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Displaying blog entries 151-160 of 1241

5 Essential Things You Need to Know When Purchasing Your First Home

Wednesday, January 4, 2023
by The Hat Team

Purchasing your first house is a monumental milestone in life.  It’s likely the largest financial commitment you will have made up to this point. You want to get it right. Here is a basic overview of five essential things you need to know when taking this step.

  1. HIRE A REALTOR

Having an agent will save you time. They can send you listings directly from the MLS that fit your wants/needs and you won’t waste time looking at properties that might already be under contract. Realtors are also often aware of new listings that are not yet on the market. And while house hunting, there is no point in wasting your gas when an agent will pick you up and provide transportation. The advice you will receive from a qualified Realtor will be invaluable in the buying process.

  1. DECIDE WHAT YOU ARE LOOKING FOR
     

Searching for the right home can be overwhelming, especially if you’re not even sure what you want. Come up with a list of must-haves and desires that you can present to your Realtor so that they can provide listings that fit those parameters.

  1. GET A LOAN

It is smart to get loan preapproval prior to making an offer on a house…especially if it is a seller’s market where you may be competing with other buyers. Sellers want assurance that you will be able to complete the purchase of the home.

  1. NEGOTIATE THE OFFER

Don’t make the mistake of comparing the sale price to other homes you have seen because the truth is, sellers can ask any amount they want for a house. Your Realtor can provide you with comparable sales of similar houses in the same condition and location over the past few months.

  1. GET A HOME INSPECTION

Some states will allow you to have a home inspection prior to making an offer on a home. In other states, the inspection becomes a contract contingency, meaning the buyer has the right to cancel the contract. Either way, you don’t want to get locked into purchasing a home that has a faulty foundation, for example.

If you are in the market to buy or sell a home (or both), let me, Sandra Nickel, and my Hat Team of Professionals assist you with all your real estate needs! Call us today at 334-834-1500 and check out https://www.homesforsaleinmontgomeryalabama.com for more information.

Photo Credits: propertyupdate.com.au, landmarkhw.com, homeownershipmatters.realtor

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Your Dream of Homeownership Can Come True in 2023

Wednesday, December 14, 2022
by The Hat Team

With Christmas right around the corner, you might already be thinking about your new year’s resolutions. And if those resolutions include buying a home, it’s never too early to start considering how you can defeat debt in order to achieve your dream of homeownership!

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Realtors see two major challenges time and time again with first time home buyers that effect their ability to purchase a home:

  1. They often carry too much debt.
  2. They don’t have enough cash for a down payment.

These two issues are strongly related in that people need to reduce debts that inhibit them from saving money.

We all know that we shouldn’t spend more than we earn, but falling into the debt trap is easy to do. You see a pair of boots that you must have and you think, I will use my credit card now and pay for them with my next paycheck. It sounds reasonable at the time, but next thing you know you’ve done something like that often enough that there is a beastly credit card balance hanging over your head.

So, now you’re in debt. You have regrets, but no use doing the “should have, would have, could have” dance. Now it’s time to move forward and take the steps needed to reduce your debt.

Here is a list of things to do to change the way you manage your money. Follow these steps and before you know it you will be on your way to saving for a down payment on your first home!

  • STOP ADDING TO YOUR DEBT

The first step to getting out of debt is to stop adding to your outstanding balances. To remove temptation, carry only one credit card with you…and make sure it is the one with the lowest limit so that it is impossible to get into serious trouble with it. Leave any other credit cards in a safe place at home to keep yourself from going on an impulsive shopping spree.

  • TAKE AN INVENTORY OF YOUR SPENDING HABITS

This may not be a fun activity, but it is helpful to see how you are spending. Create a list of where your money goes each month including rent, utilities, car payments, food, credit cards etc. Once you have done this, split the list into two categories: bills you must pay every month and debts you need to pay off. The second list then can be organized in order of urgency, either based on outstanding balance or highest interest rate. Now you will have a clear picture of your debt situation.

  • ELIMINATE THE LARGEST DEBTS FIRST

Make a minimum payment for each of your credit card bills, but then make an extra payment on the bill that is at the top of your list. Do this monthly until that bill is paid in full. Now take the money you were using for that bill and start applying it to the second item on your list. Continue this until all of them are paid off.

  • CUT EXPENSES AND MAKE THE PAYMENT


If you are already in debt, how are you going to find money for an extra payment?  Well, some sacrifices will have to be made.  Cutting back on extras like trips to Starbucks, entertainment and eating out can free up cash that can go toward that extra payment each month. 

  • PREPARE FOR THE UNEXPECTED

Sometimes life is a struggle and unexpected challenges such as car repairs or medical expenses will pop up from time to time. As you cut expenses and start to save money, set up an emergency savings account just for these occasions. That way you will be prepared and won’t have to use a credit card and add to your debt.

  • SEEK LOWER INTEREST RATES

Give your credit card company a call to see if they will lower your interest rate. If they say no, shop around for a card with a lower rate and transfer your debt (be careful of transfer fees to make sure the transfer benefits you). You can also seek out a consolidation loan from your bank. They will pay off your debt and you can pay them back at a lower interest rate.

  • STICK TO IT!

As you see your debt decrease and see your cash increase, don’t fall back into old spending habits. As you have more money available, put it right into your savings and soon you will have the money you need for a down payment on your first home!


If you are in the market to buy or sell a home (or both), let me, Sandra Nickel, and my Hat Team of Professionals assist you with all your real estate needs! Call us today at 334-834-1500 and check out https://www.homesforsaleinmontgomeryalabama.com for more information.

Photo credits: uhloans.com, urmc.rochester.edu, familyhandyman.com

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520 Moorfield Ln: 3 Bedroom Home in Desirable Taylor Downs!

Wednesday, December 7, 2022
by The Hat Team

520 Moorfield Lane, Montgomery, AL 36117

MLS# 530005

3 Bedrooms | 2 Baths | 1,350 Square Feet | Taylor Downs

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This well-maintained 3BR, 2BA home in the desirable Taylor Downs subdivision is in close proximity to everything you need - schools, shopping and dining! Upon entering, you will love the open floor plan that consists of a cozy living room with wood-burning fireplace and dining room. Beautiful laminate wood throughout the entire home. The kitchen exudes warmth with beautiful tile backsplash and stainless-steel appliances. This home has a split floor plan - the spacious master bedroom includes a full bathroom with double vanities. On the other side are two additional bedrooms and a full bathroom. Enjoy two outdoor patio spaces - one covered and one uncovered - and do it all in the privacy of your fully-fenced backyard. Make plans to see this one today!

Marketed by Montgomery AL Realtor, Joy Randolph, Sandra Nickel Hat Team!

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436 Duckworth Dr: Move-in Ready Home in Landmark Estates!

Wednesday, November 30, 2022
by The Hat Team

436 Duckworth Drive, Montgomery, AL 36117

MLS# 528022

3 Bedrooms | 2 Baths | 2,433 Square Feet | Landmark Estates

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Tucked away in the quietest of neighborhoods is this move in ready home in Landmark Estates! Situated on top of a hill you will find an immaculate spacious house ready for its new family. The large family room has a vaulted ceiling and brick fireplace, the formal dining room has built in cabinets and the huge galley kitchen has a breakfast area. The master suite has a sitting area with a door to the patio and a huge walk-in closet and the other two bedrooms are on the opposite side of the house. Entertain family and friends outside under the covered patio overlooking the pool. The interior has been freshly painted and floors polished, new water heater, storage building and two car garage. Convenient location, check it out today!

Marketed by Montgomery AL Realtor, Lauren Keen, Sandra Nickel Hat Team!

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4061 Ray Dr: Absolutely Amazing Family Home in Johnstown!

Friday, November 4, 2022
by The Hat Team

4061 Ray Drive, Montgomery, AL 36109

MLS# 528016

4 Bedrooms | #4 Baths |3,305 Square Feet | Johnstown/Dalraida 

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Absolutely amazing large family home in Johnstown/Dalraida! Situated on a large corner lot, this 4 bedroom, 4 bath home has been beautifully updated, meticulously maintained and is move in ready! The large living room has a vaulted ceiling with a stone fireplace at one end, and a huge window at the other. The kitchen has stainless appliances, granite counter tops, breakfast bar and opens to a sunroom/dining room/keeping room with French doors to the patio and pool. The master suite has a great bathroom with split vanities, a soaking tub with a cool electric wall heater, separate shower and two walk in closets. Down the hall are two bedrooms with good sized closets, a pretty hall bath and laundry room. There is a parking pad on the left side of the house with a separate entrance and a mother-in-law suite (2nd master) with two bathrooms, French doors to the patio and an extra living space (currently a home office). The covered patio with a fancy outdoor kitchen, the saltwater pool (new lining), the top-of-the-line hot tub and fabulous garage have been the center of entertaining family and friends for 25 years. This home has lots of special features that you have to see in person. Check it out today!

Marketed by Montgomery AL Realtor, Lauren Keen, Sandra Nickel Hat Team!

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A Simple Guide to Mortgage Loans

Wednesday, November 2, 2022
by The Hat Team

When purchasing a home, the many different loan options available to you can be a bit overwhelming. With different names, various term lengths and many other factors on the table, it can be confusing trying to figure out which loan is best for you. While your mortgage lender and your Realtor can both answer questions you may have, it’s still smart to do your own research so that you have a basic understanding of mortgage loans.

Let’s focus on the two major options that affect your mortgage: the term of the loan and the type of interest rate attached to it. The term of the loan is the amount of time you have to pay it off.  Two of the most common loan terms are 15-year and 30-year loans. There are pros and cons to both. In addition, there are two types of interest rates to choose from: a fixed-rate or an adjustable-rate. Each type of loan combination has perks that meet your specific needs and will determine your monthly payment and the total interest you will pay.


First we will look at a 15-year fixed-rate mortgage loan.

This is a loan that you pay back over 15 years with the same interest rate throughout the life of the loan. One of the biggest benefits of a 15-year fixed-rate mortgage loan is that you will pay it off in half the time of a 30-year loan. Obvious, right? But what you may not realize is that you will also be paying less toward interest AND you will be building equity more quickly.  Paying your loan off faster means being able to use your hard-earned money for other things like retirement savings, college tuition for children, travel etc. However, while having a shorter term will often garner a lower interest rate, it still likely means higher monthly payments. And that is something you need to think about when deciding what kind of loan to pursue. For example, say your loan amount is $184,000 and you have a fixed interest rate of 7%.  You will pay about $1,650 a month with a 15-year loan verses about $1,220 a month with a 30-year term.  Since your payment will be lower with a 30-year loan, you might be able to qualify for a larger amount if you choose the loan with the longer term.


Shorter term loans usually have lower interest rates. This is because the lender is taking on less risk when money is borrowed for a shorter amount of time and they are able to get their interest back sooner. Locking into an interest rate with a  fixed-rate loan means you will pay at that interest rate for the entirety of your loan term. Since rates fluctuate daily, this is a good thing. However, there is always a chance that interest rates could drop lower than your rate, in which case an adjustable-rate mortgage might be beneficial. Adjustable-rate loans are risky though, because your rate could also go much higher meaning higher monthly payments and more interest paid throughout the life of the loan. The main reason to think about getting an adjustable-rate mortgage loan is to get a lower monthly payment. Since you are taking on the risk of rates rising, the bank will often reward you with a low rate starting out.


Now, let’s look at a 30-year mortgage loan. 

This is a home loan that will be paid off completely in 30 years as long as every payment is made as scheduled. Most 30-year mortgages are fixed-rate loans, meaning the interest rate will stay the same throughout the life of the loan. When you take out a 30-year loan, you may qualify for a higher amount than you would with a 15-year term. In addition, you will have lower monthly payments, making a more expensive home affordable for you. You also will enjoy the flexibility of being able to pay the loan off faster by adding to your monthly payment or making extra payments. But you can always go back to your regular payment when you can’t afford to do more. It’s easier to qualify for a 30-year loan and with the lower payments, you might have money left over each month for other things like savings, travel, etc. Just keep in mind that with a 30-year mortgage you will likely be paying a higher interest rate as well as more interest over the years, and you won’t be building equity as fast as you would with a 15-year mortgage.

Choosing what mortgage works best for you is a personal decision based on your needs.  Again, your mortgage lender and Realtor can help you do the math to determine what type of loan is going to give you the best outcome.

If you are in the market to buy or sell a home (or both), let me, Sandra Nickel, and my Hat Team of Professionals assist you with all your real estate needs! Call us today at 334-834-1500 and check out https://www.homesforsaleinmontgomeryalabama.com for more information.

Photo credits: texasunitedmortgage.com, corbymortgage.com, totalmortgage.com, mortgagemoon.com

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3200 Norman Bridge Rd: South Hull District Home with Great Layout!

Tuesday, November 1, 2022
by The Hat Team

3200 Norman Bridge Road, Montgomery, AL 36105

MLS# 529118

3 Bedrooms | 2 Full Baths | 1 Half Bath | 2,230 Square Feet | South Hull District

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This S Hull District home is perfectly livable as it stands and would also be a great opportunity for an easy fix-and-flip! Good bones! Kitchen and downstairs bath have already had updates. Great layout and large rooms, big corner lot with detached 2 car garage. Convenient location.

Marketed by Montgomery AL Realtor, Billy Young, Sandra Nickel Hat Team

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4340 Hillside Oaks: Pristine Patio Home in Lovely Hillside Oaks!

Friday, October 28, 2022
by The Hat Team

4340 Hillside Oaks, Montgomery, AL  36109

MLS# 529052

2 Bedrooms | 2 Baths | 1,067 Square Feet | Hillside Oaks

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This adorable and pristine patio home is just right for the first time homebuyer and would be a great addition to any investment portfolio! Easy to care for vinyl flooring, good sized great room with fireplace, and updated kitchen with granite countertops make up the living spaces. Two nicely proportioned bedrooms each with private bath. Great side deck, rear patio, and covered porch all overlook privacy fenced backyard. Move-in ready and convenient to shopping and dining! Would make a great AIR B&B as well!!

Marketed by Montgomery AL Realtor, Billy Young, Sandra Nickel Hat Team

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356 Cloverdale Rd: Updated Garden District Home with Classic Architecture!

Monday, October 17, 2022
by The Hat Team

356 Cloverdale Road, Montgomery, AL 36104

MLS# 527661

2 Bedrooms | 2 Baths | 1,589 Square Feet | Garden District

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This updated Garden District home beckons a gentile era of porch sitting and visiting with neighbors. The inviting front porch is perched well above street level offering nice views of the streetscape. Inside, enjoy classic architectural features like coffered ceilings, French doors, and spacious rooms with nice flow. The dining room has a cool wet bar with shiplap accents. Updated kitchen has cozy nook for casual dining. Both bathrooms have had nice updates and are modern-looking, while still retaining some old-house charm. Bonus room off main bedroom could be den/study, nursery, dressing room, or could be easily converted to a large walk-in closet. Private side deck offers a quiet place for relaxation or entertaining, and the manageable back yard has new privacy fence. Vintage detached garage can't be used for car storage any longer, but makes great storage area for garden tools, bicycles, and lawn equipment. Located in Midtown Montgomery close to interstate and downtown, and literally a block from Cloverdale's shopping, dining, and entertainment district!

Marketed by Montgomery AL Realtor, Billy Young, Sandra Nickel Hat Team

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90 Timberland Ln: Custom-Built Home Boasting Stunning Features!

Tuesday, October 11, 2022
by The Hat Team

90 Timberland Lane, Millbrook, AL 36054

MLS# 527556

4 Bedrooms | 3 Full and 1 Half Baths | 2,750 Square Feet | Live Oaks Estates

Play VisualTour

This beautifully maintained and custom-built home boasts many stunning features from the time you walk through the door! This home has soaring ceilings and a wonderful open floor plan with a formal dining area, large great room with fireplace, kitchen with an eat-in area and beautiful oak cabinets, screened-in back patio and much more! The master suite has its own wing with a separate shower, jetted tub, double vanities and more! The upstairs bonus room has a full bath and is equipped with surround sound. 2-car insulated and heated garage. There is also an 18x40 covered RV shed and a utility shed in the back. You will love it!

Marketed by Montgomery AL Realtor, Joy Randolph, Sandra Nickel Hat Team!

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