Sharon Lanen Coskren - Leading Edge Real Estate Sharon Lanen Coskren



Posted by Sharon Lanen Coskren on 2/21/2020

The amount of money you will need to ensure you can purchase a house varies based on a number of factors. For example, if you want to purchase a house in a big city, you may need to save more money than you likely would require to buy a residence in a small town. Meanwhile, your decision to choose a fixed-rate mortgage over an adjustable-rate mortgage – or vice-versa – can impact your monthly housing costs. And let's not forget about the costs of home utilities like electricity and water, either.

Ultimately, it helps to put together a homebuying budget before you embark on a house search. Because if you know how much money you have at your disposal, you can map out your house search accordingly. And as a result, you can minimize the risk of spending too much to acquire your dream residence.

Let's now take a look at three tips to help you craft an effective homebuying budget.

1. Evaluate Your Current Expenses

An in-depth assessment of your current monthly expenses is key. If you conduct an expense evaluation, you can find out how much you spend on various must-haves and wants. You then can take steps to reduce your monthly expenses and increase your savings for a new home.

It also never hurts to consult with a financial planner. If you have a financial planner at your side, you can gain expert insights to help you evaluate your current expenses. Plus, you can work with a financial planner to determine the best course of action so you can eventually buy your dream residence.

2. Get Pre-Approved for a Mortgage

Meet with a variety of banks and credit unions and explore your mortgage options – you will be happy you did. If you assess your mortgage options closely, you can find one that complements your finances. And once you get pre-approved for a mortgage, you will know how much you can spend on a house.

Generally, it is beneficial to meet with as many banks and credit unions as you can. If you consult with myriad lenders, you can receive extensive insights into many mortgage options. Best of all, you will be better equipped than ever before to find the lowest-possible interest rate on a mortgage.

3. Consider Your Down Payment Options

The down payment required for a home purchase varies, but it commonly ranges between 5 percent and 20 percent of a house's total price. If you account for a down payment as you craft a homebuying budget, you can use this total to plan ahead for the property buying journey.

Lastly, you may want to collaborate with a real estate agent as you prepare to launch a home search. In addition to helping you find your dream residence, a real estate agent can put you in touch with potential lenders and offer plenty of guidance throughout the property buying journey.

Ready to pursue a home? Use the aforementioned tips, and you create a successful homebuying budget.




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Posted by Sharon Lanen Coskren on 2/14/2020

Many property owners at some point consider renting out their house. Whether it’s a property they inherited, a summer home they rarely use, or they're just trying their hand at property management.

 It's a common misconception that renting out a house is passive income. You'll have to do a lot of work if you plan on keeping your tenants around and paying their rent.

 In this article, we’ll discuss some of the things you should consider if you're planning on renting out a house or property you own.

The rental process

Some landlords take shortcuts during the rental process to save time or money. However, doing so could cost you big time in the long run. If you don't utilize a real estate agent, draw up the proper contracts and agreements, or fail to do due diligence with walkthroughs, you could easily end up losing money on your investment.

The safest approach to finding reliable tenants and renting your property securely is to use a property manager who knows the practical and legal aspects of renting so you don't have to worry about making any beginner mistakes.

DIY property management

If you decide you want to save money and manage the property yourself, there are a few things you should keep in mind when looking for tenants.

First, use background checks and credit checks to ensure your future tenants are in good financial standing.

Next, ask for references on your application, preferably from former landlords. Most landlords will happily let you know if their tenants were good about making on-time payments or were difficult in other ways.

When it comes to your lease, don't try to write it from scratch. There are several templates available online. Try to find one that covers most applicable laws in your area, then hire a lawyer to read over your lease and make any pertinent changes. 

Finally, be sure to collect a security deposit or first and last month’s rent. This will give you some protection if your tenant stops paying or causes costly damages in the building.  

Know your legal limits

If you've ever rented before, odds are there were a few things you wish your landlord did differently. Before beginning this endeavor of becoming a landlord, make sure you're doing it by the book.

Find the laws for your state and city regarding landlord/tenant requirements. Know when you can enter the apartment and how long of an advanced notice is required to do any work in the apartment.

Before sending any complaints or notices to your tenant, make sure you are in the right, legally speaking and can back up your claims with evidence. To do so, you'll need to practice rigorous bookkeeping. Document and keep copies of each payment you receive and all of the money you spend on repairs and maintenance. These records can help you should you ever need to prove yourself in a court of law.

Finally, be respectful and courteous with your tenants. Going out of your way to be helpful will often save you headaches in the long run. However, know when your leniency is being taken advantage of by tenants who are avoiding paying rent or abusing your property.





Posted by Sharon Lanen Coskren on 2/12/2020

Have you dreamed about living in an adorable colonial on a cul de sac with a huge family room and central air? Well this is the one you've been waiting for! This light filled home is deceivingly spacious and offers bonus space in the walkout lower level. Spend cozy winter nights in your beautiful fireplaced family room and gaze at the snowfall outside your picture window. The white kitchen with granite and stainless steel flows seamlessly into the family room and offers an eat in area and great space to entertain. You also have a large dining room for all of your gatherings. When the weather warms up you can head outside to your deck overlooking your private backyard. Home office if you need to work from home. The lower level has flexible space for a gym, playroom or potential 4th bedroom plus nice mudroom. A quick drive to major highways, Cedardale, restaurants, shops and all that the area has to offer. You can also enjoy parties, events and strolls through the neighborhood.

More Info on this Property | New Listing Alerts





Posted by Sharon Lanen Coskren on 2/7/2020

Buying a house can be simple, particularly for those who craft a blueprint before they embark on the property buying journey. Now, let's take a look at three tips to help you craft an effective homebuying blueprint.

1. Analyze the Housing Market

The housing market varies in cities and towns across the United States. However, if you analyze the local real estate sector closely, you can map out a successful property buying journey.

Assess the prices of recently sold residences and find out how long these homes were available before they sold. That way, you can determine whether a buyer's or seller's market is in place.

Remember, the more housing market data you review, the more equipped you'll be to understand the current state of the local housing sector. And if you allocate time and resources to analyze housing market data, you can gain the insights you need to make informed decisions throughout the property buying cycle.

2. Establish Homebuying Criteria

Create a list of homebuying criteria – you'll be glad you did. Because once you know what you want to find in your dream home, you can narrow your house search.

As you put together homebuying criteria, think about where you want to reside too. This will enable you to hone your home search to preferred cities and towns.

Don't forget to consider your short- and long-term plans as you craft your homebuying criteria as well. For instance, if your goal is to work in the city, you may want to focus on houses in or near the city itself. On the other hand, if you plan to start a family soon, you may want to explore residences near the top schools in your area.

3. Collaborate with a Real Estate Agent

If you're unsure about how to craft a homebuying blueprint, there is no need to worry. Real estate agents are available nationwide, and these housing market professionals can help you put together a homebuying plan.

A real estate agent is a housing market expert who is happy to teach you everything you need to know about buying a residence. He or she also will respond to any of your homebuying concerns and questions.

In addition, a real estate agent will act as a guide along the homebuying journey. He or she first will learn about your homebuying criteria and goals and help you put together a property buying plan. Next, a real estate agent will help you search for your dream residence and set up property showings. And once you discover a house you want to buy, a real estate agent will help you submit a competitive offer to purchase this home.

For those who want to achieve the optimal results during the property buying journey, it generally is a good idea to create a homebuying blueprint. By using the aforementioned tips, you can craft a homebuying blueprint so you can achieve your desired homebuying results.




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Posted by Sharon Lanen Coskren on 2/6/2020

Are you looking for something different? This is not your cookie cutter home! Unique raised ranch in coveted Bear Hill neighborhood provides many possibilities. Look inside this incomparable home to find brand new kitchen and baths with quartz countertops, stainless steel appliances, hardwood floors and white cabinets. Beautiful flat almost 1.5 acre private yard with cobblestone driveway and bluestone patio offers plenty of room for summer games and barbecues. Newly added family room on first floor is a great space to relax and spend cozy winter nights. All of this plus town water and sewer. Be a part of all of the activities this neighborhood offers plus walk to Smolak Farms, youth center and town common. Open houses Saturday, February 8th and Sunday, February 9th 1:30-3.

More Info on this Property | New Listing Alerts







Sharon Lanen Coskren