The Mavroules Team - Atlantic Coast Homes



Posted by The Mavroules Team on 3/29/2019

Once you move in with a partner, you know you have reached an important milestone in your relationship. For the first time, you could be talking about money with your partner. Whether youíre moving into an apartment or buying a home together, itís important to break down how youíll merge your finances together. 


While itís one of the least romantic conversations that youíll probably have as a couple, sharing your financial situation is one of the most vital. Below youíll find some tips on starting that conversation and making it a smooth one.


Be Honest


In any relationship, honesty and communication are key. This is especially true when it comes to finances. Thereís a lot that goes into your own financial picture, and itís important that you share that with your partner. This is important for everything that will happen in the future including purchasing a home. Some things that your partner should know:


  • How much loan debt you have
  • A rough idea of your credit score and history
  • Your income
  • Your spending habits
  • Your saving habits

Itís important to know how another personís habits will affect you as a whole when youíre thinking of making an investment together like a piece of property. Everyone handles money differently, and you should know how someoneís spending habits meshes with yours. Do they live paycheck to paycheck? Do they save money regularly? Are they financially strained? All of these questions help you to understand where you are similar and where you are different when it comes to money.



Have A Plan For How Youíll Divide Expenses


It may seem like a 50/50 split on expenses makes the most sense. For many couples it does. In other situations, if one person makes more money, they may need to pay a bit more of the costs. Some couples have one person pay the rent while the other takes the utilities on as an expense. Take amounts and percentages that you feel comfortable with and do what wrks best for the both of you. 


Remember that chores count too when it comes to dividing up the ďexpenses.Ē This is just an extra tip that will help you to build a stronger relationship in the long term and help to save arguments.


Use A Joint Account For Expenses


You should still keep your own bank accounts when you move in with a significant other.  All of your money shouldnít be funneled into one singular account. Create a separate bank account for your expenses like rent or mortgage and utilities. All of your personal expenses should come out of your own respective accounts. 


Make Contracts


No matter how much you feel that you can trust a person, itís always good to put everything in writing. This way, if there are any disputes in the future, youíll always have a contract that you can refer back to. Itís also important to have these documents for things like security deposits or down payments. If the relationship ends at any point, itís important for the person who paid for certain things to get their money back.     


Planning and tracking your finances when you move in with a significant other is important. It will certainly make your life easier if you have these conversations beforehand.





Posted by The Mavroules Team on 1/4/2019

If you intend to purchase a great house at a budget-friendly price, you should craft a homebuying timeline. That way, you can decide the best ways to achieve your homebuying goals.

Ultimately, creating a homebuying timeline can be simple Ė here are three tips to ensure you can develop a successful homebuying timeline.

1. Know When You Want to Move

For those who want to buy a house, it helps to consider your current living situation. By doing so, you can determine the necessary steps to relocate from your current address and acquire your dream residence.

If you presently own a house, you may need to sell it before you purchase a new home. Or, if you currently rent, you may need to give your landlord sufficient notice prior to your relocation. But if you consider the aforementioned factors closely, you can set a deadline for your move.

With a deadline in place, you can start your dream home pursuit. And once you find this residence, you can submit an offer and proceed with a home purchase.

2. Get Your Finances in Order

If you want to develop a successful homebuying timeline, it generally is a good idea to consider your financial situation as well. Because if you lack the necessary home financing, you are unlikely to be able to acquire a wonderful house any time soon.

As you develop your homebuying timeline, you may want to meet with banks and credit unions. These financial institutions can teach you about a wide range of mortgage options and help you get the financing that you need to buy your dream house.

Furthermore, you should check your credit score when you craft your homebuying timeline. If your credit score is low, you may need to improve it prior to buying a house. Thankfully, you can account for this factor as you map out your homebuying strategy and plan accordingly.

3. Collaborate with a Real Estate Agent

Developing a homebuying timeline may prove to be challenging. Luckily, real estate agents are available who can help you take the guesswork out of purchasing a house.

A real estate agent can teach you the ins and outs of buying a home. As a result, this housing market professional will enable you to enjoy a quick, seamless homebuying experience.

Perhaps best of all, a real estate agent can make it easy to acquire a terrific house on your timeline. This means if you want to purchase a top-notch house as quickly as possible, a real estate agent will do everything possible to make your homeownership dream come true. Comparatively, if you want to take a slow, gradual approach to buying a house, a real estate agent is ready to respond to your homebuying needs.

When it comes to buying a house, it helps to have a timeline in place prior to starting a house search. Fortunately, if you use the aforementioned tips, you can streamline the process of establishing a successful homebuying timeline.




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Posted by The Mavroules Team on 12/28/2018

If youíre in the market to buy a home, you have a lot of options. Do you want to buy a fixer-upper? Should you get a home close to the city or nestled in the suburbs? How much can you spend on a home to get the amount of space youíll need for you and your family. There are so many variables that exist in the decision to buy a house.


One thing that many buyers want but arenít sure of is the concept of a ďmove-in-readyĒ home. Sometimes, move-in-ready means that a home is brand spanking new. There should be no work in the house that needs to be done because everything is installed new during construction. As soon as construction is completed, you should be able to move right into the home. 


Other homes that are deemed ready to move right in are those that are relatively new and have very little work to do. If a home has a roof thatís caving in, itís not move-in-ready. If a home needs paint, itís a sure bet that you can move right in. You may just need a bit of elbow grease in some of these situations. Itís your job to let your real estate agent know what you are looking for and what your budget is. Read on to discover the benefits of buying a move-in-ready home. 


You Can Enjoy It ASAP


It takes a lot of work and a lot of cash up front to buy a home. You want to enjoy the fruits of your labor sooner rather than later. If you buy a home that needs little to no work, youíll be able to enjoy it sooner. Thereís no waiting period to move in when you buy a house thatís in excellent condition. You can just start living.


New Upgrades


If you buy a home that you can move right into, you will often get things that are trending at the moment. The best of appliances, technology, and security are just some of the benefits that youíll be able to enjoy when you buy a home that doesnít need a lot of work. 


Good Location


Many times, youíll find move-in-ready homes in great locations. These homes will also give you a great resale value once you head to sell the house in the future.


Motivated Sellers


Whether you buy a brand new home or a home that has been upgraded, these sellers are often very motivated. Builders want to get paid for the work they have done. Sellers of upgraded homes wish to get their homes off of their hands and get a return on their investment.


Finding a move-in-ready home may take some time, but the benefits are definitely worth it.          




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Posted by The Mavroules Team on 11/16/2018

The process of buying a home is anything but cut and dry. There will undoubtedly be some twists and turns along the way. First, you need to be pre-approved for a mortgage. Then, youíll need to find a home that fits both your needs and your budget. Finally, youíll put in an offer on a place and hope for the best throughout the rest of the process.


There are plenty of things that you can do as a buyer to make buying a home both easier and more streamlined. Below, youíll find some of the best tips that are specifically for those seeking to buy a home. 


Give Them An Offer They Canít Refuse


When there is a low quantity of homes and a high number of buyers, competition can get fierce. When the market is like this, youíre not guaranteed to get a property that you put an offer on. It may take making several offers on homes in order for you to finally get the keys to your dream house. 


You never want your offer to be too low. A low offer could be insulting to sellers and instead of being countered, could just be outright refused. Make an offer too high and you still have a problem. A high offer may be accepted, however, itís not going to be approved by your mortgage company for you to borrow that much for the purchase. If an offer is accepted and a home appraises for less, you may be left with thousands of dollars that you need to pay on the spot in order to secure the home. 


The best way to present an attractive offer is to work with an expert realtor who can do the appropriate research and let you know what a good offer on the home would be.           


Know Your Contingencies


After an offer on a home has been accepted, you need to get to work on the contingencies that youíre going to want on the home. Your realtor will also be a huge advocate in this area. Contingencies will include things like the right to do a home inspection, the appraisal contingency, and the contingency that youíll only be able to move forward with buying the home if you have appropriate financing. These protect you as a buyer so that if something falls through, youíll be able to back out of the deal without a penalty.


Donít Go Credit Happy


Once your offer is accepted and your financing is in place, donít head out to buy tons of new furniture and appliances for your new home. Your credit matters until you get the keys to the house. Opening new credit cards or adding significant debt can affect your credit score negatively, possibly putting a damper on your home purchase. Hold off on making purchases until after you move into the house.    





Tags: Buying a home  
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Posted by The Mavroules Team on 10/12/2018

A property deed is used to transfer the title of the property of a grantor (the seller) to a grantee (the buyer). For the deed to be active, certain conditions must be set in place. The property must have a complete and accurate description. The buyer and seller must also be clearly identified. This formulation is due to the fact that a deed is a signed legal document.


The deed has a few important requirements for it to be valid and legal. First, the deed must be in writing. Next, the grantor must have some sort of a legal capacity (represented by a lawyer) and the grantee must have the competent ability to receive the property grant. Finally, the deed must actually be accepted by the grantee. 


Although this process sounds complicated, itís usually prepared ahead of time and done at the closing of a property transaction. Different states have different rules and procedures that allow for the transfer of ownership of property, so be sure to check on the specifics in your area.


Different Types Of Deeds


There are many different kinds of deeds. Deeds can be official or private. The type of deed that we are specifying here is known as ďofficialĒ since the transaction is executed in agreement with legal proceedings. This is just one reason why every home buyer, no matter where you live, is important. Deeds are typically characterized by the type of warranty that they carry.


General Warranty Deeds 


These deeds actually offer the grantee the largest amount of protection. The grantor of this deed makes a series of promises that protect the grantee from prior claims and demands to the land. This document would state that the property is free of liens, unless specifically stated on the deed itself. This also protects the grantee (the buyer) from a defective title. This is the most desirable type of deed. 


Special Warranty Deeds


A special warranty deed defends the title of the home. The grantor certifies that they have received the title to the property and that nothing has happened while the title has been in their possession that would create a major defect on the property. This means that only defects that occurred on the property while the grantor owned it are valid. This provides less protection than a general warranty deed does. Many buyers will insist that they have a general warranty deed instead in order to feel protected in the property transaction.


Other Types Of Deeds To Be Aware Of


  • Quitclaim deed
  • Special purpose deeds
  • Executorís deed
  • Administrator's deed
  • Sheriffís deed
  • Tax deed
  • Deed of gift

 

As a homeowner, much of the legal jargon thatís involved in the transfer of title isnít something that you need to study up on. The important thing to know is that the deed is the means of the transfer of title. The deed must also meet certain conditions for it to be legally binding. The type of deed that you have determines the type of protection that the deed provides. A qualified real estate attorney should be consulted regarding all legal matters in the home buying and selling process.




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