Planning to DIY Your Kitchen Floor? Here’s What You Need

By Meghan Belnap

Redoing your kitchen floor on your own is an ambitious undertaking that can be accomplished with the right supplies, tools and know-how. Whether you want to redo your floor by yourself to save money or simply for a sense of accomplishment, there are several ways to get the job done.

Related: DIY Disasters: Best and Worst Home Improvements for Weekend Warriors

Here are several things that you will need in order to complete your DIY kitchen flooring project:

Exact Floor Measurements

Your entire project could wind up in chaos if your floor measurements aren’t correct. The floor measurements will determine the sizes and shapes of the tiles you’ll need, along with where they’re placed. If the shape of your floor is square or rectangular, you can get the correct measurements by taking the length and width measurements and multiplying them together. For a floor with a more unusual shape, you’ll need to divide each section into rectangular units with string or other markers, and then add the measurements of each unit to get the correct total.

Get the Right Tiles and Caulk

Next, choose the tiles that will go best in your kitchen. Tiles are available in different shapes, sizes, colors and materials, and making the right choice will depend on your specific requirements and personal taste. To set the tiles into place and hold them together, caulk that’s formulated to prevent cracks and loose pieces will be needed. Be sure to lay tiles down together before you add the caulk so that you can ensure that they'll fit in the given space.

Use the Proper Installation Equipment

Some of the tools you’ll need to complete your project include a notched trowel and a grout float made of rubber along with grout nippers. Masonry saws also work well when sawing tiles that don’t fit exactly into a particular space. When using a tile nipper or masonry saw, it’s always advisable to wear safety glasses and a mask to filter out the particles in the air. Stone or ceramic tiles should always be wet when cut to prevent sending dust everywhere that can get in your lungs and eyes. If you’re uncomfortable cutting the tiles yourself, many hardware stores offer that service for you.

Cleanup Supplies

You’ll likely have a big mess on your hands after you’ve completed your project, and you’ll want to have cleanup supplies handy. Sweeping with a broom or using a vacuum to clean up dirt, dust and other debris can eliminate a lot of the clutter. Having trash bags handy for removing spare pieces and supplies that aren’t needed will also be helpful. Going over your new tiles with a mop and coat of wax will make them look especially attractive. Also, disinfectant spray can be used for a more thorough sanitizing.

Going the DIY route to install a new kitchen floor can be both a challenging and rewarding experience. Getting everything that’s needed to complete the project beforehand can save you a lot of time and additional hassle.

Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

(Really) Great Spaces: Jacqueline Kennedy Onassis’s Martha’s Vineyard Estate

by Zoe Eisenberg

Red Gate Farm, the formal name of Jacqueline Kennedy Onassis's Martha's Vineyard estate, recently hit the market for $65 million. Located in Aquinnah, Mass., the estate sits on 340 acres at the edge of Squibnocket Pond, and includes over a mile of Atlantic Ocean beachfront access. 

Kennedy Onassis purchased Red Gate Farm in 1979, when the acres of land—operating as a sheep farm—housed nothing more than a small cabin on its grounds.

The estate was built in 1981 and renovated in 2000, and has been treasured by the Kennedy Onassis family for over 41 years. Now, Jacqueline's daughter, Caroline Kennedy, seeks the next steward for this ecological haven.

The property includes a 6,456-square-foot, cedar-shingled main residence with five bedrooms and two large decks facing the beach's sandy dunes, as well as a two-story, four-bedroom guest house.

Outside, features include two freshwater ponds, a vegetable garden, blueberry patch, an outdoor pool, tennis court and a fairy treehouse built for the Kennedy Onassis grandchildren. The original cabin still remains on the property. Other structures include a three-bedroom caretaker's house, a barn, two garages (one with a two-bedroom apartment), a temperature-controlled storage building and a boathouse.

Red Gate Farm is being marketed globally by Christie's International Real Estate, which is represented locally by Tom LeClair and Gery Conover, agents of LandVest, the exclusive Affiliate of Christie's International Real Estate on Martha's Vineyard.

Listed for: $65,000,000

Listed by: Christie's International Real Estate

Photos by: Christie's International Real Estate

Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

June 2019 Existing-Home Sales

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• By: Michael Hyman
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• NAR released a summary of existing-home sales data showing that housing market activity this June fell 1.7% from May 2019. June’s sales of existing homes fell 2.2% from June 2018. June’s existing home sales reached a 5.27 million seasonally adjusted annual rate. 

• The national median existing-home price for all housing types reached a high of $285,700 in June, up 4.3% from a year ago. This marks the 88th consecutive month of year-over-year gains.

• Regionally, all four regions showed growth in prices from a year ago. The Midwest had largest gain of 6.7% followed by the South with a gain of 4.9%. The Northeast had an increase of 4.8% followed by the West with the smallest increase of 2.3 from June 2018. 
• June’s inventory figures are up from last month 1.0% to 1.93 million homes for sale. Compared with June of 2018, inventory levels were flat, showing no change. It will take 4.4 months to move the current level of inventory at the current sales pace. It takes approximately 27 days for a home to go from listing to a contract in the current housing market; homes only stayed on the market 26 days last year as well.

• From May 2019, all four regions showed inclines in sales. The Northeast had the biggest incline in sales at 4.7%. The Midwest rose 3.4% followed by the South and the West, both with a gain of sales of 1.8%. 
• From a year ago, all the four regions showed declines in sales. The South had the smallest decline in sales at 0.4%. The Midwest fell 1.6% followed by the Northeast with the decline of 4.2%. The West had the biggest drop in sales of 5.2%. The South led all regions in percentage of national sales, accounting for 42.7% of the total, while the Northeast had the smallest share at 12.9%.

• In June, single-family sales were up 1.5 % and condominiums sales were up 3.3 to last month. Single-family home sales fell 1.7 % and condominium sales were down 6.5 compared to a year ago. Single-family homes had an increase in price up 4.5 % at $288,900 and condominiums rose 2.8 % at $260,100 from June 2018. 

Source: https://www.nar.realtor/





Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

8 Ways to Make Your Backyard a Summer Paradise

By Sage Singleton

Summer is the season to be outdoors. It’s the perfect time for backyard barbecues, neighborhood socials, and late-night evenings on the patio. You don’t need to travel to a luxurious and exotic location to enjoy spending time outdoors. Make your own backyard a summer paradise with these eight simple suggestions.

Inspect and update wooden decks

To make your backyard a summer haven, take some time to inspect and update your deck. Wooden patios and decks can be warped by cold weather, so you’ll want to replace loose or missing slats as needed. Sand, stain, and seal your deck once you’ve made sure it’s structurally sound. If you have a stone patio, check for missing pieces and update as needed. Once this is complete, you’ll have a shiny and appealing deck you can decorate with patio furniture—creating a relaxing sitting area for summertime.

Purchase patio furniture and essentials

Once you have a designated patio or deck space, you’ll want to add some patio furniture so you can sit down, mingle with friends and family, and relax. Consider purchasing weatherproof patio furniture that is both comfortable and durable. Patio furniture can be exposed to harsh, seasonal weather, so you’ll want to make sure it lasts for years.

Get the basics including some lounge chairs, an umbrella, a hammock, and an outdoor table so you can enjoy meals or games outside. In addition to patio furniture, you may want to buy or build an outdoor fire pit. It’s a simple feature that adds so much to your backyard. Sit around the fire and socialize, roast marshmallows or even cook dinner on your own backyard fire place.

Add colorful cushions and pillows

You’ll want to add a splash of color to your patio so it’s eye-catching and sings of summertime. Buy some bright-colored, and comfortable throw pillows and cushions to spice up the furniture. The bright colors and fun patterns will entice people to sit down, relax, and enjoy your backyard paradise.

Get a rug for the patio

Consider adding a rug to the patio or deck area to make the space feel cozier. Outdoor rugs vary in material, size, and shape and are generally made to last in all types of weather. They make a great addition to your space, and can also protect your deck.

Install outdoor lighting

Nothing is more magical than twinkling lights against a royal-blue evening sky. Add strands of tea lights or other innovative lights to create a fairy-tale effect in your backyard. In addition to the decorative lighting, you’ll want to consider adding sensor or smart lights to your backyard for added security. Smart lights are a great way to ensure the backyard is lit—you can even control smart lights with your smart phone.

Make the backyard private

You may love your neighbors, but that doesn’t mean you want them always peeking into your backyard. Be creative when thinking of ways to ensure better backyard privacy. One easy way to create a private, secluded backyard paradise is to install a fence. Not only does it ensure privacy, but it is an essential safety measure. Install a strong, secure fence to create a private and safe backyard.

Update your landscaping

Landscaping can make or break your backyard. It’s essential to take time to update your landscaping to create an outdoor paradise. You don’t need extravagant plants or trees to make your backyard grand. Take some time to cut back unruly trees and bushes, pull the weeds, water and trim the lawn, and plant flowers around the yard. These simple updates will make a world of difference. You’ll have your own secret garden in no time! 

Secure outdoor belongings

Once you’ve created a magical backyard space, you’ll want to take the necessary precautions to safeguard your belongings. Make sure your garden tools and supplies are in a locked shed—away from kids, pets, and burglars. Take time to assess the backyard for any security breaches. This will keep your family safe and protect your backyard, patio, and deck from major damages.

Summer is a wonderful time to relax and enjoy being outdoors. Update your own backyard and you’ll have access to a private paradise any time you want.

Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

4 Areas of Your Home That Likely Need a Touch-Up

By Anita Ginsburg

Regular maintenance is an ongoing process for every homeowner. Keeping up with smaller projects is essential if you want to avoid major problems down the road.

Related: Becoming a Home Maintenance Pro: Tips for New Homeowners

With a little bit of preventative maintenance, you can ensure that your home remains beautiful and efficient for years to come. Here are several areas of your home that are likely in need of some attention:

Roof

A well-constructed roof should last for at least 30 years, but some of the shingles will need to be replaced well before that. Replacing damaged tiles is immediately going to improve the appearance of your home, and that simple project could help you avoid serious water damage. As a general rule, tiles and shingles need to be replaced if they are curled, cracked or bent. You also need to replace any metal flashing that is bent or warped.

Exterior Walls

Putting a fresh coat of paint on your home can have a huge impact on its curb appeal. While you can paint your own home—there are many people who do—you may also want to hire a residential painting company. Trying to paint exterior walls without the proper tools and equipment is going to be exhausting, even dangerous, if you have a multiple-story home. An experienced team of painters should be able to paint your walls and trim in one or two days, and many contractors guarantee their work.

Front Door

Painting your front door is another simple project that shouldn't take more than a few hours—you won't need anything more than a few basic tools and a can of your desired paint. If you plan on selling your home in the near future, then you should pick a relatively neutral color that matches the exterior walls and trim. Also be sure to coat the door in some type of exterior sealant if you want the paint to last.

Windows

Modern windows usually last for decades, but older panes and sills are inefficient. After a few years, your windows might become warped, and that'll allow air to escape. You can continue to seal around the outside of your windows once every few years, but you should consider replacing them entirely if they are old and unsightly. Modern windows will improve the efficiency of your home while boosting its appearance.

Before you tackle any of these projects, make sure to research all local building codes. While most cosmetic renovations don't require any permits, there are strict regulations regarding major structural modifications, and you could face huge fines and fees if you don't adhere to those codes.

Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

6 Questions to Ask Your Lender Before Getting a Mortgage

By Miron Lulic

Asking the right questions when shopping for a mortgage is crucial, and failing to do so could cost you thousands.

Related: How to Afford a Luxury Family Home With a Reasonable Mortgage

The first question you need to ask yourself is, "How many mortgage loan applications am I going to fill?" You can save a significant amount of money long-term by investing in mortgage comparison shopping. For instance, the spread in 2018 for the highest and lowest mortgage rates was approximately 1 percent (3.95 percent vs. 4.94 percent). That's a pretty narrow range, historically speaking. In 1981, the mortgage rate spread was nearly 3 percent (14.8 percent vs. 18.63 percent). Even a 0.5 percent difference on a $300,000, 30-year mortgage can save you enough money to buy a 2019 Subaru Legacy in cash and still have enough left over to keep the gas tank full for a year ($31,600).

Incidentally, interest rates can vary by more than half a percent, even for people with good credit, depending on which lender you choose. Here are some questions you should ask your lender:

Is there anything I can do to apply for a better rate? 

You may be surprised by the options available. Some lenders may offer a lower rate if you increase your down payment or reduce your debt-to-income ratio. Adding a well-qualified cosigner can also improve your rates considerably, although that can come with its own issues.

Do I need to buy points to get the advertised rate?

Most lenders will offer a better rate if you buy points. Points are a form of prepaid interest that allows you to buy a lower interest rate for the duration of the mortgage. To illustrate, let's say your credit score and income qualify you for a 5.27 percent APR on your mortgage. Your lender may offer you a 0.27 percent reduction of your APR if you pay $2,000 for two points. 

Is buying points a good investment? It all depends on how long you plan to stay in your home, your cash flow and what returns you could obtain from your money if you invested it somewhere else. How long would you have to make mortgage payments before the points pay for themselves? On a $100,000 mortgage with a 30-year term, you would have to stay in your home approximately seven years before you could recover the cost of your investment in points.

The details will change depending on your mortgage terms, so be sure to ask your lender what your breakeven time is before you choose to buy points. Lenders are required to make disclaimers clear and conspicuous, but it's easy to miss a footnote when comparing multiple loan offers. Check that all the rates you're comparing don't have strings attached.

Can I pick my own homeowners insurance? 

Lenders are only allowed to pick your home insurance for you when you choose not to buy a policy and your mortgage terms require it; however, some unscrupulous lenders do push borrowers to buy overpriced policies from their insurance subsidiaries.

What is the rate lock and what happens if we haven't closed by the time it runs out?

A rate lock is an agreement between you and the lender to guarantee a rate for a specified time period. This is useful because your interest could change during the application process for all types of reasons: Your credit score could drop, the appraisal of your home may not go as you expected, your lender’s method of calculating your income may be different, and, of course, the market interest rates could change at any time.

Some rate locks come with a float down option, which allows you to take advantage of a better APR if the rate drops. In both cases, lenders may charge a lock fee for the service. Make sure you understand the cost and the consequences when the lock expires. Ask how much it will cost to extend the lock if the closing process lasts longer than expected. Note that initial loan estimates will specify the terms and cost of the rate lock, but will not tell you how much extending it will cost. You need to ask this specifically to avoid surprises.

How long should I expect to wait for the mortgage to close and when can I expect my letter of commitment? 

This information is particularly important when you're buying in a seller's market and properties sell fast. Look for lenders with a fast underwriting process that provide preapproval letters. 

Can you give an estimate of the total closing costs? 

Closing costs are the part of the mortgage process borrowers are least familiar with. Only 49 percent of buyers reported being very familiar with closing costs and 14 percent described themselves as completely unfamiliar, according to a recent survey by the Consumer Financial Protection Bureau.

Again, the spread in costs from one lender to another is significant. The names of closing fees are often suspiciously vague. For example, origination fees can vary from 0 percent to 1.5 percent of the loan principal. Remember to be aware that lenders may also charge a document preparation fee (anything from $50 to $250) or charge "processing fees" that vary from $500 to $1,200.

Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

4 Top Modern Methods of Investing in Real Estate

By Meghan Belnap

Investing in real estate is a great way to earn some extra money for yourself. You can put the money that you make from real estate into a retirement fund, your children’s education or another important life expense. Here are four ways to invest your money in real estate that could pay off handsomely in the end:

Buy a Family Rental Home

Whether you want to purchase a single home or multiple houses to rent out to tenants, investing in a rental property is one of the best ways to earn continuous income. You can choose to rent to families on a short- or long-term basis. It’s important to establish rental terms with your tenants and specify these terms in a lease or another type of agreement.

Split Homes Into Stratas

Another way to capitalize on your real estate investment is by turning single-family homes into stratas so that multiple families can rent a single property. This will only work if your rental home is large enough to divide into separate units that have an adequate number of bedrooms and bathrooms. You may also need to install multiple kitchens so that renters in each unit have a place to cook. If you’re unsure of how to best go about dividing a rental home into stratas, a strata titling service in your area can provide assistance.

Purchase Apartments

If you have the finances, you can purchase an apartment building with multiple units that can be rented to tenants. There are also apartment units that are spread out on larger plots of land to give tenants more privacy—purchasing one of these properties may also be to your liking. You’ll likely have to deal with people moving in and out on a frequent basis, but rental apartments provide some of the surest forms of steady income.

Flip Houses

House flipping involves purchasing old homes that are often dilapidated and need a lot of work to become habitable again and then doing the necessary maintenance to make them livable and sellable. You can cash in on a major profit if you perform the right upgrades. In addition to the house itself, you’ll also likely need to invest money into having the yard landscaped and cleaned so that the property is more presentable to potential buyers.

Becoming a real estate investor can secure your future for the long term. Investing your money wisely into the right types of properties can lead to fast success!

Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

Market Minute Report Avalon and Stone Harbor NJ May 2019

(Read Full Report Here:)  https://marketminute.longandfoster.com/Market-Minute/NJ/Avalon-Stone-Harbor.pdf

Market Minute Report May 2019 

Units Sold
There was an increase in total units sold in May, with 46 sold this
month in Avalon and Stone Harbor. This month's total units sold was
higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is
lower by 6 units or 3%. The total number of active inventory this May
was 222 compared to 228 in May 2018. This month's total of 222 is
higher than the previous month's total supply of available inventory of
212, an increase of 5%.

Median Sale Price
Last May, the median sale price for Avalon and Stone Harbor Homes
was $837,500. This May, the median sale price was $1,622,500, an
increase of $785,000 compared to last year. The current median sold
price is lower than in April.





Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

Home Sellers: 4 Things to Replace Before You List Your Home

By Meghan Belnap

It's rare that a person can put a home on the market without doing any work. While you might have been concentrating on the big changes before you put the for-sale sign in your yard, it's important to remember the little things, as well. Below are four things you should consider replacing before you put your house up for sale:

Paint

Adding a fresh coat of paint is one of the best ways to liven up the look of your home. If you have the time and ability to do so, repainting both the exterior of your home and all of the rooms is a good way to go; however, if you're limited on funds, make sure to repaint any area that has seen significant wear and tear.

Broken Locks and Handles

If there are a number of broken locks and handles in your home (with which you have grown accustomed to dealing with), these can be major problems for new owners, especially if they make a prospective buyer feel unsafe. As such, it's a good idea to replace any broken locks and any broken door handles that might be in your home before listing.

Carpet

Old carpet can wreak havoc on your attempts to sell your home. Not only does it have the possibility of making your rooms look dingy or out-of-date, but also, old carpeting can hold onto smells no matter how often you've attempted to have them cleaned. Consider getting entirely new carpet in your house before putting it on the market—or upgrade to hardwood or vinyl. Making this change can add a great deal of value to your house and remove serious stumbling blocks on the path to getting your home sold.

Garage Door Openers

How well does your current garage door opener remote work? If it's having trouble connecting to the overhead unit or you've given up on it entirely, it's time to get something new. A garage door specialist can help you find the equipment you'll need to get your garage door functioning like new.

Always make sure to budget for the things you need to replace before you sell your home. Having all of these items replaced will not only make your house look nicer, but also help the rest of your home look even better to prospective buyers. With a little work, you can make minor changes that can transform the way your house looks.

Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

5 Tips for Selling a Summer Home Quickly

By Seth Tilton

For many potential homebuyers, it's hard not to fantasize about owning a dreamy summer home this time of year. With that in mind, let's look at five tips for agents selling vacation homes:

Leverage technology, but be realistic. For many potential buyers, the ideal summer getaway is at least a plane or half-day car ride away. And while technology has made the remote buying process easier, statistics still tell us that most people are not willing to buy sight-unseen. Encourage your clients to engage with you on apps like Marco Polo and FaceTime, not as a replacement for seeing things in person, but as a time, money and travel saver for tying up loose ends after they've seen (and liked) the property for themselves.

Know what rents and what doesn't. Sure, investing in a second home of any sort is a big investment, but for buyers willing to supplement their personal stays with short-term rentals, knowing what "sells" in the rental market is key for generating cash. Time and time again, the best investments are properties that are close to the beach, outfitted with pools or pool access and allow pets.

Get real about risk management. While your client may have spent a lifetime dreaming about escaping to a remote country cabin, mitigating risk—and the hassle of dealing with unforeseen issues from a distance—should be a legitimate consideration for vacation homebuyers. While it may not seem quite as sexy on the surface, properties in complexes and neighborhoods with solid reserved funds are more protected against issues than their remote counterparts.

Help your clients factor in insurance upfront. For buyers new to tropical and waterfront real estate investments, forgetting to factor in necessary insurance costs, from flooding to hurricanes, is not uncommon. Educating clients on not only what necessary regional insurance looks like, such as how beach houses above a certain elevation don't require flood insurance, but also how and where it's baked into other monthly fees, builds trust and transparency.

Weigh out the pros and cons of property management options. For buyers who do plan to rent their vacation homes, working with a property management company can be hugely helpful for both visibility (i.e., marketing your property to potential renters) and day-to-day management. While the idea of "giving away" 15-20 percent of your rental income to a management company can be hard to stomach, so can acting as a landlord from afar.

Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

WalletHub Report: Home Is Where…It’s Safest?

The world can get a little overwhelming these days with news headlines giving us bad news at every turn. That's why safety is high on the priority list for homebuyers. And with help from WalletHub's newly released report—2019's Safest States in America—consumers can help narrow down their choices for a place to call home.

The report considers 52 key safety indicators across five categories: Personal and Residential Safety, Financial Safety, Road Safety, Workplace Safety and Emergency Preparedness. Here are the findings:

Source: WalletHub

These are the top 20 safest states in the U.S., according to the report:

1. Minnesota
2. Vermont
3. Maine
4. Utah
5. Connecticut
6. New Hampshire
7. Iowa
8. Hawaii
9. Massachusetts
10. Wyoming

11. Washington
12. Indiana
13. Virginia
14. Oregon
15. Maryland
16. Rhode Island
17. Wisconsin
18. North Carolina
19. Idaho
20. Nevada

 If safe roads are a must, check out Massachusetts, Minnesota or New Hampshire. For a stronger police presence, New Jersey and Louisiana are the top choices. And if you've got kids and bullying is on your mind, focus your search on Delaware, Florida or Virginia.

Obviously, there's no one single place that is completely danger-free, but if you have specific concerns, there are areas that'll give you more peace of mind. So determine what matters most to you, whether that be a low crime rate, better weather conditions or safer workplaces, and let those factors guide your home-buying decision.

To read the entire report, visit www.wallethub.com.

Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

Great Spaces: Michael Douglas Narrates His Own Real Estate Video

Image: Visit Valldemossa

Looking for a unique way to market a real estate listing? Hire an A-lister to narrate it! This is much easier, of course, when you're the A-lister who's listed the home for sale. Actor Michael Douglas recently narrated the listing video for his $32.4 million property on the island of Mallorca, Spain.

Douglas spent the past 30 years modernizing the stunning cliffside estate—dubbed S'Estaca—which was built in the mid-19th century by Archduke Ludvig Salvator, as Douglas notes in his video. He originally purchased the estate in 1989 for $3.5 million.

The property sits upon 250 acres of land, with two cottages and five apartments housing 10 bedrooms total and, according Douglas, up to 20 people can stay here in style and comfort.

How much style? The estate also has a pool, private vineyard, olive grove, wine cellar and intense views of the Balearic Sea. Douglas and wife Catherine Zeta-Jones listed the home for a staggering $60 million back in 2014, but have nearly halved the price, making it seem like a billionaire's steal.  

View the full video below:

Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

How to Afford a Luxury Family Home With a Reasonable Mortgage

By Meghan Belnap

Living in a luxury home is a lifelong dream for many people, but purchasing a beautiful piece of property could end up putting you in debt for 40 years or longer if you aren't careful. Luckily, with a little bit of planning and some patience, you should be able to buy the house of your dreams with a reasonable mortgage. Here's how:

Improve Your Credit Score

When it comes time to apply for a home loan, the loan officer is going to carefully scrutinize every aspect of your credit history. If you have blemishes on your credit history, or your credit score is low, you will need to spend some time dealing with those issues. Boosting your credit score by just a few points could greatly reduce your interest rate, which will allow you to pay off your home loan much quicker.

Avoid Coastal Properties

Buying a house on the beach might seem like a great idea, but those homes can be incredibly expensive. It's also important to note that beachfront property is very difficult to maintain. You could end up spending tens of thousands of dollars on maintenance every year, and that will quickly eat into your budget. Instead of coastal properties, you might want to take a look at waterfront homes near lakes and rivers. If you’re flexible on scenery, you can find luxury mountain homes for sale at much lower prices than coastal or waterside homes that still have stunning views.

Work With an Experienced Agent

Purchasing a luxury home without an experienced real estate professional by your side could be a serious and expensive mistake. Your real estate agent will be able to find homes that meet your criteria, schedule walkthroughs and negotiate on your behalf. Bringing the asking price down by a few thousand dollars could end up reducing the total length of your mortgage by multiple years. One of those professionals can also connect you to different lenders so that you can choose the best deal.

Head Outside of the City

There are quite a few benefits to living within a city, but you're going to pay for those advantages. If you want to save some money on your home, then you might want to take a look at local suburbs. Homes that are located outside city limits are almost always more affordable, and you won’t end up paying as much on property taxes. With the money you would have spent on property taxes and higher living expenses, you can aggressively work on your home loan.

In addition to these few tips, you also need to make sure that you remain as patient as possible. This process is going to take quite some time if you have a strict budget, and you don’t want to make an offer until you've found the perfect piece of property at a great price.

Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com