Maria Milanes | Windermere Real Estate, Winter Garden Real Estate, Dr. Phillips Real Estate


Let's face it – the homebuying journey may prove to be an expensive experience. If you're not careful, you risk overspending to acquire your dream house. On the other hand, if you purchase a home without identifying underlying structural problems, you risk costly home repairs down the line.

Ultimately, it helps to establish a budget for the homebuying journey. If you have a budget in place, you can increase the likelihood of having the necessary funds on hand to overcome many potential homebuying hurdles.

You should have no trouble creating a homebuying budget, either. In fact, here are three tips to help you put together a budget for the homebuying journey.

1. Assess Your Financial Situation

If you intend to purchase a house in the foreseeable future, you'll want to take a close look at your finances. By doing so, you may be able to reduce your monthly spending and use your savings to accelerate the homebuying journey.

It often helps to assess your daily, weekly and monthly expenses. Then, you may discover bills that you can cut from your everyday budget.

For example, you may enjoy dining out regularly, but cooking at home may prove to be more cost-effective. And as you reduce your dining expenses, you can save money that you can use toward the down payment on a new house.

2. Obtain Your Credit Score

Believe it or not, your credit score can make a world of difference in your quest to acquire a house. If you check your credit score, you may be able to find ways to improve your credit score prior to kicking off a house search.

You are eligible to receive a free copy of your credit report from each of the three reporting bureaus (Experian, Equifax and TransUnion). Take advantage of this perk, and you can learn your credit score in no time at all.

Remember, your credit score may have a major impact on your ability to land a favorable mortgage. And if you find that you have a below-average credit score, you then can pay off outstanding debt to improve it before you start your search for a new home.

3. Get Pre-Approved for a Mortgage

Pre-approval for a mortgage is ideal. With a mortgage in hand, you can enter the real estate market with a budget for buying a house.

To get pre-approved for a mortgage, you should meet with banks and credit unions. These financial institutions can offer insights into a variety of mortgage options and help you make an informed mortgage selection.

Lastly, as you prepare a homebuying budget, you may want to collaborate with a real estate agent. This housing market professional can help you hone your home search to residences that fall within your price range. Perhaps best of all, a real estate agent will make it simple for you to avoid spending too much to acquire your dream house.

Get ready to buy a house – use the aforementioned tips, and you can establish a successful homebuying budget.


When it comes to home buying a home, there’s a ton of different information available out there. A lot of what has been presented as “fact” actually is quite false. These misconceptions could keep you away from achieving the very real dream of home ownership. Below, you’ll find some of the most common myths that you’ll find about home buying.


If Your Credit Score Isn’t Up To Par, You Can’t Buy


To get good mortgage rates, having a good credit score doesn’t hurt. You can still buy a home if you don’t have amazing credit. A low credit score means that your mortgage rates will be higher than the average. There are loans like FHA loans, that allow for you to get a loan with a credit score as low as 580. Don’t let a lower credit score discourage you from buying a home. If your credit score is low, there are plenty of things that you can do to help you fix the score in a short period of time.  


You Need 20 Percent Down To Buy A Home


This is a long-standing myth about home buying. While putting down 20 percent on a home purchase saves you the extra expense of Private Mortgage Insurance (PMI), you can still be in the running to buy a home if your down payment is less than 20 percent. There are even some home loan programs that allow buyers to put as little as 0-3 percent down for the purchase of their home.


You Have To Make A Lot Of Money To Buy A Home


Your monthly income is one of many aspects of your financial life that’s considered when you’re buying a home. Home loans can be denied to those who make a large income just as easily as to those who have lower incomes. What matters is the debt-to-income ratio, which tells lenders how much debt a buyer has compared to the amount of income the buyer makes each and every month. Keep your debt down, and you’ll be in good shape to buy a home. 


You Don’t Need To Be Pre-Approved To Get A House


Being pre-approved gives you an upper hand in the home buying process. Being pre-approved allows your lender and you to go through the entire process of getting a mortgage. When you find a home that you love, you’re able to breeze through the process of making an offer if you’re pre-approved. The pre-approval process is one of the most important aspects of buying a home. 


If you’re prepared with knowledge, buying a home isn’t such a daunting process after all. Find a realtor you trust, understand your finances, and the rest will fall into place!


Beautiful and spacious home featuring 5 bedrooms & 3 baths with approximate 3306 sqft, at a great community - Summerlake in Winter Garden. All appliances included. It has a large kitchen integrated with dinning room and living room. This is an amazing community, with tons of amenities, including clubhouse with lake view, resort style pool, fitness center, several soccer fields, basketball, playground, and much more.

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7617 LAKE HANCOCK BLVD, WINTER GARDEN, FL 34787  

Rental
$2,750
Price
5
Bedrooms
3
Baths
Beautiful and spacious home featuring 5 bedrooms & 3 baths with approximate 3306 sqft, at a great community - Summerlake in Winter Garden. All appliances included. It has a large kitchen integrated with dinning room and living room. This is an amazing community, with tons of amenities, including clubhouse with lake view, resort style pool, fitness center, several soccer fields, basketball, playground, and much more.


Attending an open house is a great way to learn a great deal about a home in a relatively short amount of time. It allows you to see inside the home with your own eyes, enabling you to notice details that are omitted in photos, whether it’s a noisy neighborhood or a smelly basement.

Aside from learning about the home, an open house is also an opportunity to help real estate agents learn about you. Being prepared and professional at an open house could set you apart from other, more casual, attendees helping you make a good impression.

Since most of us don’t attend open houses on the regular, and since there probably isn’t an Open House Etiquette 101 course you can take at your local college, it can be difficult to know exactly how to prepare for an open house. How should you dress? Should you take notes? Is it rude to take photos? Which questions are welcome and which should be avoided?

In this article, we’ll help demystify the open house, leaving you more prepared to leave a positive impression when you go to see what could potentially be your future home.

Appearance

How should you dress when attending an open house? An open house is neither a funeral nor a trip to the beach. The realtor showing the house likely isn’t a fashion critic-they’re there to answer your questions.

In most cases, casual clothing is appropriate. Since you’ll be touring the house and yard, however, you might want to avoid heels.

Questions and conversation

An open house is your time to learn all of the relevant facts about a house. Good questions to ask include upgrades to the house, how many offers it has received, and the current owner’s timeline (when they want or need to close by).

There are other topics you’ll want to avoid. Don’t ask too many personal questions about the sellers. It will make the real estate agent, understandably, uncomfortable. Also be sure not to reveal too many details about yourself. You don’t want to mention things like your spending limit as this will remove some of your powers of negotiation.

It’s okay if the furniture and decorations in the home aren’t your taste, but it’s a bad idea to criticize these items as you tour the house, as you may offend the agent or owners who have decorated.

Being respectful of the owner's’ space

Even though the house is for sale, it’s still someone’s home. It’s inadvisable to bring food or drinks without a secure cap into an open house.

We live in a time when everyone photographs and shares everything. But avoid the temptation to take photos when you’re at an open house. Would you want someone going through your home, taking pictures of your valuables, and then sharing them online? Instead, refer back to photos that are available online or from the agent.

When it comes to touring the house, all of the rooms should be viewable. In fact, if there’s a room you can’t enter for any reason this should raise a red flag that something is wrong with the home. However, just because you should look in the closets to get an idea of space doesn’t mean you should touch or go through the personal belongings of the homeowner.


Follow all of the above open house tips and you’ll be sure to leave a good impression.




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