Wishing all the best to Micheal & Haley on the purchase of their new home! Excellent teamwork by their realtor Julie Hall with Berkshire Hathaway Home Services!
Buying a home for the first time? One of the key considerations you’ll need to make is just how much ‘house’ you want to buy. While going minimal might seem like a good idea to save on costs, having a smaller living space can end up cramping your lifestyle in many ways. Let’s take a look at three great reasons why your first home should be roomy, spacious and luxurious.
You Might End Up With More Family Than You Think
Have you considered whether or not you want to have a family? Whether you’re a single young professional or part of a newlywed couple, there’s always a chance you’ll end up with more kids than you think. If you’re buying a home for the long haul, you’ll want to ensure that you have enough bedrooms to contain a growing family. It’s much easier to make other use of a spare room than to invent an extra bedroom if you end up with one or two more children than you had planned. Even if you don’t have kids, you may end up welcoming other family members into your home for extended periods.
Small Spaces Limit You In Just About Every Way
As you might imagine, small living spaces will limit your options. Whether you want to build out a new media room or just want more luxurious furniture, much of the time living small means living without. Buying a larger home from the start will give you all of the space needed to build your dream home. And over time, you’re far more likely to enjoy living in a home that you can tweak and customize to suit your changing tastes.
You Can Always Monetize The Extra Space
Don’t forget that extra space can always be put to good use. If you have a finished basement, you can possibly rent the suite out to a tenant. Or, you can host guests in your extra bedrooms using apps like Airbnb. If you’re more of an entrepreneurial type, you can start a small business out of one of the spare rooms.
These are just a few of the many reasons why buying a larger home is an excellent idea. For more information about purchasing a luxurious home, contact your trusted mortgage professionals today.
Do you have a baby on the way? If so, you are likely already wondering how you are supposed to make your home safe from harm. The good news is that with a little work, you’ll be able to make your house or apartment that much safer. Let’s take a look at how you can child-proof your home in under a few hours.
Start With The Baby’s Bedroom
For the first few months, your baby will be spending a lot of time either sleeping or resting in their crib. You’ll want to keep the crib away from any cords, blinds, drapes or other items the baby might get their hands on. The crib itself should meet federal safety regulations and should be comfortable without being too restrictive.
Keep a watchful eye out for anything loose that the baby might be able to put in its mouth. All choking hazards should be kept well away from a crib.
Baby-Proofing The Halls And Stairs
Next, it’s time to take a quick sweep through your halls and stairways. Once your baby starts crawling, they’re at risk for falls and other issues. Go through your hallways and look for any items that the child might pull over. For example, if you have hall tables with plants or pictures on them, are there any fabric items which the baby might be able to reach?
Your stairways should have some sort of baby guards placed in front of them at all times. If possible, you’ll also want your stairs to be carpeted. This can help to reduce injury if your child takes a tumble down the stairs.
Keeping The Kitchen Safe
Finally, don’t forget the kitchen. There are all sorts of dangerous items in the average kitchen, from heavy appliances with loose cords to tablecloths that can lead to utensils on the floor. In short, everything should be kept in drawers and out of a child’s reach. Cupboards should be secured so that a baby can’t open them. If you want to go a bit further, consider installing some padding on the legs of hard kitchen furniture and on corners where a baby could bump their head.
It’s almost impossible to fully baby-proof a home, but the above checklist is a good start. If you have a baby on the way and are looking for a larger, safer home, contact your local mortgage professional.
One of the biggest challenges a homeowner can face when looking to upgrade or move is trying to sell their current home while buying another. If most of your net worth or equity is locked up in your current house, you will need to move it into cash to help fund the purchase of your new home. The alternative is to wait until your home is sold and you receive the funds before trying to buy a new one – but you could end up waiting for months.
The great news is that there are bridge financing options available to homeowners which can help to get things moving. Let’s take a look at how a bridge loan works and how it can help you to buy a new home before your sale is finalized.
How Does A Bridge Loan Work?
First, it is important to note that a bridge loan isn’t the same as your mortgage loan for your new home. Instead, when you take out bridge financing, you’ll borrow against the equity that you’ve built up in your current home. You’ll then be able to use these funds to help cover the costs involved with closing on your new house. Then, when you sell your old home, you’ll use part of the proceeds of that to pay off your bridge loan.
The main benefit you’ll get from this approach is a bit of extra time and flexibility in selling your home. Instead of having to accept a low offer or rush into a sale, you’ll have a bit of breathing room to take the best offer when the time is right.
Try To Avoid Making A Contingent Offer
Your bridge financing can also help you to make the winning bid and close on your new home faster. One piece of advice that some real estate agents and other experts have shared is to avoid making an offer on a new home that is contingent on selling your current home. This is especially true if you are buying in a hot real estate market where there are other buyers competing against you for the same home. If you’re already funded, you can submit an offer to buy the home as soon as the seller is ready.
As you can see, taking out a bridge loan against the equity of your current home is a great way to cover the costs of buying a new home. For more information about how bridge financing works and how you can pair it up with a mortgage for a new house or condo, contact us today. Our team of mortgage advisors is happy to share financing options that fit your needs and budget.