Setting a budget for your home purchase is an important decision. You need to know how much you can afford each month and translate that into the amount you can afford to take out on your new mortgage. When you start house hunting with that budget in mind, you may find to your dismay that you are not seeing many homes in the price range you have set that match your needs. There are three choices you have in this situation. The first is to wait it out, keep looking, and hope the house you want comes up on the market in your price range. The second is to compromise and buy a house that is affordable but not really what you want. The final choice is to look at raising your home buying budget. How Much Will It Really Cost? The first thing to consider when you are looking at raising your maximum purchase prices is what difference it will make in your actual monthly payment. In many cases, the difference may not be as difficult to handle as you might think. Pull out that mortgage calculator and figure out what it would cost you per month to go […]
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Whether it’s the character and charm of an older home with its original features, hardwood floors, and wood burning fireplace, or the quaint historic feel of the neighborhood in which it is found, there is a certain appeal to older property. But purchasing an older home may involve additional work and costs that a newer home may not. With a little research and preparation, however, you may find that purchasing an older property may be the right decision for you. Here are a few things to consider before making an offer on an older home. Age Of The Home Depending on where you live, an older home can mean 30 years to 300 years. Naturally, this is the first point to consider when deciding whether an older home is right for you. The age of the home, the foundation, and the roof can make a big difference in the type of maintenance it will require, how frequently things may need to be replaced, and the difficulty and expense of replacing them. You will also want to know what kinds of materials were used in the construction of the home. Age Of The Features Older homes can sometimes have very old […]
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When purchasing a home, especially for the first time, you are going to encounter a lot of terms and jargon you may never have heard before. “Property survey” is one such term you may encounter in the process, and it is often not considered one of the more important parts of the home buying process, but it is an essential part of any home purchase closing process and should not be overlooked. What Is A Property Survey? A property survey is a document, usually in the form of a map or sketch, that outlines all the prominent features of a property, including the house and the physical boundaries of that property. It can also include other items, such as natural features on the property, including ponds or lakes, and man-made features such as pools. These property surveys must be completed by a professional qualified to carry out a property survey, and usually have to be done within six months of any change of deed. Why Do You Need A Property Survey? In some states a property survey is required for a number of reasons. From the perspective of a home buyer, your mortgage lender will usually want to see a […]
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When we think of selling a home, the services a REALTOR® can provide usually seem worth the cost of their commission, but what about as a buyer? What can a REALTOR® do for you as a home buyer, and is the commission worth the services they can provide? Here are five great reasons you should hire a REALTOR® when you are in the market for a new home! REALTORS® Can Help You Determine Your Budget—With a few simple pieces of information, a REALTOR® can help you pre-determine what kind of budget you may be looking at for your new home, and can match you with potential lenders that are right for you. REALTORS® Have Access To Resources You Don’t—While a lot of real estate listings are available online, there are still resources and listings that are only available through a REALTOR®. If you are looking for something very specific, having their insider knowledge may be crucial to finding that perfect home. REALTORS® Can Read Between The Lines Of Listings—There are a lot of catchy phrases that often appear in home listings, and your agent can tell you what they really mean. REALTORS® Increase Your Negotiating Power—A REALTOR® cannot only increase […]
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Most people who are in the market for a new home are aware of the costs associated with purchasing a home and moving, but closing costs can be expenses that may be overlooked, especially for first-time home buyers. The amount of the closing costs will depend on where you live, the type of home you are purchasing, and the type of mortgage you are going to carry, but in most cases they can equal anywhere from two to four percent of the purchase price of your home. So before planning your home purchase budget, here are some hidden expenses that you may want to include. In general there are two types of closing costs, recurring and non-recurring. Recurring costs include things like fire and flood insurance, property taxes, and mortgage insurance; these are expenses that will have to become part of your monthly budget and in most cases are often anticipated by new home buyers. Non-recurring costs are one-time costs that are associated with closing a home purchase, and in most cases make up the bulk of extra expenses. Non-recurring closing costs usually include: Title Policies Escrow Wire Fees Delivery Attorney Fees Endorsements Recording Transfer Taxes Home Protection Plans Natural […]
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Finding the right house for your family is important, but so is finding the right neighborhood. A kid-friendly neighborhood goes beyond simple safety issues and good schools. It should offer plenty of opportunities for your kids to meet other kids and engage in fun, safe activities. Here are a few ways to spot a kid-friendly area. Look At The Parks Just having a local park nearby isn’t quite enough. Different play structures work for different age groups, and some parks may be run-down or better for different activities. Take a drive past the local parks and look for well-kept play structures and grounds. Also check that the parks offer play structures that are appropriate for your kids’ age group. Many now offer a range of structures for varying ages, allowing kids to enjoy them for many years to come. Keep an eye out for graffiti or litter that may indicate the park is a hangout for people you might not want around your kids. Check For Recreation Beyond parks, a neighborhood that offers recreational opportunities for kids is important. Look for recreation centers, local swimming pools, libraries. and more to indicate that you will be able to keep your kids […]
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