Advice for home buyers in Delaware

Buying your first home is an exciting proposition – but it’s also slightly terrifying. The small print, the sales-driven realtors and the abundance of choice make things a little daunting for those who have little experience in the market. It’s enough to send your head into a tailspin. Here’s some advice.

When looking for homes for sale in Delaware, it pays to do your research. If you’re a first-time buyer, make sure you consider the following tips before making that all-important final call.

Be Aware of Market Value

Buying a property isn’t just about what you can afford or whether you like the place or not – it’s also about making a good investment. Do your due diligence on the home you’re considering. Do the following to get your hands on a rough guide price:

  • Consult local real estate agents – don’t limit yourself to a single agent, but go to several. Ask for properties in the local area to get an idea of the market and the neighborhood you’re considering.
  • Past Sales – Many people don’t do this, but it’s a very good indicator of what you should be paying. Go through sales that have gone through in the last year or two.

This will equip you with a very good idea of what you should be paying for a given property. NEVER enter a buying proposition without being aware of the market – after all, you’re looking for a sound business deal as well as a home to live in.

Mind Your Budget

This is a mistake that a large majority of first-time buyers will make. The reason for this is that we stretch out our finances to the absolute maximum – that ‘dream home’ is sometimes too strong a pull, leading people to make bad choices.

Always stick to the budget you’ve set, no matter what. Just a few thousands dollars more can land you in a financial position that may lead to foreclosure in the future. Remember, there are several ‘ideal’ options for you out there – stick to the one you can afford. Use this handy calculator to find out just how you stand.

Boost Your Credit Score

Before you apply for a mortgage, make sure your credit is in top condition. You don’t want to end up with a subpar mortgage that doesn’t give you the best deal possible.

Maximize your options by checking your credit well ahead of time. If it doesn’t give you the results you’re looking for, work on it and try every trick in the book to boost it. Ensure your financial affairs are in order first – only then will you be in a good position to apply for a decent mortgage deal.  This article, from MoneySavingExpert.com, has more on credit scores.

Finally, Do You Really Need to Buy?

Many people jump into buying a home without really knowing whether it’s right for them. It’s often assumed that buying property is the best investment you can make and while this is generally true, it may not be the case in your personal situation.

This isn’t aimed to dissuade you from buying, but rather to advise you to line up your options clearly and without bias. Consider whether buying a home fits into your financial picture. You can always stick it out another year or two and invest then. It’s all about waiting for the right moment.

5 good reasons to get a credit card

If you’re lucky enough to be in a reasonably healthy financial situation you may wonder why you’d even need to use a credit card. However, even the wealthiest individuals make use of them, so there must be some benefits. Here are a few of our favourite reasons to consider them:

Improve your credit score

Lenders like to see evidence you’re a responsible borrower and a worthwhile risk before giving you access to credit. While you may not need this immediately, it’s always worth having one eye on the future. For example, a good credit score will boost your chances of being approved for a mortgage. A great way to do this is to have a track record of regularly meeting repayments – no matter how small they may seem – on time.

Extra protection

If you’ve ever bought goods online that never turned up or were faulty you’ll know how frustrating the experience can be, particularly if the retailer isn’t keen on issuing a refund. With a credit card this situation can typically be resolved with a quick telephone call. Compare credit cards to find out what protection they provide, as certain products also offer additional warranties for purchases such as electronic goods.

Accepted worldwide

Certain companies may not accept payment by debit card when you’re travelling overseas, even if it’s supplied by a major bank. Credit cards are accepted around the globe and prevent you from having to carry large sums of money around with you at any given time, which can prove particularly risky when in unfamiliar surroundings away from home. Of course, this extra security is a bonus wherever you are in the world.

Reap the rewards

It’s not often you get anything more than the goods or services you’ve purchased when you shop, but certain credit cards will reward you for your spending. Perks can vary, but examples include cash back and air miles, meaning you can enjoy something using cash or a debit card alone wouldn’t have provided you with.

Keep track of your expenditure

If you’re looking to stay on top of where your money is being spent the monthly statement from your credit card provider might be a good way to do just that. It will detail where and when you’ve spent, which might help you to form a budget planner.

Top five ways to improve your bank balance

If you’re knee-deep in debt it can be easy to bury your head in the sand, but this won’t make your problems go away. The only way to improve your finances is to address the situation head on and implement some money-saving strategies – so what should you be doing?

Speak to a financial advisor

Whether you want to consolidate credit cards or improve your credit score, it’s a good idea to talk to a professional. Financial advisors are there to help and can provide you with all the latest information regarding pensions, mortgages, loan repayments and much more. Personal information will be kept strictly confidential, so don’t hesitate to seek advice if you need it.

Pay off your credit cards

Credit cards make it easy to pay for things electronically. They’re a simple and efficient way to spend, but it’s important to use them wisely. Never buy things you can’t afford and always pay off the balance in time to avoid high interest charges. If you have already racked up a sizeable sum, try to pay off more than the minimal fee when you’re billed as this will help you get out of the red quicker.

Reduce your bills

These days, many of us have a mobile phone. If you have a contract agreement, however, you could be paying more than you need to. Call your provider to see how many text and minutes you use and ask if they can lower your tariff. As household bills are another big expense, it’s also worth comparing utility prices and switching companies if necessary.

Check your Direct Debits

Do you know what you’re paying out on a monthly, weekly or annual basis? If you’re not sure, it’s essential to check all Direct Debits. This might sound like an obvious thing to do, but it can be easy to sign up for internet movie rentals, magazine subscriptions and such like only to forget about them. Once you know the score, see if you can reduce you outgoings in any way.

Spend your money wisely

A pound here and a pound there soon add up, so spend your money wisely. Only buy the things you need and look for discounted products online. With the economy in a fragile state, many companies are offering promotions and deals over the internet and you might even find some great value items on the high street. To ensure you’re getting the most for your money, download a price comparison app and do some research before parting with your cash.

Improving your bank balance is easier than you might think, so why not give some of these tips a go?

Bad Credit, Good Credit, UGH

Once the economy started going crazy, the world seemed to start focusing on credit repair because it seems now if you do not have 100% perfect credit you can not purchase a home, get a car loan or anything. Okay, well you can sneeze, but in all seriousness it is important to keep an eye on your credit and be sure that it is in good shape in order to do just about anything.

I honestly wasn’t taught about paying attention to my credit when growing up and wasn’t raised by parents who did more than probably live paycheck to paycheck, as most of us live now. I have friends who had parents that were completely awesome with money and it seems the apple didn’t fall far from the tree because they learned through example and are now adults with good credit.

There are so many credit repair companies out there now trying to assist us in getting our credit back up to par, but having this help means that you probably should learn how to budget money better in order to keep that financial stability.

Are you one of those people I am jealous of? Always been good with money? OR Are you more like me, finally learning how to budget money better as a grown adult?

Always Thinking About Credit Repair

I swear so many people have bad credit, really! There are those awesome people who were born with the skills to completely do well financially as well as somehow run a budget. I, myself, wasn’t taught well with budgeting but as I have grown older I have learned how to create a great budget and utilize it to better keep on track with bills.

The Credit People are just one of the many credit repair service companies I have seen around. I don’t understand how to fully repair your credit, the only thing that comes to mind to me is to pay it all off. Easier said than done probably with most. I know that when I turned 18 years old I maxed out about three credit cards because I thought it was cool to have them. It took me three plus years to pay those babies off and now they are still showing for I think about another year as a negative impact on my credit.

One thing I plan to do is teach my children how to budget better through example, teach them about money and bills so that in the future they hopefully will learn how to handle money well.  I think that if we start teaching our children at a young age then they will not have to be like so many others and look for ways to Repair Your Bad Credit.

I personally can not wait to get my budget sheet printed out and start showing my oldest a little bit about how we plan with bills. I may do an example one so that she doesn’t get involved in the adult part of our life, basically set one up as a sample and have her practice with maybe pretend dinner costs, and such! Do you plan to teach your children about money at an early age, or do you already teach them basic budgeting skills?

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