Donahue Real Estate Company



Posted by Donahue Real Estate Company on 9/5/2018

The factor that has the most impact on your home search is your finances. Youíll need to save a significant amount of money. Itís not easy to save when you have continuous monthly bills and responsibilities. Read on for tips on how to get your finances under control in order to save the amount of money it takes to buy a home.  


Do A Budget  



Once you have decided to buy a home, the first thing you should do is take a good look at your finances. A budget is critical when you buy a house because it tells you how much youíll have to spend on your mortgage. Doing this ahead of time will allow you to maximize your income and make adjustments ahead of time as needed. Donít forget that even though youíre buying a home, you still need some savings in addition to all of your other monthly expenses. Your budget should be outlined as follows:


  • Necessities
  • Monthly utility spending 
  • Insurance bills
  • Entertainment expenses
  • Grocery spending


Basically, you want to write down how much money is coming in and where all of the money is going. Thatís a budget in a nutshell. See where you can cut back. What youíre left with is the amount you can save each month. You may want to do this on a percentage basis rather than a flat dollar amount. 


Get A Separate Account


The most straightforward things to do when you start saving for a home is to put all of your money for your house fund into a separate account. This way you can automatically transfer money in, and youíll be less likely to spend any of the money if you donít see it.


Sacrifice The Small Things


Can you take some hand me downs for your kids? Maybe you can start packing a lunch for work instead of buying lunch. Can you cut the cord on cable? It may be hard to sacrifice small luxuries, but these expenses can add up. If you cut these out of your budget, youíll have a little more wiggle room to save for a home purchase. Youíll be surprised how much money you can save just by doing little things. Your morning latte is probably around $5. You could save at least $25 per week by merely making coffee at home! Thatís a saving of over 1,200 per year!   


While saving for a home can seem overwhelming, if you take it in small chunks, youíll be see the results of your efforts rather quickly. 





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Posted by Donahue Real Estate Company on 7/25/2018

Confidence can play a major role in the homebuying journey. If a homebuyer is confident in his or her ability to evaluate a house, this individual may be better equipped than others to complete a successful home purchase. Conversely, a homebuyer who lacks confidence may struggle to identify his or her ideal residence, resulting in a long, arduous homebuying journey.

Becoming a confident homebuyer may be easier than you think. In fact, there are several key attributes of successful homebuyers, and these traits include:

1. Resourceful

A confident homebuyer makes the most of the time and resources at his or her disposal. By doing so, this buyer can identify housing market patterns and trends and map out a successful homebuying journey.

Typically, a confident homebuyer performs deep real estate market data analysis. By obtaining comprehensive housing market insights, this buyer can take an informed approach to purchasing a residence.

2. Conscientious

A confident homebuyer is willing to do what it takes to acquire a home. As such, he or she will take a conscientious approach to the homebuying journey, as well as ensures that both a buyer and seller can achieve the optimal results.

For example, a confident homebuyer may be willing to negotiate with a seller to determine a price that works for both sides. This buyer also may make sacrifices along the way to guarantee a home sale is a seamless transaction for all parties involved.

3. Persistent

A confident homebuyer has a no-quit attitude and will go above and beyond the call of duty to purchase a terrific house at a price that fits within his or her budget. Therefore, this buyer displays persistence throughout the homebuying journey.

With a persistent attitude, a homebuyer can boost the likelihood of discovering his or her dream house. This buyer will keep track of new houses in cities and towns where he or she would like to live. And if the right home becomes available, this buyer won't hesitate to submit a competitive offer on it, either.

When it comes to buying a house, it helps to enter the real estate market with plenty of confidence. If you consult with a real estate agent, you can build your homebuying confidence in no time at all.

Oftentimes, a real estate agent will meet with a homebuyer and learn about this individual's goals. A real estate agent then will help a buyer plan for the homebuying cycle, ensuring he or she is fully supported at each stage of this process.

A real estate agent also is an expert resource to a homebuyer. And if a homebuyer has any questions throughout the homebuying journey, a real estate agent is happy to provide responses.

For those who are ready to pursue their dream home, it helps to become a confident homebuyer. If you collaborate with a real estate agent, you can enter the real estate market with the confidence that you need to thrive.




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Posted by Donahue Real Estate Company on 7/11/2018

Buying a new home is a joyous occasion, one that should be celebrated by family members and friends. However, telling people about a new home purchase sometimes can be tough, particularly for those who may be leaving roommates or others behind.

Lucky for you, we're here to help you alleviate the stress and worry commonly associated with telling family members or friends about a new home purchase.

Here are three tips to ensure you can remain calm, cool and confident as you inform your loved ones about your decision to buy a new home.

1. Prepare As Much As You Can

Purchasing a house is a life-changing decision, and as such, your loved ones may have concerns. Therefore, you should plan ahead for any questions that you could face about your new house.

Why did you decide to buy a home in a particular city or town? How much did you pay for a house? And what does your home purchase mean for your loved ones? These are just some of the questions that you should prepare to face when you share the news about your new home purchase with loved ones.

Also, it is important to realize that you and your loved ones won't always see eye to eye. And if a family member or friend disagrees with your home purchase, accept his or her opinion and move forward.

2. Take a Proactive Approach

When it comes to informing others about your home purchase, it is always better to err on the side of caution. Thus, taking a proactive approach will ensure you can directly inform the most important people in your life about your home purchase.

Communication is key between family members and friends. With a proactive approach, you can inform your loved ones about your homebuying decision and minimize the risk that they will hear the news from a third-party.

Don't leave anything to chance as you determine who to tell about your home purchase. If you believe there is a risk that a loved one will be left in the dark about your new home, be sure to reach out to this individual directly.

3. Understand the Emotions Involved with a New Home Purchase

A new home purchase represents a new opportunity for you and your family. If some family members and friends feel left out of your upcoming move, many emotions may bubble to the surface.

Keep the lines of communication open with family members and friends Ė you'll be glad you did. That way, loved ones can share their thoughts and feelings about your new home purchase and understand you will allocate the time needed to hear them out.

If you need extra help as you get ready to tell loved ones about a new home purchase, don't be afraid to ask your real estate agent for assistance, either. This real estate professional understands the intricacies of purchasing a home and can provide expert guidance throughout the homebuying journey.




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Posted by Donahue Real Estate Company on 7/4/2018

Saving for a down payment on a house can seem like an insurmountable challenge to first-time homebuyers. You donít have the benefit of equity built from owning previous homes, and most, if not all, of your income could be tied up in other places like paying rent and bills.

If this sounds like you, donít worry--youíre not alone. The good news is that there are some other things you might try before giving up on saving for a down payment.

In todayís post, weíre going to discuss a few techniques for saving for a down payment that you might not yet have thought of, and talk about how to can start saving sooner rather than later.

1. Know your options

Many first-time buyers arenít aware of all of the different mortgage types that may be available to them. VA loans, USDA loans, and more are all available to buyers who donít have a large down payment saved up.

Thereís also the common myth that your down payment needs to be at least 20% percent of the cost of the home. However, this number is more like an ideal figure that will allow you to avoid paying private mortgage insurance (PMI).

Before determining how much you need to save, make sure you understand all of your options.

2. Learn the art of budgeting

Most of us use the term ďbudgetĒ as a vague word that means the amount of money we can spend.

The true point of a budget, however, is to gain a detailed understanding of where your money goes and to develop a plan.

One good method of budgeting is to do what budget experts call, ďgiving every dollar a job.Ē This means that you know where each dollar o your paycheck will go.

There are many tools available for you to use when budgeting. You can use a free app like a spreadsheet from Google Sheets, or a service that connects you your bank account like Mint. Mint will also let you set goals (such as saving for a down payment) so you can track your progress.

3. Asking for a raise

Depending on how long youíve been at your job and your work performance, it might be time to ask your employer for a raise up front. Many employers are more than happy to reward hard work and dedication, but just donít hand out money if they arenít asked.

4. Start that side hustle

There are a lot of ways to earn extra money in a service economy. From waiting tables at night to delivering packages for Amazon, and giving lifts in your car for Uber, there are numerous ways to earn some extra cash in the evenings.

Just remember that you want this project to be something thatís enjoyable or interesting, otherwise itís easy to burn out from overwork.

5. See if you have employee assistance options

Some employers offer housing assistance programs to their employees as a work benefit. If you havenít flipped through your HR packet in a while, now might be a good time to make sure youíre taking advantage of your options.





Posted by Donahue Real Estate Company on 6/6/2018

Let's face it Ė purchasing your dream home may prove to be an uphill climb, particularly for a homebuyer who fails to prepare accordingly. Lucky for you, we're here to help you make your homeownership dream a reality and ensure you can discover your ideal residence in no time at all.

Now, let's take a look at three tips to help you get ready to pursue your dream house.

1. Establish Homebuying Criteria

Finding your ideal house can be quick and easy if you establish homebuying criteria before you launch a home search. In fact, with homebuying criteria in hand, you can narrow your house search and speed up the homebuying journey.

To create homebuying criteria, you first should think about cities and towns where you want to live. Next, analyze houses in your preferred cities and towns and consider home must-haves and wants. Once you know exactly what you want to find in your dream house and where you want to reside, you can schedule home showings and move closer to finding your ideal house.

2. Get Pre-Approved for Home Financing

Homebuyers rarely have all the money they need to buy a home. Thankfully, banks and credit unions offer a wide range of mortgage options to make it simple for homebuyers to purchase residences. And if you meet with banks and credit unions, you can review your mortgage options and get pre-approved for home financing.

Obtaining a mortgage may help you streamline your house search because it enables you to establish a homebuying budget that you can use to hone your quest to find your dream home. Perhaps best of all, getting pre-approved for a mortgage may help you resist the temptation to spend beyond your means to purchase your ideal residence.

3. Hire a Real Estate Agent

Navigating the housing market on your own can be challenging for first-time and experienced homebuyers alike. Fortunately, real estate agents are available who can help you take the guesswork out of pursuing your dream house.

A real estate agent is a housing market expert who understands what it takes to complete a successful home search. He or she will meet with you, analyze your homebuying goals and map out a homebuying strategy. Then, a real estate agent will work with you to help make your homeownership dream come true.

As you conduct your home search, a real estate agent will keep you up to date about new residences that become available in your preferred cities and towns. He or she also will set up house showings and offer insights into the local real estate market. Furthermore, if you find your dream house, a real estate agent will help you craft a competitive offer to purchase this residence. And if your homebuying proposal ultimately is accepted, a real estate agent will guide you through the final stages of the homebuying process.

Start your search for your dream house Ė use the aforementioned tips, and you can boost the likelihood of a successful homebuying journey.




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