Is This Year – 2011 A Good Time To Buy A Home?

Posted on February 12, 2011. Filed under: Homebuyers, Real Estate News & Updates, Tips, US recession | Tags: , , , , , , |

Currently, the United States is in a state of recession. Houses are harder to sell than before – at least for a profit – and many people are finding the pressure to be mounting with no near end in sight. However, for those who do not currently own homes, but are looking to, this is a time of great opportunity. Why?

Too many homes were built during the boom and now supply is outweighing demand, putting first time home buyers in the right place at the right time. While people do not necessarily want to benefit as a result of the misfortune of others, coming first time home buyers will not be in a position to overpay for a home, nor should they. After all, when items are on sale, benevolence does not include padding the price to make people feel better, especially if the purchase is a short sale. So take advantage for this great time of opportunity.

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Old Home Vs New Home: What’s best fit for you?

Posted on January 6, 2011. Filed under: Homebuyers, Homeowners, Ideas & Information, Tips | Tags: , , , , , , , , |

Buying a home could be complicated and challenging than people realize, and deciding to buy either a new or old home is another thing.  For every qualifier, there’s a dis-qualifier. For every “on one hand,” there’s an “on the other hand.” Both have advantages and disadvantages that must be consider before buying a home.

Location:  New homes are often to be found in newer suburbs and in reclaimed wild areas. If a home buyer wants to live in an area that is already an established estate or in an established neighborhood, an older home is preferable. Some home buyers may also object to buying a new home that was built on newly cleared forest land or wetlands. New subdivisions — and newer schools — are generally on the outskirts. But the expense of daily commute is one factor that many buyers forget to consider.  In an older community, he said, people have moved in and out over the years and you tend to get more diversity of neighbor backgrounds that include older people, singles, families and renters. Some older homes have been passed down from generation to generation. Relationships develop over the life of a house and its occupants, and a watching-each-others-back mentality surfaces that can extend to folks buying into the neighborhood. You don’t just buy an old home . . . you buy an extended family.

Price: Existing homes are usually less expensive per square foot, in part because of escalating land costs in new subdivisions. But ownership costs are considered more predictable — almost inevitable — in a new home, especially considering the cost of a code upgrade or remodeling of a vintage home.

Space:  Older homes tend to be smaller than new homes, but they tend to be on larger parcels of land. With the fast rise in land prices that has occurred in recent years, new homes are often built on less land than even 10 years ago. Whether a home buyer prefers a larger home on less land or a smaller home with a larger yard should be considered before deciding between new homes and older ones. The layouts of new homes also tend to be slightly different than older ones. Older homes may have all of the bedrooms grouped together and may have only one or two bathrooms.

Living space and design: Lower building costs of the past mean more homes for the money for the buyer of a resale. Resale basements may have been finished out nicely for additional living space. On the other hand, new-construction homes often employ more efficient, innovative uses of square footage and property. Also, newer “zero-lot-line” developments offer more living space per square foot than a same-size lot that surrounds a resale.

While buying a used or new home should be largely a lifestyle decision that still shouldn’t prevent the potential buyer from also thinking like a seller.

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Are you really Ready to Buy a Home?

Posted on December 15, 2010. Filed under: Homebuyers, Homeowners, Ideas & Information, Real Estate News & Updates, Tips, US Housing News | Tags: , , , , , |

It’s important to determine what you really want in a home before you even step outside to look at one. Having an idea of what you want will help you narrow your home search to homes that will fit your needs and wants. Simple decisions such as how much you want to spend and how big of a home you want can also save you time and ensure that you aren’t looking at homes that aren’t really what you want or need. Thus, buying a home can be an overwhelming process, and it’s easy to forget something on your checklist.  If you’re a first-time buyer, chances are you’re learning a lot of stuff for the first time.  To help make this process easier, we’ve compiled a list of things you should watch out for, just in case you forgot one. Remember, whether you are a first time homebuyer or a professional one, the basic of home buying are still the same.

Location is very important factor to be considered when buying a home. You have to choose the location that is suitable for your reason for moving in.  If you decide you want a home in the city, be wary of looking at homes out of the city that will increase your commute time, run up more vehicle expenses, and create annoyances such as not being able to order take out or not being able to make quick stops at home during the workday. If you don’t like to live in the city then by all means don’t place yourself in a city lot or apartment where you are going to feel crowded or annoyed by common city occurrences. Also the neighborhood is really important, because it determines the value of your home years from now.  Many new buyers are excited to find a home with everything they need, but forget to check the surrounding area.  When you’re buying a home, spend some time and walk around the neighborhood.

 

When buying a home it is important thing that you consider your financial status. You have to be ready with your finances before searching the best home that will be perfect for you and your family.  Thus, price is one of the most common factors that people tend to push to the limits. They look at how much more home or how much nicer of a home they can have if they spend a little more money. If you ignore how practical a house is for your family you may end up with constant annoyances or problems on a daily basis.

Another important thing that you should not forget when before buying a home is, home inspection. Find a good inspector and get recommendations from people you know and trust, because a detail oriented inspector can spot problems and save you a lot of grief later on, after you own the house. You have to make sure that you inspect the home thoroughly before making an offer. You have to make sure that there are no hidden defects in order to make sure that you are making a worthwhile investment.

You may stray from your original plans and expectations with the purchase of your home, which is fine as long as you keep a realistic outlook on the home purchase. You may find that the square footage you planned to buy would be way too small for your family or that the repairs you thought to be too tedious are really more common than anything. It’s simply important to buy a home that compliments your financial situation and personal lifestyle, rather than one that merely complicates them.

 

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