4 Steps to Helping an Older Loved One Buy the Perfect Home

If you’re a caregiver for your aging parent or other loved one, you may be at a crossroads where the person you care for wants to age in place but they are no longer able to live comfortably and safely in their home. The solution may be to help them buy a new home, but where do you begin the home-buying process for someone who is older? These four steps will get you started on the right track.

1. Finding the right home: House-hunting can be a daunting task for anyone, and the specific needs of an older adult can create an added challenge. Start with a very clear idea of your loved one’s budget, and encourage them to downsize to a smaller house or condo to save money. Retirees used to celebrate no longer having a mortgage, but these days getting a mortgage is a viable option and may even be the best choice for older adults. They may find there are more hoops to jump through, but The New York Times has some great tips for navigating the mortgage application process. When searching for the right house, look for features that will make the home easy and safe for them to get around in as they age. NBC recommends looking for five “must-have” features: a no-step entry, single floor, extra-wide doorways and halls, accessible electrical switches and controls, and lever-style doors and faucet handles. Beyond these basics, there may be other special features you want that will make their quality of life better and their home safer.

2. Consider remodeling: It may be impossible to find all the features your loved one needs in a home, so consider    remodeling to get the exact features you want. Even on a budget, hiring a contractor to remodel the right home may still be more affordable than other options, like assisted living. The national average price to remodel more than one room at a time is $38,713, though the cost will ultimately depend on the size of each room, underlying problems that may arise, the cost of the materials and the extent of the remodel. Most remodeling expenses will have to be paid out of pocket, but if you’re installing any medical equipment, it’s worth looking into whether Medicare or private insurance will cover those expenses.

3. Avoiding issues on moving day: Moving can be stressful and emotional, but you can help with packing and moving, and as moving day approaches, make sure you stay mindful of your loved one’s feelings. To help them settle in, take pictures of the rooms in their old home before packing up so you can help recreate a similar furniture layout in the new place. This will help make the new space feel not quite so foreign. If your budget allows, hire a professional mover so you can take care of any last minute things that need to be done and also be an emotional support for your loved one. AARP suggests having your loved one go out for the day and do something they normally do, like lunch with a friend, giving you a chance to help put things in place to get them settled.

4. Keeping costs down: It is essential that you help your loved one stay within their budget in buying and remodeling a home because they will still need to save whatever they can for the rest of their retirement. Any money they save from downsizing should go immediately into their retirement savings account. And don’t forget that the moving process itself can be costly, so set a moving budget and be aware that unexpected expenses can pop up, so leave some wiggle room for those expenses.

Moving is never easy, especially for someone who is older and has created countless memories in their home. As their caregiver, you can help them both emotionally and with practical advice by going alongside them. As hard as it may be, they will thank you for making it possible for them to live happily and safely in their new home.

Photo credit: Unsplash

In many markets across the country, the number of buyers searching for their dream homes

greatly outnumbers the number of homes for sale. This has led to a competitive marketplace

where buyers often need to stand out. One way to show you are serious about buying your

dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, knowing your budget will give you the

confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the “My Home” section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin

house hunting. Pre-approval will tell you how much home you can afford and can help you

move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have

relationships with lenders who will be able to help you with this process. Once you have

selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

1. Capacity: Your current and future ability to make your payments
2. Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
3. Collateral: The home, or type of home, that you would like to purchase
4. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about

buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.

 All parents want their kids to be as excited as they are about moving into a new neighborhood. But first, this requires knowing what to look for in an ideal family-friendly neighborhood. Are you, at a loss as to what to research when it comes to neighborhood comparison shopping?

Well, take heart. Here are six signs to look out for when you want to make sure your future neighborhood is family-friendly:  

1) Look for Good Schools

This is a top concern for all homebuying parents: evaluating the quality of public schools in a prospective neighborhood. The key to this is making sure the public schools in question have good reputations and that they’re well placed in city rankings. (Though rankings aren’t everything.)

A common mistake for would-be buyers, however, is forgetting to research other educational resources that may teach them more about the prospective neighborhood. For instance, finding out how many daycares exist in the segment of town and what ages are usually accepted by the daycare centers. Investigating whether these are at full or only at partially-full capacity will help you find out whether plenty of families are moving into the area.

2) Lots of Green Space?

Green spaces bring out the joy in kids. Your bookworm of a kid can park herself under a tree and read all day long. A child artist can paint outside without a fear of messing up the house. Your student athlete can practice a sport to his or her heart’s content. Truly, large green spaces are essential for expanding contentment, imagination and creativity in your kids.

While a good-sized backyard is a welcome benefit in a new home, particularly for families with pets, this shouldn’t be considered the most important green space for your family. Ensure your neighborhood has spacious parks, playgrounds, pools, basketball and tennis courts, picnic tables, and park benches. The idea is to take your family to large gathering areas where your kids can co-mingle with other children their age and practice their social skills.  

3) Hunt for a Solid Offering of Public Events

Find out if your prospective neighborhood holds kid-centric activities throughout the year. A neighborhood that lacks such events may not be considering, i you’re looking to raise tolerant, well-rounded kids. Such activities can include summer camps, afterschool programs, kid-friendly festivals, and children’s library programs.  

4) Research Your Prospective Neighbors

Don’t think to buy a home without properly scoping out the neighborhood to see if  it’s family-friendly enough. Talk to your prospective neighbors and find out if any children of similar age to your kids live near your home. If few families live in the neighborhood you’re eyeing, then definitely move on to investigating other homebuying options in a different neighborhood.  

5) Keep Your Eyes Peeled for Family-Friendly Businesses

Pay attention to the types of businesses that exist in the neighborhood. Are they family-friendly? For example, does any business sponsor little league games? Do local theaters offer shows for kids? Are there restaurants with game activities and a variety of daycare centers for children? If the neighborhood you’re scoping checks affirmative for most or all of these questions, then you’re on the right path to finding a good place to call home. 

6) Avoid ‘Red-Flag’ Neighborhoods

For safety measures, no matter how beautiful the home you’re eyeing, stay away from neighborhoods that feature red flags like bad criminal elements, poor official management or just unsightly views. Such signs can include excess graffiti on buildings, barred windows on businesses, large groups of people loitering, unleashed dogs roaming around, and even excessive litter on the sidewalks and streets.

A Final Thought

Don’t stress over the home buying process too much. Simply follow through with due diligence in your research into each location and neighborhood, and eventually the right place will pop up. Being patient is key. Before long, you’ll find the perfect home and neighborhood the whole family will enjoy. 

Written by guest blogger Michael Longston

There is no doubt that the largest challenge in today’s housing market is a lack of housing inventory for sale. This challenge has been defined as an “overwhelming lack of supply,” and even a “straight up inventory crisis.”

First American just released the results of a survey which sheds light on the reasons for the current lack of supply.

The survey asked title agents and real estate professionals to identify what they believe are the top reasons for this lack of inventory in their markets. Here are the results of the survey:

47% – existing homeowners are worried that they will not be able to find a home to buy

26.5% – first-time buyer demand is absorbing a large share of available homes

11.3% – existing homeowners’ mortgage rates are lower than the current rates

10.6% – insufficient or negative equity in the home

4.6% – foreign buyer demand is absorbing a large share of available homes

As the survey revealed, there is a shortage of current homeowners willing to put their homes on the market for one of three reasons (see above).

Is this an opportunity for some homeowners?

The report on the survey explains:

“The crowd has spoken, and it seems in many markets home buyers and sellers alike are ‘imprisoned’ by the lack of housing inventory.”

That leaves a tremendous opportunity for every homeowner not facing these concerns. If you can put your home on the market today, you are subject to far less competition than at any time in recent history. That will result in your home selling quickly and for the highest possible price.

The Bottom Line

While many homeowners are feeling imprisoned for multiple reasons, those who are not handcuffed by these concerns have a once in a lifetime opportunity to sell their houses at a peak selling time.

Here are four great reasons to consider buying a home today, instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.7% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.0% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s survey shows that interest rates for a 30-year mortgage have hovered around 4%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You Are Paying a Mortgage 

There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move on With Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe now is the time to buy.

Call us today to discuss and find out If purchasing a home for you and your family is the right thing for you to do this year, buying sooner rather than later could lead to substantial savings.

A few Questions to Ask 

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interests at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.

Ask yourself the following 3 questions to help determine if now is a good time for you to buy in today’s market.

1. Why am I buying a home in the first place? 

This is truly the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.

For example, a recent survey by Braun showed that over 75% of parents say, “their child’s education is an important part of the search for a new home.”

This survey supports a study by the Joint Center for Housing Studies at Harvard University which revealed that the top four reasons Americans buy a home have nothing to do with money. They are:

• A good place to raise children and for them to get a good education
• A place where you and your family feel safe
• More space for you and your family
• Control of that space

What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

2. Where are home values headed?

According to the National Association of Realtors (NAR) latest Existing Home Sales Report from the National Association of Realtors (NAR), the median price of homes sold in May (the latest data available) was $252,800, which is up 5.8% from last year. This increase also marks the 63rd consecutive month with year-over-year gains.

If we look at home prices year over year, CoreLogic is forecasting an increase of 5.3% over the next twelve months. In other words, a home that costs you $250,000 today will cost you an additional $13,250 if you wait until next year to buy it.

What does that mean to you?

Simply put, with prices increasing each month, it might cost you more if you wait until next year to buy. Your down payment will also need to be higher in order to account for the higher price of the home you wish to buy. 

3. Where are mortgage interest rates headed?

A buyer must be concerned about more than just prices. The ‘long-term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates.

The Mortgage Bankers Association (MBA), NAR, and Fannie Mae have all projected that mortgage interest rates will increase over the next twelve months, as you can see in the chart below:

The Truth

Only you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision.

This one of a kind modern day Castle is situated in the coveted Alhambra Valley Hills of Martinez on just over an acre lot. With elements of Medieval designs throughout, this home boasts many unique characteristics. The custom designed interior of this 4,545 sq ft, home offers a bright and open floor plan featuring 5 bedrooms, 5.5 baths, an oversized eat in kitchen, large living room, spacious game room, elegant family room, an intimate library/media room, and a creative loft offering a turreted balcony overlooking the hills beyond. As a bonus to the main house there is a charming 420 sq ft separate guest cottage with private living space and bathroom. Just outside the main level is the custom in ground square shaped pool

decorated with stone accents and cave like overhang that protects from sun or offering a lantern lit night swim. Tired from a long day…step into the cedar planked sauna to unwind and relax. backyard space with glorious views of the Alhambra Valley hills.

Check out this video link below. Also and give us a call to see in person

925-525-9966 Patrice Sandstrom

Click for video

This stunning Alamo Creek Mediterranean is only minutes away from the shops and restaurants Blackhawk. The well designed interior of this 3003 sq ft, home offers a bright and open floor plan featuring 5 bedrooms, 3.5 baths, interior laundry and 3 car garage. The spacious living room offers vaulted ceilings with walls of windows and flows into the open formal dining area. The highly upgraded kitchen offers an oversized island with bar seating, Bosch appliances and built in GE Monogram fridge, walk in pantry, and a built in office nook and large eat in kitchen area. The bright family room offers hillside views with generous sliders that open to the drought friendly backyard which features a full sized bocce ball court and no rear neighbors. GE Electric vehicle charger located in the garage.

The master suite and 4 guest bedrooms are all very generous and have great separation for ultimate privacy. There are stunning views of the trees and Mt. Diablo foothills from the master bed and bath. This exquisite home has been lovingly maintained and is in excellent condition. All common rooms overlook the verdant inner courtyard and every room of this wonderful home is bathed in glowing natural light. This really is a MUST SEE home. It is the perfect place to entertain your family and friends.

Conveniently located in popular community of Alamo Creek, and within walking distance to the community pool and clubhouse, both Creekside Elementary School and Diablo Vista Middle School, this home provides easy access to Hwy 680 & 580, Blackhawk Plaza, friendly neighborhood parks and 12 years of award winning schools. Blackhawk Plaza offers trendy restaurants, coffee shops, shopping boutiques, highly rated schools and transit options (including front door service County Connection shuttle to and from Walnut Creek Bart), this home offers the best of East Bay living in a charming family-friendly neighborhood.

Click for more photos www.3436Cashmere.com

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out.

One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the My Home section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac describes the 4 Cs that help determine the amount you will be qualified to borrow:

1. Capacity: Your current and future ability to make your payments

2. Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash

3. Collateral: The home, or type of home, that you would like to purchase

4. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

The Bottom Line 

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.