Searching For that Perfect Home with A Second Income?Entering the real estate market can bring up a lot of terms that can be confusing.One of which is buying a home with a Legal Non-Conforming
Dreaming of a Country Home
Dated: April 15 2021
Dreaming of that Country Home
If you’ve been dreaming of a home in the country, with some acreage for the kids to play, you may have noticed that those desirable country homes aren’t cheap. A decent home in the country can start around $300,000 and go up from there.
Fear not, that country property is not completely out of reach! Start smart by putting together a plan of attack. This plan may be 3 to 5 years in the making, but the pay off in the end may be worth the wait.
If you’re a first time home buyer that price tag of $300,000 or more can be pretty scary, and according to the bank might not be possible…. Yet!
Your budget may allow for a family home within city limits, so that’s where we will start. It will hopefully come with a mortgage payment you’re more comfortable with.
As you are paying down the mortgage, you should still budget for a set amount each month put into savings.
Over the next few years, spend time making improvements to your home in town. I will of course be in constant contact when you need me, to advise on where you should be focusing your time and money. I will also keep you ‘in the know’ of where the real estate market is and when the time is right we strike!
Selling your home at the correct time in the correct way will likely make you a profit on that sale. Also, as you’ve been paying down the mortgage there is equity in your home, plus you have been hopefully hiding away funds for this next move.
At this point we can now start shopping for your dream country home with a higher price tag, because now you have the funds to put a larger down payment. This can essentially keep your country home mortgage payments close to what the city home payments were originally.
Buying a home and selling a home at the same time can come with some challenges, but I will be with you every step of the way and navigating those challenges for a smooth transaction.
Kathy has a passion for real estate that has not been extinguished in a decade; and helping clients achieve their real estate goals is her main goal. She has been a top-performing licensed agent at R....