Sep 12, 2013 | Home Buyer Tips
So you are looking at buying a home, but you are wondering whether or not it is worth it to pay a little extra for a home with one more bedroom.
It’s a tough decision to make, especially when balancing other factors such as location and the other features of the home. However, having one more bedroom than you think you need could end up being a good thing for a number of reasons.
Expanding Family
Perhaps you only planned on having two children, but a third one might come along as an unplanned surprise… will you have enough room for everyone?
One of your children’s friends might have a bad home situation and need a place to crash for a while. One of your elderly parents might need to live with you for a while.
There are many situations when the family living under your roof might expand, (even if it’s just having guests over the weekend) so make sure that you have the space to accommodate.
A Home Office
If you are working from home or have your own business, a private space in the home to work can be worth its weight in gold. It’s really difficult to be productive when you are trying to work at the kitchen table with the rest of the family buzzing around you, so turn your extra bedroom into a home office.
Rental Income
An extra bedroom might be a great source of income, especially if it can be turned into a basement or attic suite. As long as you don’t mind the responsibility of being a landlord, you could rent out the room to a tenant and let their rent help you cover the mortgage payment.
Resale Value
Buying a slightly larger house with one more bedroom means that the home will be easier to sell in the future. This is especially true if all of the other homes in the area have similar amounts of bedrooms.
These are just a few reasons why an extra room can really come in handy. If you want to know more about home buying, you can contact me your trusted real estate professional.
Sep 3, 2013 | Home Buyer Tips
What happens if you find the dream property that you want to buy before you have made the sale on your old property? Ideally you would have sold your current home before you buy your new property.
However, sometimes the transition doesn’t work out that way. You don’t want to give up the purchase if you have found a bargain on your dream home, so is it possible to buy the property before you have closed on your current residence?
The answer is yes, it is possible. You will need to use a financing option that will allow you to secure your next home before you have sold your existing property.
Getting A Bridge Loan
One option is a bridge loan. This is designed to wrap your payments for your current home and your future home into one loan, which can last usually between six and twelve months.
This type of loan usually involves a small fee and you will also be responsible for the closing cost on the mortgage on your next home.
Borrowing From Your 401K
Another option that might work is to borrow from your 401K, if your company allows it. In this situation, you will be able to borrow the money and then repay it right away when you sell your home. Of course, make sure you find out the rules on this first so that you are not at risk of incurring any penalties with the IRS.
Taking Out A Personal Loan
Another possible option is to take out a personal unsecured loan. Keep in mind, these types of loans usually have high interst rates and they will only last for a few years. Also, you will need to include the payments that you are making on that loan when you are qualifying for a mortgage on your next home.
Advantages To Buying Before Selling
One thing to keep in mind is that if you buy a new home before selling your old one, you will save yourself from a period of transition when you are between homes. Also, you will only need to hire a moving company once and you won’t have to put anything into storage, which will save you money.
For more information on how to make the best transition into your new home, speak with your trusted real estate professional today.
Aug 13, 2013 | Home Buyer Tips
The old real estate cliche’ about “location, location, location” is true, as the area of the city where your home is located will have an impact on its future value as well as your lifestyle.
So what factors should you consider when you are choosing which neighborhoods to house hunt within?
Proximity to Your Daily Needs
If you work downtown, living out in the suburbs means that you will be adding time for a commute onto your day.
While this might be worth the cheaper prices for properties out of the town center, it is something to consider when making your decision.
You will also need to consider whether the house is near shopping centers, schools, doctors, dentists and other services that you will need regularly.
Planned Developments
When you are choosing a neighborhood to buy in, do some research into what developments are planned in the future for that part of town.
For example, you might be able to get a cheap price on a home that is out of the way, but a new proposed highway leading straight into the town center that will be built in the next five years could increase property values considerably.
Overall Atmosphere
Take a walk around the neighborhood where you are considering buying and get a sense of the overall atmosphere. Are there a lot of families living there? Are there green places to relax? Are people friendly and saying hello to you?
You want to live in a place where you feel welcome and comfortable.
Property Values
Different neighborhoods will have a range of house prices and you will want to look for something with the right balance of value.
Some areas of town will be very expensive but very nice; other areas will have cheap house prices but might not be as pleasant to live in. Take the time to find the neighborhood that is in the middle, where you will find the right house, and neighborhood, at a good price.
These are just a few of the factors to consider so that you can choose the right neighborhood to buy in.
For more information about buying a Worcester County area home, feel free to contact your trusted real estate professional today.
Aug 7, 2013 | Home Buyer Tips
If you’re looking to purchase real estate, keep in mind that the homes you are considering might be in need of repairs or improvements.
In a recent study done by a major home inspection company, at least 40 percent of previously owned homes on the market have at least one serious issue or defect.
When buying real estate, you should have a professional inspection performed on the property to look for any issues that might not be visible to the untrained eye.
It’s better to identify this damage before you buy so that you are not stuck with budget-busting renovations.
Below are a few major red flags you should look for when buying a home.
Foundation Damage
Look at the slope of the yard. If the land slopes towards the house, this could be causing water to run down into the foundation, which will result in moisture damage. Take a look at the foundation for any bulges or cracks that could indicate serious issues.
Faulty Wiring
Your home inspector should be sure to check the electrical wiring — especially if it is an older house. If there are any flickering lights, circuits that don’t work, or warm outlets, these are telltale signs of wiring issues that might be expensive to fix.
Ceiling Stains
This is usually a sign that something in the house is leaking. Ceiling stains are common underneath bathrooms when a toilet, shower or bathtub has a leak. A leaky roof could be an even more expensive repair.
When you are negotiating to buy a house and damage is discovered, you can either change your mind about the sale or renegotiate for a lower price that factors in the cost of repairs. Either way, it is always worth having the home professionally inspected to identify red flags and avoid any surprises.
Please call me, your trusted real estate professional for more information about buying your next Worcester County area home.
Jul 30, 2013 | Home Buyer Tips
Imagine how frustrated you’d be to find out that the hot water heater wasn’t working – in the middle of your very first shower in your new home!
This, among other very good reasons, is why you should have a home inspection before you buy your home.
When you buy a home, you need to know exactly what you’re buying.
A home inspection is an important part of buying your home. Before you hire a home inspector, ask candidates a few questions to make sure you hire a trustworthy inspector.
What Does Your Inspection Cover?
Not all inspections are the same. Ask for copies of previous home inspections so you can see exactly what they will check inside the home.
If you are concerned about something specific, like a leaky faucet in the bathroom, mention that to the inspector so they can check it out.
Are You Licensed Or Certified?
If you live in a state that licenses home inspectors, ask to see their license. Most reputable home inspection professionals provide this information right at the start of your home inspection.
At the very least, choose a home inspector who belongs to American Society of Home Inspectors. This shows a level of professionalism and education that you can trust.
What Kind Of Report Will You Give Me?
You should expect a written report detailing what the inspector found. Most inspectors will give you a typed report within a week of the inspection.
Many even take digital color photos of any issues with the home in order to make their report as clear as possible. Make sure the inspector will be available to explain anything on the report that doesn’t make sense to you.
Will I Be Able To Attend The Inspection?
If the inspector refuses to let you be present during the home inspection, find someone else. This is your chance to know exactly what you are buying and what potential repairs you or the seller will have to make.
Please feel free to contact your trusted real estate professional today to answer this and any other question you have on the home buying process.
Jul 23, 2013 | Home Buyer Tips
If you have purchased a new home and are going to move in soon, what are the first few things that you will need to do upon moving into your new home?
Moving can be very stressful, but having a checklist can make your move effortless.
Here are 6 easy steps that can eliminate any frustration and help you feel safe and secure:
Change Your Address
You will need to change your address for all magazine subscriptions, bills and other services. You can update your mailing address online or visit your local post office to find out what needs to be done.
Set Up The Utilities
When you move into a new home, you may get all of the contact information from the previous home owner or real estate agent for the utility companies. Be sure to change the services into your name before you move in, such as gas, cable, electricity, internet, telephone, sewer and water.
Change The Locks
You have no way of knowing who the old home owners gave a copy of the key to, so having the locks changed is something that you should do right away when you move into your new property.
Have The Carpets Cleaned
Get your life in the new house off to a fresh start by having the carpets steam cleaned before you move your furniture in. You could either rent a steam cleaner or pay a carpet cleaning service, but either way this will make the house feel really clean and new.
Figure Out Your Breaker Box
Another important first step to owning your new home is to figure out which breakers control each part of your home.
Knowing how the breaker box works will ensure that you can flip the right switch when you need to. You might need to ask someone to help you by standing in another part of the house and letting you know which lights come on or off when you flick the switches.
Check Your Smoke Alarms
The smoke alarms and CO monitors in your home might not have been checked recently, so make sure that they are functioning properly. Depending on how old they are, you might need to change the batteries. This is an important maintenance task for your own safety.
These are just a few of the important first steps that you should take when you first move into your brand new home.
For more information about buying a new home, feel free to contact your trusted real estate professional today.
