Real Estate Tips

Quick tidbits of advice and ideas about real estate.

Found 185 blog entries about Real Estate Tips.

Homeowner's insurance is a crucial component of property ownership, providing financial protection in case of unexpected disasters or accidents. The right coverage can mean the difference between recovering from a devastating event and suffering immense financial hardship.

In this article, we will explore the factors you need to consider when determining how much homeowners insurance coverage you need.

Rebuilding Cost

One of the main considerations when determining your homeowner's insurance coverage is the cost of rebuilding your home if it is destroyed by a covered event such as a fire, hurricane, or tornado.

You can consult with a local contractor, use an online rebuilding cost calculator, or hire a professional appraiser to estimate

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Are you currently searching for your first home in Middle Tennessee? If so, it’s essential that you formulate your budget differently than you have as a renter. In addition to the costs of your base mortgage payment, your interest payment, and property tax will also be due monthly.

Additional scheduled and unexpected costs like routine maintenance costs, repairs, and homeowners’ insurance must also be accounted for. Your true costs will be far different from a simple monthly repayment of the principal on your loan.

Today, we’re explaining everything you need to know about property taxes as a homeowner in Middle Tennessee. Let’s dive into rate calculation, payment rules, and the consequences of falling behind. Take a deep breath—you’ve got this!

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As this year’s tax season draws to a close, many homeowners are beginning to plan their home-related tax strategies for 2024. To help, we want to share tips on maximizing your tax return through certain types of home improvements. While the specifics of your own tax filings should invariably be discussed with a qualified accountant, there are general guidelines regarding which home improvements are tax deductible.

Please note that you can only take advantage of the following home improvement tax deductions when you sell your home. Keep every record of the improvements you make to your home. This careful documentation will ensure that you are able to apply for every possible tax deduction.

Categories that Are Not Deductible

Repairs, routine

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The idea that you should put 20% down on a home is one that has been the "gold standard" for years. After all, when you put 20% down, you avoid paying for private mortgage insurance, and you'll have a smaller loan amount with lower monthly payments. It's something that could save you a lot of money in the long run—but there's also a catch.

Not everyone can easily afford 20%, especially with home prices having risen at a record pace over the last few years. So, what should potential buyers do? Let's explore the pros and cons of putting 20% down on your next home purchase.

The Financial Benefits of Putting 20% Down

Let's start by talking about the financial benefits of putting 20% down. In most cases, if you can afford it, it makes good

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Getting ready to buy a home can be stressful and complicated. With so many details and decisions to make, it's no wonder why potential buyers often feel overwhelmed. This spring season, don’t let the high demand of the residential real estate market cause you stress or prevent you from landing your dream home.

Here are 5 tips to help you navigate the buying process.

Tip #1: Work With Real Estate Agent Early On

A real estate agent will be an invaluable resource throughout every step of the buying process. They have quick access to listings before they hit major online listings, and they can also explain how the bidding process works.

Tip #2: Prioritize Your Needs

Before you start shopping, it’s important to know what your priorities

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As you undertake the search for your new home, you will envision your lifestyle in the various homes you’ll tour. Are you a person who thrives on hosting guests, throwing parties, or being the destination for your family during the holidays? If so, you must craft a checklist for the must-have features in your ideal entertaining house.

A home that is ideal for entertaining is comfortable, spacious, and has ample areas for both sitting and standing to mingle. Let’s take a look at key elements of design, décor, and scale that will help you find your perfect new home.

A Sweet Guest Suite

Whether it’s meant to host family members or party-goers who unexpectedly find themselves in need of a place to crash, your guest suite is a key element to

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Debt-to-income (DTI) ratio determines what mortgage you’re eligible for. So before getting pre-approved, your mortgage advisor will review your income and debts to help you understand where you currently stand. 

In this article, we’re going to look at what a debt-to-income ratio is and what to expect when you apply for a mortgage so that you’ll be prepared when you start househunting.

What is Debt-To-Income Ratio?

The debt-to-income ratio compares a borrower’s monthly debt payments to their monthly gross income. When someone applies for a home loan, lenders use the ratio to help determine their ability to repay monthly payments and accumulate additional debt. 

When you apply for a home loan, you’re required to meet maximum DTI

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If lack of downpayment or funds for closing costs are the main hurdle to buying a home, a state or local downpayment assistance program may be the answer! Most states, counties, and cities offer assistance in the form of grants or no-interest loans to help home shoppers pay for these costs.

How Downpayment Assistance Programs Work

Assistance is usually funded by state housing finance agencies, cities, counties, or nonprofits, although some employers also have programs. 

The types of payment assistance vary by program, but they are most often geared toward first-time homebuyers and can be a:

  • Grant. This is an outright gift of money.
  • Zero-interest, forgivable loans. The loan is forgiven after a specified time, such as three years,
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Getting mortgage pre-approval is one of the first steps toward buying your dream home. Pre-approval boosts the likelihood that the seller will accept your offer and gives you a detailed quote for your homebuying budget. 

But homebuyers often hesitate because they think that pre-approval hurts their credit score. Will it? 

The truth is that it will temporarily lower your score, as is true whenever a creditor pulls your credit report. But the benefits of getting pre-approved outshine the slight dip in your score.

Does a Pre-approval Impact My Credit Score?

A pre-approval usually requires a hard credit inquiry, although a soft inquiry is all that is needed for a pre-qualification. A hard inquiry can lower a borrower's FICO score by about

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Follow these tips and expert insight to help you get your budget in order and get yourself ready to buy your first home.

1.) Organize Your Finances

You may know how much you have in your bank accounts, but do you know how much you spend on household expenses and luxuries each month? Or which credit card has the highest interest or balance? 

Getting a good handle on your money starts with a clear idea of where your money is going. This info will also help you determine what you can afford and your homebuying timeline. Start by breaking down your finances into the following categories:

  • Start with creating a basic budget for items like housing, groceries, and gas.
  • Account for an emergency saving --In case of an accident or other
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