Real Estate Information Archive

Trust me when I say that lenders WANT to help you get a loan for your mortgage, but sometimes clients make impulsive decisions that can derail their chances of getting a mortgage loan approval.

Here are ten things you SHOULD NOT DO if your goal is to get approved for a mortgage loan:

1. DO NOT buy a car (or boat, RV, four-wheeler etc.) If you are trying to buy a home, now is NOT the time to buy a new vehicle of any kind.
    
2. DO NOT be late on credit card payments. In fact, now is a good time to limit your credit card use as much as possible. You definitely don’t want to hurt your credit report by being late on payments.
    
3. DO NOT quit or change jobs or become self-employed. Lenders want to see steady employment and income consistency. Once you get into your new address, then you can change jobs.
   
4. DO NOT apply for credit. If you’re shopping in a store and they offer a credit card application for a discount on your purchase, JUST SAY NO. Any credit application means a credit inquiry, and that will impact your credit score. Lenders will be looking at your credit report just before closing, and any new activity may result in delays.
    
5. DO NOT purchase big-ticket items. Just like with vehicles, it is prudent for you to wait until after you are in your new home to buy expensive items like furniture or appliances.
    
6. DO NOT spend your savings. The last thing you want to do is to get your loan approved, but then not have the money you set aside for your down payment!  Leave your savings intact!
    
7. DO NOT make unusually large deposits into your accounts. If you suddenly come into a large amount of money, that will raise flags to your lender and will require an explanation. In some cases, you can use gifted funds to purchase a home, but you need to talk to your mortgage banker about how that money needs to be documented.
    
8. DO NOT hide things on your loan application. Things like owed back taxes, liens or other liabilities WILL be discovered. Be honest from the start so there are no surprises (and disappointments) down the road.
   
9. DO NOT co-sign a loan for someone else. Co-signing on a loan for someone else can lower your credit score while also raising your debt-to-income ratio. This, in turn, may affect your chances of qualifying for a mortgage loan.
    
10. DO NOT open, close, or change bank accounts. Even if you are moving to a new state, don’t close your bank accounts or change them until your home loan has closed. If you have new bank account activity, it will require a paper trail and may delay your loan process.

Mortgage bankers are on your side. They want you to get a home loan as much as you want to get one. Be sure to avoid these “DO NOTS” to help the process go as smoothly as possible!

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: loans.usnews.com, thebalance.com, bakersfieldcreditrepair.com, vergecampus.com

You have just purchased your first home! Congratulations! You got through the process with the help of your Realtor, but now you have signed the paperwork and received your keys, and it is time to move in. You may find yourself wondering, “what next?”.  Here are some tips to help make your transition to homeowner a little less stressful:

1. Educate Yourself About Your Mortgage Statement

It is important that you learn how to read your monthly mortgage statement. When you receive the first one, you will see that there is a lot of information on it. Most importantly, it will tell you the amount due, how to pay it, and the due date. It will also include your loan servicer’s contact information, which you will need if you have any questions about your mortgage. Buyers Guide to Home Ownership

2. Don’t Pay Attention to Refinance Offers

You might start receiving a lot of unsolicited mail after you move into your new home. That is because your information becomes public record and companies will start sending you refinancing offers. The thing is it is not usually beneficial to you to refinance early on in your mortgage repayment process. It may be a great option for you down the road, but not right away. Knowing Your Options Guide

3. Organize Your Documents
   

When you close on your house you will sign a lot of papers and you will be given copies of all of them. Be sure to keep these documents together in a safe place. You will need access to them when it comes time to pay your taxes so that you can take advantage of tax savings that come with home ownership.

4. Do a Home Inventory

The day you sign the title to your new home, your homeowner’s insurance will go into effect. But there is more work to be done to protect your home and belongings. The smart thing to do is to create a written/photographic inventory of all the valuables in your home. This will be very helpful if a worst-case scenario occurs and your personal property is damaged, stolen or destroyed. If you can present your insurance company with an organized list of what you have lost, it will help expedite your claim. And there’s no better, more convenient time to do this than when you are unpacking in your new home. You Really Need a Home Inventory

5. Give Your New Home a Deep Cleaning

It is always a good idea to give your new home a deep cleaning before you move in, even if it is a newly constructed home. It is so much easier to do this before you have moved all your belongings in, and you will feel good about starting out in a freshly cleaned house!

6. Change Your Locks
   

This is a step that many people overlook. You’ve just received the keys to your new home, but many people have had those keys before you. From previous owners, to Realtors, to contractors and more; you really have no idea who might still have access to your home. To ensure your safety, call a locksmith and schedule an appointment to have all your exterior door locks changed the morning after your closing. You will feel safer knowing you are the only ones with keys to your house!

7. Educate Yourself About Your Home

Take the time to learn your home systems. Familiarize yourself with your HVAC unit, the circuit breaker, the security system, the fireplace, and the hot water heater. Find where the fire extinguishers are and make sure smoke/carbon monoxide detectors are in good working order. Keep all warranties, instruction manuals and such together in one place where you can easily find them when needed.

Becoming a homeowner is exciting and sometimes overwhelming, but you can start out on the right foot by following these tips! 

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

Photo Credits: bobvila.com, thespruce.com, thisoldhouse.com

As you probably already know, 2020 was a banner year for the housing market. The market set record numbers and per year-end analysis by Zillow, the U.S. housing stock increased by nearly $2.5 trillion over the past year. Yes, you read that right…TRILLION. That is the largest net gain for a year-long period since 2005. The appreciation of current homes accounted for about $2.2 trillion, while $274 billion came from new construction.

It was a bit surprising to many that the Covid-19 pandemic did not deter interest from homebuyers. In fact, for a multitude of reasons, demand grew. And the resulting competition between buyers meant that properties sold quickly. But, things can change quickly, especially in the housing market. So, as the end of the year approaches, let’s look at changes that have occurred already over the past several months.

HOME PRICES ARE UP

With so many people seeking to buy new homes, the prices in the U.S. skyrocketed. The median home sale price for the country’s second quarter was just under $375,000. Last year, at the same time, the median was around $322,600.  That is a 16% increase!

BUYERS ARE STILL LOOKING FOR HOMES

Along with home prices rising, there has been a shortage of homes available for sale. But that has not slowed down buyers. In fact, in almost every part of the U.S. people still want to buy homes. With the market so hot, homes have been selling quickly. Some people may be moving for “normal” reasons (job transfer, downsizing) but others have been influenced by the pandemic to find homes that offer more space and the ability to work remotely. It does appear, however, that the extreme urgency to buy a home has slowed down in the past month or two.

WHAT ABOUT MORTGAGE RATES?

Mortgage rates hit all-time lows at the height of the pandemic. And since June, the rate has continued to go down. The 30-year mortgage rate was below 3%; 2.77% to be exact, during the second week of August, 2021. But it’s predicted by many economists and housing authorities that rates will go up into the low-to-mid 3% range by the end of the year, rather than in the high 2s we’ve seen this past summer.

WHAT ARE BUYERS INTERESTED IN?

It’s not just about numbers. There has been as shift in what is most important to the majority of homebuyers. Per a Zillow survey in North Carolina, 40% of homebuyers are ONLY interested in purchasing a newly constructed home. And only 35% of the respondents said they would consider buying an existing home. It was also learned from the survey that buyers are  interested in homes that might provide revenue through renting it out or at least renting a portion of the property to another person, couple, or family. An astounding 32% of respondents said that the opportunity to rent out their home was a major factor in their decision to purchase a home.

While it’s hard to predict where the housing market is heading as we approach 2022, you can be sure that it will continue to change as the world is constantly changing. That being said, now is a great time to buy or sell a home and Sandra Nickel and her Hat Team of specialists can help you do that!

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

Photo Credits: realtor.com, anchorloans.com, apartmenttherapy.com, amycoburn.com

Perhaps you have been thinking about purchasing a home, but you are not sure how much you need for a down payment. Many people will tell you that you need to have 20% to secure a mortgage. Thanks to various programs available to buyers, the truth is that you can put down as little as 3%. In fact, if you are a military veteran you could qualify for a Veterans Affairs Home Loan and not need a down payment at all! While these programs may mean that you do not have to save as much and you can get into a home sooner, there are some major benefits to making a 20% down payment if you can:

• YOU MAY QUALIFY FOR A LOWER INTEREST RATE

Putting 20% down vs a 3-5% down payment gives your lender/bank the confidence that you are financially stable and a good credit risk. With this confidence, they will be willing to give you a lower interest rate on your mortgage loan.

• YOU WILL PAY LESS OVER THE LONG RUN

With a bigger down payment, you will have a lower loan amount for your mortgage. That means you will be paying less interest. For example, if you make a 20% down payment, you will only pay interest on the remaining 80% of the loan. If you put only 5% down, the extra 15% on your loan will accrue interest and you will pay more over the long run.

• YOU WILL BE MORE APPEALING TO SELLERS

Chances are, you will be competing with other buyers for the same home. Like the mortgage lender/bank, sellers feel more confident in buyers who are making 20% or larger down payment. They will see you as a buyer who’s financing is more likely to be approved, thus ensuring the sale will go through.

• YOU WILL SAVE MONEY BY NOT HAVING TO PURCHASE PRIVATE MORTGAGE INSURANCE

Private Mortgage Insurance (PMI) is an insurance policy that protects the lender if you are unable to pay your mortgage. It comes to you in the form of a monthly fee included in your mortgage payment. It is required for all conforming, conventional loans that have down payments of less than 20%. If you make a down payment of 20% or more, this insurance is not required. 6 Reasons to Avoid Private Mortgage Insurance

• YOU WILL HAVE LOWER MONTHLY PAYMENTS

When you make a 20% down payment it will result in smaller mortgage payments. You are starting off with a smaller overall mortgage and saving the expense of PMI, therefore your monthly payments won’t be as high.

• YOU MAY BE ABLE TO AFFORD A MORE EXPENSIVE HOME

Let’s say you are budgeting for a $1,000 monthly mortgage payment. If you are able to get an interest rate of 3% on a 30-year mortgage, with a 5% down payment you can afford to buy a $171,000 home. But if you made a 20% down payment, you would be able to buy a $213,000 home and still maintain your budget of a $1,000 a month mortgage payment.

While putting 20% down on a home is not a requirement, and you can certainly purchase a house with less down, saving for a 20% down payment may be worth it thanks to advantages listed above!

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

Photo Credits: moneyunder30.com, usatoday.com, gobankingrates.com

I am sure you have heard the phrase before, but “location, location, location” has never meant more than when you are purchasing a home. It is important to remember that you can buy the right home in the wrong location. You can fix it up, renovate it, change its structure…but in most circumstances, you can’t move it. It is attached to the land. Identical homes can increase or decrease in value depending on their location. Choosing the best area for living and resale value is equally as important as choosing the ideal home. Here are a few things to be aware of when searching for the right location for your investment:

• Top Rated School Districts

Homebuyers with children often seek homes in highly desirable school districts. They are willing to spend more for a home in order to enable their children to go the “best schools.” So, even if you don’t have children in school, it will serve you well to purchase a home in a great school district. Best Schools in Montgomery AL

• Recreation & Nature

Homes on the water or near parks hold their value because people enjoy living where they can enjoy the outdoors. Being able to walk out your door and quickly be in a beautiful natural setting makes homes much more desirable. Parks, Trails & Natural Areas in Montgomery, AL

• Entertainment & Shopping

While some buyers seek out areas surrounded by nature, others may be looking for a home that enables them to walk to restaurants, movie theaters and boutiques. Some of the best “walkable” neighborhoods in Montgomery are Old Cloverdale, Garden District and Capitol Heights.

• Economically Stable Neighborhoods

Older neighborhoods that have survived economic recessions while maintaining evident pride of ownership appeal to buyers looking for long term stability. Montgomery's Historic Neighborhoods

• Public Transportation, Healthcare & Jobs

Some buyers will be looking for convenience. They do not want a long commute to work and want to have easy access to transportation and healthcare facilities. Montgomery Transit

So, when purchasing a home, remember…location, location, location! While the “best” neighborhoods may require larger investments, they are also the neighborhoods that will hold the highest resale value. When buying a home, the last thing you want to think about is selling it, but it is vital that you keep resale value in mind because, after all, a home will likely be the largest financial investment you will make in life and you want it to pay off in the end!

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

Photo Credits: planhillsborough.org, funinmontgomery.com, pinterest

Let’s face it - moving is overwhelming no matter how well you prepare. There are what seem like a million little pieces that all must fall into place to make a move go smoothly. And even then, it is stressful. You are upending your life; putting everything you own into boxes and bags and making big changes. So, it is easy to understand how some tasks fall through the cracks and are forgotten. Here are some important things that many people forget to do (or don’t even realize need to be done) when moving:

• Cancel recurring charges for local memberships. During the chaos of moving, the last thing you are likely to think about are membership fees for things that may not transfer to your new place of residence, like a gym membership. And if those fees are automatically charged to your credit or debit card you need to cancel those memberships at least a month before you move so that you do not continue to get charged even when you are not there to use them any longer.
   
• Call your car insurance company. Per the Department of Motor Vehicles, it is vital to check on your car insurance when moving, as states have varying levels of required coverage. In fact, insurance rates can even vary from neighborhood to neighborhood in the same city. So, make sure you call your insurer before you move to see if you need to update or change your coverage at your new address.
   
• Change your address early.  Changing your address is easy using the Online Form provided by the U.S. Postal Service, but don’t wait until the last minute to do it! If you want to be sure that your mail arrives at your new home in a timely manner, complete the form about two weeks before you move.
  
• Take care of your finances.  During the whirlwind of moving, it is easy to forget the everyday tasks that are a normal part of your routine…like paying bills. It is also easy to lose track of paper bills among all the boxes you have packed. Take the time to set up auto pay for things at your new home like mortgage/rent, phone, utilities etc. This can help assure an on-time payment during a hectic time. Designate a spot for mail both in the home you’re packing up and in your new home so that paper bills are not lost in the shuffle. 
   
• Change your billing address on credit cards.  Do not get caught by surprise when your billing address does not match the address on your credit card because you forgot to change it when you moved. Some transactions now require that you put in your billing zip code when using your card, so if that has changed, then you need to change it on your credit cards as well. The last thing you want is to deal with a transaction being denied and then finding out it was simply because you hadn’t changed the address on your card.

Whether you keep it on your phone or computer, or you do it the old-fashioned way and make a checklist on paper, be sure to keep track of all the small, but important tasks that need to be taken care of when moving, and your move will go much more smoothly!

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

Photo Credits: claritychi.com, blog.hireahelper.com, moving.com

Purchasing a home is such a huge decision, so you definitely want it to be the right one. Before even starting the home search process, it’s important to think about what it is you want from your new home. 

For many the location of a property is the priority. Perhaps you have your heart set on a charming neighborhood that you have always loved. Or maybe you want a specific school district for your children. Whatever the reason, location is as important financially as it is emotionally. You are making an investment and future resale value should be taken into consideration.

Figuring out where you want to live is the first step in finding the house that is right for you and your family. Once you have an idea of where you want to live, you may discover that you might have to compromise a bit on the type of house you want. For example, perhaps you like the idea of a ranch style home with a big yard, but there is nothing like that available in the area you choose. If your priority is a certain style of home, you may have to compromise on the location. The 5 Factors of a ‘Good’ Location

Looking for a home based on architectural style can be challenging, especially if you are moving to a new area with which you are not familiar. One way is to use the key word option on real estate search sites to type in descriptive words. Once again, you may have to adjust your expectations because you might find a house you love in a neighborhood that you don’t like so much. Perhaps new construction is the way to go for you. That way you can choose where you want to live and build to your specifications. 26 Popular Architectural Home Styles

Often finances will dictate where you can search for a house based on what you can afford. If you’re handy and don’t mind the idea of a fixer-upper, you might be able to find a diamond in the rough for a great price. Just keep in mind the future expenses of renovating it. If a move-in ready home is what you’re looking for, maybe you should consider a townhome or condo, especially if the amenities that often come with those types of homes appeal to you.

There are so many questions to ask yourself before you begin looking for a house. Do you want a big yard or do you hate yard work? Do you want to be able to walk to restaurants and shops or do you prefer country living? Do you mind a long commute to your job or do you want to live near where you work? Take time to think these things through before you start your home search. Trust me, it will go more smoothly and be much more enjoyable if you go into it knowing what you want!

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

Photo Credits: times.co.uk, sidler-international.com, cbsuccess.com, military.com

Moving is one of the most stressful things you do in life. Even if you are just moving to a new home in the same town, there are a lot of factors that go into it. So, when you are moving far away to a new place, the logistics can be overwhelming! 

Here is a guide to help you prepare for a long-distance move:

Your first step is to find a local Realtor in the place where you are moving. Ideally, you want an experienced Realtor with a lot of knowledge about the area. Someone who knows about the best neighborhoods, the best school districts and the most convenient locations. Yes, you can browse listings and research the area online, but you will need the expertise of someone who lives in that area and understands the local market and has local contacts that can help you through the process. Plus, by having a professional Realtor on your side, you will get access to the newest listings before they even hit online sites. We know top REALTORS in nearly every market in the country, so call or text us for a referral.

Do your homework.

Your Realtor can provide a lot of great information and assistance, but only if she knows what you are looking for. Depending on where you are moving, you might be able to find informational guide books. But, if not, technology can be your guide. Look up local news stations and newspapers online to see what’s going on in your new town. Find groups from the town on social media and ask questions. Websites like Area Vibes and U.S. News and World Reports are great resources for finding information about a place including its housing market, job market, schools, cost of living, crime rates, etc. You will find that the more knowledge you have about the place where you are moving, the easier your move will be.

Determine your needs and desires.

This sounds like common sense, right?  But sometimes people rush into finding a new home without giving much thought to exactly what they want, whether due to time constraints or excitement. It will pay off to slow your roll and take the time to determine what it is you want in your new home. This will also allow your Realtor to assist you in the most effective way. Do you want to live in a rural, suburban, or urban area?  What style and size house are you looking for? How important is the school district? How close do you want to be to your job? These are just a few questions to ask yourself before starting your home search.

Create a realistic budget.

Once you have researched your new town and looked through some of the listings, you will have an idea what price point you are looking at for your new home. Your local Realtor will be able to assist with this part of it too. You will also want to research the general cost of living in terms of things like gas, groceries, and childcare. Once you have figured out what the anticipated cost of living will be, it will be easier for you to create your buying budget.

Visit if you can.

If possible, you should plan a visit to your new town before moving there. All the online research in the world, while helpful, cannot give you a true feel for a place. Make plans to meet up with your local Realtor and have her show you various neighborhoods based on the needs you expressed. Spending time familiarizing yourself with your new home town will help you make an informed home-buying decision.

Hire a moving company.

A long-distance move is hard. So, if you can include hiring a moving company in your budget, definitely do so! Not only will they help you with the physical moving of your belongings, they will also take care of the transportation logistics. That way, you can focus on getting your new home set up. Research different moving companies and find the one that best fits your needs and budget.

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

Photo credits: movingaheadservices.com, mashvisor.com, updater.com, moving.com

There are many steps to take when purchasing a home, but one of the first and most important is finding the right mortgage loan. Knowing the right questions to ask a mortgage banker is key to your success in acquiring a loan that works for you. It’s vital that you are educated about everything related to your home purchase.

Here are the questions you should ask your mortgage banker to be sure that you are prepared for the lending process:

1. What is my credit score?

When you apply for a mortgage loan, your lender will take a look at your credit history including your credit score, your debt-to-income ratio (DTI), and your liquid cash and assets. Having a high credit score will definitely help you in the securing a loan. It is calculated by taking your payment history, outstanding balances, length of credit history, number of credit inquiries, and types of credit history all into account. Your lender will use your credit score to help determine the risk of granting you a loan.

2. What is the best type of loan for me?

Once your mortgage banker has all the personal financial information you provide, he or she will let you know the loan programs you qualify for. Every loan program has a minimum qualifying credit score and DTI ratio. A good mortgage banker will patiently walk you through each type of loan so you can determine which one you are most comfortable with.
 

3. How much should my down payment be?
   
   Many people believe that you must put 20% down when purchasing a home. That is not always true! You have options. A conventional loan generally requires at least 3% down. But if you want to avoid Private Mortgage Insurance (PMI), 20% is required. There are also some government-backed loans that range from 0-3.5% down. Your lender will go over these options with you thoroughly.
    
4. What are closing costs?
   When you close on your home, your closing costs may include property taxes, homeowner’s insurance, title search fees, and appraisal fees. There might be other costs as well. Basically all fees for services completed involved in the loan process need to paid and are taken care of with closing costs. These items will be itemized and your mortgage banker can answer any questions you have about them.
    
5. When will I close on my home?
   The time it takes to close on a house after getting your mortgage loan application approved usually runs anywhere from 30-50 days. As long as there are no last minute problems, the closing itself (signing the papers) may take about an hour.

Buying a home can be an overwhelming experience, especially for first-time homebuyers, but finding the right mortgage lender and asking the right questions will make the process less stressful for you!

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

Photo Credits: mattersmortgage.com, lansingstatejournal.com, crosscountrymortgage.com

Joining the military was a huge decision that required a lot of thought. Now that you have made the commitment to serve your country, there are other big decisions you will have to make that have to do with the transient lifestyle military life entails. A decision you will have to make each time you transfer to a new duty station is whether you should buy or rent a home.  There is a lot to consider before making this decision.

Why should I buy?

Many may wonder why they should buy when they know they will be moving on in a few years. Well, here is one BIG reason: the VA Loan Program.  A VA Loan is a mortgage loan for service members that is guaranteed by the U.S. Department of Veterans Affairs. The main purpose of this program is to assist active duty military and veterans in the financing of a home purchase. These loans offer advantageous terms that make buying a home an attractive financial option. If you are in the military or you are a veteran, you may be eligible for a VA loan and many of the perks of VA loans are NOT available with other home loan options.

But wouldn’t renting make more sense?

The loan terms of VA loans are definitely in your favor if you want to buy a home, but there may still be times when renting might work better for you. Here are some things to consider when trying to decide whether buying or renting is the best option:

• How often will you be moving? This greatly depends upon what branch of military you are in and what career path you are on. People assume that all military families move every few years, but the truth is, the amount of moves vary widely across the different branches. If you don’t think you will be transferred frequently and will be in a home for five or more years, then buying a home would definitely better suit your needs. However, if you think you will be moving more frequently, renting might be the better option, unless renting your home out when you relocate sounds like something you would be interested in.
  
• Depending on what branch of the military you are serving and what your position is, it may require you to be deployed much of the time.  It may seem silly to buy a home when you will be away so much you might be surprised at the benefits of doing so. For example, say you are single and you’re renting; unless you can sublet, you will be paying rent on a “home” that you won’t be living in for parts of the year.  However, if you buy a home, you will be paying a mortgage and building equity…a great investment for your future!  This is true even if you have a family that stays in the home when you are deployed. Knowing they have a place of their own will give them peace of mind while you are away.
   
• Reselling your home can be profitable depending on how long you have been there. When it comes time to relocate, thanks to not having to make a down payment or pay PMI (perks of that VA loan we talked about above!), you will likely at the very least break even on the sale of your home, if not make a profit. Just be aware of the current real estate market conditions which will determine how long it may take to sell your house and how much you can get for it.  If you are not able to sell right away, you need to have enough money saved to pay your mortgage while also paying to live somewhere else.
   
• Do you want to be a landlord?  If you don’t want to sell the home (maybe you want to move back there someday, or maybe you want to keep it as an investment), renting it out is a great option. But there are challenges to being a landlord, especially when you live far away from your property. You may have to hire a property management company to maintain the home in your absence. Make sure you consider all the costs involved before deciding it it’s financially worthwhile to rent your home out.

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

Photo credits: kiplinger.com, forbes.com