Category: News and Information

Before Buying A Home In Orlando

Posted on by Jenny Zamora

Things To Do Before You Buy A Home In Orlando

Do your homework before you buy a home. Buying a home will be one of the most important decisions that you will make in your lifetime. Most home buyers get a bit overwhelmed when they realize that they are about to be on the hook for an enormous debt for the next several decades.

In order to avoid these feelings of doubt and anxiety is to make sure that you’re buying a home that you can really afford. Here are some tips you can use that will help you to make good choices when it comes to buying a home.

 Figure out how much you can afford.

As a rule of thumb, you can generally afford a home between 2 to 3 times your annual gross income. It’s important to consider all costs involved with owning a home like property taxes, homeowners insurance, HOA fees if applicable, maintenance, utilities, etc.

In addition to costs associated with the home, you must also include your own personal expenses like food, health insurance, daycare, car insurance, etc. Make sure to include everything no matter how small the expense.

 What type of home suits your needs?

Wanting something and needing something are two very different things so be realistic when you’re making your home wish list.  Make a list of certain things that the home must have in order to meet your family’s needs then make another list of things would like but don’t really need. This will help you to focus on the things that are truly important when shopping for a home.

If you really want granite countertops and high-end appliances and it fits your budget, then go for it. Just make sure that you’re being realistic with yourself.

 Figure out where you want to live

 Then decide what your second and third choice would be for the neighborhood you choose to live in. Ask your Realtor for recommendations about neighborhoods based on your priorities. Don’t settle for a neighborhood that you really don’t want to live in. You will surely regret it.

 Save for the down payment 

Remember when your mom and dad told you to save for a rainy day? Well look up and you’ll see the clouds starting to form. Generally, to get the best terms on a loan, you should plan on coming to the table with at least 20% of the purchase price. If you go lower than 20% then your lender will require you to get PMI [private mortgage insurance] which will add between $200 to $300 to your monthly mortgage payment.

Also, keep in mind that the less you put down, the higher your loan amount will be and the higher your payment will be. If you’re a first-time homebuyer, It’s also a good idea to see if you qualify for any state or federal programs that help with down payment assistance.

 Be clear on the closing costs

Consult with your real estate agent about all the additional costs involved with a real estate transaction, especially the ones that you’ll be responsible for. Items like transfer fees, home inspections, attorney fees, etc. can add up to a substantial amount.

Consult with your realtor about negotiating the closing costs with the seller before committing to anything. Like my teacher said on the first day of real estate school…Everything in real estate is negotiable. Sometimes it comes down to the realtors involved in the transaction. If the listing agent is more experienced and a better negotiator, then chances are the buyer will get the short end of the stick.

Get pre-qualified for a loan

There’s a ton of paperwork involved with getting a loan, so be prepared. Lenders require proof of income, bank statements, w-2’s, etc. The smart move is to get pre-approved before you even start looking at homes. That way you know exactly how much you can afford to pay for a house and you’ll be ready to submit an offer right away. There’s nothing worse than finding your dream home only to find out that it’s out of your budget.

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Orlando Realtor- Seller Series part 4

Posted on by Jenny Zamora

 

In this week’s edition of the 6-part “Orlando Realtor Seller Series” we over some tips for staging a home properly for maximum profit in the least amount of time without breaking the bank.

 

By properly staging a home before a showing, it can increase your net profit at the closing table. There are some rooms that are more important than others in the home staging process. It’s also important to spend whatever budget you have for staging on items that will give you the highest “return on investment” or [ROI].

 

Homeowners wanting to sell, shouldn’t start spending money on staging a home without first consulting with an Orlando Listing Specialist.

 

Following are some simple tips that you can implement right now.

 

The first thing you should do is clean and de-clutter the home. Move any furniture or personal items that can make the home look smaller into the garage or storage facility. Just this step alone can make a huge difference in the overall appearance of the home and doesn’t cost much to get done.

 

To enhance the curb appeal of a home, the best thing to do is start with touching up the exterior paint if needed. Your paint color can be matched at any paint store so you shouldn’t need to buy much if you’re only touching up. The landscaping is also important for curb appeal. I’m not saying to spend thousands on new landscaping, usually, all it takes is keeping the lawn mowed and then trimming the trees and bushes. You never get a 2nd chance to make a first impression so make it a good one!

landscape

 

Touching up the interior paint where needed is also a good idea before showing the property. In some rooms, you may even want to consider painting the entire room, especially if the paint looks worn or makes the room look dark and depressing. If the home is in need of an overall paint job, you may want to consider hiring a professional painter. New paint on a home always yields one of the highest returns on your investment when it comes to home improvement.

 

Adding some color with fresh flowers on showing days or a new welcome mat can also make the home look more appealing. These tips on enhancing a home’s appearance are low cost and easy to do.

 
By properly staging a home before showing it, not only will you increase your chances of selling it faster, but you’ll probably get more money at the closing table.

 

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Top Low-Cost Improvements For Selling Your Orlando Home

Posted on by Jenny Zamora

Top Improvements For Selling Your Orlando Home

These days there’s more competition for home sellers than ever. To stay ahead of the competition sellers would be wise to utilize the most cost-effective ways to improve their homes making them more attractive to potential buyers.

Typically, there are 2 categories that home improvements fall into. There is the kind of improvements that you do because it’s something personal to you that doesn’t necessarily increase your home’s value, and there are the improvements that you do with the sole purpose of increasing your return on investment.

There are other factors that affect property value that you can’t control like the state of the current housing market in relation to the timing of your sale. Following are some suggestions that will be helpful to you when getting your Orlando home ready for sale.

Clean and De-Clutter

As an Orlando Listing Agent, it’s routine for me to ask my sellers to clean, de-clutter, and organize their homes prior to putting them on the market. This is also the absolute best home improvement you can do for the highest return on your investment. It doesn’t cost much to get some cleaning supplies and get to work.

Move any pieces of furniture that can make the room feel smaller and get rid of as many personal items as possible. Potential buyers want to picture what it will feel like when they live in the home so show them a clutter-free and clean space and let their imagination do the rest.

 Fresh Paint

Coming in at number 2 on my list is new paint. This is hands down the most cost-effective way that a homeowner can make the biggest impact on the appearance of their home without breaking the bank. I advise all listing my clients to fill in any cracks or dents on the walls as well as any minor drywall repairs that need attention before hitting the walls and ceiling with a fresh coat or two of paint.

It’s also a good idea to stick with neutral colors whenever possible. Just because you like super bright and flashy colors, it doesn’t mean the rest of us to do. By using wites and off whites, you can’t go wrong with any buyer. These colors are not offensive and can easily be painted over without too much work.

Landscaping

The first thing a potential home buyer sees when driving up to your house is the landscaping. I’ve had times when I go to show clients a house and when we pulled up to the property, they decide they don’t want to go in just based on what they see outside.

Most of the time, all it takes is a bit of trimming, mowing, and weed pulling to give the home a landscaping facelift. Trim the bushes below window height, prune overgrown trees and shrubs, plant a few annuals for color, and mulch in the beds. You’ll be surprised at what a huge difference this can have on your home’s curb appeal.

We can easily continue on with other home improvements like kitchen and bathroom remodels, new flooring, etc. However, these improvements can be very costly and this article is about “low-cost” improvements so I will end it here.

For more tips on how to get your home ready for the Orlando real estate market, feel free to visit our site at https://orlandorealtyconsultants.com/ or contact us at 407-902-7750.

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Orlando Homeowners Embracing The “Green Home”

Posted on by Jenny Zamora

With all the rage about “Going Green” lately, more and more Orlando home buyers are inquiring about green features when considering properties.

There is soo many advantages to making your home a “Green Home” and homeowners are steadily waking up and joining the going green revolution regardless of whether they’re of selling or staying put.

It just makes sense. Going green increases the value of a property by making it more attractive to environmentally conscious buyers as well as lowering your monthly energy bill.

 By making a few simple changes like using energy-saving light bulbs and appliances, using a tankless water heater system, and tinting your windows, homeowners can add legitimate value to their homes.
 Here’s a quick list of things that you can do to make sure that your home is as green as can be for the echo-friendly buyer.

Simple Green Updates That Don’t Cost A lot Of Green 

Update The Lighting. By using LED and CFL low energy bulbs you can save as much as $6.00 per year on a single light bulb! That may not sound like a lot but I bet if you count every light bulb in your house and multiply that number by 6 I bet you’ll feel differently. Also, the amount of energy being used is about 75% less than with traditional bulbs.

Install A Tankless Water Heater. Traditional water heaters store a lot of water and as a result, they have to consistently heat and reheat all the water in the tank whether it gets used or not. Tankless water heaters don’t store water and because of that, they use about 50% less energy than a traditional water heater. Also, with these water heaters, you will never run out of hot water again. The water gets heated instantly by the coils contained within the unit only when you need it.

Update The Appliances. By using “Energy Star” appliances you can save some serious green over the course of a year. Sure they cost more than traditional appliances but soon they will pay for themselves because they use anywhere from 20% to 50% less than traditional appliances. Make sure to let potential buyers know how much you’re saving on the electric bill because of the appliances.

Update The Bathrooms With Low-Flow Fixtures. By using low-flow showerheads and toilets, you can reduce household water consumption by up to 50% without sacrificing water pressure. Again, there is more of an upfront cost by switching to these fixtures but well worth it in the long run.

Install Energy Trackers. You can keep track of how much energy each appliance in your house uses or for around three hundred dollars you can have a device that will monitor the energy usage of your entire home that provides you with real-time feedback on how much energy you are using and how much you’re wasting.

There are a gazillion models to choose from these days and with the new technology, they’re even syncing them with smartphones and Ipads.

Whether you’re selling your home or planning on staying for a while, turning your home into a “Green Home” just makes sense. If you want to sell, then your home will have an added value that most other homes on the market won’t be able to compete with.

On the other hand, if this is your dream home where you plan on spending your golden years, then you can start saving big money as well as help save the planet. It’s a win-win no matter how you look at it.

 

 

 

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How Will A Short Sale Affect Your Credit?

Posted on by Jenny Zamora
short sale realtor orlando

How Will A Short Sale affect Your Credit?

Over the years I’ve gotten this question more time than I can remember. “How will a short sale will affect my credit?”

A short sale can have a lot less of an effect on your credit score than a foreclosure. But, it must be done correctly.

Short sales can happen if a lender agrees to accept less than the amount owed against the home because there is not enough equity in it to pay all costs of the sale.

It’s important to note that not all lenders will agree to a short sale.

If your request is approved, your agent should ask your lender to report the short sale as “paid in full,” as part of the negotiation.

There have been reports that a short sale has about the same impact on your credit score as a foreclosure. However, from experience with our own clients, that’s never been the case.

Most of the time, sellers that have completed a short sale report that their credit score only dropped by 100 points or so, which can be easily fixed by any decent credit repair company.

The biggest advantage of a short sale, as opposed to a foreclosure, is that you will be able to qualify to buy another home within two years as opposed to five to seven years after a foreclosure.

I hope this video was helpful, If you still have questions, feel free to contact us at 407-902-7750 or visit us at https://orlandorealtyconsultants.com/short-sales/

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