Mother's Day Advice

MOTHER’S DAY ADVICE  

                            Free to my children and future home buyers.

As a mother of five, Grandmother of 13, and Great Grandmother of 2,
I am the first one to continue to give advice through the years to my children, but now that they are grown adults, the advice is given only when asked! 

It is sometimes hard to stand by as you watch your children struggle with life’s problems and sometimes can do no more than hold your breath hoping that they make wise decisions along the way to avoid the many mistakes perhaps we experienced throughout our lives or have seen other encounter that cost us dearly in many ways.

As mothers, if there is one thing we are good at, it is giving advice. Whether it is gently reminding from early years to… make your bed, stand up straight, clean your room, be courteous to your elders, mind your manners,  save 10% of your earnings…we are masters in planting seeds early on that continue throughout their lives as adults. 

With Mother’s Day fast approaching, I’d like to go a step further in saying that what advice I would currently share with my children the same advice I would give to anyone who is in the market to buy a home.

Being a licensed Realtor® since 1996, I’ve seen and been through many twist, turns and upheavals through the years with the market trends and still over the course of tracking the real estate market, it is proven fact that home ownership is still a solid investment through the years and the American Dream!

Here is my motherly and professional advice to all when buying a home.

FINANCIAL WELL-BEING

Above all else, having a good solid financial well-being is the number one concern.

When shopping for a loan, don’t get confused with how much a lender might say you can qualify for in buying a home. If you are approved for a 250K loan but do not have any other money saved after putting your down payment and paying all costs, then don’t buy a 250K home.

It is important to always keep in mind that life comes at you fast sometimes. Base all your buying power as if you have one income.

Don’ be house poor…it isn’t a healthy way to live…so buy what you can afford now.

RESEARCH AND MAKING GOOD CHOICES

Do your due diligence, not only with the property you are buying but also in choosing a good real estate agent and selecting the location for your dream home.

The Internet has vast information available in the Real Estate Industry, making it easy to first window shop to get a feel for the market but can quickly become overwhelming depending on the sources. The help of a professional Realtor® will keep you on track. The service of contracting with and having your own buyer’s agent costs you as a buyer absolutely nothing for their services! So this is a no-brainer to have the professional and legal assistance of a licensed Realtor®.

Do your own research as to what comps are in the market and really know the demographics of your neighborhood.

Combining the tools of the Internet with research, you can also take advantage of the many free non-profit organizations that are available to you for educational purposes and classes in buying a home – they are invaluable and again free! 

A knowledgeable real estate agent can give you this information to help you become a savvy home buyer, having a better understanding of the legalities and seriousness of being a homeowner.  I have listed a few at the end of the article.

Do you remember your mother always saying, “Do your Homework first?” Well that hasn’t changed at all. “Do your homework first.” Buying a home is the biggest investment in your future. Select a home which requires little immediate repair and can be resold, based on location, good school districts, walking distance, and security.

HOME INSPECTION

Don’t forget the Home Inspection. As a realtor, I insist on this for all my clients. The perfect home, price or location won’t make up for a crumbling foundation or flooding basement or surprise discoveries after closing.

Lastly, always get a Home Warranty, which will cover inside items beyond what the regular home owner’s insurance policy will not cover;  electrical, plumbing, water heater, air conditioning, and most appliances for the first year at a affordable price negotiated through your Realtor® with a home warranty company. Your Realtor® can get this paid by the seller in the negotiation process.

So with this said, my children say…

                     (Thanks Mom! Now, can we talk down payment?)

The answer to that is, (Absolutely not. I have learned to say NO! )

EDUCATION:

Corner Stone Financial  Education
www.csfedu.org   1.800.336.1245

Community Development corporation of Utah

www.cdcutah.org 801.994.722

U.S Department of Housing & Urban Development
www.HUD.gov  Local Field Office: 801.524.6070

AAA Fair Credit Foundation
www.faircredit.org    800.541.4195

Non-profit HUD-approved counseling agency providing financial education, credit counseling, debt management, housing counseling, foreclosure prevention and homebuyer education services.

ShirLee McGarry is a Realtor® with All American Realty in Sandy, UT. She is a free-lance writer and author, mother, grandmother and a great grandmother. Visit her  Business RE Website or Author's Page