Month: December 2013

If you are in the market for your first home, or have struggled with your credit in the past the first step to buying your dream home is to build your credit so that you can get a mortgage and hopefully at a good rate!  Here are three tips to help you:

1. Don’t have too many credit accounts. You do need to open a few lines of credit to establish your credit record, but you don’t want to have too many.  One to three accounts is usually sufficient for establishing credit, but don’t open them all at once.  Opening these accounts and maintaining them is key.

2.  Open a variety of credit lines.  Credit cards, department store cards, auto loans, bank loans, etc. are all good ways to open your credit lines.  To truly build your credit you should try to have a variety of credit accounts, not just several credit cards.

3.  Maintain your accounts wisely.  Don’t open all of your accounts at once or you will actually lower your credit score.  You also need to use your accounts.  If you open them but leave them at a 0 balance, they don’t help build your credit record since it doesn’t show a lender that you have a history of responsibility in paying off your bills.  To truly build your credit you need to use your accounts, but not to their limit – 30% of your credit limit is a good number to shoot for, and you also need to pay your bills on time every single month, with no exceptions.

Thinking of buying or selling a home in Sussex County?  Give us a call at Cooper Real Estate Associates and put us to work for you – 302-629-6693.

Whether you are a buyer or a seller, you want to be sure that when you buy (or sell) a home your contract is definitive when it comes to what comes with the house and what doesn’t.  Even if there is a spoken agreement about what comes with the house, be sure to get everything you care about in writing, otherwise it is not binding.  For example, if you are a buyer who desires the washer and dryer that were in the house during the showing, ask for it in writing.  Typically, items that are permanently attached such as flooring, light fixtures, built in bookcases are included unless they are specifically excluded in writing.  If, for example, a seller excludes the fireplace mantel because it’s a family heirloom that would need to be in writing.  Be sure to ask in writing for the buyer to replace the fixture before closing.  Likewise, if the house is equipped with a wall mount for a flat screen television that you don’t want, write it into the contract for the sellers to remove it and make any necessary repairs to the walls, etc.

If you’re a buyer don’t make the mistake of thinking that everything you saw when you viewed the house is coming with it just because it “goes with the home.”  For example a fountain, potted plants, custom bar stools, or a table that fits so perfectly in the breakfast nook that it seems like a built-in may or may not come with the home.  So, what’s the moral of the story?  If you’re a buyer and you want it, you need to ask for it.  And if the buyers agree, be sure to write it into the contract!  If you’re a seller and you’re planning to take your items with you, making that clear to the buyers from the get-go can make your life easier, but whatever you do, be sure to write everything that you care about into your contract.

Thinking of buying or selling a home in Sussex County, give us a call at Cooper Realty Associates and put us to work for you – 302-629-6693.