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ERA Justin Realtor salesperson Michelle Korosy provides insight so renters can focus on being buyers and have a home of their dreams. A full time sales professional with the firm serving buyers and sellers in Bergen, Passaic, Essex and Hudson counties, Michelle is well known for her strong listing and sales activity and also for her charitable efforts in the communities she serves.
ERA Justin Realty’s Michelle Korosy: How Renters Become Buyers
Now, more than ever, rebounding from a national economic challenge, nothing compares to the feeling of having a place to call home. At one time or another, however, most of us have felt frustration at seeing hard-earned money go into rent every month rather than a more permanent house payment. Renting is most people’s first step toward home ownership, but what do you need to do to realize the dream of owning a home? ERA Justin Realty’s Michelle Korosy shares important insight for North Jersey Newspapers readers who want to become a homeowner.
“Sometimes, it’s not the regular rent-money obligations but other expenses that are the main obstacle in saving. A whole debt-counseling industry has arisen to guide consumers in getting out from under what they owe. Smart saving, not depriving yourself, just ensuring stability and enjoyment over the longest term involves many moves both major and simple, and can help prepare you for that first down payment.
On the simple end, rediscovering home cooking (and enjoying the leftovers as brownbag lunches) can amount to significant savings as compared to regularly dining out. On a higher level of financial planning, establishing a household budget and sticking to it – including a specific amount set aside for savings every month – can get you to your home-affording goals sooner than you might have imagined.
You may also want to meet with a counselor who can negotiate a lower rate and set a sensible structure for your repayments on credit cards – while advising you how to ease dependence on them. (This not only gets you on your own financial feet, but helps keep your credit rating intact for the very home loan you hope to someday secure.)
There are additional ways to start working toward home ownership. Some sellers will enter into a rent-to- buy agreement, in which part of the regular rent is considered an installment of the home’s down payment, which, once built up, can help you obtain financing. Low-income renters may also qualify for federal vouchers which are paid to the landlord, subsidizing your rental expenses and helping you save for a permanent home.
Just as some renting options allow you to set funds aside, some types of purchases can help defray your costs even as you fulfill the stepped-up obligations of home ownership. Pooling resources with other buyers to occupy a two-family home could be one; buying such a home by yourself and renting one half of it could be another.
Even if your economics remain challenging, there are low-down-payment mortgages, and other forms of financing for special circumstances, available to buyers who meet the right criteria. Our ERA Justin Realtor sales professionals can help you navigate through these options, accessing financing programs through one of several area mortgage lenders. He or she can also identify what government help might be available, and generally counsel you on your readiness to be a buyer, and on what else you might need to do to get there. If you consult the right sources and seek common-sense strategies, then your every move in the renter’s world can be pointing you home.”
Michelle concluded, “ Our team at ERA Justin Realty have the answers and are just a phone call away. Through of our daily efforts, we will be pleased to present our publication of over 700 service reviews, ‘Real Estate Results in Writing’ from our renters, buyers and sellers. For these reasons and being a Realtor of choice to thousands since 1950, ERA Justin Realty can easily be your Realtor of choice.”
Michelle and all of the ERA Justin Realty full service Realtor salespersons can be reached at their Rutherford office at 118 Jackson Avenue. By office phone (201) 939-7500, (201) 438-0588 or (201) 438-SOLD. View 1000’s of homes and renter information at their websites at www.ERAJustin.com and www.ERAJustinRealty.com.
