Realty Vision


Posted by Realty Vision on 8/10/2017

 

Two thirds of American homeowners are somewhere in the process of paying off a mortgage. It may seem like common sense that everyone should try to pay off their mortgage sooner rather than later. However, there are circumstances when it benefits a homeowner more to hold onto their mortgage longer.


In this article, we’ll offer some tips on paying off your mortgage, when you should refinance, and offer some tools that will help you along the long road to debt-free homeownership. If you’re a homeowner and find yourself asking these questions, read on.

I can afford to pay more each month on my mortgage, but should I?

In many cases, paying off your home as quickly as possible saves you money in the long run. A shorter loan term means less interest applied to your loan which could save you thousands of dollars in accrued interest.


What many people don’t think about is whether that money could be better spent elsewhere. If your mortgage interest rate isn’t too high, you might be better off allocating that extra income toward investments or retirement funds where they could earn you more in the long run.


This technique is typically most beneficial for younger homeowners. In your 20s and 30s you stand the most to gain from long-term investments, especially tax-benefitted retirement funds. Ultimately you’ll have to do the math, which is tricky because circumstances change; markets vary, our income goes up and down, etc. However, a good starting place is to determine whether you could earn more in retirement and investments than you could by paying off your mortgage sooner and therefore saving on interest. 

I’ve owned my home for a few years now, should I refinance?

Refinancing is a term that has become ubiquitous for homeowners. There are a few important things to understand about refinancing. First, lowering your monthly payments is not always ideal if it means you’ll end up paying more interest in the long run. Ideally, refinancing your mortgage will help you pay the least amount in total.

One way this can be accomplished is by refinancing to a 15-year fixed-rate mortgage which often darry slightly lower interest rates. This option is designed for people who have improved their credit and increased their income since signing their first mortgage.

Math isn’t my strong suit. How can I figure out my finances?

If all of the numbers and percentages associated with mortgages and refinancing seems overwhelming--you’re not alone. Fortunately, there are mortgage and refinancing calculators that will give you a good idea of where you stand if you decide to increase your payments or to attempt to refinance your loan. Here are some great tools:
  • Use this mortgage calculator for determining how much you would save by making extra payments.

  • This refinance calculator will help you understand the potential benefits of refinancing your mortgage.

  • To determine how much you could earn through investments (rather than paying more toward your mortgage) use this helpful tool.

  • You might be able to increase your savings by creating a better budget for yourself. This website will help you make a detailed budget and hold yourself accountable each month.






Tags: Mortgage   home   refinancing   finance  
Categories: Uncategorized  


Posted by Realty Vision on 3/23/2017

Buying a home is one of the largest commitments you will make in your life. It's also one of the best. Being a homeowner comes with a sense of independence that renting simply can't match. You can do with your home whatever you like, making it the place you love to go home to at the end of the day. Knowing when you're ready to buy a home is a complicated issue. But it's also a learning process that everyone is new to at some time in their lives. Sure, buying a home can be anxiety-inducing. But you don't need to add any more nerves to the process because you feel uninformed. In this article, we'll lay out a basic checklist that will help you determine when and whether you're ready to buy a home so that you can worry less about your credentials and focus more on finding the right home.

The checklist

  • Finances. We hate to put it first, but the reality is your finances are one of the main things that determines your preparedness for becoming a homeowner. Unlike renting, there's a lot more that goes into the home financing process than just your income. Banks will want to see your credit score to ensure you have a history of paying your bills on time. They'll also use your credit information to see how much debt you have and if you'll be able to take on homeowner's expenses on top of that. Another financial impact for buying a house is to determine if you can afford a downpayment. It's one thing to see that you can cover your bills with your income, but unless you have enough money saved for the downpayment (and any emergency expenses that may come up) you should wait a while and save before hopping into the market.
  • What are your longterm plans? Many people are excited at the thought of home ownership to the extent that they forget their life circumstances. If you have a job that might cause you to relocate in the next 5-7 years you might want to consider renting rather than buying. Depending on factors like the price of the home, cost of living in your area, and how long you plan on living in your new home, it may be cheaper to buy or rent in the long run. There are calculators available online that will tell you which option is probably more cost-effective for you. As a general rule, however, if you plan on living in a new home for under 5-7 years, it might be cheaper to rent.
  • Do you have the time and patience to be a homeowner? Owning a home means you can't call on the landlord to fix your leaks anymore. Similarly, you probably won't be able to depend on someone else to shovel snow or mow the lawn for you. It takes work to be a homeowner, and if your job has you away from home for long periods of time or working very long hours, renting might not be appropriate at this time.
  • Plan for new expenses. If you can comfortably pay rent and you find out your home loan payments will be comparable, you should know that there will likely be new expenses to consider as well. Home insurance, property taxes, and expenses for things like sewer, plumbing and electrical repairs all should be taken into consideration. Additionally, you will likely have new utility bills, including electricity, water, oil, cable, and others depending on the home.




Categories: Uncategorized  


Posted by Realty Vision on 12/1/2016

When you're a homeowner, it's tempting to save money any way you can. Oftentimes people take repairs into their own hands when they don't have the knowledge or experience to complete the job safely. What begins as a way to save money can quickly turn into a disaster--as you spend lengthy periods of time on a project and find yourself going over your initial budget. It isn't always easy to know which projects you can attempt yourself and which ones are better left to the pros. And, of course, it will depend on your comfort and skill level when it comes to various household repairs. So, if you're a plumber, disregard our plumbing advice and dive in to your DIY plumbing projects since you have the know-how. But if you're an average homeowner looking to make some renovations and repairs, read on to find out which ones you should attempt and which ones are better left to the pros.

1. Electrical work

So you've got a few faulty outlets in the new home you bought. It doesn't seem worth calling in an electrician just for those few minor issues. However, due to the dangers and complications that can arise from electric work, it's a good idea to hold off and call in the experts. Aside from shocking yourself (which can be deadly), you could also create fire hazards or damage circuitry, resulting in much higher repair costs than you initially had. Another benefit of calling in al electrician, other than having the project done correctly, is that they will be able to diagnose your home circuitry to let you know what other problems might arise in the foreseeable future. So, when it comes to power issues, always call in the pros.

2. Hazardous materials

Many people will tell you not to worry about asbestos or lead paint unless you have children. However, these are both dangerous materials than can create several chronic health problems in adults as well. If you're concerned for the safety of yourself and your family, call in contractors who will remove the lead or asbestos. What can go wrong if you try to do it yourself? Lead chips and dust will fly through the air when attempting to remove lead paint. Breathing in these fumes is dangerous initially and down the road when the dust settles into the corners of your home. Asbestos, especially in blown-in insulation can be particularly dangerous. Aside from ensuring your safety, a contractor will also be able to assess the situation and determine whether your hazardous materials need to be removed or can just be "repaired" or covered up. Simple repair jobs on asbestos or lead-containing objects can save you some serious time and money.

3. Roofing and siding

There's a reason even building contractors bring in third party companies to install roofs and siding. These are both labor-intensive and time-intensive jobs that require specialized skills and tools that only dedicated companies can accomplish correctly. Roofing and siding are both dangerous jobs that carry the risk of falling off of roofs and ladders, as well as injuring your back lifting heavy shingles. The pros have the tools and experience to avoid these injuries. When you hire the professionals to do your roofing or siding, you can rest assured that the job is done correctly and will last much longer than if you made it a DIY project as well.





Posted by Realty Vision on 8/18/2016

Shopping at yard sales is an art. First you have to find the good yard sales, then hunt down the best deals while avoiding distracting impulse buys, then you have to smartly negotiate your offer. Sure, there will be a lot of competition out there, but with the right planning you can give yourself enough of an advantage to find the hidden gems amongst all of the junk that people get rid of at their yard sales. In this article, we'll give you a crash course in yard sale shopping. Come Sunday afternoon, you'll be heading home with a smile on your face and that perfect addition to your home in your trunk.

Finding the right sales

The first step to finding the best yard sale deals is to find the right yard sales. Sure, it can be fun to aimlessly drive around your area Saturday and Sunday morning looking out for yard sale signs, but there are smarter ways to use your time.
  • Craigslist. Many people post announcements on Craigslist when they're going to have a yard sale. They'll often specify a date, time, and the type of things that will be for sale. If someone says "MASSIVE multi-family moving sale" you can be pretty sure there will be lots of good stuff there.
  • Facebook. Search Facebook for local community pages for your town or city. Oftentimes people make pages for buying and selling in their area, or just to have heated debates about local happenings. Sometimes, however, people post about their upcoming yard sales.
  • Local news. If your local newspaper has a classifieds section they might advertise yard sales as well.

Making your shopping list

When you go to a yard sale you should be prepared in terms of what you're looking for. You want to avoid making impulsive buys on things you don't need, but you also can't expect to find the exact color and model of vacuum cleaner that's on your Amazon wish list. Think of some things you'd like to look for and determine whether getting them at a yard sale makes sense. Plan your transportation accordingly. If you're looking for big items, make sure you bring a truck or SUV that can fit what you're looking for. Bring bungee cords, rope, a tarp, and whatever else you think you might need. Then head out to the sales.

When you find that must-have item

So you've found the exact vacuum cleaner you were looking for AND it's in great shape. It has a tag on it for $30 and the proprietor of the yard sale is going on about what a great vacuum cleaner it is. Before you start throwing money at them, consider these tips:
  • Research. With a smartphone in your pocket, you basically have instant access to valuing any object. While you browse other items, pop open your phone to read reviews, check used prices, and see if it's a deal that makes sense.
  • Be friendly. Sure, yard sales are all about making a quick buck, but neighborhoods are about community. Don't be afraid to share some small talk with the proprietors of the yard sale. It might pay off in the end.
  • Negotiate. There are general rules of negotiation that have been proven to get you better deals. Your first offer should be lower than what you're willing to pay. For example, if the vacuum is $30 and you're ready to pay $25, offer the salesperson $20.




Tags: sale   home   shopping   yard sale   garage sale  
Categories: Uncategorized  




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