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4 Budgeting Tips for Triangle Home Buyers

Home Repair, freedigitalphotos.netWhen it comes to purchasing a home in the Triangle, expenses can quickly add up. The mortgage, taxes, insurance, and closing costs are enough to make any buyer, new or experienced a bit nervous. Not only that, but the expenses don’t end at the closing table with the realtor and the lawyer. Home maintenance, improvements, and unexpected repairs can all significantly impact a homeowner’s budget. Flat Fee Realty wants Triangle home buyers to be aware of the true cost of home ownership before they buy.

Flat Fee Realty offers four points of consideration our experienced agents think potential buyers should be aware of as they look for a new home:

  • An emergency fund is essential: Unexpected expenses can wreak havoc on anyone’s finances. And when it comes to certain home repairs (say, the A/C goes out in July), putting them off may not be an option. While the ideal size for cash reserves depends on the age, size, and condition of the home, experts recommend putting away 1-5% of the home’s purchase price.
  • Age is more than just a number: The age of a house is probably the most important factor used in determining a home repair budget. This is especially true when it comes to mechanical systems and structural items. Buyers interested in homes older than about 15 years should be aware that major repairs (like a new roof, hot water heater, or HVAC system) could be in the near future.
  • Consider a home warranty: Many new homes include a warranty, and some sellers choose to offer one as a selling point. Home warranties offset some of a buyer’s risk by covering specific systems in the home and usually offer discounted repairs from approved service providers. Home warranties shouldn’t be confused with insurance. They may provide peace of mind but they won’t cover the full cost of repairs.
  • Practice proper prevention: All homes will eventually need repairs, but the best way to delay them is by practicing proper preventative maintenance. Most typical maintenance tasks can be accomplished with a little elbow grease, and quickly addressing small items prevents them from turning into larger (and more expensive) issues.

Purchasing a home is one of the largest financial transactions a person can make. Before jumping in, remember to take a look at the true cost of home ownership—not just the purchase price, but long-term expenses as well.

Wondering if home ownership is the right financial choice for you? Contact the experienced agents at Flat Fee Realty today!

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This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes only. 

The Future of Real Estate! 

Flat Fee Realty 

919 342 5230

Contact Us

Terry@FlatFeeNC.com

Photo: khunaspics, Freedigitalphotos.net

3 Red Flags to Watch for When Choosing a Triangle Realtor

Danger Sign, Stuart Miles, freedigitalphotos.netChoosing a real estate agent to list a home is kind of like dating. It requires both trust and commitment, and depending on how long it takes a home to sell, it might be a long-term relationship. And if the association doesn’t feel right at first, it’s probably not going to get better. Despite these realities, many home sellers put little to no thought or effort into choosing a Triangle agent to represent them in what will likely be one of the largest financial transactions of their lives.

Flat Fee Realty wants Triangle homebuyers and sellers to make an informed choice when choosing a listing agent. Be on the lookout for these three common red flags:

  • The agent is a friend or relative: With thousands of agents practicing in Raleigh, Cary, and the surrounding areas, it’s likely that many buyers and sellers have a personal relationship with at least one real estate agent. While it is certainly admirable to want to give business to those nearest and dearest, tread carefully in the decision. If problems arise, it can be difficult to address them with a good friend or family member, leading to resentment or damage to the relationship.
  • The agent is part-time, or does real estate “one the side”: For buyers, time is of the essence in today’s hot real estate market. From showing homes to submitting and negotiating offers, buyers need an agent who is available at almost all times. For sellers, an agent that actively follows the market daily and is available for last-minute showing is a necessity. A part-time agent is unlikely to give each client the time and attention they deserve.
  • The agent is unfamiliar with the neighborhood or property type: The real estate market is hyper-local, varying from town to town and even neighborhood to neighborhood. It’s essential to choose an agent familiar with the area, since he or she may already be in touch with buyers looking for a similar home, or sellers with homes not yet on the market. Likewise, when selling a condominium or purchasing an investment property, opt for and agent experienced with that type of product.

When it comes to choosing the right real estate agent, it pays to do the appropriate research and compare a few agents. Get recommendations from friends, coworkers, or family members, and note which agents are buying and selling in your neighborhood. Don’t be afraid to ask questions, and don’t be dazzled by a slick listing presentation only to find out there’s nothing under the surface.

Whether a buyer or a seller exploring the benefits of a flat fee listing or in need of a full-service agent, Flat Fee Realty has everyone covered. Contact the experienced agents at Flat Fee Realty today!

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This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes only. 

The Future of Real Estate! 

Flat Fee Realty

919 342 5230

Contact Us

Terry@FlatFeeNC.com

Photo: Stuart Miles, Freedigitalphotos.net