Jun 16, 2015 | Home Buyer Tips
Finding the perfect home to purchase is easier said than done, and savvy home buyers understand the importance of researching the neighborhood as well as the home. All home buyers have unique things that they are looking for in an ideal neighborhood, and these factors will play a major role in how enjoyable a homeowner’s living experience is. Those who are shopping for a new home this summer may focus on a few points to find the perfect neighborhood to live in before deciding which home to purchase in that community.
Get A Feel For The Ambiance And Energy Of the Neighborhood
Some home buyers want to find a lovely home in a quiet, mature community. Others may be searching for an active community with kids playing freely in their yards and people taking walks of jogging in their free time. Home buyers can get a great feel for the ambiance and energy of the neighborhood by driving around at different times of the day during the week as well as on the weekend.
Look At Neighborhood Amenities
The amenities in the neighborhood are important for many home buyers, and you can easily research amenities by driving through the area. Look for everything from a fitness center and community swimming pool to parks and hike and bike trails. Home buyers may research this aspect of the neighborhood further online to determine if the neighborhood regularly hosts community events or special activities.
Focus On Security
Security is a top concern for home buyers, and it is possible to research crime rates online or with assistance from a real estate agent. However, home buyers can also gauge the general feeling of security that residents have by looking for home security features on various homes in the community and by paying attention to how many people are outdoors on nice weather days. Many will find comfort in selecting a neighborhood where the residents feel safe and secure on a daily basis.
A primary factor to take into consideration when buying a home is its location. While the area of town is important to consider, the neighborhood is a more localized environment that will have a greater impact on a homeowner’s living experience. Those who are in the market to purchase a new home can begin researching neighborhoods with the assistance of your trusted real estate agent.
Jun 5, 2015 | Home Buyer Tips
There are numerous factors that you may review when choosing a new place to live. If you have children, the quality of the schools and the level of education that your kids will receive in the schools is important. However, you may not be certain how to determine if a school is good or not. When you are looking at schools, use this helpful checklist to guide you in making a great decision.
Achievement Data
One of the easiest factors for you to research about different school districts and individual schools is achievement data. This may include the percentage of students graduating high school versus dropping out, the enrollment percentage for college, SAT and ACT scores and other relevant data. This is typically published online, or a call to the district’s office may provide you with the information.
Student to Teacher Ratio
The student to teacher ratio can vary drastically between school districts. This will impact how much personal attention your child receives as well as how crowded the classrooms are. Generally, the lower the number, the better overall experience your child may receive.
A Safe Location
The last thing you may want is for your child to be exposed to safety issues or to feel threatened or intimidated in school or while getting to or from school every day. You can research crime statistics online for the area surrounding the schools, and you can visit the school personally to visibly inspect the area.
Extracurricular Activities
The school age years are a time for kids to experience many new things. Everything from a drama and art club to a wide range of sports can benefit kids. Consider reviewing extracurricular activities available for younger and older students alike so that you can get a better idea for the experiences that a child may have outside of the classroom.
A Positive Environment
A final important factor to consider is the environment in the school. You will need to set up a tour of the school to experience this yourself. The staff members and students should be happy and positive. Remember that this is a place where your child may spend many long hours each day.
Where you choose to live will impact what school your child attends. Therefore, it is important to review the schools carefully before you make a final buying decision for a new home.
Jun 4, 2015 | Home Buyer Tips
Real estate sales contracts can be confusing, and there seem to be contingencies and special circumstances for many different events built into a standard contract. One option that your real estate agent may ask if you are interested in is an escalation clause. This is typically an optional clause that you can choose to invoke if you desire, so you should take time to learn more about what it is before you make your offer.
What Is an Escalation Clause?
It can take a considerable amount of effort and time on your part to locate the perfect home to purchase, and the last thing you may want to do is to lose the home that you have fallen in love with during a bidding war with another buyer. However, you also do not want to make an offer that is so high that it is not attractive or beneficial to you. Ideally, you want to get your dream home at the lowest price possible.
An escalation clause essentially permits you to make an offer, but it has a built in option for a higher offer that will go into effect if the seller receives an offer higher than what you have offered. Essentially, it serves as an immediate response to a second offer to protect you in the event you are involved in a bidding war.
How to Use an Escalation Clause
An escalation clause can be highly beneficial, but you do need to understand how to use it. First, your initial offer should be competitive enough so that the seller shows interest in it. Second, your escalation clause offer should serve as your maximum offer. This offer ideally will remain in the limits of the market value of the home. It also should still be affordable for you to purchase. If you are not comfortable making a higher offer or if your higher offer would price it out of market value range, you may consider not using the escalation clause.
The ability to automatically raise your offer with an escalation clause can be beneficial when this clause is used properly. You can speak with your agent more about the interest in the home by other buyers as well as the overall market conditions to determine if using an escalation clause would be beneficial for you when you are structuring an offer to present to a seller.
Jun 2, 2015 | Home Buyer Tips
When buying a new home, you may have a close eye focused on your budget and expenses, and your goal may be to keep related expenses to a minimum. However, you may also be well aware that a real estate purchase is a legal transaction, and you may be wondering if you need to pay for legal services from a real estate attorney. With a closer look, you can make a better decision that is right for your home buying plans.
The Legal Forms Used With A Typical Transaction
The majority of real estate contracts will be written using standard legal forms. These are legally binding forms with clauses that protect buyers and sellers alike. While they are standard forms, you do want to read the forms in their entirety and understand your obligations before signing the contract. Keep in mind that you are not required to use these forms, and you can request an attorney to prepare a separate contract for you. However, these are commonly used forms that real estate agents typically will use.
The Services Of A Real Estate Agent
A real estate agent is not a legal professional, and your agent likely will not be licensed to practice law in the state. However, the agent can explain your obligations with a standard contract so that you have a better understanding about what you are committed to. Your real estate agent may refer you to a real estate attorney if you require a special contract to be drawn up or if you are not comfortable with different clauses in the standard forms.
When Special Situations Arise
The standard real estate contracts will typically be feasible for use with most transactions, but there are special situations that may arise from time to time. For example, you may only want to purchase a portion of a large estate. While the seller would need to subdivided, your attorney would need to review special documents to ensure the transaction is legal. Perhaps you want to purchase real estate in a corporation or under another entity, or you want to protect your rights when purchasing property with a partner who you are not legally married to.
While real estate agents are not legal professionals, they are able to prepare standard contract forms for you and explain them to you. Because of this, many people will not need to pay for additional legal services, but each situation is unique. When you speak with your trusted real estate agent about your upcoming purchase, he or she can help you to learn more about services an attorney may provide that the agent is not able to.
May 20, 2015 | Home Buyer Tips
While some home buyers only want to live in a brand new home and will custom build a home to their specifications, others are drawn to the historic character and charm of a classic home. Older homes may have incredible architectural detail and special features that you simply do not want to change. However, there are some essential features that should be upgraded as soon as possible after you take ownership of your classic home.
The Electrical Panel
Many older homes were built at a time when electricity use was at a minimum, but the reliance on electricity has increased over the years. Older homes may commonly have an electrical panel with 50 amps or less, but your current needs may require you to have a panel with at least 200 amps. It may be good to have an electrician inspect the electrical panel as well as the wiring in the home to determine if an upgrade is needed in your new home.
Re-Plumbing the Pipes
A quick plumbing inspection will tell you if the home has copper, steel or other materials used with piping. The best material is copper because it is resistant to leaking, corrosion and rusting. Steel pipes generally should be replaced with copper as soon as possible. Other materials, such as cast iron, may be acceptable to keep in place. However, sections may need to be replaced if the pipes are more than 50 years old.
Firestops in the Structure
The good news about the structure of older homes is that older homes generally are better built than newer homes. However, most lack the critical feature of a firestop. A firestop essentially can minimize how fire travels through a home. Adding firestops to an older home can improve safety for the home’s occupants in the event of a fire and can minimize fire damage.
It is understandable that you may want to retain the historic character and charm of your older home. These may have been the features that you fell in love with when you bought it. However, you also want to ensure that the home has modern features that will make it comfortable and safe for you and your family to live in. These are all important improvements that you will want to make now that ultimately could improve your experience throughout the entire time you live in your home.
May 19, 2015 | Home Buyer Tips
All real estate transactions come with at least some negotiations, and some transactions are heavily negotiated from start to finish. As a home buyer, you understandably want to negotiate the best overall deal possible while successfully reaching your goal of closing on the home you have fallen in love with. To be truly successful with this process, it is important that you understand how to negotiate with the seller and the seller’s real estate agent.
Understand The Seller’s Position
In order to be successful with negotiations, you will need to understand the motivations and desires of the other party. A seller may have an emotional attachment to his or her home, but he or she also may have a desire or need to move. Some may have a firm bottom line for a price that they can accept or concessions that they are able to pay for out of pocket. While some may be unreasonable, most are willing to compromise and negotiate provided that your offer is feasible for their financial situation.
Define Your True Requirements
Just as a seller will have a hard and fast bottom line, you also may have specific requirements that you need to meet. This may be a firm closing date, the need to have some of your closing costs paid or a firm sales price that you do not want to exceed. While negotiations inevitably may have you asking for slightly more than what you truly need, it is important to define for yourself what your true requirements are and to remain focused on these when negotiating.
Be Willing To Compromise
When offers and counter-offers are flying back and forth between a buyer and seller, it is easy to feel stressed and even challenged by the other party. While there are times when a seller’s counter-offer may be unreasonable, most are reasonable and fair within limits. You may decide to submit a counter-offer as well, but some compromise will show the other party that you are willing to work with them.
From negotiating a sales price to asking the seller to make some repairs to the home after the inspection has been completed, there may be different times during the process when you need to negotiate. Consider these tips to help you more successfully negotiate with the seller and seller’s agent. A skilled real estate agent can also be instrumental with representing you during negotiations, and you can seek assistance from an agent today.
