Buying vs Renting: Is Buying Your Best Option? | HTH 007

03/05/19 • 44 min

This week, Thyda Sim from Keller Williams Realty joins Aaron and Tracy to discuss whether buying a home is still the best option in the current market. We find out whether you really need to save a 20% downpayment, if renting is just throwing your money away, and what additional costs you should consider before deciding to buy.

LET’S CHAT!

You can always call and leave your questions and comments on our voicemail!

978-709-1040

FAST Facts:

1. According to Realtor.com the average US Homeowner is 55 years old.

2. According to Zillow: In 1980, the median price of a home in the US was $47,200 and has risen to over $200,000 in 2018 while the median rental price for a home in the US is $1,650/month

3. According to Zillow the average home value in the US has risen over 7% in the past year.

4. According to Experian, the average mortgage debt in the US for 2016 was nearly $200,000

THYDA’S TIPS:

If you’re renting you’re paying someone else’s mortgage. Look at owning a home as your retirement plan.

Needing 20 percent down is a misconception. There are tons of programs that can get that way down, speak to a lender and/or agent.

It’s attractive to make a clean offer or offer to cover some closing costs.

Writing a personal letter to the seller is a great way to get noticed.

Best time of year to home shop is the Fall/Winter months.

TOP TIPS FOR BUYING A HOME:

Take a deep look at your finances

How long are you going to be there?

Find a really great agent

Location! You can change your home but you can’t change your location. Do your research.

THE PROCESS:

Speak to a lender to look at your finances and get a preapproval letter.

Find the right house and put in an offer.

Open escrow

Close escrow, sign loan paperwork, sign title and you’re set! (She makes it sound easy, huh?)

AARON MENTIONED:

Have your pre-approval letter adjusted to a price you feel comfortable (if too high).

TRACY MENTIONED:

She accidentally referred to this documentary as “Minimalist”, but it’s actually “Minimalism”- https://minimalismfilm.com

VOICEMAIL QUESTIONS:

Q: What are the first steps for financing your home?

A: Find an agent that can sit down and talk to you about the steps to buying your first home. Get your credit checked and get a pre-approval letter.

HEY, THYDA!

Website | http://simteamrealty.com

Email | [email protected]

Website | https://howtohome.com/

Instagram | http://bit.ly/2WqVfSp

Twitter | http://bit.ly/2RRyYij

Facebook | http://bit.ly/2MC3Hdc

Youtube | http://bit.ly/2SifqTH

SUBSCRIBE to the How to Home Podcast:

Itunes | https://apple.co/2DL0lSp

Android | http://bit.ly/2B9k7Fm

Stitcher | http://bit.ly/2DM0W6c

Spotify | https://spoti.fi/2GcRCKo

THANK YOU TO OUR SPONSOR FILTERBUY.COM

LET’S CHAT!

You can always call and leave your questions and comments on our voicemail!

978-709-1040

FAST Facts:

1. According to Realtor.com the average US Homeowner is 55 years old.

2. According to Zillow: In 1980, the median price of a home in the US was $47,200 and has risen to over $200,000 in 2018 while the median rental price for a home in the US is $1,650/month

3. According to Zillow the average home value in the US has risen over 7% in the past year.

4. According to Experian, the average mortgage debt in the US for 2016 was nearly $200,000

THYDA’S TIPS:

If you’re renting you’re paying someone else’s mortgage. Look at owning a home as your retirement plan.

Needing 20 percent down is a misconception. There are tons of programs that can get that way down, speak to a lender and/or agent.

It’s attractive to make a clean offer or offer to cover some closing costs.

Writing a personal letter to the seller is a great way to get noticed.

Best time of year to home shop is the Fall/Winter months.

TOP TIPS FOR BUYING A HOME:

Take a deep look at your finances

How long are you going to be there?

Find a really great agent

Location! You can change your home but you can’t change your location. Do your research.

THE PROCESS:

Speak to a lender to look at your finances and get a preapproval letter.

Find the right house and put in an offer.

Open escrow

Close escrow, sign loan paperwork, sign title and you’re set! (She makes it sound easy, huh?)

AARON MENTIONED:

Have your pre-approval letter adjusted to a price you feel comfortable (if too high).

TRACY MENTIONED:

She accidentally referred to this documentary as “Minimalist”, but it’s actually “Minimalism”- https://minimalismfilm.com

VOICEMAIL QUESTIONS:

Q: What are the first steps for financing your home?

A: Find an agent that can sit down and talk to you about the steps to buying your first home. Get your credit checked and get a pre-approval letter.

HEY, THYDA!

Website | http://simteamrealty.com

Email | [email protected]

Website | https://howtohome.com/

Instagram | http://bit.ly/2WqVfSp

Twitter | http://bit.ly/2RRyYij

Facebook | http://bit.ly/2MC3Hdc

Youtube | http://bit.ly/2SifqTH

SUBSCRIBE to the How to Home Podcast:

Itunes | https://apple.co/2DL0lSp

Android | http://bit.ly/2B9k7Fm

Stitcher | http://bit.ly/2DM0W6c

Spotify | https://spoti.fi/2GcRCKo

THANK YOU TO OUR SPONSOR FILTERBUY.COM

Previous Episode

Architectural Design & Permitting: Make the Right Choices for Your Project | HTH006

This week, 'Ultimate Drafting Pro' Ricky Maciel joins Aaron and Tracy to talk all things design and permitting. We discuss how to pick the best professional for the job, why permits are often necessary and how to find out if you’ll need one for your home project!

LET’S CHAT!

You can always call and leave your questions and comments on our voicemail!

978-709-1040

TIPS FROM RICKY:

Visit your city’s website or call Building and Safety to find out if the project you want to do requires permitting. You can also pull records there.

Anything is doable structurally it just depends on your budget.

Once you submit plans to the city you can make changes, but they have to be approved. Tracy suggests having a clear vision and asking lots of questions before submitting plans to the city.

Talk with contractor about costs before submitting plans.

Open up walls or check in crawl space/attic to find out if your walls are load-bearing.

Your contractor will arrange the inspection and make sure it matches the plans. If you have something unrelated that’s unpermitted they may catch it in their walk through.

Cost range depends on the scope of the work. From 2k-18k

Homeowners need to be on the same page before starting the process.

Permits are created to protect you. Pulling permits is important for your family’s safety.

Not pulling a permit can affect your ability to sell your home.

As a buyer you can also pull records to find out if a potential home is up to code (usually real estate agents disclose this).

THE DIFFERENCE BETWEEN AN ARCHITECT AND DESIGNER

Architects are state licensed.

Designers are usually more cost effective.

FACTORS TO CONSIDER: - Historical locations have restrictions.

How is the house is being supported- structure and foundation.

Will you fit within the parameters of the planning department.

SOFTWARE TO HELP YOU PLAN YOUR SPACE:

Google SketchUp- https://www.sketchup.com

Home Designer Pro- https://www.homedesignersoftware.com

WHAT TO LOOK FOR IN AN ARCHITECTURAL DESIGNER:

Experience

Past projects. Have they done something similar to what you want

Have they worked locally?

CONTACT RICARDO:

UltimateDraftingPro.com

[email protected]

Website | https://howtohome.com/

Instagram | http://bit.ly/2WqVfSp

Twitter | http://bit.ly/2RRyYij

Facebook | http://bit.ly/2MC3Hdc

Youtube | http://bit.ly/2SifqTH

SUBSCRIBE to the How to Home Podcast:

Itunes | https://apple.co/2DL0lSp

Android | http://bit.ly/2B9k7Fm

Stitcher | http://bit.ly/2DM0W6c

Spotify | https://spoti.fi/2GcRCKo

THANK YOU TO OUR SPONSOR FILTERBUY.COM

Next Episode

Interior Design: Creating Your Dream Space | HTH 008

Leigh Lincoln & Aly Morford from Pure Salt Interiors join Aaron & Tracy this week to give us their top interior design tips! We discuss how best to approach a space, which colors provide a timeless palette, and how to effectively combine style, simplicity and function for a beautiful home.

LET’S CHAT!

You can always call and leave your questions and comments on our voicemail!

978-709-1040

LEIGH AND ALY’S TIPS:

White is a great neutral canvas, but avoid a sterile space by incorporating texture!

Marry design + function.

You’re not limited in color with kids if you find the right materials.

Be patient and trust the design process.

Dream up a cohesive vision for your home.

There ARE designers out there for every budget- don’t be intimidated to reach out to designers in your area.

Prioritize what you invest in.

Check out flea markets for affordable pieces. The ladies are also fans of Target and Etsy.