Zahra Zoglauer's Blog
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A home is one of the biggest purchases that an individual can make in his or her lifetime. It also may prove to be expensive, particularly for those who fail to plan ahead for the property buying journey.
There is no need to break your budget to acquire your dream residence. In fact, there are many quick, easy ways to guarantee you can keep you finances in check and avoid the risk of spending too much to purchase your ideal house.
Now, let's take a look at three tips to ensure you can buy a quality house at a budget-friendly price.
1. Get Pre-Approved for a Mortgage
You want to buy a home, but you still have no idea how much you can spend on a residence. Thankfully, if you get pre-approved for a mortgage, you can enter the real estate market with a budget in hand. As a result, you will know exactly how much you can spend on a house and can plan accordingly.
Banks and credit unions employ friendly, knowledgeable mortgage specialists who are happy to meet with you. These mortgage specialists can review your income, credit score and other relevant financial data. Then, they can provide you with mortgage options based on your finances.
2. Narrow Your Home Search
Although most people want to buy a mansion, it is important to establish realistic homebuying expectations. Because if you narrow your home search to properties that fall within your price range, you can speed up the property buying journey. Perhaps most important, you can shop around to find a terrific home that corresponds to your budget.
Don't forget to consider homes in a variety of cities and towns too. In some instances, it may prove to be more cost-effective to purchase a house in a small town than a residence in a big city.
3. Evaluate Your Short- and Long-Term Plans
Think about your short- and long-term plans, and you may be better equipped than ever before to map out your home finances for the foreseeable future.
For instance, if you plan to raise a family in the years to come, you may want to consider the costs associated with childcare and other child expenses. This will allow you to budget properly as you search for your dream home.
On the other hand, if you recently accepted a work promotion, your income soon may rise. In this situation, you may be able to increase your homebuying budget due to the fact that extra income will be coming your way.
Lastly, as you get ready to search for a house, you may want to hire a real estate agent. In addition to helping you find a home that matches your budget, a real estate agent will offer expert guidance throughout the property buying journey. He or she will help you prepare for a home inspection, closing and other important steps during the homebuying process. By doing so, a real estate agent will help you seamlessly navigate the homebuying journey and achieve the optimal results.
Lighting is one of the most important aspects of your home. Each room in a house requires its own tone and brightness.
In the bathroom, you’ll want bright vanity lights to see what you’re doing in the mirror. In the kitchen, you’ll want plenty of natural light to work by in the morning, and lights bright enough to see at night. The home office is a matter of personal preference--some people like bright lighting to keep them awake and alert, whereas others like to work in a calming environment that is more dimly lit.
In addition to adding character to your home, lightning is also a matter of conserving energy. Homes that are using energy efficient lighting can save $75 a year on their utility bill by replacing old incandescent bulbs. Furthermore, energy efficient bulbs have a longer life span, so you’ll have to change fewer of them over the years.
In today’s article, we’re going to talk about energy efficient lighting for your home and which options will best suit your needs.
Traditional incandescent bulbs
Many people have gotten used to the tone and warmth of traditional incandescent bulbs. However, with these bulbs 90% of their energy is given off as heat. In terms of lighting your home, that is 90% wasted energy.
Furthermore, due to upgrades in technology, incandescent bulbs are no longer manufactured and difficult to find.
There are three main choices available for energy efficient bulbs. Halogen incandescent bulbs can be purchased in a range of shapes, colors, and sizes for your home. Although they meet energy ratings, the other two options are much more cost-efficient.
CFL or “compact fluorescent lamps,” are about 70% more efficient than traditional incandescent bulbs and they also come in a range of sizes and colors. However, if you’ve ever noticed some lights that take time to brighten or “warm up” you were probably looking at a CFL bulb. For this reason, they aren’t the best choice for extremely dark areas, such as a basement, where you need a lot of light immediately to find your way around.
The third option is LED lights or “light emitting diodes.” The most energy efficient of the three, LEDs are brighter and longer lasting than the other options.
While they were once the most expensive bulbs on the market, reserved for small electronics displays, LEDs have become much cheaper in recent years. They are available in various sizes, colors, and are able to be dimmed. They’ll also use the least amount of electricity over a twenty-year timespan in your home, up to ten dollars less than CFLs.
Choosing the right bulb
Now that you know about the three types of energy efficient bulbs, you’ll be able to consider their benefits and drawbacks for each room in your home. LEDs will last longer, they reach their maximum brightness immediately, and they’re able to be dimmed, making them an excellent option for most rooms in your home. However, they are more expensive on average than CFL or halogen bulbs.
Purchasing a home is a life-changing decision, and as such, should not be taken lightly. Fortunately, there are lots of things you can do to prepare for the homebuying journey, such as:
1. Determine Where You Want to Live
There is no shortage of high-quality houses available across the United States. Now, you just need to determine where you want to reside, and you can hone your house search accordingly.
Think about your long-term plans as you consider where you want to live. For instance, if you enjoy life in the big city, you may want to search for houses in or near the city of your choice. On the other hand, if you want to start a family in the near future, you may want to explore residences near parks and other family-friendly attractions.
Ultimately, it helps to narrow your home search to a few cities and towns. Because if you know where you want to live, you can quickly navigate the homebuying journey.
2. Establish a Budget
A budget is a must-have for any homebuyer, at any time. If you know how much you can spend on a house, you can search for residences that fall within your price range.
Oftentimes, it helps to meet with banks and credit unions before you launch a home search. These financial institutions can teach you about different types of mortgages. Then, you can select a mortgage that suits you perfectly.
Don't forget about home inspection, closing and other property buying fees, either. If you account for these property buying costs, you can ensure you have the necessary funds available to cover them.
3. Consult with a Real Estate Agent
A real estate agent is a difference-maker for a homebuyer. He or she is happy to teach a homebuyer about the ins and outs of the real estate market. As a result, a real estate agent will help you become a homebuying expert.
Typically, a real estate agent offers recommendations and insights throughout the homebuying journey. He or she first will learn about you and help you establish homebuying expectations. Next, a real estate agent will help you kick off a search for homes in your preferred cities and towns. When you find your dream residence, a real estate agent will help you craft a competitive offer to purchase this home. And if your offer to purchase is approved, a real estate agent will help you navigate the final stages of the homebuying journey.
Furthermore, a real estate agent can provide assistance any time a homebuyer has concerns or questions. A real estate agent strives to help you make informed homebuying decisions. Thus, he or she will do whatever it takes to educate you about the homebuying cycle and ensure you are ready to find and buy your ideal residence.
Simplify the process of finding your dream home – use the aforementioned tips, and you can prep for the homebuying journey.