Homeownership is something many dream of and many are about to start the process of making it a reality. For most it is a 15 or 30 year commitment so ensure you have as much information as possible before signing on the dotted line. Over the last several weeks se covered several terms to know when purchasing a home in the It’$ My Money Squad. This gives you a sneak peek into terms we covered when preparing to buy a house.  I also hope you love the graphic as much as I do as it consists of the terms in the shape of a house. 

Choosing a Real Estate Agent:
A good real estate agent is a critical  in the home buying process. 
Real estate agents can provide:

• Details on home that match you desired list 
• Information about the neighborhoods 
• Their knowledge of the home buying process

Best of all, as the buyer, it doesn’t cost you anything to use an agent. They get paid a commission paid by the seller of the house. There is a difference between Real Estate Agents and Real Estate Brokers. 

Tips:

• Trust your gut. If something doesn’t feel right, then it probably is not right. 
• Ask questions, like how long have they been an agent? Which areas are they most familiar with?
• Ask how many houses have they sold on the last 12 months. Good ones sell a minimum of 1 a month. 
• Ask for the MLS production record
• Google their name to see what comes up 
• Only look at houses in your budget.

If an agent consistently shows you hours outside of your budget be concerned. That said, an agent may show you ONE house outside of your budget by way of comparison or to do a reality check but that is it.

Searching for a home:
When searching for a home create a list for must haves or show stoppers. Also, include "would like to haves" and a space for comments. Ensure you share the list with your real estate agent AND bring a copy of the list with you each to each home visit. Literally check the items on your list while you are there. When you try to do it afterwards, you forget and it is hard or compare. 

Pre-qualified vs pre-approved:
A couple others steps in the home buying process is pre-qualified and pre-approved. These terms are often used interchangeably but are different.

Here is a quick definition for each. 

• Pre-Qualified requires less information which include, but limited to, income, assets, debt. It gives you an idea what type of mortgage you would probably get approved for. Nice to have but not required. 
• Pre-Approved is very similar to the prequalified but requires more documentation, the information is verified and a hard credit check is done. You can go to this step without doing the one above. 

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Be sure YOU can afford the house and the other things you enjoy doing regardless of the amount shown on either.

Asking prices:
The asking price is the amount the seller is “asking” for the property you are interested in buying. Often times buyers want to know “should we offer the asking price” or “will they accept a lower price”. Well the depends. 
How long the house as been on the market? What price have other houses recently sold for in the area?

Your real estate agent can help with that appropriate asking price.

• Be sure to look at houses within your budget
• Have your budget defined before going out
• Know your deal breakers

First time buyer grants available (links shared me for informational purposes):
Philadelphia, PA giving away $10,000
https://phdcphila.org/residents/homebuyers-and-renters/philly-first-home/
Baltimore, MD giving away $5,000
https://dhcd.baltimorecity.gov/hho/homeownership-incentives
New Haven, CT giving away $10,000
https://www.newhavenct.gov/gov/depts/lci/homebuyers/closing_assistance.htm
Fairfield, CT giving away $30,000
https://www.fairfieldct.org/content/10726/11008/13302/18250.aspx
Hamden, CT giving away $5,000
http://hamden-ct.com/Content/Down_Payment_Assistance.asp
Hartford, CT gives away $40,000
http://www.hartford.gov/dds-housing/232-development-services/2282-ho-househartford
Carbondale, Illinois gives away $3,000
https://www.explorecarbondale.com/179/City-Funded-Housing-Programs
Washington, DC gives away $4,000 or Maximum gap financing of $80,000
https://dhcd.dc.gov/service/home-purchase-assistance-program-hpap
Washington, DC teacher next door $4,170
https://www.teachernextdoor.us/Washington-DC
New Jersey gives away $10,000
https://www.nj.gov/dca/hmfa/homeownership/buyers/dpa/index.shtml
North Carolina gives away 3% - 5% down payment assistance
https://ncfhaexpert.com/fha/first-time-home-buyer-grants-in-nc-explained/

This gives a sense of how we are educating in the It'$ My Money Squad.  We also have Squad members that facilitated free helpful sessions sharing their expertise such as home owners insurance and staying out of foreclosure.

The world has changed a lot within the past three months, first with COVID-19 and then the nationwide protests against police brutality in the last couple of weeks. During these uncertain times, there are many ways you can support black-owned businesses, primarily spending your dollars there. To help in that endeavor, we at It'$ My Money ™ have created a directory of 142 black-owned businesses. These businesses range from categories like Apparel, Beauty, Travel, Health & Wellness, Food, Finance, Consulting, Cleaning Services, and other Business Services. The intent is if you are going to spend any dollars in the coming days or months on any of these categories, then use this directory to find Black-Owned businesses.

We only complied the list of those who sent their information, this is not an endorsement

We understand that this is not a comprehensive listing of all black-owned businesses, but our attempt to help you in spending your dollars appropriately. We are open to receiving more submission to add to the listing, as this is just a start SUBMIT A BUSINESS. 
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We at Its My Money™ enthusiastically help individuals create and maintain a budget, increase savings, earn an additional stream of income, and use credit responsibly. We do this through engaging workshops and empowering one on one settings. Click here for help to get your money in order. 

3. Web developing
There are nearly 4 billion people who use the internet in the world. So you can redirect a great percentage of this massive online population into your existing small business if you have a website. Approximately 6 out of 10 small businesses maintain a website. So, if you do not have an existing small business, it is still very important to learn web development skills to meet the huge demand for building and upgrading business websites.

You may start your business by creating and developing websites for your family and friends and brush up your skills. New business owners always search for great coders to make their websites cool and trendy. They also want their website should load easily and fast to increase the user experience. 
You may start your career by offering competitive prices for your services. Once you get some popularity as a good coder, you may increase your prices. Don’t forget to create a website for yourself and showcase your work over there, it will help you to build a strong profile as a coder.

Being a web developer you should gather basic coding skills in computer languages like CSS, HTML, JavaScript, and Java. For that, you may learn coding and programs from several free or cheap online courses. Check-in your locality or search online for good and cost-effective classes to learn web development.
Improving business will be easier if you also improve your skills. So, you also need to update yourself with different, new techniques of web development and improve yourself.

4. Bookkeeping services
Do you have good knowledge about maths and accounting, and also want to work from home? If yes, you may start providing remote bookkeeping services. As a freelance bookkeeper, you don’t require to be a Certified Public Accountant. But, your skills should be up to the mark to support your customers. You should know about modern accountancy, tax laws, company laws, and other required subjects. Some services you may offer include:

• Preparing the balance sheets
• Providing income statements
• Creating various monthly, quarterly, or annual financial reports

5. Freelance secretarial services
This is somehow a similar concept to virtual assisting. You may provide secretarial services remotely to business executives or companies. You might require some special skills to get the job. Those skills may include:

• Good communication skills
• A high level of autonomy
• Good time management
• Strong organizational skills

Being a freelance secretary your job may include

• Answering phone calls and deal with other business owners
• Replying to emails, and forward important documents
• Organizing calendars and handle schedules
• Booking meetings and appointments
• Putting together presentations

6. Travel consultancy services
If you are passionate about traveling and you are always updating yourself with the information about best locations, best hotels, cheap airline tickets, best deals on tours, then you have a great potential to become a travel consultant.

This business is all about making good connections and gathering info regarding best deals on the best services. So, you have to use the internet, search hotels, call them, and make contacts. You not only have to negotiate with people interested in travel, but also with the hotel owners, cab owners, and lots of other people who will provide the best services to your travelers.

Once you are set with the contacts, make sure you start by helping your family and friends to get the best travel deals. This way you can check all the services and get the most genuine feedback from your relatives and friends. If the arrangement proves good, you will also get popularity without spending a dollar on promotions. In most cases, people who save money for holidays and vacations, trust such service providers through the word from their close ones.

You may opt for certification in travel consulting if you take this business seriously. You may also need to create social profiles for your travel consultancy business on platforms such as Facebook, Twitter, Instagram, LinkedIn, and share information via your website, or forward great deals on WhatsApp. Once you become a popular name in this business, negotiate with service providers to offer exclusive deals for your customers.

Guest Author Bio: Patricia Sanders is a professional content developer and a regular contributor to debtconsolidationcare. She specializes in the financial niche and is well known for her unique financial tips that can be very effective. She always tries to help people, suffering from financial hardships, through her writing. Her continuous effort has earned her recognition and honor in the financial blogging industry. Besides writing, she loves to travel and gather information on various financial topics. To get in touch with her (or if you have any questions regarding this article) email at sanderspatricia29@gmail.com. Need a personal finance coach? Try It'$ My Money