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Strategies for Saving Money When Buying a House

Strategies for Saving Money When Buying a House

Strategies for Saving Money When Buying a House

Strategies for Saving Money When Buying a House

 

For many home shoppers, buying a house right now can seem like a very pricey pipe dream. Mortgage interest rates still hover at an uncomfortably high mid-6% range for 30-year fixed-rate loans. And the Realtor.com® economists expect home prices will rise 5.4% year over year in 2023.

Those factors mean buying a home right now is an expensive endeavor. But this doesn’t mean your goal of homeownership is out of reach.

“The key to buying a house on the cheap is knowing how to balance achieving your dreams while staying within your budget,” says Casey Ames, owner and CEO of Taylor Jene Homes in Boise, ID.

If buying a home is on your horizon but affording things like a down payment feels like an uphill battle, take a look at these tactics for getting a house on the cheap. Relatively.

1. Get a low-down payment—or no-down payment—loan

Most homebuyers are nowhere near being able to make a 20% down payment. Good news, though: You may qualify for a loan that requires you to put very little money down at closing time.

A Federal Housing Administration loan allows you to put down as little as 3.5% of the purchase price as long as your credit score is above 580.

Anyone who qualifies for a Department of Veterans Affairs loan or a USDA loan can put as little as 0% down. Although the requirements vary by lender, borrowers typically need a minimum credit score of 620 for a VA loan and 640 for a USDA loan

Be aware, though, that the guidelines for a government-backed loan can be fairly strict, and you’ll be on the hook for things like mortgage insurance and an inspection conducted by the U.S. Department of Housing and Urban Development.

2. Look into down payment assistance programs

If coming up with that nest egg is your biggest hurdle to homeownership, experts recommend researching down payment assistance programs inyour area.

These programs help homebuyers qualify for grants, low- or zero-interest loans, and other arrangements to provide a lump sum.

“You may get help covering some of the upfront costs of purchasing a home, or you may even qualify for a grant and get the entirety of the cost covered,” says Ryan McMahon, a homebuilder in San Diego and the founder of Sell House for Cash San Diego,

Eligibility is based on your credit history and household income. The details vary by state and by program, but typically homebuyers using a down payment assistance program are required to take an education course and purchase in an approved location.

To find a program, start with your state housing finance authorities, the local homebuying programs page on the HUD website, and the Consumer Financial Protection Bureau’s guide to HUD-approved housing counselors.

3. Use a family down payment gift

Some homebuyers have generous family members who want to assist them in making a down payment. Using a down payment gift to buy a house is A-OK, but there are rules.

When lenders examine your financial viability, they’re going to look at more than your credit score and income. They will also study your assets to determine where they came from. If a friend or family member does give you money for a down payment, they will want to confirm whether that sum is a gift or a loan. A loan that needs to be paid back will present problems because it could interfere with your ability to make payments to both the loaning institution and your personal lender.

A cash down payment gift can be used, but you will need to also secure a gift letter that states the amount of the gift and confirms it does not need to be paid back. You’ll also need to provide evidence of the transfer of funds.

There is no limit on the amount of money a family member can gift you. But if it’s more than $15,000, the family member will have to file a gift tax return disclosing the gift.

Before securing the funds for a gift though, talk to your lending institution. Individual programs have different policies. For example, VA loan programs allow you to receive a gift from almost anyone. FHA and USDA loans allow gifts from families and friends. Conventional loan programs often require that gift funds come from blood relatives like parents or children.

4. Consider auctions, short sales, and more

When you search for a good deal, keep an open mind about the type of property you seek out.

“Purchasing a home at auction has several advantages for both parties,” says Matthew Dailly, managing director at Tiger Financial, a loan broker. “A buyer will get a speedy sale, get to choose the asking price, and know what other bidders are willing to pay.”

Dailly also recommendslooking for short sales. In a short-sale situation, homeowners still own the property, but the bank is allowing them to sell it for less than what they currently owe on the mortgage.

“It is primarily intended to spare the bank the hassle of a legal foreclosure, but it’s an excellent method to find an inexpensive home,” Dailly says.

There are other options, too.

“I would recommend searching the listings with the keywords ‘TLC’ or ‘fixer upper,’” says Brian Davis, a real estate investor and founder at SparkRental. “But unless you have experience renovating homes, avoid anything that would require a permit. Stick to cosmetic problems.”

 

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

The Flats Orlando Condo

The Flats Orlando Condo

The Flats Orlando Condo

Orlando’s First Condo-Hotel

Wellness Certified

A Pioneering Project

With contemporary architecture and elements that express form and design, The Flats Orlando seeks to embrace an innovative concept that evokes a superior lifestyle that blends the “exciting” and the peaceful.

Its interior design alludes to modernity; more organic and honest materials, fit for our concept of well-being. It is developing in this unique moment, an era of understanding and social awareness, where a new collective responsibility for personal care and safety is emerging.

The Flats Orlando represents the ideal place to unwind amidst the hustle and bustle of the parks and shopping centers in the city. It is a place designed for people to find tranquility, while still partaking in all Orlando’s magic has to offer.

 

7 Levels | 160 fully equipped units | 1-3 bedrooms

At The Flats Orlando we understand and value fun, enjoyment, relaxation and special moments. That is why we are creating a wellness ecosystem, paying special attention to the details in order to create spaces that forge truly memorable experiences.

Investment Model

One of the main reasons to invest in The Flats Orlando is to protect your assets in the future, investing in a solid currency is a safe investment, to constantly grow the value of your investment and last but not least you will be able to make your unit profitable.

Investment $386,000 USD

Downpayment $193,000 USD

Annual Return Percentage 9% – 10%

Annual Return of Investment $18,513 USD

Average Rate of Financing to Foreigners 5.25%

Amortization 30 Years

 

Wellness Certified

Every tenant has purified air, nontoxic wall covering, filtered water, aromatherapeutic diffusers, Vitamin C diffusion therapy showers, non-allergic bedding, circadian lighting to relax and balance your mind and probiotic eco sanitizing diffusion to eliminate bacteria and viruses that may exist in the atmosphere or on any surfaces.

All units go through an extensive eco sanitization in between guests to ensure a pleasant healthy setting.

Enjoy a new concept, which transforms your life into a relaxing experience. Carefully thought out and handmade especially for people who seek to explore a transformative side of Orlando. The Flats Orlando is a new concept which transforms your life into a relaxing experience

 

Expert Professionals in Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

 

For more information visit out website or call us today at 863-424-2309

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

439 Bloomingdale-Sold

439 Bloomingdale-Sold

439 BLOOMINGDALE DRIVE, DAVENPORT, FL

Just Sold

$ Click for current price
6 BEDROOMS | 5 full baths BATHROOMS | 3481 SqFt

Located in the popular Hampton Lakes community this spacious family home featuring six bedrooms and five fullbathrooms sits on an oversized lot. From the formal living and dining that welcomes you into the home to the incredible25 ft long family room this home provides spacious living accommodation with lots of natural light. A fully equippedkitchen with plenty of cabinet space sits in the center of the home and the open floor plan provides views and access tothe formal dining room at the front of the home, the family room at the rear and access through the breakfast nook tothe pool deck. Outside the inground pool and spa offers plenty of space to relax or entertain and the rear neighbors arescreened away by a natural hedge. A full bathroom that doubles as a house bath and one bedroom completes thedownstairs accommodation. Walk upstairs into the large loft area perfect for a media room, home office or could even beconverted into another bedroom with its own en-suite bathroom !! The master bedroom has a good sized ensuite withdouble sinks, tub, separate shower and also benefits from two separate walk in closets. Bedrooms three and four share ajack and jill bathroom and bedrooms five and six share a house bathroom. Sold furnished as seen and ready to move inthis home is easy to show and won’t last long. Easy access to I4, Hwy 192, Posner Park and all the Central Floridaattractions makes this a great primary residence or vacation home.

 

May 2021 Home sales Report

May 2021 Home sales Report

May 2021 Home sales Report

 

Welcome to this months Florida Market in a minute. We continue to hear there are two few homes on the market but inventory of single-family homes in the Orlando area actually *increased* in May, the first time since September 2020. It was a small increase, but seen as significant by many as a sign that we might finally be at the start of a long march back toward balanced market.

The number of new listings increased for a third straight month but with just over a three week supply of homes we remain well below what is considered a balanced market.

Average interest rates are staying level at just below 3% – lower than they were in May 2020 and that continues to keep buyer demand high which in turn maintains upward pressure on home prices.

Florida Realtors reported that over half of all single-family home sales were sold above their original listing prices. Not surprisingly the median home price in the Orlando area was up again in May, rising to $300,000O – that’s 15% up from May 2020.

Sales in May were slightly down compared with April but that was due simply to a lack of inventory as housing demand continues to dramatically outpace supply.

Well that’s all for now but remember every market and every community is different so for the latest information make sure you speak with your Realtor here at Bardell Real Estate and I look forward to seeing you next month.

 

Around the United States:

  • Pending home sales rose 8% in May from the prior month and 13.1% from one year ago.

Pending home sales rebounded strongly in May, reaching the highest reading ever for the month of May since 2005, according to the National Association of Realtors®. All four U.S. regions registered both month-over-month increases and year-over-year gains for pending home sales contract transactions for the month of May.

  • The May 2021 Pending Home Sales Index of 114.7 is the highest reading for May since 2005.

Although there has been a series of obstacles over the last year, including an unprecedented pandemic, record-high prices and all-time low inventory, buyers are still lining up at a feverish pace,

  • Contract signings rose in all regions in May compared to the prior month and one year ago.

Pending contracts are good early indicators of upcoming sales closings. However, the amount of time between pending contracts and completed sales are not identical for all home sales. Variations in the length of the process from pending contract to closed sale can be caused by issues such as buyer difficulties with obtaining mortgage financing, home inspection problems, or appraisal issues.

NOTE: This report was produced for May existing home sales,  Existing-Home Sales for June will be reported July 22. The next Pending Home Sales Index will be July 29; all release times are 10:00 a.m. ET.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Tilden Place at Winter Garden

Tilden Place at Winter Garden

The gated new construction community of Tilden Place at Winter Garden is one of the last remaining residential opportunities in Central Florida’s Tilden Road. The neighborhood comprises of 55 stunning houses by M/I Homes, exemplify architectural styles by a combination craftsman design integrated with a Traditional Florida design.

The community’s new construction homes for sale offer 13 different floorplans to choose from that are split between two different product lines called the Eco and the Eco Grand series.

Eco Series

  • 50′ wide homesites
  • 1,857+ square feet
  • 3-4 bedrooms
  • 2-4 baths
  • 2-3 car garages
  • 6 floorplans

Eco Grand Series:

  • 80′ wide homesites
  • 2,818 – 4,500 square feet
  • 3-6 bedrooms
  • 3-5 bathrooms
  • 3-4 car garages
  • 7 floorplans

For some outdoor fun in the neighborhood, residents of Tilden Place at Winter Garden can get active at the community’s open park, walk their four-legged best friend in the dog park or have a family picnic at the pavilion. In addition, children have access to a playground they will absolutely love!

Tilden Place at Winter Garden is conveniently located between 429 and Winter Garden Vineland Road, giving homeowners easy access to major roadways. Fantastic shopping and dining options are just minutes away. Seeking something local a little more thrilling? Orlando’s world-class theme parks are just 30 minutes away from these new construction homes in Florida. The Orlando International Airport is also only 30 minutes away by car, convenient for when relatives visit!

Contact us now to speak to an experienced real estate agent about buying a new home at Tilden Place at Winter Garden!

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

Just Listed-15320 MARKHAM DRIVE, CLERMONT, FL

Just Listed-15320 MARKHAM DRIVE, CLERMONT, FL

15320 MARKHAM DRIVE, CLERMONT, FL

Just Listed

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Bardell Real Estate

Bardell Real Estate
863-424-2309

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$ Click for current price
3 BEDROOMS | 2 full baths BATHROOMS | 1636 SqFt

Located in the quiet, gated community of Mission Park this well maintained home is in move in ready condition. Theflowing open floor plan benefits from a fully equipped kitchen at the heart of the home and an open, split bedroom floorplan with lots of natural light. The Master bedroom located towards the rear of the property has a good sized ensuitebathroom with jacuzzi tub, separate shower and dual sink – bedrooms two and three are located towards the front of thehome and share the house bath. Sliding patio doors lead outside to a screened in porch which can also be accesseddirectly from the Master bedroom. Once outside you can relax or entertain in the screen room while planning yourdream garden or private pool!! Located close to schools, shopping, restaurant’s, and easy access to Hwy 192 and all theCentral Florida attractions this would make a great family home or snowbird/second home. Looking for something tomake your own……..this is sure to be it!!!