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home buying tips: The Importance of Location When Buying a Home - 12/28/11 12:33 PM
 
The Importance of Location When Buying a Home
Most have heard the Realtor® adage, “The three most important aspects of real estate are: location, location, location. And while we may smile when hearing it and even acknowledge the importance, many purchases are made without considering ALL the factors associated with location.
 
Those shopping for a home will consider whether the home in an area where they want to live, measuring the property’s distance from work, shopping, schools and churches. Just checking distances, however, shouldn’t be the end of the research. Buyers should check the drive to work during … (5 comments)

home buying tips: The Age Factor in Homebuying - 12/19/11 01:00 PM
 
While the age of a home denotes how long the structural members have been in place, the actual number of years means little or nothing.  As with humans, age is relative; and sometimes a fifty-year old home is in better condition than one that is only a couple of years old.  Rather than age, the important aspects are determining whether or not the home meets your needs, confirming its condition and having it in a convenient and desirable location. 
 
There is one area where age may help to point out potential problems and that is in being aware … (53 comments)

home buying tips: Lipstick on a Pig – Understanding the Dangers of Rehabbed Foreclosures - 04/08/11 07:00 PM
Lipstick on a Pig – Understanding the Dangers of Rehabbed Foreclosures
 
With millions of homes having been lost to foreclosure and millions more to come, savvy “investors” may purchase some of the best deals with the intention of turning them for a quick profit.  Unfortunately, some of those “investors” have little knowledge of construction and use their skills as “make-up artists” to put lipstick on what might otherwise be seen as a pig, a home with serious or even dangerous defects. 
 
Homes that have gone through the foreclosure process have often been neglected by owners who lack the … (83 comments)

home buying tips: I’m Thinking About Buying a Foreclosure and The Bank Won’t Make Repairs, Should I Get an Inspection Anyway? - 01/05/11 08:13 PM
A recent visitor to TheHousingGuru.com asked the following question: “I’m thinking about buying a foreclosure and the bank won’t make repairs, should I get an inspection anyway?"
 
Yes, you should absolutely get the home inspected, and here’s why.  While the bank may not be willing to make repairs—though they will sometimes do so even after saying no—you could avoid purchasing a home that might become a “money-pit.”  The home might have serious hidden defects that only a trained inspector can find. 
 
If, for instance, you discover that the home has a foundation or settling problem, it could cost … (52 comments)

home buying tips: Should You Buy a Home if Prices are Likely to Decline? - 08/13/10 12:48 PM
Should you buy a home if prices are likely to decline? While it’s easy to provide a quick answer to that question, providing the best answer takes some consideration. Some who choose to purchase a home in today’s market will reap little more than disappointment, while others may reap huge rewards. There is no “one size fits all” answer. If you need shelter; if you like the advantages of home ownership; and if you’re willing to do your homework prior to purchasing, it could be a great time to buy. Part of that homework begins by considering the following:  Read full … (15 comments)

home buying tips: Trees Add Dollar Value To Real Estate - 06/07/10 01:54 PM
While home buyers are often attracted to homes with large trees, they may not realize that trees add dollar value to real estate. And the benefits are more than emotional. The folks at Davey Tree Experts have an interesting TOOL on their website that allows homeowners to calculate the dollar value of their trees, and the value is divided into several categories. And while the totals are generalized and somewhat subjective, the calculator provides an idea of the many values of trees.
 

Value is based upon:
 
Storm water management
Electrical consumption
Natural gas or other fuel consumption … (14 comments)

home buying tips: Is Housing Still A Great Investment? - 03/31/10 04:58 PM
With home prices and sales remaining in a serious slump, is housing still a great investment? The short and disappointing answer is: No, housing in general isn’t now, nor has it ever been a great investment. But the long answer is somewhat more complicated and offers hope for homeowners or those who look to becoming a part of the “landed gentry.”
 
For more than a century, except for the period between 1987 and 2006, home prices, adjusted for inflation, have remained basically flat. And during the boom, inflation adjusted prices only grew by about 3%. But if that’s the case, … (10 comments)

home buying tips: Ten Home Buying Myths Exploded - 03/15/10 06:23 AM
1. I don’t need a real estate agent. No, and it’s possible to do your own tooth extraction too, but not necessarily a great idea. A professional and experienced real estate agent can offer guidance about the neighborhood and its potential negatives, will understand pricing, and can help buyers structure the best offer. A qualified agent can help find the best financing deals and can provide assistance in maneuvering the sometimes “bumpy” road to closing.
 
2. I will save money if I purchase a FSBO. You might, but you could just as easily pay more than the home is worth. … (26 comments)

home buying tips: Six Things To Check Before Signing A Contract With A Builder - 03/08/10 04:33 PM
1. Read the builder contract thoroughly. Some builders have their own sales force and will require buyers to use their internal contract form. Such contracts are ALWAYS written in the builder’s favor. Read IT and get explanations for anything you don’t understand. Look for any stipulations with which you disagree.
 
2. Make certain your purchase offer includes everything you want. Everything of importance must be written in the contract. Verbal promises from the builder’s representative are not binding. While the builder’s agent may not knowingly attempt to deceive you, the builder’s obligation is to meet only those terms and conditions … (13 comments)

home buying tips: Ignoring The Facts Won't Restore The Housing Market - 02/28/10 11:24 AM
In a post I did a couple of days ago, Six Reasons Why The Housing Market Peaks Will Not Return, I outlined reasons why I don't anticipate a return the glory days of the past decade; and while most seemed to understand my purpose for writing the post, some suggested that I should refrain from such "gloom and doom" projections.
 
Some even suggested that I had some sort of agenda, that I would somehow benefit by creating negative expectations. Strangely, I’ve been criticized when I pointed out opportunities in the housing market and as well as those times I advised … (10 comments)

home buying tips: The Best Of Times Or The Worst Of Times To Buy A Home? - 02/05/10 08:40 AM
All the confusing information about the economy and housing market has left potential home buyers scratching their heads and wondering, if this is the best of times or the worst of times to buy a home? Recent news reports have shown charts that demonstrate how renting may be significantly less expensive than buying. Others may point to the dangers of further declines in home prices. What’s a buyer to do?
 
The answer, may seem complicated as a whole, but is actually quite simple for the individual. If you find the home you need at a attractive price that you can … (26 comments)

home buying tips: The Recession May Compel More Homeowners To Downsize - 01/22/10 02:31 PM
It now appears that the recession may compel more homeowners to downsize. With a growing number having difficulty paying for and maintaining their McMansions, some are looking for smaller more energy efficient homes in an attempt to reduce both their monthly housing expenses and the physical effort required in taking care of larger homes.
 
Recent studies seem to indicate that both young and old are willing to give up the prestige associated with large, expensive homes in order to gain financial security and personal time. In just the past two years the median home size has decreased by almost 10%. … (15 comments)

home buying tips: Considering The Purchase Of A Home Warranty? - 01/18/10 07:23 PM

If you are planning the purchase of a resale home, you may be considering the purchase of a home warranty. While home warranties offer peace of mind, the important issue is whether or not you’ll have coverage when you need it. It’s important to understand the home warranty coverage you are buying and its limitations or exclusions.
 
If having a home warranty is important to you, you should read the policy or brochure carefully. While one company may offer coverage for serious structural defects and mechanical systems, another may cover mechanical systems and appliances, but eliminate coverage for the … (18 comments)

home buying tips: Why Should I Use A Realtor®? - 11/24/09 05:39 PM
Many of those considering buying a home struggle with the question: Why should I use a Realtor®? While some assume they can save thousands by eliminating an agent's commission, others feel that the services of a real estate professional are no longer relevant in today’s tech savvy society. I strongly disagree.

I’m not an agent, have never held a real estate license, and have no vested interest in promoting the real estate profession. What I do is offer the advice of four decades of experience in real estate transactions. During my career I have bought and sold hundreds of properties, … (10 comments)

home buying tips: Check Out Your Builder Before Giving Them Your Money - 11/04/09 03:39 PM
• Have your prospective builder give you a list of recent clients. You’ll need to see several examples of their finished product and should talk to previous customers. Ask about the building process. Were completion dates met? Did the builder comply with the terms of the contract? Were there significant problems or disputes during construction and, if so, did the builder make a sincere effort to resolve them fairly? Was the final walk-through checklist completed as promised? Ask how the builder has handled warranty complaints. Are responses made in a timely fashion? Is the builder sensitive to emergency situations and do … (18 comments)

home buying tips: Buying A Home? Be Alert For Sellers’ Tricks - 11/01/09 06:56 PM
Some owners in their eagerness to sell their homes may use subtle and sometimes not so subtle, gimmicks to entice you to buy their home. While some of their tactics are innocent ploys intended to create an attractive atmosphere within their home, others are more devious, sometimes even fraudulent, deliberately attempting to conceal defects or problems.
 
Prior to listing a home for sale, owners are required to fill out a disclosure statement, providing information about the home’s age, condition, systems, and past or current problems of which the owner is aware.
 
Once an offer to purchase is made, buyers … (13 comments)

home buying tips: Wood or Fake Wood Siding? - 11/01/09 05:56 PM
Real wood siding is both beautiful and durable, and properly maintained it will last for centuries. However, as wood prices have increased, the demand for alternative materials spawned a new industry, the production of composite siding that had the look but not the expense of real wood. The composite products filled the need for an attractive, inexpensive, and easily installed alternative to natural wood, and during the past thirty years were applied to millions of homes. Such siding is manufactured through a process of mixing wood chips or fibers with resins, and compressing the mixture under extreme pressure. The resulting product … (6 comments)

home buying tips: Buying A House? Check The Zoning - 11/01/09 11:33 AM
Once you’ve found a potential property, check the zoning for both the property and the surrounding area. Your Realtor® can help you with this. Most municipalities have zoning laws to control the manner in which real estate may be used, and such laws generally benefit everyone. Zoning laws determine the density of housing in residential areas, the types of businesses allowed in commercial areas, and the proximity of commercial to residential.
 
Want to keep horses on your property, rent a room in your basement, give piano lessons in your home, offer accounting or other services from your home office, or … (4 comments)

home buying tips: What All Home Buyers Should Know About Neighborhood Recreation Facilities - 10/27/09 09:07 PM
If you are purchasing in a planned development, there may be a recreational facility, or one may be planned for the neighborhood. While such amenities are great, you must familiarize yourself with the facility, the management, and the documents pertaining to the facility. If the recreational package is planned but not yet constructed, find out what guarantees exist to insure construction. Builders and developers with the best of intentions sometimes get caught in adverse market conditions—such as the past two years—and find themselves short of cash. Good intentions will not construct a facility costing hundreds of thousands or even millions of … (12 comments)

home buying tips: What Are Restrictive Covenants? - 10/23/09 10:11 AM
What are restrictive covenants?  The key word here is “restrictive.” Homebuyers considering a purchase in a neighborhood with restrictive covenants should pay special attention to these documents. An outline of those areas where there may be limitations upon what you as a homeowner can do to or with your property, the document in some cases grants wide-ranging authority to the neighborhood association. Some of the most common items addressed are: fences, exterior modifications or painting, landscaping, storage buildings, outside antennas, displays, signage, and vehicle parking.
 
And don’t think you can just ignore the covenants. A well-crafted document grants the neighborhood … (10 comments)

 

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