Financial Readiness

Financial Readiness

  • 12/2/24
View this email in your browser

The latest news from Small & Associates...
This week's Real Estate Topic:  Financial Readiness
Rather watch the video than read the post? Click the photo above!

Financial Readiness

Buying a home requires careful financial planning and preparation. Here are some steps you can take to ensure you're financially ready for purchasing a property:

1. Assess your financial situation: Start by evaluating your current financial standing. Consider your income, savings, investments, and any existing debts. Determine how much you can comfortably afford to spend on a home without compromising your overall financial stability.

2. Set a budget: Based on your financial assessment, establish a budget for your home purchase. This budget should consider not only the purchase price of the property but also other costs such as taxes, insurance, maintenance, and potential renovations or upgrades.

3. Save for a substantial down payment: Saving for a sizable down payment is beneficial when buying a home. I recommend to have at least 20% of the purchase price as a down payment. A larger down payment can help you secure more favorable loan terms and avoid the additional cost of private mortgage insurance (PMI).

4. Maintain a strong credit score: Your credit score plays a significant role in obtaining a mortgage with favorable terms. Ensure you have a good credit history by paying your bills on time, reducing existing debts, and avoiding new credit inquiries or large purchases leading up to the home buying process.

5. Get pre-approved for a mortgage: Prior to house hunting, get pre-approved for a mortgage from a reputable lender. This will give you a clear understanding of how much you can borrow and help you establish a realistic budget. It also demonstrates to sellers that you are a serious buyer. My firm has preferred lenders that we highly recommend and I am happy to provide an introduction.

6. Consider ongoing expenses: Homes come with maintenance, utility, and property tax costs. Take these factors into account when evaluating your financial readiness. Make sure you have a sufficient monthly budget to cover these ongoing expenses comfortably.

7. Consult with financial professionals: Seek advice from a financial advisor or real estate agent who specializes in luxury properties. They can help you understand the market, evaluate your financial readiness, and guide you through the home buying process.

8. Plan for contingencies: It's important to have a financial safety net in case of unexpected expenses or changes in circumstances. Consider building an emergency fund and having a plan to cover any potential financial challenges that may arise after the purchase.

Remember, buying a home is a significant financial commitment, so take your time, do thorough research, and ensure you are financially prepared before making a decision. If you have any questions or would like to be put in touch with one of our preferred lenders, call, text, or email! 
 

📧:  [email protected]
📲:  804-353-1250
⌨️:  findahomerichmond.com


*We know RVA neighborhoods! Small & Associates are the official Listing Leaders and Sales Leaders in Richmond's Fan and Museum Districts!

*In 2023, 83% of our listings sold at or over the list price, and 61% sold OVER the list price!


-----

It is our responsibility as your REALTORS® to ensure that when others around you are lowering their expectations, this becomes the time for us to switch gears and discover how to leverage the market effectively to achieve your goals.

If you would like to know more about the current market, or if you have any general real estate questions, let's connect!

If you are looking to begin a home search, visit our website to get started!

 
What's happening around Richmond this week? 🍺🍲🎉
Click the image above or the link below to see a full list of events!
Visit Richmond VA: Weekly Happenings in RVA!
 
Get Involved!
We are proud to help our friends over at FETCH-a-Cure! FETCH is a 501 ©(3) non-profit organization focused on improving the quality of life for pets. Their vision is simple: A community where no one is denied a choice for their pet’s health due to a lack of options, education, or funding. To learn more about FETCH, or if you are interested in volunteering or donating, click the logo! 
Have you heard of VCU Ram Pantry? For VCU, it is a situation in which a student lacks access to enough nutritious food for a healthy, active life. It can be linked to negative student outcomes in physical and mental health, financial and housing insecurity, and educational attainment. To learn more about Ram Pantry and how they are helping students, or to donate, click here!
 
More about our firm...


 
 
 
Global Connections
 
We are select partners with Leverage Global Partners. What does this mean for you as our client? If you are looking to relocate or buy a second home in an entirely different city (or on a different continent!), Small and Associates has you covered. As a member of this exclusive network, we work with other like-minded agents and put you in touch with the right REALTOR® outside of the Central Virginia area. If you or someone you know has been considering a unique move, let us be your guide.
 
To learn more, click the Leverage logo below:
 

Small & Associates has been helping people like you buy and sell real estate in Richmond, Virginia for over 40 years. We are here to help you have a smooth transaction – whether buying a new home, selling an existing property or relocating into the area. Our goal is to provide you with the best real estate services available in the Richmond area. We specialize in serving the central Richmond area and have a great deal of expertises in closer in, older areas of Richmond. You will see our signs all over The Fan, The Museum District, Church Hill, Jackson Ward, Northside and Just south of the River in Westover Hills, Woodland Heights and Forest Hill areas.

We have the knowledge and experience needed to deal with the older properties in these historic neighborhoods. We are all about Richmond, its neighborhoods and its unique houses.

You will be working with a small, tight-knit company that excels at providing an elevated level of service that is extremely personal and tailored to a buyer or sellers’ needs. The firm’s partnership with Leverage Global Partners gives us an international network with similar companies like ours, devoted to agile marketing strategies that benefit clients, whether they are buying and selling in their local market or headed as far as the other side of the world.

Click the link above to learn more about our firm!
 
Instagram
Facebook
Website
YouTube
Email
 
Copyright © 2023 Small & Associates Real Estate, All rights reserved.
You are receiving this email because you have provided your email to Small and Associates Real Estate, Inc.

Our mailing address is:
Small & Associates Real Estate, Inc.
3103 Ellwood Avenue
Richmond, VA 23221

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.
 
Copyright © 2024 Small & Associates Real Estate, All rights reserved.
You are receiving this email because you have provided your email to Small and Associates Inc.

Our mailing address is:
Small & Associates Real Estate
3103 Ellwood Avenue
Richmond, VA 23221-2915

Add us to your address book


Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.

Work With Us

We pride ourselves in providing personalized solutions that bring our clients closer to their dream properties and enhance their long-term wealth. Contact us today to find out how we can be of assistance to you!

Follow Us on Instagram