Twila E. Palmer's Blog
Employing a real estate agent offers an ideal first step for those who want to buy the perfect residence, and for good reason.
With a real estate agent at your disposal, you'll be better equipped than other homebuyers to find a wonderful house at a price that matches your budget. Plus, your real estate agent will be able to help you navigate each stage of the homebuying process.
What should you expect after you hire a real estate agent? Here are three things that will happen:
1. You'll narrow your home search.
What are you looking for in the perfect house? Ultimately, you'll need to narrow your home search to ensure that you can discover your dream residence without delay.
Luckily, your real estate agent will allocate the necessary time and resources to help you narrow your home search. By doing so, you'll be able to move one step closer to finding a first-rate home that you can enjoy years to come.
2. You'll visit a wide range of high-quality houses.
Your real estate agent will set up home showings and keep you up to date about open houses in your area. That way, you can stay on top of the housing market, browse a broad array of top-notch residences and find one that suits you perfectly.
As you browse houses, don't forget to provide your real estate agent with questions. This will enable you to make a more informed decision about how to proceed following a home showing or open house.
Furthermore, your real estate agent wants feedback to guarantee that you can explore houses that correspond to your lifestyle and budget. And if you view a home that fails to meet your criteria, let your real estate agent know immediately. This will make it easier for your real estate agent to find houses that meet or exceed your expectations, and as a result, may help you accelerate the homebuying process.
3. You'll submit your first offer on a home.
If you've reviewed a variety of houses and find a residence that you would like to purchase, now is the perfect time to submit an offer.
Your real estate agent will offer recommendations to ensure that you can submit a competitive offer on a house. In addition, this real estate professional can provide details about how long a home has been available, if a home seller has lowered the price of a residence recently and other factors that may impact your initial proposal.
Submitting an offer on a house can be stressful, but you can always reach out to your real estate agent for support. Your real estate agent will keep you up to date about whether a home seller accepts, rejects or counters your offer. And if you receive a "Yes," your real estate agent can help you take the next step toward acquiring your dream home.
Before you begin a home search, hire a real estate agent – you'll be happy you did. A real estate agent can simplify the homebuying process and help you achieve your homeownership dreams.
One question that crosses many homebuyers’ minds is “Will it be cheaper to buy or build a home?” There’s many pros and cons of both new and older construction homes. The price you pay is a big part of how the entire decision breaks down.
Prices for existing homes vary widely based on where you live. The same principle goes for buying land and constructing a home. You can check on the specifics of the price per square foot in your area for more details. These costs could have the biggest impact on how you go about the path to homeownership and what area you decide to settle down in.
Keep in mind that new homes are often more spacious. This drives the cost per square foot down, yet there’s more square footage in the home.
Cost Of Upkeep
Any kind of home has its regular maintenance tasks and costs that are included with the job of homeownership. Landscaping, the servicing of appliances, the upkeep of filters, and heating and cooling system maintenance are all a part of owning a home. If you buy an older home, however, you’re guaranteed to have a few more costs to worry about. If appliances are on their last leg or the roof is nearing the end of its lifespan, you’re going to need to foot the bill for the replacement cost.
A new construction home can have issues as well, but it’s less likely to happen. The problems that happen in a new construction home are more likely to be due to building issues. Newer homes can, however, have a protection of up to 10 years with a new construction warranty.
The Great Outdoors
When you buy an existing home, one of the major perks of it is that the landscaping is mature. There’s no need to plant grass, bushes, and flowers because there’s usually something in place. It’s less of an expense to have something to work with when it comes to landscaping. Trees that have been strategically placed can often add a lot of value to a property.
On the other hand, building a new home can add years to the process of a finished landscape for a home. You’ll need to deal with tedious upkeep and spend thousands of dollars to get the property’s outdoor spaces looking green and beautiful.
Energy Efficiency And Technology
If you buy a new home, you have the advantage of keeping up with the latest technology and energy efficiency standards. New construction homes are usually much more efficient than older homes. In a new home, you also have the advantage of being able to install smart technologies like thermostats and security systems to streamline with construction. These tools make your home more secure and easier for you to manage.
There are a few different advantages to both buying an existing home and buying a new construction home. Your needs and your budget will determine the decision that’s right for you.
When you find a home that you love, you probably already have been pre-approved by a bank for a certain amount that will enable you to buy a home. Once you put in an offer on the home and it’s accepted, however, you may need to take a step back. The appraisal can help you to know what the value of the home actually is. The bank may decline your loan based on the appraisal This is one of the most important steps to obtaining the financing that you need to purchase a home.
What Is An Appraisal?
In a nutshell, an appraisal protects the bank from investing in a property that’s worth less than what they’re paying for it. This process also protects you as a buyer from buying a property that’s worth less than what you’re expecting it to be worth.
Although the appraisal makes sense financially, it doesn’t mean that the process won’t be emotional for you as a buyer and for the sellers as well. The appraisal can in fact make or break the purchase of what you consider as your dream home. There’s a lot of data that’s collected for the appraisal, which can cause nerves to be shot on both sides while the value of the home is being calculated.
What’s The Difference Between The Inspection And The Appraisal?
A home appraisal is much different than an inspection. The home inspection is important in its own right. As a buyer, you hire a home inspector to find any potential problems or hazards that could be big issues for you in the future as a homeowner. While property appraisers will make note of glaring issues, they won’t check out the nuts and bolts of the home like a home inspector will. The home inspector checks out everything from the air quality to the chimney to the toilet and sinks. There’s many things that will affect your home appraisal. In other words, if you’re a seller, you want to get major issues fixed before you put your home on the market. Home inspections will be very important for different reasons to you as a buyer since it will be valuable to you in the future. Appraisers may request an inspection if they notice something serious within the home, but they are more interested in the value of the property than the direct problems that are within the home.
Who Will Pay For The Appraisal?
Generally, the seller will pay for the home appraisal along with the closing costs. This can be a few hundred dollars. In certain circumstances the buyer may agree to pay for the appraisal, however.
What Goes Into Calculating The Worth Of A House?
Appraisers look at many different factors including:
- The square footage of the property
- The number of bedrooms
- How many bathrooms the home has
- The condition of the home
- How much have comparable properties have sold for in the area
- Safety issues
- Other factors pertaining to health and safety
The appraisal process can seem complicated, but once you’re educated on the matter, you’ll be prepared when it gets to that point in the home buying process.
What Is The Disclosure Statement?
Disclosure statements are used in many of life’s situations. This is the place where the buyer is able to learn about the ins and outs of the property that they are about the buy. Examples of items that would be on a seller’s disclosure are:
- Water in the basement
- Updates made to the home
- Known pests
- Paranormal activity
- Death on the property
- Past fires
- Nearby major construction projects
- Title 5 sewerage issues
Disclosures Serves As Protections
The disclosure statement serves as a protection for both the buyer and the seller. From a buyer’s perspective, through this information, they are able to understand a bit more about the property that they are potentially buying.
On the seller’s side of things, the disclosure statement serves a s legal protection of sorts. The seller is obliged to reveal anything about the property that could potentially affect the value or affect the living conditions.
How Does The Seller Make The Disclosure
Each state and even each city within a state varies in the way a disclosure is conducted. The statement can be composed of dozens of documents that need to be signed by the seller. Other states have disclosure document forms that consist of a series of yes or no questions about the home. Sellers may also be required o present communications between neighbors, owners, and agents. In some states, the disclosure statement is valid for up to 10 years, allowing buyers to collect damages if something wasn’t properly presented on the statement.
How Do Sellers Know What To Disclose?
The basic rule of thumb is that if you know something about your property, you should disclose it. If you try to hide something, it could come back to meet you in the form of a lawsuit, even years later. Many states have legal requirements as to what should be revealed on these documents.
What’s Disclosed To Buyers?
The disclosure doesn’t have to be all bad. This document is also an opportunity for sellers to present any of the improvements that they have made to the home. Make sure that you include all of the upgrades, renovations, and improvements that you have made to the home that you’re selling. This can help to impress buyers as to how well you have taken care of the property.
It’s easy as the buyer to check some of these improvements as you can find out if the work was done with or without permits by checking with the city’s zoning reports. Work that was done without a permit may have not been completed according to code. This could pose some serious health and safety risks to you and your family.
Problems that you’ll want to disclose as a seller include pest problems, property line disputes, disturbances in the neighborhood, liens on the property, and appliance malfunctions.
Remember that the disclosure doesn’t substitute the buyer’s right to a professional inspection of the property. It’s important for buyers to know as much about a property as they can in order to be sure they’re making a good investment.