Buying a Home

Questions to Ask a Real Estate Agent

June 7, 2018 by dl2 Leave a Comment

So you’re thinking about working with a real estate agent, but you’ve never done so before, or it has been a really long time since you last dealt with the whole buying and selling process… what are some things to ask a potential real estate agent?

Questions to Ask

First, it’s good to do some online research and “interview” potential agents you might like to work with… asking them key questions like, “How long have you been working in real estate?” It’s nice to work with someone seasoned, with several years under their belt, compared to newbies.

Next, you might want to ask, “What’s your average number of clients?” You can then figure out if he or she will have time to devote to your needs, or if you’d end up feeling like just another number on a long list. If you’d be the agent’s only client, that might be a red flag because you’d think, “What is it about them that I’m the only one they’re working with– shouldn’t they have at least a handful of clients right now?” If they’re good, then yes– they should have a couple clients at any given time.

Also, you’ll want to ask, “What area(s) do you generally cover?” For example, Donna Littlefield generally covers Wheatfield, Pendleton, and Amherst, New York, so if you’re looking for a place in Western New York, she can help you find the ideal property for your needs.

Another thing to find out is, “Are you part of a team or do you work solo?” You’ll want to know whether or not you’d be working with just one agent or if there are others “on the team” who you’d be interacting with, for whatever reason.

Do you have a unique situation– the kind that’s a bit “out there?” If so, you’ll want to ask your potential agent if he or she can handle that… and if they’re honest, they’ll tell you a simple yes or no.

Finally, it’s a good idea to ask, “What kind of communication can I expect from you?” Are they the kind of agent who does everything by email? Do they call you on the phone? Do they love in-person meetings? Basically, you want to know what you’re “getting into” before choosing to work with a particular agent whom you’ll be spending a lot of time and energy dealing with, in order to buy or sell real estate.

What is a First Time Homebuyer Loan?

February 8, 2018 by dl2 Leave a Comment

When you decide to buy your first home, you’re known as a “first time homebuyer.” Because many first timers are at a point in their lives where money can be tight, they often seek out first time homebuyer loans (aka mortgages) in order to pay toward their purchase and make it a reality.

First Time Hombebuyer Loans

First time homebuyer loans are usually designed to help people become first time homeowners in certain geographic areas. Generally, they’re meant for “qualified” buyers who can conceivably make payments over time to “pay them off.” There are several costs associated with buying a home, such that a loan helps cover things like the “down payment” and “closing costs.”

If you’re in the position of buying your first home, you’ll want to look online for good loan programs. You can check out the HUD website or try typing “buying a home in Amherst, New York” to see what comes up. Keep in mind there are a variety of loan options out there, and you might want to add certain terms to your search if they’re germane: veteran, teacher, disabled, etc.

Typically, first time homebuyer loans are meant for people who have never owned a home, though in some cases they might be offered to those who haven’t owned a home in a long time. You might have to meet certain financial restrictions– certain loans won’t go to people who have high incomes or substantial assets. In addition, these loans are meant for less expensive homes, with the idea that first time homebuyer loans help people most in need.

Regarding the home you buy, you’ll have to live there as your primary residence. Your home also has to meet physical requirements, such that it’s in good condition and safe for occupancy.

If you’re not a first time homebuyer, but you’d still like financial assistance, consider seeking out a conventional loan or FHA loan. If you’re credit isn’t that great or you’re recovering from financial hardship, a FHA loan is a good choice, allowing you to buy a house with as little as 3.5% down.

If you need helping finding your first home in Western New York, contact Donna Littlefield today.

Signs That You’re In Need of a Larger Home

October 3, 2017 by dl2 Leave a Comment

If you’re a single person you probably don’t need a two-car garage, an extra-wide driveway, or a four bedroom house. However, if you fall in love with someone special, then he or she is going to play a big role in your everyday life. Where will they park their car during a Buffalo winter? Where will they store their stuff in your cramped place?

Moving to a Bigger Home If you’re the kind of person who likes to have people over but there’s nowhere for them to sit, stand, chat or eat, then you might need a larger home. If you have a whole lot of stuff to store but there’s not enough room in your current place, such that you’re paying to rent a storage locker down the road, then it’s time to “move on up” in the world of bigger homes.

Take, for instance, the plight of people living in old brownstones in Brooklyn downstate– sure, these stately homes are beautiful to look at with their ornate and classic design, but you’ll soon discover there’s no room for a dining room table and chairs in most of them. Bathrooms are so small that you can barely close the door let alone find a place to put your feet when you’re squashed like an accordion on the toilet! Indeed, many older homes, whether they’re in Brooklyn or the Buffalo area or anywhere else are just too cramped for modern day lifestyles. Were the people smaller years back? Probably. Did they only need a tiny closet to hang a handful of outfits? Yep. Today, however, people crave “wide open spaces.” They expect it!

It’s no wonder, then, that newer homes with wider hallways, “open floor plans,” and tons of cabinets, shelves and drawers are more in-demand than the cramped ones built before 1939.

Now, of course, there’s another big reason people feel the need to upgrade to a bigger home… besides running out of room for their stuff and/or not having enough space to entertain guests, there’s the age-old challenge of having a growing family.

Maybe a small apartment works well for a newly married couple, but then baby #1 comes along. Sure, the apartment “kind of” works for a while, but you know what mom is going to say to dad? “Honey, we need a bigger place!” Now if baby #2 is born a year or two later, it’s almost without a doubt that the couple will decide (well, she’ll decide and he’ll go along with whatever makes her happy) to move to a bigger place. Having kids and/or deciding that elderly parents should “move in” automatically increases the need for more bedrooms and bathrooms.

Donna Littlefield can help take you from a small place to a bigger one. As a realtor serving some of Buffalo-Niagara’s favorite suburbs, she’s ready to help you search and find a bigger, better place. Call her at 716-578-1788 today.

How Much Can I Spend On a Home?

May 18, 2017 by dl2 Leave a Comment

In your mind you want to buy a home. Now what? For starters, you have to figure out how much you can spend on the place.

It has been said that you should spend no more than 28% of your monthly income on a mortgage. So, in a simple math example, if you were making $1,000 a month, $280 or less of that should go toward “paying off the mortgage.” Keep in mind, too, that there are associated costs with buying a home, such as closing costs and legal fees, which tend to add on an additional 3% to the purchase price. Like with most “big purchases,” you should always plan to have to pay “a little extra.”

When deciding to buy a house and figuring out how much to spend, there are a number of factors involved. Generally, it comes down to “the market” and “your bank account.” With the market, take a look around at neighborhoods you’d consider to be in the price range you’d like to pay. A home in East Amherst, for example, is probably going to cost more than a home in Depew. You’ll want to explore areas pertaining to their quality of schools, crime stats, amenities and more. When looking at a map, you can circle places you think you’d be comfortable living in that also happen to be places you think you could afford. Next, consider your bank account. How much money have you saved up for the big purchase? Do you have a steady income for the foreseeable future? Ideally, you want to find a house that makes sense for your current financial situation, in an area where you’d like to live.

For those of you who like to “do the math,” take your annual salary and multiply it by either 3 or 4 to give you an idea of the price(s) of homes you should consider. For example, if you make $50,000 a year, multiply that by 3 and you’d be looking to buy a house for $150,000. You can also think of the cost as “how much per month will I be paying for this?” In order to find that number, use your monthly after-tax income figure and subtract your current debt payments. Then, multiply that number by 25% to find out what you truly can afford to pay on a monthly basis for your new home.

If you need help determining the right Western New York houses for your budget, contact Donna Littlefield today.

Things to Consider When Searching for a New Home

April 7, 2017 by dl2 Leave a Comment

Just like in business, where location is “everything,” the same can be said for house hunting. Indeed, that’s the number one thing to consider when searching for a new home. Location determines so much– from commute times to how big (or small) your yard will be. It’s important to research locations and do a pros/cons list of each one, ultimately deciding a “top 3” list of potential locations where you could see yourself living comfortably.

With regards to location, there are several factors. For most people, it’s “how close to work is it?” If you have a job in Rochester, but live in Buffalo, that one and a half hour commute might not be ideal, especially in winter. But if you have a job in Tonawanda and a house in Wheatfield, that fifteen minutes or less commute works well.

Many couples who want to get married have to decide where they’ll live. What happens when she’s used to living in the rural country and he’s a suburban guy at heart? Perhaps they compromise and choose to live in an area that straddles the border between rural and suburban.

How much does public transportation matter to you? Do you have a need to be close to things like Tim Horton’s, Wal-Mart, and/or a certain mall? What about a church you attend or a school system you’d like your kids to be enrolled in? Location matters– a lot! Spend time in the neighborhood(s) you’re thinking of moving to, both during the day and at night, to get a proper “real feel” for what life is like there. Does a siren from a firehouse go off too many times nearby? Are there noisy train tracks in the vicinity? What about industrial smokestacks around the area? Of course you’ll also want to consider how safe a place feels: can you walk outdoors, alone at night and feel good about sending your children outdoors to play?

Searching for a new home also involves your personal situation and what your future holds. For instance, one woman who is single and in her early sixties currently lives in a two-story home may love her property, but she may be worried that as she gets older she won’t be able to easily climb up and down stairs, and may prefer a ranch home elsewhere.

Other things to take into consideration about a potential new place to live include aesthetics: does the new place look nice? Could you see yourself living there? Does the feel of the house fit your personality and lifestyle? Is there enough room for your stuff? How’s the landscaping?

Finally, people tend to focus on bedrooms, bathrooms and kitchens, since those are places in a home where they spend the most time. Therefore, pick the home which offers the best versions of those rooms to meet your specific needs.

If you need help finding the right home for your needs in Western New York, contact Donna Littlefield today.

Things First Time Homebuyers Should Know

March 9, 2017 by dl2 Leave a Comment

Buying your first house is a big deal. It’s also not something you do everyday. Before you take the plunge and buy your first house, there are plenty of things to consider.

First, it’s all about the money, isn’t it? It comes down to this: how much can you afford? Think about how much money you have saved up over the years. Then talk with mortgage brokers to see what options are available to help finance your purchase. Factor in other costs, such as yearly taxes. Some homes can have taxes that are cheap– say, $600 a year– while others, especially if they’re near water like the Niagara River, can have taxes over $10,000 a year. Do some calculations and come up with the best price range for your situation. Most first time homebuyers around Western New York tend to pick homes in the $70,000 to $159,000 range.

When meeting with a mortgage broker to discuss buying a house, they’re going to want to know your credit score. The higher the score the less risk you pose to them. In other words, they don’t mind lending money to people with high credit scores because it’s easily assumed they’ll get paid back on-time and in-full. So, if you have a “low” credit score, it’s time to stop buying things you don’t need using your credit card. Pay down your debt. That can help improve your credit score, and you’ll want to aim for this months in advance before talking with a mortgage broker.

Since buying a house involves a big amount of time, money and sweat, it’s best to consult with a realtor. He or she knows more about the process of buying a house than you do. Their expertise, especially at negotiation, can prove invaluable when buying a home. It’s better to have a realtor as your trusted advocate than to go it alone.

Also, consider having the home inspected before you buy it. This way you know, for sure, if there are any problems with it that could/should be fixed before you take ownership. You’re better safe than sorry– an inspection report gives you a detailed idea of exactly what you’re getting into!

Take time to familiarize yourself with real estate terminology so you’re not ignorant. For instance, look up the terms “down payment,” “closing costs,” and “real estate comps” using Google.com so you’re informed about the process. Real estate, like sports, has its own language/jargon.

For help buying your first home in Western New York, don’t hesitate to connect with real estate broker Donna Littlefield. Her number is 716-578-1788 and she specializes in Wheatfield, Pendleton, and Amherst, which are all desirable northern suburbs of Buffalo, New York.