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Article by Erik J. Martin Edited by Suzanne De Vita Reviewed By Robert R. Johnson  bankrate As you prepare to finalize a home purchase, there’s an important step to take before the closing: the final walkthrough. This personal inspection helps ensure that the home you committed to on paper is in relatively identical condition to when you first visited, and that the seller is compliant with the terms of your real estate contract.
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Article by Tara Mastroeni Featured expertise: Jason Gelios  Getty Images In real estate transactions, homebuyers rarely meet home sellers before reaching the closing table. So have you ever wondered why?
As a general rule, real estate agents frown on buyers having face time with sellers because things can go wrong. A whole lot of things, in fact. Even seemingly innocent comments could land buyers or sellers in hot water—and jeopardize the entire real estate deal. Click Here To Read More Episode 194 AskJasonGelios Real Estate Show Guest Writer: Sally Norton  When people think of first-time homebuyers, they usually picture those in their 20s or 30s. However, when it comes to buying a home, there is no age limit. If you are sure that buying your first home in your 50s is the right choice for you, then go for it. However, if you don't know what signs to look for to be sure you're making the right decision, continue reading. We've prepared tips and advice that will hopefully steer your decision in the right direction. When you're looking to buy a home in your 50s, you need to be sure you're making the right decision. Therefore, there are certain things to consider: ● Your financial situation and knowing if your house is worth the mortgage ● Your expectations when it comes to the property you're looking to purchase ● What type of property should you look for, will it be suitable for your needs, and does it fit into your lifestyle? Further in this article, we'll explain each of these concerns in detail. Can your budget handle the costs? Before you decide to take this huge step, make sure to analyze your finances and see if your budget can handle it. Although you are not exempt from getting a mortgage due to your age, you still need to be sure you'll be able to pay it when your income drops after you retire.  Before you decide to buy a home, make sure that your budget can handle it. Even though mortgage costs will remain the same, you still need to pay for maintenance, utilities, taxes, insurance, and similar if you take out a conventional loan. Therefore, make sure to take these costs into consideration, too, as they have a tendency to climb, and you need to be sure you can afford them before deciding to buy a home. Also, you need to think about your upcoming relocation costs and budget accordingly. Don't rush into making a decision but do your research in order to find a low-budget solution. Nowadays, there are plenty of reliable moving companies that will safely relocate your belongings without you having to spend too much. What type of home should you look for? When you're in your 50s, your kids are most likely independent and potentially have their own families. Therefore, even if you are used to renting a single-family home when it comes to buying, you need to thoroughly think and decide whether you should go for a house or a condo.  Your choice of home will depend on your needs and preferences. For example, a lot of people over 50 decide to downsize. Many people decide to downsize after reaching a certain age. That makes a lot of sense as you probably don't need as much space as you did before. Also, with smaller places come fewer responsibilities and costs of maintenance and upkeep. Another thing you should do is research the market and housing forecasts as that will also help you make your decision. By having information about market movements and the current situation with real estate, you can decide what type of property you can afford that, at the same time, suits your needs best. Will this type of home be suitable for you once your health declines? One of the most important things you should have in mind when choosing your future home is the fact that you're getting older and your health might decline. Hopefully, you'll be able to stay fit and mobile, but there is no harm in taking preventive measures. Therefore, choose a home design and location suitable for your age. For example, even though you might not have issues with climbing the stairs now, it could become a problem sometimes in the future for either you or your partner. Therefore, the best option is to choose a single-story house. If you decide to purchase a condo, make sure that the building has an elevator. Also, at some point, you might not be able to drive. Therefore, the location of your home is a crucial factor to consider. Look into finding a place near public transportation and near shops and other amenities you'll frequently need. Will your new home fit into your lifestyle? When choosing a home where you plan on spending the rest of your life, you need to consider what type of activities you want to enjoy and what kind of lifestyle you want to have. It's essential to think about the time after you retire as you don't want to be stuck in a place that doesn't fulfill your needs.  In order to make the right choice, you need to think about what you want from your new home and how it fits into your lifestyle now and after your retirement. Also, make sure to discuss this with your partner, as you might have completely different expectations regarding how you want to spend your retirement. For example, you might want to travel around the world while your partner wants to stay put and be close to your grandkids. These things can massively influence your decision when buying a home in your 50s. How long do you plan on living there? Another thing to consider is the time you want to spend in your new home. Perhaps you don't want to live there for the rest of your life but make it a temporary solution before retirement. If that is the case, our advice is not to buy a property if you don't plan on living there for at least 5 years. Why? Because home appreciation could be wiped by the transaction costs. In that case, you'd be left without the benefits of having invested in a property. In conclusion We hope that we were able to convince you that buying your first home in your 50s can be a good choice, depending on your needs and preferences. Of course, the final decision is on you, and we wish you the best of luck with it.
Episode 193 AskJasonGelios Real Estate Show By Laura Woods Featured expertise by Jason Gelios-Realtor  shironosov / Getty Images/iStockphoto Your home is likely the largest purchase you’ve ever made. Owning a place of your very own is satisfying, but you’re not always sure your house is worth the mortgage.
Given the current white-hot housing market, you might've considered putting your home on the market. In some cases, this might be a good idea, as 51% of homes sold above list price in August 2021, according to Redfin. Click here to read more I had the pleasure of being interviewed by Billion Success on the topic of overcoming fear and what my definition of success is. Episode 192 | AskJasonGelios Real Estate Show  With today’s low interest rates, a home equity loan or home equity line of credit (HELOC) can give homeowners a cash infusion that they can use to renovate their homes, consolidate their debts, or fund their businesses.
But it will come with some upfront costs. Click Here To Read More Episode 191 | AskJasonGelios Real Estate Show Article by Erica Sweeney-Insider Featured expertise by Jason Gelios-Realtor  Image courtesy of Steven Senne/AP With fewer homes for sale and bidding wars more common, buyers are looking for creative ways to stand out in today's super-competitive real-estate market. One tactic many are embracing is the personal letter, in which buyers hoping to spark an emotional connection explain to sellers how they envision themselves living in the home.
Sending a "love letter" may seem harmless, but the National Association of Realtors advises against it, as the approach could potentially violate fair-housing laws and lead to discrimination.
 chee gin tan / iStock.com It’s no secret that the COVID-19 pandemic has turned the real estate market into a wild domain. If you’re looking to buy or sell a home, you’re likely eager to know how long this will last.
In June 2021, home prices across the U.S. surged 24.8% year-over-year — to a median sale price of $386,888 — according to Redfin. During the same time period, the number of homes sold increased 20.6% and the number of homes for sale tumbled 39.6%. Click Here To Read More Guest Writer Chase Porter  Image courtesy of Pixabay It is not uncommon for service members to consider purchasing a home, especially if they are starting a family and looking for stability and long-term investment. But, while the process of doing so is by no means easy, it can be even more complicated for military members due to the nature of their work. So, to help shed some light on the subject, we're going to explore what buying and keeping your home in the military entails. Before buying your home For most people, a home is the most significant investment they are going to make. Unless you also plan on buying a business, your home will be your most considerable expense. So, it makes sense that you research it as much as possible before you start looking.  Image courtesy of Pixabay Buying and keeping your home in the military should never be a spur-of-the-moment decision. Every would-be homeowner needs to take careful stock of their life in order to see whether buying a home is the right choice. And, as a service member, there are certain extra aspects that you need to consider. Consider your finances First and foremost, you need to analyze your budget and your finances. Financial advisors recommend that you spend no more than 28% income on your housing cost. This included mortgage, property taxes, and insurance. While you may hear otherwise, we recommend that you keep this number in mind when deciding whether or not you can afford a home. VA loan Luckily, there are upsides to buying a home as a service member. One of the major ones is that you may be eligible for a VA loan. With it, you can buy your first home at competitive rates with no down payments, which makes it much easier to afford a new home. But, to qualify for a VA loan, you need to meet one of the following qualifications:
 Image courtesy of Pixabay All things considered, a VA loan is your best financing option Finding the right realtor As a service member, you probably don't have much time to find a home to purchase in the new area. So, you must find a good realtor to help you out. In most cases, you want to focus on a realtor that has previous experience with the military staff. They can give you helpful advice and guide you through the purchase process, which can often be tricky. Delays and drawn-out negotiations are just some of the things that service members don't have time to tackle. So, you ideally want a realtor that is:
Keeping your home in the military Besides financing and finding a real estate agent, you need to ask yourself one crucial question. Why do you want to own a home as a service member? In most cases, military personnel has to relocate frequently. And while you can create a military moving checklist and organize the process of relocation so that it is relatively easy, it doesn't make much sense to buy a home. In essence, purchasing a house only makes sense if you plan to:
Renting out your home might seem like a great idea. You get tax benefits, and you yield some income. After a couple of years, you can move back into your home and enjoy your retirement. Great, right?  Image courtesy of Pixabay Before you become a landlord, make sure that you know what your responsibilities are. While this sounds like a great idea, know that it comes with its own set of troubles. First off, being a landlord comes with an inherent cost. You are expected to repair and maintain your property, even while you have tenants. Furthermore, you need to ensure that you find reliable tenants who won't wreck your home. All of this takes time and can often be quite stressful. You can look to outsource the landlord aspect, but this takes away from your rent profit. Reselling Another option is to resell your home before relocating to a new area. If you can make a profit while doing so, this can be a good idea. But, this endeavor is easier said than done. First, you need to consider the resale value of your home and how likely it is to increase. Sure, some upgrades can be cost-effective. But, tackling them takes time and energy, which you probably won't have during your service. Besides this, the process of selling your home can take longer than you'd hope. This might lead you to lack funds for a new home while waiting for revenue from the current one. Final thoughts on buying and keeping your home in the military Buying and keeping your home in the military can be a viable idea. But, you must take careful stock of your life, explore your financing options, and find real estate agents. Unless you are truly adamant about purchasing a home, we recommend that you consider renting. It could be a much more viable solution for young service members.
Here's what NOT to do when renovating your first home.  Tempura / Getty Images Buying your first home is a major life milestone that also comes along with a whole new set of knowledge you will need to acquire. That's why it's important that when it comes to making renovations -- whether a minor cosmetic fix or a major overhaul -- you do your research before diving in to avoid making a costly blunder.
Episode 190 AskJasonGelios Real Estate Show By Erica Sweeney - Realtor.com Featured expertise by Realtor Jason Gelios  You’ve heard the stories: Maybe your neighbors sold their fixer-upper as is for $100,000 over asking price. Or your friends were deluged with crazed homebuyers engaged in a bidding war within 24 hours of putting their house on the market.
It’s no secret that today’s seller’s market is wilder and more competitive than it’s been in years, fueling sellers’ hopes of major profits if they list their own home, too. All of which could be true—but only if you gauge your market carefully, and handle your sale with care. 5 min. read Writer: Stephen J. Bronner Featured expertise by Jason Gelios-Realtor  People interested in buying a home who don’t believe they have the financial resources to do so may want to consider their local Housing Finance Agency.
HFAs, as they are known, are state-chartered organizations that offer prospective homebuyers with low to moderate incomes the ability to purchase a home with reduced upfront costs and monthly payments. “The HFA loan is especially important for first-time home buyers. It is intended |
Jason GeliosJason Gelios is a Husband and Father. After that, a Top Producing REALTOR®, Author of the book Think like a REALTOR®, Creator of The AskJasonGelios Real Estate Show and an Expert Media Contributor. Archives
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