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....
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...
Ways to decrease your homeowner’s insurance
I f you are a homeowner, you also have homeowner’s insurance to protect your home and valuables. Insurance premiums can vary according to location, and often times can be costly. But there are some simple things you can do to lower your rates and save money: 1. Install a home security system Home alarm companies recognize that home security systems reduce theft and home invasions. By installing a home alarm system with a monitoring service you can lower your homeowner’s insurance premiums by up to 20%. Check with companies such as ADT, Broadview Security or APX Alarm who all offer premium reductions. 2. Install additional smoke alarms New homes come with smoke alarms, but by installing additional smoke alarms in older homes, you can reduce your...
Arizona Real Estate: Buying your first home in Arizona
B uying your first home can be an overwhelming experience. But with a bit of planning, patience and education, you can become a successful homeowner. Before you decide to invest in Arizona real estate, here are some questions to ask yourself: 1. Am I ready to buy a home? If you are unsure of whether or not you are ready to buy a new home, ask yourself these questions: Do I have a steady income? Can I pay my bills on time? Do I have enough money for a down payment? Can I afford to pay the mortgage and any additional maintenance costs? If you can answer “yes” to these questions, then most likely, you are ready to buy. 2. What are the advantages to buying a home? Owning a home allows you to build equity, apply for tax breaks, and gives you stability and...