I had the pleasure of being interviewed by Katrina Michel Feld and Authority Magazine.
Many successful people are perfectionists. At the same time, they have the ability to say “Done is Better Than Perfect” and just complete and wrap up a project. What is the best way to overcome the stalling and procrastination that perfectionism causes? How does one overcome the fear of potential critique or the fear of not being successful? In this interview series, called How To Get Past Your Perfectionism And ‘Just Do It’, we are interviewing successful leaders who can share stories and lessons from their experience about “how to overcome the hesitation caused by perfectionism.
As a part of this series, I had the pleasure of interviewing Jason Gelios.
Click here to read more
Article by Gabrielle Olya with GoBankingRates.com
Featured expertise by Jason Gelios
Some of the most exclusive real estate properties never hit the open market. Instead, sellers will only solicit offers from a select group of buyers through what’s known as a “pocket listing.” This practice is nothing new — it’s long been used for the selling and buying of luxury and celebrity homes, including a $27.8 million home purchased off-market by Dwayne “The Rock” Johnson in April, Forbes reported. Click here to read more
A 5 minute read
I had the pleasure of sharing my expertise in this great read by Laura Woods for Yahoo Finance.
Buying a home amid the COVID-19 pandemic has likely proven more challenging than you expected. Considering that, according to Redfin, 50% of homes sold for more than their list price during the four-week period ending May 16, money alone won’t necessarily get your offer accepted. Click here to read more
Guest Writer: Sally Norton
Featured image-Wedding preparations with lawn chairs in front of decorated gazebo.
Many couples struggle with how to make the best decisions on the road to owning property together. Buying a home is one of the most exciting and stressful experiences in one’s life, and a house is one of the most expensive assets most people own. Purchasing real estate is almost always a wise investment, but it’s also a huge commitment. With all of the decisions young couples need to make regarding marriage and their future lives together, the stress of buying a house might seem overwhelming. However, we recommend taking your time and thinking carefully before making any decisions. In this article, we will offer some advice about buying a house before vs. after marriage: what to know and how to prepare.
What other couples are doing
Sometimes you can get inspiration and ideas by looking at what other people are doing.
1. Buying a house before marriage
Contrary to what this generation’s parents did, many couples nowadays are deciding to buy a house
before getting married. People can decide that they want to spend their lives together and then start
planning their mutual finances. One of the main reasons unmarried couples choose to buy property
together is that they would rather pay off a mortgage than keep spending money on rent. The concept
of having a sizable mortgage might seem daunting, but modern couples choose to look at a house as a
mutual investment toward a stable financial future.
Most couples wait until after marriage to buy a home together.
2. Buying a house after marriage
This still represents the more common situation for several reasons:
● More time to consider options. Finding the house of your dreams is never easy. Sometimes people don’t even have an exact idea of what they want, and some additional time to get their visions aligned is often welcomed by many couples.
● Making future plans. There are many details to plan, like where the couple would like to live, how many children they would like to have, and by extension, how large a house they will need. Making plans and figuring things out takes time.
● Stabilize finances. Even people with stable and high-paying jobs need some time to get their finances in order. Buying a house requires a down payment, so couples who realize they want a home together need some time to save up the money.
● The stress of planning the wedding. Couples who are yet to get married often find that planning the wedding itself is stressful enough. A common theme is delaying the stress of buying a house until they are done with the wedding plans.
The relationship status may affect the credit score
Perhaps one person in the relationship has a significantly better credit score than the other. In that case, it makes sense to buy the home prior to marriage. Credit scores can directly impact mortgage rates, and it’s good to know what kind of mortgage rate you will be facing. On the other hand, married couples may have a better debt-to-income ratio together.
But the mortgage isn’t affected by relationship status
Qualifying for a mortgage isn’t affected by marital status. Financial institutions are required by law to make credit equally available to customers since marital status is a protected category. The Equal Credit Opportunity Act ensures that approval criteria are going to be the same regardless if you are married or not.
In the case of a breakup, one person can buy out the other.
What happens if you split up
In case the unfortunate does happen, and the couple splits up or gets a divorce, there are two main options:
● Sell the home and split the proceeds.
● One person buys the other out of their share of the home.
While neither of these is especially appealing, it is always good to know your options and what to expect.
Ownership is separate from the mortgage
Even if the mortgage is listed only on one person, both partners in the relationship can be listed as owners on the deed.
This can be a good option for couples who decide to buy a house before marriage.
● Sole ownership – offers complete control of the property. This can be applied even for married couples if one spouse removes their ownership interest of the property. In that case, it is recommended to designate ownership in a will since no one else can act on the property.
● Joint tenancy – more than one person can have rights on the property. Provides an option for both married and unmarried couples to allow both partners co-ownership. Partners will be able to share assets and debt.
Choosing the right location
Once you decide you want to purchase a house together, you should focus on researching local laws and regulations. Things can differ from state to state, and for example, Michigan property and tax law states that you must include gifts of cash or expenses paid on your behalf in the total household resources. Wherever you decide to buy property, we recommend you roll up your sleeves and read up on the local tax policy.
When it comes time to move in, you might need help from a moving company and storage services for the extra furniture.
Moving into a new home together
Unmarried couples who are currently living in different locations will probably need to plan the move carefully. Regardless if you are relocating within Michigan or moving across state lines, you will need help with the transfer to your new residence. Couples who were living together prior to purchasing a house will have an easier time regarding furniture and other possessions. However, couples who are buying a new home and moving in for the first time might realize they have more furniture than they can fit inside. Luckily, you can ask your moving company if they have additional services like packing or storage units.
The bottom line
Buying a home with someone is a beautiful way to build a strong future together. Many young couples choose to first focus on homeownership and leave marriage aside until they secure their mortgage. Other couples appreciate the extra time and try to delay the stress of buying a home until they have tied the knot. Married or not, it is always advisable to make responsible financial decisions. We hope this article helped in your research on buying a house before vs. after marriage.
I had the pleasure of being interviewed by Orland Zayas and Authority Magazine.
Topic: 5 Things a Business Should Do To Create a Wow Experience
Thank you so much for joining us! Our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?
Thanks for having me! My journey started to take shape in my early 20’s when I was working odd jobs and not really focused on a specific career path. I always had a strong work ethic but felt that I was not really motivated by the jobs I held. I was working for the weekend so to speak. You could say I was a ship without a sail. It wasn’t until I met my wife that I really got inspired to improve my situation and to become more than I was. I watched as she worked diligently toward Click here to read more
Guest article by Erik Martin and Fairway Independent Mortgage Corporation
8 Min. Read
Guest Writer Amy Collet
Image by Pexels
Not only do you want to buy a new home, but you also want to purchase a property that caters
to your home-based business. Your unique profession brings you a lot of freedom and joy, but it
also comes with unique hurdles when searching for the right place. Here are several tips from
expert RealtorⓇ Jason Gelios for finding the perfect home base for your family and business.
Provide Your Business With Enough Space
Besides space for your clothing, furniture and other personal items, think about how much
room you really need for your business operation. Determining the right home search
parameters helps you narrow down your options and price range. Think about whether you want
storage space for your company, if you require a waiting area for your customers or clients, and
how large your workspace should be in order for you to maintain optimal productivity.
Factor in Potential Renovation Costs
Another reason to think about how much space you need to run your company is so you can
calculate the price of renovations or upgrades. Remodeling a home helps make it your own, but
that comes at a cost. When you gather quotes from contractors, you may discover that it makes
more financial sense to find a home that meets your business requirements without a remodel.
Think About Your Clients
Do you meet a lot of clients or customers in your house? If so, consider buying a home close to
where your clients live, or in an easily accessible area. Living close to your clients can save you
on gas money if you venture out for meetings. And if they come to you, AllTopStartups notes the
right location may also bring in more business, which improves your bottom line.
Work With a Real Estate Professional
With your priorities established and a budget in-hand, you’re ready to dive into house hunting.
“It’s important to partner with the right real estate professional who is familiar with the area
you are looking in,” says Southeast Michigan Realtor Jason Gelios.
Look Into Restrictions
Imagine finding a property that fits your price range in a neighborhood that fits your lifestyle only
to learn the area has restrictions for home-based businesses. According to LendingTree, you
may have to secure business licenses, which cost money, or you may face restrictions against
operating a business out of your home. Research restrictions in zip codes where you may buy a
house. Depending on your findings, you may need to hire a legal professional to help you
understand how to remain compliant, which requires paying fees.
While going over your home-buying budget, think about how your investment affects
commercial finances, and vice versa. You don’t want to budget so closely that you need to
skimp indefinitely in either department, or worse, be unable to pursue your goals. Project how
much income you can expect from your business, tally what you’ll pay yourself, and remember
to include some padding for changes you intend to make to your new home, whether for your
personal or professional needs. Keep in mind that the San Diego Financial Literacy Center
recommends that you don’t max out your budget, since sometimes unexpected expenses can
Plan for Your Office Needs
Your budget planning should also include any necessary equipment you need to purchase for
your new office. Whether it’s a business printer, new office furniture, an additional computer
monitor or even a desk, these are items that need to be factored into what you can afford to
spend. If you shop through retailers like Staples, Office Depot or Best Buy, not only can tap into
business membership savings, but you can get an idea of what you should expect to pay. And if
you dig up Staples coupons or Best Buy promo codes, you can maximize your savings to help
keep your budget on track.
A little foresight can set you up for financial success and happiness as a homeowner and a
business owner. Consider your priorities and budget, and partner with a trusted Realtor to find
the perfect place for building your future.
Amy Collet is the creator of Bizwell.org, a website that helps professionals and entrepreneurs build and
strengthen their personal brand.
I had the pleasure of providing my expertise for this great article about looking for your next dream home and what should be non-negotiable. Special thank you to Laura Woods and GoBankingRates for the feature! This is a great read.
Jason 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.