Listing Courtesy of LINDA VISTA REAL ESTATE
At some point while weighing the pros and cons of buying a new home in town, you begin to mentally fix on a price range. If you are able to depend on a family income that’s fairly predictable, the issue is simplified. If not (small business owners, entrepreneurs, and many sales professionals frequently find themselves in this category), finding an appropriate price range takes careful deliberation.
Sometimes the issue can be decided for you. In most cases, buying a home will involve a mortgage, so lenders get to weigh in. Since it’s a good idea to seek preapproval from a Rehoboth Beach mortgage lender early on, you can let their professional opinion help with the price range.
Let’s say the Martins have been preapproved for a $260,000 home loan. They have $20,000 set aside for a down payment, and are certain to clear another $20,000 once they sell their current home and retire its mortgage (it’s in very good shape in a nice neighborhood, but just too small for their growing family). So it’s good news: they can buy a $300,000 home!
It’s at this point in buying a home that the Martins can also decide to make a decidedly atypical decision. That decision would be to pick a number below their peak eligibility as the top figure in “their” price range, and to shop accordingly. Most folks don’t wind up doing that.
Maxing out your budget and purchasing the most expensive home you can afford is undeniably appealing. The math might tell you that you can afford the monthly mortgage payment, even if buying your new Rehoboth Beach home puts you at the top of your price range. It can mean you get the space and features you've always dreamed of. However, there are some sound reasons why buying a home at the top of your price range might not be your best choice—
1. Additional Expenses
That mortgage amount alone does not take into account the other expenses and financial obligations that come with being a homeowner. Homeowners' insurance and neighborhood association fees can add to your regular monthly expense, as will property taxes—a considerable figure. If you are moving to a larger property, any maintenance and utility expenses that you’ve grown accustomed to might be greater. If you plan on buying the most expensive home you can, those extra bills might be budget-busters.
2. Room to Renovate
Even if you're buying your dream home, chances are very good that you'll want to make a few changes to the new place. From fresh coats of paint to changes of carpets, appliances, or countertops, changes are a normal phenomenon after buying a home. Even if you're pleased with the existing aesthetics, you might need additional furniture if the move is into a bigger space. Purchasing at the top of your price range can limit your ability to make needed changes.
3. Emergency Fund Savings
An emergency fund is a stress-relieving must for homeowners. When the refrigerator fails, the furnace needs to be replaced, or a busted pipe floods the bathroom, you’ll be relieved to have the extra cash. Even true do-it-yourselfers need to call for professional help occasionally. When you purchase a more affordable home, you'll have extra cash to set aside for emergencies.
One of the greatest benefits of buying a home in Rehoboth Beach is the sense of stability and security it brings. Working with a group of experienced professionals is the surest way to achieve your home buying goals…as well as a sound reason to give me a Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestate.com
When a Rehoboth Beach home seller tallies the total financial impact of selling the old and then buying the new home, in addition to the closing and brokerage costs, the expense of the move has to be reckoned, too. It may seem like an afterthought, but especially for larger homes and families, it’s a cost significant enough that it bears some economy-minded preparations.
Although doing the lion’s share yourself is the surest way to bring that price tag down, it will also add a load to an occasion that’s already stressful enough. “Moving day” can prod your already surging emotional stress meter further into the red if you are trying to do everything yourself (or relying on friends to carry more of the load than is healthy for the relationships). Since this is such a common hurdle, a good deal of wisdom has developed that can keep potential Rehoboth Beach moving day misery to a minimum. Here’s a collection of useful tips:
1) Gather ye boxes while ye may…far ahead of time. Yes, you can certainly buy them—and probably should for special types like wardrobes and glassware—but since you know you’ll be moving once the Rehoboth Beach house has been sold and the new place is ready to move into, make a point of holding onto all the clean cartons you come across leading up to the big day. Once you’re sure you have gathered enough, pinch yourself (and get back to gathering more). Somehow you always need many more than you imagine possible!
2) Cut cut cut. Long before you approach moving day, get serious about all the stuff you don’t need any more and yard sale (it’s a verb) it, Salvation Army it (ditto), give it away, or just toss it out. If you are going to use professional movers, cutting down the size of the move will be worth its weight in…well—let’s just say it will be worth it!
3) Dismantle ahead of time. When the movers arrive, a great chunk of their time (and thus, their bill) can be spent taking things apart for safe transport. You can do this ahead of time with a pen and some masking tape, a wrench, pair of pliers, and some Ziploc bags. The bags are for the nuts, bolts, screws, and other fasteners. The masking tape and pen are to label the bags and tape them to larger pieces—you’ll thank yourself at the other end, when it’s time to reassemble everything.
4) Collect all receipts. Whether you pay movers or rent a van or trailer yourself, remember that moving expenses may be tax deductible. If you get a new job that’s more than 50 miles from your previous home within a year, it probably qualifies.
5) Time your move. The major stampede for movers happens during the high volume times of year (spring and summer) and especially at the end of the month. Planning to move any other time (like right about now, for instance) will make it that much more likely one of our Rehoboth Beach movers will be able to give you a deal. And get a firm price guarantee whenever you can; estimates based on hourly rates can take a lot longer than expected!
Picking up stakes and leaving a long-time Rehoboth Beach home (or moving to your new Rehoboth Beach home) is a major life experience you’ll want to remember as the delightful opening of new doors instead of a harrowing misadventure. A little planning ahead of time helps that happen. Part of what I offer my clients is the experience of having shared many ‘moving’ experiences. Call me when one is on your horizon! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.