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4 Tips That New Homeowners Cannot Afford To Overlook
Posted on Thu, 10 Aug 2017, 02:15:00 PM  in Home buying tips
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If you've just purchased your first new home, then you're probably ready to settle in, establish a routine, and regain a sense of normalcy in your life. After months of shopping the market, comparing your options, and getting your funding ready, getting back into the swing of things can be a huge relief. There are, however, a number of steps that every new buyer must take. Following are four tips that new homeowners cannot afford to miss.

 

1. Create a List of Trusted Contractors

Nothing is worse than having a home emergency crop up before you've taken the time to identify the appropriate contractors for resolving it. There are countless 4 tips for new homeownersplumbers, electricians, drywall experts, and water damage services to choose from. If you take the time to compare and screen these entities in advance, dealing with urgent issues won't be so stressful. Not only will this give you the opportunity to find local businesses with the most competitive pricing, but it will also give you time to thoroughly vet insurance certificates, professional experience, and contractor training among many other things. Keep the numbers of a few, trusted providers handy at all times. You can even ask your agent or the seller for recommendations. They're bound to know professionals who are already familiar with your property and all of its nuances.

 

2. Establish a Routine Maintenance Plan

If you establish a routine maintenance plan from the very outset, no area of your home will ever be overlooked. More importantly, you'll have the best ability to identify minor problems and resolve them, before these issues start spiraling out of control. Your house will need a roof inspection at least once each year. You should also have a yearly, whole-house plumbing inspection performed to ensure that there are no slow or hidden leaks causing property damages in areas that you can't see. Take a minute to create a list of all the property features that require regular inspections including your HVAC system and all other, major appliances.

 

3. Avoid Big Ticket Purchases for At Least Three Months

For new property owners, keeping a home in top condition and remaining on track with all of the related, ownership expenses can be a real challenge. While you might be tempted to invest in a number of big ticket items for your new home, try to keep you’re spending in check until you've had the chance to adjust to your living costs. This is especially important to do if you've completely exhausted your savings for your down payment. You'll enjoy things like new cabinets and new furnishings more after you've rebuilt your financial cushion.

 

4. Make sure that you’re Properly Insured

In addition to meeting the insurance requirements of your lender, you also want to make sure that you have sufficient coverage in place for protecting any assets that are stored in and around your home. Don't assume that required coverage will be sufficient for meeting your full range of needs. It's always best to have household coverage needs reviewed by a seasoned insurance agent who can point out any gaps or areas of insufficiency. Should the unexpected ever occur, you'll want to have adequate protections in place for avoiding serious loss.

 

Although closing on a home can feel as though you've just made it over a huge hurdle, there are still a number of details that need to be tended to. With diligent planning and smart purchasing decisions, you can keep your investment in top condition throughout the years. You can also maintain sufficient financial comfort for ensuring a stable and high-quality existence in your new abode.


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How to Prepare to Buy Your First Home
Posted on Sat, 10 Jun 2017, 10:45:00 AM  in Home buying tips
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One of the most exciting steps to take as an adult is to purchase your first home. Home ownership is considered to be a wise investment that can pay off in future years. When you want to prepare to buy your first home, you'll need to follow a few tips.

 

Save for the Down Payment

You'll need a down payment to purchase a home to secure the purchase. The amount of money that you save will influence how much you pay on your mortgage each month, making it necessary to set aside as much as possible. The type of loan that you choose will also influence the minimum amount of money that you'll need for the down payment. Most people save five to 20 percent of the selling price of the home.

 

Secure Your Employmenthow to prepare for your first home

You'll need to have a record of steady employment before you apply for a home loan. Lenders will want to trust that you'll be capable of making the payments each month and that you won't get behind with the amount of money that you owe. You'll need to have at least one year of work from the same employer to be taken seriously with your loan application. Avoid changing jobs after submitting the application and don't become self-employed, which can cause you to be turned down for a home loan.

 

It's also necessary to calculate your debt-income ratio, which will affect how much you can afford. Pay off as much debt as possible before you submit the loan to ensure that you can borrow more money.

 

Determine Your Budget

Knowing your budget is essential to finding the right home to purchase before you begin to shop around. You'll need to add up all of your income for your household, which can include side jobs that you work. Multiply the amount by two or three or calculate 30 percent of your gross income to get an idea of what you can afford. You'll also need to take other costs of home ownership into consideration, which includes property taxes, repairs, and association fees. The interest rate that you lock in will also affect the overall price of the house, along with the term that you select. You may want to wait to purchase the home during certain times of the year when interest rates may drop.

 

It's also important to set aside extra money for the cost of new furniture, window treatments, and appliances that you'll need to purchase after moving into the property.

 

Increase Your Credit Score

Lenders will take a close look at your credit score to determine if you have a good history with repaying your debt and managing your money. Your credit score will increase if you make your payments on time on your loans or credit cards. Paying off the balances and utilizing 20 percent of the available balance will also boost the score. You can lock in a lower interest rate if you increase your credit score, which can save hundreds to thousands of dollars each year on your mortgage payment.

 

You'll also want to remove errors that are present on your credit history. Credit bureaus are prone to making mistakes or confusing your name with another individual that has a credit history.

 

When you're ready to purchase your first home, you can have a smooth and successful process with the right steps taken. By planning and preparing ahead of time, you can have peace of mind knowing that you'll find the perfect starter home to call your own.


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Get Answers To These Questions Before Buying Your Next House
Posted on Thu, 20 Apr 2017, 12:55:00 PM  in Home buying tips
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What Is The Price? And Is It Up For Negotiation?Get Answers To These Questions Before Buying Your Next House

When you start looking for a house, there are a few questions you may wish to answer prior to your search. You will definitely want to determine how much money have you have to put towards a downpayment. You’ll also want to take into consideration what your household income would be and what expenses will take away from the budget. After those calculations, you’ll need to figure out what your price point will be. If you’re looking for a house, then you likely gave your maximum price to the sales representative. Try giving them just a bit under to give yourself some wiggle room in the budget. If you find a house at the top of your range, ask if the price is firm or if it is up for negotiation.

 

What Type of Heating and Water Are In The House?

It may not seem like a big deal to ask what sort of heating and water are running through the house, but it could make a difference. Electric heating could drive up your electric bill, for example. If the power goes out on a cold winter day, then you will be left without heat if you have electric heating. The water that runs throughout the house is just as important as the heat that warms the house. Depending on the area that you live in, you may only have one choice. It is important for you to know what problems city water faces if you find a home with city water running through it. Well water has its own set of pros and cons depending on what condition the soil is in in your area.

 

How Many Acres Of Land Come With The House?

There are many instances where a home is for sale and it appears to have more land attached than what actually comes with the house. Maybe the house and its property merge seamlessly with a forest or a river. Whatever the case may be, make sure that you know how many acres you are entitled to when you make the purchase. There is little worse than destroying or redesigning property that is not yours and having another person take legal action against you.

 

Is There Any Damage To The Roof, Furnace, Pipes, Or Wiring?

Damage to the roof, furnace, pipes, and wiring are all serious concerns to have. These can be very costly repairs. When buying a house, make sure that these areas have all been inspected and that a condition has been reported. If any of these areas need repair, assess what exactly needs to be done and what it will cost to be done well. If you are able to make these repairs, consider asking the seller if they would lower the price to compensate for these repairs.

 

When Can I Move Into The House Once I Buy?

Are you looking for a home that is move-in ready or are you searching for a home that you can move into in a few weeks or months? Are you looking for a fixer upper and have a deadline that you would like to meet? Take all of these questions into consideration when you are looking. It is possible that you would like to move into your dream home right away and the family that is currently living there needs at least a month to complete school, move out, or buy their next house.


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5 Tips for the Final Walk-through
Posted on Fri, 20 May 2016, 10:05:00 AM  in Home buying tips
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When you’re in the process of buying a home, the final walk-through is your last chance to make sure that everything is as it should be. It’s important to make the most of this opportunity before the sale is finalized, and these tips should help you focus your walk-through.

1. Schedule your final walk-through about a week before closing.

Property conditions can change quickly, and you’ll want to verify them before the sale closes. A week before closing gives the seller ample time to prepare everything for your arrival, including emptying storage spaces and cleaning up trash. It’s also close to the closing date, which means there’s less time for anything to happen that might damage the home after your final walk-through. Take your contract with you. It’ll be handy to have in case there are any questions about the terms of the sale or what’s expected of either party.

2. Ask to do the final walk-through with the home’s previous owner.

In many cases, the buyer and seller of a home never meet in person. They negotiate through real estate agents and lawyers instead.walkthrough However, the home's previous owner knows more about it than anyone else involved in the sale, and they may be able to provide extra insight into the home and its history. Sellers are also often better equipped to answer any specific questions you might still have about the property. If you can get them on board for the walk-through, it can turn into a valuable experience.

3. Verify that the previous owner has made any necessary repairs or adjustments.

When you’re buying a home that needs work, there are usually two options. The first is for the seller to reduce the home’s asking price by the expected cost of those repairs, in which case you’ll make them after closing. The second is for the seller to make the repairs. If you and the seller agreed that he or she would fix any issues with the property before the sale, now is the time to verify that those repairs have been made.

4. Double-check that everything else works.

Earlier in the buying process, the plumbing, heating and wiring were probably inspected for damage, and the final walk-through doesn’t need to replicate the thoroughness of the inspection. However, you do want to check to make sure that fixtures are still working properly. You'll want to:

  • Turn light switches on and off.
  • Make sure toilets flush.
  • Turn on faucets and check for leaks.
  • Make sure windows and doors open and close.
  • Turn all major appliances on and off.

5. Check for missing or unwanted items.

If the seller agreed to leave behind appliances or other home fixtures, make sure that they’re still in the home and functioning. Additionally, check areas like closets and crawl spaces for any items that you don’t want left behind, like trash or old home improvement supplies. The seller should remove these items from the property before closing day. If there are any disputes about what the seller agreed to leave behind or take with them, refer to the details outlined in the contract.


The final walk-through is your last chance to make sure that the home meets your expectations and those laid out in the contract. It's not a full inspection, but it is a valuable opportunity to make sure you know what you’re getting when the sale closes.


How May I Contact You?

Please ask me your question by filling out this form. You will receive an answer to your question at the first opportunity I have to reply. I appreciate the time you have taken.

 

 


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