Saturday, September 3, 2016

Five tips for first-time buyers

Five tips for first-time buyers


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No matter how much time you spend on researching and educating yourself about your home purchase, it’s hard to cover every detail. Here are a few tips for avoiding rookie mistakes with your first home purchase.
  1. Save as early as you can: Even if you think you’re years away from buying your first home, try to start saving for your down payment. It makes a huge difference in your monthly payments, and helps avoid paying Private Mortgage Insurance.
  2. Be thorough with mortgage shopping: There are countless resources out there that can help you get the best terms for your mortgage. It may seem like a lot of work to shave less than a point off your mortgage rate, but it’ll save you thousands in the long run.
  3. Consult a skeptic: You’re likely to fall in love with a home, and that can make it difficult to take problems seriously. Bring along a skeptical friend or family member who can give you an honest opinion.
  4. Be patient with getting settled: You’ll be anxious to make your new home your own, but take some time to see how your budget truly shakes out. In other words, hold off on big furniture purchases and remodeling projects.
  5. Make sure you’re happy with the neighborhood: The house may be perfect, but don’t discount the surroundings. You don’t want to end up in the suburbs if you’re going to miss walking to your favorite coffee shop, and you don’t want to settle for the city if you’re looking forward to some peace and quiet.
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Friday, September 2, 2016

Five ways you can get earnest money back

Five ways you can get earnest money back

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No matter how much time you spend on researching and educating yourself about your home purchase, it’s hard to cover every detail. Here are a few tips for avoiding rookie mistakes with your first home purchase. Earnest money is a deposit you pay when you make an offer on a home—it’s a way to show the seller that you mean business. Usually you can’t get it back, but there are several circumstances that allow you to recover your earnest money.
  1. Appraisal contingency: With an appraisal contingency, you can recover your earnest money if the home is appraised for less than your offer. This gives you a better negotiating position—if the seller doesn’t agree to a lower price, you can get your earnest money back and walk away from the deal.
  2. Major problems with the home: It may be your dream home at the surface level, but an inspection could reveal major, major problems—such as issues with the foundation, or flood damage. In that case, you can get your money back if the seller doesn’t agree to a lower price.
  3. The seller backs out: Obviously, if the seller changes their mind about the transaction—maybe they decide not to sell, or accept a higher offer—you get your earnest money back.
  4. Your house hasn’t sold: Many buyers can’t afford a new home if they’re still financially responsible for their old one. In this case, you can work a sale contingency into the contract, and get your earnest money back if the home doesn’t sell soon enough.
  5. Financing issues: Though there are some limits on financing contingencies, you can get your money back if you’re unable to get a loan.
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Thursday, September 1, 2016

Five places to inspect in your home

Five places to inspect in your home


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Our homes require regular maintenance, both to protect our personal safety and to avoid costly repairs. Here are five of the most important items you should check in your home.
  1. The fire extinguisher: It’s recommended that you keep at least one fire extinguisher on every floor. You should also keep one in the garage and in the basement.
  2. Staircases and banisters: A loose railing or banister could spell disaster. Regularly check your stairs and the accompanying railings to make sure they’re secure.
  3. Smoke detectors: Be diligent about testing your smoke alarms (and carbon monoxide detectors) and replacing batteries. According to the Federal Emergency Management Agency, smoke detectors should be tested at least once a month, and batteries should be replaced at least twice a year. A good rule of thumb is to change the batteries when you adjust your clocks for daylight savings.
  4. Electrical outlets: Outlets in kitchens and bathrooms should have a “test” button. It’s part of a system that prevents electrocution. Plug in a hair dryer, and push the “test” button—the hair dryer should turn off right away.
  5. Water quality: If you’ve never tested your water for harmful contaminants, you can purchase a kit to test it yourself, or hire a professional.
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Wednesday, August 31, 2016

Budget friendly projects with a big ROI

Budget friendly projects

with a big ROI


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Not all home improvement projects are created equal. Some renovations may cost a lot but not add significant value to your home. This list goes in the opposite direction: Here are some inexpensive home improvement projects that will not only increase your enjoyment of your home, but will also increase the home’s value.
  1. High quality ceiling fans: In a recent National Association of Home Builders survey, ceiling fans ranked No. 1 as the most-wanted decorative item. If your ceiling fans are outdated, replace them with something in the $400 range—it’ll make buyers.a big difference when it’s time to sell.
  2. Trees: Mature trees can be worth as much as $10,000 toward the value of your home. Trees also protect your home from the elements and prevent erosion.
  3. Energy efficiency: Buyers are increasingly interested in saving energy, so any efficiency update is worthwhile. Switching from a wood to gas fireplace is a great start.
  4. Outdoor lighting: Exterior lighting is great for highlighting the accents of your home, and you can typically expect a 50 percent return on investment.
  5. Molding: You can finish a room with crown molding or railing for as little as $1.50 per foot if you take a DIY approach, and it’s extremely desirable among prospective 
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Tuesday, August 30, 2016

How do HOAs work?

How do HOAs work?


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When you purchase a home, there’s a good chance you’ll have to pay a homeowners association fee, especially in gated communities, townhouses, condominiums, and other similar planned neighborhoods. The idea is to keep common areas clean and maintained, and there’s usually an HOA board that is responsible for setting the rules and regulations.
Each HOA is different, but most have the same core elements. You’ll typically pay your HOA fees either monthly or annually, and it’s an important factor to consider when you’re weighing your options for a new home. So what is typically included in your HOA fees?
First, the fun stuff Amenities are typically the big perk of living in a community with an HOA. While you lose out on some of the freedom of living without an HOA, you instead get community amenities like a maintained pool, gym, clubhouse, tennis courts, and other amenities. The HOA fees pay for cleaning and maintenance, so—in theory—you’ll always have a clean pool whenever you want to use it.
Protecting the community HOA fees often contribute to insurance for the community amenities, as well as a fund for unexpected repairs to damaged community property—think damage from weather or accidents.
General maintenance Your HOA fees will go toward maintaining the general safety and upkeep of the community. This means things like elevator maintenance for condominiums, snow removal, and trash/recycling services.
Be active in the association There may be a board of directors, but homeowners associations exist for the betterment of the entire community, and every voice matters. HOA meetings—and the amenities they support—provide great opportunities to meet your neighbors and make your community a better place.


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Monday, August 29, 2016

Home staging: Does it make a difference?



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It seems to be universally accepted that home staging will help your home sell faster or for the best price—it’s been the common practice in the real estate business for a long time, and on the surface it seems like a no-brainer. Of course potential buyers will be more interested if a home is properly decorated, right?
That’s not necessarily true, according to a recent academic study. The study surveyed 820 homebuyers by showing them one of six virtual tours of the same property. In some instances the home was decorated with traditional furniture and color schemes, while in others more eccentric furniture and colors were used. In other tours there was no furniture at all, just empty rooms.
The overall results of the study were that staging is unlikely to increase a home’s sale price, and that staging isn’t quite as important as everyone believes.
Of course, real estate trends vary greatly from market to market. If you have questions about staging, talk to your trusted real estate professional.


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Sunday, August 28, 2016

What's it Worth?

What's it Worth?



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Maybe you're thinking of selling, maybe you're thinking of refinancing, or maybe you're just curious about the market. But the question is, "What is that domicile of your's worth?”
Such a simple question should be returned with a simple answer, right? Well unfortunately, determining the value of your home--or any home for that matter--can be a tricky process. You can go online and nowadays there are endless websites that will promise you a fast answer with fancy charts and graphs. As tempting as it may be to trust this information, be wary of letting a computer program tell you what your largest investment is worth.
The trouble with these websites is that they have little to no local market information. They are not aware that a new park is being built, or that a four-lane highway is being re-routed, or that you've lovingly cared for and maintained your home.
The bottom line is this: If you're serious about getting an informative valuation for your home you should contact a local real estate professional. These professionals work with the actual people who will ultimately determine the value of your home--the home buyer themselves. This is their profession and they will be happy to sit with you and explain the current market conditions that affect your home value.


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