Greater Oakland County Moving With Children
Relocating with children in the Greater Oakland County area or any other for that matter can be a stressful situation, not only for you but the children of Greater Oakland County as well. It is important to involve your children in your home search and your relocation plans. When making your list of things to do before, during and after your move, don’t forget to include your pets as they are as much of the family as well. Moving can be stressful, even dangerous, for pets if their interests are not taken into consideration as well.
Child experts agree it’s a good idea to involve the children when family makes relocation plans to move. You may have mixed feelings about taking the kids house-hunting in Oakland County, however. (It’s hard enough for just two people to decide on a new home!) Here are a few pointers that may help in your relocation move and including children in the process.
Narrow the Field First
The kids don’t need to visit every potential house on the list in Oakland County. If possible, wait until you’ve selected two or three serious prospects of homes before bringing the children along. In any case, limit your kid-accompanied tours to three houses or less per day
Provide Behavioral Guidelines
Remind the kids to treat the home owners and their property with respect. Make sure the kids stay in the same room with you at all times and they “keep their hands to themselves.” If the home owners are present, your family members should also keep their thoughts about the house to themselves until after you leave the property. Making positive comments in the presence of the home owners could work against you when negotiating the price, while negative comments could spark a hostile reaction, causing the home owner to sell to another home buyer.
Make the Kids Your Secretaries
If they’re old enough, your children can each keep a log of the homes you look at I Greater Oakland County, including detailed information about the house — location, size, types and numbers of rooms, etc. Have them describe their feelings about the house, too, particularly what they think it, and what would be like to live there for them.
Locate the Nearest Playground
A post-tour trip to the park (or local mall, if you have teenagers) can be a great motivator for good behavior during tours of Oakland County properties and a nice way to get to know the area as well. Walking the streets in the Oakland County neighborhoods will also give you and the kids a better feeling for the local lifestyle and whether there are other children the same age as yours in the area. Also look for local parks and recreation for children to visit and become a part of.
Bring along books or games to help your kids through the “I’m bored” stage. If you’ll be driving for extended periods, bring some audio books or favorite music. Nowadays usually it is a I-Pad or tablet that keeps them busy, but make sure they pay attention to the particular homes of interest that you have and get their opinions as you go through each.
Time Your Tours for Success
Plan to look at homes in Greater Oakland County early in the day or just after (certainly not during) nap time. Be prepared with snack foods and drinks to keep energy levels up.
Let Them Know Their Input Counts
Although the final decision is yours, your children will feel better about the move to Greater Oakland County if they know you value what they think about their potential new home and neighborhood.
How to Help Your Kids Adjust To the Move to Greater Oakland County
- Children can find a move to Greater Oakland County overwhelming, even to a home within the same area. Here’s how you can help:
- Parents’ positive attitudes about a new environment inspire positive attitudes in children. Try to focus the children on what they can gain, rather than on what is being lost.
- Keep schedules as normal as possible to give children the extra security needed in the new surroundings.
- Call on new neighbors in Oakland County early so your children can meet other children who live nearby.
- Seek counseling or academic tutoring immediately if a child runs into trouble in the new Oakland County School, being sure to give the child lots of encouragement and praise in the process.
- Be available at mealtime, bedtime and (if possible) after school to listen to and share new experiences.
- Sign up your child for one or two activities, sports or lessons so he or she can meet new friends and establish or continue special interests.
- Consider requests for clothing, bikes and other equipment that may not have been a “necessity” in the previous area but can help a child fit in with new peers.
- Visit the old home and invite old friends to your new home in Oakland Country to help your child maintain a sense of roots.
- Exercise patience during the adjustment period. Finding a new sense of “home” takes time.
Downsize, Right Size Or Cross Size…That’s the question when it come to retirement. Many baby-boomers are getting set to do just that, Retire! It is an exciting thing, but also big decisions that come along with it when it comes to downsizing your home. Some situations mean that the home is too big or the yard is too much to maintain or yo just want to move somewhere warmer. No matter what the reason these steps should help you make the best situation that is right for you.
Even if you’ve never thought about your retirement plan, the desire to move can arise when your kids leave home, when a grandchild is born—or when maintaining (and paying for) the old place becomes too much. No matter if you’re near retirement age, retired already, left work behind long ago—or know someone who has—all sorts of reasons can trigger the need to downsize, right size or make a cross-ways move in today’s market.
Consider All Your Possibilities
If it has been years since you last moved, know that our local market has changed…a lot. To avoid costly missteps, retired home sellers need to revisit the basics of real estate, plus some unique issues while looking for your retirement dream home. With careful research, you’ll be less likely to make a relocation choice you’ll regret later.
STEPS 1 & 2: Get On The Right Path—Right From The Start
If you’re currently a homeowner, STEP 1 is to keep reading to bring a plan for your dream home into focus. Then (STEP 2) call us to determine how much cash you’ll likely pocket from your home’s sale. We’ll conduct a comparative market analysis to determine your home’s current value and listing price. Then we’ll help you crunch the numbers to find out how much walk-away cash you’ll have to apply to the purchase of your new home in your retirement destination.
STEP 3: Select Your Dream Location Carefully
Your may love our area, but moving somewhere with a lower cost of living can be a critically important decision. Carefully consider the tax consequences of moving to various states (or countries!) and how taxes will impact your investments and income.
Perhaps living closer to children and grandchildren will make both your life and their lives easier. TIP: Be sure to ask family members’ opinions about you moving closer to—or further away from them before you take such a step.
For the locations you’re considering, determine the predominant age range, lifestyle and mindset of the population. Will you fit in? Or, will you feel like an outsider, even after living there for some time? Do you prefer to live in a community for those 55 and better, or in a traditional setting with a mix of ages? TIP: One advantage of new construction projects is all the neighbors are new.
STEP 4: Visualize Your Dream Home
It’s easy to say you want a condo or a single-family home for retirement, but there are many inside-the-home elements to consider. Items on your must-have list may include: no stairs at all; an elevator; one, two or three extra bedrooms to accommodate guests and/or office space; first floor location or upper floor with a view preference; reserved parking space or covered parking; extra storage areas; aging in-place features such as wide doorways and low countertops; etc.
Once you determine your immediate needs, it will be easier to locate and select homes to visit. And, you can narrow down the communities you’re interested in as well. TIP: Identify features of your current home that are bothersome and you’d like to change, as well as those things you love and want to duplicate.
STEP 5: Preparation Smooths Every Transition
No life transition is ever easy. Be as open-minded and flexible as you can while still meeting your needs. We are happy to answer all the real estate and relocation questions you have along the way and are always available to work with you locally. Through our trusted network of relocation specialists, we can refer you to top-quality real estate professionals in other locations around the state, across the country or even abroad.
Put Your Rent Check to Work:-The only one who benefits from a rent check is the landlord. Renters never see that money again, while homeowners usually profit when they sell. In addition, renters can’t use any of their rent payment as a tax deduction, like homeowners can. If you or someone you know is renting, it’s time to put that rent check to better use!
The mortgage-interest deduction is probably the best financial argument for buying rather than renting. Consider this example:
If you can afford a mortgage payment of $1,000 (principal and interest only), you can buy a house for $151,426 if you put 10% down on a 30-year mortgage at 8% interest. If your payments started in January, you would pay $10,862 in interest for the first year in the home. That entire amount is deductible on your federal income tax return! Assuming you are in the 27.5% tax bracket, you would save $2,989 in taxes, or $249 per month. So your $1,000 payment is really only $751 when you factor in the homeowner’s tax advantage.
Can A Renter Really Afford To Buy?
The real question is whether renters can afford not to buy. The tax savings alone make the purchase of a home a wise financial decision. But let’s go a step further.
Using the same example, a 10% down payment would create an immediate equity of $15,142. Assuming the $151,426 house grows in value by just 3% a year, in five years it would be worth $175,544. The original loan amount would then be down to $129,565, yielding an equity of $45,980. In addition, remember the nearly $3,000 tax savings every year. The total value of your equity and tax savings would be almost $61,000 after five years.
Pick A Loan
To take advantage of the financial benefits of homeownership, renters must first find out how much buying power they have. We can help. Call us for information about the whole range of mortgage options now available, including low- and no-down-payment loans, and programs that allow buyers wrap home-improvement costs and closing costs into the mortgage.
Although some lenders allow buyers to use up to 41% of monthly income to purchase a house, beware of becoming “house rich and cash poor.” Be sure to budget for homeownership costs beyond the mortgage, including expenses for:
decorating and furnishing
homeowners association fees (if any)
utilities-power, water, sewer, cable, trash pick-up
yard tools, supplies and general upkeep
home repairs, supplies, cleaning and upgrades.
Today, home ownership is a wonderful dream-come-true for more people than ever before. Let me help turn those dreams into a home to be proud of.
If you’ve decided it’s time to move up to a bigger home, new home a better home or a home in a more coveted area, your next challenge will be getting there financially. Great Strategies for buying your next home is the key and It’s likely you’ll need more cash, a larger income and, perhaps, better credit than you had when you purchased your current home. Putting all the pieces in place for the move up could take some time and detailed planning. Great Strategies for buying you next home can help with the head-aches and surprises that come along if your not prepared. In the Greater Oakland County Michigan area there are many areas to purchase or up-grade to a new home or a better home, its all about planning and being able to make that move when the time is right. Don’t get stuck “in the mud” when it is time to move up to a better property or one that fits your needs either because your family is growing or because you need to down-size. I hope these tips prepare you for when the time is right, please keep me in mind for all of your Real Estate needs.
1. Credit Check
Although your credit rating may have been sterling as a first-time home buyer, years of credit-card and utility accounts, car payments and consumer loans may have scuffed up that financial image a bit. Late or missed payments have a negative effect on your credit profile, as do large, long-term balances on your accounts. Your credit score, a rating system many lenders use to evaluate your financial situation, may prevent you from borrowing as much as you’d like for your next home or getting the lowest interest rate currently available.
The wise move-up buyer will take stock of his or her credit standing and debt status well before attempting the next home purchase. You may need some time to reduce your debt, catch up on any delinquent accounts, remove inaccuracies and blemishes from credit reports and make other adjustments to increase your credit score.
2. Shop a Loan
A quick way to sift through these issues is to contact a lender who can pull a credit report to see if there are any glaring spots on your record. If nothing needs immediate attention, you can continue on with a complete application, providing the financial information needed for loan pre-approval. The loan officer will determine the maximum loan amount you qualify for based on your income and debt profile.
You may want to shop around at this point, comparing loan programs and interest rates. Consider how well your current loan has worked for you and remember that rates aren’t everything. The lowest rate may be accompanied by high points. If so, you’ll have to keep the mortgage long enough to justify paying the steep up-front cost of the loan.
Consider whether a non-traditional mortgage program could meet your needs. An adjustable-rate mortgage may be a good choice if it looks as though interest rates will be falling. A 40-year mortgage might reduce the monthly payment enough so you qualify for a larger loan
3. Collect your Cash
An important factor in the equation that determines your buying power will be how much cash you have for a down payment and closing costs. The best mortgage interest rates are available to buyers with down payments of 20% or more. If you make a smaller down payment, you may have to take a higher interest rate or pay for private mortgage insurance, both of which will reduce your buying power.
Unless you’re a prodigious saver, chances are the equity you have in your current home will provide the largest source of cash for your next home purchase. Equity, of course, is the difference between the market value of the home and the balance on any mortgages secured by the home.
We would be happy to conduct a comparative analysis of your home to determine the right sales price — at no obligation to you, of course. By determining the value of your home and subtracting out selling costs (paying off the old mortgage, marketing fees and settlement expenses), you’ll have the basis for a down payment on your move-up property.
4. Tune it All In
After taking stock of your financial situation, you may find it necessary to delay your move in order to get the type of home you’ve targeted. Perhaps you need to save more cash for down payment and settlement costs. You may need to pay down outstanding debts to improve your credit score and qualify for a larger mortgage or a lower interest rate. Remember, it’s likely your home’s value and your equity in it will continue to grow as you get yourself in a position to move up successfully.