Buying – Page 4 – Mel Foster Co Blog

Use the Rent vs. Buy Calculator

Posted on September 16, 2015

The question of should I rent or buy a home has been around forever. With rent prices rising, now is the perfect time to reconsider your housing options and figure out if owning is cheaper than renting.

The first thing you need to decide is how long you’re planning on living somewhere. If you only intend to stay for a year, renting is usually the better option. Renting has upfront costs that are lower than a down payment to buy a house and you often receive this money back when you’re finished renting. Buying a home requires a down payment, which is a certain percentage of the sale price or home’s value.

Also be sure to consider the benefit of stable monthly costs with a mortgage vs renting. Keep in mind with a mortgage, you can have the monthly cost fixed and it will be consistent until you have paid off the amount due. Often landlords will raise rents at the beginning of each year. This may be a small percentage raise, to hundreds of dollars added to what you initially thought you were going to pay.

If you are still wondering whether you should rent or buy, check out Mel Foster Co.’s rent vs. buy calculator. You can enter the price of the home with your expected interest rate and find out what your monthly payment will be. You can compare this to your monthly rent payment, and determine if buying a home would be a better solution for you.

Getting Back Into the Home Buying Game

Posted on August 15, 2015

If it’s been a while since you’ve bought or sold a house, you’ll be surprised how little actual paperwork there is now. The trend is paperless transactions, meaning documents are viewed on your computer and you may not have any hard copies. It can be a little intimidating, but your Mel Foster Co. agent can help you navigate your digital options. Here are a few things to discuss with your agent:

1. How will you communicate with me: by phone, e-mail or text? Let your agent know what you are most comfortable with and you will be accommodated.

2. Can you walk me through opening documents on my computer and how to sign digitally?

3. Can I get paper copies of everything if I don’t use a computer?

Don’t be afraid to ask your agent for help and don’t feel pressured into storing documents electronically if you would prefer to have them physically. Mel Foster Co. has several Senior Real Estate Specialists® that might be a good fit with your technology comfort level.

Check out Mel Foster Co.’s senior services. This link lists services Mel Foster Co. offers to help make it easier to get back into the home buying game.

Getting Kids Involved In Your Home Search.

Posted on May 12, 2015

Children are becoming more and more involved in the search for real estate, especially as children wait longer to leave the nest and complete their education. Depending on the age of your children, they can use technology to find homes for sale or even be an integral part of determining how much house you can afford.

Mel Foster Co. lists all home for sale, from every listing company, at www.melfosterco.com. Your kids can help you filter by price, bedrooms and other options that are important to you.

The free Mel Foster Co. app can be downloaded to find all homes for sale around a particular location. Once you have the app downloaded to your phone or tablet, your tech-savvy child can launch the Foster Finder to activate your device’s camera and GPS to identify listings while you drive. It’s a fun way to get kids involved on the drive home from school or a friend’s house. And having a helper while you drive is the safe way to search on the go.

Children of all ages can benefit from the financial lessons that go along with buying a house. Searching within a budget is an easy lesson for younger children while budgeting for expenses like homeowners insurance, taxes, inspections and closing costs is a valuable exercise for older children who may soon be buying their first home.

Make your home search a family affair and involve your kids at an age appropriate level.

Property Virgin Buyers’ Tips.

Posted on April 21, 2015

If you’re considering buying a home in your 20s, or just for the very first time, it may seem like a daunting task. It may not be easy, but with this helpful guide you’ll be able to confidently search for a home that’s right for you and your plans for the future. Break it down into smaller portions, and it becomes much easier, and less stressful, to buy a home.

The first thing you need to think about is how long you’re planning on staying in this new home. Are you looking for a forever home? Somewhere you can stay for a few years? These are important questions when it comes to finding the house you’re looking for.

You should decide if the house is just for you, or a future family that will live in the house for the next 20 years. Deciding what type of house you are searching for can help narrow the search and help your agent know what you’re looking for in a home.

The last step is extremely important, and may seem obvious, but always needs to be considered when it comes to finding your new home. You have to find a home that is within your price range. Remember to think about how long you could be able to afford the mortgage if you were laid off from your job, or pursuing other personal ventures. Whatever your plans are for buying a house, make sure that they are financially feasible.

Mel Foster agents are experts at finding homes that fit your needs. Click here to view new listings and start your home search today.

Not So Fast…Five Things To Check Before Writing An Offer.

Posted on March 11, 2015

You’re in love. The house seems perfect and you almost don’t want to know if it’s not. But before you blindly make an offer, be sure to check these five things.

Assess the grounds

Even if it’s cold and snowy, do a thorough walk around of the yard checking for drainage issues, major concrete shifts or cracks in the foundation.

Open every door and window

Check the locks, evaluate the operation and make sure every door and window opens and closes properly. Also check for any cracked glass that may be hidden behind window treatments.

Turn on every appliance

Be sure to check the stove, refrigerator and dishwasher in the kitchen and don’t forget the washer and dryer if you are asking for those items to be left for you. Also run both the furnace and central air to be sure the systems are functioning properly.

Check the water

Turn on each faucet and check for water pressure and leaks. Also flush every toilet. Be sure to check outdoor faucets.

Turn on the lights

Every interior and exterior light should be turned on. Also test the speed of ceiling fans and check the fan in the bathroom and the vent hood above the stove. If a light is not functioning, determine if it’s a burned out bulb or an electrical issue.

Doing this quick checklist will uncover major issues, before you write up an offer or schedule a home inspection. For added peace of mind after you move in, consider purchasing a Mel Foster Co. Advantage Home Warranty Plan.

For more information on The Mel Foster Co. Advantage Home Warranty Plan, contact one of our experienced professionals.

Get A Jump On The Spring Home Buying Season.

Posted on February 12, 2015

With winter’s cold weather still lingering, spring can seem far, far away, but now is the time to get a jump-start on preparing yourself for the spring home buying season. Here are a few good tips to help you prepare.

Create Your Wish List

Curl up by the fireplace and make a wish list for everything you’d want in a new home. Now is the time to really think and prioritize when it comes to must haves in your new home. What does your new home need to have? What can you live without?

Pick A Neighborhood

Do a little research on the area or areas where you want to live. Do you have a school district in mind? Do you want an urban space? Are you looking for acreage in the country? Have you had your eye on that new subdivision just north of town? Now is the time to learn as much as you can about your potential new area.

Find An Agent

It is important that you consider working with a licensed real estate professional in order to save yourself time, money and hassle. There can be a lot of confusion and guesswork if you are out there navigating the market on your own, especially as a first time buyer. Working with a Mel Foster agent will give you the expertise and guidance you need to reach your home buying goals. You can find an agent by name or office location by clicking here.

Top Three Tips For First Time Buyers.

Posted on January 31, 2015

Buying your first home is an exciting adventure. However, there’s a lot of your money on the line, so you’d better be prepared. Avoiding mistakes and getting guidance from seasoned professionals will ensure the process goes smoothly. Here are a few tips to help you make the most of your time and efforts when starting the home buying process.

Know What You Want and Do Your Research

This is one of the most important steps. What are your must-haves in your new home? What are you willing to compromise on? The more prepared you are before you start to look at properties, the easier it will be to pinpoint the perfect home. Also, with the power of the Internet, you have a wealth of information at your fingertips. Focus your search on the neighborhoods you are interested in and learn as much as you can about the surrounding area. Use the interactive search map to zoom in on neighbors and see what’s for sale.

Get Preapproved

Talking to the bank prior to getting a mortgage will give you a leg up when you start looking at homes. Your lender will be able to assess your finances and let you know how much house you can afford, and give you an idea of what percentage rates you might expect to receive on your loan. Making an offer with a bank’s preapproval may give you the upper hand if it’s a competitive offer situation.

Work with a REALTOR^®

Your agent can be your right hand man or woman when it comes time to start your search. Your agent can help you narrow down your options so you aren’t wasting your time with homes that don’t fit your needs. Their job is to help you find the home you want, and help you negotiate a fair asking price. Your agent can also help you navigate the paperwork, which can be overwhelming for first time buyers. Click here to find a Mel Foster Co. agent to start your home search.

Start A New Winter Tradition.

Posted on January 18, 2015

Are you a snowbird? Do you “fly south” for the winter? Why continue to rent, especially if you find yourself returning to the same place year after year. Try using Mel Foster Co.’s free relocation services to help you find and purchase a second home in your favorite winter destination. Our vast network of contacts will help you find an agent wherever you spend your winter.

Here are just a few things that we offer:

Help you find an agent in another state
Provide cost of living comparisons
Help you find a mortgage company

While you’re basking in the sun in your winter get-away town, thoroughly survey your favorite neighborhoods. How’s the traffic when the population is at its winter peak? Are stores or restaurants more crowded at certain times of the day? This information will give you an idea of what to expect during winters to come.

Ask your agent about renting out your winter home in the months that you’re away to generate more disposable income. If you pick the right property, it may pay for itself.

Contact a relocation specialist and start making connections in your winter community.

Search Listings From Your Warm Car.

Posted on December 29, 2014

Find homes with the Foster Finder — Mel Foster App

Searching for a home can be a real drag in the winter. It’s cold, snowy and just not fun. If you are looking to buy, you can use Mel Foster Co.’s free app, Foster Finder, to search with your smart phone without leaving your warm car. Your phone’s camera and GPS technology show all homes for sale around you. All you need to do is drive to the neighborhood where you to live. It goes without saying, you shouldn’t be the one driving while you’re using the cool app.

You can download the free app for either iPhone^® or Android^TM devices. Just go to your phone’s app store or find the links by clicking here. Install and launch the app. Click on Foster Finder at the bottom right of your screen and see all homes for sale, from every listing company, right on your screen.

The Foster Finder is a great mobile tool when you have a target neighborhood but aren’t sure what’s for sale. Just drive to your desired location and use the app to show you the listings. It’s cool and saves you a ton of time.

Want to be closer to your kid’s school? Head over there and use Foster Finder to uncover all of the listings. You can do the same from work or your favorite hang out or restaurant.

Using Foster Finder is the smart and easy way to search for homes in every season.

Where Gen Y Buyers Can Find A Diamond In The Rough.

Posted on December 21, 2014

When shopping for a home, check out transitional city neighborhoods that might just be on the verge of revitalization. You might find a great price or a really unique home that’s in the middle of the action. There are several reasons why you should consider all of your options when searching for your new home.

Urban neighborhoods are home to coffee shops and corner stores. Boutiques and other quirky shops can add the character you might be missing in a traditional suburban setting.

Young couples or singles, who aren’t ready to give up a thriving nightlife, are often drawn to downtown lofts, converted warehouse spaces or even upper floors of shops and restaurants. Living downtown may give you more opportunities to make friends who are your age.

Many times, living in an urban area gives you easier access to public transportation that could significantly reduce your annual transportation budget, if you’re fortunate enough to no longer need the use of a car.

Farmer’s markets and food co-ops are also becoming very popular in urban areas. With access to organic and farm fresh food, your health and wallet could be thanking you. Another point of consideration is that living in densely populated areas gives you the potential for exposure to other ethnic groups and cultures. New and interesting food and customs could become just another perk of your new neighborhood.

Downtown homes or lofts are often smaller than homes out in the burbs. This means less to clean, a smaller yard or maybe no yard to mow, and your utility bill may be smaller in a smaller home. You have your whole life to move out to the suburbs. Look around your downtown for the hot spots that fit your budget and style.

Count on a Mel Foster Co. agent to help you identify up and coming neighborhoods and the programs that may make homeownership more affordable to you. Find an agent at your local office.