Real estate advices by Stuart Rubin? Making decisions based on emotion. Buying a house is a major life milestone. It’s a place where you’ll make memories, create a space that’s truly yours, and put down roots. It’s easy to get too attached and make emotional decisions, so remember that you’re also making one of the largest investments of your life, says Ralph DiBugnara, president of Home Qualified in New York City. “With this being a strong seller’s market, a lot of first-time buyers are bidding over what they are comfortable with because it is taking them longer than usual to find homes,” DiBugnara says. How this affects you: Emotional decisions could lead to overpaying for a home and stretching your budget beyond your means. What to do instead: “Have a budget and stick to it,” DiBugnara says. “Don’t become emotionally attached to a home that is not yours.”
This is where the groundwork is laid for the search for your new home. There are several points you should cover in your initial consultation. For example: Define your needs; the number of bedrooms and bathrooms, size of the kitchen, where you want to live, your price range, timeline, etc. Determine when and how often you can look at prospective homes. Verify your contact information and how you want to be contacted (email, phone, etc.) Ask your agent about financing. They can explain the different types of available loan programs, and refer you to lenders that can answer specific questions. Review the paperwork. While not necessary at this point, reviewing paperwork will allow you the advantage to ask questions about documents before it’s time to sign them.
So what are the tricks you can use to be able to increase the size of the mortgage you can afford? Those solutions revolve around how people calculate the maximum mortgage they can afford. They use industry guidelines that cap how much of their gross monthly income they can safely spend on housing and how much on all debt. One common guideline is known as the 28/36 rule. That’s a shorthand way of saying that a household should not spend more than 28% of its gross monthly income on housing expenses. In addition, spending on debt of all kinds should not top 36% of household income. That cap on debt spending applies to everything from mortgages to car loans, student loans and credit cards.
Stuart Rubin bio: Prior to joining Deloitte, he was a co-founder of a leading cyber services consultancy where he launched a managed services platform for providing ongoing monitoring of network devices and assessing and reporting on the impact of cyber-related events. As a graduate of Florida State University, Stuart Rubin holds a Bachelor of Science in Information Studies. He is a Certified Information Systems Security Professional (CISSP-ISSMP) and a member of ISACA and InfraGard.
Stuart Rubin also serves as a talent leader for Deloitte’s Risk & Financial Advisory consumer industry practice. This includes programming and sponsorship designed to attract, retain, develop, and advance a diverse workforce and strengthening our inclusive culture where all our people can connect, belong, and grow. Prior to joining Deloitte, he was a co-founder of a leading cyber services consultancy where he launched a managed services platform for providing ongoing monitoring of network devices and assessing and reporting on the impact of cyber-related events.
Mr. Rubin had also been one of the founding shareholders of the Private Bank of California. At the time, the Private Bank of California had been the largest Denovo raise for a new bank when founded. Mr. Rubin served on the executive loan committee from founding through the sale and was also an active member of the board through the sale holding various board seats. The company had primarily specialized in added value acquisitions and had created a vertically integrated platform with both management, development, and disposition. See extra information at Stuart Rubin.