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Time your move right to save money Buying a new home is the most expensive purchase a person is likely to make in his or her lifetime. It also can be one of the more stressful. The Employee Relocation Council states that moving is the third most stressful event in life, following death and divorce. But a well-timed move can reduce stress and save money. Moving during certain times of the year can result in considerable savings. Moving during the summer, when children are out of school and the weather is nice, can make a move more manageable. Keep in mind that because late spring and summer are the peak moving seasons, they also tend to be more expensive. Many moving companies and truck rental agencies will charge a premium if you use their services during the summer. Furthermore, crews may change in the summer when students on vacation could fill in for regular, more experienced movers. High prices are not only reserved for those who buy a new house during the spring and summer. Renters may find spring and sum-
mer is also the peak season for rentals. Many apartment managers can attest that the dates between June 2 and Aug. 30 are quite busy in terms of apartment turnover. College students are more likely to move as soon as the academic year ends, and many landlords plan leases to expire in the summer months to ensure that re-renting places will be easier thanks to a flooded apartment market. According to Apartment Wiz, a Houston-based apartment locating service, although there might be greater apartment availability during the warmweather months, it also means greater competition between prospective tenants. That greater competition can drive up prices. But apartments are harder to fill in the fall or at the onset of winter. That’s because many people do not want the hassle of moving once school has started or the weather has chilled. Landlords who are stuck paying utilities and advertising fees for vacant apartments are far more likely to negotiate rent prices, lease terms and even securi-
ty deposits during the winter in an effort to fill the apartment quickly. People sitting with homes on the market are also more likely to negotiate during cooler months when foot traffic has fizzled out. That can make shopping for a home in the fall advantageous to home buyers. Here are some other tips to reduce stress and save money when moving into a new home or apartment. • Move mid-week. Weekends are a prime time for truck rentals and moving companies. Pick a Tuesday or a Wednesday to move, and you’re much more likely to find an available moving service (even during peak moving months); you may even be able to negotiate a lower rate. • Pick a mid-month moving date. Many people move at the beginning of the month when leases are up or after mortgage payments are made. Fewer people move in the middle of the month, so you might find more affordable moving deals if you can wait a few extra weeks. • Schedule a fall or winter move. The American Moving and Storage Association says half of all
moves occur during one-third of the year -- between the beginning of May and Labor Day. Beat the rush by moving outside of these dates. • Get an early start. Many people underestimate the amount of time it takes to actually move their belongings. Try to schedule a moving company to come very early in the morning to give you ample time to pack up the truck and unpack at your new home.
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Buyers: Get off to a great start First-timers begin with the basics when buying If you’re taking a look at the housing market, it’s impossible to ignore the many signs that say “Buy Now.â€? While current buying conditions present viable opportunities for first-timers, it still requires serious work to make the significant financial leap. As a soon-to-be homeowner, you must get your finances in order during the months leading up to the purchase. “Today’s market presents an excellent opportunity for first-time buyers to find competitive home prices and very low interest rates,â€? said Robin Peterson, president of Coldwell Banker Burnet. “But none of that matters if there isn’t a good sense of your financial situation before starting your search.â€? Here are some useful starter steps: • Run a credit check. When a mortgage company considers you for a loan, it checks into all your vitals including your credit score. They want to see how responsible applicants are when it comes to paying bills on time and if they have a detrimental
amount of debt. These expectations have risen significantly in past years making it even more important to know your score and possibly improve it before applying. • Assess buying power. Buying power is determined by the amount of debt an applicant is carrying. Your Realtor and lender can help assess your income to debt ratio, and provide you with a realistic idea of how much you will be able to borrow, which will reveal what kind of house you can ultimately afford. You may also discover adjustments that can be made to improve your loanability. • Get pre-approved. All of your work above is geared toward achieving one thing: pre-approval for a home loan. Pre-approval is a good gauge of how much you can borrow and it shows home sellers that you have the backing to buy. Now, you can work with your Realtor to kick off that home search. Coldwell Banker Burnet, a leading residential real estate brokerage headquartered in Edina, Minn., serves Minnesota and western Wisconsin.
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