Archive for the ‘Buyer Tips’ Category

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What you need to Know when Buying a New Home

Saturday, June 5th, 2010

Buying a new home doesn’t have to be a stressful experience! In fact, if you know what to expect, and are prepared for what lies ahead, purchasing a new home can be quite enjoyable and satisfying.

Unlike purchasing an existing University Park home, purchasing a new home presents a number of challenges, including the construction process and working with a builder. However, there are a number of things you can do to ensure that your home buying experience can be incredibly rewarding, provided you understand the process of purchasing a new home.

  • Find a lender and get pre-qualified – Just like a typical home loan, you must get pre-qualified with a lender. Many times, home builders work with particular lenders, and can offer buyers additional incentives if they use those lenders. However, it is still a good idea to check out rates and terms with other lenders before deciding on the builder’s lender. Don’t let incentives sway you; instead, pay close attention to interest rates and look at the long-term picture.
  • Narrow down your home choices based on the area in which you want to live – The process of building a new home or finding a new home community is a lot easier if you narrow down your choices according to geographical factors. Things to consider when deciding on an area in which to live include: the school district; the proximity to your work, school, church or highway; the neighborhood itself; and home values.
  • Use the Internet to begin your search for new homes – Many new home communities and builders have great websites that you can use to learn more about the new homes. Searching the Internet for new home information can save you a great deal of time and leg work.
  • Consider hiring a real estate agent instead of using the builder’s sales representatives - The sales representative for a new home builder is working for the builder, not for you. It is because of this that you may want to consider using the services of another qualified real estate agent when purchasing a new home.

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How to Buy Real Estate like a Pro

Monday, May 24th, 2010

The whole home buying process is rather overwhelming and intimidating. However, there are many steps you can take to ensure that your home buying experience is pleasant and that you snagged the best deal on a great house.

No home buyer can be 100 percent sure that they will purchase a Las Colinas home without problems; however, there are many steps you can take to protect yourself and your investment from a “bum” house:

  • Pay close attention to the seller disclosure – Most states now require that sellers disclose all known defects to the buyers, in the form of a disclosure. It is important to read and re-read this form very closely and to ask questions if there’s any information in the disclosure that you don’t understand. If there is something wrong with the home, and the seller fails to disclose it, he or she is liable for the damages. However, before you can go after the seller you must be able to prove that he or she knew about the defect. Often times, the neighbors can be your biggest allies when it comes to proving that the seller knew about the defect, so consider talking to the nearby neighbors if you have found something that you are certain the sellers knew about.
  • Never pass up a professional home inspection – A professional home inspection is your best defense against getting stuck with a home that has serious defects. It is always a good decision to pay for the services of a professional home inspector, as he can reveal any defects in the home before the home is purchased. Many times, the buyer’s contract can be contingent upon the home inspection. In other words, if the defects are just too serious you can choose to back out the contract and not be penalized. In addition, you can also use a home inspection as a bargaining tool.
  • Think twice before purchasing an “as-is” home – A seller may choose to sell his or her Las Colinas home “as-is.” In other words, there is no room for negotiation, regardless of what a professional home inspection uncovers. Sure, you can find a great fixer-upper this way, but you must also be prepared to sink a lot of money into the home. Ask yourself: am I really prepared to handle this kind of challenge?

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Making a home Budject and sticking to it

Thursday, April 8th, 2010

The real estate market has been posting some modest gains, and those gains are expected to continue well into 2010. For those of us who have been waiting on the sidelines to purchase a new Plano home, now may be the time to take action.

Now is a great time to enter the real estate market, provided you have the credit and the down payment to make it happen. However, an area not often addressed by homebuyers is budgeting for a new Plano home.

In particular, figuring out a budget and sticking to it. Making a home budget is essential for handling your finances, and that goes for your mortgage, too. Foreclosures and short sales are still circulating through the market; many of which are a direct result of homebuyers not budgeting themselves and thinking long-term.

It is therefore important to establish a home budget as soon as you decide to purchase a new Plano home and, more importantly, it is important to stick to the budget, without fail.

  • Before you begin looking for homes in the Plano real estate market, go straight to a lender and get pre-qualified for a mortgage. It makes no sense to begin looking at homes before you are pre-qualified, as you likely will not have a clear picture of how much home you can afford.
  • In addition to a pre-qualification letter from a lender, sit down and make up a realistic household budget. Make sure your monthly budget has plenty of wiggle room, and make sure you have enough left over every month to put at least 10 percent of your income into an emergency savings account. It is true that many homeowners are just a month away from not being able to pay their bills. Don’t let this happen to you; aim to put at least a year’s worth of your salary into an emergency savings account.
  • Consider changes in your lifestyle or family. If you are planning to start a family, take into consideration the added expense. If you don’t plan on staying in your current home for more than a couple years, you may rethink buying at this time and look at renting instead. A big part of planning a feasible household budget is to anticipate changes in your life and the many ways in which they can affect your finances.

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Buyers Tips: How to Find the Home of your Dreams in a Buyer

Monday, March 22nd, 2010

Purchasing a Highland Park property amidst a buyer’s market is a smart move; however, it is important to not go into the process thinking you are going to low ball every offer you make. Instead, approach each home with a fresh attitude and really consider whether the price of the home is reasonable for this market.

  1. Gauge the local market – Many times, buyers think that they are going to get a steal on a Highland Park home. However, the reality is that most of the time the list price on the home is already as low as the seller can go. You can work with your real estate agent, however, to gauge the local real estate market.

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The Ins and Outs of Choosing a Family Home

Friday, March 19th, 2010

Many home buyers flock to Lovejoy ISD neighborhoods because of the excellent school system.

Lovejoy ISD homes are highly sought after by families who want to provide their children with the highest quality education.

Although it is always a great idea to consider schools when choosing a family home, there are many other factors that you should take into consideration when searching for Lovejoy ISD homes:

  • Think Ahead – If you have a growing family – or an expanding family – you will want to think ahead. In particular, you will need to start thinking long-term. Will you plan on staying in this home? And if so, will it accommodate your growing and changing family?
  • Location – Although you may choose to view Lovejoy ISD homes because of the excellent school system, you may also want to consider where the schools are located and if the location of the home is conveniently located near the school. Keep in mind that property values near a school are generally higher.
  • Needs – If you are searching for a family home, and you have small children, then you may need to think in terms of safety. Is the layout conducive to small children? Are there hazards, such as open staircases? Are the bedrooms located in such a manner as to allow you to keep an eye on your children, even when they are sleeping? Is the backyard safe and enclosed? Is the street busy?
  • Nearby Parks and Recreation – In addition to great schools, consider whether your neighborhood has nearby parks, playgrounds or outdoor recreational activities for your children. A great neighborhood is often much more attractive to families, as well as home values, so consider whether your Lovejoy ISD neighborhood has areas for your children to run and play.
  • Safety – Most parents – especially those of smaller children – want to make sure that their neighborhood is safe. Ask for crime records, talk to neighbors and make sure that your neighborhood is equipped with sidewalks, street lights and other safety considerations for families.

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A First-Time Homebuyer

Thursday, March 18th, 2010

The Uptown Dallas real estate market is healthy and strong, thanks to excellent real estate options amidst highly desirable neighborhoods. If you are new to the market and are looking into the Uptown Dallas real estate market, you can be sure to find a wide array of real estate at nearly any price point.

As a new homebuyer, there are a number of things to consider before heading out to search for Uptown Dallas real estate:

  • Find a qualified and experienced real estate agent – Real estate agents who are skilled in the Uptown Dallas real estate market can be a first-time homebuyer’s best friend. A qualified real estate agent will have a good understanding of the current market conditions and will be able to provide you with a plethora of information on the neighborhoods of Uptown Dallas. In addition, a qualified real estate agent will also be able to guide you through the entire home buying process, which may prove to be quite confusing to those individuals who are new to the market.
  • Understand your needs and wants – Viewing the lovely homes of Uptown Dallas may cause you to waver from your first thoughts about what you need and want. It is important to make a list of your wants and needs and to take that with you every time you view an Uptown Dallas property. Keeping your sights set on what is important to you will prevent you from purchasing a home that may catch your eye, but doesn’t meet your needs.
  • Take a first-time homebuyer course – Many real estate companies offer first-time homebuyer seminars. These helpful seminars, which are usually provided free of charge, can provide you with a great deal of information regarding the current real estate market and your options within the market. Your best chance of securing a great Uptown Dallas property is to educate yourself so you are able to make the most thoughtful decisions.
  • Get pre-approved first – Before you even begin the process of searching for Uptown Dallas real estate, head straight to a lender to discuss your financing options and your budget.

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A Guide to Securing your New Home

Monday, March 8th, 2010

Fort Worth new homes are often spacious, luxurious and armed with great design features and amenities.

However, Fort Worth new homes may also be a target for burglaries. It is because of this that you should consider your security options when moving into a new home.

Many Fort Worth new homes include excellent security systems, although some do not. Even for those with security systems, you may want to upgrade the security in your new home so that you can protect yourself, your family and your possessions.

Tips for Securing your new Home:

  • If your home was occupied, change all the locks before moving in – Although the former owners may think they retrieved all the keys to the home before moving, they may very well have forgotten one or two. It is because of this that you must have all the locks changed once you have purchased the house.
  • Meet the neighbors and ask about any neighborhood watches – Introducing yourself to the neighbors is a great way to establish bonds and create friendships. It is also a great way to develop a community presence so that you and your neighbors are aware of anything out of the ordinary. If your neighborhood does not have a neighborhood watch in place, consider hosting a party or barbecue and getting one organized.
  • Check the home’s current security system and upgrade, if necessary – Ask a professional to check the home’s security system to make sure it is adequate and in good working order. Ask about upgrades, such as motion detectors and additional keypads.
  • Think like an intruder – Check all points of entry into the home and make sure they are well-lit. Also, make sure there are no trees or shrubs near the home that may provide a hiding place for an intruder.
  • Check your sliding glass doors – Sliding glass doors can be an easy entry point for an intruder. Luckily, however, there are many types of locks that can secure these types of doors.
  • Check your windows – Make sure all the locking mechanisms on the windows function properly, and that they are also protected by your home’s security system.

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Making Smart Choices when Purchasing a Highland Park Luxury Home

Thursday, February 18th, 2010

Highland Park luxury homes are a hot commodity as of late. If you are searching for Highland Park luxury homes then you may already understand the process of purchasing a luxury home. However, if this is your first time purchasing a luxury home, you may want to consider a few tips for smart purchasing:

  • Redecorate before moving in – If you purchase a Highland Park luxury home and the home is not exactly what you want, you may want to consider redecorating or remodeling before you move in. Even Highland Park luxury homes need a little TLC once in a while and the entire process of redecorating or remodeling will go much smoother if you are able to complete your changes before you move into your new home. You won’t have to worry about construction inconveniences, noise and odor problems, and the general disorder redecorating or remodeling creates.
  • Find an agent who specializes in luxury homes – Purchasing Highland Park luxury homes are not like purchasing other types of properties. In fact, they may come with a wide array of issues and stipulations, all of which are best handled by a professional real estate agent who is skilled in buying and selling luxury homes.
  • Consider your financing options – The credit crisis of the past year has made it more difficult to finance larger properties. Called jumbo loans, loans for Highland Park luxury homes may be harder to snag, so it is best to check with a lender that specializes in jumbo loan to ensure you are a good candidate for this type of loan.
  • Plan your move ahead of time (antiques, valuables) – Once you have purchased a Highland Park luxury home you will want to start thinking about your moving arrangements. You may want to consider a standard mover, as well as a mover who is skilled in moving antiques and valuables. Although this will certainly cost more money than a typical mover, you can feel rest assured knowing that your valuables are being well taken care of during the moving process.

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The Advantages of Buying a Home in a Buyer

Thursday, February 11th, 2010

Good news! It’s still a buyer’s market out there. That means that there are a slew of great opportunities out there just ready for the taking.

And, lucky for you, along with a nice inventory of homes on the market comes other benefits of purchasing a Las Colinas home in a buyer’s market.

  • Price Reductions – There are many homes currently on the market in any given region, and many of these homes have seen price reductions. And price reductions mean anxious sellers. Make it a point to tour homes that have had price reductions, as you may have more room to negotiate with more receptive home sellers.
  • Contingencies – You can probably get away with writing in contingencies to your offer during a buyer’s market. You may ask for a contingency based upon the home coming in at a certain appraised value, or you may ask for a contingency based upon a clear pest report and inspection, among other things.
  • Credits – Most of the time sellers in a buyer’s market will entertain credits or allowances. Consider asking for credits to perform certain repairs or make certain improvements when you submit your offer. From repairing or replacing the roof to replacing worn carpeting or upgrading the home’s appliances, you can often get away with including credits in your offer.
  • Closing Cost Assistance – Many times, buyers will offer to pay all or some of the closing costs associated with the sale of their home. If they don’t, ask for them anyway. Closing cost fees may include fees associated with the title insurance, property taxes, recording fees or escrow.
  • Renegotiate Sales Price Following Inspections – Instead of backing out of the deal when inspection reports come back with problems, simply ask to renegotiate the sales price of the home. This strategy works most of the time, provided the problems weren’t evident before the first offer was made.
  • Ask for Extras – A good negotiation tool when purchasing a home in a buyer’s market is to ask the sellers for “extras.” This may mean the home’s appliances, washer and dryer, patio furniture, backyard shed and the like.

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Why Owning a Home is Still a Smart Move

Tuesday, February 2nd, 2010

The media has a knack of scaring even the most level-headed of people. Case in point: many would-be homeowners have been scared silly by reports of a tanking housing market. But what they fail to tell people is that now may be the best time to purchase your first home. From low interest rates and government programs to a slew of fantastic homes on the market, now may be the moment you’ve been waiting for.

Are there challenges in this market? Absolutely. But the fact of the matter is that there are just as many advantages to purchasing a Las Colinas home in 2010.

Why now may be your time to buy your first home:

  • Appreciation – Housing values across the country have hit rock bottom. What does that mean for you? It means that housing prices have nowhere to go but up. Great for you, considering that your appreciation value will be even greater than someone who purchased their home five years ago. A home is still a great investment in your future, all things considered.
  • Mortgage Interest Deductions – You will be thanking your mortgage when tax time rolls around, as mortgage interest is fully tax-deductible (with a few exceptions). You can’t do that with your rent!
  • Government Incentives – The federal government has certainly done its part over the last few months with the Homebuyer Tax Credit. In fact, it was recently announced that this government tax credit, which equals about $8,000 for each homebuyer, is extended well into 2010.
  • Home Equity Loans – Equity in your home is a great thing. You can take the equity in your home and use it towards paying off other higher interest loans, including credit cards, personal loans and auto loans, just to name a few. You can also use the equity in your home to send your kids to college, to make home improvements, or to simply take the vacation of your dreams. And, best of all, the interest paid on a home equity loan is also tax deductible.

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