Real Estate Matters : 9.21.2021
PRESQUE ISLE, Maine (WAGM) -While the home buying process might seem complex at first, the more you know about it, the smoother the ride may be. Shawn Cunningham reports in this week’s Real Estate Matters.
Looking for an idea that will hit the nail on the head...consider this. A worthy update or home repair can either serve to reduce your cost of living while you remain in the home or add significant value to the home sale price when you decide to put it on the market.
Stephanie Fields Realtor, Fields Realty LLC.
“if you decide to upgrade a dated feature or room stay away from the latest trends an opt for clean lines that will carry you through a resale for instance some things that are on pinterest now may be outdated when you want to resell it or it may make the home look dated. and its better to keep things looking classic and simple and especially those things that are most expensive like bathroom and kitchen remodels.”
Shawn Cunningham NO STANDUP
Next she says to ignore the housing market...
“t doesn’t matter what your home is worth at any given moment except the moment when you sell it. Being able to choose when you sell your home, rather than being forced to sell it due to job relocation or financial distress, will be the biggest determinant of whether you will see a solid profit from your investment.”
But what you DO wanna look out for are mortgage rates...
“You may be able to refinance in a year or so after purchase at a lower rate and significantly drop the length of time you must pay on your mortgage. Watch the rates closely”
Another piece of advice...don’t rely on the sale of your home to fund your retirement...
“Even though you own a home, you should do your best to save the maximum in your retirement savings accounts every year. Although it may seem hard to believe for anyone who has observed the fortunes some people made during the most recent housing bubble, you won’t necessarily make a killing when you sell your house. If you want to look at your home as a source of wealth in retirement, once you’ve paid off your mortgage, consider the money you were spending on monthly payments as a source of funding for your living and medical expenses in retirement. Also, retirees often want to stay put (despite all the articles you see about downsizing or retiring in exotic locales”
And finally there’s the bottom line...
“But remember for buyers and sellers to educate yourself about the process beforehand and that will be less stressful when you’re in the process of doing the buying and the selling..”
Shawn Cunningham, NS 8.
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