8 Tips for Saving a Home’s Down Payment

8 Tips for Saving a Home’s Down Payment

When you really get serious about buying your first home, there are a just few things to think about. Mortgage and loan language begins coming out of the woodwork, and you can easily find yourself in the middle of some alphabet soup. PMI, FHA, USDA, and VA- just to name a few! However, the main and pressing age old question remains: exactly how much money do I need to purchase a home? Here are a few tips and tidbits for your down payment planning and saving process. You’ll be there before you know it, in the home of your dreams! We can’t wait to help you attain those goals! Know your personal goal! Many loans these days offer options for you to get into the house of your dreams sooner, with less down payment money. Research the types of loans available to you, and then decide what works best for you and your family! Does 20% sound overwhelming or like that’s where you want to begin you home ownership journey? It’s totally up to you! Cut expenses. This is one that many don’t think about! Where can you save? Can the phone bill be minimized by shopping around? What about cable and internet packages? Can the cost be cut with a bundle? Or the car payment? These are just a few places to begin!No vacation for a year. Yikes! We’re only proposing that you have a stay-cation instead! Enjoy family time at the park or on bikes at Prophetstown.Work with a realtor. There are obviously many benefits in having a build in companion to walk with through this process....
5 Things to Consider When Buying a Home

5 Things to Consider When Buying a Home

When it comes to buying a house, the phrase, “different strokes for different folks” applies in a major way. Everyone has a wish list and different needs for their family or personal situation. However, there are some major “do’s and don’t’s” in the world of buying a house, and we’re here to help you make the best possible outcome in one of the biggest financial decisions of your life. Use us as your real estate team. We love Lafayette, IN, and we know all its nooks and crannies. The Romanski Group is knowledgeable in the current housing market, and they stay up to date with all the houses hitting the market, making you the first to know about new inventory! We can even help you identify potential problems within the houses you look at. Don’t make the mistake of trying to do this alone!Look beyond paint. Wall paper, paint, and other cosmetic decor that you don’t like in a house can all be changed. Check out the larger, more expensive fixes that might need some love in the near future!Know the neighborhoods. Before you begin looking, have an idea of what you want in a neighborhood or community.Get pre-approved. Know where to begin for a price point! Be ready to make an offer with a pre-approval letter when you find that perfect house – it’s very possible you may be in a bidding war and a pre-approval letter is critical to getting your offer accepted. Mortgage lenders can help you figure your debt to income ratio and figure the monthly payment for you on every home you look at....
Top Tips for First Time Homebuyers

Top Tips for First Time Homebuyers

Home ownership is an admirable step into the American Dream. However, if you’re a first time home buyer, there might be some mystery looming about the process. There really are so many facets to purchasing a home, but once you understand it all, it’s smooth sailing. That’s what we’re here for. We want you to know exactly what you’re getting into, and we even have some tips for you to start with! Shop around for a lender. We have a recommendations that we love to work with who’ve taken great care of our clients. Ask questions about things such as earnest money, PMI, loan selling, and types of loans.You do not need 20% down to purchase a home. There are many mortgage options allowing from 0% down (USDA and VA loans), 3.5% down (FHA) and 5% or more down options with Conventional financing. Click here to view the difference between them all!Hire a Romanski Group Real Estate Agent to represent your best interests.Don’t move too quickly! Be patient. You might need to make a list of totally non negotiables, but let the rest go. Set a budget and do not exceed your budget! Diligence in this area gives freedom in the buying process because you know exactly what you can and cannot afford. When looking at houses, be sure to take in the neighborhood as well! Here are a few tips on that. Building a home is also an option as a first time homebuyer. Contact The Romanski Group for a list of recommended home builders in the Greater Lafayette area. Periodically, our team organizes a First Time Home...
Back in Business: Where We’re Going COVID-19 Updates

Back in Business: Where We’re Going COVID-19 Updates

As Indiana continues to take strides toward long term physical, social, and economical health, Gov. Eric Holcomb and his team have another wave of openings and developments unfolding for the entire state. The next segment, affectionately titled, “Where We’re Going” gives clear instruction for the current active date of June 14th, 2020. Journey with us and explore the details of what Greater Lafayette, IN life will be like as stage 3 gives way! For future or additional modifications and up to date social distance regulations, please refer to the “Back on Track” website. It’s easy to navigate, with convenient, accessible, thorough information. The official Executive Order details can be found here. Who is Open or Opening Soon? According to Governor Eric Holcomb’s Back on Track Plan, we are currently in stage 3. This includes gatherings of up to 100 people, restaurants open at 50% capacity, gym openings, and quite a bit more. Click here to view an entire document recording all specifics of stage 3. On June 14th, 2020, Indiana moves into stage 4. This moves restaurant seating to 75% capacity, malls and office buildings to full capacity, opens and lifts restrictions of government buildings, and opens movie theaters and bowling alleys at 50% capacity. Click here to view the entire document recording app specifics of stage 4. Real Estate and the Corona Virus Real Estate remains an essential business, and we’re ready to help at any time. Buying a home right now is a great option with interest rates at record lows! The market tilts in the seller’s favor currently, so selling your home is a great options right now,...
3 Helpful Tips for Neighborhood Selection

3 Helpful Tips for Neighborhood Selection

Greater Lafayette, IN is a great place to live, and we’re not just saying that. There are many contributing factors to this claim. However, some of the biggest pertain to our growing industrial and business presence. This benefits Greater Lafayette, IN community members in obvious ways such as product and job availability, diversity, rising incomes and therefore rising house prices. When you take Lafayette, IN through the list of, “10 Things You Should Look for When Choosing a New Neighborhood,” from Forbes Magazine, it checks all the boxes! Now that you’re convinced to move this direction or stay for a lifetime, here are some “smaller scale” neighborhood selection pointers. When you scope out a suburb or small subdivision, keep these things in mind. Upkeep of surrounding houses. There are certain factors to this, but overall, the houses throughout the neighborhoods reflect a couple things. It can sometimes reveal the presence of an HOA (Home Owner’s Association) or the absence of one. An HOA can be helpful in overall appearance, requiring community members to purchase certain mailboxes or other exterior house items. It can also allude to the rental to home ownership ratio. This is important because a healthy, established neighborhood has a mixture of both rentals and owners. Forbes says, “According to industry estimates, you want to ideally buy in a community where less than 25% of homes are rented out.”School district“One Realtor.com survey found 91% of prospective home buyers said school boundaries were important in their search. There’s no shortage of school ratings online, but the data can be narrow. GreatSchools.org, for instance, compares test results for all schools in the state, which...
Greater Lafayette Spring Real Estate Market Update

Greater Lafayette Spring Real Estate Market Update

The spring of 2020 is one that will never be forgotten! Greater Lafayette market has held steady despite the pandemic. Here are some stats for March and April 2020 compared to the same time periods in 2019 to give you a snapshot of what happened… Demand Due To Low Housing Supply A normal market is considered to have a 6-7 month supply of inventory to be considered balanced.  We have seen and experienced in Tippecanoe County that a shortage of inventory tends to keep home prices strong and has resulted in multiple offers and bidding wars.  Tight inventory is a main reason the ball is still in the sellers’ court. The inventory of existing homes for sale remains below the 6 months needed for a normal market and is only at a 1.7 month supply looking at April 2020. This means, there are not enough homes for sale to satisfy the number of buyers in our market. Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move. Many homeowners were reluctant to list their homes over the last couple of years, for fear they would not find a home to move into. That is all changing now as more homes come to market at the higher end. The choices buyers have will...