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Articles Tagged "Home-buying tips"

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Ready to jump into homeownership? You'll want to set aside some money first. Here's how much you'll need.

Buying a first home is a momentous occasion. But as you're probably aware, the buying process is not just about trawling through the real estate listings and scheduling tours of homes. Before you ever set foot in a home you might like to buy, you need to think about financing. That's right: It's the unglamorous but essential part of buying a home. In simple terms, how are you going to pay for it?

Far too many prospective home buyers march forth in Lalaland, convincing themselves that they'll slap down a minimal down payment and figure out the financials later down the line. Those who take this tack can be in for some unpleasant surprises. We strongly suggest you square away how you will pay for that house you love among Beavercreek homes for sale before you even start shopping.

Here's some valuable information on down payments, and more, compiled by our REALTORS®.

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Rural Living - Buy a Home - Wright-Patt Realty

"Keep Manhattan, just give me that countryside." So sang Oliver Douglas, a big-city lawyer who gave it up for the joys of rural living in Green Acres. If you're considering a similar move, our REALTORS® offer a helpful five-point checklist to determine which is the right lifestyle for you.

  1. Do You Prefer the Sounds of Silence?
    Cities have a perpetual soundtrack composed of elements such as traffic noise, construction, and chatter. Some people derive a sense of energy from the noise, which is a by-product of the city's constant activities. For others, the layered sounds serve as white noise, providing soothing reassurance of day-to-day life. If you find high levels of noise create stress that prevents you from fully relaxing, even during leisure time, the quiet ambience of rural areas may be more to your liking.

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Moving Day Countdown - Wright-Patt Realty

Help reduce the stress of moving by planning each step. Whether you are a first-time homeowner or buying one of the larger Beavercreek homes for sale to accommodate your expanding family, moving is a large task. With your move-in day marked on your calendar, start taking steps to make the process easier for you and your family.

Start Your 30 Day Count Down

When you get a notice from our REALTORS® on your exact move-in day, begin the organization process of your current living space. At this point, you must make the decision if you're going to do the move yourself, rent a moving truck, or hire movers. Regardless of your choice, you need to begin to prepare for your move.

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House Hunting - Red Flags - Wright-Patt Realty

A new home is filled with potential. There's potential for a bright and financially rewarding future, but there's also potential to find yourself stuck in a money pit. When you are househunting in Beavercreek, there are five red flags that our REALTORS® tell prospective homebuyers to keep their eyes open for when looking for a home.

  1. A Glut of "For Sale" Signs in the Neighborhood
    If you see numerous homes for sale in the same neighborhood, it's often a sign that there are problems brewing. A new landfill could be under construction. Or, there could be any number of reasons that everyone is eager to move out of the neighborhood. A few homes for sale is a sign of a healthy community; too many homes is a sign that a community is dying, and it's best to stay away.

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Loan Pre-Approval Timing - Wright-Patt Realty

If you're getting ready to become a homeowner, you've probably already discovered that there are a lot of important steps along the way. Getting pre-approval for a home loan is one of the most important steps, and if you're thinking about buying a home in 2020, our REALTORS® are here to help. 

One of the most common questions we get asked is, "When should I get pre-approved?" There are a few factors to consider when answering that question, but one thing is for sure: Before you start looking at Beavercreek homes for sale, it's important to have a pre-approval letter in hand. 

What is Pre-Approval?

Pre-approval is an important step before buying a home because it essentially proves that you have the financial means to do so. When you obtain pre-approval it says to homebuyers that you're ready and able to buy. It also lets you know just how much home you can afford, which makes it easier to find the right house for you.

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Bridge Loans - Wright-Patt Realty

Buying a new home when you own another one with a mortgage can be a complicated situation. Most lenders won't qualify you for a new loan until you have sold your current home. Unless you're comfortable with moving into a temporary living situation, you'll need a bridge loan. Our REALTORS® are happy to explain what bridge loans are, how they work, and why they're an attractive option for homeowners who are in fixed situations.

What is a Bridge Loan?

It's all in the name. A bridge loan is a type of financing that is meant to bridge the gap between closing on a new home and selling an existing home. Also called "gap financing" or a "wrap," bridge loans enable individuals to address current needs before securing a mortgage or long-term loan. Bridge loans are usually short-term and can be arranged with little documentation. If you urgently need to buy a new home but are still saddled with your current one, you can facilitate the purchase with a bridge loan. In this case, your existing property becomes the collateral for the loan.

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Homeowners Insurance Tips - Wright-Patt Realty

Buying a house is a major investment, and as a homebuyer, it's important to do everything you can to protect the investment you make in your property. Homeowners insurance is one of the biggest keys to protecting your investment, and most lenders require you to purchase insurance if you have a mortgage. Even without a mortgage, insurance is important for every homeowner. Our REALTORS® are here to help you protect your home, with our guide to making sense of homeowners insurance.

Home Insurance 101

  • Why Mortgage Lenders Require Homeowners Insurance
    Whether you're shopping for Beavercreek homes for sale or homes in another location, your mortgage lender is likely to require you to purchase homeowners insurance. Lenders require insurance because it protects their investment in your home. If something goes wrong with the property, the lender wants to know any costs will be covered. With the right insurance policy, you'll be able to cover repairs of the most common issues that can damage your home. In addition to covering damage to the home itself, many home insurance policies provide coverage to repair or replace personal belongings in the home.

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Boost Credit Score - Wright-Patt Realty

Your credit score is the magic key that opens the door to the best interest rates and loan options. It's a number you'll want to raise as high as possible before you start looking at Beavercreek homes for sale. It takes time to raise your score into the right range and the following five steps you can move your score going in the right direction.

  1. Dispute Errors
    Errors are exceedingly common on credit reports. Approximately 25% of credit reports in America contain errors including missed payments, incorrect addresses, open accounts that are in reality closed, and debts that are incorrectly recorded. You should always dispute errors and ensure that any incorrect information is removed from your report. The prevalence of errors on credit reports highlights the importance of keeping your financial records organized. You will need these records to dispute any errors you discover. Once your dispute is submitted, it can take around 30 days for an error to be removed from your credit report and slightly longer for it to improve your credit score.

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Mortgage Process for Self-Employed Homebuyers - Wright-Patt

Applying for a mortgage means your financial situation is under close scrutiny and that applies even more so when you're self-employed. But that certainly doesn't mean that you can't get a mortgage or that you'll never be able to buy Beavercreek homes for sale. Many self-employed people successfully buy houses every year. But you may encounter a few more stumbling blocks along the way. So what can you do to make the process go as smoothly as possible? These tips can help.

  1. Keep good records and have the right documentation available. Lenders need to assess your ability to pay back the loan before you get approved. It can be a little more difficult to prove you have that ability when you're self-employed. You don't have the paper trail of pay stubs and W-2s other borrowers can rely on. You will need to produce more verification of your consistent income. In general, lenders will want at least two years of tax returns, a 1099 form, and a profit and loss statement if you are a business owner. You will also need monthly or quarterly statements from your bank and investment accounts.

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Final Walk-Through-Wright-Patt Realty

All the excitement of buying the perfect home after a long and hectic search can be one of the best feelings in the world. In the excitement of the final steps, however, things can be forgotten. We make a point of reminding those about to close on a Beavercreek home for sale to make sure and schedule a final walkthrough about a week before the closing.

This final step helps to ensure that the house you're getting is exactly as promised. This includes making sure agreed-upon items are left behind, such as appliances, and checking that all required repairs have been made. You'll also have a final chance to check for things like infestations and water damage, which may not have been apparent if the previous owners were still living in the house when you toured it. Seven things you will want to examine are:

  1. Exterior. Make sure all the gutters are in good condition, and there isn't any damage from bad weather since originally inspected. Look for missing flowers, trees, and shrubs. Some people actually take these things with them.

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Home Inspection Issues-Wright-Patt Realty

After spending weeks, months, or even longer looking at Beavercreek homes for sale, you've finally found the perfect one. Congratulations!

Once your offer is accepted, the next step is to schedule a home inspection. While most inspections go off without a hitch, there are times when something unexpected pops up. If this happens to you, don't panic. Here's what you need to do next.

  • Have the Right Mindset
    Suddenly finding out there's a major problem with your dream home can make you feel like your dreams have been dashed. Do your best to stay calm and remember that a less-than-stellar home inspection is sometimes a blessing in disguise.

    Most problems aren't actually deal-breakers, and they can give you some pretty powerful leverage when it comes to re-negotiating your contract. Approach the issue with a strategic mindset and focus on making one decision at a time.

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Spring Home Bidding-Wright-Patt Realty

After viewing many great Beavercreek homes for sale, you've finally found the one that is perfect for your family. Now that you're ready to make an offer, our REALTORS® want to help make this process as easy and successful as possible for you. Buying a home is a huge milestone, and while we share in your excitement, we also want our buyers to be prepared for potential hurdles that may slow the process — particularly an obstacle that many home buyers refer to as a "bidding war."

Contrary to the phrase, competition between buyers is actually a civil event that often occurs when a property's features, location, and price appeals to a large number of potential buyers. Thankfully, our agents have successfully represented many homeowners during the springtime when buyer competition is often higher. We've gathered five effective strategies that you can use when bidding on a home in Beavercreek this spring.

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First-time buyer holiday gifts
It's the most wonderful time of the year, and Christmas is just around the corner. Hopefully, you've started your shopping lists and have gathered a few ideas of what your friends and family want this year.

Have any of your loved ones recently moved into one of our Beavercreek homes? Our REALTORS® have created this list of eight holiday gifts for first-time home buyers.

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Home Buying Budget
So, you're in the market to buy one of our Beavercreek homes for sale. Buying a house can be an exciting time—especially if you've found your dream home. However, before you start making plans for arranging furniture and hosting the holidays, there are things like budgets we need to discuss. 

At Wright-Patt Realty, Inc., our REALTORS® in Beavercreek are always excited to help a buyer purchase a new home. We are here to help you budget for the costs of buying a house with these tips.

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Buying a House - Closing Day Checklist
When you're touring Beavercreek homes for sale, you'll quickly see our city has plenty to love. Our REALTORS® have considerable experience in helping our clients find the right house in Greene County. After you do, closing day is just around the corner.  

Closing day is an exciting time because it makes you one step closer to owning your home. However, it's also an easy time to get lost in all of the details of finalizing your purchase.

When you partner with our team of real estate professionals to buy your home, we help you through the closing process. To get you started, here is our list of six must-dos before closing on your new home.

  1. Make Plans for Contract Work
    Unless you've managed to get your hands on a house in pristine condition, there are good odds that you'll be planning on hiring some help to get your new home ready for moving day. Be sure to get estimates and have your painters, flooring company, and other general contractors ready to go by closing day. This will help you get more of the work completed before you move in.

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Buying a House When You Have Kids
As a parent, it's only natural that your children factor into the little decisions that you make every day, as well as the big, life-changing decisions that only come around so often. Buying a house certainly qualifies as a big decision, because you'll be shopping for the right home for you and your children. Shopping with kids comes with its share of unique challenges, but it's also a rewarding experience when you identify a home that every member of the family can love. Our REALTORS® are here to help your entire family through the home buying process. 

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Buy a HouseThere are few events as exciting as finding the perfect home! But don't get too caught up in the excitement, there are still a few things that need to happen before you can officially call it yours. Complete these next steps and you'll have the keys to your new before you know it!

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New Home - Calculate home cost
Figuring out how much you can afford for Beavercreek homes is the essential first step for house shopping. While you may have some ideas about what your perfect home would include, most people don't have unlimited budgets. Knowing what you can get for your money is essential to a successful house-buying experience. 

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Military Home Buyer Mistakes
Buying a house is a big decision, and as an active-duty service member or veteran there are always extra variables to consider when making a real estate purchase. Timing is essential when you're searching for a home, and there's always a chance that you'll be moving again in a few years if you receive new orders. There are also some excellent benefits available to military home buyers if you know where to find them and how to take advantage of them. Our veteran-friendly real estate agents are here to help, with a guide to five mistakes to avoid as a service member shopping for a home.

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Find a Military-Friendly Real Estate Agent
Purchasing a home is one of the biggest financial decisions that any of us make, and finding the right real estate agent is one of the best ways to make life easier when buying a house. This is especially true for military personnel (both active duty and retired) who often have unique needs when purchasing a home.  From understanding the ins and outs of VA loans to helping you identify the right home in the short time frame you have to shop, our REALTORS® understand the needs of military home buyers.  We've put together five key reasons why finding a military-friendly real estate agent is a must.  

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