Geri Reilly Real Estate Logo

Geri Reilly

Location, Location, Location!

There's an old joke that says the three most important things about real estate are location, location, and location. Well, it's not much of an exaggeration. And there's a reason that location matters: your lifestyle.

 

Some require a city lifestyle and would be interested in this upgraded downtown Burlington townhouse.

 

Everyone is different. We all have individual preferences about the simplest things when it comes to our housing: urban vs suburban, big vs small, old vs new, etc. And we all have different needs based on our jobs, our family status, our incomes, and hundreds of other factors.

Each of these in turn affects our choice of a location. Do you enjoy a commute along winding country roads? Do you want to live in an older neighborhood filled with children? Do you enjoy keeping horses? Do you want to step into cross-country skis behind your house on a winter morning? Do you want a trout stream within half an hour's drive? Does your partner need a gourmet kitchen?

Keep It Simple

The easiest thing to do is make a list of your family's hobbies or interests. Think about those things that you might enjoy even more if you lived in a different place.

This list makes a great tool when you sit down with a real estate agent. An experienced agent who knows Vermont well will understand your goals and help you think about locations that will help you achieve them.

And Vermont is a beautiful state to live in! For more information on our state, please visit www.vermont.gov or www.vermont.org.

Can You Afford That House?

Banks and mortgage brokers use several different ways to decide how much home loan you can qualify for.

The first step is to declare your income and any other assets you have. Then they'll want to know about debts and obligations and the size of the down payment you hope to make on your new home.

Given all this information, there are two ratios used to determine your loan limits. The first number is 28%. This means that your total projected housing costs (mortgage payment, taxes, and insurance) should be no more than 28% of your gross monthly income. As an example, a family with an income of $10,000 per month could afford a monthly housing cost of about $2,800.

The good news is that there's a certain amount of flexibility allowed. A lender might make a larger loan if you make a larger down payment since it means that you are putting more of your own money into your investment and are less likely to default. There are also special programs available to first-time buyers and several ways to structure loans that make them easier for buyers who are just starting out and expect their incomes to increase. Adjustable rate mortgages can also make sense for some buyers, depending on how long you intend to stay in your home, whether rates are going up or down, and a variety of other factors.

Reduce Your Debt

The other number is your total debt (student loans, car loans, credit cards, etc.). Lenders analyze the ratio between your total monthly obligations and your income to help them decide how much money you should allow for monthly housing expenses.

Pre-qualifying for a home loan is an important first step in the home-buying process since it means that any purchase offers you and your realtor present will be taken seriously. Ask your real estate agent for a list of recommended lenders in your area.

Optimize Your Website

For anyone with a website or blog, ranking within the first few pages of Google and other search engines can seem like an arduous and sometimes impossible task. Yet it's just what you need to be seen and heard. Lucky for us there are hoards of search engine specialists out there working to crack the secret code of ranking. Here are a few FREE sites designed to evaluate and help you improve your ranking while also improving the overall quality of your site.

VRank.org - A very simple one-page website where you type in your URL and up pops valuable information about your site like coding and structural data, identifying any errors and providing Google rank, load time and link popularity. http://www.vrank.org/

SearchEngineGenie.com - Truly a one-stop shop for information about your site. Just click on "100 Web Tools" at the top of the page and you will be provided with instant access to numerous data-generating programs that will allow you to check your Google rank, create social bookmark links, check the age of your domain, check for broken links and identify your competition, among many other things. http://www.searchenginegenie.com/

Host-Tracker.com - Tells you the load time of your site based on any location you specify, which helps you to quickly identify any glitch in your site. http://www.host-tracker.com/

SpeedTest.net - Similar to Host-Tracker.com but with cooler graphics, this site also tests the load time of your page by location going a step further to also test the quality of your bandwidth, gather broadband statistics and saves the data it collects so you can compare it to future performance. http://www.speedtest.net/

BrowsherShots.org - Shows you how your site looks from different browsers (i.e. Google Chrome, Mozilla Firefox, Internet Explorer, etc.) so you can be sure that anyone viewing it is getting  the best picture and performance possible. http://browsershots.org/