This post is sponsored by Chase.
A couple weeks ago I partnered with Chase and shared their infographic called “The New Age of Homebuying.” Today, I’m partnering with Chase again to discuss the other parts of their “Insights from the Mind of the Modern Homebuyer” survey and how the homebuying process is going DIY.
In the first post, which you can read here, I discussed the survey results about shopping for a home and shopping for a mortgage. Today I’m shifting gears a bit to talk about the realities of owning a home. If you didn’t get a chance to check out the infographic in the first post, you’ll see it directly below followed by my personal thoughts.
Homebuying is a Complex Time in Your Life
Finding your home and obtaining a mortgage are just the beginning steps you’ll be juggling when you’re making a home purchase. You’re going to have a lot on your plate whenever you decide to make an offer on a home, so you’ll want to make sure you have pros on your side to help you.
A seasoned real estate agent will make sure your offer contract meets all legal requirements of your locality and protects you, the buyer. They can also add contingencies to cancel the contract in case you can’t sell your current home, the home inspection reveals problems or you can’t find financing.
Speaking of financing, if you haven’t already gotten in touch with a mortgage professional, now is the time. You can check out the site Chase.com/homebuyers to prequalify for your mortgage online or contact a local Chase mortgage banker.
After making an offer, your real estate agent should guide you through everything that needs to be completed before you close on the house. The property will have to be appraised and surveyed. You may choose to have a home inspector inspect the home for issues, too.
Your real estate agent should make sure everything is getting done to line up with your closing date.
What Happens after You Own a Home?
Once you sign the paperwork at closing, you’re a homeowner! You’ll get the keys and can start moving in whenever is convenient for you.
Alternatively, you may want to do some renovations before you move in to make the house your true home. After all, it’s easier to do some projects, like change the flooring, before all of your belongings are in the house.
You’ll eventually unpack and learn all of the little things about your house that you never noticed before. You may realize that the brass door hardware really gets on your nerves or the oak cabinets in the kitchen that you thought you could live with really need to be upgraded.
Home Improvements Cost Money
Unfortunately, home improvements cost money. You can either save money to tackle the home improvements you want to do, like my wife and I, or you can take out a loan.
If your home value has increased since you’ve bought it, you may qualify for a home equity line of credit (HELOC) which allows you to borrow money against the value of your home.
Many homeowners are optimistic about the value of their homes. According to the survey, 66% of people expect their home value to increase in the next five years and 38% have used or are considering using a HELOC in the next five years. Of the 38%, a majority (58%) said they’d use the HELOC money for home improvements.
Home Improvements We Made
As I mentioned above, my wife and I opted to save money in advance for our home improvement projects. After three years of living in our current home, we finally decided it was time to switch out the flooring in the main living areas of our home.
We ripped up the carpet and took out the tile so we could add brand new engineered hardwood floors. We love the look! It should also add a bit of value to our home or at least help the home sell faster if we ever decide to sell.
While we removed the carpet ourselves, we paid professionals to remove the tile and install our hardwood floors and trim. We’re glad we did, because there is no way we could have finished the job as fast as the pros did. It took them 5 full days!
I can only imagine that it would have taken us weeks if not months of slow progress to do the job ourselves.
Chase Can Help
You’re probably trying to save for multiple goals including retirement, a house down payment, a vacation or even an emergency fund. These savings goals are the top four things Americans are saving for, according to the survey. No matter what your financial goals are, juggling multiple goals can be complicated. Chase is committed to helping people be in control of their finances no matter their stage in life.
If you’re considering buying a home, make sure to check out their site, Chase.com/homebuyers, for more on the survey as well as homebuying tools and tips.
What home renovations have you completed after buying a home? If you haven’t bought a home yet, what home renovation do you think would be top on your list?