Page 10 May 2, 2019 EL SEGUNDO HERALD
Like Us on Facebook!
Real Estate Ready: Smart Tips For First-Time Homebuyers
(BPT) - Today’s first-time homebuyers face
a variety of hurdles when trying to enter the
real estate market. While interest rates have
declined recently and there are signs that more
inventory may be coming onto the market,
many buyers continue to feel frustration in
finding and financing a home.
Additionally, high levels of student loan
debt and entry-level jobs that didn’t pay as
much as expected have made homeownership
financially difficult for millennials. Many
have opted to move in with their parents,
and since then have been saving money to
purchase a home.
Although being a first-time homebuyer is
exciting, it can also be overwhelming. Whether
you’re purchasing a home for yourself, with
your spouse, or because you’re growing your
family, there are a few tips to keep in mind to
ensure a smooth process and happy outcome
so you don’t have to delay your decision to
buy a home.
Explore what you can afford
It’s important to purchase a home that is
within your means, but it’s often difficult to
know what you can actually afford. Start by
using the Shop by Payment feature at Vylla
(www.vylla.com.) If you know what you can
afford for rent, use that as a guide for your
search to see how it translates into monthly
mortgage payments. Many renters are surprised
to find out they can become homeowners
for about the same monthly amount they’re
currently paying their landlord.
Save for closing costs
There are some “hidden costs” associated
with buying a home. Closing costs, or fees
included at the closing of a real estate transaction,
can include a number of charges such as
appraisal and attorney fees, recording fees, title
and escrow charges. Buyers and sellers often
split closing costs, and buyers can typically
expect to pay 3 to 4 percent of the cost of
the home in closing costs. That means if you
buy a $200,000 home, estimated closing costs
will be between $6,000 and $8,000. Working
with a transparent real estate and mortgage
company will also help you manage costs to
ensure there are no surprises along the way.
Manage debt and down payments
You may have heard that you need to
eliminate debt and save 20 percent down to
purchase a home. Although those are good
goals, there are more flexible loan products
available today for many types of borrowers.
Many lenders have loan programs that make
it possible for borrowers with some debt or
less-than-perfect credit to qualify for mortgage
loans, eliminating some of the barriers
first-time homebuyers face. You may be able
to qualify for a loan with a down payment
of just 3.5 percent.
Research neighborhoods
Housing varies greatly from city to city,
and even block to block. It’s important to
research the areas you want to live in to ensure
you’re happy and making a good investment.
This will be unique to each homebuyer, but
it may be important for you to consider
school boundaries, population demographics,
crime rates, access to resources like public
transportation and commute times to work.
Streamline to reduce stress
Many homebuying steps are disconnected,
which can cause a lot of stress. Consider a
one-stop platform like Vylla.com that seamlessly
integrates the mortgage process with
home search and home purchasing steps to
provide everything under one roof. Plus, you
can work with a single point of contact who
works with real estate agents, title and escrow
services and more for a seamless experience.
Think long-term
Although your first home won’t likely be
your last, it’s important to think long-term
when making such a big investment. According
to the National Association of Realtors®, the
average amount of time a homeowner stays
in a house is 10 years. You want something
that you plan to live in for at least the next
few years, as well as something that suits
your future plans. Don’t just think about
what you want now; try to visualize your life
down the road and make sure this house fits
the vision as much as possible.
A few smart steps can make the first-time
homebuying experience easy and stress free.
With a little proactive planning and a few
good resources, you’ll have keys to your
home in hand in no time. *
ESTABLISHED 1980
310.322.0066 | KIRKBROWN@GMAIL.COM
We Work Hard Everyday to Exceed Your Expectations!
Call us today for our
coming soon for
sale properties!
NEW LISTINGS!
PRIME LOCATION Smoky Hollow, El Segundo.
Walking distance to Main Street.
• 3 unit industrial / office building approximately 5,856 sq. ft.
• 3 unit industrial / office building approximately 6,242 sq. ft.
Special unit mix, occupy 1 unit, lease out the others. Great potential
return on investment, call for more details
RENTALS!
• Renovated 1 bedroom in El Porto,
$2,350/mo West of Highland,
garage and w/d
• Large 1 bedroom with patio and
parking, pool - $1,900
• More rentals coming soon!
Kirk Brown • DRE# 00556073
Kirk Brown Jr • DRE# 01359453
COMING SOON!
• A+ Lunada Bay location, 3 bedroom, 2 bath 1,856 sq. ft.
• East Side El Segundo 3 bed 2 bath over 2,000 sq. ft.
RECENTLY SOLD!
• 2508 Via Pinale, Amazing Malaga Cove Custom Home
• 5513 Lorna, Torrance - 4 bedroom, 3 bath
EL SEGUNDO FAMILY SINCE 1924
616 W Imperial Ave #4
Offered $959,000
Visit Nicolrealestate.com for more
information
Scot Nicol
Realtor ®
310.529.5286
scot@nicolrealestate.com
DRE 01918400
OPEN HOUSE
Sat & Sun
2- 4 pm
Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price,
condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed.