Cove Real Estate



Posted by Cove Real Estate on 5/18/2018

Buying your dream home should be simple. Unfortunately, challenges may arise during the homebuying journey, particularly for those who fail to budget accordingly.

Establishing a budget before you begin your home search is paramount. With a budget in place, you can explore houses that fall within your price range and move closer to finding a great residence that you can enjoy for years to come.

Ultimately, creating a homebuying budget can be easy – here are three tips to help homebuyers establish budgets.

1. Consider your utility costs.

Although you may be able to get pre-approved for a mortgage and determine exactly how much you'll need to pay for a house, you'll still need to account for utility expenses month after month.

Electricity, heat and other utility costs can add up quickly. However, a diligent homebuyer should have no trouble estimating his or her monthly utility fees.

Examining your current utility expenses can help you understand how much you may wind up paying in utility charges at your new address. Also, don't forget to consult with your real estate agent, as this professional may be able to provide details about the average utility costs associated with a particular residence.

2. Manage your debt.

If you decide to purchase a "fixer-upper," i.e. a home that requires extensive home repairs, you'll likely need to commit substantial time and resources to complete home renovation projects. Thus, you'll want to consider any home repair tasks that you may need to complete at a new address and budget for them before you make an offer on a house.

In addition, knowing your credit score can help you understand your debt. You are entitled to a free copy of your credit report from each of the three major credit reporting agencies (Experian, Equifax and TransUnion), and each report will provide information about any outstanding debt. That way, you can learn about your debt and find ways to minimize it prior to purchasing a residence.

3. Account for closing costs and miscellaneous expenses.

Home closing costs will include your loan origination, title insurance and appraisal fees and often range between 3 percent and 7 percent of your total loan amount. You'll want to account for these expenses as you establish a homebuying budget to ensure you can secure your dream house without delay.

Spend some time learning about all of the expenses that may impact your monthly home expenses too. For example, if you purchase a condo, you may face monthly homeowners association fees in addition to your mortgage costs. Or, if you plan to have a baby in the near future, you'll want to consider how the costs of raising a child may impact your ability to cover your mortgage expenses.

If you ever have concerns or questions about establishing a homebuying budget, be sure to consult with your real estate agent. Remember, your real estate agent is available to help you in any way possible and will do what it takes to ensure you can establish the right homebuying budget.




Tags: budgeting   Buying a home  
Categories: Buying a Home   budgeting  


Posted by Cove Real Estate on 9/15/2017

Establishing a homebuying budget can be tough. But for those who want to secure a terrific home at an affordable price, entering the housing market with a budget in hand can make it easy to accelerate the homebuying cycle.

Now, let's take a look at three questions to consider about a homebuying budget.

1. How much money have I saved for a home?

Examine your finances and see how much money is readily available for a home purchase.

Remember, the more money that is at your disposal, the more likely it becomes that you'll be able to secure your dream residence in no time at all.

Although savings are important, it is essential to note that those who have little to no money saved still have plenty of time to get ready for the homebuying journey. And if you start saving a little bit each day, you can move closer to accomplishing your homeownership dreams.

2. Do I need to get a home loan?

In most instances, a homebuyer will need to obtain a home loan so he or she can purchase a residence. Luckily, many lenders are available to help you discover a home loan that matches or surpasses your expectations.

Meet with a variety of lenders in your area – you'll be glad you did. Each lender can provide insights into assorted home loan options, explain how each home loan works and respond to your home loan concerns and questions.

Also, it often helps to get pre-approved for a mortgage. If you have a mortgage available when you enter the real estate market, you'll know exactly how much you can spend on a residence, thereby reducing or eliminating the temptation to overspend on a house.

3. How will my monthly expenses change after I buy a house?

Owning a home is different from renting an apartment. As such, you'll want to account for all potential expenses as you create a homebuying budget.

For example, a homeowner will be responsible for any home cable, internet and phone bills. This property owner also will need to consider any home maintenance costs like those associated with mowing the lawn in summer or removing snow from the driveway in winter.

Crafting a homebuying budget that accounts for your personal finances can be tricky. If you need additional support along the way, lenders may be able to provide expert tips to ensure you can acquire a wonderful house without exceeding your financial limitations.

Lastly, don't forget to reach out to a real estate agent for help along the homebuying journey. A real estate agent is a housing market professional who will go above and beyond the call of duty to assist you in any way possible. From setting up home showings to negotiating with home sellers on your behalf, a real estate agent will make it easy for you to secure a superior home at a budget-friendly price.

Consider the aforementioned homebuying budget questions, and you can speed up the homebuying process.




Tags: budgeting   buyer tips  
Categories: Uncategorized  


Posted by Cove Real Estate on 3/24/2017

The process of sitting down and creating a household budget can be an enlightening experience. Not only is it one of the few ways to figure out where the heck your money is disappearing to, every month, but it's a method for identifying expenditures that are wasteful or redundant. Once you've created a chart or spreadsheet that itemizes your income, savings, and expenses, you're in a stronger position to control your household cash flow. Using accounting software, budgeting apps, and/or the services of a qualified financial advisor can also help you gain control over your family's spending habits. If your goal is to reduce expenses and stretch your household budget farther, her are a few strategies and tips worth considering:

  1. Buying in bulk: Some people swear by the savings they rack up by joining and doing their shopping at wholesale buying clubs. Others say it isn't worth the long lines at the checkout counter, crowded parking lots, and the fact that not everything is cheaper than at regular retail stores. Like any kind of shopping, though, it pays to compare prices and research the best deals. However, it's not unusual to save from 25% to 50% on a variety of commonly used household items, groceries, and other consumer goods.
  2. "Coupons" is not a four-letter word -- although some people act like it is. Clipping, printing, saving, and organizing discount coupons can be a bit of a nuisance, but when you add up the monthly savings, it's worth the inconvenience. Stores that offer double coupons and/or accept competitors' coupons can also help you chalk up extra savings. Taking advantage of advertised specials is yet another way to reduce your monthly expenses.
  3. Compare notes with friends and family. You can often pick up worthwhile money-saving ideas by simply asking people whose opinions you respect. Nearly everyone has discovered stores, products, websites, businesses, and strategies that have helped them save money. Sometimes the topic is also discussed on social media sites. Most people you know would be glad to pass along their money saving tips, insights, and techniques.
Saving Money on Home Energy There are dozens of ways you can save money on your electric bill, such as unplugging appliances and turning off lights when you're not using them. It's also worth noting that LED and compact florescent light bulbs use significantly less electricity than old-fashioned incandescent light bulbs. Other tips for curbing energy consumption include washing your clothes in cold water whenever possible and setting your thermostat to reduce energy demands when you're sleeping or at work. Once you start looking into ways to lower your utility bills, you'd be surprised at the number of simple, yet effective things you can do. A few longer term strategies for saving on energy include converting your home to solar power, replacing drafty old windows with new, more efficient ones, and switching to Energy Star certified appliances, such as clothes washers, dryers, and dishwashers. Although there's an initial cost that needs to be recouped before the true savings kick in, upgrading can deliver long-term benefits to both your wallet and the environment.





Posted by Cove Real Estate on 7/4/2014

What's for dinner? That is always a tough question when its 5:30, you have just walked in the door and all you can find is a box of cereal. Avoid ordering out or a dinner malfunction by keeping your pantry stocked with a list of staples that will help you make a variety of meals in a jiffy. 1. Canned chicken: At first it may not sound so appetizing but with a storage life of up to a year, canned or pouch chicken can be a lifesaver. Mix it in with casseroles, stir-fries, creamy salads, or even shredded as a topping to a baked potato. You won't know the difference. 2. Pasta: It doesn't matter what kind; spaghetti, linguini, rotini, penne, macaroni,–the list goes on. Pasta is best served to add bulk to a meal. Pasta can be an alternative to rice which can take longer to cook. Add pasta to soups, sauces, with cheese or vegetables and you will have a home-style meal in minutes. 3. Jarred Tomato Sauce: You have the pasta in the pantry so having a quick jar of sauce is a no-brainer. It's not your mother's homemade sauce but it will do in a pinch. Tomato sauce is actually very versatile and can also be used in soups, stews, and chili recipes. 4. Rice and Grains: Grains can be used as a quick side to any meal or bulk up any dinner. Stock up on quick-cooking rice, bulgur, and barley. Serve grains with a simple stir-fry or mixed with veggies and an egg for an easy fried rice dish. Mix flavored rice boxes with ground beef for an easy, one-meal dish. 5. Canned Beans: Beans are high in protein; they have a long shelf life and can be a part of lots of different dishes. Heat and mash them for a filling soup or drain and mix them with canned veggies for a light and flavorful dip or vegetable salad. Any kind of beans will do; Black, Pinto, Cannellini, Great Northern, or Garbanzo, just choose your favorite. 6. Canned Vegetables: It is so difficult to use fresh-bought produce before it wilts. Canned vegetables to the rescue, they last much longer. Combine an assortment with broth and seasonings for an easy vegetable soup or add them to pastas, dry soup mixes, casseroles, or rice. 7. Canned Salmon and Tuna: Protein is good for you and helps fill you up. Canned salmon and tuna can be used for easy meal ideas. Serve in salads, pitas, pasta dishes, burgers, loaded potatoes, croquettes, and even as light appetizers or snacks. 8. Canned Tomato Products: Canned tomato products can be turned into so many things. Stock up on paste, stewed, diced and whole tomatoes. Diced tomatoes make a great queso dip when added to melted cheese. Add to ground beef and taco seasoning for a zesty burrito supper, or to a skillet with seasoning for a homemade pasta sauce. Use stewed tomatoes in soups and stews. 9. Peanut Butter: Everyone loves a PB&J sandwich, but peanut butter can be used on the dinner table for Asian-inspired flavor in dips, sauces, and stir-fry. Try it for a snack spread on celery stalks or apple slices, or as a spread with multigrain crackers. 10. Canned Fruit: Fruit for dinner? Why not? Jarred cherries, canned fruit, including pineapple, mandarin oranges, and even fruit cocktail can be used as a healthy and lean side dish. Try serving grilled pineapple with chicken, add mandarin oranges to salads, and fruit always makes a great dessert.




Tags: budgeting   dinner help   pantry  
Categories: Help Around the House  


Posted by Cove Real Estate on 11/22/2013

In today's economic climate protecting your financial health is more important than ever. From health insurance to your plans for retirement, there’s a lot to consider. Here are some tips from Family Wealth Management Group, LLC to help protect your assets and financial future. It is never too early to plan. In order to plan, you need to know what you have. Review your pension plan, 401 (k), IRAs, Social Security benefits and other savings plans to assess whether they meet your long-term retirement goals and will generate an income stream to meet your projected expenses. Curb spending. Time to take an inventory on how much you spend. Keep a log on trips to the market, afternoon lattes, dry cleaning and all of your miscellaneous spending. Try to eliminate a portion of these expenses. Once you track them you will realize you are spending more than you thought. Re-define your financial goals. Ask yourself where you see yourself in five, 10 or 15 years. See if it possible to redefine your goals. You may be able to retire earlier or pay for college. Set goals to achieve the things you want. Get help. Professional advice about investment losses, financial products, insurance coverage and other important issues will help you make the right choices for your current financial situation.




Categories: Money Saving Tips