dallasrealestate – Page 4 – Beyond 404 Realty

March 21, 2022June 16, 2022

First-time Home Buyers – Questions Unmarried Couples Should Be Considered

Are you one of the 17 million unmarried couples living together, according to the United States Census Bureau? Are you considering making a move to buy a home together before you head down to the altar? If so, this article is for you! According to https://www.bankrate.com/, unmarried couples made up 9% of homebuyers in 2020. That number is growing every year, with more and more couples looking to solidify their relationship in ways other than with wedding bands. When considering buying a home with your partner, not your spouse, a different set of rules and questions apply to the process – how so?

Laws for Unmarried Joint Property Owners

If you and your partner live together long enough in some states, your relationship can be classified as “common law marriage” what does that mean? According to one state, the definition for common law marriage is as follows:

A common law marriage is a legally recognized marriage between two people who have not purchased a marriage license or had their marriage solemnized by a ceremony.

Common-law marriage is recognized in Colorado, DC, Iowa, Kansas, Montana, New Hampshire, Texas, and Utah. In the case of Texas this is what they have to say about the property that belongs to common law married couples.

“Under Texas law, all property acquired during a marriage (formal or common law) is community property. If a common-law marriage is proved, community property is divided the same as if the parties were formally married. … If no common law marriage is proved, there is no marital property or debts to divide.”

If you do not live in a common-law marriage state, consider what will happen if you and your partner part ways and your rights to the property you purchased together.

Who Will Pay the Bills?

Do you have a joint bank account? Does one partner make a significant amount of money while the other does not? Who is more responsible when it comes to paying bills on time? These questions and more should all be considered when working on figuring out the financial logistics of owning a home together. You will want to lay out an agreement on how you and your partner will pay for routine home expenses such as property taxes, water bills, electricity, and unexpected repairs. There is no right or wrong way to divide the costs as every situation and relationship are different – keep this in mind when discussing the topic with your partner.

What Happens if One Partner Dies?

When you are married and live in a state with laws of intestate succession and your deceased partner has no will or children, the courts will deem you, the survivor, the property owner. It is important to note that this is not always a guarantee, so planning for such events as uncomfortable as the conversion is essential.

A few ways to avoid this are for you and your partner to both have a clear will stating what you want done with your property after your passing or to make sure that the title you have for the home would allow you to own the house after the death of your partner. Tenancy in common and joint tenancy with rights of survivorship will effectively manage a situation where homeowners are partners but unmarried. Tenancy in common – each person owns a percentage of the house, and if they die, their interest in the property goes to their estate, which could be you or their child. Joint tenancy with rights of survivorship dictates that if one person dies, the survivor inherits their share of the property.

What Else Should You Consider?

Here are a few more questions you and your partner should discuss.

Will you both contribute equal amounts to the down payment and closing costs?

If you sell the property, will the proceeds be split 50/50?

If you break up, will you allow the other partner to buy you out of the home?

How will you split HOA fees, taxes, and repair costs?

The Bottom Line

Buying a home is a huge step in your life, just like getting married. Just make sure that this is the right move for you, your relationship, and your finances, and know that because you are not married to your partner that if you are to break up, it could complicate the sale of the home and how proceeds are divided. The best thing you can do is ask all the hard questions ahead of time and plan for the unthinkable.

From Renting to Homeownership in Texas

Renting in Texas can be difficult, but so can start searching for a new home. With Beyond 404 Realty, Anthoney Hanks helps families and individuals in the Dallas-Fort Worth community find their dream home. Anthony specializes in working with first-time homebuyers in Texas and those looking to purchase investment properties in Texas. Anthoney will teach you how to become a homeowner, stop renting, and start buying! Visit www.beyond404realty.com for more information or visit our YouTube page for short videos on starting the home buying process at https://www.youtube.com/channel/UCmzTlxpC6-nJWXsphoqhPZw We can’t wait to work with you.

March 12, 2022June 16, 2022

How to Create the Perfect Outdoor Space

With spring and summer fast approaching many are turning their attention to creating an outdoor entertainment space. Have you considered it? What are your options? What things should you consider before creating your dream space?

The Space

Take into consideration the space you are working with. If you live in an urban area your outdoor space is limited and what you plan on doing with it needs to be carefully thought out. Additionally, what do you plan on doing with the space? What is its purpose? Will you be hosting game nights, BBQs, or just lounging? The purpose of the space will dictate what can be done within your space limitations.

Surroundings

Does your property have stunning views of the mountains or the twinkling lights of the distant city skyline? Make the most of it! Set up a small seating area to take in the views while you and your guests enjoy the sights!

Comfortable Seating

What’s worse than sitting around a fire or enjoying a cocktail with friends while sitting on an uncomfortable seat? Nothing! Whether you decide to go with individual seating or cozy couches, consider the comfort of you and your guests. Test out the furniture before you bring it home or if you are buying it online make sure you read all the reviews!

Plants and Other Pretty Furnishings

Adding greenery, twinkle lights, and cozy throw pillows is an instant way to make any space feel more welcoming and inviting – even outdoor spaces! Choose easy to care for plants that will do well in the lighting of your space. Get bold-colored throw pillows to spice up the color scheme of the couches and chairs. Use bold patterns and lush florals to bring your style from the interior to your outdoor space.

Water or Fire Feature

For added relaxation try adding a fire pit or water features such as a waterfall in the garden or a small water fountain in the middle of your space. These features do not need to be elaborate to add another level of sophistication to your space. Sometimes the simpler the better.

What’s Next?

How do you know if you’ve found the perfect home? Check out this blog: https://beyond404realty.com/index.php/2022/04/12/how-to-know-youve-found-the-perfect-home/ Think of what you are going to use the space for, plan, and get building! Renting in Texas can be difficult, but so can start searching for a new home. With Beyond 404 Realty, Anthoney Hanks helps families and individuals find their dream homes in the Dallas-Fort Worth community. Anthony specializes in working with first-time homebuyers in Texas and those looking to purchase investment properties in Texas. Anthoney will teach you how to become a homeowner, stop renting, and start buying! Visit www.beyond404realty.com for more information or visit our YouTube page for short videos on starting the home buying process at https://www.youtube.com/channel/UCmzTlxpC6-nJWXsphoqhPZw We can’t wait to work with you.

February 21, 2022June 16, 2022

What is the Final Walkthrough?

You’re nearing the end of the home buying process, but there are still a few crucial steps left; one is the final walkthrough. What is the final walkthrough? The final walkthrough allows you, as the home buyer, to do one last check on the property by walking through the home to ensure everything is how it should be before you go to the closing table. What happens at the final walkthrough, and when does it happen?

When Does the Final Walkthrough Happen?

The final walkthrough happens just before the closing of your home. Typically, they take place the day before or the day of closing. They happen so close to closing that you have time to go through the home right before you buy it to make sure nothing is out of place. If they happened weeks before the closing, there could be time for damage to occur at the home. Conducting the walkthrough as close to closing is vital if you find something wrong with the house.

What Do You Look for at a Final Walkthrough?

You and your agent will look for any significant or new damage to the home, such as a water leak storm damage, and that all appliances are in working order. Additionally, if any repairs were due to be made before the closing, you can confirm that they were appropriately done during the final walkthrough.

Should You Bring a Checklist?

A final walkthrough checklist, especially a first-time homebuyer checklist, is essential to bring to the walkthrough. You can download a checklist here to print and bring to your walkthrough. Download checklist here.

How Long Should a Final Walkthrough Take?

The total time a walkthrough should take is entirely up to you and your real estate agent. Generally, prepare to take the time necessary for you to evaluate the home. Set aside anywhere from twenty to sixty minutes to perform the final walkthrough.

Homeownership in Texas

With Beyond 404 Realty, Anthoney Hanks helps families and individuals in the Dallas-Fort Worth community find their dream home. Anthony specializes in working with first-time homebuyers in Texas and those looking to purchase investment properties in Texas. Anthoney will teach you how to become a homeowner, stop renting, and start buying! Visit www.beyond404realty.com for more information or visit our YouTube page for short videos on starting the home buying process https://www.youtube.com/channel/UCmzTlxpC6-nJWXsphoqhPZw We can’t wait to work with you.

February 15, 2022June 16, 2022

Buying Your First Home with Student Loan Debt

Buying your first home is always a challenge, especially when you have tens of thousands of dollars in student loan debt. Some young millennials are forgoing purchasing a home due to their loans, thinking that they won’t qualify for a loan with their mounting debt, making homeownership impossible. While many have those thoughts and continue the cycle of renting apartment after apartment, others have found a way out; the trick is to understand your existing loan debt and how it will work into your mortgage budget. Student loans shouldn’t stop you from buying a home, as long as you have a consistent income from a stable job and a good credit score. If you can afford a high rent while paying your loans, there is a good chance that you can also afford to pay a mortgage!

How Do Your Student Loans Affect Your Ability to Get a Mortgage

There are various ways your existing student loans affect your ability to obtain a mortgage; of course, they are different in every situation, so it is essential to review your finances with a loan professional.

You Might Not Have Enough fora Traditional Down Payment

You have heard it from your parents – you need 20% down to buy a home. Yes, this is still true in some cases, but now with extended loan types and various programs offered through different banks, credit unions, and brokers, you might be able to apply for a mortgage with less than 20% down. According to the National Association of Realtors, in 2019, the median down payment was just 6% for first-time homebuyers – drastically less than the traditional 20%! The best course of action if you think you have enough saved or just want to know how much you should save is to speak with a local mortgage broker to see what programs you can qualify for, then set a goal for how much you need to save for a down payment.

Check Your Credit

Request a credit report from one of the three major credit bureaus in the United States: Equifax, TransUnion, and Experian. Review your report and confirm that all of the information is accurate; there can be mistakes! Paying your existing loans on time and even a few days early, so you don’t miss the due date. One missed payment can haunt you for years to come. Having a good credit score opens endless doors for you as a consumer; make sure you do what you can to boost yours. According to FICO, an exceptional credit score is between 800-850, a very good score is between 740-799, a good score is 670-739, a fair score is 580-669, and a poor score is anywhere between 300-579.

Try to Lower or Refinance Your Student Debt

There are various options available to lower your monthly student loan payments with both federal and private loans. Federal loans offer the following methods: the standard repayment plan, graduated, extended, pay-as-you-earn, income-based, income-contingent, etc. Check with the originator of your loan to see if your specific federal loan can qualify for a particular payment option. Private loans offer deferred payments while in school or while engaged in military service or allow you to make interest-only payments for a period. Another option to consider is consolidation or refinancing your loans. Consolidation simplifies your monthly process and often lowers your overall interest rate; this is something you can check with a local loan professional about to see if you qualify.

Live Simply While House Hunting

This is easily the most crucial step in going from renting to owning a home – live within or below your means. To save money for your down payment, you should limit your expenses. This means living in a less expensive apartment than you can afford, foregoing eating out often, and limiting unnecessary shopping expenses. Doing this will add up over time to a sizable chunk of change that you can use as a down payment or aid in closing costs.

Speak With Local Experts in Your Area

Every situation in every area is different. The best first step you can make is to speak with a market professional like Anthoney Hanks with Beyond 404 Realty in Forney, Texas. Anthoney can help you connect with a trusted lender, title companies and find your dream home. What are you waiting for? Take the first step to stop renting and start owning in 2022!

February 8, 2022February 8, 2022

From Renter to Homeowner in Twelve Months

As the younger millennials and Gen X’s come of age and start looking to settle down, they often wonder how they can make the change from renting to buying. The reasons they want to make the switch vary from wanting to start a family to finally gaining freedom from a landlord and being able to put a stop to the constant struggle of rising rental costs and frequent moving. Owning a property is a significant investment, with a lot of work leading up to becoming a new homeowner or a first-time homeowner.

Decide What the Right Option is For You

Do you plan on moving again in less than the next two years? Are you responsible when it comes to maintenance and yard work? Do you like the area you currently live in, and can you afford to stay in that neighborhood? When you buy a home, it is vastly different from renting a townhouse, renting an apartment, or renting another type of property. You are tied to the property you purchase for four to five years if you are looking to make a good return on your investment.

Weigh the Pros and Cons

Like every decision in life, there are pros and cons to owning a home or renting an apartment. Renting an apartment comes with many pros – consider the following.

There is no long term commitment to stay at the property
Not as much money is involved over time
No repairs or maintenance

While that does sound appealing, there are also cons to living in an apartment for years on end.

You lack a sense of permanence and stability
Rent costs can change from year to year
You can’t make it your own and are stuck with what is already there
There are rules you have to follow, such as pet limitations

When owning a home, you have more freedoms, but with more privileges come more responsibility which plays into the cons of owning a home.

Costly repairs and maintenance fees
Unable to just up and leave

The pros, however, outweigh the cons when it comes to owning a home.

The added sense of stability in your life
Suitable for raising and growing your family

Allows you to put down roots in a community that you love
It provides you with the ability to make a space truly your own

How to Start the Transition

After deciding that homeownership is for you and your family, you need to start preparing for the home buying process.

Knowing and improving Your Credit Score

The first step is to request a copy of your credit report from any of the three major credit bureaus so you can do a credit check. Review your report to confirm that all of the information is correct. According to FICO, an exceptional credit score is between 800-850, a very good score is between 740-799, a good score is 670-739, a fair score is 580-669, and a poor score is anywhere between 300-579. You can also meet with a credit repair specialist who will work with you, help with credit restoration, and give you helpful tips to fix your credit score if it needs work or if you have general questions on how you can do better.

Finding an Agent

According to realtor.com, more than half of all recent homebuyers first found their home through the internet on a listings site like realtor.com®, nearly all (9 in 10) purchased their home through a real estate agent. Finding an agent that you connect with is a big deal. You will be working with this agent for months and want to make sure they understand you and your needs. Oftentimes, interviewing your top choices and picking one agent is the best option. Building that solid connection makes it easier for your agent to find your perfect home faster!

Connecting with a Lender

After choosing an agent, selecting a lender is the next most vital step you can make. The biggest lender isn’t always the best option when it comes to lending. Customer service, locality, and experience matter as well. Speak with your agent to see if there is a particular local lender that they love to work with, who closes on time, is friendly, and has excellent reviews.

From Renting to Homeownership in Texas

February 2, 2022June 16, 2022

Eight Tips for First-time Home Buyers

During this unstable market, buying a home, let alone your first home, might seem like an unattainable or unrealistic goal. The reasons for buying your first home can vary from looking to finally plant roots, to building generational wealth, to starting a real estate portfolio. Whatever your reason, buying a house for the first time is a significant investment that takes considerable time to plan for. We’ve compiled some of the best first-time homebuyer tips and tricks for preparing for buying your first home.

Knowing and improving Your Credit Score

Save for a Down Payment

Do first-time homebuyers need a down payment? If so, how much? This varies by situation and area. Your down payment will ultimately depend on what type of mortgage you and your lender settle on and how good your credit score is. Down payments can be as little as no down payment up to 20% in a traditional loan. You can speak to your lender about first-time home buyer loans and first-time homebuyer programs to see if you qualify.

Finding an Agent

Connecting with a Lender

After choosing an agent, selecting a lender is the next most vital step you can make. The biggest lender isn’t always the best option for lending. Customer service, locality, and experience matter as well. Speak with your agent to see if there is a particular local lender that they love to work with, who closes on time, is friendly, and has excellent reviews.

Get a Preapproval Letter

Getting a preapproval letter from the mortgage institution you are working with is vital in this market. The letter is provided by your loan office stating that you are prequalified to purchase a home up to a specific price. A preapproval letter lets your real estate agent and other agents representing the sellers know that you are a serious buyer.

Finding the Right Area

Do you want to be close to work? Close to your children’s school? Close to the beach? You need to decide what is crucial for you to be near. Finding the right neighborhood is just as important as finding the correct type of home.

Finding the Right Type of Home

Do you want a low-maintenance lifestyle afforded by a townhouse or condo? Or are you ready for more responsibility by owning a single-family home? Deciding the type of home that suits your lifestyle is an important step; it narrows down the homes your real estate agent will show you to have a higher chance of finding your dream home faster.

From Renting to Homeownership in Texas

February 1, 2022June 16, 2022

First-time Home Buyers Guide to Closing Costs

You’ve done it – you are days away from signing the last documents on your first home purchase, and when you are reviewing the last of the financial documents, you see a line for closing costs. What are closing costs? How is the fee calculated? How much should you plan on saving for these costs before you buy your home?

What are Closing Costs?

Closing costs are made up of the fees associated with buying your home and paid at closing. The charges are made up of fees relating to the mortgage, including the appraisal, title work, paperwork, attorney fees, and the expense of underwriting your loan. These closing costs can be paid at the closing table by check and are separate from your down payment or earnest deposit.

How are the Closing Cost Fees Calculated?

Typically, home buyers will pay between about 2 to 5 percent of the purchase price of their home in closing fees, with the average buyer paying roughly $3,700 in closing fees, according to a recent survey https://www.bankrate.com. These costs vary widely from city to city and between states as the average costs of homes look very different depending on the region that you live in. Your lender will be able to give you a rough estimate on what your closing costs will be once your offer gets accepted and your loan begins processing, so there are no surprises at the closing table. As mentioned at the beginning of the article, days before the closing, your lender will provide you with a draft copy of the closing disclosure statement, which outlines fees and final payments due.

How Much Should You Plan on Saving?

This depends on what your home budget is. Take your projected home price and plan on saving at least the additional 5%, if not more; that way, you have extra money for other things that might pop up before closing, like buying a new couch or upgrading the security system.

Homeownership in Texas

With Beyond 404 Realty, Anthoney Hanks helps families and individuals in the Dallas-Fort Worth community find their dream home. Anthony specializes in working with first-time homebuyers in Texas and those looking to purchase investment properties in Texas. Anthoney will teach you how to become a homeowner, stop renting, and start buying! Visit www.beyond404realty.com for more information or visit our youtube page for short videos on starting the home buying process https://www.youtube.com/channel/UCmzTlxpC6-nJWXsphoqhPZw We can’t wait to work with you.

January 28, 2022June 16, 2022

A Spotlight on Rockwall, Texas

Along the shore of Lake Ray Hubbard, the bustling city of Rockwall is just a short commute to the Dallas-Fort Worth metro but has retained the small-town Texas charm that all have come to love and cherish. Full of historic buildings in the downtown area that includes quaint boutiques, restaurants, and shopping, there is never a shortage of things to do for entertainment. Rockwall Harbor is the premier tourist destination, drawing in thousands each year to sail, kayak, fish, and swim.

Rockwall was established in 1854 and gained its namesake from early settlers finding a mysterious rock while digging a local well. Today Rockwall is home to about 50,000 residents who live, work, and play within city limits or make the short commute to Dallas. Many local events are hosted in Rockwall each year from concerts to the Founders Day Festival.

When planning your next adventure why not include Rockwall? Or are you looking to move to a smaller community yet still within commuting distance to Dallas? Anthoney Hanks with Beyond 404 Realty specializes in working with those in the Rockwall community and would love to help you begin your next journey in homeownership in Rockwall. Visit our website at www.beyond404realty.com to schedule an appointment with Anthoney to discuss your next steps.

January 18, 2022June 16, 2022

Professional or Self-Management?

Owning a rental property can be a significant source of income. Whether you already own an investment property or are considering it, one of the most important questions is if you will self-manage the property or hire a management company to do it. There is no clear right or wrong answer because each property and situation is different. Throughout this article, we will discuss the differences between the two, and then you can make the best choice for your circumstances.

The Benefits of Self-Management

The best thing about doing your own property management is saving on management fees and knowing exactly when and how the work will be done. You can control the quality and pace of the work as well as the immediate satisfaction of your tenants. You will be able to develop a connection with your tenants and, in the process, create tenants who can be more respectful of your property and turn into long-term renters.

The Downside of Self-Management

Managing a property is not easy or convenient. It takes time, commitment, and lots of energy on your part to do all the associated tasks and happiness of the tenants. Self-managers need to wear multiple hats all at once while still juggling their personal lives. You will also need to learn about tenant law, real estate, and general repairs.

The Pros of Professional Management

Professional property managers know exactly what they’re doing – it’s their job! They make owning the rental property easier and reduce stress. They have a good understanding of the market and the ins and outs of running a property effectively.

What Do Professional Management Companies Do?

Finding Tenants

Emergency Calls
Repair Work Coordination
Property Inspections
Legal Compliance
Evictions

Rent Collection

The Cons of Professional Property Management

The biggest drawback is the cost. Factor in all that they do, and you will see that it is worth it, though! Conflicts can be an issue because there is always the chance that a property manager will not manage the rental property well or just not the way you envisioned.

The Bottom Line

No one will care about your property entirely as you do. When choosing to choose self-management or a professional company, keep in mind that the solution needs to work for you, your bank account, and your future goals as a landlord at the end of the day.

If you’re thinking of purchasing an investment property in the Dallas-Fort-Worth community, please visit our website at www.beyond404realty.com and request to speak with Anthoney Hanks -our local investment property expert! Anthoney will guide you through buying an investment property and offer helpful tips and tricks along the way.

January 14, 2022June 16, 2022

Downsizing? Follow These Simple Steps!

You may have grown accustomed to hearing the saying “bigger is better”. In some instances, yes, this statement is accurate. When it comes to changing seasons in life and the downsizing your house, sometimes going smaller and more efficient home is the right choice. You might be excited for the change when going smaller, but sad to leave a home where so many memories have been made.

Downsizing can be even harder when you see the space limitations — a smaller place means you don’t have room for all your current possessions. Just remember downsizing is also an opportunity to cherish your prized possessions, get rid of unwanted items, and live a fuller life unburdened by keeping up with a large home and too many possessions. Let’s see how to do it!

Plan

Start by imagining the type of space you want and how it will better serve your current needs. If you are aging, do you want to live in a condo where you will have many painstaking exterior maintenance tasks taken care of for you? Or do you want a smaller home?

Whichever direction you decide to go in, you will need to carefully plan what you can bring with you from your larger home due to the change in square footage. Go through your current home one room at a time, starting with larger items such as furniture. Take inventory of what you own and then decide what items will fit the new style of your future home, if the item is still in good condition, and if you have room for it. From there move on to smaller items.

Capture Memories

Some items such as photo albums take up TONS of room. Digitize your photos to save on space. Digital frames, online slideshows, and other options make viewing your photos easy at any time! Other sentimental items such as childhood mementos, tickets from ball games, or travel souvenirs don’t necessarily need to be tossed for the sake of saving space. Sort through those items and decide what you would really like to keep and store them in clearly labeled plastic bins for easy access and organization.

Share Your Memories and Items

When you have gone through your items and made final decisions on what will move with you, invite those close to you such as children, grandchildren, and friends to come to your home before donating or selling items and let them go through the remaining items to see if there is something that they could make use of. Perhaps your granddaughter wants your old sewing machine, or your son could want the stool he used to sit on as a child as he colored books for his son. Your possessions hold sentimental value not only for you but also for those who are involved in your life.

Move and Enjoy

You have done the hard work, went through your belongings, packed them up, and moved into a smaller home – congratulations, you have downsized! The real fun begins now as you get to enjoy life surrounded by the items that truly mean the most to you after downsizing. Also, you will be able to spend more time with those you love because you will no longer have to deal with the maintenance and upkeep of a larger home. You will be able to travel with more ease, and less hassle, you will spend less money on repairs, and you can easily find all that you own.

While the initial move to downsize might seem overwhelming and scary the rewards greatly outweigh what you might leave behind. Think carefully before making the move, consider all the facts, and decide if this is the right move for you. If it is the right move, you won’t be disappointed. Make sure to check out our blog on moving in efficiently to your new home at https://beyond404realty.com/index.php/2021/07/26/week-one-in-your-new-home/

If you are looking to downsize in the Dallas-Fort Worth area consider reaching out to a trusted local agent, Anthoney Hanks. Anthoney has been involved with helping families start a new chapter for over 5 years and wants to help you too. Visit www.beyond404realty.com to find out more about Anthoney and how he can help you too.

Tag: dallasrealestate

First-time Home Buyers – Questions Unmarried Couples Should Be Considered

How to Create the Perfect Outdoor Space

What is the Final Walkthrough?

Buying Your First Home with Student Loan Debt

From Renter to Homeowner in Twelve Months

Eight Tips for First-time Home Buyers

First-time Home Buyers Guide to Closing Costs

A Spotlight on Rockwall, Texas

Professional or Self-Management?

Downsizing? Follow These Simple Steps!

FIND US