Buying First Home

Buying a home for the first time can be overwhelming. As a knowledgeable professional it's my pleasure to answer your questions and I'm committed to making the home buying experience, satisfying one for you. To help you begin your journey, here are some answers to a few questions that the first time homebuyers may ask as they begin their quest to purchase their first home. Why should I buy instead of rent? A home is an investment. When you rent, you write your monthly check and that money is gone forever. When you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. you can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years, building equity for you. How do I know if I'm ready to buy a home? You can find out by asking yourself a few questions that will help guide you in your first purchase. Do I have a steady source of income? Have I been employed on a regular basis for the last 2 to 3 years? Is my current income reliable? Do I have a good record of paying my bills? Do I have a few outstanding long-term debts, like car payments? Do I have money saved for a down payment? Do I have the ability to pay a mortgage every month, plus additional cost? If you can answer, "yes" to these questions, you're probably ready to buy your own home. What is title insurance and why do I need it? An owner's policy of title insurance protects the buyer against loss for title threats undiscovered at the time of closing, and provides a defense in the event of claims against the title pursuant to the terms of the policy. How much money will I need upfront to buy a home? In general, you need enough money to cover three expenses: the earnest money (variable), down payment, and closing costs. In addition to the mortgage payment, what other costs do I need to consider? Utilities, property, taxes, homeowners insurance, and maintenance costs are a few of the extra expenses to be considered. Additionally, there may be homeowner association or condo association dues. How are pre-qualifying and preapproval different? Prequalification is an informal way to see how much you may be able to borrow. A preapproval is the lender's commitment to lend to you. Should I use a real estate agent? How do I find a good one? A good real estate professional can guide you through the entire process and make the experience much easier. All of the details involved in home buying, particularly the financial ones, can be mind-boggling. Start by asking your family and friends if they can recommend an agent. Look for an agent as well and understands your needs. The ideal agent knows the local area well and has resources in contact to help you in your search.

Searching for a Realtor? Be careful whop you choose and the outcome may be correlated. But, for not the reasons you may expect.

Let's start right out with spilling the beans: Realtors are and should be chosen baised on the positive impact they will have on the buying or selling of the real estate they are chosen to represent via a client. An unspoken yet commenly used theme and frequently discussed topic amoungst clients : how will their relationship with Realtor "Jane" affect our social structure? Of course it could be disasterous to choose a realtor or agent who isnt supported, prepared, or knowledgable. However, many dont realize thats exctly why they have the Realtor Designation in the first place. Not getting into passing all of my national and state tests in Ohio and Michigan let me tell you it's not as easily replicated as one may presume. Here is a list of the Code of Ethics from https://www.nar.realtor/about-nar/governing-documents/the-code-of-ethics Above are some of the primary factors one might concider in choosing a Realtor. Unfortunatly, none of this matters on the home buying/selling timeline until certain milestones are crossed..Many people beleive the realtor you talk to is the one that you need to employ. Thats just not true in practice or in theory because real estate should be discussed. Authors note: Ive never klnown what someone thinks when they meet me. When Im conducting business I kow that my knowledge, skills, and abilities completely cover any fidicuary duties..Kwowledge from this can come from a total of Zero bad reviews or citations in the 15 years of being a licensced Realtor and the 26 years of providing housing and real estate servicecs for people and businesses. So why do deals go sour?! Communication and Market Conditions.

PURPOSE and new number 260-221-9673

2595 Broadway Toledo Ohio 43609 (multi family investment property)

1 of the 3 transient rooming units . Minutes away from the Toledo Zoo, Walbridge Park, The Toledo Sailing Club and many more attractions including Downtown Toledo.

Along with ACCESS To the Anthony Wayne trail as well as I-75 The City of Toledo main downtown area is 3.3 miles away making for an easy commute . Description of the Zoning District is RM multi-family (residence municipality) with city of Toledo permitted uses included as group living or group rental. This multi dwelling structure is 2400 sq feet above grade and nearly 1400 sq feet below grade.

All units have updated appliances including refrigerator and oven. The whole building runs on a highly efficient (and quiet) boiler system. 3 separate meters. Located on the Maumee River with 50 foot of spacious waterfront.

Also checkout the means of egress for each unit and you will see there is potential for a 4th efficiency inside. 5 bedrooms , 3 kitchens, and 4 full baths.

Helpful tip: Schedule a vewing or contcact 419-261-0237 for an exclusive appointment

Preventative Maintenance Tips

Every winter we get uplifted by Family freinds and good eats.

While those sweet potatoes are cooking and granny has nodded off the eggnog and grandkids are hovering there latest remote controlled UAV around her nostrils, your gradually missing out on protecting your investments.....https://www.houselogic.com/organize-maintain/home-maintenance-tips/home-preventative-maintenance-checklist-5-critical-tasks/

For example here are a few things to take into account for your home.  Below are pictures  (mostly incorrect) for proper run off away from your home.  We have included narrative to help understand the necessary corrections.  Water damage can be a danger to any home or building so making sure there is eb and flow of your downspouts at least longer than the roofline and away to the furthest most lowest point of the yard.

 a no no

 better but needs more out spout tailing away from building 

 very deceiving, notice , over time these heavy concrete peices will fall into the ground and the  water will be heading toward the foundation

 this is better

 Water damage can be a danger to any home or building so making sure there is eb and flow of your downspouts at least longer than the roofline and away to the furthest most lowest point of the yard.

The following pictures are indications of the vents in your foundation which are crucial for proper air movement in the hotter months. I have included pictures of open vents. They can be often times hiding beneath decks or landscaping so if you are unsure hire a professional to look into your crawl space....don't forget the flashlight and mask.  ALLso make sure the are closed in the winter and the screens are free from debris because you do not want tiny guests nesting in the house or building.

If you are leaving town for a period of time it isVERY IMPORTANT IF YOU HAVE ANY QUESTIONS ABOUT VACANT BUILDINGS MAKE SURE YOU CONTACT The Department of Public Utlities and Have the water shut off.

 Below is a link to THE DPU.
http://toledo.oh.gov/services/public-utilities

HAPPY HOLLIDAYS

WYNTK about Financing a HOME

Thinking of buying a new home?  Before beginning your search start saving, budgeting and planning because it is helpful to know how much you can afford and what type of home you would like to purchase.  Traditionally lenders will allocate approximately 28% of your gross monthly income to housing expense.  Below are some links perhaps may help:

https://www.credit.com/loans/mortgage-questions/how-to-determine-your-monthly-housing-budget/

https://www.quicken.com/how-much-should-you-spend-rent-when-budgeting

Housing expenses include PITI- which stands for Principal, Interest, Taxes, and Insurance.  To get an idea of how much you can afford to pay each month for a house, multiply your gross monthly income by 28%. furthermore when coupled with outstanding loans the total for your debt service should not include 36% of your gross monthly income.  To increase purchasing power contact me at 419-261-0237 for a list of lenders that may be able lower interest rates with more liberal requirements.

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Hopefully your lender will take the guesswork out of applying for a loan by figuring out the amount you can afford to borrow.  Easily they can email you a print out of the maximum mortgage amount you qualify for.  This Preapproval will establish your price range and give you buying power by letting the seller know you have already been approved for the loan.


http://www.co.lucas.oh.us/DocumentCenter/View/55221

The above link will be helpful in understanding current tax laws in Lucas County.

For helpful videos👇

 https://youtube.com/c/RobleyAlbright

Mortgage interest, property taxes, and loan fees, or "points" are currently tax deductible. Points are generally deducted in the year paid.   A point equals 1% of the mortgage amount.   If you are in the 28% tax bracket, this is equivalent to receiving a 28% discount on your mortgage interest and property taxes.   During the first year f your mortgage the tax saving are especially high because most of your monthly payment goes towards your loan interest.

Some limitations may apply when closing costs are equated and today some lenders may offer mortgage with npo closing costs. When determining the out of pocket cash at closing taking into account your down payment and escrow accounts for  taxes and insurance should be considered.

If you  liked this column of What You Need To Know about financing your new home then share with a friend or colleague by clicking on the search bar and copying and pasting.

First time buying a home?

First time buying a home?  I get it.  The amount of unanswered questions you have- They are keeping you awake at night, aren't they?  It can be overwhelming and that's just the unknown.  What is known is that you are going to be in the biggest financial decision of your life and you need back up.

So, I 've included two links to help you in your journey:

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k


http://portal.hud.gov/hudportal/HUD?src=/topics/common_questions


What are you waiting for?! Contact me for future representation. 419-261-0237