I know a couple people that just refuse to take the steps to see if they can afford to own their own home.
As a Realtor this is so frustrating and it just doesn’t make sense to me. I understand that it might be too much of a commitment for some or the task is to daunting, and I’m not saying that just because the bank says you can buy a home worth $400 000 you run out and buy it. What I am saying is that why not KNOW what your options are? Why not find out if you can or can’t get a mortgage and if you can, what is the max amount you can purchase and if you can’t wouldn’t you want to know why? Knowing why allows you to take the steps you need to take in the future to make the changes in your life to be able to obtain a mortgage. Let’s face it, just because you don’t want to be a home owner now, doesn’t mean you will never want to be a home owner.
I wanted to write about this because I hear so many young people say they are renting because owning just isn’t an option. For some this might be true, for others they might think this to be true but if I sat them in front of a Mortgage Broker they would be shocked as to what they could afford. The Reality is so many people don’t know what their credit looks like or how much they need for a down payment. Some people say, “Well my bank turned me down, so we are going to wait.” This is a big pet peeve of mine, because Your bank isn’t the only lending institution on this planet!! First Time Buyers need to know that they have options, paying off someone else’s mortgage sucks and the faster you can become a home owner the happier you will be. (for most people anyway : )
As with all my blogs, I don’t have all the answers and my opinion is just that…my opinion. I just talk about what I see and what I hear going on around me. If someone reads my blog and makes the appointment to see what they can be approved for or to find out what they need to do to become a home owner in the future, then I did my job. So pick up the phone, or send me an email and let's see what we can get done.
Over the past few weeks I have been working with a client who is looking for a home with a finished basement. I now, more than ever want to stress to sellers that QUALITY matters.
We are in a market that allows our buyers to be choosy, so this means that if there are 4 homes all with finished basements and 3 are finished by the owners who are trying to save some money and the 4th is finished by a professional, it's likely that the buyer will chose the home who hired a professional to finish their basement.
Don't get me wrong, I understand that not everyone can afford to hire the professional. It can get really expensive and if you plan on living in your home forever and you are OK with your handy man skills then go ahead and do it yourself. BUT...If you are finishing your basement to add value to your home then DON'T do it yourself. Even if you have to cut back on the fanciness of the bathroom and not put a full bar in, maybe just a walk up bar in to keep costs at a minimum it is worth it. QUALITY is what people want to see, add value to your home, don't devalue it. If you can't afford to hire a professional then you are better off leaving it as an unspoiled basement and not wasting your money and time on doing it yourself.
I do have to say that I know some people who have the most amazing skills and can take on this challenge and it result is a beautiful finished product. Let's face it though....they are far and few between : )
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