Parry Custom Homes Blog

Blog Archive for March, 2018

Is it a bad idea to buy a home while still paying off student loans?

Categories: Buying a Home, Custom Home Builders in Pittsburgh, On your lot builder Pittsburg, Pittsburgh on your lot builder | Posted: March 30, 2018 | Comments Off on Is it a bad idea to buy a home while still paying off student loans?

 

Is now the right time to buy a home?

Is now the right time to buy a home?

The millennial market has been a hot market that has picked up pace in homebuying over the last few years. There are many millennias that have yet to purchase a new home but are becoming increasingly more attracted to the idea of not throwing away money each month to rent. However, sometimes the ever looming debt of high student loans makes millennias hold off on buying a home. Parry Custom Homes, a premier Pittsburgh on your lot builder, shares why student loans don’t need to scare buyers away from investing in a new home that will serve them better in the long run.

Since purchasing a new home is one of the biggest financial decisions anyone will make in their life, it is best to weigh the pros and cons of of buying a new home is the right decision for you.

First, student loan debt goes towards your education, which cannot be taken away. However, if you purchase a house outside what you can afford each month, your house is something that can and will be taken away from you. Make sure you can afford to own a home in the long run.

Second, decide if it makes sense for you to become a homeowner at this stage of your life. Writing a check each month for rent may seem like you’re throwing money away, however piling mortgage debt on top of student loan debt can create a long-term budget crunch that you don’t want to get yourself trapped into, if you aren’t ready financially.

Along with your credit score, your debt-to-income ratio is the most important thing to look at before considering buying a home. It is also the first thing banks will look at before issuing a loan for a home as well. Your loan amount will be dependent upon your ability to repay.

To figure out what your ratio is, add up all of your monthly debts. These debts are things such as your car, student loan, credit card expenses, potential mortgage payment, and then divide that number by your gross monthly income. In order for your mortgage to be backed by the government, this number cannot be higher than 43%.

Low mortgage rates and high rents are what is pushing millennias towards purchasing homes and forgoing renting. However, you need to make sure you are at the right place and time in your life to really put roots down and purchase a home. If you only see yourself staying in your current location for two years, then it is more financially responsible to rent than purchase a home. Until you’re ready to stay somewhere more long-term, it is best to wait on buying a home.

When it comes to down payment options, be educated on what your options are to know which one would work best for you.

First, the down payment size will impact the total cost of your loan. A bigger down payment means you will be borrowing less from the bank, which will lower your monthly payment. It can also lower your interest rate, which will reduce how much you will pay over the life of your mortgage.

The average payment of a conventional 30-year mortgage was 17.5% in the fourth quarter of 2015.

If you don’t have a huge down payment saved up, there are options for as little as 3.5% to be put down towards the down payment of a home.  The Federal Housing Administration will back mortgages for as little as 3.5% down, but will also equate to higher interest rates on the loan. However, with interest rates still so low, many are taking the leap now because it makes more sense.

When figuring out how much money to put down on your home, do not wipe out your savings account to do so. It is good to keep a cushion over things that you may not expect, like closing costs, home insurance and furniture for your new home.

These simple tips can help you determine if buying a home is the right next step in your future.

 

 

Parry Custom Homes is an established homebuilder in the Pittsburgh area.  Call or contact us today for more information about this floor plan option, or to view other homes in our portfolio that may suit your new home needs.

Create A Mediterranean Garden Setting Outside Your Parry Home

Categories: New Homes in Pittsburgh | Posted: March 16, 2018 | Comments Off on Create A Mediterranean Garden Setting Outside Your Parry Home

Pittsburgh on your lot builder

Mediterranean gardens are popular in both big and small homes, due to their ability to adjust to all kinds of environments. It is not difficult to create a Mediterranean setting in the garden of your Parry home. All you need is a good design layout to get things going. Here are some of the things to incorporate into the design for the garden of your new home in Pittsburgh.

One distinct feature in most Mediterranean garden is that the vines just crawl out and cover the outside of the walls. You may want to install vines in near the walls of your Parry home so that they get to cover the outdoor wall area within a few weeks.

While you let the vines take control of the walls, you then want to focus your attention to the grass of your homes lawn. Mediterranean lawns have well maintained lawns and they do this with paved pathways and geometric patterns. You may want to create a pattern in the lawn of your Parry home too. It is easy to research the patterns and styles that are available for you to follow.

Add potted blooms. Most of the flowers present in Mediterranean gardens are situated in post and boxes, so you may want to place your blooms in containers to create the same look. Some of the flowers you can use are roses and carnations as well as lavender. These kinds of blossoms will attract butterflies to the garden of your Parry home. You can position the blooms in such a way that they help pave the pathways of your homes lawn.

Don’t forget to add outdoor seating in the midst of your Mediterranean garden. Whether you choose a love seat or glider, make it something comfortable that you and your neighbors will want to linger in and enjoy the evening breezes of Pittsburgh summers. Add some colorful pillows for extra comfort and style.

By adding these few easy ideas to your Parry home, you can have a beautiful Mediterranean garden to relax and enjoy this summer and for years to come.