Home Buying Archives - Vutech-Ruff

Why Now is the Time to Buy

We can all agree, the housing market has been a bit of a roller coaster ride over the past few years. For those looking to buy a home, it can be stressful to figure out when is the best time to buy. Timing is everything in real estate, but your unique circumstances also weigh into the decision of when the right time is for you to buy a home.

We understand many potential home buyers have been holding off due to rising home prices and high mortgage rates. But those rates are starting to trend downwards, and while home prices have appreciated steadily, Columbus remains more affordable than many major metropolitan areas, offering excellent value for buyers.

Stabilizing Prices and Favorable Rates

While home values in Columbus continue to appreciate, the rate of increase has moderated to a more sustainable pace. The median sale price in Central Ohio reached $327,250 in July 2024, representing a 3.9% increase year-over-year. This steady, measured growth can provide buyers with confidence in their investment while keeping prices within reach.

Plus, when you buy a home, you’re not just securing a place to live—you’re also starting to build equity as property values increase over time. This creates more wealth that can help you accomplish other financial goals, like saving for retirement or starting a college fund for your kids or grandkids.

Mortgage rates have also shown signs of stabilization and even slight decreases in recent months. With rates trending downward from their peaks earlier in the year, now is an opportune time for buyers to lock in favorable financing terms. Trying to wait out additional rate decreases may result in higher home prices later that could potentially offset any savings on your mortgage.

Increased Inventory

One of the most exciting developments for buyers is the recent increase in housing inventory. As of July 2024, there were 4,325 homes for sale in central Ohio – a 37.9% increase from the previous year and the highest level we’ve seen since 2019. This means buyers have more options to choose from and face less competition when making offers.

A Vibrant City

Columbus continues to attract new residents, businesses, and investment, positioning it for long-term growth and prosperity. The city’s expanding job market, particularly in sectors like technology, healthcare, and education, provides a solid foundation for sustained housing demand. The market is showing robust activity, with closed sales up 12% in July 2024 compared to the previous year, indicating a healthy, active market with opportunities for both buyers and sellers.

As a trusted name in Columbus real estate, our team at Vutech | Ruff is committed to helping you navigate the Columbus housing market. Our experienced agents have in-depth knowledge of Columbus neighborhoods and can help you find the perfect home to meet your needs and budget. Contact us today to start your home-buying journey in Columbus.

Avoid These 6 Common Homebuying Mistakes

When it comes to purchasing a home, even the most seasoned buyers can stumble at times. At Vutech | Ruff, Cutler Real Estate, our team of highly qualified licensed agents has seen it all. We’ve helped countless clients navigate the complexities of the real estate market, and we want to share some of the top homebuying mistakes we’ve encountered. By being aware of these pitfalls, you can approach your home purchase with confidence and clarity.

Putting Off Pre-Approval: One of the most common mistakes we see is buyers starting their home search before securing a pre-approval. While it’s tempting to dive right into house hunting, getting pre-approved for a mortgage should always be your first step. Pre-approval not only determines what mortgage amount you qualify for but also shows sellers that you’re a serious, legitimate buyer. Particularly in a hot market where multiple offers are common, this simple step can give you a competitive edge, will ultimately save you time, and will help you focus on homes that fit your budget.

Focusing Too Much on Aesthetics: A beautifully staged home or the latest design trends can be captivating, but focusing too much on a home’s appearance can lead you to overlook more critical aspects. Elements like the home’s structure, layout, and location should take priority. For instance, a home with a less-than-ideal floor plan or in a location that doesn’t suit your lifestyle may lead to regret, no matter how stunning the interiors are. Remember, cosmetic changes like paint color, fixtures, or flooring can be modified to your taste over time, but factors like the foundation, overall layout, and neighborhood are much harder, if not impossible, to alter.

Spending Too Much: It’s easy to get caught up in the excitement of finding your dream home, but it’s important to keep your budget in check. (Remember #1 above?) Stretching your finances to afford a home that’s just a bit out of reach can lead to long-term financial strain, turning what should be a joyful experience into a stressful one. We often see buyers focusing too much on the home’s aesthetics or size, without considering the ongoing costs like property taxes, maintenance, and unexpected repairs.

Not Considering Future Resale Value: When buying a home, it’s essential to think not just about your current needs but also about the home’s future resale potential. Buyers who overlook this may find it harder to sell their home later. Factors like the neighborhood’s growth, school district quality, and nearby amenities all contribute to a home’s resale value.

Chasing Perfection: It’s natural to want a home that checks every box on your wish list, but waiting for the perfect property can lead to missed opportunities. The notion of a flawless home is more fantasy than reality, as even a seemingly perfect property can have its imperfections. Instead, focus on key essentials like location, structural integrity, and potential for future improvements.

Not Working with a Local Real Estate Agent: The value of partnering with a knowledgeable local real estate agent cannot be overstated. With a wide range of listing inventory and a vast referral network of contractors, stagers, photographers, videographers, and mortgage lenders, our team is well-equipped to guide you through every step of the home buying process. Our collective experience includes not just real estate transactions, but also real estate investing and custom new builds, ensuring you receive comprehensive advice tailored to your unique situation.

At Vutech | Ruff, Cutler Real Estate, our team is dedicated to guiding you through every step of the process, from securing pre-approval to considering long-term resale value. By partnering with experienced local agents who understand the market, you’ll be better equipped to make informed decisions and find a home that truly meets your needs.

Let us help you navigate the complexities of homebuying with confidence and peace of mind—your perfect home is out there, and we’re here to help you find it.

Staging 101: 12 Hacks to Make Buyers Fall in Love

At Vutech | Ruff, Cutler Real Estate, we know a thing or two about selling a home. We also know that staging your home can make a world of difference in how it’s perceived by potential buyers. A well-staged home not only highlights its best features but also helps buyers envision themselves living there.

Whether you’re preparing for a big sale or just looking to make a strong impression, these tips will guide you in showcasing your home’s full potential. From lighting and decor to personal touches and standout features, let’s dive into the essentials of effective home staging.

Essentials of Effective Home Staging

Prioritize Lighting: The importance of good lighting can’t be understated. Natural light is your best friend, but we also recommend turning on all other lights in the home during a showing. Proper lighting can enhance the ambiance across your entire home, making it feel warm and welcoming. So, take this opportunity to replace any old fixtures or bulbs that have seen better days. Outside of overhead lights and larger fixtures, don’t forget to consider cabinet underlighting, front porch and backyard lighting, and motion sensor lights if you have them.

Stage an Office: With the rise of remote work, having a dedicated office space has become more important than ever. While a full room dedicated to an office is ideal, even carving out a functional workspace in a corner or nook can be effective. Buyers will appreciate the flexibility this adds to your home.

Don’t Skip the Deep Clean: For those who haven’t cleaned their ovens since moving in – this one is for you. Now’s the time to get serious about cleaning. Appliances, bathrooms, floors, carpets, and windows should be spotless. A deep clean can make worn items look new again and give buyers the impression of a well-maintained home.

Borrow, Don’t Buy: The right-sized furniture and decor can make a world of difference. Oversized pieces can make a room feel cramped, while too-small items can leave it feeling empty. If your current setup isn’t quite right, don’t rush out to buy new pieces. Instead, consider borrowing from friends or family or visiting secondhand stores for a quick refresh.

Declutter, Declutter, Declutter: While the right furniture and decor can enlarge a space and make it feel warm and inviting, less is still more when it comes to home staging. Too many items can be overwhelming, so aim for a clean, open look that allows potential buyers to imagine themselves in the space. The key rooms you should be paying attention to here should be your kitchen, living room, and closets.

Put Personal Items Out of Sight and Out of Mind: It’s time to tuck away those personal items. Buyers want to envision their own lives in your home, not yours. This includes family photos, personal collections, and any other items that are uniquely yours.

Keep it Neutral: More than likely, potential buyers aren’t going to share your exact taste in wallpaper and paint colors. It’s best to keep things neutral, so consider painting the walls a fresh white or light grey prior to any showings.

Don’t Skimp on Mirrors: Mirrors are a simple way to make any room feel larger and brighter. They reflect light and can create the illusion of more space, which is always a plus.

Remove Valuables: We all like to think the best of people, but it’s wise to remove or securely store any valuables before showing your home. This includes items like Waterford Crystal and family heirlooms—better safe than sorry!

Hide Wires: Unsightly wires can be a distraction. Hide them with strategically placed plants or other decor items to keep the focus on your home’s best features.

Remove signs of pets: While your pet’s toys and belongings might seem charming to you, they can be a distraction for potential buyers. Some may have allergies or simply prefer a pet-free environment. Before showings, clear out any pet-related items such as crates, food bowls, and litter boxes. Also, ensure your furry friends have a safe and secure place to stay during showings.

Highlight the ‘Wow’ Factor in Every Room: Every room should have a selling point. Whether it’s a cozy fireplace, an elegant chandelier, or a spacious kitchen island, make sure to showcase the unique elements that make each room special.

Successfully staging a home requires more than just a few cosmetic changes—it involves understanding what makes a space truly inviting and appealing to buyers.

At Vutech | Ruff, Cutler Real Estate we bring extensive knowledge of the Columbus area and a deep understanding of what works – and what doesn’t – in home staging. Our experience has taught us how to highlight your home’s strengths and address potential pitfalls, ensuring that your property stands out in the market.

With our expertise, we can ensure your home makes a lasting impression and you achieve the best results in your home sale.

Ready to sell? Contact our team today!

Pricing Your Home: Tips for a Successful Sale

Accurate pricing is the foundation of a successful sale and should be at the top of your to-do list when preparing your home for the market. If you price too high, your home may linger on the market, causing it to become stale and potentially discourage buyers. On the flip side, pricing too low might attract plenty of interest but could mean leaving money on the table. When it comes to determining pricing, these are the factors to take into consideration:

Factors Influencing the Sale of Your Home

Market-Driven Factors

Market Demand: The level of demand in your area plays a major role in how a home should be priced. High demand and low inventory may allow for a higher price, while the opposite might require a more competitive pricing strategy.

Economic Factors: There are many broader economic conditions that can impact buyer eligibility and affordability, such as interest rates, borrowing capacity, and loan programs. Higher interest rates, for instance, can reduce buyers’ purchasing power, which might necessitate a lower price. Lower rates, on the other hand, can boost affordability and support higher pricing.

Seasonality: Real estate activity often fluctuates with the seasons, so the time of year you sell will also impact what your home should be priced at.

Location: The desirability of your home’s location, including proximity to amenities, schools, transport, and crime rate all impact its value. The overall real estate market trends in your county or state, including economic health and local regulations, will also influence pricing.

Competition

Resale Homes: The presence of other resale properties in the market can significantly impact your pricing strategy. If there are many similar homes for sale, you may need to price your home more competitively to attract buyers. Factors such as the condition, location, and features of these homes in comparison to yours should be considered.

New Construction: The availability of new construction homes in your area can also influence your pricing. New builds often come with modern amenities, energy-efficient features, and contemporary design elements that can be appealing to buyers. If new construction is prevalent in your market, you may need to adjust your price to compete effectively, especially if your home lacks these newer features.

Renovations: Homes that have recently undergone renovations or upgrades tend to command higher prices. If your home has not been updated recently, your pricing will need to be updated accordingly, taking into consideration the price of updated homes compares to those that are more like your own in terms of age and condition.

Economic Conditions

Industry Trends: Consider the strength of local industries and their impact on housing demand.

Relocation Patterns: Look at trends in job relocations or company expansions that might affect local real estate markets. For instance, the arrival of Intel to Columbus has had a major impact on the market, driving thousands of workers to the area in need of housing.

Disposable Income: Review changes in local disposable income levels affecting buyers’ purchasing power.

Seller-Specific Factors

Professional Appraisal: Obtain an appraisal for an unbiased, expert opinion on your home’s value.

Seller’s Motivation: Your urgency to sell can influence your pricing strategy, with a quicker sale potentially requiring a lower price.

Home Condition: Compare the condition of your home to others. Recent updates or repairs can justify a higher price, while needed repairs might necessitate a lower price.

Property Size and Features: In addition to its condition, consider the size of your home and any additional features (e.g., pools, finished basements) when setting the price.

At Vutech | Ruff, Cutler Real Estate, our realtors are highly trained in using optimal positioning and strategic pricing to ensure your home is market-ready and attracts the best offers in the shortest time. When you’re ready to sell, trust the Vutech | Ruff, Cutler Real Estate team to guide you every step of the way.

Closing Costs Explained

When you’re buying a home, there’s a lot more to factor in beyond just the purchase price. One of the crucial considerations is closing costs. But what exactly are these costs, and why should you care?

What are closing costs?

Closing costs refer to the various fees and expenses you incur when finalizing the purchase of your new home. They typically range from 2% to 3% of the loan amount and cover essential services like loan origination fees, title insurance, attorney fees, and more. These costs matter because they can significantly impact your overall budget for buying a home.

Understanding and preparing for closing costs is vital because they ensure the legal transfer of property ownership and protect both you and the lender. By budgeting for these expenses upfront, you can avoid last-minute financial surprises and smoothly navigate the home-buying process with confidence.

In Ohio, closing costs usually include the following:

Loan Origination Fees: These are charged by your lender for processing your loan. They typically cover document preparation, underwriting, and other administrative services.

Appraisal Fees: Before a lender approves your loan, they need to know the home’s value. An appraisal fee pays for a professional to assess the property’s worth.

Title Insurance: Ohio requires both an owner’s title insurance policy and a lender’s title insurance policy. This ensures that both parties are protected against potential claims against the property.

Attorney Fees: While it’s not mandatory to hire an attorney for closing in Ohio, it’s highly recommended. An attorney can help review the title work, handle any legal issues, and ensure that the closing documents are accurate.

Recording Fees: Local governments charge a fee to officially record the sale of the property, making the transfer of ownership public record.

Transfer Taxes: Ohio imposes a transfer tax on real estate transactions, which is typically $1 per $1,000 of the sale price. Some counties may have additional transfer fees.

Settlement Fees: Also known as closing or escrow fees, these are typically split between the buyer and the seller in Ohio. These fees cover the cost of the closing agent or title company managing the closing process.

Costs associated with property taxes, homeowners’ insurance, mortgage interest, and the home inspection are typically paid upfront rather than at closing.

Who Pays Closing Costs in Ohio?

In Ohio, who pays closing costs can vary and is often negotiable. Typically, the buyer pays for loan-related fees. Title fees, on the other hand, are sometimes split between the buyer and seller, but in Central Ohio, the seller often pays for it entirely. If the selling isn’t covering the costs at closing, you will be required to pay all costs in the form of “guaranteed funds” such as a cashier’s check or wire transfer. Your escrow office or mortgage lender will notify you of the exact amount.

Closing costs are an essential part of buying a home, and knowing what they are and planning for them can make your journey to homeownership much smoother and less stressful. Keep these tips in mind, and you’ll be ready to close on your new home with confidence.

At Vutech | Ruff, Cutler Real Estate, we’re here to make your home-buying or selling experience seamless and enjoyable. We recognize that every buying and selling situation is unique, and we tailor our approach to fit your specific needs and make the whole process as easy as possible for you.

What to Expect During a Home Inspection

Purchasing a home is incredibly exciting, but before you celebrate it’s important to do your due diligence to determine the overall condition of the home. A home inspection does just that.

Conducted by a licensed professional, a home inspection offers valuable insight into a home’s condition, identifying any “reasonably discoverable” problems with the home, such as a leaky roof or faulty plumbing. With this information, buyers can make informed decisions, negotiate repairs or price adjustments, and, if done proactively by the seller, can help them address issues before listing the property.

What to expect during a home inspection

A home inspection is a visual assessment of a house’s physical structure and mechanical systems, including the roof, ceilings, walls, floors, windows, and doors. Generally, the home inspector will check that major appliances are functional, examine the heating and air-conditioning system, assess plumbing and electrical systems, and poke around the attic and basement.

During a home inspection, a professional examines the condition of the property, ensuring it is safe, structurally secure, and not a potential money pit with a long list of concealed, but necessary, repairs. To do this, the inspector will look at various aspects of the property, such as:

Exterior:
Roof condition

Siding, trim, and exterior paint

Foundation and grading around the house

Driveways, walkways, and steps

Decks, porches, and balconies

Interior:
Walls, ceilings, and floors for damage or defects

Doors and windows for proper operation and sealing

Stairways and railings for safety

Structural Components:
Foundation integrity

Basement and crawl spaces for moisture and damage

Attic for insulation and ventilation

Systems and Appliances:
Electrical system, including outlets, switches, and circuit breakers

Plumbing system, including pipes, fixtures, and water heater

Heating, ventilation, and air conditioning (HVAC) systems

Kitchen appliances for functionality

Safety Features:
Smoke and carbon monoxide detectors

Fireplaces and chimneys

Garage doors and automatic openers

What a home inspection does not include

Home inspections, while comprehensive, typically don’t cover certain areas and systems, such as:

Underground Storage Tanks: Inspectors usually do not assess these due to the difficulty of access and the need for specialized equipment.

Lawn Irrigation Systems: These are often excluded because they require specialized knowledge and equipment to evaluate properly.

Septic Systems: Evaluating septic systems requires a separate, specialized inspection.

Swimming Pools and Spas: These may not be covered in a standard inspection and might need a separate evaluation.

Asbestos, Radon, and Lead Paint: Inspectors typically do not test for these hazardous materials; specialized testing is required.

Pest Infestations: While inspectors might note visible signs of pests, a thorough pest inspection usually requires a pest control specialist.

Chimneys and Fireplaces: Inspectors may check for basic functionality but often do not conduct in-depth inspections of chimneys and flues.

Cosmetic Issues: Minor aesthetic flaws, such as paint chips or small cracks, are generally not the focus of a home inspection unless they could point to a bigger problem, such as a ceiling water stain.

For these areas, buyers may need to arrange for additional specialized inspections to get a complete assessment of the property.

When all is said and done, the home inspector will document their findings and provide a detailed report highlighting any issues or potential problems. This report can help you make informed decisions about the property, negotiate repairs, or plan for future maintenance. Any serious issues that arise should be brought to the attention of the seller, and your agent will help you negotiate who should take care of the problems.

When you work with Vutech | Ruff, Cutler Real Estate, you can rest assured that you have a team behind you ready to help with any questions you might have throughout the buying or selling process, including the home inspection.

Downsizing for Retirement: Do or Don’t?

Retirement is a major life change that may lead you to reevaluate your priorities, and how they might impact where and how you live. If your kids are grown and you no longer need as much space and the upkeep is becoming too much (or just isn’t how you want to spend your time), you might be asking yourself: should I downsize?

The truth is there is no one-size-fits-all answer; choosing to downsize is a big decision that requires careful consideration. Here are a few things to keep in mind:

The Financial Advantage

On the one hand, downsizing can offer financial freedom and flexibility. By selling a larger home, you can reduce your mortgage or eliminate it, freeing up funds for travel, hobbies, or simply enjoying retirement to the fullest. And you’re not just shrinking your living space; you’re also downsizing the accompanying utility bills, property taxes, and maintenance costs. This can be especially beneficial for retirees on fixed incomes who need to carefully manage their expenses.

However, downsizing after retirement doesn’t always guarantee financial gains. While selling your home and moving to a smaller place can potentially free up equity and reduce living expenses, you still need to consider factors like…

The Real Estate Market: The value of your current home and the affordability of smaller properties in your desired location can fluctuate based on market conditions. Downsizing during a seller’s market might yield higher returns, while doing so in a buyer’s market could result in lower selling prices.

Transaction Costs: Selling your home involves transaction costs such as real estate agent commissions, closing costs, and potential capital gains taxes. These expenses can eat into any potential financial gains from downsizing.

Housing Costs: While downsizing can reduce certain housing-related expenses like mortgage payments, property taxes, and maintenance costs, it’s essential to consider other factors like HOA fees, insurance premiums, and utility costs in your new location.

Quality of Life: Downsizing shouldn’t be solely about financial gains. Consider how the move will affect your lifestyle, proximity to family and friends, access to amenities, and overall happiness in your new home.

Investment of Proceeds: If you’re planning to invest the proceeds from selling your larger home, consider the potential returns and risks associated with your investment strategy.

Long-Term Goals: Evaluate how downsizing fits into your long-term financial goals, such as retirement savings, healthcare expenses, and legacy planning.

Practical Benefits

Downsizing also presents an opportunity to simplify life and declutter. After decades of accumulating possessions, many retirees find that downsizing forces them to evaluate what truly matters to them, let go of unnecessary belongings, and create a living space that is more manageable and easier to maintain.

Navigating the Downsizing Process

Ultimately, the choice to downsize depends on your individual preferences, priorities, and circumstances. It’s essential for retirees to carefully consider their financial situation and lifestyle goals to make a choice that aligns with their priorities for their golden years.

If you do choose to downsize or are at least considering it, the team at Vutech|Ruff team is here to help. Our local real estate agents can help you set the right price for your current house when you sell, find the home that best fits your needs, and understand what you can afford at today’s mortgage rate. With our expert guidance, you can navigate the downsizing process seamlessly and transition to your new home with ease.

Exploring Condos in Downtown Columbus

Considering a condo purchase in downtown Columbus, Ohio? You may be ready to embrace maintenance-free living or feel drawn to the vibrant atmosphere of downtown living.

Whatever the reason you are considering the purchase of a downtown Columbus condo, we are happy to tell you about a few of our favorites. Downtown Columbus offers a variety of diverse sub-neighborhoods each with a unique vibe that feeds into an overall energetic lifestyle and the same is true for the various condo communities available.

The Dakota

Located in the heart of the Short North Arts District at 845 N. High Street, The Dakota offers urban luxury condo living at its finest. Within walking distance to Goodale Park, restaurants, art galleries, boutique shops, it will be hard to find another condo with easier access to the entertainment, dining, and nightlife that downtown living has to offer.

Sterling Lofts

Located in the Brewery District at 544 S. Front Street, Sterling Lofts offers spectacular floor plans combined with low-maintenance urban living. Just a short walk from German Village, the restaurants, and entertainment venues in downtown Columbus, Sterling Lofts also offers easy access to parks and green space including Audobon Metro Park.

Beck Place Condominiums

Beck Place has been carefully designed for comfort, style, and convenience while honoring the rich history of German Village. The townhome exteriors complement the traditional German Village facades familiar in the area while offering secured rear gated access. Beck Place Condos are located at 651 S. Grant Avenue and offer 20 unique floorplans with terraces that offer a piece of the outdoors.

The Jackson on High

The Jackson embraces the vibrant Short North lifestyle and stands on its own as a true work of art in the Arts District. Situated on the north side of the Shor North, The Jackson on High offers a sophisticated and luxurious living experience in one of the city’s most vibrant and dynamic areas. It is conveniently located near historical neighborhoods like Italian Village and Victorian Village and other major entertainment districts including Downtown Columbus, the Arena District, and The Ohio State University District.

The Condominiums at North Bank Park

Built in 2007, The Condominiums at North Bank Park combines a spirit of old meets new. The tower features unobstructed views of the downtown area, with more modern finishes, while the industrial warehouse offers more traditional loft living. North Bank is a 20-story high-rise on the southeast end of the Arena District, located at 300 W Spring St.

Parks Edge

Parks Edge condominiums feature 200 homes with breathtaking views of the downtown skyline and Scioto River. Residents enjoy a resort-style rooftop pool and hot tub, a fitness center, and more.

The Buggyworks

Located in the Arena District, The Buggyworks is a renovated historic warehouse originally developed by The Columbus Buggy Company in 1902. The 68 authentic urban loft condominiums are within walking distance of Nationwide Arena, Huntington Park, New Crew Stadium, The North Market, Goodale, and North Bank Parks.

Miranova

Miranova is a luxury, 27-story condominium tower located just south of downtown Columbus along the Scioto River. Towering 314 feet in the air, Miranova is one of the tallest residential buildings in Ohio. The unique design and rounded glass allow all of the main rooms of each home to have the best views of the city and skyline.

Waterford Tower

One of the premier high-rise condominiums on the downtown Columbus riverfront, The Waterford faces a breathtaking view of the city’s riverfront skyline. It is steps away from the Scioto Mile, Arena District, and Theater District.

Burnham Square

Designed to look both suburban and metropolitan, Burnham Square offers some of the best amenities around. This lush yet urban community features everything from brick-paved boulevards and open plazas to world-class venues and downtown conveniences, which means you’ll never have to travel far for fun.

Hartman Lofts

The Hartman Lofts, at 150 E Main Street, is an urban oasis near the Arena District in the heart of downtown Columbus. The Hartman Lofts are residential condominiums in a historical building that was originally a hotel dating back to 1901. Evoking a modern feel with mahogany wood ceilings and exposed brick walls. This six-story building features high-end lofts which were converted from hotel rooms to condos in 2006. In addition, the location couldn’t be more convenient with ample amounts of shopping, nightlife, and major freeways minutes away.

Neighborhood Launch

Located at the corner of Fourth and Gay, this nine-block community features brand-new brownstones that come in a variety of floorplans. There is also ample green space and gathering areas, as well as secure parking. The goal of Neighborhood Launch is to offer more than just a cluster of homes—it’s to create a network of neighbors who live, work, and play together.

At Vutech & Ruff, Cutler Real Estate, our commitment extends beyond merely finding you a property; we’re dedicated to making your home-buying journey a seamless and enjoyable experience. Discover the charm, convenience, and allure of condo living in Central Ohio through our blog, where expertise meets passion, and your dream home awaits.

All About Down Payments

You might be eager to buy a new home, but the down payment has you questioning whether it is a realistic dream. The good news is that it may be more achievable than you think.

While a 20 percent down payment has been the traditional standard for purchasing a home, the fact is that it is not mandatory and there are loan options that have a much lower minimum requirement. That means you could be closer to your homebuying dream than you realize.

How Much Down Payment Do You Need to Buy a House?

According to the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. In fact, for all homebuyers today it’s only 15%; and just 8% for first-time homebuyers.

Lenders and government programs have different down payment requirements, depending on the type of loan being used. While most home buyers purchase homes with conventional loans, other financing options are available.

Types of Mortgage Loans

Conventional loan: These loans don’t have backing from a governmental program and, therefore, have stricter standards for credit scores, debt-to-income ratio (DTI), and down payments. Specifically, first-time home buyers must provide a down payment of 3% or higher, and experienced home buyers must put down at least 5%.
Federal Housing Administration (FHA) loan: Backed by the FHA, these loans require private lenders to follow government regulations when providing loans to borrowers with weaker credit and lower incomes. Because of the more flexible loan requirements, FHA loans require a 3.5% down payment for all buyers.
Department of Veterans Affairs (VA) loan: VA loans are for veteran and active-duty military members and eligible surviving spouses. have minimal financial hurdles, and oftentimes do not require a down payment.
U.S. Department of Agriculture (USDA) loan: USDA loans are for borrowers in qualifying rural areas with moderate financial requirements, and borrowers don’t have to have a down payment to qualify.

Down Payment Assistance

There also are a variety of resources available to help with a down payment. In fact, there are over 2,000 homebuyer assistance programs in the U.S., many intended to help with down payments. Your lender can help identify programs for which you may qualify. If you’re ready to become a homeowner, lean on your trusted advisors to find resources that can help you make your dreams a reality.

At Vutech | Ruff, Cutler Real Estate, our team is ready to help. We pride ourselves on our in-depth knowledge of the Ohio real estate market and financing options available for our clients.

Finding your dream home is one thing. Your dream experience is another. Contact us and let’s have a conversation.