buy your first home: Eliminate Consumer Debt
- 08/05/14 01:08 PM
Get your credit card balances as low as possible, and consumer debt paid off. What are the best ways to eliminate consumer debt?
Pay off consumer debt by making extra principal payments Do NOT make any purchases on credit Do NOT apply for credit cards Here is my challenge to you: Pay off your consumer debt this year. Consumer debt is any credit account you use to buy electronic goods, household furniture, vacations, clothing and jewelry, Christmas presents, or anything that is not considered an asset.
Your house is an asset that should be appreciating in value. On the other hand, … (5 comments)
|
buy your first home: When viewing homes, remember to be respectful
- 08/01/14 02:58 AM
Always be respectful inside a homeowner's personal residence. Do not touch things, do not sit on their furniture, do not open their refrigerator, and do not peek inside drawers, cupboards, or medicine chests. Hopefully, you did not bring your children with you, but if you did, make sure they do not touch ANYTHING. It is nearly impossible for children to keep their hands to themselves. They just get so excited when they see new things, and cannot resist playing with them!
If the residents have cats or dogs, be aware of the family’s wishes and be mindful not to let the pets … (0 comments)
|
buy your first home: Can You Take Photos?
- 07/29/14 03:00 PM
Everyone has a camera or a video recorder on their mobile phone. People are taking pictures and video everywhere they go, so it just seems natural to want to take photos of a house you may purchase. But you should take photos of the homes only if you have written permission from the residents.
It is usually okay to take a photo of the house from the street because that is something the public can easily see. Besides, the photo of the front of the house is probably on Google maps already anyway.
However, to take photos of the interior, you should get … (8 comments)
|
buy your first home: Review the Inspection Results with your REALTOR®
- 07/05/14 12:38 AM
Since you went to the home inspection and met the home inspector, you already know what to expect on the report. If you could not attend the home inspection, your REALTOR® can give you a summary of what the inspector found. Most home inspection reports are completed within 2 days after the inspection, and the report will be emailed to you.
When you receive the report, read it, and write down your concerns. Your home inspector should have given thorough explanations and taken plenty of pictures so you can easily understand the report. Ask your real estate advisor or the home inspector … (5 comments)
|
buy your first home: Don't Skip the Home Inspections!
- 07/01/14 12:05 PM
If you’re crunched for time, you may be tempted to take a short cut and NOT order an inspection. Always get an inspection by a quality home inspector, even if your prospective home is brand new! Why? Because all homes have issues, and no house is built perfectly. Mike Holmes in his book, “The Holmes Inspection” reveals why brand new houses may have defects.
And be sure to check the credentials, experience, and knowledge of your inspector. Remember that if you get your uncle, who’s a building contractor, to take a look, he’s not properly trained in all the aspects needed … (0 comments)
|
buy your first home: Include others in the decision-making process from the beginning
- 06/19/14 09:53 PM
Do you have anyone helping you with the down payment or to qualify for the loan? Remember to tell your real estate agent right up front that you will need to include these decision-makers in the process.
If you are a family of one (in other words, a sigle person) and you are purchasing solo, get advice and input from someone you trust. For example, your mom, your dad, your brother, your sister, or your best friend. Remember that while these folks are giving you advice, they do not have any legal obligations and your loan will be 100% in your name. … (2 comments)
|
buy your first home: Include Decision-Makers
- 06/18/14 11:22 PM
A decision-maker is anyone who will be financially invested, approving your decisions, or applying as a co-borrower on the loan with you. If your parents are gifting you money for a down payment, they are probably decision-makers who may want to be involved in the home search process. So be sure to keep them in the “loop” every step of the way.
Let your REALTOR® know if anyone else will be approving of your home purchase.
If Mom or Dad are gifting you money for your down payment, I will bet they want to be involved in the house hunting, right? They want … (0 comments)
|
buy your first home: Row Houses or Attached Houses
- 06/12/14 03:34 PM
A hallmark of East Coast housing, row homes are 3 or more houses built in a row that share common side walls with each other, but each home is individually owned. These charming old-style homes are built alike, giving the neighborhood a stylish look of uniformity that is still rich in character. Row homes are built on long, narrow lots and are renowned for their historic appeal in downtown metro areas. Typically each home has 2 stories, plus an attic and a basement.
Other names for row houses are row homes, terrace houses, patio houses, or townhouses. These side-by-side houses are … (2 comments)
|
buy your first home: What is a CID / PUD?
- 06/10/14 08:17 PM
CID stands for Common Interest Development homes, referred to as PUD (Planned Unit Development) in some areas. Typically, homes are stick-built single-family or twin homes on their own lots. These homes are in planned neighborhoods with a Home Owners Association (HOA). They feature commonly-owned amenities such as a swimming pool, shared open spaces, or recreational facilities (for example, a tennis court). This private community may be gated.
A CID or PUD is often a detached home with a home owners association. In addition to any amenities such as a swimming pool, the HOA community may own roads and sidewalks. The HOA fees … (7 comments)
|
buy your first home: Bank Owned Property
- 05/29/14 11:49 AM
Buying a foreclosure sounds like a great way to get a bargain priced home, doesn’t it? And if you could buy a first-rate home at a low-end price, wouldn’t everyone do that! Buying an REO (bank-owned property) is not as easy as you may think. There are not many bank-owned houses available for sale. The good ones get scooped up immediately, and the houses left on the market often have problems: overpriced, poor condition, bad neighborhood, uncooperative agent, or uncooperative seller.
I believe it’s important to work with a seller who cares about the quality of the home and about your … (3 comments)
|
buy your first home: Why would buyers purchase a fixer-upper house?
- 05/28/14 11:47 AM
A fixer-upper is a house that is run-down and needs repairs. The reasons vary, but often it’s because home owners want to:
Earn “sweat equity” by purchasing a fixer-upper home doing the improvements themselves. They are trying to save money by purchasing a house with upside potential. Put their own personal decorating touch on the home, and re-design it to their custom standards. They want to do their own improvements. Enjoy doing projects. Some folks simply like DIY projects around the house. While buying a “handyman special” sounds like a good concept, there are some challenges that make “fixers” NOT ideal … (0 comments)
|
buy your first home: Income fluctuation
- 04/17/14 04:51 PM
Advice for 2-income families: a good rule of thumb is to buy what you can afford with only 1 income. Of course, you probably won’t get the most luxurious home, but you'll have stability knowing that you will be able to survive any future life decision or financial hurdle.
I often see young buyers (with no children) purchase a large, expensive home that requires 2 incomes. After they move in, the wife gets pregnant and decides to stop working so she can be a full-time mom at home with her baby. Unfortunately, she can’t stop working because the mortgage payment is excessive. … (2 comments)
|
buy your first home: Pursue your dream of home ownership
- 04/15/14 10:32 AM
Change your mindset and your vision. Picture yourself as a homeowner, not a renter. Start by visualizing yourself in your own home. What type of neighborhood will you live in? What will your home look like? How excited will you feel when you design it in your favorite style? How grateful will you be each month when you pay your mortgage loan? Think how peaceful your family will be when they can relax and enjoy their home.
When is the best time to buy a home? It is now! However, it doesn't happen overnight, so start preparing today. It may be … (0 comments)
|
buy your first home: Faucet Styles
- 04/09/14 07:23 AM
Faucet styles include the following:
Low arc spout – the spout projects horizontally in this classic design High arc spout – the spout curves up and down graciously in an upside-down “U” shape. Mid arc spout – the spout curves upwards gently Pull-out spray nozzle – this traditional style allows you to use the faucet regularly, or you can pull down the nozzle. Great for washing vegetables or cleaning dishes without having a separate spray nozzle on the side of the sink.
Pull down spray nozzle – this high arc spout also has a nozzle that can be pulled (down, … (0 comments)
|
buy your first home: Selecting a Mortgage Lender
- 04/03/14 02:04 PM
Select a mortgage lender who is a member of a respected professional association. Just like your real estate agent should belong to his or her local REALTOR® association, verify that your mortgage lender is a member of a professional association for mortgage lenders which upholds high standards. Below are professional associations:
NAMP National Association of Mortgage Professionals - www.namp.org NAMB National Association of Mortgage Bankers - www.namb.org MBAA Mortgage Bankers Association - www.mbaa.org These organizations emphasize that their members uphold high ethical and professional standards. Because they require accountability, the borrowers benefit from higher quality service standards. By hiring a lender … (2 comments)
|
buy your first home: About mortgage loans and lenders
- 03/31/14 07:36 PM
Some buyers are able to get the seller to finance their home purchase, but most sellers are not in a position to do that. Perhaps you’re thinking about asking the seller to finance your home by taking back a loan for part of the purchase price. Seller financing is called “seller carry back” and it used to be a common type of “creative financing”. Today this “creative financing” technique isn’t utilized very often. If the seller does help you, make sure you get the loan prepared by a qualified attorney, and get the note properly recorded at close of escrow.
But … (0 comments)
|
buy your first home: It is all yours!
- 03/02/14 07:52 PM
The main reason to buy a home is that it is all yours! You can paint it. You can put up pictures. You can improve it your way. You can install new appliances. You can renovate with new carpets or hardwood floors. You can add a patio and barbecue in the back yard. Go ahead and decorate, remodel, or add on an extra room for your expanding family.
Renters have many rules and restrictions to follow. Maybe you want to have a pet but your landlord says “no”. Perhaps your ailing grandmother wants to come live with you so you can take … (2 comments)
|
buy your first home: Anticipated appreciation
- 02/27/14 01:43 PM
This is why many homeowners invest in a house and think of it as an investment. Although, I would caution you NOT to buy a house solely for future appreciation, because the house may depreciate in the short term, depending on the market.
However, studies have shown that during the long term, homeowners will often realize an appreciation rate of about 5% per year. That is why we talk about buying and owning for the long term. Renters do not build wealth. Home owners do.
We advise you to think long-term when you purchase your home and plan to stay in the home … (2 comments)
|
buy your first home: HOAs and CC&Rs
- 02/21/14 12:08 AM
Condominiums and CIDs / PUDs typically have HOAs, CC&Rs, and additional rules, which residents must follow.
CC&Rs stand for Conditions, Covenants, and Restrictions, which are formal rules that govern the homeowners. The CC&Rs are often filed in the public records with each property recording when the home is first built and sold. The new home developer is responsible for creating the CC&Rs and getting them approved before selling the house to the home buyer.
HOA stands for Home Owners Association. Each homeowner is a member of the HOA and is required to pay dues. HOA fees may include the cost to maintain the … (2 comments)
|
buy your first home: Purchasing a Manufactured Home
- 02/18/14 02:47 PM
Here are a few things to consider before purchasing a manufactured home:
Leased land or rented land?
Manufactured homes on leased land are less expensive. They are less valuable because you only own your “coach” and not the land. You will have to pay monthly rent to the land owner. The rent may be limited by rent control, or it may be costly, depending on the specific mobile home park.
Manufactured homes on owned land, on the other hand, cost more because they include the land. Instead of paying rent, you will pay monthly HOA dues to the Home Owners Association, which is much … (0 comments)
|
|
|
|
Get your credit card balances as low as possible, and consumer debt paid off. What are the best ways to eliminate consumer debt?
;)
;)
;)
