Top 5 Mistakes New Homeowners Make
A re you in the market for a new home? Buying your first place can be rewarding but also a bit scary. Your ultimate goal is to find a home you love at a price that you can afford. However, many first time buyers make costly mistakes that can put the brakes on their home ownership dreams. Here are the 5 top mistakes that new homeowners make and ways to avoid them. 1. Not knowing what you can afford Many first-time homeowners get so caught up in excitement of purchasing a home, that they have no idea what their budget is or what they can afford. Consequently, they end up looking at homes that are out of their price range, fall in love with houses that stretches their budget and then get discouraged because they are forced to look at homes in a lower budget....
The Foreclosure Process
I t is estimated that 1 out of every 200 homes will be foreclosed upon and that 250,000 families enter into foreclosure every 3 months. In Arizona, the foreclosure rate is among the nations’ highest. If you or someone you know is facing foreclosure, it’s important you know what the process entails. When a homeowner (borrower) has missed a mortgage payment, the lender will send a notice indicating that they have not received that month’s payment. After two payments are missed, the lender will usually send a “demand letter” and the homeowner would need to remit the late payments within 30 days of receiving the letter. If after 90 days, the lender has not received missed payments, a notice of default will be issued, and the loan will be handed over to...
The Importance of Home Security
W hether you are a first time homeowner or have lived in the same house for many years, strong home security is essential in keeping your belongings and family safe. According to the FBI, home robberies occur every 12 seconds. To prevent a burglar from invading your home, consider implementing a home alarm system as well as some type of outdoor security. Today’s home security systems are more advanced and more effective than ever, and can be very affordable for a homeowner. There are two main types of home alarm systems: wired and wireless. With a traditional hard-wired alarm system, wires run from the main system to every point and motion detector in the house which includes all doors and windows. Setting up a hard-wired alarm system can be labor intensive...
Red flags for Home Buyers
B uying a home is one of the most important investments you will make in your lifetime. Most states require that home sellers disclose any defaults of a house before a contract is signed and you should never sign a contract before a professional home inspection. However, some hidden problems can be missed, or you may have fallen in love with a home before the disclosures are made. Here are some red flags you should be aware of before purchasing a house: 1. Low water pressure Low water flow can be an indication of plumbing problems such as corroded pipes or build up of deposits. To test, check for weak flow in the bathroom sinks, see if there is a long delay before the water turns hot and check for faucet flow when flushing the toilets. If low water pressure...
Should I buy foreclosed Arizona Real Estate?
A rizona has the 3rd highest rate of foreclosures and pre-foreclosures in the country and more home buyers are drawn to foreclosed Arizona real estate because of the bargain prices. Obviously, the opportunity to buy a home below market value is a huge benefit to buying a foreclosed home. However, there are also some risks that bargain hunters need to assess: 1. You might not have time to do research: If you decide to buy a foreclosed home at auction, you won’t have time to research it. Liens will be wiped clean and you will be responsible for any property taxes. There is also no home inspection, and homes sell sight unseen. You could also get into a bidding war and end up paying more that you intended. Bargains can be had at auctions, but the risk may not...
Q&A: Do I need to hire a home inspector for a new home?
Q : Anthony, If I am buying a new home, do I still need a home inspector? A: In one word: absolutely. Just because the home is new, doesn’t mean there won’t be defects that need to be corrected. It is not unusual for a general contractor not to know what his subcontractors have done. Home inspectors often find defects in the crawl space under the home or in the attic, such as broken trusses, crimped duct work or lack of insulation. There can also be foundation problems or incorrect wiring which can cause huge problems in the future. A good time to have a home inspector come is for a “pre-drywall” inspection so the insulation can be inspected before the drywall is installed. A few people will also hire the inspector to come back and examine their house...