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Before You Buy Budget Like a Homeowner

Tuesday, August 25, 2020
by Scott Darling


If you are a renter, you know that rent costs are on the rise, and it may be getting more difficult for you to stop thinking that a home purchase cannot be easier on your wallet. Starting on buying a home can come a year in advance of your first house hunt and creating a homeowner budget is the first step.   

 

  • Write a list of needs and wants for your future home, beginning with size, the number of rooms, type of neighborhood, size of the yard, garage, or no garage, etc. Be realistic, as there is only so much house you can afford. Set a price range, and stick to it. 
     

  • Create an income/expenses list, or use this handy budget calculator so you may see exactly where your money is going.  If there is little left of your paycheck at the end of the equation, it is time to begin eliminating unnecessary purchases so you can start saving. 
     

  • Start paying off any debt you currently have credit cards, car loans, or personal loans. Eliminating these balances will reduce your debt-to-income ratio, and will show lenders you’re serious about paying for a home. 
     

  • Once you start paying off debt, start depositing the amount of those payments into a savings account. Not only do you need to save towards the payment, but you’ll also have other costs for buying a home: appraisal, home inspections, and other fees may or may not be added to the closing costs. 
     

  • Some people that live on low incomes may feel like homeownership is a pipe dream, but that is not true. Many government-backed agencies will assist those with limited incomes buy a home: 

  • - Federal Housing Administration offers loans with low down payments (3.5%). 

  • - USDA  helps low-income families in rural areas with purchasing a home with no down payment. 

  • - VA loans assist veterans with home-buying, as well as home repair. 
     

No matter your income, homeownership is within reach if your credit report and score is within an acceptable range and may differ according to the lender.  Learning how to budget your income, paying your bills on time, and saving money are all possible, and it may take discipline on your part. The result, however--a home of your own--is worth all the time and effort it took to prepare for it! 
 

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: ggwash.org

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Chester County PA Real Estate Market Trends for July 2020

Wednesday, August 19, 2020
by Scott Darling

Chester County PA Real Estate Market Trends for July 2020

Chester County PA single-family homes saw pending sales increase by 44.6% in July 2020 when compared to July 2019. 752 homes sold in July with a median sales price of $401,775.  The average days on the market fell by 6 days. 

If you are thinking about selling your home get a free instant home evaluation Learn More. 

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In-Law Suites

Friday, August 14, 2020
by Scott Darling



 

For many families in the United States, it has become the norm for more than two generations to live under one roof as aging parents move in with their adult children. Not every house has the extra room, nor do mostly independent seniors care to downsize and live in one room with a half bath. While there are a few different solutions to the issue, there are many things to consider. 
 


 

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  • First and foremost, questions need to be answered: Is it possible to sell both homes and purchase one larger one? Are the in-laws simply wanting two rooms and a bathroom to themselves? Will the older parents sell their home and pay for an in-law suite to be built onto their adult children’s home? 
     

  • Another solution could be that the older generation has the largest house, and the younger family could relocate. Again, everyone needs to be put into consideration, as this could uproot school-aged children, and even take the working adults further away from their jobs. 
     

  • If a new house hunt begins, look for houses that have the potential to create a small apartment in the existing rooms, or have space to add an in-law suite. Another option is a duplex, so parents that are still independent can keep their own house, but have the family just a few steps away, just in case. 
     

  • Building an addition onto any home requires some investigation to make certain your municipality will allow it, as it will almost be a separate dwelling. 
     

  • Some of the needs and wants in an in-law suite include: 

  • - separate entry/locked entry from “other” dwelling 

  • - first-floor accommodations 

  • - full bathroom 

  • - kitchen essentials, as zoning codes allow 

  • - sitting room separate from sleeping area 

  • - wide doorways, no-slip flooring, handrails in appropriate areas
     

  • A garage, underused attic, or basement can be easily converted to a small apartment-like dwelling. Just make sure there is adequate natural lighting, as all of these can be dark spaces. Where lots of windows are not an option, adding skylights take care of letting some sunshine in. 
     

  • One more option is building a cottage-type building on the property, as regulations allow.   

 

While finances are likely the number one factor for making the major decisions, family dynamics are another factor in this new living situation. Every family is different, and while some want their privacy and ask others to knock before coming into their “house,” some families will have an open-door policy, sharing meals and housework equally, and have their own little commune. No matter what the accommodations will be, communication is key to making certain a multi-generational home is for the best, as well as successful. 

 

Courtesy of Chester County PA Realtor Scott Darling.

 

Photo credit: Cornerstone, NE Calgary

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What Can Hurt Your Home Sale

Wednesday, August 5, 2020
by Scott Darling


House hunters have many expectations when they are looking for a new home. Most sellers usually have made themselves at home, and love many aspects about it, but not all buyers would agree. Do not hurt your home’s sale with these: 

 

  • Nothing shouts “Don’t buy me!” more than an unkempt yard!  If nothing else, keep the grass cut and weeds and shrubbery trimmed. Put a bit more effort into it, and put down fresh mulch in the flowerbeds, and add a pot of flowers to the top step. 
     

  • No one wants to walk into a house with plastic storage containers stacked up in each room “hiding” the seller’s clutter. When you declutter, get rid of things, or put them in storage if you cannot part with them. Your rooms will appear larger without a lot of stuff in them. 
     

  • Touring a house that has a grimy stove or mildewed bathtub caulking is a huge turn-off:  no one wants to move into a dirty home. If you cannot find the time to clean the house spotless, hire a professional to do it. 
     

  • Natural light is important to most home buyers, so window treatments that block light need to come down, cleaned, and stored for moving. Add sheers, blinds you can open, or pull the shades up completely when you know the house is being shown. 
     

  • Items such as rodent traps or insect baits, should not even be an option for you. If you know you have mice or insects in your home, have them exterminated before you put a sign in your yard.  
     

  • Wall-to-wall carpeting is not as appealing to buyers today as it was in the past. If you can afford it, remove carpeting that is hiding hardwoods and spruce them up. No hardwood? Have the carpets professionally cleaned, and if you really need to sell, offer a new carpet credit to buyers. 
     

  • When you know about a problem and don’t bother to make repairs--think dripping faucets or cracked windows--buyers will not be impressed with your house, and if they’re remotely interested, offers won’t be close to your asking price. 
     

  • Any unpleasant odors will put off most people, and homebuyers will wrinkle their noses as soon as they walk in. Cleaning is important to remove dirt, but you need to clean for odors, too. Follow these tips from realtor.com® for removing any funky smells from your home. 

 

The impression your house makes on potential buyers largely depends on you. Salespeople of all kinds must make a pitch to draw the buyer in, then grab and keep their attention. The effort you put forth will show in the feedback and offers you will receive. In the case of selling your home, sweat the small stuff! 

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: GreenPal

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