Tony Economou - RE/MAX Advantage I

Posted by Tony Economou on 11/9/2017

There are so many factors that go into finding and securing the financing to buy a home.   While lenders require quite a bit of information for you to get a loan, you still need to be aware of your own financial picture. Even if youíre pre-approved for a certain amount of money to buy a home, you still need to dig into your finances a bit deeper than a lender would. The bottom line is that you can't rely solely on a lender to tell you how much you can afford for a monthly payment on a home. Even if youíre approved to borrow the maximum amount of money for your finances to buy a home, it doesnít mean that you actually should use that amount. There are so many other real world things that you need to consider outside of the basic numbers that are plugged into a mortgage formula.   

Run Your Own Numbers

Itís important to sit down and do your own budget when youíre getting ready to buy a home. You have plenty of monthly expenses including student loan debt, car payments, utility bills, and more. Donít forget that you need to eat too! Think about what your lifestyle is like. How much do you spend on food? Do you go out to the movies often or spend a regular amount of cash on clothing? Even if you plan to make adjustments to these habits when buying a home, youíll want to think honestly about all of your needs and spending habits before signing on to buy a home. 

Now, youíll know what your true monthly costs are. Be sure to include things like home insurance, property taxes, monthly utilities, and any other personal monthly expenses in this budget. If you plan to put down a lower amount on the home, youíll also need to include additional insurance costs like private mortgage insurance (PMI).

The magic number that you should remember when it comes to housing costs is 30%. This is the percentage of your monthly income that you should plan to spend on housing. Realistically, this could make your budget tight so this is often thought of as a maximum percentage. By law, a lender canít approve a mortgage that would take up more than 35% of your monthly income. Some lenders have even stricter requirements such as not allowing a borrower to have a mortgage that would be more than 28% of monthly income. This is where the debt-to-income ratio comes into play.

As you can see, itís important to take an earnest look at your finances to avoid larger money issues when you buy a home.  

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Posted by Tony Economou on 11/6/2017

This Single-Family in Worcester, MA recently sold for $303,500. This Ranch style home was sold by Tony Economou - RE/MAX Advantage I.

16 Herbert Road, Worcester, MA 01602

West Side


Sale Price

Full/Half Baths
COMFORTABLE, ELEGANT AND BRIGHT ranch with 40 plus years of love and enjoyment. Entertain in the formal living room with its beautiful wood burning fireplace, a great place to sit and enjoy during those cold winter nights. The formal dining room opens to the living room and also opens to the family room through a beautiful set of French doors. The family room features a built-in entertainment center and a propane fired fireplace. The kitchen boasts cherry cabinets, granite counters, xenon under cabinet lights as well as its own dining area. The lower level has a large main room for all to enjoy, a laundry area nicely set off to the side and behind louvered doors with a washer, dryer and a double soap stone sink. Two additional rooms, a home office and half bath round out the basement. The hardwood floors are beautiful, the roof is 12 years old and is covered with architectural roof shingles, there are vinyl replacement windows & the furnace and Roth oil tank are brand new.

Similar Properties

Categories: Sold Homes  

Posted by Tony Economou on 11/2/2017

Buying a house is not a non-reversible decision. If you discover that you bought a house in the wrong neighborhood, you could put your house on the market. How long it would take to find a buyer and actually sell your house depends on a variety of factors.

These factors could make you regret owning a house

To sell your house, you would be at the mercy of local and national economies. Interest rates, bank lending appetite and the overall real estate market are other factors that would impact your chances of selling your house.

Of all things that could make you regret buying a house, being at the mercy of changing economies and shifting real estate markets could be the top regret factors. As challenging as these factors are, it would be comforting if they were the only factors that could make you regret buying a house.

But, they aren't the only factors. Other factors that may be a good reason to pause before you buy a house include:

  • Relationship trouble - If the relationship that you have with your spouse or fiancť is hanging in the balance, buying a house might make things worse. Taking on the responsibility of owning a house could lead to money arguments. It could also find you or your partner threatening not to help pay the mortgage.
  • Rising interest rates - Your monthly mortgage payments could increase to the point where you can no longer afford to make them if you took out an adjustable rate mortgage. Your only safeguard against this unwelcomed surprise might be to sign a fixed rate mortgage.
  • Growing children - Let one of your children earn a college scholarship four or more states away, another child meet someone he wants to marry and a third child get a job across the country and you could believing in a house that feels way too big. As unexpected as it seems, all of this could happen in less than a year after you buy a house.
  • Declining neighborhood - Let a neighborhood decline and you could put your children in a position to attend poor schools. You could also put your children closer to temptations.
  • Neighbors - Little brings as much excitement, uncertainty and house buying regret into your life like bad neighbors. Bad neighbors may bring unwanted noise, traffic and property damage.

Some causes to regret buying a house have lasting consequences

Even if you earn an attractive salary, there's a strong likelihood that buying a house will put you in financial debt. Fall in love with a house and you might fight the inner impulse to move should the neighborhood experience decline.

Wait too long to put your house on the market and you could have no choice except to take a loss when you do finally let go of the house. During that time, you may have developed bad neighbor relationships. The area where the house is located may have also changed, placing temptations like drugs, thefts, other illegal activities and unsavory relationships within your teenage children's reach.

Posted by Tony Economou on 10/27/2017

This Condo in Auburn, MA recently sold for $108,000. This Garden,Low-Rise style home was sold by Tony Economou - RE/MAX Advantage I.

112 Old Meetinghouse Road, Auburn, MA 01501


Sale Price

Buyer can't get his financing! Nicely kept garden style condo with easy access to I-395, the MASS Pike and Rt. 20. Updated kitchen cabinets, laminate wood style flooring in the kitchen that allows for a bistro style dining area. Living room and master bedroom are good sized and offer lots of natural light. The carpets are in great condition. There is common laundry facilities within the building and 2 parking spaces are associated with the unit. Location offers easy access to shopping and restaurants and is nicely tucked away at the end of the street.

Tags: Auburn   Real Estate   Condo   01501  
Categories: Sold Homes  

Posted by Tony Economou on 10/26/2017

If your house has been on the market for four or six weeks and you still haven't received any telephone calls or visits from potential buyers, it may be time to tweak your marketing. It may also be time to tweak interior and exterior features at your house.

Paths to a quicker house sale

To avoid dealing with the pain of a slow house sale, the type of house sale that pushes you to lower the price of your home a thousand dollars a week, make sure that your house is ready to attract top buyers before you put your house on the market. To make it easy on yourself and avoid missing important items, start with your roof.

While on your roof, look for and replace discolored, curled or torn shingles. If you find many worn or missing shingles, contact a professional roofer. Have the professional roofer inspect your roof and repair it as needed. Some roofers will inspect your roof for free if you sign a repair or replacement contract with them.

Focus on your landscaping. Remove fallen tree limbs, fill in yard holes and clean up pet feces. Also, rake away leaves, remove snow and treat your lawn as needed. Instead of leaving dying or drooping flowers in the yard, replant these flowers. Annuals can serve as a gift to home buyers, saving them the time of planting new buds every spring.

Here are more ways to sell your house

Inspect your driveway, sidewalk and porch. Repair cracks, making sure that your driveway, sidewalk and porch floor are even. Minor repairs could be performed in one weekend.

Seal windows and doors. Cracks in window and doors may go unnoticed during warm weather, but, will stick out as temperatures drop. As you prepare your house to be convenient and in good shape for buyers over the long term, you might not only sell your house faster, you might feel real good about yourself after you hand the keys to your house to the new owner.

By applying a fresh layer of paint to your house, your house could look several years younger. A fresh coat of paint throughout your entire house also sends the message to potential home buyers that you take care of your house.

Focusing on long lasting house features could land you a quicker home sale

Another sign that you take care of your house is the state of your appliances. If your water heater has been giving you trouble, replace or repair it. The same applies to your washer and dryer. Also, be sure to clean out filters, including air conditioner filters.

This next item could cost anywhere from a few hundred dollars to a few thousand dollars,depending on the size of your house and the type of flooring that you get. But, similar to applying a fresh coat of paint to each room at your house, put down new flooring.

Work with your realtor to find out if there's a specific flooring type that buyers are currently looking for. Certain types of wood flooring could increase the value of your house in many buyers' eyes. Other house buyers won't buy a new house unless flooring in major rooms like the living room, bedroom and den are carpeted.

Categories: Uncategorized