10 “Skips” That Will Help You Save for a Down Payment

  10 “Skips” That Will Help You Save for a Down Payment   Start saving now with these 10 simple tips. Selling in the greater Houston area? Get a market analysis report Purchasing in the greater Houston area? Get full MLS access   When you’re saving up for something as big as a down payment for a home, some monetary sacrifices must be made—and I’m not just talking about saving the leftover money on your paycheck. To make your dream of homeownership come true in months instead of decades, you’ll likely have to make some simple changes in your day-to-day expenditures. To help you get started, here are 10 things you can skip that will make a big difference in your bank account: 1. Starbucks. Buying a $4 latte every day can easily cost you over $1000 a year. Even if you go with a cheaper $2 option, that’s still around $500 you could be saving annually. Try brewing your own coffee. 2. Going out for lunch. It’s just a quick meal to keep you going, but eating out each day adds up quickly. Try bringing a homemade lunch to work with you. 3. Your commute. Is there a way you can carpool with co-workers or work from home a few days a week? Either of these will save you on gas and vehicle wear and tear. For something as big as a down payment for a home, some monetary sacrifices must be made. 4. Dry cleaning. There are many ways you can save on dry cleaning. The first step is to check out these 19 ways to dry clean at home. 5. Car washes. The average price of a car wash is $7. A weekly car wash means $364 a year. Get out the hose and bucket and spray your way into savings. 6. The gym. The average gym membership is around $54 each month, but you can avoid this payment by doing home workouts, where you can still achieve the same results! 7. Cable TV. Simply cutting cable out can save you $1,200 a year. You’ll most likely need an alternative for your TV-watching needs, so subscriptions like Netflix and Hulu will cut into this amount. 8. The movies. The average ticket price is around $9, but if you’re a movie buff, how can you avoid seeing the latest and greatest shows on the big screen? Well, it’s not the ticket that gets you—it’s the popcorn, drinks, and candy that can send a family of four’s movie-going expenses into the hundreds. Stick with the ticket and you’ll save. 9. Living alone. Renting your own place alone can be incredibly expensive. Just adding one roommate could instantly cut your expenses in half! Generous family members may even be willing to let you move in for a period of time, allowing you to put any rent money into your down payment stash instead. 10. Giving gifts. Though we’ve just passed the holiday season of 2018, think about how much you spent. Was it a lot? If you’re trying to save in 2019, perhaps think about going for heartfelt gifts instead of expensive ones. Crafty creations and thoughtful cards make for gifts that can stand out—without costing a fortune! If you have any questions or need more information, feel free to reach out to me. I look forward to hearing from you soon.   Written by Ruby Miranda on January 14, 2019. Posted in Buy A Home, Buyer Tips, Financing A HomeTags: Money Tips, Ruby Miranda Trackback from your site. Leave a Reply

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The 5 Most Common Fees Associated With Purchasing a Home

  The 5 Most Common Fees Associated With Purchasing a Home Aside from the list price, there are five other fees commonly associated with buying a home that you need to be aware of. Selling in the greater Houston area? Get a market analysis report Purchasing in the greater Houston area? Get full MLS access   When buying a home, here are the five most common fees, outside of the purchase price of the home itself, that you can expect to pay: 1. Down payment. Typically, down payment expenses make up anywhere from 3% to 5% of the overall purchase price. Some buyers choose to make a down payment of 20% or more, and there are benefits to putting that much down, but there are also several down payment assistance programs that allow you to buy a home with 0% down if you meet the loan requirements. The best way to find out how much money you’ll need to cover your down payment is by talking to your lender. 2. Closing costs. This is usually the second-largest out-of-pocket expense homebuyers make, and it’s often confused with the down payment. Most of the fees involved with your closing costs are associated with the preparation of your mortgage. These include attorney fees, title insurance fees, taxes, lender costs, and homeowners insurance. Some of these costs, such as the recording and transfer taxes charged by your state and local government, are non-negotiable. Others, though, you may be able to negotiate over with the seller. The amount you’ll pay overall depends on the size of your loan and what taxes you pay in your area, but they generally constitute 3% to 6% of the purchase price. The best way to find out how much money you’ll need to cover your down payment is by talking to your lender. 3. Earnest money. This isn’t necessarily a fee, but it is something you need to be aware of because you’ll need earnest money up front to move forward with the purchase of the home. Earnest money is basically your proof to the seller that you’re serious about buying their home. There needs to be earnest money involved to protect the seller’s interests while they take their house off the market and give you time to do your inspections. In the Houston area, the earnest money amount is usually 1% of the purchase price. This amount is then credited back to you at closing. 4. Appraisal fee. An appraisal is an educated guess as to how much the property is worth. No credible financial institution will lend you money to purchase a home without first getting an appraisal done on that home. Appraisals usually cost $500. 5. Home inspection fee. This is technically an optional fee, but we always recommend getting a home inspection when buying a home. An inspection will determine whether there are any problems with the home that need to be addressed before moving forward with the purchase. An inspector will look at the mechanical functions of the house to make sure everything is in working order. There are also specialized inspectors who perform a specific type of inspection, such as a termite inspection. If you have any more questions about home purchasing fees or you have any other real estate needs I can take care of, don’t hesitate to reach out to me. I’d be glad to help you.   Written by Ruby Miranda on December 11, 2018. Posted in Buyer Tips, First Time Home BuyersTags: Buy Your Home, Buyer Tips, Financing A Home, Ruby Miranda Trackback from your site. Leave a Reply  

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How to Get Your Home Ready for a Home Inspection

  How to Get Your Home Ready for a Home Inspection Today we’re going to talk about how to prepare your home for a home inspection. Selling in the greater Houston area? Get a market analysis report Purchasing in the greater Houston area? Get full MLS access   When selling a home, one of the major steps of the process is the home inspection that is typically conducted by the buyer.A home inspection is a professional service that determines the present condition of the home’s major systems based on a visual inspection of the accessible features of that home. It focuses on the performance of the home, rather than the cosmetic, code, or design issues. Typically, the components that they test include, but aren’t limited to, the roof, structure, exterior, electrical systems, HVAC systems, plumbing, insulation, barriers, and interior mechanical systems, just to name a few. As a seller, there are many ways to prepare for such an inspection. One option is to hire a home inspector yourself to look at these items for you, or to refer to the list of 20 things to check in your home, below. Home inspections focus on the performance of the home, rather than its cosmetic, code, or design issues. For example, clean your gutter; doing so will send a message to buyers that your home has been well maintained. Additionally, clear your air conditioning unit of leaves, bushes, and debris, in general, to allow it to cool properly. You should also make sure to replace any nonfunctioning light bulbs, clean your drains, check for moisture under sinks and other areas near water, and ensure that your safety detectors—both smoke alarms and carbon monoxide detectors—have fresh batteries and work properly. If you would like any more tips on preparing your home for an inspection, refer to this checklist of 20 items to review before moving forward with your transaction. You can also reach out to me for additional information. I’m happy to schedule a no-obligation visit to your home and discuss all the things you can do to get your home ready for sale.   Written by Ruby Miranda on November 21, 2018. Posted in Sell Your Home, Seller TipsTags: First Time Seller, Ruby Miranda, Sell Your Home Trackback from your site. Leave a Reply

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