Buying a new home is an exciting and tiring ordeal. However, the thrill of moving into a new home can often overshadow the frustration that comes with searching, negotiating, and being out bided. The home buying process is very lengthy. Thus, you should be prepared to devote a lot of time and energy to making your dream a reality. Here are a few tips to help smooth the home buying process.
Fix Credit Blemishes and Errors
Credit reports are critical to the home buying process. Sadly, many young adults and first time homebuyers minimize the importance of maintaining a good or fair credit rating. Although various mortgage programs exist to help bad credit applicants get approved for a home loan, these loans have higher interest rates. To ensure a low rate mortgage, which will also lower your mortgage payments, improve your credit rating.
If your credit score is at least 680, lenders consider you a prime candidate. As a prime candidate, you qualify for a low rate mortgage. On the other hand, those with credit scores below 600 can expect considerably higher rates.
Before applying for a home loan, check your own credit score. If your score needs a little improvement, delay purchasing a home for at least six months and raise your rating.
Choosing an Affordable Home
Naturally, pricier homes are more appealing. However, if buying a new home, realistically determine what type of home will fit into your budget. Many mistakenly purchase expensive homes, and can barely afford the payments. Avoid becoming "house broke." Ideally, mortgage payments should be no higher than 36% of our total monthly income. This way, you can comfortably pay your mortgage and care for other household expenses.
Get a Lower Interest Rate with a Down Payment
Although down payments are not mandatory when purchasing a home, they will help you secure a low rate mortgage. Moreover, with a 20% down payment, you do not have to pay private mortgage insurance. Planning for a down payment takes time and discipline. It may require cutting expenses, or sticking to a strict budget. However, the results are worth the sacrifice.
Thursday, May 8, 2008
Security When Buying A New Home
The potential home buyer has many things on their list for what they want in a new home and while the style of the house, the amount of bedrooms, a modern kitchen and other things are important because this is the largest purchase a family will make.
There are some very important items that the potential homebuyer should have on their list and these are in the area of security for the home.
When choosing a home it is important to know the type of neighborhood the home is in, how many break-ins have occurred in the neighborhood. It is also important to check the landscape of the home and decide if any bushes, shrubs or trees can be cut away from any parts of the home that could hold an intruder hidden away in the darkness. Does the home have a security system installed, if it does not, if it is an older construction then it can be fitted for a wireless home security system and newer construction can be fitted for a wired home security system.
There are other things that also need to be taken into consideration when looking to purchase the perfect home, does it have motion lighting or does it need to be fitted for this type of lighting that can keep intruders from having a clear advantage in the hours of darkness to try to make their way into a home.
The windows in the home are not only important for keeping cool air in during warm weather and heat in during cold weather it also is important that they lock correctly and are secure when they are locked to keep a burglar from entering through a window that does not lock securely.
Door locks on the newly purchased home should also be changed as a new owner there is no way of knowing if any keys have been lost or stolen landing in the hands of someone who would like nothing better than to enter the home once it is filled with the new families personal items.
A new home is the largest expense a family makes and one that they will enjoy and make memories in that will last a life time and these memories should all be good ones not one that is of a night when they returned home to find their house had been broken into and their material possessions missing and the knowledge that a stranger and gained entry into their home. This is a feeling that can cause fear, loss of sleep and be remembered as a frightening day and this does not need to be a memory when a home security system is installed.
There are some very important items that the potential homebuyer should have on their list and these are in the area of security for the home.
When choosing a home it is important to know the type of neighborhood the home is in, how many break-ins have occurred in the neighborhood. It is also important to check the landscape of the home and decide if any bushes, shrubs or trees can be cut away from any parts of the home that could hold an intruder hidden away in the darkness. Does the home have a security system installed, if it does not, if it is an older construction then it can be fitted for a wireless home security system and newer construction can be fitted for a wired home security system.
There are other things that also need to be taken into consideration when looking to purchase the perfect home, does it have motion lighting or does it need to be fitted for this type of lighting that can keep intruders from having a clear advantage in the hours of darkness to try to make their way into a home.
The windows in the home are not only important for keeping cool air in during warm weather and heat in during cold weather it also is important that they lock correctly and are secure when they are locked to keep a burglar from entering through a window that does not lock securely.
Door locks on the newly purchased home should also be changed as a new owner there is no way of knowing if any keys have been lost or stolen landing in the hands of someone who would like nothing better than to enter the home once it is filled with the new families personal items.
A new home is the largest expense a family makes and one that they will enjoy and make memories in that will last a life time and these memories should all be good ones not one that is of a night when they returned home to find their house had been broken into and their material possessions missing and the knowledge that a stranger and gained entry into their home. This is a feeling that can cause fear, loss of sleep and be remembered as a frightening day and this does not need to be a memory when a home security system is installed.
Tuesday, April 1, 2008
Affordable Apartments
Affordable Apartments
If you are looking for a new place to live, and you are not yet ready to buy a home, you are probably going to be on the lookout for affordable apartments in your area. What makes an apartment affordable, however, will differ from family to family. You may need to spend as little as possible on the rent, or you may want something in a certain part of town so you can save money on transportation to and from work. You may also need certain things that you know will save you money in the long run.
For us, for example, we need an apartment that has enough room, but we must also have a washing machine and dryer. I will not consider an apartment that does not have one. Even though I consider the place I live in now affordable, I would not pay as much as I do if I did not have washer and dryer to use. The cost to run those things is far less than what I would spend at that Laundromat. You may find that if you want affordable apartments that are as cheap as you can get, you aren’t going to have the luxury of a washer in your place.
When looking for affordable apartments, remember to consider the neighborhood. I am lucky that I live in a good area, and much of the small city I live in is indeed ideal for almost everyone. There are areas where there are more problems though, and I won’t rent there. If you go to the next city over from where I live you will find plenty of affordable apartments, but you won’t want to live where they are located. These areas are known for crime, and are often ‘featured’ on the local news.
When looking for affordable apartments, make sure you consider why some of them seem to be overly affordable. If they are in a decent neighborhood yet the price seems to good to be true, there is probably a reason for that. We had a great lead in a great neighborhood, and we were amazed at the price. We found out why it was so inexpensive rather quickly when we went to see it. Though it was one of the most affordable apartments we looked at, we could not live. There. My husband is six foot two, and the ceilings were six foot high!
If you are looking for a new place to live, and you are not yet ready to buy a home, you are probably going to be on the lookout for affordable apartments in your area. What makes an apartment affordable, however, will differ from family to family. You may need to spend as little as possible on the rent, or you may want something in a certain part of town so you can save money on transportation to and from work. You may also need certain things that you know will save you money in the long run.
For us, for example, we need an apartment that has enough room, but we must also have a washing machine and dryer. I will not consider an apartment that does not have one. Even though I consider the place I live in now affordable, I would not pay as much as I do if I did not have washer and dryer to use. The cost to run those things is far less than what I would spend at that Laundromat. You may find that if you want affordable apartments that are as cheap as you can get, you aren’t going to have the luxury of a washer in your place.
When looking for affordable apartments, remember to consider the neighborhood. I am lucky that I live in a good area, and much of the small city I live in is indeed ideal for almost everyone. There are areas where there are more problems though, and I won’t rent there. If you go to the next city over from where I live you will find plenty of affordable apartments, but you won’t want to live where they are located. These areas are known for crime, and are often ‘featured’ on the local news.
When looking for affordable apartments, make sure you consider why some of them seem to be overly affordable. If they are in a decent neighborhood yet the price seems to good to be true, there is probably a reason for that. We had a great lead in a great neighborhood, and we were amazed at the price. We found out why it was so inexpensive rather quickly when we went to see it. Though it was one of the most affordable apartments we looked at, we could not live. There. My husband is six foot two, and the ceilings were six foot high!
How to buy a house
As a first-time homeowner, I knew it would be a little bit tricky for me to find the perfect home. Nevertheless, I was pretty sure that I could figure out how to buy a house without any outside help. There are experts in every field trying to tell you basic common sense things that you can figure out yourself. Why would how to buy a home be any different? Buying a house couldn't be more complicated than buying anything else – or so I thought. I had figured that the only difference was that houses cost more money, so you have be more careful about your purchase. Boy was I in for as a surprise!
Just learning how to price a house is months and months of work. Realtors are trained to represent the property in the best way possible. Learning how to buy a home means learning how to ask the right questions. Although they don't have to disclose many of the facts about the house, they do have to answer any direct questions honestly. Buying a house means asking about any repairs that have been done, any problems with plumbing, electricity, mold, or infestations, when the house was built, what renovations have been done – you get the idea. And that is only one part of how to buy a house. There is much more to it than that.
You see, when you are buying a house there are many things to consider. Because homes are so expensive and require mortgages, you need to be thinking about economics as much as about comfort. Your house is not only your home, but your investment. You need to buy it in an area that you are sure is going to continue to appreciate. You have to be willing to live in your home for at least a couple of years or else it isn't worth it. Buying real estate is one of the most complicated business transactions you will ever have to make – perhaps the most complicated.
The bottom line is there are no hard and fast rules to how to buy a house. In my case, the whole process completely overwhelmed me. Fortunately, I had a friend who knew a lot about real estate and was willing to help me go house hunting. If you aren't in this position of having a friend who knows how to buy a house, you had better head down to the library and content yourself with the prospect of hours and hours of research. It is worth it if you are buying your first house.
Just learning how to price a house is months and months of work. Realtors are trained to represent the property in the best way possible. Learning how to buy a home means learning how to ask the right questions. Although they don't have to disclose many of the facts about the house, they do have to answer any direct questions honestly. Buying a house means asking about any repairs that have been done, any problems with plumbing, electricity, mold, or infestations, when the house was built, what renovations have been done – you get the idea. And that is only one part of how to buy a house. There is much more to it than that.
You see, when you are buying a house there are many things to consider. Because homes are so expensive and require mortgages, you need to be thinking about economics as much as about comfort. Your house is not only your home, but your investment. You need to buy it in an area that you are sure is going to continue to appreciate. You have to be willing to live in your home for at least a couple of years or else it isn't worth it. Buying real estate is one of the most complicated business transactions you will ever have to make – perhaps the most complicated.
The bottom line is there are no hard and fast rules to how to buy a house. In my case, the whole process completely overwhelmed me. Fortunately, I had a friend who knew a lot about real estate and was willing to help me go house hunting. If you aren't in this position of having a friend who knows how to buy a house, you had better head down to the library and content yourself with the prospect of hours and hours of research. It is worth it if you are buying your first house.
Monday, March 17, 2008
Buying An House With Good Resale Value
When you want to buy a house there are certain things you should look for to make sure that you get a good resell value on your investment. We are going to look at the some of the most important things to look for when you decide to buy a house.
Try to buy a house in a good area with a under-landscaped area. You will pay much less for this and you could always improve your landscape over time, fixing the grass and adding a few bushes and trees.
You will also have to determine the size of the house you buy. When you buy a house and deciding on the size, try to look at the other houses in the same neighborhood. Buying a big house in a neighborhood might not be such a good idea as when the time comes to sell, the price could be dragged down by the prices of the other smaller houses in the same neighborhood.
If you decide to buy a house with a good view, try to pay as little extra as possible. Most people usually spend a tremendous amount of money on a home with a view. Though you spend a lot of money on your view, you have to think if future buyers would do the same. By the time you want to resell your house you will maybe looking wait a long time for a buyer to come along. This could also cause you to drop your price a lot just to keep in match with the other houses in the neighborhood.
Also try to buy a house with a rectangular yard. Get a house with a decent front and back yard no- odd shape shaped yards or oddly situated yards.
Try to buy a house with at least three or four bedrooms, as this is the majority of home buyers' needs. Try to also make sure that you buy a home with two bathrooms or two and a half bathrooms.
Garages also adds a lot to the resell value of your home, so try to at least get a double garage the next time you are looking at a house.
Make sure that there are enough closets in the house and that there are enough closets for linings to.
The kitchen is the most important aspect of the house as the centers around the kitchen. Try to get a big kitchen with a lot of space and modern appliances. Your dinning room should also be near your kitchen. Make sure that there is easy access from your kitchen to your backyard as you occasionally might have a barbecue from time to time and that you can easily get to the kitchen when you want to.
The above factors should guide you in the right way the next time you decide to buy a house to make sure that you get a good resell value.
Try to buy a house in a good area with a under-landscaped area. You will pay much less for this and you could always improve your landscape over time, fixing the grass and adding a few bushes and trees.
You will also have to determine the size of the house you buy. When you buy a house and deciding on the size, try to look at the other houses in the same neighborhood. Buying a big house in a neighborhood might not be such a good idea as when the time comes to sell, the price could be dragged down by the prices of the other smaller houses in the same neighborhood.
If you decide to buy a house with a good view, try to pay as little extra as possible. Most people usually spend a tremendous amount of money on a home with a view. Though you spend a lot of money on your view, you have to think if future buyers would do the same. By the time you want to resell your house you will maybe looking wait a long time for a buyer to come along. This could also cause you to drop your price a lot just to keep in match with the other houses in the neighborhood.
Also try to buy a house with a rectangular yard. Get a house with a decent front and back yard no- odd shape shaped yards or oddly situated yards.
Try to buy a house with at least three or four bedrooms, as this is the majority of home buyers' needs. Try to also make sure that you buy a home with two bathrooms or two and a half bathrooms.
Garages also adds a lot to the resell value of your home, so try to at least get a double garage the next time you are looking at a house.
Make sure that there are enough closets in the house and that there are enough closets for linings to.
The kitchen is the most important aspect of the house as the centers around the kitchen. Try to get a big kitchen with a lot of space and modern appliances. Your dinning room should also be near your kitchen. Make sure that there is easy access from your kitchen to your backyard as you occasionally might have a barbecue from time to time and that you can easily get to the kitchen when you want to.
The above factors should guide you in the right way the next time you decide to buy a house to make sure that you get a good resell value.
Design For Building Houses Into Homes
In Western North Carolina there is a long tradition of handmade crafts. This dates back to when the first settlers arrived in the Blue Ridge Mountains in the late 1600s. As industry grew and communities developed, a more diverse group of crafts evolved.
As a result, crafts have always had influence on the economic success of Western North Carolina. In fact, the Walker College of Business at Appalachian State University decided to research how crafts and the economy were related in the mountains of Western North Carolina. Twenty counties were studied and research revealed that the craft industry thrives in every county. Craft production and selling is so vital to the Western North Carolina economy that without it, the region could not prosper.
And, while money is important, it's not the bottom line. The handicraft industry is the soul of the region and the craft industry has a civilizing influence that enriches the lives of local residents and visitors. That's why builders and craft artisans are developing ways to work together to weave a true sense of place into the fabric of our environments and dwellings.
Crafts and NC Mountain Real Estate
In the 1900s, arts and crafts-style homes began surfacing in the U.S. And, examples of these homes are present in and around the Asheville area. Asheville, NC is an epicenter for crafts in the Appalachian Mountains and is home to one of the most-recognized craft guilds in the country -- the Southern Highlands Craft Guild. The area's relationship between builders and craft artisans dates back to the late 1800s when George W. Vanderbilt built the magnificent Biltmore Estate. Today, that same relationship continues to exist.
A modern-day development, Whisper Mountain, located between Leicester and Hot Springs in Madison County is a prime example of how builders and crafters can work together. The development combines regional influences into overall building plans and designs.
"The combination of local crafts with cutting-edge green building technology is why our houses are homes ... homes with a piece of the past and a part of the future," Charlie Ball, Whisper Mountain developer said.
This building philosophy is evident in the construction of their Sky Valley Lodge with natural-braced timber frame that adorns the community's center.
Appalachian Mountain Climate Provides Perfect Setting
The Blue Ridge Mountains from Macon to Madison and Haywood to Rutherford counties have the perfect climate, elevation and natural wonders. These settings provide the ideal atmosphere for crafts artists and conscientious builders to work together to create homes that naturally fit into this beautiful and unique environment.
The North Carolina mountain real estate and building market is a new business venue for craft artisans and they are leaning to navigate the waters.
City of Asheville: Craft Campus and Businesses Certifications Planned
Plans to develop a Craft campus at the University of North Carolina at Asheville are in the works. It will serve as a national model for green building and add to the region's growing craft economy which generates approximately $144 million a year in Western North Carolina. Visitors will learn about the cultural heritage and economic impact of craft in Western North Carolina.
In addition to Buncombe County, collaborators include: Penland School of Crafts, HandMade in America, the Western North Carolina Green Building Council, the Energy Xchange in Yancey County, and the Center for Craft, Creativity and Design in Hendersonville; it's expected to open in 2011. HandMade in America and A-B Tech are also partnering to present a craft in the building industry certification program. As part of HandMade in America's new craft, architecture and design program, HandMade and A-B Tech are collaborating to offer a certification workshop for craft artists who want to expand their businesses by producing custom work for the construction and design industries for North Carolina mountain homes.
"This workshop grew out of interviews that HandMade conducted with artists, architects, interior designers, and builders," Jenny Moore, Associate Director and program Coordinator, explained. "Artists wanted to know how to navigate this new market. Building and design practitioners wanted to know that the artists they commissioned understood the basics of building codes, reading blueprints and the demands of a construction schedule."
Nancy Troxler, the coordinator for the technical and industrial training programs at A-B Tech also welcomes the opportunity to partner with HandMade in America to design and deliver certificate programs that will enhance and expand craft in the regions' building industry.
As a result, crafts have always had influence on the economic success of Western North Carolina. In fact, the Walker College of Business at Appalachian State University decided to research how crafts and the economy were related in the mountains of Western North Carolina. Twenty counties were studied and research revealed that the craft industry thrives in every county. Craft production and selling is so vital to the Western North Carolina economy that without it, the region could not prosper.
And, while money is important, it's not the bottom line. The handicraft industry is the soul of the region and the craft industry has a civilizing influence that enriches the lives of local residents and visitors. That's why builders and craft artisans are developing ways to work together to weave a true sense of place into the fabric of our environments and dwellings.
Crafts and NC Mountain Real Estate
In the 1900s, arts and crafts-style homes began surfacing in the U.S. And, examples of these homes are present in and around the Asheville area. Asheville, NC is an epicenter for crafts in the Appalachian Mountains and is home to one of the most-recognized craft guilds in the country -- the Southern Highlands Craft Guild. The area's relationship between builders and craft artisans dates back to the late 1800s when George W. Vanderbilt built the magnificent Biltmore Estate. Today, that same relationship continues to exist.
A modern-day development, Whisper Mountain, located between Leicester and Hot Springs in Madison County is a prime example of how builders and crafters can work together. The development combines regional influences into overall building plans and designs.
"The combination of local crafts with cutting-edge green building technology is why our houses are homes ... homes with a piece of the past and a part of the future," Charlie Ball, Whisper Mountain developer said.
This building philosophy is evident in the construction of their Sky Valley Lodge with natural-braced timber frame that adorns the community's center.
Appalachian Mountain Climate Provides Perfect Setting
The Blue Ridge Mountains from Macon to Madison and Haywood to Rutherford counties have the perfect climate, elevation and natural wonders. These settings provide the ideal atmosphere for crafts artists and conscientious builders to work together to create homes that naturally fit into this beautiful and unique environment.
The North Carolina mountain real estate and building market is a new business venue for craft artisans and they are leaning to navigate the waters.
City of Asheville: Craft Campus and Businesses Certifications Planned
Plans to develop a Craft campus at the University of North Carolina at Asheville are in the works. It will serve as a national model for green building and add to the region's growing craft economy which generates approximately $144 million a year in Western North Carolina. Visitors will learn about the cultural heritage and economic impact of craft in Western North Carolina.
In addition to Buncombe County, collaborators include: Penland School of Crafts, HandMade in America, the Western North Carolina Green Building Council, the Energy Xchange in Yancey County, and the Center for Craft, Creativity and Design in Hendersonville; it's expected to open in 2011. HandMade in America and A-B Tech are also partnering to present a craft in the building industry certification program. As part of HandMade in America's new craft, architecture and design program, HandMade and A-B Tech are collaborating to offer a certification workshop for craft artists who want to expand their businesses by producing custom work for the construction and design industries for North Carolina mountain homes.
"This workshop grew out of interviews that HandMade conducted with artists, architects, interior designers, and builders," Jenny Moore, Associate Director and program Coordinator, explained. "Artists wanted to know how to navigate this new market. Building and design practitioners wanted to know that the artists they commissioned understood the basics of building codes, reading blueprints and the demands of a construction schedule."
Nancy Troxler, the coordinator for the technical and industrial training programs at A-B Tech also welcomes the opportunity to partner with HandMade in America to design and deliver certificate programs that will enhance and expand craft in the regions' building industry.
Wednesday, February 27, 2008
Buying A Home Through Investment
Buying a home is an investment you can bank on. In the last 30 years, the average Maryland homeowner has seen a minimum of a 5 percentage increase in their properties' value. In addition to offering a better way of life, owning a home is just plain smart, financially.
Buying a home
Buying a home is exciting. The journey to finding the home of your dreams should be smooth and efficient. They key to maximizing your time and return on investment, is to work with trained professionals and take advantage of their knowledge.
Don't hesitate to tap into the knowledge bank of an experienced agent, mortgage lender, appraiser, inspector or settlement attorney. The fact is the seller has an agent dedicated to presenting their interest and you need someone to do the same for you.
For example, an experienced buyer agent can tell you about the various Maryland home buyer down payment and closing cost assistance programs. You can find low interest rate mortgage loans through programs such as HOC, CDA (more home for less), etc. "Some buyers are still qualifying for 100% financing mortgage loans," says Delia Galley with Weichert Realtors in the Olney, Maryland. Another important aspect of having a buyer's agent is that they can negotiate price and contract contingencies on your behalf. They can tell you what the house is really worth.
What you should do before you start looking
It is highly recommended that first time home buyers take advantage of seminars and counseling sessions to learn more about financing programs and the local real estate market. Congratulations. You are on your way to homeownership.
First Time Home Buyer Seminars and Information sessions are offered for free through MDHomeBuyers101.Com". Maryland residents can learn more about available financing programs such as CDA, HOC, FHA, VA, etc in a few minutes.
Modular Homes For Perfect Living
You have seen the advertisements. You might even know some people who own one. You think it might be the way to go in buying your next home. But first you should do some research and some thinking. You should understand that there are both pros and cons when it comes to buying a modular home.
You should also realize the difference between a modular and a manufactured home. A modular home is a home that is built basically by a kit. This kit is made in a factory but is put together by trained craftspeople. The buyer can pick out the kit he/she wishes to have and can make some minor changes to it. The kit arrives in pieces and when put together a home is built. A manufactured home is another name for a mobile home or a trailer. These are also made in a factory.
Now that we all know what a modular home is let's look at some of the pros for buying one.
1. They can be set up almost anywhere, as long as there is sufficient space.
2. They are generally pretty affordable.
3. You have some choices of the layout you want. You have choices on how many bedrooms, how many bathrooms, etc. You can also buy kits in which you can do some of the inside work yourself, adding the drywall, finishing the floors, adding the plumbing, etc. Make sure you understand exactly what your kit contains and what work you will have to finish yourself when purchasing.
4. The home will be livable a lot quicker than a home would be if you built it yourself. Actually, you might be amazed at how fast these modular homes can be constructed.
5. You don't have to worry about thieves stealing your lumber as you are building it. (A problem that is growing across the nation).
6. These homes are factory built and do have to follow codes and are inspected by third parties.
7. Most modular homes will help you safe energy.
8. You can easily add more rooms onto it in the future, if the needs or money will allow.
9. If made correctly, can stay beautiful for years.
10. Modular homes are built with real 2 X 4's compared to 2 X 3's that are used in making manufactured homes.
Now for some cons that some people believe exist.
1. Although these homes are built by craftsmen, many people believe that these homes are also put together too quickly and therefore are lacking in craftsmanship.
2. They lose their market value quicker than a normal home does.
3. Some of these modular homes have had some problems with insulation and water lines.
4. Can be harder to finance than a regular home.
5. They do not build equity like regular homes do.
6. May not be as sturdy as a regular home (especially during bad weather, tornados).
Could a modular home be the perfect choice for you and your family? Weigh the pro and con list of reasons for buying a modular home, go and see some for yourself, talk to some salespeople and then decide for yourself. Only then will you know for sure.
Subscribe to:
Posts (Atom)