10 Tips Every Homebuyer Needs to Know

Buying a home can be confusing, especially for first-time homebuyers.
While it will never be a quick and easy process, there are answers to several questions that if understood up-front can ease the worry and tension.

These ten tips are designed to demystify the process and help you better understand what you can expect from contract to closing

10 Tips Every Homebuyer Needs to Know

1. Determine Your Needs

The process of purchasing a home can be especially daunting if you don’t take the time to determine your needs. A real estate professional will be able to best assist you if you are willing to answer a few important questions:

• What is your current lifestyle and how will that play into the neighborhood or community you choose? e.g. sports enthusiast that requires hiking trails within the neighborhood
• Size of home including bedrooms, bathrooms, and specialty rooms such as media or pool room.
• Style of home: Ranch vs. Two-Story and Tudor vs. Cape Cod

2. Consider the Cost of Homeownership

There are various financial commitments to consider, most importantly how a new home will fit into your budget.
You need to ensure that you can afford the monthly mortgage payment, as well as any expenses including utilities and/or possible homeowner’s association fees.

3. Interview a Real Estate Professional

The interview process is one of the important first steps in buying a home. An experienced sales associate will be eager to share their expertise and skills so you can make an educated decision.
Ask for references and listen to what other people have to say about their experiences with a particular agent. Ultimately, you want to find someone that knows your area, has a good grasp on current market conditions and that you feel comfortable with.

4. Decide if You Will Build or Buy Resale

Are you going to buy an existing home or build something new? There are pros and cons to both, with each a reflection of your lifestyle and needs.
This calls for thorough research to identify which of the above is beneficial to you as an aspiring homeowner.

5. Location, Location, Location

Location is one of the key factors to consider in any home purchase. Make sure that you buy a home in areas where the value of

6. Understand Mortgage Options

Speak with a mortgage professional about your options and make sure to share details about your current financial situation, including your monthly budget for a new home. They will be able to offer guidance on which loan program will work best for you.

7. The Benefits of a Home Inspection

A home inspector will inspect the home prior to purchase to examine for structural and safety issues. An inspection is not required, but a wise choice as it will determine if the home is structurally sound and wiring and pluming are up to code.
They will also check for safety hazards, including loose railings, rotted or damaged porch or entryway steps and broken windows.

8. Get Everything in Writing

The best way to protect yourself is to ensure that every part of your transaction is captured in writing. An example of this would be repairs the seller agrees to make prior to closing.
Your real estate professional is there to make certain those repairs are added to an addendum which becomes a part of the purchase agreement. You do not want to have a casual conversation with the seller that could be left to interpretation when it comes to the largest purchase you will probably ever make.

9. Finalize the Purchase

To avoid problems at the closing table, make sure you have a clear understanding of what to expect. Go through your loan details one last time so there are no surprises when it comes to interest rate, loan amount or mortgage term.
There will be a substantial amount of paperwork to sign so give yourself plenty of time to adequately review the details.

 

10. Home Improvements

Your home is a valuable asset. Once you close, continue to put aside money on a monthly basis for any necessary repairs or maintenance.
It’s also important to note that certain upgrades may contribute to lower insurance premiums. This makes it important for you to stay in touch with your real estate professional. They can provide guidance on value boosting renovations.

by Rebekah Radice

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Deborah Perkins
Keller Williams Legacy Group
330-592-8785

http://www.dsperkinshomes.com/
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How Do You Keep Your Home Safe During the Selling Process?

Selling your home isn’t easy. Getting your home ready, staging it, finding a realtor… the “To Do” list seems to go on and on!  Although you have a lot to worry about, the payoff at the end is well worth it. One major consideration, however, when it comes time to sell your home is how you’re going to protect your valuables and keep your family and property safe. 

 

Unfortunately, some people use the opportunity of an open house to scout out homes for valuable items, or to plan future break-ins. During a time where it is inevitable to have an influx of people coming through your home, here are the best ways to keep yourself (and your stuff!) safe: 

 

-  Install a security system

 

You don’t need the security system of Fort Knox to keep you and your family protected. There are plenty of affordable options for security systems when you are trying to sell your home. 

There are few people that wouldn’t benefit from having a security system installed in their home, regardless of where you live. Especially when you consider that selling your home means having a bunch of people coming through your home and looking around, installing a security system can give you some extra peace of mind.

An added bonus? Home buyers like to see that you’ve already installed a security system, so it will add to the resale value of your home. 

 

-  Never leave valuables visible

 

Although you want to stage your home in a way that makes it appealing to home buyers, never leave anything valuable in plain sight. This may be a good time to invest in a storage facility, safety deposit box, or even a safe to hold your jewelry and other valuables. Even though you want your home to look great during this time, you don’t want to highlight anything valuable that might attract unwanted attention. 

Remove all family pictures when staging your home, as well. While pictures can be distracting to a buyer who’s trying to imagine the home as “theirs”, you also don’t want people to know what your children look like – and, potentially, become targets.

 

-  Check the doors and windows after every showing

 

One trick that intruders use is to unlock back doors or windows so they can return later and steal things. So, after every single showing, double-check that all of your windows and side doors have not been unlocked. If for some reason, something has been disturbed, alert your realtor ASAP. Ask them if there is any reason, they might have opened a window, and let them know to be cautious about the people that were in your home. 

 

-  Check the references on your realtor

 

You should always check into your realtor before you hire them to make sure that there hasn’t been any kind of previous incident. You also want to make sure that your realtor does their homework on the people that they are bringing into your home. Your realtor should prequalify anyone that they give a private tour to. After all, safety first!

 

Realtypin.com Author: Daniel Torelli

June 22, 2013

Avoiding five mistakes that even good homeowners make

Avoiding five mistakes that even good homeowners make.

Have you ever accidentally left a candle burning unattended? Or left home without turning on the security system? You probably made a mental note to yourself to not do it again, but otherwise didn’t think much about it. But next time, you might not get so lucky.
A simple “uh oh" could lead to thousands of dollars in damage to your home. "We recommend homeowners adopt a mindset of thinking about the consequences of things, of what could go wrong," says Dr. Tim Reinhold, senior vice president of research and chief engineer for the Insurance Institute for Business & Home Safety. Here are five tips to avoid common homeowner mistakes:

 Tip 1: Clean out the filter on your clothes dryer Why? Fire. Those wads of lint that get caught in your dryer’s filter can pose a major fire hazard. The U.S. Consumer Product Safety Commission estimates that dryers cause more than 15,000 fires a year. Your strategy: Be sure to completely empty the lint trap every time you use your dryer. Also, make sure your dryer ducts are metal, since they’re less likely to sag and allow lint to build up.



 Tip 2: Trim tree branches that hang close to your home 
Why? Roof or other property damage. A storm or high winds could sweep through your neighborhood and knock those branches onto your roof, causing serious damage. Your strategy: Consult an arborist or tree surgeon about any trees in your yard that might present a hazard.


 Tip 3: Don’t put cardboard boxes from recent big-ticket purchases out on the curb with the garbage Why? Theft. By placing boxes in a visible location, you’re sending a signal to burglars that you have valuable items in your home. Your strategy: Cut boxes up and put them into the garbage or recycling bin.


 Tip 4: Make your house look occupied when you’re on vacation Why? Theft. An empty home can be an easy target for thieves. Your strategy. Have your mail and newspaper deliveries suspended or have a trusted neighbor retrieve and safeguard them until your return. “Not only do piles of mail signal that a house is vacant, but thieves can sift through letters to steal your identity," says Joe Vahey, vice president at Erie Insurance. "You also may want to arrange for someone to maintain your lawn if you’ll be gone for more than a few days, and consider installing central alarms, motion detectors, or timed lights that will illuminate the area around your house at night."


 Tip 5. Check appliance water hoses Why: Water damage. Hoses for washers and refrigerators wear out and need to be replaced before they spring a leak. The water supply line to the ice maker can also be a water leak waiting to happen. Your strategy: Replace washing machine hoses every five years. If you see the plastic line along the back of the refrigerator becoming discolored (yellow or brown), have an appliance repair expert check it out.


 Despite your best efforts to properly maintain and protect your home, accidents and mishaps still happen, which is why it’s also important to know what your homeowners insurance does, and doesn’t, cover. For example, no homeowners insurance will cover flood damage from natural disasters, so you may want to seek federal flood insurance if you live in an area prone to flooding. In addition, check to see if yours is a guaranteed replacement cost policy, which would pay to rebuild your home if it’s severely damaged or destroyed. The coverage is rare, but some companies like Erie Insurance include it in their standard homeowners policies.

 For more information on homeowners insurance, visit www.erieinsurance.com/homeowners.

 Courtesy of BPT 07/24/13

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14 Things to Consider When Buying a Home

Don't let emotions cloud your judgement

Wait! That house may seem like everything you’ve ever wanted, but before you make an offer, take some time to consider a few things beyond the size, style and price. 

When buying a home, it’s easy to let emotions get in the way of reality, or get sudden amnesia about factors that may make a difference.

"Sometimes we want something so badly, we’re not willing to ask all the questions we should,” says Leslie Levine, author of "Will This Place Ever Feel Like Home?"

For instance, she says, you may see a basketball hoop over the garage and assume the neighborhood is great for kids. But a closer inspection may show that it’s rusted and hasn’t seen a ball in a decade, and that other yards in the neighborhood have no jungle gyms or tire swings out back.

1. Visit at various times of day
The windows that let in so much light during the day may be a peeping Tom’s dream at night. That seemingly quiet residential street may be a noisy, highway-feeder street during morning or evening rush hour; or it may be near impossible to get from your quiet street across traffic and onto the feeder street in the morning. The adjacent school may seem like a nice perk if you’re buying in the summer, but during the school year, daily playground noise and extra traffic may be more than you bargained for.

2. Look through recent newspaper archives
“Make sure you’re getting information on what you can’t see,” Levine suggests. Perhaps the municipal water well that feeds your neighborhood has high levels of contaminants or a proposed high-voltage power line may soon be coming through your back yard. You can also check with the city or county to see if there are any proposed projects.

3. Talk to neighbors
How many people in the neighborhood own their homes? Sometimes it’s hard to tell at first if you’re choosing a neighborhood that’s primarily rental houses

4. Ask if the neighborhood has an association

“Is there a newsletter for it? How often does the neighborhood get together? Do they have a block party every year?” Levine asks. “Even if you don’t plan to attend, the fact that they’re having a gathering says they care about their community, that they want to get to know each other, that they’re willing to socialize that way. People who behave that way are building a community. They’re going to look out for your kids; they’re going to look out for your house. It’s a nice, safe way to celebrate something.”

5. Quiz the sellers What problems are they aware of that the house had in the past – even if they’ve been fixed? An ice dam five years ago may have caused water damage that has since been repaired. But it’s good to know that the house may be prone to ice dams so you can take preventive measures rather than find out the hard way. Discovering the basement flooding was solved by building up the landscaping in a particular area will prevent you from leveling the ground there in later years.

6. Get a home inspection
Virtually all houses have defects, according to National Association of Exclusive Buyers Agents. Some will be obvious and most will be curable. But knowing what needs fixing can help you negotiate a lower price – or at least prepare you for costs you’re soon to incur. Strongly consider getting inspections, too, for lead paint, radon and wood-eating pests.

7. Get detailed records on past improvements This isn’t always possible. But if you’re told the house’s exterior was painted two years ago – and then see a receipt noting the whole project cost just $1,000 – then you’ll be forewarned that cheaper materials were used and that you may be looking at repainting sooner than you thought.

8. Don’t just assume remodeling will be a snap If you voice your ideas to the sellers, you may be able to glean valuable insights. For instance, perhaps that shower is in an odd location because, when remodeling 10 years ago, the previous owners discovered a costly structural impediment to putting a shower where it would seem more appropriate.

9. Consider the view “So many neighborhoods now have teardowns. So look at the two houses on either side of you. If this neighborhood has had some teardowns, one of those houses might be a candidate. And they may build some behemoth structure that affects your light or the way your house looks or your view,” Levine says.

10. Ask for utility bills You may adore the Cape Cod architectural style or the high ceilings and walls of glass in a modern home – but those winter heating and summer cooling bills may push your monthly payments beyond affordable. Ditto for the water bills you’ll pay to maintain a pristine landscape.

11. Pay close attention to taxes
Don’t just ask what the seller’s most recent tax bill was; ask what several recent tax bills have been. In some areas, houses are re-appraised – and taxed at higher rates – frequently. That great deal and good investment may not seem quite so grand if the property taxes skyrocket year after year. Again, look at newspaper archives or talk to your Realtor about the way taxes are used in this area. In some cities, schools are substantially funded through property taxes – which means you can count on yours increasing regularly.

12. Check with city hall
NAEBA recommends looking into the property’s and neighborhood’s zoning, as well as any potential easements, liens or other restrictions relating to your property. The seller should disclose these facts, but it’s better to be safe. If you’re using a buyer’s agent, he or she should be able to help you with this.

13. Reconsider the bells and whistles
Are you sure you can live with a one-car garage, or a detached garage, or on-street parking? The pool may be a nice bonus, but can you afford the upkeep?

14. Explore the surrounding area If you’re not just making a cross-town move, you may not know that only three blocks away, this pretty neighborhood backs up to a dumpy commercial area or a less-than-savory part of town. If the home is near an airport, fire station, police station, hospital or railroad track, expect to hear trains, planes or ambulances throughout the day and night. Make sure you’re not too close to an agricultural area that may generate odors or kick up dust or other airborne problems.

By Diane Benson Harrington