Tammy Gordon, Real Estate Consultant
When you buy an old house worn down by time and climate, it’s a no-brainer to hire a home inspector to check what shape it’s in—before you commit to your purchase. But should you hire a home inspector for a new house, even if it hasn’t been finished yet?
As odd as it may seem, the answer is yes. Here’s why new houses should get inspected, too, and the best way to go about it.
Buying a house typically requires some serious savings. After all, with the median home price hovering at $375,000, a 20% down payment amounts to $75,000. Yes, you can put down less. (The national average is 12%, although some loans allow as little as 3%.) However, in today’s competitive market, more cash upfront can give you an edge and help make your offer stand out.
It’s no surprise that among younger homebuyers, 30% say that pulling together the down payment is the most challenging step in buying a home, according to the National Association of Realtors®.
Yet as daunting as it may be to amass this pile of cash, there are plenty of tactics that can help you get there faster—and with fewer sacrifices than you might think.
Some of the advice that follows is tried and true, while other tips are fairly new, in the form of nifty apps that’ll line your pockets with extra cash with little effort. See which ones fit, so you’re armed and ready once you get out there to make an offer.
Most people know that homeownership requires coughing up copious amounts of money. There’s your mortgage, of course, but the costs hardly end there. You will also have to pay property tax.
If you already own a home, you can look at how your tax is calculated on the most current property tax statement. If you’re considering buying a home, look on the real estate listing for assessment and tax information, or go to the county website to find out the annual property tax.
Be aware that property taxes can change. The assessed value of your house can go up or down, depending on the local real estate market. Your assessment can also rise or fall depending on changes you make to your house—for example, if you make additions to your property. And the tax rate can change depending on your local government.
Buying a home is very likely the largest and most important purchase you will ever make—and the prospect may seem more daunting today than ever.
If you’re hoping to buy a house soon, here are the basic numbers you need to know—including how much a home costs today, how low your down payment can go, a sneak peek at hidden fees many homebuyers forget to factor in, and more.
If you’re a single parent, it’s arguably more challenging to buy a home than for those in a partnership with dual incomes. Yet it’s easy to see why so many single parents are eager to purchase a house. Beyond finding a perfect kitchen and playroom, owning a home is an integral part of building a healthy financial future.
And while homeownership may seem like an increasingly out-of-reach dream for single moms and dads, buying a house is definitely an achievable reality for most folks. To help inform you on this journey, read more HERE.
First-time homebuyers may assume that once they purchase their home—an expensive feat these days—they are done bleeding money. However, they may not be properly budgeting for common home improvement projects, which can be substantial.
Many Americans are underestimating the price of many popular home improvement and maintenance projects, such as installing new windows, doing the landscaping, and painting the interiors.
Here’s the scenario: Your house is on the market and you have interested buyers, but they are concerned about the roof. Maybe your home has a bit of damage from the last storm, but it’s nothing major.
Still, a potential buyer sends a roofer to check things out without your approval. Sending a professional to somehow inspect the condition of your home unannounced may seem a bit bold on the buyer’s part. Can a potential buyer send someone—be it a roofer, inspector, or contractor—to inspect a home or snoop around outside without the seller’s consent?
Here’s what the experts have to say about this sticky situation.
Every house hunt starts with a dream, one that can easily escalate into pure fantasy. Homebuyers, particularly first-timers, often harbor visions of purchasing the perfect house, in a great neighborhood, for a bargain price.
All that might have been achievable—with some luck—in the past. But in today’s hot seller’s market, once buyers move beyond mooning over listings to making an actual offer, things can get jarringly real all too fast.
Here are a few homebuying dreams that may need a reality check today.