3 Signs You’re Not Ready to Buy A Home

3 Signs You’re Not Ready to Buy A Home

three signs you're not ready to buy a home

Scrolling through your Facebook timeline in your twenties and thirties can feel like a never-ending slideshow of #adulting milestones. Why is everyone engaged all of a sudden? When did so-and-so have a baby? Chances are, you’ve seen quite a few “We just bought a home!” posts, too. If you’re one of the 80% of millennials would like to purchase real estate, watching all your friends buy a home can trigger massive FOMO.

We’re here to help you figure out whether you’re ready to join the homeowner ranks! As fun as it looks on social media, buying a home before you’re ready or for the wrong reasons can be a huge mistake. Let’s go through the top 3 reasons you might not be ready to buy a home right now:

     1.  Not enough money saved

So you’ve saved enough to make a 10% down payment on your dream home, congrats! Unfortunately, the down payment is only one part of the costs you’ll need to pay upfront. Once you cough up that 10% down payment, you’ll still need to pay for any closing costs, necessary inspections, repairs or maintenance costs, the first few months of mortgage and insurance payments, and any moving costs. Closing costs can run anywhere from 2-5% of the asking price while typical home inspections are around $350-500. That’s on top of your down payment!

Keeping all that in mind, is your dream home still within your housing budget of 30-33% of your yearly income?

    2.  You’re on the move

Due to the high up-front costs of buying a home, real estate is not generally a good short-term investment. The days of flipping distressed properties for a profit are over so if you’re planning on making money on the sale of your home, you’ll need to stay put for at least five years. If your career or relationship status isn’t particularly stable or you’re considering exploring new areas in the next few years—buying may not be the smart choice right now.

   3. You’re still working on your credit

A low credit score won’t make it impossible to buy a home, but it will make it more expensive. Check your credit score on free sites like Credit Karma—the higher your score, the better your interest rate on your mortgage will be! This can make a big difference in your monthly payments so if your credit score isn’t particularly healthy right now, you may want to wait to purchase a home. If you’re not sure where to start, a loan officer will be able to help you navigate the process of repairing your credit and getting ready to buy.

Still feeling like you’re ready to buy? Give any of our wonderful agents a call and start looking for your dream home today!

Top 5 Best Apps and Sites for Moving

Top 5 Best Apps and Sites for Moving

Parents Take A Break On Sofa With Son On Moving Day

1. ThredUp/ Letgo

Moving, while stressful, is actually one of the best times to evaluate your wardrobe and all your possessions—if you’re dreading moving it to your new home, it’s probably time to let it go. ThredUp and Letgo are both awesome for paring down your closet and letting your old unwanted items have a new life. Not only will you have less stuff to move, you’ll be able to make some cash!

2. Unpakt

Schedule and organize your movers all online with Unpakt! If ever a moving website could be fun to use, this one would be! They help you figure out how many boxes you’ll need based on what kind of items you have and the size of your home and then let you compare moving companies’ prices! You can book them online for your move and the price is guaranteed—not an estimate—which is great for budgeting ahead of time!

3. Sortly

Sortly is an awesome way to keep track of everything you own! Snap a picture of each of your belongings (or maybe just the ones most important to you!) and categorize them by room, box or any way you want. You can create searchable notes and tags to help you find things quickly and even mark boxes with QR labels to see what’s inside without digging through it! After your move, Sortly can be helpful when you’re figuring out how much you need to insure your home for—if you add the value of each of your items, it’ll total them up for you!

4. MagicPlan

Let’s face it, once all your contingencies are satisfied, there’s not a whole lot for you to do besides pack until closing day. Use that hurrry-up-and-wait time to sketch out where your furniture will go, what decor should go where and what will make your new house flow as best as possible. Bonus: now you know exactly where certain boxes (and the super heavy furniture!) should go and you can label them for the movers so you’re not having to rearrange on the day of!

5. Updater

One of our favorite sites EVER! Updater makes transferring your mail, utilities and subscriptions to your new address a snap! Your CBE agent will put in your old and new addresses and voila! You’ll get a link to easily transfer over all of your mail and make sure your utilities are in order before the big day! A couple clicks and you’re done! Why isn’t everything this easy?

Moving soon and need an awesome checklist to make sure you’ve remembered everything? Check out our Ultimate Moving Checklist and download the room-by-room guide!

Home of the Week: 84 E River Bend Drive

Home of the Week: 84 E River Bend Drive

84 E River Bend Dr

After a long week of emails and meetings, feel the stress of modern life melt away as you pull up to your rustic retreat. Crickets sweetly chirping and the soft sighing of swaying trees around 84 E River Bend Dr is a welcome respite from the incessant dings and beeps of everyday life.

84 E River Bend Dr

While away a quiet evening with a glass of wine on the generous front porch or host a fabulous dinner on the beautiful back deck— 84 E River Bend is made for al fresco entertaining. The property’s ample 3 acres affords your guests all the peace and serenity of the deep woods, even though you’re just minutes from Central Park and Cannon Ridge Golf Club.

84 E River Bend Dr

Re-connect with nature before heading back out into the hubbub of city life—natural woodwork elements and hardwood floors throughout the home keep you grounded and light, while airy spaces help the home feel spacious and open.

84 E River Bend Dr

Curl up on chilly nights in front of the wood-burning fireplace with a mug of hot cocoa or move down to the large basement with a playroom for family movie night. This truly unique home has plenty of space to relax with family and friends.

84 E River Bend Dr

When it’s time to settle in for the night, there are four bedrooms to choose from, including one cupboard-room that kids will love! Listed for only $380,000, this rustic retreat is a hidden gem! If you’d like more information about this home or to schedule a showing, please contact Charlotte Rouse or any of our wonderful agents!

Home of the Week: 177 Herdmont Drive

Home of the Week: 177 Herdmont Drive

177 herdmont drive

Welcome home to uncompromising luxury on 3+ waterfront acres, complete with a movie theater room, spa room, and incredible gourmet kitchen. 177 Herdmont Drive is listed for $834,900 and would make an incredible forever home with a main level master bedroom, top of the line finishes and custom tile and stone work. 177 herdmont

No expense has been spared on this incredible home–all 6 bedrooms have en suite baths, the master bedroom has its own sitting room with a fireplace and the hardwood floors gleam throughout all 6,150 square feet. 

The basement is perfect for entertaining large groups with a full kitchen and wet bar, as well as a movie theater room. Every detail of this home has been perfectly polished and looks like it belongs on Pinterest–this is truly a dream home, in a convenient location off of Mountain View Road. 

If you’d like more information or to view this property, please contact the Love-Smith Team.

Charming Farmhouse: 6498 Byrd Mill Road

Charming Farmhouse: 6498 Byrd Mill Road

If you’ve been looking for a charming fixer-upper farmhouse with boatloads of character, you can stop looking! We’ve got exactly that on almost 2 acres for an absolute steal! Perfectly located between the cultural hubs of Richmond and Charlottesville, 6498 Byrd Mill Road is tucked away in a quiet corner of Louisa County.

This home is the textbook definition of “good bones.” At 82 years old, the home is ready for an interior cosmetic update–but at $120,000, even a first-time homebuyer can comfortably afford to remodel to their heart’s content. With 1,856 square feet, 3 bedrooms and 2.5 baths, there’s enough room to spread out and really enjoy the property.

The exposed beams and white subway tile in the kitchen are enough to make Joanna Gaines swoon and the painted hardwoods in the secondary bedrooms lend a wistful nostalgia to the home’s atmosphere. If you can look past the paint color and see this home’s true potential, you could score an amazing deal.

Whether you’re an aspiring homesteader or a budding equestrian, there’s plenty for you to work with here! The property is home to a large barn, a tool shed and a chicken coop, all on 1.9 acres that back to fruit trees and a seasonal stream.

If you’d like to take advantage of this incredible bargain, please contact Alison Rabak at arabak@cbeva.com .