Tuesday, April 21, 2015

Are You Ready to Own Your First Home? 6 Questions to Ask Yourself Now

Are You Ready to Own Your First Home? 6 Questions to Ask Yourself Now

https://www.mainstreet.com/article/are-you-ready-to-own-your-first-home-6-questions-to-ask-yourself-now/page/3
NEW YORK (MainStreet) — If you feel like it might be the right time to finally buy your first home, your excitement is probably mixed with a bit of apprehension. After all, owning a home is a huge financial commitment, from paying that pricey down payment to keeping up with monthly mortgage bills. And without a landlord to call, you'll also be taking on a slew of new responsibilities to maintain the home and property (think raking leaves, shoveling snow and fixing leaky sinks). Of course, owning a home can offer many attractive benefits, including increased space and privacy and the ability to build wealth over time.
How can you determine whether you're ready to take on the responsibilities of homeownership? We asked a handful of real estate and financial experts to weigh in. Here are six key questions they suggest asking yourself now.
Can you cover upfront costs?
Hopefully you've been socking away your hard-earned cash over these past few years because you'll face some expensive upfront costs when purchasing a home. For starters, you should have enough money saved to cover a 20% down payment in order to secure the best possible interest rate on your mortgage and put yourself in the best negotiating position with your lender, says Bennie Waller, a professor of finance and real estate at Longwood University in Farmville, Va.
"Without 20% for a down payment, you will likely have to pay private mortgage insurance, which can be as much as—or more than—1% of the loan amount [per year]," Waller explains. "For example, on a $200,000 loan, private mortgage insurance could increase your payment by more than $150 per month. This will severely impact the mortgage amount in which you will qualify."
 
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In addition to the down payment, you should also be prepared to pay for the closing costs, which typically range from 2% to 5% of the purchase price of the home, says Julie Zelman, a licensed associate real estate broker for Engel & Völkers in New York City.
Can you afford the mortgage?
It's easy to fall in love with your dream home, but it's important to realistically assess whether you'll be able to afford the mortgage payments each month.
"If a person is planning on financing, the first thing he or she should do is contact a mortgage broker or a loan officer at a bank to find out how much the bank will loan them," says Zelman. "Once that is determined, the purchaser will know what price range they can consider for a potential home."
Waller says that based on conventional lending guidelines, you shouldn't spend more than 28% of your gross monthly income on a mortgage (which should cover principal, interest, taxes and insurance) or 36% of your gross monthly income on a mortgage and other debt (such as a car loan, student loan and credit card debt). "For example, an individual earning $48,000 per year will have a gross monthly income of $4,000, and assuming no other debt, would qualify for a monthly mortgage payment of $1,120," Waller explains. "However, with other monthly debts such as a $200 car payment, $200 for student loans and $200 for credit cards, it would reduce the amount you qualify for to only $840 per month, which would only qualify you for a mortgage loan of about $110,000."
Do you have an emergency fund?
Are you prepared to pay for any unforeseen costs that might arise from owning a home? Michael Kay, a certified financial planner and president of Financial Life Focus in Livingston, N.J., says it's important to have an emergency fund with about six to nine months of living expenses—just in case.
"Expect that there will be problems, delays and costs that are beyond the closing and moving costs," Kay explains. Can you maintain the home?
Keep in mind that when you switch from renting to owning, you won't be able to dial up your landlord or building superintendent when things need to be installed or repaired, or when snow piles up on your driveway.
"What happens when the toilet clogs, the sink leaks or you want dimmer switches in the bedrooms?" says Kay. "Are you willing to learn to do those fix-it things that home ownership demands or do you have the available funds to pay someone to do it for you?"
To estimate your home maintenance costs, Kay suggests taking into consideration when the house was built as well as the ages of the roof, the appliances, the heating and cooling system and other essential components of the home. "The older they are, the more likely your costs to repair or replace can be significant," says Kay. "For example, if you buy a home with a 10-year-old water heater, be prepared to spend a considerable amount to replace it soon."

Amber Castonguay

Direct: 920-988-0048
Text: 920-988-0048
Fax: 866-211-2826

RE/MAX Realty Center
357 W Wisconsin Ave
Oconomowoc, WI 53066
Office: 262-567-2455

If you have Family, Friends or Neighbors that are struggling with their mortgage there are options! Contact Amber Castonguay, your local CDPE & SHORT SALE EXPERT to see what your options are! 

Thursday, April 2, 2015

SOLD! Pewaukee Lake- N29W27397 Peninsula Dr Pewaukee, Wisconsin 53072

SOLD! Pewaukee Lake- N29W27397 Peninsula Dr Pewaukee, Wisconsin 53072

 

Sold Price: $417,500   Closing Date: 3/23/15

Showing Lake Homes is great, helping someone find the Perfect Lake Home is awesome! If you would like to look for your next Lake home, contact me today! AmberCastonguay@gmail.com 920.988.0048

You can search all homes at: www.AmbersHomeFinder.com

Looking to Sell? Get your Instant FREE Comparable Market Analysis! www.WIRealEstateValues.com 

Amber Castonguay

Direct: 920-988-0048
Text: 920-988-0048
Fax: 866-211-2826
RE/MAX Realty Center
357 W Wisconsin Ave
Oconomowoc, WI 53066
Office: 262-567-2455

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Wednesday, April 1, 2015

S42W27352 Oak Grove Ln WAUKESHA, WI 53189

S42W27352 Oak Grove Ln WAUKESHA, WI 53189


Amber Castonguay
Phone Number
Direct: 920.988.0048
Text: 920.988.0048
Toll-Free: 888.792.2455
Business Fax: 866.211.2826
Office Fax: 888.873.7028
Email Address
ambercastonguay@gmail.com
Mailing Address
RE/MAX Realty Center
357 W Wisconsin Ave
Oconomowoc WI 53066


http://www.ambercastonguay.remax-northcentral.com/WRX1410474
S42W27352 Oak Grove Ln
WAUKESHA, WI 53189
MLS#: 1410474
Price: $285,000
Sub-System Locale: WIREX_METRO
Bedrooms: 4
Full Bathrooms: 2
Half Bathrooms: 0

You will not want to miss this rare opportunity! 4 Bedroom, 2 Bath home with 2.5 car attached garage and 2 car detached garage. Newer carpet & Tile, main floor laundry, natural fireplace, new windows, new stove & dishwasher, large bedrooms, 2 living rooms, eat in kitchen plus a formal dining room, the options are endless. When you see this home you will appreciate the quality and the storage is endless. Partially finished basement with a bar and more room to entertain. Make your appointment today!
General Features


County WAUKESHA
Style Colonial
Total SqFt. 2,140
Total Garage Spaces 2.5
Lot Size 1 Acre
Directions Hwy X (Saylesville Rd.) to River Rd. into Subdivision. West on Overlook West on Oak Grove to home.
Total Taxes $3,003
Tax Year 2014
Building Features


Roofing Composition/Fiberglass
Exterior Aluminum/Steel
Aluminum
Partial-Brick
Basement Full
Interior Features Water Softener
Great Room
Living Room
Bay Window
Circuit Breakers
Walk-in closet(s)
Appliances Dishwasher
Range/Oven
Oven
Range
Refrigerator
Heating/Cooling Forced Air
Central Air
Heat Fuel Natural Gas
Estimated Age Range 21+ Years
Estimated SqFt Range 2001-2500
Room Features


Kitchen Dimensions 18' x 13'
Kitchen Level Main
Living Room Dimensions 15' x 15'
Living Room Level Main
Dining Room DImensions 12' x 9'
Dining Room Level Main
Family Room Dimensions 18' x 15'
Family Room Level Main
Bath Descriptions Ceramic Tile
Dual Entry Off Master Bedroom
Master Bedroom Bath
Shower Over Tub
Shower Stall
Vanity
Master Bedroom Level Upper
Master Bedroom Dimensions 16' x 11'
Bedroom 2 Dimensions 11' x 10'
Bedroom 2 Level Upper
Bedroom 3 Dimensions 13' x 11'
Bedroom 3 Level Upper
Bedroom 4 Dimensions 13' x 9'
Bedroom 4 Level Upper
Other Room Dimensions 22' x 12'
Other Room Level Lower
Property Features


Garage Description Opener Included
Attached
2 Car
Water Waste Well
Private Septic System
Schools


School District Waukesha

The information being provided is deemed reliable but not guaranteed. All information must be verified by the purchaser.
Listing information courtesy of: WIREX_METRO; RE/MAX REALTY CENTER

Information is provided by WIREX. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is supplied by seller and other third parties and has not been verified. Copyright 2015 WIREX - All Rights Reserved