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Posted by Ada Cimpeanu on 12/1/2019

When youíre searching for a home to buy, youíll probably attend many different open houses. The open house is meant to help you get a feel for different properties. While you canít get to know all the ins and outs of a home in a short time, you can get an understanding of some of the best things (and not so great things) about a property. Below, youíll find some of the biggest warning signs that a property may not be all that it appears to be. 


Thereís A Lot Of Odor Masking Elements In Place


When you walk into an open house, you may get the smell of freshly baked cookies or a lovely candle. While these are great marketing techniques, they also can be a tactic to hide things. Perhaps there are some offensive odors in the house from mold, leaks, smoke, or mildew. You may not be prepared to deal with these kinds of problems once you move into a home. 


You Notice Glaring Issues


While the home inspection will reveal many problems that may be invisible to the casual observer, you should still be on the lookout for issues on the surface of the home during the open house. These issues can include cracks in the ceiling or walls, cracks in the floor, or even squeaky floor boards. If you happen to see patchy walls in the home, that could indicate that repairs have been made several times. Be alert for these potential problems.


Does The Home Look Well-Kept?


When you pull up in front of the home is the lawn trim? Does the home appear clean? While everyone would hope that a homeowner would clean up their property before an open house, small and big things like this can indicate a bigger problem. If the home is not cared for on the surface, how many other underlying maintenance issues are there in the home? Neglected regular maintenance can cause larger problems of all kinds in a home.


Strange Cosmetic Fixes


A freshly painted wall could be suspect of a big problem. Under the paint could be mold, cracks, or other issues. Some homeowners do put fresh paint on their walls before selling in order to give the home a neutral feel. However, you should be on the lookout for other signs of problems in the home.          


Channel Your Inner Detective


While you donít need to dig as deep into a home as a home inspector does, you should be on the lookout as you scan a home for the potential livability for you. Things like glaring cracks in the ceiling, or a strong odor of cigarette smoke could be signs of future problems living in the home. The open house is your time to find a home that fits you and your life, so make the most of the opportunity.  





Posted by Ada Cimpeanu on 9/15/2019

Thereís a lot of things to think about before buying a home--some financial, others personal. Most people tend to focus on one or the other. However, both are instrumental in choosing the right house and buying at the right time.

In this article, weíre going to talk about some of the ways you can determine if youíre ready for homeownership. Weíll discuss things like credit scores and down payments, but also important life factors like your career and future plans.

Getting your finances in order

There are a few simple things you can do right now that will help you understand if youíre financially secure enough to start looking at houses. First, youíll want to look up your credit score.

Lenders strongly consider your credit when determining how much risk is involved in lending to you. A higher credit score can not only get you approved for a mortgage, it can lower your interest rate and make you eligible to borrow without having to pay private mortgage insurance.

The amount of money this saves seems trivial in the short term, but over the lifespan of your loan it can save you tens of thousands of dollars. So, read a free credit report and if your credit is lower than 700 start finding ways to improve your credit.

In the meantime, youíll want to save for a down payment. While itís possible to buy a home with a small or no down payment, it can come back to haunt you in the form of interest as you pay off your loan. Furthermore, many lenders wonít pre-approve you unless you make a down payment of a minimum amount (often 20% of the loan).

If you have a high credit score and youíve saved for a down payment, another thing to check off your list would be proving your stable income. This can be difficult for the self-employed, contract workers, or people who have recently changed jobs.

Lenders want to see that you have a stable income history to ensure that youíll be able to pay your mortgage each month. If you recently changed jobs or are in between jobs, it could be to your benefit to wait 3-6 months before getting pre-approved. In that time, you can continue to raise your credit and save for a down payment, further increasing your chances of getting a low-interest loan.

Preparing for homeownership

While the financial aspects of homeownership are important, so are the personal aspects. Youíll want to consider several life factors before buying a home.

First, think about your longterm goals. Do you want to live in the same area for the next 10 to 30 years? Will your career bring you to different regions or will you attend school somewhere else? These questions will help you decide if itís a good time to buy or a better investment to save money while renting.

If you have a family (or plan on having one soon), youíll also have to find a way to balance all of your living needs.

Finally, ask yourself if you have time for homeownership. Many people who are used to renting arenít aware of the amount of time and money it takes to maintain a home. Youíll have more bills, youíll have to mow your own lawn, and youíll be responsible for maintenance of your home.





Posted by Ada Cimpeanu on 8/18/2019

After you complete a condo inspection, you'll need to make a major decision: Should you move forward with your condo purchase or rescind your offer?

Ultimately, there are several important questions to assess before you finalize your decision on a condo, including:

1. What was discovered during the property inspection?

Study the results of a condo inspection closely. By doing so, you'll be able to learn about a condo's strengths and weaknesses and plan accordingly.

A property inspector will evaluate a condo both inside and out. He or she also will provide honest, unbiased feedback, enabling you to make an informed decision about how to proceed with a condo.

Take into account major and minor condo problems that a property inspector discovers. And if this inspector finds minor flaws associated with a condo, you may want to stay the course and move forward with your initial proposal.

On the other hand, if a property inspector finds significant problems with a condo, i.e. issues that may prove to be costly and time-consuming, you may want to consider rescinding your offer. Or, in this case, you can always ask the condo owner to complete property repairs before you finalize a condo purchase.

2. How much will it cost to perform assorted condo repairs?

The costs associated with condo repairs will vary. However, if you allocate the time and resources to learn about condo problems and the costs associated to fix these issues, you may be able to avoid expensive, time-intensive mistakes.

For example, consider what might happen if a property inspector discovers a defective kitchen light switch in a condo. Although this light switch is a problem, the time and costs needed to repair or replace the faulty light switch likely are minimal. As such, a condo buyer may choose to ignore this problem, or a condo owner may be willing to complete the fix quickly.

Conversely, consider what could happen if a property inspector finds that a condo's furnace is defective. It may cost thousands of dollars to fix or replace a faulty furnace. As a result, a condo buyer may ask the property seller to repair or replace the defective furnace. And if the condo owner fails to do so, a buyer may choose to walk away from the condo purchase altogether.

3. Can I enjoy this condo both now and in the future?

It is essential to consider both the short- and long-term ramifications of a condo purchase. That way, a condo buyer can determine whether a property can serve him or her well for years to come.

A property inspection offers valuable information that a buyer can use to assess the pros and cons of purchasing a condo. Furthermore, a condo buyer who works with an experienced real estate agent can get the support needed to make the best decision possible.

Consider the aforementioned questions as you evaluate your options following a condo inspection, and you should have no trouble deciding whether a particular condo is right for you.




Tags: Condo   Buying a home   buyer tips  
Categories: Buying a Home   condo   buying tips  


Posted by Ada Cimpeanu on 8/4/2019

Requesting a home showing usually is a great idea if you find a residence you may want to buy. In addition, there are many things you can do to get the most out of any house showing, at any time.

Now, let's take a look at three tips to help you attend a home showing and determine if a particular residence is right for you.

1. Analyze All Areas of a Home

A home showing enables you to get an up-close look at all areas of a residence. Thus, you should examine each room in a house during a showing so you can envision what life may be like if you acquire this residence.

Don't forget to walk around outside a house, too. By doing so, you can evaluate a home's yard and other outdoor amenities, as well as the condition of a house's roof and siding.

2. Don't Hurry

There is no need to feel rushed during a house showing. Instead, take as much time as you need to walk around a house and perform a full property evaluation.

If you find you still want to know more about a home after a showing, don't stress, either. You can always request a second home showing to further evaluate a residence at your convenience.

3. Ask Questions

A home showing provides an unprecedented learning opportunity. As such, you may want to ask questions as you walk around a house so you can receive instant home insights from a seller's agent.

Furthermore, it is crucial to remember that there is no such thing as a "bad" question. If you are unsure about whether a house suits you perfectly, ask questions about the residence. That way, you can gain the insights you need to make an informed decision about whether to submit an offer to purchase a home or continue your house search.

As you get set to embark on the homebuying journey, you may want to collaborate with a real estate agent as well. This housing market professional can help you prepare for a house showing, along with provide insights into the homebuying journey that you may struggle to obtain elsewhere.

If you view a house with a real estate agent, for example, you can follow up with this housing market professional after the showing. Next, a real estate agent can help you weigh the pros and cons of a residence. And if you decide you have found your dream home, a real estate agent can help you put together a competitive offer to purchase this residence.

For homebuyers who are on the fence about whether to request a house showing, you may want to consult with a real estate agent right away. With a real estate agent at your side, you can get the support you need to streamline the homebuying journey. As a result, you can work with a real estate agent to find and acquire your dream residence without delay.




Categories: Buying a Home   buying tips   showing  


Posted by Ada Cimpeanu on 6/30/2019

If youíre buying a fixer upper, whether you plan to live on the property or flip it, there are plenty of things that youíll need to consider. So you can budget appropriately, below, many of the costs and fees are laid to so that you can see what youíll need to budget for when rehabilitating a home.



The Overall Costs


The costs that youíll incur in buying and finishing a home that needs to be rehabilitated are as follows:


  • The team needed for rehabilitation
  • The purchase price of the property
  • The cost of owning the property
  • The cost of selling the property (if you plan on flipping the home)


The Team


The people that you put together to rehab your home will be very important to the entire rehabilitation process. You should take the time to research each person that youíre hiring to be sure that they are a good fit for the job.


Professionals who will be involved in the process include:


  • Lender
  • Attorney
  • Realtor
  • Contractor 
  • Insurance agent
  • Home inspector


You can ask your realtor or other trusted contacts for recommendations. Putting a team in place helps to make the entire, sometimes cumbersome process of house rehabilitation a bit smoother. 


Buying The Property


These costs are pretty standard as if you were buying any other home. Youíll need to pay closing costs, attorneys fees, realtor fees, and more. Costs typically included in a home purchase are:


  • Inspection
  • Purchase price
  • Closing costs
  • Appraisal


You should budget for all of these typical home buying costs when buying a rehab home. 


The Costs Of Home Rehabilitation


This is where things get expensive. Youíll need to first pay a contractor just to consult with them to see how they will create your vision for the property. You could also take another route an consult with a home inspector who has experience in construction. They can give you an idea of what the construction expense will be and what needs to be addressed. 


When you do get to meet with contractors, youíll want to understand their construction experience and feel comfortable that they can produce the work that you need at a high level of quality.  


Owning A Home


Once you have the home in need of rehabilitation in your possession, youíll need to pay the typical costs of any homeowner. These include:


  • Mortgage payments
  • Taxes
  • Insurance
  • Utilities
  • Maintenance


Even if youíre not currently occupying the home, once the property is purchased, all of these costs will need to be covered and considered. 


If you decide to flip the property and sell it, youíll need to consider additional costs including realtorís fees and other closing costs.