buying a home – Page 2

What Are The Most Important Factors (To You) When Buying A Home?

October 27, 2021 By Deborah Ward

There are a lot of things to think about when buying a home, but before you even start looking the most important question is what are the most important factors to you when you are looking for a home to buy? It will help make your home search more specific to you and your wants and needs.

So how do you start?

Look at your current living space and start a list. Write down what you like about it and what you don’t. Is the space too small? Find out the square footage of living space and then you know you your starting point for bigger. Are there enough bedrooms? If not, how many more or less do you need?

If your current home or apartment has a great functioning kitchen, write down what you use the most. If not, go to a home center and look at kitchen options to see what would work for you and what won’t. Just because it’s the “in” thing doesn’t mean it will be something you like or would use.

Think about what is surrounding your current home

Is there a big lot or no lot at all? What about how close you are to the water? Is waterfront property important or do you mind a short walk, bike ride or car ride? Is there shopping close by? What about fitness centers? Schools?

All of these things are key factors for someone, but are they for you? Your answers to these will determine neighborhoods to visit and find a home or neighborhoods to avoid.

HOA’s

Also keep things in mind like home owner’s associations! If they are important to you to keep the integrity and value of your home, look for homes in one. If they are too much of a restriction for your lifestyle, or too much more of a fee to add to your budget, look for homes that don’t have a home owner’s association.

Know what you want so you can set expectations and narrow your home search.

Financial Considerations For Move Up Home Buyers

October 27, 2021 By Deborah Ward

It feels like your home is bursting at the seams and figure it’s time to move up. Here are some tips to help make the move up easier.

The biggest thing that should be considered when you decide it’s time to move up is can you afford it. Needing space and being able to afford it are two completely different things. To get to a decision on affordability you need to do a few things.

First, find out what they payoff is on your current mortgage. Not the balance, the payoff figure.

Now you need to talk to a Realtor about what your home is actually worth. Obviously, if you’re upside down on your mortgage, meaning the mortgage payoff is more than the value of the home, moving up shouldn’t be on your list of things to do. If it is worth more than the payoff figure, your Realtor will help you determine by how much.

That should be your next determining factor. Are the net proceeds
enough to be a decent down payment on your next home?

So let’s say that your home will sell and give you a good down payment and all your closing costs for both the sale and purchase. Next you need to contact your lender, or a new one, and get yourself qualified for a new mortgage. To do that you’ll need to know what your price range for the new home should be. You can determine it the same way you did when you purchased your last home. You need to keep in mind that a bigger house will mean bigger bills.

Your mortgage, homeowner’s insurance, real estate taxes, heating and cooling costs and other bills will cost you more. You need to realistically sit and set up a budget.

Don’t move up if it means that you will be house poor. Be smart. Move up when you can afford it, and if that’s now, get moving!

If you are in the Tampa Bay area, now may be a time to move up. Home prices have risen and may have created equity in your home that can cover the cost of moving up. Give us a call today to find out if moving up makes sense for you!

727-410-0336

Why the Heck do You Need Home Inspection When Buying a Home?

October 27, 2021 By Deborah Ward

So why is a home inspection so important? Sometimes getting the home of your dreams is a challenge, and it might seem like a good idea to ensure getting the deal by dispensing with the home inspection. It will give you the edge, right? Maybe, but at what cost?

A Big Investment

Buying a home is the biggest investment any one person will make. Not protecting yourself when making that investment is silly. Unless you know exactly what is right or wrong with a home, giving up the ability to inspect a property before purchase can get you into hot water.

Getting one can mean being able to renegotiate the purchase price of the home, walk away from a problem home and protect your investment in the future.

Start with the Important Stuff

A home inspector will look for a lot of different things. He starts with the important stuff, the structure of the home. A home inspector climbs onto the roof, pokes at the foundation, and crawls into attic space looking for water condensation or penetration from the roof. They look for cracks in walls, ceilings and floors, evidence of mold and any signs of water leakage.

Outside, they look for any place that may allow water to seep into the home. They also look for things like broken glass seals, missing caulking, settlement cracks, loose or missing roofing shingles and flashing.

Plumbing and Electrical Systems

Inside they check all of the plumbing and electrical systems. Is there evidence of leaky pipes? Are sinks and tubs draining adequately? What about water pressure? Does the hot water heater work? If there is a sump pump, is it working? Is there a filtration or water softening system and does it work? Should there be a filtration or water softening system?

All the electrical components are examined to ensure they fit and are operating safely. Are there ungrounded outlets or switches? Is the electrical panel adequate for the size of the home and is it up to date? Are there working smoke and carbon monoxide detectors?

Other Systems

Other systems like the heating and air conditioning working properly? Is the home adequately insulated and ventilated? The systems in the home can be expensive fixes if not working properly.

Don’t waive the home inspection. It could be a big mistake.

Buying a Home or Renting?

October 27, 2021 By Deborah Ward

Should I be buying a home or renting? Many people ask themselves this question everyday. For some, it depends on their lifestyle, but generally, for many buying a home becomes the better answer to the question. In order to help you figure out that answer for yourself, let’s look at this is from why people do each: buying a home and renting.

Renting: Do you know you will have the same job over the next few years? Are you planning on staying in the area or moving? Can you find somewhere to rent that is less expensive than a mortgage payment? Do you prefer to let someone else do maintenance on your living space and have to wait for that maintenance appointment to be made by another person? Renting can be a plus. Generally there are lower up-front costs and more flexibility to move if necessary. The problem with renting, though, is you have no control over rent increases, your living space style, and you aren’t building any equity in the real estate property for you, and the landlord makes the rules.

Buying: Are you planning on staying in the area you live in for more than a few years? Do you want to build a real estate investment? Do you want to be in control of your living space – changing paint or even where walls are, planning maintenance appointments on your schedule? Do you need tax deductions? When you buy, you own the property and all the equity it has. That means you can borrow against that equity to improve the property. It’s yours so you can make any changes to it that appeal to your own personal sense of style. Ownership also gives you tax deductions against your income tax burden for both mortgage interest and your real estate taxes. That is a huge savings. Although the economy is taking a long time to improve, in some areas real estate is again gaining value instead of losing value.

You have to make the decision for yourself, but in the long run, buying a home is much better than renting a home.

Buying in a Hot Real Estate Market- 5 Ways to Make Sure Your Offer is Accepted

October 27, 2021 By Deborah Ward

Buying a home in any market can be stressful, but in a hot seller’s market the stress level can be even worse. Worrying about whether your offer will be accepted, whether you are handling it correctly can make anyone nuts. Did you know that there are things that you can do to make sure your offer is accepted?

Lowball bids

Whether there are a few buyers vying for the same property or just you and it’s the dream home you’ve wanted forever, losing it due to a subpar offer can be averted. One of the bigger reasons sellers reject offers is lowball bids. Even in a buyer’s’ market when sellers can’t be quite as choosy, lowballing them is, well, insulting. In a sellers’ market they don’t have to even consider lowball offers.

Even if their home is overpriced, you still don’t want to insult them with a really low offer. If there are other offers on the table that is NOT the time to go low either. To be taken seriously, offer as close to list as possible, or over if you can.

Contingencies and Demands

Another biggie is contingencies and demands on the seller. It’s not out of line to ask for typical ones, like a home and pest inspection. Another typical one is the purchase being contingent on the sale of your existing home. This can be a sticky one for sellers. It’s not their problem that you have to sell your home and why should they wait? Demands for fixing superfluous things is also a no no if you want your offer accepted. Major repairs can be negotiated, but demanding they touch up paint or other minor fixes is a deal breaker.

Things to do to make your offer better

Three other things you can do to make your offer shine are to:

be prequalified for your mortgage
put a higher down payment on the home
make a cash offer

Any of these key items will make your offer look exceptional! The key to making a winning offer is to be the most advantageous to the seller. That could mean being the highest priced, the most prepared or the one most willing to meet their requirements.

Not sure what to do to make sure your offer is accepted? Rely on your AMAZING Clearwater Realtor to help figure it out! Call Deborah Ward Today! 727-410-0336

So how do you start?

Think about what is surrounding your current home

HOA’s

Lowball bids

Contingencies and Demands

Things to do to make your offer better

The Deb Ward Team