Jan 1st every year many people set resolutions. Most are losing weight, get into shape, exercising, quite smoking, take control of their electronic devices rather than the devices controlling them. All good resolutions. What is surprising to me, the top 5 resolutions do not include financing. Every year my husband and I put together our resolutions and goals. Why both? Well, Resolutions is defined as “a firm decision to do or not to do something.” Goals, ” provide a direction to follow to achieve a desired outcome. ” hmmm could that be what you really want,” a desired outcome.” Resolutions and Goals work hand and hand. Financial goals can also help you achieve those personal goals. Financial goals should include saving for retirement, buying or selling a home, saving accounts, paying off bills to name a few. Doesn’t matter your age. Retirement should be a top resolution and goal. How much will you need when you want to retire. Noticed I said, “want to”. If you plan (I suggest you speak to a financial adviser), you can determine when you want to retire. Not when you must retire.
What about selling your home or buying a new one.
Is buying or selling a home one of your goals/resolutions? If it is, let’s do it the right way and plan it out. Talk to a Real Estate agent, (actually, you should interview no less than 2 real estate agents, same goes for financial advisers). An agent should be knowledgeable with your area. An agent should not come to your house the first time with a comparable market analysis (CMA) completed. How can they compare your house to others without seeing the inside of your home? You deserve better. This is one of the largest financial investment you make, and you are trusting that the value recommended has been researched to the best of their ability. An appraiser does not complete their appraisal without see the home. An agent will recommend to you what you need to do to get the most for your home. Do not reject their suggestions. Be open minded. Agents know what buyers today want. They talk to buyers everyday. You do not.
If your goal/resolution is to buy a home this year. The first thing you need to do is get your finances in order and get qualified for a loan. Talk to an agent who can recommend lenders. Ask the agent to recommend 2 or more lenders for you to speak with. While speaking to the lender, if the rate is too good to be true, it is. Ask each lender for an estimated closing sheet showing all costs related to the closing and what your monthly payment will be. Compare those numbers with other lenders. Agents can recommend different service providers. Inspectors, lenders, title companies, septic and well companies and so one. Agent do not and are not allowed to receive any kick back for the recommendations. You can use whoever you want. Remember, you can go on line and check their reviews. Most agents want to work with good service providers for the agent’s reputation is on the line every time they recommend someone. But at the end of the day, it is your choice who you want to use.
Stay tune for my next blog, until then, ALWAYS BELIEVE