If you have recently purchased a
home or apartment, or you are in the market for a new property, you may want to
listen to the audio cast “10 Things to Do after Buying Your Home”. This show is a talk between Dottie Herman and
Eric Tyson and was broadcast on Herman’s real estate show.
Dottie Herman runs a regular talk
show and is the CEO of Elliman. Eric Tyson is a best-selling author. Tyson began his career as a personal
financial advisor and assisted many of the largest Fortune 500 companies. He began his writing career at the start of
the 21st century. Tyson has written five
national bestselling real estate books and has won the Benjamin Franklin
Award. In addition, Tyson is the only
author to have four of his books on the Business Week
bestseller list simultaneously.
Dottie began her June 2nd morning
show by stating “Getting the money to buy is hurdle one.”
Dottie then discussed the
advantages of virtual home staging and talked about enhancing curb appeal. She introduced Tyson, and he discussed his
motivation to write real estate books.
Tyson said, “A lot of the
information that was out there frequently was written by well intention
journalists…who didn’t really have that in-the-trenches perspective.”
Before Tyson discussed what
buyers should do after purchasing a home, he and Dottie talked about the
current real estate market. Tyson said
that people should take advantage of current market conditions and buy. That being said, a buyer should be confident
of his or her employment and financial situation.
Tyson then conditioned his
statement with a few tips:
-Affordability—this is a personal
decision that requires a realistic look at income, assets, debts and expenses.
-Personal Situation—these are
things that only you know about. This
includes loans that have to be repaid and future college expenses.
-Comfort Level—making a decision
to buy a home is one of the biggest financial choices people make. The decision should be comfortable and
angst-free.
At this point, the talk got
interesting, and Dottie pointed out the 10 points from Tyson’s book.
Here is a short list of Tyson’s
major real estate thoughts.
*Solicitors—these are salesmen
that try to sell goods and services.
Insurance providers are one of the most common types of solicitors. Tyson said that solicitors should be viewed
with caution. Even though a bank may
send a solicitation, their offer is probably not the most financially sound
one. Better choices are available, and
looking around provides valuable savings.
This point is also expounded on in the Tyson's tenth point.
*Financial Planners—these experts
are essential and help modern adults plan for the future. Technology offers a number of benefits but
has led to an essential degree of specialization. This is especially true in the financial
world. The stock market is incredibly
volatile, and earning interest on capital is paramount. This requires a financial professional that
is experienced and knowledgeable. Tyson
also has an entire book that discusses the benefits of professional financial
planners.
*Real Estate Teams—having a team
of good players on your side will make you more successful. Real estate transactions encompass a number
of areas, and it is essential to investigate the providers. Agents, insurance providers and mortgage
personnel are all necessary for transactions.
These professionals charge fees, and checking backgrounds is mandatory.
*Refinancing—this was a common
approach in the past and should be used only to save money. Today’s mortgage rates are at record lows,
but refinancing is not always the best choice.
Lenders usually charge for services, and fees may be higher than
interest reductions.
*Electronic Payments—Taking
advantage of technology comes with considerations. Tyson said he is wary of electronic payments,
but it is the wave of the future.
Technology ensures that payments are made on time. Having money directly deposited into a bank
account also makes it easier to save.
*Save Cash—Dottie asked Tyson
about emergency funds. Home buyers
should have at least three months of living expenses set aside. For uncertain times, Tyson advises to increase
savings to six months’ worth of living expenses.
*Mortgage Insurance—Tyson advises
a classic life insurance policy rather than mortgage insurance.
*Protest Tax Assessments—Property
values have been hit hard in the past few years, and many jurisdictions have
assessments that are out of touch with reality.
If your home's value seems to be high, protest the decision and get a
more realistic assessment.
*Home Receipts—saving home
improvement receipts is imperative for buyers that want to make a sale
later. The receipts are needed for
capital gains deductions. Homeowners in
high price areas, like New York, should also be sure to save any receipts.
*Take Time to Enjoy Life—Buyer’s
remorse is an idea that Tyson discusses at length in his books, and a new home
purchase is a huge decision. The choice
should be made without pressure, and buyers should feel glad about their
decision.