Posts with tag 'For Buyers'

When you're looking to buy a home, there are plenty of things to think about. Not the least of which is whether or not you want a home that can accommodate your parents, grandparents, or even your kids years down the road if necessary. We always hope that our elders and children live long, healthy lives, but there are times where they need help from family members.

Our real estate agents understand the challenges to multi-generational homebuyers, so we've put together these five tips for buying with a multi-generational focus.

1. Why Consider Multi-Generational Living?
   You never really know what's waiting around the corner, but keeping a close eye on what's happening currently with both your family, as well as economic conditions, can help you buy now for later.
   
   Multi-generational homes have been around for decades, but the market crash of 2008 made them a mainstay in the housing industry. As the housing market plummeted, more and more families were forced into single homes. Parents moved in with children, grandparents moved in with grandchildren, and children moved in with both.
   
   All of that to say, know what you may be in for based on your family's dynamics.

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While some people buy homes as investment property to supplement their income, others are making it their sole source of income. Additionally, income-earning home purchases are taking on different forms as homebuyers are becoming more creative with exactly how they use their new digs to gain wealth.

With so many competitive South Bend homes for sale, there's no doubt that there's an income-earning home just waiting to be purchased, but when should you consider an income-earning home or investment property? Let's take a look.

• Rental Property
  Rental property is probably the number-one way buyers are getting into income-earning homes. In relatively high turnover areas such as large cities and areas near colleges, rental property can be a wise long-term investment for the savvy investment property owner.
  
  Unfortunately, many rental property investors initially forget the fact that with rental property comes a number of issues, including finding renters, upkeep, maintenance, and making sure bills are paid, all while realizing an income. If you're looking to purchase strictly for rental property, make sure you establish a business entity and speak with your CPA or financial advisor first.

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Getting a mortgage isn't what it once was. After the market crash of a decade ago, getting the funding for the most expensive purchase most people will make during their lifetimes has been heavily regulated and for good reason. If you're looking for South Bend homes for sale and happen to be self-employed, your journey toward a mortgage comes with some additional challenges.

Even so, our real estate agents can help you take the right path to mortgage approval.

• Get Your Documents in Order
  The first rule of getting a mortgage for anyone is to get all of your financial documents in order and be prepared to present them if asked by your lender. A non-self-employed person who earns regular wages can expect to provide a couple of months of bank statements, a handful of paystubs, and a couple of years of tax returns.
  
  The self-employed mortgage applicant, however, may be required to provide the same documentation but more of it. If you keep proper books, then it shouldn't be any trouble providing both business and personal documents that show cash flow through the business and translated into personal income. In short, be prepared to do a little more work to prove your financial status and income.

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So you've sorted through the many South Bend homes for sale, found the perfect one, and your offer was accepted. You've got your financing in order and are anxiously anticipating your closing date. Congratulations! Your final walk-through and the closing are now the only steps standing between you and homeownership. 

While the final walk-through might seem like a formality, it's actually very important. This is your last opportunity to ensure that any agreed-upon repairs have been completed as expected and there are no changes to the home since the last time you saw it. These five tips from our real estate agents will make the process easier and help ensure you don't miss a thing. 

1. Gather Up Your Essentials
   Before you head over to the walk-through, take a minute and gather up all of the items you might need. These include a copy of your contract, your inspection summary, and your smartphone.
   
   You might need to reference your contract or inspection documents if something doesn't seem right. Your smartphone will be invaluable if you need to take photos to document an issue. Most importantly, make sure your real estate agent comes with you. They've likely done this hundreds of times and can act as a second set of eyes to ensure you don't miss anything. 

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When buying a home, the seller should disclose any problems or information that would otherwise make you reconsider purchasing their home. But sometimes these things are only revealed after a home inspection.

Don't let a home inspection discourage you entirely from purchasing a home, though. Our real estate agents have been on both ends of home inspection issues and have a few tips and tricks for helping you work through them with the seller.

• Get It in Writing
  Before you get too far, make sure that your contract has provisions for what happens if something goes awry during the home inspection. In most cases, basic contracts have wording that allows you as the buyer to request or schedule a home inspection within a number of days from the contract being signed. 
  
  Unfortunately, that's where most of it ends and there is very little detail outlining what happens or who is responsible for repairs if something is found to be unsatisfactory. At this point, it's up to you to negotiate with the seller to find a fair and equitable solution, or, better yet, leave this part to your real estate agent to negotiate on your behalf.

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