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4 smart things homebuyers should do in 2024
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Buying a house is a huge step. Whether you’re buying your first home ever, upgrading to get more space for your expanding family or downsizing after your kids move out, it’s always a big deal to spend that kind of cash.
But while it may be intimidating to hit the housing market, there is no need to be scared. As long as you are properly prepared, you can get out of your housing search with your finances intact.
Start looking for a mortgage online today.
4 smart things homebuyers should do in 2024
Buying a house is generally a marathon, not a sprint, and you need to be prepared for the twists and turns that might come on your journey to owning your new home. Here are a few things smart homebuyers should do to make their experience as painless as possible.
Get a good agent
There are some things homeowners can try to do themselves — like home improvement projects, for example. Buying your house though, requires an expert touch. Do your due diligence and talk to multiple potential agents before finding one who fits your style and whom you trust to negotiate on your behalf to get you the best possible deal.
“I just cannot suggest enough that the key to a successful transaction is making sure that you have good people that can help you navigate the market,” says Nick Bailey, president and CEO at RE/MAX.
A good agent will not only help you get the best deal, but they’ll use their knowledge of the market to show you homes you might not be able to find yourself. Before you do anything else in your homebuying search, find a good agent.
You can compare mortgage rates online right now.
Set aside plenty of cash
In order to buy a home, you’ll need to make a down payment — generally at least 3% of the home’s value, though many put down closer to 20%. That isn’t the only cost you’ll need to cover, though.
“Set aside funds for intangibles like moving expenses, furnishings and routine upkeep,” says Erik Nero, a financial advisor at First Step Wealth. “Things break and an untimely appliance or roof repair can be expensive.”
Nero recommends maintaining a slush fund of between 3% and 5% of the purchase price when you move into your new home.
Get preapproved
Preapproval is the process of getting a mortgage company to tentatively approve you for a mortgage before you have a home to buy. You’ll normally get preapproved for a maximum loan amount at a specific interest rate.
“Consider getting preapproved for a mortgage to understand how much you can afford and to show sellers that you’re a serious buyer,” says Hanna Horvath, a certified financial planner.
Be open to various options
When starting your house search, you may have a dream home in mind. Like all the best-laid plans, though, this probably won’t come exactly to fruition. That house is probably not available, and if it is it might be far outside of your price range. But being flexible about a few things will let you find more houses and pick one that checks the most boxes.
Horvath suggests looking at different neighborhoods to find a great home — maybe a home that’s a little outside the city center will offer you similar amenities but at a cheaper price point. She also suggests considering a fixer-upper. You’ll have to take care of a few projects when you move in, but you’ll get there for a much better price.
The bottom line
Moving is difficult, and buying a home can be a scary process. There are some things, though, that smart homebuyers can do to make the process a bit easier. It all starts with putting together your team by finding the best agent you can. From there, being flexible and considering getting a preapproved mortgage can all make a big difference to you ending up in the perfect house for you.
At least 11 employees were taken to hospitals and residents were urged to shelter in place on Tuesday after an explosion at a Louisville, Kentucky, business.
The Louisville Metro Emergency Services reported on social media a “hazardous materials incident” at 1901 Payne St., in Louisville. The address belongs to a facility operated by Givaudan Sense Colour, a manufacturer of food colorings for soft drinks and other products, according to officials and online records.
Louisville Mayor Craig Greenberg said emergency teams responded to the blast around 3 p.m. News outlets reported that neighbors heard what sounded like an explosion coming from the business. Overhead news video footage showed an industrial building with a large hole in its roof.
WLKY-TV
“The cause at this point of the explosion is unknown,” Greenberg said in a news conference. No one died in the explosion, he added.
Greenberg said officials spoke to employees inside the plant. “They have initially conveyed that everything was normal activity when the explosion occurred,” he said.
The Louisville Fire Department said in a post on the social platform X that multiple agencies were responding to a “large-scale incident.”
The Louisville Metro Emergency Services first urged people within a mile of the business to shelter in place, but that order was lifted in the afternoon. An evacuation order for the two surrounding blocks around the site of the explosion was still in place Tuesday afternoon.
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A rare square 37-carat emerald owned by the Aga Khan fetched nearly $9 million at auction in Geneva on Tuesday, making it the world’s most expensive green stone.
Sold by Christie’s, the Cartier diamond and emerald brooch, which can also be worn as a pendant, dethrones a piece of jewelry made by the fashion house Bulgari, which Richard Burton gave as a wedding gift to fellow actor Elizabeth Taylor, as the most precious emerald.
In 1960, Prince Sadruddin Aga Khan commissioned Cartier to set the emerald in a brooch with 20 marquise-cut diamonds for British socialite Nina Dyer, to whom he was briefly married.
Dyer then auctioned off the emerald to raise money for animals in 1969.
FABRICE COFFRINI/AFP via Getty Images
By chance that was Christie’s very first such sale in Switzerland on the shores of Lake Geneva, with the emerald finding its way back to the 110th edition this year.
It was bought by jeweler Van Cleef & Arpels before passing a few years later into the hands of Harry Winston, nicknamed the “King of Diamonds.”
“Emeralds are hot right now, and this one ticks all the boxes,” said Christie’s EMEA Head of Jewellery Max Fawcett. “…We might see an emerald of this quality come up for sale once every five or six years.”
Also set with diamonds, the previous record-holder fetched $6.5 million at an auction of part of Hollywood legend Elizabeth Taylor’s renowned jewelry collection in New York.
