Month: April 2017

The house you’ve chosen to buy may look exactly like the home you’ve always envisioned – great neighborhood, granite countertops, plenty of room to entertain. But, there may be some hidden sins that you’re not aware of.

The few hundred dollars it will cost you to get a pre-inspection of the home can come back to you tenfold if there’s anything significantly wrong with the house. Even if there are no hidden problems, you’ll have peace of mind that’s so important during the house-buying process. During the home inspection, the inspector will examine the home thoroughly and provide you with an evaluation of the condition of the home. Even though the home inspector may not catch every issue with the home, they are experts in what they do and can recognize costly, potential problems in the future. If the inspector finds quite a few problems with the home, you can use that information to your advantage by negotiating a lower price or have it written in the contract that the owner must take care of specified repairs before the closing date.

Not getting an inspection may be costly down the road. You could have faulty wiring that leads to a fire, a defective water heater and many more problems that could impact your future in the home. An inspection is especially critical if you’re purchasing a foreclosed home or an old home – even one that has been renovated. You may feel attached to the home because it appears to be the one you’ve always dreamed of – but don’t let that attachment make you blind to the red flags that may be costly and discouraging. You may need to go beyond a licensed home inspector if you suspect problems such as foundation problems and hire a structural engineer to examine the home and let you know of potential issues.

If the yard of the home you’re considering slopes toward the home, there may be drainage issues and you need to get a landscaper’s opinion. Knowing ahead of time so you can make the proper changes can save time and money from flooding and water damage. The septic system of a home should always be inspected by a septic system inspector to see if the ground is wet or soft around it. That could indicate a major crack or failure of the system.

Considering buying an older home? Be sure to hire a toxic substance inspector to detect whether the home has traces of mold, asbestos, lead or radon. Those can be costly or even deadly issues if not addressed.

A pest inspector should be called if you notice wood shavings, softwood or buzzing within the wall. Pests such as termites can cause an abundance of damage to your home.

If your home is in an area that experiences frequent earthquakes or floods you may want to hire a geotechnical inspector to examine the home for possible problems in the home’s structure or retaining walls.

You may love the big, old trees surrounding the home you want to purchase. But, beware of large roots and tree canopies which can damage what’s beneath it. The foundation, roof and driveway could all be at risk from the roots of trees.

It’s worth the money to inspect your home thoroughly before signing on the dotted line to make sure you are getting your dream home and not a nightmare that will cost you more in the future.

The last thing that anyone wants after they have moved into a home is to find that everything needs to be prepared.  Whether you have just moved in or are in the process of remodeling, you will want to make sure that the home you have is comfortable.  If you want to make sure that you keep the finances low key for repair, then make sure that you have the right loan.  One option to consider is a home equity loan.  

Home equity loans are a loan that allows you to borrow money against your first home loan.  For instance, if you have a mortgage, you can take out a second loan against the first mortgage, known as a home equity loan.  You can use this extra money in order to pay off payments or to refinance your home.  You can borrow up to eighty percent of your first loan in order to invest money exactly where you want it.  

Home equity loans aren’t necessarily to just help you pay off or repair certain things.  You can use the loans as a way to invest in your home so that it can be improved and you are able to profit more off of the changes.  Many will get home equity loans in order to improve their home.  Others will get the loans in order to consolidate other bills and pay other things off.  This will essentially give them a higher credit score and allow them to receive a better standing when higher investments are made.  

One of the major considerations to make before getting a home equity loan is whether you will be able to profit off of it.  Several will take out the loan which will only add on debt instead of helping them to take it away because payments are not made.  Because the loan is against your home, if you aren’t financially stable, you may end up losing your home.  Make sure that you are prepared before you jump into this kind of investment.  

If you are looking for a way to improve your home, or to consolidate your credit or to simply help pay off your mortgage, then home equity loans are one option.  If you know the ropes of this type of loan, you can easily benefit from the various things that it has to offer.

Buying a home can be one of the most exciting times of your life. Making a checklist of wants and needs is fun and you know you can make your dreams come true by working with your real estate agent to find the perfect home.

Searching and going through the process of home buying can also be a very emotional time. Your emotions are involved with every aspect of the search and the financial process and sometimes those emotions can turn into stress that wipes out those happy and excited feelings you once had.

There are endless reasons why things can go wrong and rev up your stress level. Your agent may not be communicating with you and you’re becoming frustrated with the lack of information coming your way. If that happens, it’s time to have a face-to-face meeting with the real estate agent, let her know your concerns and see if you can rectify the situation. If you don’t think that’s possible or continue to have a lack of feedback write a formal letter which states your reasons for dismissal and find another real estate agent as soon as possible..

You may think you’ve found your dream home, but the inspection reveals defects and problems far beyond what you want to take on. That’s just one more thing that can go wrong among the litany of others. Now you have to decide if the repairs and renovations are worth the time and money or decide to keep looking for a home. If you have a friend who is familiar with buying and selling homes – or know of a reputable contractor you can discuss the situation with, call to get some advice so you can make the best decision.

Another stress factor in purchasing a home is the financial aspect. A lender may reject your loan at the last minute or you might receive a low appraisal on the home. Doing some research before you get so far into the home-buying process can alleviate some of that stress. Talk to at least three lenders before the home search and have your credit and financial statements in pristine order. You should be able to get a good assessment on what your chances are for a good loan amount. There could be a few reasons for a low appraisal and it doesn’t necessarily mean that you’re offering too much money. Check with your real estate agent about whether the home sales in the area have happened so fast that the comps haven’t quite caught up with the prices as yet.

Just when you think it’s over and you’re looking forward to the closing date you get word that the title company found problems with the title or perhaps an unknown lien on the property. Your agent should be able to steer you through these complications, but it may take awhile. A quitclaim deed or a commencement of action to quiet the title are a couple of options the agent will discuss with you to get rid of that problem.