Posts with tag 'Buying a house'

Buying a home for the first time can be a challenge. At Cressy & Everett Real Estate, our real estate agents are always there to advise you. That means not only finding you the best South Bend homes for sale, but helping you make the right choices every step of the way.

Buying a home may seem intimidating at first, but there's good news. Many buyers simply jump into the process with both feet. If it throws them a curveball, they often end up having to walk away from the home they want. By spending some time researching – like you're doing right now – you are much more likely to succeed.

Your real estate agent is there to guide you, but in the end, you make all the decisions. So, the more you know about buying a property, the easier it'll be. A little knowledge goes a long way! Here's how to beat the odds as a first-time homebuyer.

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If you're tired of paying rent but would like to pay a bit less than a typical single-family home costs, buying a condo in Saint Joseph, MI can offer the best of both worlds for some buyers. You'll own your unit and will build equity, but outside maintenance will be taken care of. In addition, prices for condos tend to be less than those for single-family homes.

Our real estate agents suggest the following five things to look for if you're thinking about buying a condo:

1. What amenities are available?
   One advantage of condo living is that you may be able to enjoy amenities that many homeowners don't have. St. Joseph has some high-end condos with water views, so you may be able to have some impressive extras that might not have fit into your budget otherwise. You may also have access to other amenities such as a pool, tennis court, greenspace or fitness center. And if you like to socialize, look for a community that hosts events for its residents at the property's clubhouse.

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There may be a point when you're faced with a sudden transition and have to purchase a new property even before you sell your old one. In this scenario, you might wonder if you should apply for a bridge loan to span the gap between the sale and purchase. Our real estate agents explain how bridge loans can ease the transition from one house to another.

What Are Bridge Loans?

Also known as "gap financing," bridge loans are temporary loans used in residential and commercial real estate. They provide a lifeline for buyers who are eager to buy a new home before they've sold their current one. Unless you have enough cash for the down payment, it can be hard to qualify for a loan to finance a new home while you're still saddled with mortgage payments on your current home.

With a bridge loan, you'll use the loan amount as the down payment for your new home, which makes the process go more smoothly. And like home equity loans, HELOCs, and mortgages, your current home will serve as collateral. You can then move into your new home and start focusing on selling the old one.

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When you're looking to buy a home, there are plenty of things to think about. Not the least of which is whether or not you want a home that can accommodate your parents, grandparents, or even your kids years down the road if necessary. We always hope that our elders and children live long, healthy lives, but there are times where they need help from family members.

Our real estate agents understand the challenges to multi-generational homebuyers, so we've put together these five tips for buying with a multi-generational focus.

1. Why Consider Multi-Generational Living?
   You never really know what's waiting around the corner, but keeping a close eye on what's happening currently with both your family, as well as economic conditions, can help you buy now for later.
   
   Multi-generational homes have been around for decades, but the market crash of 2008 made them a mainstay in the housing industry. As the housing market plummeted, more and more families were forced into single homes. Parents moved in with children, grandparents moved in with grandchildren, and children moved in with both.
   
   All of that to say, know what you may be in for based on your family's dynamics.

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While some people buy homes as investment property to supplement their income, others are making it their sole source of income. Additionally, income-earning home purchases are taking on different forms as homebuyers are becoming more creative with exactly how they use their new digs to gain wealth.

With so many competitive South Bend homes for sale, there's no doubt that there's an income-earning home just waiting to be purchased, but when should you consider an income-earning home or investment property? Let's take a look.

• Rental Property
  Rental property is probably the number-one way buyers are getting into income-earning homes. In relatively high turnover areas such as large cities and areas near colleges, rental property can be a wise long-term investment for the savvy investment property owner.
  
  Unfortunately, many rental property investors initially forget the fact that with rental property comes a number of issues, including finding renters, upkeep, maintenance, and making sure bills are paid, all while realizing an income. If you're looking to purchase strictly for rental property, make sure you establish a business entity and speak with your CPA or financial advisor first.

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