Posts in category 'Buy A House'

Multigenerational households are growing rapidly.

The popularity of multigenerational households, where parents, children, and grandparents all live together under one roof, is a growing trend in the United States. It's known as "Multigenerational Living," and it's not going away anytime soon. A study by PEW Research found that in 2018, 20 percent of the U.S. population (64 million people!) were living in multigenerational homes. This is a significant increase from the 26.8 million people who lived this way in the 1960s.

When Our REALTORS® speak to families looking for multigenerational homes for sale in Brighton, they cite a variety of reasons including the rising cost of healthcare, family finances, and children who have moved back home after college. No matter what the reason, multigenerational living can and does work, as long as you have the right attitude and the right type of house.

So how do you find a home that's suitable for a larger number of people and designed to make everyone happy? Start with these tips.

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You've saved, you've planned, you've dreamed, and now it's time to buy. Buying your first home is a special time, but you don't want to let visions of sun-splashed lawns and breezy porches put you in a financial position you cannot maintain over time.

Ideally, you would start planning your finances for homeownership a year in advance of buying. But no matter the timeline, when you're looking at Howell homes for sale, keep these budgeting tips in mind:

• Doing The Math
  Take a detailed look at your income and any debts you already have, and consider the "25% rule." Experts say your mortgage should not be more than 25% – 29% of your income. Existing debts should be included in that percentage.
  
  One of the financial points mortgage lenders consider is your debt-to-income ratio. This is the percent of debt you have compared to your income. Generally, if your debt-to-income ratio is higher than 43%, you may be denied. Even if you found a lender willing to go over that ratio, you may find yourself struggling each month when that mortgage payment is due.

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So you've committed to buying a home, congratulations! Deciding to own a home is a big step, but there's still a lot more to work through before you move into your new digs. How you pay for that home is what we're talking about, and getting a mortgage is how to get there. As a first-time homebuyer, you likely have a lot of questions about getting a mortgage, so our real estate agents put together this list of tips for applying for a one.

First-Time Buyer Mortgage Tips

• What Can You Afford?
  This is a great place to start your mortgage journey, and it begins with affordability. Generally speaking, lenders will look at your finances and use approximately 25% of your gross income to project what you can or should afford in a mortgage. Using that formula, you can play around with the numbers. In other words, if you make $100,000 per year, then you should be able to spend around $25,000 on housing annually or about $2,000 per month.

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There is something special about a walk around the neighborhood.  More than a little bit of exercise, it is the perfect way to meet your neighbors which strengthens the sense of community.   When you're ready to begin your search for Brighton homes for sale, our REALTORS® will be prepared--with walking shoes on--to help you find the perfect neighborhood.

What is Walkability?

Walkability is a broad term that encompasses a neighborhood's walking trails, sidewalks, and pathways, as well as its proximity to schools, shopping, and recreation. Communities with high walkability scores are those that are pedestrian friendly and are well-connected to nearby attractions and amenities.

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Are you caught in the rental trap? If you are dreaming of buying your own home instead of renting, you might be unable to see a clear way to get there with the ever-rising cost of rental payments. 

So how does one escape this trap to begin paying off their own mortgage instead of your landlord's current mortgage? It might not be as hard as you think. Our REALTORS® offer these four ways to start saving to buy one of our Brighton homes for sale.

1. Work to reduce your current housing bills
   Ideally, you should be spending no more than 30 percent of your income on rent. If your current rental is eating up a higher percentage of your income than it should, consider a less expensive place. While downgrading may mean living with fewer conveniences and/or in a less desirable area, it could help you save for a down payment on a home of your own. Lowering your rent-to-income ratio can also help you create a more stable financial profile for yourself, which can be helpful when it comes time to apply for a mortgage loan.
   
   

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