Svetlana Sheinina

Posted by Svetlana Sheinina on 3/20/2018

Where you decide to live is perhaps one of the most important decisions that you’ll make. The location of your home will determine the property value and how much you can potentially get out of your investment. The location of your home also will determine how you live your everyday life. What’s nearby and how you get around are big factors based on where you choose to live. Here’s what you must consider when choosing where you want to live: 

The Part Of The Country You Live In

Where you choose to live is based on a lot of factors in your life. Yet, the part of the country that you choose to live in has such a big impact on your lifestyle. If you’re planning on staying in your home for a long time, this is an important decision. Although many people have their location chosen for them based on job and family needs, other people work this question out a bit differently. 

City Life Or The ‘Burbs?

If you like peace and quiet, this is an important question. If you live far outside the city, you’ll be able to have a lot more land than if you buy a home within the city limits. Education options are also greater in the city compared to a town or rural area. If you are looking for wider access to entertainment, shopping and medical services, you may need to strongly consider living closer to the city. If you like a bit more quiet, choose the outer limits as a place to live. 

The Neighborhood

Each neighborhood in a particular area has different characteristics. You’ll want to find a neighborhood that fits your personality and needs. You should feel comfortable and at “home” in your neighborhood. Also, you’ll want to be in close proximity to your workplace so that you avoid a long commute. 

What Are The Schools Like?

This is one of the most important questions for people who have a family or are planning to start a family. You’ll need to do some research as to what school systems are like in specific areas that you’re thinking of living in. Keep in mind that you may end up paying a premium to live in a neighborhood that has a good school system.

Neighborhood Culture

Depending upon the neighborhood that you choose, people will either keep to themselves or provide a certain kind of social pressure. In certain neighborhoods there’s more social activity and more pressure to send your kids to certain schools and enroll them in certain activities. 

What’s Next? 

Now that you know how to find the right place to search for a home, you’ll need to figure out what kind of home you’d like to live in. Start making your wish list!

Posted by Svetlana Sheinina on 3/13/2018

When it comes to home buying a home, there’s a ton of different information available out there. A lot of what has been presented as “fact” actually is quite false. These misconceptions could keep you away from achieving the very real dream of home ownership. Below, you’ll find some of the most common myths that you’ll find about home buying.

If Your Credit Score Isn’t Up To Par, You Can’t Buy

To get good mortgage rates, having a good credit score doesn’t hurt. You can still buy a home if you don’t have amazing credit. A low credit score means that your mortgage rates will be higher than the average. There are loans like FHA loans, that allow for you to get a loan with a credit score as low as 580. Don’t let a lower credit score discourage you from buying a home. If your credit score is low, there are plenty of things that you can do to help you fix the score in a short period of time.  

You Need 20 Percent Down To Buy A Home

This is a long-standing myth about home buying. While putting down 20 percent on a home purchase saves you the extra expense of Private Mortgage Insurance (PMI), you can still be in the running to buy a home if your down payment is less than 20 percent. There are even some home loan programs that allow buyers to put as little as 0-3 percent down for the purchase of their home.

You Have To Make A Lot Of Money To Buy A Home

Your monthly income is one of many aspects of your financial life that’s considered when you’re buying a home. Home loans can be denied to those who make a large income just as easily as to those who have lower incomes. What matters is the debt-to-income ratio, which tells lenders how much debt a buyer has compared to the amount of income the buyer makes each and every month. Keep your debt down, and you’ll be in good shape to buy a home. 

You Don’t Need To Be Pre-Approved To Get A House

Being pre-approved gives you an upper hand in the home buying process. Being pre-approved allows your lender and you to go through the entire process of getting a mortgage. When you find a home that you love, you’re able to breeze through the process of making an offer if you’re pre-approved. The pre-approval process is one of the most important aspects of buying a home. 

If you’re prepared with knowledge, buying a home isn’t such a daunting process after all. Find a realtor you trust, understand your finances, and the rest will fall into place!

Tags: Buying a home   finances  
Categories: Uncategorized  

Posted by Svetlana Sheinina on 1/30/2018

As a homebuyer, it is important to set high expectations. At the same time, a homebuyer must act reasonably, or he or she risks missing out on a golden opportunity to acquire the perfect residence.

Ultimately, becoming a reasonable homebuyer can be quick and easy – here are three tips to help you do just that.

1. Establish Realistic Expectations for the Homebuying Journey

The homebuying journey sometimes can take weeks or months to complete, and a homebuyer should plan accordingly. By doing so, a homebuyer can prepare for any potential homebuying pitfalls.

For example, a homebuyer may submit an offer on a home and receive a "Yes" from a home seller. But if a home inspector discovers myriad problems with a residence, a homebuyer may need to walk away from the house and restart the homebuying journey.

In the aforementioned scenario, a homebuyer may become frustrated and annoyed, and for good reason. Conversely, if a homebuyer understands the challenges associated with buying a house, he or she can plan for the best- and worst-case scenarios.

2. Search for Homes That Fall Within Your Price Range

Have you established a budget for your home search? If not, you may wind up focusing on houses that you won't be able to afford.

Get pre-approved for a home loan – you'll be glad you did. With a home loan in hand, you can enter the real estate market with a homebuying budget. Then, you'll be able to narrow your home search to houses that fall within your price range, thereby speeding up your search for the ideal residence.

It won't take long to get pre-approved for a home loan, either. In fact, if you meet with local banks and credit unions, you can instantly learn about a variety of home loan options.

3. Collaborate with a Real Estate Agent

Although you know that you want to buy a house, you have no idea what to expect during the homebuying journey. Fortunately, if you hire a real estate agent, you can learn what it takes to stay calm, cool and collected as you search for a house.

A real estate agent is a housing market expert who takes pride in his or her work. As such, a real estate agent will be available to respond to your homebuying concerns and questions, ensuring that you can make an informed home purchase.

Perhaps best of all, a real estate agent will go above and beyond the call of duty to eliminate homebuying hurdles.

For instance, a real estate agent is happy to negotiate with a seller's agent on your behalf, guaranteeing that you can avoid the stress of negotiating a home price. Or, if you need help finding a qualified home inspector, real estate attorney or other local professionals, your real estate agent can provide honest, unbiased recommendations.

Be reasonable as you kick off your search for your dream residence. That way, you can seamlessly navigate the homebuying journey and improve your chances of acquiring a house that matches or exceeds your expectations.

Categories: Uncategorized  

Posted by Svetlana Sheinina on 12/26/2017

If you plan to buy a house, you'll want to apply for a mortgage before you launch your house search. That way, you'll have your finances in order and can narrow your home search accordingly.

Ultimately, there are several steps that you should take prior to applying for a mortgage, and these are:

1. Check Your Credit Score

A bank or credit union likely will analyze your credit score as it reviews your mortgage application. However, you can find out your credit score free of charge before you kick off the mortgage application process.

You are eligible to receive a free copy of your credit report annually from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). Submit a request for your credit report today, and you can receive comprehensive insights into your credit history.

2. Examine Your Earnings and Debt

How much you currently earn and your outstanding debt could play pivotal roles in your ability to acquire a favorable mortgage. Thus, you'll want to examine these factors closely so that you can better understand how lenders will view your mortgage application.

Also, if you have lots of outstanding debt, there is no need to worry. If you allocate the necessary time and resources to learn about your debt and pay it off, you can increase the likelihood of obtaining a favorable mortgage.

3. Establish a Budget

Although a mortgage may prove to be essential to buy a house, it is important to consider various homebuying expenses as well.

For example, you may need to pay closing costs, home inspection fees and other expenses throughout the homebuying process. If you're worried about having the necessary finances to cover these costs, you may want to start saving money for them as soon as possible.

It often helps to account for the costs associated with cable, electricity, internet and other home must-haves too. The aforementioned homeownership expenses can add up quickly, but those who plan ahead can ensure they have sufficient funds available to cover these costs.

As you prepare to search for a house, it usually is a great idea to hire a real estate agent. This housing market can help you prepare for each stage of the homebuying cycle and ensure you can achieve your homebuying goals.

Typically, a real estate agent will meet with you and find out what you want in a dream house. This housing market professional then can keep you up to date about residences that match or exceed your expectations.

Perhaps best of all, a real estate agent understands that no one should be forced to overspend to acquire their ideal residence. As such, this housing market professional will make it simple for you to discover a terrific house at a budget-friendly price.

Lastly, don't hesitate to reach out to a real estate agent for guidance before you apply for a mortgage. With a real estate agent at your side, you can learn about lenders in your area and find one that can provide you with the financing that you need to purchase your dream house.

Tags: Buying a home   Mortgage  
Categories: Uncategorized  

Posted by Svetlana Sheinina on 8/22/2017

If you’re looking to make a new investment in property, buying fixer uppers could be for you. If you want to flip a house in order to sell it for a profit in the future, you’ll need to keep a few things in mind when searching for the right houses to flip. 

What Could The Property Sell For After It Is Flipped?

As you look at different properties, think about your end game. Choose a property to flip that you see a lot of potential in. Envision the property and keep a post-flip listing price in mind. You’ll need to have some other numbers in mind when determining the final price for the property. These include:

  • Construction costs
  • Desired profit percentage
  • Fees

Understand the amount of profit that is left for you after all fees and expenses are taken into account. You want to be sure that the property is worth it for you as an investor.

Have A Vision For What The Property Needs

The kitchen and the bathroom are very important when it comes to property values and the attractiveness of a property. many times, these will need to be redone. The kitchen and bathroom also tend to be the most expensive rooms in the home to renovate. Also, consider adding amenities to the home. These could include beverage coolers, kitchen islands, fireplaces, or additional bedrooms. The home should have the things that will appeal to a large number of buyers. Also, consider the area where the home is located. A fireplace may not be as important in Los Angeles as it is in Vermont. Even simple things like changing paint colors make a huge impact in the home. If you need help finding your vision, just remember that buyers want to be able to see themselves in the home.              

Find Dependable Help

If you’re going to flip houses, you’ll need to have a list of dependable people ready to get to work. These will include contractors and builders. You’ll eventually build an entire network of people who can be of service to you. You need to avoid making any changes   that are personal to you. No matter how much you love the house, you shouldn’t make any elaborate changes that might be seen as ornate by another party. 

Keep Things Fresh

If you stay on top of trends, you’re more likely to get more return on your investment in flipping houses. While you want to stay on budget, technology is key in today’s housing market. People want smart homes with automated lighting, speakers, automated temperature controls, and more. If you don’t have the budget to do the whole entire house this way, keep the improvements to key areas of the home like the entrance or living room.

Build A Good Reputation

House flipping can sometimes be seen as a shady business. If you build a good reputation and always do business in a way that has the buyer’s best interest in mind, you’ll succeed in house flipping. 

Flipping houses may not be for everyone. Yet, with the right planning, you can find some success and satisfaction in home renovations.

Svetlana Sheinina