Kim Daneault
KELLER WILLIAMS REALTY / Metropolitan | 603-345-7783 | [email protected]


Posted by Kim Daneault on 5/24/2020

Do you ever wish that they taught a class in high school called, “Things You’ll Actually Need to Know In Life?” You’d learn how to prepare your taxes, what investing is, and how to buy a home.

Unfortunately, all of these important life lessons tend to be self-taught; you pick them up along the way and learn from your mistakes.

However, it needn’t be that way. Our goal today is to give you an accurate idea of what to expect when you’re buying your first home. We’ll go over a typically home buying timeline and discuss how long each step can take. This will give you a better idea of how long it will take to close on your first home.

Step 1: Build credit and save for a down payment

Estimated time: 2+ years

The first step of buying a home is to make sure you’re financially secure enough to do so. While there are ways to purchase a home with low or no down payments (See FHA, USDA, and VA loans), generally it’s wiser to wait until you have a sizable down payment saved. This will save you money in interest and mortgage insurance in the long run.

Next, you’ll need to start working on your credit. If your credit score took some hits due to late payments when you were younger, now is the time to start fixing those mistakes by making on-time payments and paying off outstanding balances.

Step 2: Have a plan for the next phase of your life

Estimated time 6+ months

One of the most important, and least talked about, parts of buying a home is understanding what it means to own a home. If you have a spouse, partner, or family, you’ll need to be in agreement that you’re prepared to stay in one place for the next 5 or more years.

Buying a home is expensive and you won’t want to go through the process of closing on a home if you aren’t sure you’ll stay. This means making sure your career won’t bring you elsewhere in the near future.

Step 3: Get prequalified and preapproved

Estimated time 1-3 days (depending on how much initiative you take)

Getting prequalified for a mortgage takes minutes. You simply fill out an online form and the lender will give you an idea of the type and size loan you could qualify for. Be forewarned: they’ll also use this information to call and bother you about getting a mortgage from them.

Once you’re prequalified, it’s just a matter of working with the lender to provide the correct documentation for pre-approval.

Getting preapproved takes a bit longer (1-3 days), since it requires a credit check and some work on your part--namely, gathering and sending income verification.

Once you’re preapproved, you can safely start shopping for homes without worrying that you’re wasting time looking at homes that are overbudget.

Step 4: House Hunting

Estimated time: 30+ days

It’s a seller’s market. So, if you’re buying a home right now there is competition out there. You’ll need to dedicate a substantial amount of time to researching homes online, contacting sellers’ agents, and following up on calls. Like before, the amount of effort you put into this process determines how quickly and smoothly you’ll get through it.

Step 5: Making an offer and closing

Estimated time: ~50 days

Average closing times for buying a home has grown to 50 days according to a recent study. However, by securing financing ahead of time and acting quickly, you can drastically cut down the time of these process to as little as two weeks.




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Posted by Kim Daneault on 4/12/2020

If you've set a goal of buying your first home within the next year, there are several things you can begin doing now to set the stage for a positive experience.

While it pays to familiarize yourself with everything from your credit score to mortgage options, choosing a good real estate agent will prove to be an invaluable advantage when navigating through the process of buying a home. An experienced, knowledgeable agent will help keep you on track, prepare necessary documents for you, and answer the myriad of questions that will occur to you.

Should you choose the first real estate agent you talk to? People occasionally find a perfect fit right off the bat, but it's often a good idea to interview a couple agents before you make your final decision. Having one or two points of comparison can provide you with a wider perspective of available choices.

Not only would you want to work with a professional who has a successful track record in helping first-time home buyers, but you also want to make sure your personality is compatible with your agent's communication style and energy level. Unless you stumble on the home of your dreams on the first day, you're probably going to be spending a lot of time with them. Most real estate agents do tend to be knowledgeable, resourceful, and service oriented, but your journey will be a lot smoother and more satisfying if you sign on with an agent who's a good match for your individual needs and personality.

One of the most effective ways to prepare yourself for a real estate search is to create lists of things you need to do, have, and schedule. It's also helpful to prioritize what you want in your ideal house. By identifying and reminding yourself of the features that are most important to you, you'll have a greater tendency to recognize what you want when you see it. You'll also find yourself communicating your needs and wants more clearly to your real estate agent. As is the case with any professional or personal relationship, good quality communication usually yields the best possible results.

As a home buyer, there are many property features and priorities you'll want to ponder and discuss with your significant other. In addition to your future home's square footage, bedroom space, and number of bathrooms, you may also be interested in the reputation of school districts, the character of neighborhoods you're considering, and the amount of privacy each property affords.

Another list worth compiling before you get too far into the house hunting process is a personal budget. By seeing how your income stacks up against your monthly expenses, you'll be in a stronger position to determine a realistic price range for your next home.





Posted by Kim Daneault on 3/8/2020

Home prices may vary greatly throughout the country. But, buying a home is most likely the largest purchase you will make in your life.

Deciding just how much to spend on your home isn’t just a matter of numbers--it also depends on your lifestyle and long-term goals.

In today’s post, I’m going to give you a few ways you can help determine how much is a safe amount to spend on your home so that you’ll feel confident moving into the home buying process that you’re making the best decision for you and your family.

Mortgage as a percent of your income

Like most large purchases, buying a home typically isn’t dependent on the amount you have in the bank. Rather, it depends on several factors including your income, credit score, and the type of lifestyle you want to maintain.

One of the simplest ways to determine how much house you can afford is to figure out what percent of your monthly income your mortgage and insurance will be.

For most homeowners, a mortgage payment that is 25% of their income or less is ideal. So, if you earn $6,000 per month, you don’t want your monthly mortgage payment to exceed $1,500.

This “25% rule” does have one flaw, however, and that does not--and cannot--account for each individual’s financial circumstances.

Let’s say, for example, that you earn $6,000 per month, but that you have a large monthly car payment and are trying to aggressively pay off your student loans. You might find that paying another $1,500 toward a mortgage on top of your current bills is bringing you over budget, especially when combined with your other monthly expenses and retirement contributions.

Plan for homeowner expenses

Another caveat to determining how much to spend on a home is that the home itself will require a budget for maintenance. When renting an apartment, repairs are mostly the responsibility of the landlord or property manager.

Homeownership, on the other hand, requires you to make the repairs yourself or hire a professional. And, if you neglect these repairs, you might find that they cost you even more in the long run or drive down the value of your home.

Create a comprehensive budget

Throughout a given person’s life, they’ll experience raises, promotions, layoffs, medical expenses, childcare costs, and any other number of financial changes. While it isn’t possible to foresee all of the financial fluctuations you’ll experience in life, it is always helpful to have a comprehensive budget.

What do I mean by “comprehensive budget”? The goal of a good budget is to know where each dollar of your income is currently going and to have a plan for each cent that you make. This is a proactive approach to budgeting that will give you an exact number for the amount you can afford when it comes to a mortgage payment.

Within your budget, it’s vital to account for things like an emergency fund, retirement, savings for vacations, and so on.

If you take this due diligence, not only will you have a better sense of where your money goes, but you’ll also be confident in knowing exactly how much you can spend on a home.




Tags: Buying a home   budgeting  
Categories: Uncategorized  


Posted by Kim Daneault on 1/26/2020

Ready to make your homeownership dream a reality? In some cases, you may need to submit a home offer that surpasses a home seller's initial asking price, and these cases include:

1. You've fallen in love with a house.

Once you've found your dream residence, you'll want to do everything possible to secure this home as quickly as possible. Therefore, if you fall in love with a house, you can submit an offer that exceeds a home seller's initial asking price in the hopes of streamlining the homebuying journey.

Of course, before you submit an offer on any house, it is paramount to understand what differentiates an average home from a great one.

A great residence is one that you can enjoy both now and in the future. It likely will require minimal initial repairs, and as such, will be worth your time and resources.

2. You are facing steep competition.

For homebuyers who are competing for a high-quality residence in a buyer's market, it often pays to submit a home offer that surpasses a homebuyer's initial asking price. By doing so, you can guarantee your offer will stand out from others and boost the likelihood of securing your dream residence.

In a competitive real estate market, there is no need to hesitate to submit an above-average home offer, either.

A home offer that impresses a homebuyer may set the stage for a quick home sale. And if you put your best foot forward with a home offer, you should have no trouble acquiring a terrific residence, regardless of the current housing market's conditions.

3. You have substantial financial resources at your disposal.

A diligent homebuyer may choose to get pre-approved for a home loan. As a result, this homebuyer may be better equipped than others to submit a home offer that is higher than a home seller's initial asking price.

For example, a homebuyer who receives pre-approval for a home loan can start the homebuying journey with a budget in hand. This homebuyer then can check out houses that fall within his or her price range. And after this homebuyer discovers the perfect house, he or she can make an above-average proposal to acquire the residence.

To get pre-approved for a home loan, a homebuyer should meet with multiple lenders. Next, this homebuyer can review various home loan offers and select one that corresponds with his or her finances.

Lastly, if you need extra support during the homebuying journey, it pays to collaborate with a real estate agent.

A real estate agent will help you evaluate a broad array of houses in your city or town. In addition, this housing market professional can help you put together the right offer on a house to ensure you can secure your dream residence in no time at all.

Take the next step to acquire your ideal house – reach out to a local real estate agent today, and you can move closer to finding and purchasing your dream residence.




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Posted by Kim Daneault on 1/5/2020

If you plan to buy a house, you may want to host a yard sale sooner rather than later. That way, you can sell items you no longer need and won't have to worry about moving these items once you find a new residence.

Ultimately, there are many reasons why it may be beneficial to host a yard sale before you kick off the property buying journey. These reasons include:

1. You can earn extra cash.

Let's face it – purchasing a home can be expensive, regardless of where you decide to live. Fortunately, if you host a yard sale, you can earn extra cash that you may be able to use to cover assorted homebuying and moving expenses.

Whether it's the costs associated with moving supplies or the closing fees on a new home, expenses can add up quickly during the homebuying cycle. Thankfully, by hosting a yard sale, you can simultaneously cut down on unwanted items and earn cash from these items.

2. You can start packing.

As you separate items you want to keep from those you want to sell, you can start packing for your eventual move. Thus, hosting a yard sale may help you kick off the process of moving from one location to another.

Of course, as you start packing, you also may want to reach out to local moving companies. This will allow you to learn about local moving companies, find out their rates and determine whether a moving company is a viable option for your eventual move.

3. You can move one step closer to finding your dream home.

Hosting a yard sale provides a great opportunity to connect with community members and tell them about your plans to search for a new house. In some instances, community members may be able to help you accelerate your search for your dream residence too.

A yard sale may prove to be exceedingly valuable for an individual who wants to start a house search soon. And if you are ready to explore the local housing market following your yard sale, you may want to consult with a real estate agent.

Typically, a real estate agent streamlines all stages of the homebuying journey. He or she will help you pursue houses in your preferred cities and towns so you can find your dream home. Then, a real estate agent will ensure you can submit a competitive offer to purchase your ideal residence. If your homebuying proposal is accepted, a real estate agent next will help you finalize your home purchase.

A real estate agent is an expert resource throughout the homebuying journey. If a homebuyer has questions as he or she searches for the right house, a real estate agent can quickly respond to them.

Host a yard sale before you purchase a house – you'll be glad you did. Because if you host a successful yard sale, you can take the next step to find and buy your ideal home.




Tags: Buying a home   yard sale  
Categories: Uncategorized  




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