investment

Expert Tips for Purchasing a Home in a New City

Relocating to a new city can be an exhilarating experience, yet it also presents the challenge of finding the perfect home in an unfamiliar location. Successfully navigating this process requires thorough research, preparation, and strategic planning. Here are some expert tips to simplify the process of buying a home in a new city.

Explore the City and Its Neighborhoods

Begin by researching the new city and its various neighborhoods. Important factors to consider include safety, school quality, commute times, amenities, and overall lifestyle. Utilize online resources, forums, and social media groups to gather valuable insights from current residents. Understanding the city’s layout and the characteristics of its neighborhoods is crucial. As real estate developer  Dov Hertz has noted, “I’ve seen the smallest, immaterial issues blow up a deal. Solve problems, don’t cause them.”

Establish a Realistic Budget

Develop a budget that reflects your current financial situation, taking into account the cost of living in the new city, property taxes, homeowner’s insurance, and utility bills. By setting a realistic budget, you can ensure that the home-buying process remains enjoyable rather than stressful.

Secure Mortgage Pre-Approval

Obtaining pre-approval for a mortgage is a critical step, particularly when buying a home from a distance. A pre-approval letter from a lender demonstrates to sellers that you are a serious buyer. This not only helps you understand what you can afford but also allows you to make informed decisions during your home search.

Engage a Local Realtor

Dov Hertz advises, “A knowledgeable local real estate agent can be quite an asset in long-distance house hunting. They, of course, know the market and the inventory, but usually, they are somewhat knowledgeable about the neighborhoods themselves.” Ensure that your realtor is experienced in handling out-of-town transactions, can provide virtual tours and video walkthroughs, and offers comprehensive details about listings.

Leverage Virtual Tools

Take advantage of virtual tools to investigate properties from afar. Many real estate websites now offer virtual tours, 3D walkthroughs, and high-quality photos. You can also request your agent to conduct live video tours, allowing you to ask questions in real-time. These tools provide a better sense of the property’s layout and condition.

Plan a Visit if Possible

If circumstances allow, visit the new city to personally view potential homes and get a feel for the neighborhoods. Exploring the area firsthand helps you make a more informed decision. Use your visit to tour several properties, assess local amenities, and meet with your real estate agent.

Consider Renting First

If you are unsure about committing to a new city, consider renting temporarily. Renting allows you to familiarize yourself with the area, explore different neighborhoods, and make a more informed choice. This approach reduces the pressure and risks associated with long-distance home buying.

Be Prepared to Act Quickly

The real estate market can move swiftly, especially in popular cities. Be prepared to make quick decisions when a property that meets your criteria becomes available. Having your pre-approval letter and financial documents ready can give you an edge over other buyers and help you secure the home you desire.

Trust Your Realtor and Ask Questions

Dov Hertz emphasizes the importance of relationships in real estate, stating, “Real estate negotiations are personal.” Building a strong relationship with your realtor is essential, particularly when working remotely. Trust their expertise and guidance, but don’t hesitate to ask questions. Request detailed information about the property, neighborhood, and market conditions to make well-informed decisions.

By following these expert tips, you can make the process of buying a home in a new city more manageable and successful.

Listen to a recent podcast by Dov Hertz – Founder @ DH Property Holdings, LLC.

investment

Starting Fresh: The Benefits of a Post-Holiday Cash Diet or Reset

Article by Sharon Hayut.

As the holiday season wraps up and we bid farewell to festive celebrations, many find themselves facing the aftermath of cheerful indulgence and generous gift-giving. It’s not uncommon for budgets to have taken a hit during this period, leaving some individuals contemplating how to regain financial balance in the new year. Enter the concept of a post-holiday cash diet or reset – a strategic approach to restore fiscal discipline and set the tone for a financially healthier future.

The holiday season often encourages a spirit of generosity and celebration, which can inadvertently lead to excessive spending. A post-holiday cash diet serves as a practical and intentional means of regaining control over finances. By temporarily cutting back on discretionary spending and reevaluating financial priorities, individuals can curb the excesses of the holiday season and establish a more disciplined approach to money management.

Embarking on a cash diet or reset provides an opportunity for individuals to take a closer look at their spending habits. Tracking expenses, reviewing bank statements, and categorizing expenditures during the holidays can shed light on areas where money may have been unnecessarily allocated. This heightened awareness is a crucial first step toward making informed financial decisions and fostering a more conscious approach to spending.

The aftermath of the holidays often brings with it the realization that unforeseen expenses can arise at any moment. Implementing a post-holiday cash diet allows individuals to redirect funds towards building an emergency fund or replenishing any savings that may have been tapped into during the festive season. This financial buffer provides peace of mind and prepares individuals for unexpected financial challenges that may lie ahead.

A cash diet serves as a reset button for financial goals. After the holidays, it’s an opportune time to reassess short-term and long-term financial objectives. Whether it’s saving for a major purchase, paying down debt, or increasing contributions to retirement accounts, a post-holiday cash reset allows individuals to set realistic and achievable goals, creating a roadmap for financial success in the coming months.

The holiday season, with its emphasis on gift-giving and festivities, can sometimes lead to financial stress and strain. Adopting a cash diet or reset in the aftermath provides a chance to simplify financial obligations and reduce stress. By consciously choosing to live within one’s means, individuals can find serenity in simplicity, paving the way for a more balanced and less stressful financial existence.

Engaging in a post-holiday cash diet cultivates financial discipline, a skill that extends beyond the immediate aftermath of the festive season. The principles of budgeting, saving, and mindful spending established during this period can become enduring habits. Learning to navigate financial challenges with discipline positions individuals to make more informed decisions, enhancing their overall financial well-being.

A cash diet encourages a shift in perspective from materialism to gratitude. Instead of measuring happiness through the accumulation of possessions, individuals can redirect their focus towards the intangible joys and meaningful experiences that life has to offer. This shift in mindset not only fosters contentment but also contributes to a healthier relationship with money.

In the wake of the holidays, a post-holiday cash diet or reset is not just a practical approach to financial recovery; it’s a transformative journey toward building healthier financial habits. By regaining control, creating awareness, building a financial buffer, setting realistic goals, reducing stress, learning financial discipline, and cultivating gratitude, individuals can embark on a path to a more balanced and prosperous financial future. It’s not about deprivation; it’s about making intentional choices that align with one’s values and priorities, ultimately leading to a more fulfilling and financially sound life.

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About the Author

Sharon Hayut is a Senior Managing Director at Magnus Financial Group who has showcased her passion for empowering women in the financial industry all throughout her career. Sharon Hayut brings a wealth of experience from her tenure at Morgan Stanley Wealth Management and previous roles at Citi Smith Barney, Citigroup Global Markets Inc., Morgan Stanley Smith Barney, and Morgan Stanley Private Bank, National Association. Recognized for her excellence, Sharon Hayut earned a place on Working Mother’s Top Wealth Advisor Moms list in 2019 and Forbes‘ Best-In-State Wealth Advisors list in 2021. Sharon Hayut is also a certified financial planner and divorce financial analyst.