Real Estate Buying Tips
How to locate, finance and close the deal on your new home.
Tips for Choosing Upgrades for a New Home
Most home owners opt to add some upgrades to a new home, which can be rolled into the mortgage opposed to paying for them later on their own. But the choices of what flooring, lighting, or other upgrades to choose can be overwhelming.
Designer Candice Olson, author and host of HGTV’s “Candice Tells All,” says lighting and extra wiring are key upgrades new home buyers should consider.
“Adding lighting — or at least the wiring for it — means you’ll be able to have bathroom sconces instead of that one overhead light the builder gives you,” Olson says. “Your flat-screen TV can be where you want it. You’ll have a floor outlet for the lamp in middle of the open room. And you won’t be ripping out walls later to do all this.”
Also, she says home owners shouldn’t forget about the exterior lighting either. “Outside lighting, plus landscaping, will set apart your house from the others in the neighborhood where buyers chose from plans A, B and C,” Olson says.
As for flooring, Olson recommends hardwood floors for the main living areas, and cork floors for the basement, since there’s potential for water leakage in basements.
She also says the addition of taller baseboards, chair rails, crown molding, coffered ceilings, built-ins or a banquette also are smart investments for upgrades.
Source: “Decisions, Decisions: Add Character to Your Home With a Few Choice Upgrades,” Chicago Tribune (Feb. 4, 2011)
Townhouses
Builders Diversify to Survive During Slowdown
Turnberry Towers illuminating high class luxury living
Builders are finding that their survival in the weak new-home market depends upon creativity.
Builders increasingly are branching out into interior renovations, especially as firms consolidate numerous locations into a single building.
High-end custom builders are serving homeowners who have decided to stay put, erecting trellises, arbors, potting sheds, and other structures for them.
Additionally, some builders now serve as consultants, helping real estate agents identify and fix structural defects that impede home sales.
Source: Wilmington, N.C., Morning Star, Wayne Faulkner (09/19/10).
Home Buying and Selling Tips for Fall
HGTV’s real estate site Front Door says the weeks between now and the end-of-the year holidays are the best ones to find a bargain. Here are some of their tips for fall buyers and sellers:
Fall Sellers:
- Replace faded summer plants with fall-blooming flowers and add autumn decorations to the home.
- Expect low-ball offers and be prepared with higher counter offers.
- Freshen up listing photos by shooting pictures that make it less obvious that the seasons have changed.
- Price the home to sell. A price that is a little lower than the competition may be a winning move.
- Be willing to show the property and hold open houses whenever potential buyers are ready.
Fall Buyers:
- Look for motivated sellers who have a reason to move on by the end of the year.
Fall colors
- Explore new constructions. Builders are often particularly interested in selling before the new tax year.
- Beware of fall maintenance issues. Consider overflowing gutters and leaf-covered lawns warning signs.
- Shape offers carefully. Even in this market it is possible to turn sellers off with a too-low bid.
Source: FrontDoor dot com (09/16/2010)
photo credit: paul (dex)
5 Costly Mistakes First-Time Buyers Make
Buying a first home can be a daunting experience. Here are five common and costly mistakes that novice home buyers make:
Will Nesbitt
1. Ignoring the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan.
2. Muddying the waters by shopping for other things before closing. Lenders continue to check credit scores right up until the time of closing. Too much shopping could cause the lender to take back the loan.
3. Scrimping on an inspection. Being surprised by the need for expensive repairs can be financially devastating.
4. Buying without contingencies. Buyers should give themselves an out if the inspection turns up problems or the bank raises the interest rates.
5. No money for insurance. Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise.
Source: CNNMoney.com, Les Christie (04/19/2010)
