful if you’re purchasing a home today expecting to stay and year or two and sell for a profit! The real estate crash of 2008 left many individuals that were “playing the market” in bankruptcy… this isn’t Monopoly.

4.         Not Hiring The Right Real Estate Professional

While some people are savvy enough to stumble through the purchase of a home themselves, most are not. There are many aspects to purchasing a home including offers and negotiations, inspections, appraisals, multiple deadlines, closings, etc. that are best left to the professionals. A third party professional negotiating on your behalf could potentially save you thousands of dollars. A Top LGBTQ real estate agent can assist you with every step in purchasing your new home. You can also search for real estate professionals through online services such as GayRealEstate.com, a company serving the LGBTQ community for over 25 years. Hiring a real estate agent based upon a 5 minute visit at an Open House is not that way to find an agent that will stand in full support of you – it’s important to know the person representing your best interests in what may be the largest purchase of your life, also stands in full support of the person you are and the life you live!

Purchasing a home is a major event in your lives. If you take steps to prepare, you will endure less stress and will have more time to enjoy the search to find your dream home.

GayRealEstate.com connects buyers and sellers with trustworthy gay, lesbian and gay-friendly real estate agents to remove potential discrimination from all real estate transactions. The GayRealEstate.com team maintains personal connections with reliable agents to ensure their clients are treated equitably and with respect. All agents are interviewed and investigated extensively and many have retained partnerships with GayRealEstate.com for decades. With more than 25 years of experience, GayRealEstate.com focuses on establishing reliable real estate connections with professionals who understand the unique needs and desires of the LGBTQ community.

For more information, visit: www.gayrealestate.com

Winter in Real Estate: Tips for those who feel the chill.

Seasoned (pun intended) real estate professionals understand that the winter months can be difficult to negotiate (no pun intended) for those in the business of buying, selling, and building homes. The weather in most of the USA is inhospitable, and can put many projects and plans on hold, until the springtime market kicks in and buyers again resume their house-hunting activities. But those who plan for the winter slowdown actually view the cyclical time-out as an opportunity, and sometimes even look forward to it after a hectic year.

Many of us take time out each April or May for a deep cleaning and reorganization of our living space. Similarly, the months of December, January, and February provide a scheduled chance to catch up on errands and strategies related to real estate – and to get a jump on the next year’s market – whether you are buying or selling.

Here are tips on how to make the most of a cooled-off real estate season:

For Sellers

If you are selling, take advantage of the wintertime – especially during the holidays and the post-holiday doldrums – to prepare your house for showcasing it to potential buyers.

  • Clean out the clutter and make your house look more spacious. By simply emptying closets and clearing out furniture – leaving only the minimal essentials to provide a sense of warmth and style – you can boost the perceived value of your property immensely.
  • Freshen up the interior. When it is freezing cold outside you can’t paint the exterior but you can stay indoors and put a new coat of paint on any rooms that need it. Fix the dripping faucets and squeaky doors; refinish the floors, and do other indoor home improvement projects. Most contractors have less business in the wintertime, so it is a good time to hire them. By the time spring rolls around, they won’t even be answering the phone because they will be “off the hook” busy with outdoor construction projects.
  • Get your paperwork in order. Make a file that includes your annual utility bill history, copies of warranties on appliances, and MLS data on your home. Put these things together in an attractive folder and your Realtor can share it with potential buyers. If you need a survey, get it done.
  • Take time to relax. Selling a home in a buyer’s market is sometimes a stressful experience. Instead of worrying that there are no “lookers” during winter, take time for yourself and catch up on reading, yoga classes, or spending time with friends and family. You’ll be rejuvenated and ready to hit the ground running when the ice thaws.

For Buyers

During the wintertime, most property languishes on the market and motivated sellers are more inclined to offer discounts. They are paying stiff heating bills, taxes, and maintenance fees, but may not have many offers for purchase. If you are seriously shopping for property, make offers in the winter and you may have a new home in time for spring planting of flower beds and window boxes.

  • If you have not done so, meet with lenders and get pre-qualified or pre-approved for a mortgage. When you approach sellers with financial backing in hand, they will be more inclined to accept your offers.
  • Get your finances in order. This is a good time to deal with any budgetary issues that are affecting your down payment. If you haven’t decided on what type of loan is best for you, winter is a great time to sit down and do the homework needed to make your important decisions.
  • Compare and contrast. Have your Realtor provide you with market data so that you can compare prices, options, and locations. You may want to build a new home, or perhaps rehab an existing one. Research helps make this kind of decision easier and wiser, so use the winter to examine your alternatives.
  • Shop ‘til you drop during the holidays, but not at the mall – get out and look at houses with your Realtor.

Interest rates remain super attractive. The best plan is to use the winter months to do whatever is necessary to tip the market in your own favor, by planning ahead. Then, no matter what 2020 presents, you’ll be in the best possible position to take advantage of it. To find a qualified real estate agent, visit www.GayRealEstate.com. The company offers a depth of experience in buying homes throughout the entire USA, and specializes in serving the GLBT community.