real estate

7 Insider Tips for Millennial Home Buying

~ Linda Leier Thomason ~ Leave a comment

Millennial Home Buying Tips to Save Time & Money

Are you getting tired of paying rent? Do you think you’re wasting money? Do you want to build equity in your own home?

If you answered “yes” to these questions, you are like most Americans. You want to own your own home.

But, are you financially ready for that next big step?

Read through these 7 tips to buying your first home.

1. Assess the Timing

Did you just land your first post-college job? Are you planning to stay with this employer? Will you be relocated? Do you plan on getting married anytime soon? Is there money saved  for a down payment? Are student loans taking a big chunk of your paycheck? If so, start a “home” fund and start saving for your dream. You need to do an honest assessment of the timing to buy a home to ensure it’s a good fit in your life at the moment. Chat with a local lender who will be able to best assess your current financial situation.

2. Check Your Credit Score and Cash Flow

Don’t waste your or an agent’s time if you haven’t first checked your credit score and know your debt-to-earnings ratio. (Avoid taking on new debt while in the process of buying a home.) Click here for more information on getting your FICO score. The better your credit score, most likely, the better your mortgage rate. (Always pay your bills on time and pay down your credit cards.)

When your credit score is worthy and you have the cash flow and a sizable deposit saved, talk to a lender and get pre-approved for a mortgage loan.

Before contacting a lender, organize your paperwork. The lender will likely have a checklist of required paperwork including, tax statements, W-2s, bank statements, a list of debt, including any student loans, credit cards, etc.

Most sellers won’t even allow prospective buyers into their homes without first knowing the buyer is pre-approved for a mortgage loan.

Keep in mind it’s not just the down payment money you will need but also cash for real estate taxes, a home inspection and an appraisal, closing costs (If the seller doesn’t pay all of them.) possibly mortgage insurance, utilities, furnishings, maintenance, home owner’s association monthly fees, etc.

Always keep a 3-6-month cash reserve fund in case an unexpected emergency arises, like loss of a job or an injury that keeps you from working and earning an income.

3. Research 1st Time Home Buyer Lender Programs

The general rule has been that one should have 20 percent of the home’s value as a down payment when buying a home. But, that applies only if you don’t want to pay PMI-private mortgage insurance. Lenders require PMI to cover the loan if you default on it. If you are required to get PMI, shop around for the best rates just like you would for home or auto insurance.

Consult with your real estate agent and look for programs assisting first time home buyers.

Check with your lender about special lending programs. For instance, the Federal Housing Administration (FHA) loans let you put just 3.5% down. Click FHA for more information on FHA loans.

VA offers home buying loans to veterans and active military members. Click VA for more information.

4. Get the Right Help

The expression, “Don’t put the cart before the horse,” definitely applies in home buying. Before looking at neighborhoods and homes online, there are a number of necessary pre-steps. After ensuring the timing is right to buy a home, find a real estate agent who specializes in the type of home you are seeking and neighborhood in which you’d ideally like to live. If you’re a buyer, you don’t pay a real estate fee.

Remember agents at open houses work for the seller. Agents at new home construction sites work for the builder. Get an agent that works for you-the buyer.

Your agent’s expertise will likely save you not only money but also a lot of stress and heartache in the buying process. A great agent will guide you every step of the process, including helping you secure a lending agent just right for you.

5. Decide Where You Want to Live

Be realistic. Don’t frustrate yourself by looking at homes and neighborhoods outside of your budget. Attend open houses. Evaluate what appeals to you regarding style (older home or contemporary home with modern amenities), size (square footage, number of bedrooms and bathrooms), location (family friendly, retirees, urban), neighborhood traffic patterns (Is it a cut-through street? Is it on a cul-de-sac?) etc. Does the home need to be move-in-ready, or are you willing to buy a fixer-upper? Research re-sale values in the areas you’re highly considering.

Attempt to prioritize the general area of town and type of home you are seeking before working with an agent. If you can’t, have a list of what matters most to you: closeness to work, certain schools for your children, number of bedrooms, room for a growing family, recreation opportunities for children, etc. so that your agent can guide you to the best location and help you find an ideal home in that neighborhood. Keep in mind that your lifestyle preferences may change in the next few years, especially if you add children to your family.

6. Know the Rules

Many neighborhoods now have Home Owner Associations (HOAs). Request a written copy of the rules before buying. Can you abide by the rules and restrictions? Can you afford the monthly fees? Ask to see the Association’s finances. Is it well run? Will they be able to continue the services offered without taking a rate increase?

7. Be Decisive

If you’ve done your homework and aligned yourself with a great agent, making an offer on your dream home will be easy. Don’t delay your decision making, or you’re likely to lose the home to another buyer.

Ready to buy or sell? Connect with Megan.
Megan Owens, Realtor
Owens Real Estate Group
“Delivering extraordinary care for extraordinary clients.”
Berkshire Hathaway HomeServices Ambassador Real Estate
Phone | 402-689- 4984 Email | MeganOwensRE@gmail.com

Linda Leier Thomason is a former CEO who writes freelance business and travel stories, along with feature articles. Her work experiences include a Fortune 500 corporation, federal government, entrepreneurship and small business. Find out more about Linda by clicking the “Meet Linda” tab above. Interested in working together? Complete this form below.

©Copyright. March 2018. Linda Leier Thomason.
All Rights Reserved.

15 Safety Tips for Buyers & Sellers

~ Linda Leier Thomason ~ Leave a comment

Ready to Sell Your Home? Keep Safety in Mind

What other time in your life do you invite random strangers into your home? Probably never. However, when your home is listed for sale, strangers indeed view your home online and in person. At the first listing appointment with your real estate agent, go over this list of security items to keep your home burglar proof and to keep your items safe while your home is on the market.

Buyer Screening Process

Understand your listing agent’s buyer screening process. At a minimum, it should include a phone screening prior to showing the home. Discuss whether or not you want buyers to be pre-qualified before a showing and understand what safety precautions will be in effect at open houses and showings. Will an electronic lock box be used to track all home entries? Are photo IDs required for entrance? Is video surveillance being used? If so, ask your listing agent to include these in all advertisements.

15 Security Items to Pay Attention to When Selling

  1. Prescription Drugs

Remove them or lock them up prior to open houses and showings. Also, remove expired drugs from your cabinets and night stands.

  1. Valuables

A real estate agent is not responsible for your valuables. A selling agent cannot be present at all showings. Therefore, it’s important that you canvas your house prior to any video or photographs being taken to post online. Remember, thieves can look at your home from the comfort of their home. If your images include valuables, it may make your home a target. Consider removing artwork, gaming systems, jewelry, cellphones, guns, etc. Secure all credit cards and always keep mail locked and away so no one can get access to your personal information.

  1. Personal Identifiers + Family Portraits

A listing agent suggests removal of family pictures not just for staging but also for safety. You don’t know who will be coming through your home. What if a pedophile or predator attends an open house and photographs of your children are on the wall? Take down all family pictures. Be safe and protect your privacy. Hide all family calendars and anything with your children’s names or schools, including school banners and photographs.

  1. Electronics

Stow away your laptops and conceal all easy-to-steal electronics like iPad’s and cellular phones. Keep all video games hidden away.

  1. Windows + Lights

Keep windows locked and open the blinds or draperies, especially during open houses. Check all of them after showings and open houses. Are they still locked? Make sure your home has adequate indoor and outdoor lighting before listing it for sale. Leave all of the lights on during a showing for everyone’s safety: the agents and potential buyers.

  1. Spare Keys

Keep them out of sight. This goes for house, car, safety box, etc. All keys. Keep them hidden.

  1. Kids

Try to find out if kids are attending a showing. If so, pay extra attention to your home’s safety. Is the entryway clean and clear? Any tripping hazards? Make sure a responsible adult will be watching them throughout the showing so they do not get into personal items. Speak to your real estate agent and ensure she will be vocal about kids not straying during a showing or at an open house.

  1. Knives + Guns

Always remove kitchen knives from countertops and drawers. If there are any guns in the home, remove them prior to listing the home for sale.

  1. Pets

Always remove pets prior to a showing or open house. You will be liable if someone is injured by your pet while viewing your property. If someone has a pet allergy, it makes your home less desirable to them.

  1. Extra Security

Once the home is listed for sale, it’s available to the public. Consider adding motion-sensor detectors to the home. Make sure doors have deadbolts. Sliding glass doors should have bars and extra locks. And, for added peace of mind, consult your real estate agent about a wireless security system.

  1. Unaccompanied Buyers

Never allow someone into your home without a licensed real estate agent who has set an appointment with your listing agent. If they come to your door, refer them to your agent. Never let them inside the home. Also, be aware of online real estate scams where, unfortunately, someone can list your home for rent. If this happens, immediately call your local police department.

  1. Roamers

Never allow a potential buyer to roam unaccompanied through your home. You want to be trusting and hospitable, but you cannot be foolish. Do not let your guard down and never be alone when showing your home. Watch their behavior. Are they lingering too long? Be aware.

Most people coming through your home will be legitimate buyers. Still, take the necessary precautions to ensure your safety and your home’s safety during the sales process. Always enlist the services of a licensed real estate agent who knows how to protect you, your home and your possessions.

You’re Buying

As a buyer, your safety is also foremost on a real estate agent’s mind when looking for your new home. It’s important to:

 

  1. Know the neighborhood you are considering purchasing in.

You will be advised to drive through the neighborhood at different times of the day to see if what it looks like and what is happening there meets with your standards and expectations. Check crime reports and sexual offender registries.

  1. Vacant and/or Distressed Homes

Prior to stepping inside, look around. Are there broken windows? Do outside walls or the roof have holes? What does the yard look like? Is it littered? Are there signs of squatters? Once inside, be on the lookout for loose floorboards, rotting decks, loose railings, stray animals, rodents or other hazards.

  1. Contamination

Be aware of the home’s history. Were there drugs like methamphetamines manufactured in the home? These drugs can seep into the surfaces without being visible and cause health related issues later. If you get a burning sensation in your eyes or throat when entering a home, that is not a good sign. Mold can result from moisture in homes where marijuana was grown. Look around carefully for signs of contamination.

Linda Leier Thomason is a former CEO who writes freelance business and travel stories, along with feature articles. Her work experiences include a Fortune 500 corporation, federal government, entrepreneurship and small business. Find out more about Linda by clicking the “Meet Linda” tab above. Interested in working together? Complete this form below.

©Copyright. April 2017. Linda Leier Thomason
All Rights Reserved.

 

 

 

Become a Consignment Shopping Beast

~ Linda Leier Thomason ~ 2 Comments

8 Tips: Furniture Consignment Shopping + 1 Superstar Shopper

 Here’s a true story. One of a “senior citizen” with more courage, determination and smarts than most decades younger than her.

20160709_150125In September 2016 Brenda relocated from upstate Maine to Des Moines, Iowa. That in itself deserves applause, regardless of age. Similar climates. Similar people. Yet, major geographical change.

All last summer, together with her retired sister and brother-in-law, they sorted, donated and sold not only her accumulated items but also those of her parents whose house she was living in after her father’s recent death. [Years before, when Brenda’s husband died, she sold their Louisville, Kentucky home. Then, she moved herself to Maine to care for her aging parents. Care-taking became her life. So had becoming self-sufficient.]

After sorting and selling the Maine house, the trio loaded a moving trailer. They hitched it to a pick-up truck and caravanned three vehicles half-way across the country. All were relieved when they arrived.

Brenda purchased a condo prior to the move. Therefore, she had a sense of what would travel to Iowa with her. Yet, letting go of decades-old heirlooms is not easy. Some were taken by a brother remaining in Maine, making the letting go less painful. Others she photographed as a way to remember.

Mom’s Got Decorating Style + Smarts

What she did when she got to Iowa surprised all, mostly her children and grandson. She expertly and smartly furnished her “new pad,” combining items that made the trip with pieces purchased at a high-end consignment store. The first time her daughter saw her mom’s newly furnished home she exclaimed, “Mom, I just never expected you to furnish and decorate your place like this.” Well, she did. She used the opportunity to smart-size (a trendy word for downsize) and to create a space that fit who she saw herself as today.

For the first time in decades, she had no one to care for but herself. It was time to start over. She deserved a place she was proud to call “home.”

Tips for Furniture Consignment Shopping

  • Keep photos of room layouts and measurements on your phone. They’ll be handy for quick purchases. Most consignment stores have a no-return policy.
  • Find a consignment store that chooses well-cared-for pieces, timeless or trendy. Buying secondhand and re-purposing are now trendy. However, you’re not looking for torn or smelly upholstery or rotted wood. There are some outstanding furniture consignment stores. Find them and patronize them.
  • Get to know the consignment store staff. Make sure they have your contact information and know your style and vision. Have them contact you when a piece comes in they think is an ideal fit for your space.
  • Visit your favorite consignment store often. Inventory turns quickly. Know if the store accepts cash only,or if you can use a debit or credit card.
  • Do your own price research. Comparison shop online to guarantee you’re getting a great price at the consignment store.
  • Understand that some pieces require a bit of work. Did you find a well constructed, designer brand dresser or sofa? Be willing to upholster or refinish the piece. Make sure neither costs more than purchasing new.
  • Have any of the pieces been recalled? Do they have lead paint? Ask. Work with a reputable consignment store that doesn’t sell dangerous items.
  • Visit the store with a vehicle large enough to haul away your purchases. Some stores charge a holding fee.

Brenda purchased a new sofa and two side chairs, but nearly everything else, including wall hangings, came from consignment stores.

Take a look.  Would you know the difference?

She did an outstanding job!

Leave your comments and questions below.

All but glasses from consignment shop
All but glasses from consignment store
Table, chairs and centerpiece from consignment shop
Table, chairs and centerpiece from consignment store
Vase adorns fireplace ledge. It from consignment shop.
Vase adorns fireplace ledge. It’s from consignment store.
Wall hanging, lamp and chest, which doubles as file cabinet..from consignment shop
Wall hanging, lamp and chest, which doubles as file cabinet..from consignment store.

 

 

 

 

 

 

 

 

Consignment shop chairs
Consignment store chairs

 

 

 

 

 

 

Flower vase from consignment shop
Flower vase from consignment store.
Plant from consignment shop
Plant from consignment store.

 

 

 

 

 

 

 

 

 

Dresser being primed for painting.
Dresser being primed for painting.
Painted dresser
Painted dresser

 

 

 

 

 

 

 

 

 

 

Is it time for you to down or smart-size? Check out tips for doing this successfully on the “Real Estate” tab above. And, good luck with the move.

Share this post.

© Copyright. August 2016. Linda Leier Thomason

All Rights Reserved.

 

 

Waiting For the Other Shoe To Drop

~ Linda Leier Thomason ~ 4 Comments

Omaha June 2015 House Hunting 047Less than 12 hours after watching my hard-working husband Ken sign a purchase agreement on a house in our new home city-Omaha, Nebraska-it dawned on me that my family has been living a life of “waiting for the other shoe to drop.” We need to change that. Rather than battle life, the Thomason trio needs to begin enjoying life, starting today.

It’s true. Since moving to the Midwest in 2009, we’ve had our share of challenges on many fronts: employment, health, housing and family. Yet, through it all, we’ve endured and remained intact as a family unit. As a parent, what matters most to me is that Alex, our 20-year-old son, sees us navigate these hurdles with willpower and grace. Knowing one can overcome challenges instills confidence and fearlessness; both attributes will guide him through his own life journey.

Last night while waiting for our outstanding real estate agent to arrive with the paperwork, the three of us walked around the house, checked out the landscaping and discussed immediate home improvements.  Omaha June 2015 House Hunting 009Then Megan arrived with pep in her step and asks, “Are you all excited?” No one responded. I jumped in and explained we are not an excitable trio; we’re pretty flatlined folks. It’s not that we don’t experience pleasure or delight, rather it’s that we are not demonstrative about it. Yet, during the remainder of our time there, I did wonder about the lack of excitement. Had the challenges worn us completely down and stripped all the joy from us individually, and as a unit? I hope not!

Omaha June 2015 House Hunting 006
Alex checking out view from back porch.

It’s my mission to pitch the idea of new beginnings to the number crunching men in my trio. To instill the need to celebrate and to feel and experience joy while bidding farewell to “waiting for the other shoe to drop” approach to each day.

Omaha June 2015 House Hunting 034
Megan’s upright shoes at new house.

It starts tonight.

We’re heading to the final game of the College World Series-a battle on the playing field, not in our lives.

It’s a new beginning and we’re celebrating!

And, gosh darn it, we’re going to be joyous about it.

Copyright. June 2015. Linda Leier Thomason.

Outfox the Fox

~ Linda Leier Thomason ~ 3 Comments

Let me be clear-I’ve never hunted in the traditional sense of the word. In fact, other than a water gun, I’ve never held a gun in my hand. Indeed, I’m rather confused and ambivalent about the whole topic of hunting. I get the need to control certain species populations and I also understand how those with a deep affection for animals find the sport repulsive.

And yet, now in Omaha, NE, I’m hunting and it isn’t going very well. I’m hunting for a place to call “home” and I swear it has to be easier to hunt big game in Africa than it is to find a house. We’ve done all of the pre-hunting tasks: We’ve mapped out the area; we’ve secured the right tools-the bests agents in the area- and we’ve baited the city by asking other agents and residents for ideal listings to see. Yet, we sit in corporate housing. I relate to how hunters return home with heads hung low with less gait after investing so many resources into the “big get.” It’s a bit deflating, yet the desire for the prize remains.

Today as I go back out into the market for another day of house hunting, I’ve decided  to employ the strategy of outfoxing the fox. I’ve gotten real clear about the features we need in a house, the investment we wish to make and the location we desire. I’m gonna get this thing. This old fox is going to outfox the fox and come back with a contract in hand.

Wish me happy hunting!

Copyright. June 2015. Linda Leier Thomason.