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Down Payment Savings Savviness

Monday, December 21, 2020
by Scott Darling


When you have started considering buying a new home, the first thing you will need to work on is a down payment. While many lenders offer different programs with variable down payment amounts, saving as much as you can is necessary.  Check out these tips and start saving now! 

 

  • It is important to know, realistically, how much house you can afford, and start shooting for a 20% down payment of that amount.
     

  • Turn your $4.50-per-day cup of coffee into $90/month in the piggy bank. Add up similar purchases, decide what you can live without, and move that money (set up automatic transfers) every day from your checking to a hands-off savings account.
     

  • Put your savings egg into a nest of high-yield savings or money market account. 
     

  • Sign up with your employer to deposit a portion of your pay into a down payment savings account.  Most of the time, if you do not see it, you do not miss it. 
     

  • If a pay raise comes your way, save that unexpected pay:  stay on your old budget, and have the difference in old and new pay direct deposited into your down payment account. 
     

  • When non-salary payments such as bonuses or even a tax refund come in, sock them away and give your savings a boost. 
     

  • Did you know that family members can gift money towards your down payment? Make certain you document these gifts correctly for your lender and the IRS.  Mortgage Reports shares more information about down payment gifts. 
     

  • A part-time job may provide enough each week to add to your down payment savings. Your well-being is important, however, so do not go into a second job unless you are certain it will be a benefit. 
     

  • If you have investments in stocks or bonds, plan on liquidating those assets when the time comes to purchase your house.  Make sure you document these sales. 
     

  • You can always borrow from your 401k or IRA, but make sure you will not have to pay penalties.  Talk with your account holder before making any withdrawals. 

 

Do not let that 20% ideal down payment stop you before you even get started. However, if it seems impossible for you, do your research.  There are many first-time buyer programs available, as well as lower-than-20% down payment options through the USDA, the VA, and state-specific programs.  Learn more about low down payment guidelines and opportunities to help you get started. Planning will help you keep your eyes on the prize of homeownership! 


Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: 7th Level Mortgage

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Chester County PA Real Estate Market Trends for November 2020

Thursday, December 17, 2020
by Scott Darling

Chester County PA Real Estate Market Trends for November 2020

Chester County PA single-family homes saw pending sales increase by 15.3% in November 2020 when compared to November 2019. 691 homes sold in November with a median sales price of $375,000.  The average days on the market fell by 20 days. 

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

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What NOT To Do After Buying a New Home

Wednesday, December 9, 2020
by Scott Darling


There is always excitement in buying a new home! While the up-front expenses can be stressful, the visions new homeowners see for their house can cause them to forget about necessary situations that should take precedence.  Let these helpful tips keep you on the right track after becoming homeowners: 

 

  • While your new house has had a thorough inspection, you may want to go through that list and begin planning for items the inspector may have noted would need repair soon. Get estimates for the fixes and begin saving now. 
     

  • Assuming the former owner kept everything in tip-top shape and not performing your own monthly or seasonal inspection is never a good idea. Print this handy checklist, and use it for DIY inspection and maintenance so you stay a few steps ahead of a major repair need. 
     

  • Beginning any major work as soon as the moving truck leaves the driveway may be too soon!  Live in the home for a while and learn its quirks and possible trouble spots before drawing plans and hiring a contractor.  Finding an unforeseen issue with the house after work has begun can cause more financial burden. 
     

  • Renovation television shows make DIY tempting, to say the least.  If you have no experience in a major remodel, leave it to the pros.  Paying the right person to do the job could save you thousands in “mistake” money. 
     

  • A total overhaul of your decor as soon as you move in can put a dent in your wallet. Personalizing your home is best done room-by-room or whatever is easiest on your budget. Living space furniture with new slipcovers, new stylish pillows, and a fresh coat of paint on the walls should satisfy anyone who is itching to make their home “theirs.” 
     

  • Probably the furthest thing from new homeowners’ minds is their future tax returns, but not keeping receipts and all other financial forms related to your home purchase could hurt come tax time. Consider hiring an accountant or tax preparer when the time comes. 

 

Getting used to your new budget should be your priority.  Utility bills and other expenses may be more than you have ever experienced and getting behind at the beginning is not the way to start your home-owning journey.   


Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: HouseLogic

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Pros of Living in an HOA Community

Friday, December 4, 2020
by Scott Darling


Today, when news travels about a Homeowner’s Association (HOA), the news is not positive.  Owning a home in an HOA has many benefits, however!  Home hunters must remember that living in any managed property is a choice, so doing the “home” work is vital to being certain you are in the right home for you and your family. 

  

  • - When you purchase a home in an HOA, an organization that creates and enforces rules in a subdivision or condominium, by default you are a member of that HOA and must pay fees and follow their bylaws. 
     

  • - HOAs have rules and bylaws in place to protect property values, as well as to maintain a certain quality of life for the homeowners.  
     

  • - Do not think about living in an organized community as a place that keeps homeowners from expressing themselves in their landscaping or house’s exterior.  It is more about protecting your investment because of the home-maintenance regulations. You will appreciate this if you ever decide to sell the home. 
     

  • - While searching for houses online, read the listing information carefully, and if the property is in an HOA, you will find the association’s name as well as the neighborhood’s fees. HOA fees can be high, but in comparison with what amenities they offer, it could save you money in the end. 
     

  • - Performing an internet search for the specific name of a community should result in finding their website, complete with photos of homes and amenities.  Some HOAs offer a readable file with more specific information, such as the community bylaws, covenants, restrictions, and fees.  
     

  • - Not all HOAs are the same:  amenities vary from community beautification, playground, swimming pool, or tennis courts to a neighborhood walking path or gym. 
     

  • - Some associations provide security, trash pick-up, pest control, as well as street sweeping and snow removal.  
     

  • - Choosing to live in a condominium community may be more to your liking: the HOA usually handles all landscape maintenance, as well as exterior home maintenance.  You are responsible only for the interior of your home.  
     

  • - The organization’s board members live in the neighborhood, so they are aware of needs specific to the area and can better handle solutions to any problems. 

 

Do not pass on a home just because it is in a homeowner’s association community. Do careful research, talk to residents in the neighborhood, and ask your Realtor, as they are your first source for community information. There are many different aspects to different organizations and finding the right one for you and your family just takes a little research and thought. 


Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: Pinterest

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