NURY WOOD's Blog
Ready to buy a home? Ultimately, you'll want to prepare for the homebuying process. By doing so, you can avoid many costly mistakes.
Believe it or not, it is easy to make mistakes as you browse the housing market. Some of the expensive mistakes that homebuyers frequently make include:
1. Overspending on a Residence
No one should be forced to overspend on a home. Unfortunately, if you fail to study the real estate market, you risk paying too much to acquire your dream house.
Remember, an informed homebuyer will be better equipped to optimize the value of his or her real estate investment than others. And if you understand the costs of properties in your area, you can avoid the temptation to overspend.
Explore the real estate market closely and assess the prices of similar houses. By doing so, you can understand the price range of homes that fall within your budget and plan accordingly.
Also, work with an experienced real estate agent. This real estate professional will help you determine how much you can spend on a home and can provide you with details about properties that match your budget.
2. Failure to Get Pre-Approved for a Mortgage
After you find your dream home, you'll need to figure out how to pay for it. And if you struggle to obtain a mortgage before you start your home search, you might miss out on the opportunity to purchase your dream residence.
Meeting with banks and credit unions prior to checking out properties is ideal. This will allow you to obtain a mortgage and search for houses that fit your price range.
Moreover, getting pre-approved for a mortgage may help you stand out in the eyes of a home seller, as he or she won't have to wait for you to secure financing to finalize a purchase agreement.
3. Lack of Realistic Expectations
As a homebuyer, it is important to understand that every house has its pros and cons. But if you fail to establish realistic expectations for the homebuying process, it may be impossible for you to find the right property at the right price.
Separating your homebuying wants from your homebuying needs is vital. If you determine exactly what you'd like to find in your dream home before you explore the real estate market, you can narrow your search and streamline the process of acquiring the perfect residence.
Furthermore, hiring a real estate agent can make a world of difference for homebuyers. Your real estate agent can keep you up to date about new homes as they become available, set up home showings and help you submit offers on residences. This real estate professional also can offer homebuying recommendations, ensuring that you can minimize the risk of homebuying mistakes.
With a real estate agent at your side, you can accelerate the process of going from homebuyer to homeowner. Collaborate with a real estate agent today, and you should have no trouble securing your ideal residence.
Attending a home showing often represents a major milestone in the homebuying journey. But after you take an up-close look at a house, how should you proceed?
There are many questions to consider after you attend a home showing, including:
1. What Did You Think of the Home?
Although it may appear to be love at first sight after you view a property for the first time, it usually is better to err on the side of caution. Thus, after you check out a home, you may want to take at least a few hours to assess the property.
Does the residence fit your budget? Is the property big enough to accommodate your family? And is the residence close to your office? These are just some of the questions that you'll want to consider as you evaluate the pros and cons of a house.
Also, don't forget to consult with your real estate agent. This professional may be able to offer additional insights into a house that you might struggle to obtain elsewhere. By doing so, your real estate agent can help you determine how to proceed with a residence.
2. Should I Submit an Offer?
The decision to submit an offer on a house is a big one, particularly for those who want to purchase a high-quality property at a budget-friendly price.
Ultimately, you'll want to look at various housing market factors before you submit an offer on a residence. Consider how long a residence has been listed as well as the prices of comparable houses in the same city or town. Furthermore, you'll want to consider the property's condition and whether major repairs will be needed in the near future.
Your real estate agent can help you put together a competitive offer on a house that won't exceed your budget. This housing market professional will enable you to examine the pros and cons of a residence and make it easy for you to decide how to move forward after a home showing.
3. What Are My Options?
Homebuyers have many options after they view a house. They may choose to submit an offer on the residence. Or, if a house fails to meet their expectations, homebuyers can continue to explore the real estate market.
No homebuyer should feel backed into a corner after a home showing. Fortunately, your real estate agent will be able to outline all of your options. This real estate professional will simplify the process of finding your dream house and allocate the necessary time and resources to explain all of the options at your disposal.
Perhaps best of all, your real estate agent can answer any concerns or questions at each stage of the homebuying journey. That way, if you're uncertain about a residence that you recently viewed, your real estate agent will be able to respond to your queries without delay.
Take advantage of home showings, and you should have no trouble discovering your ideal residence.
If you’re buying a home, most likely, you’ll want to have a real estate attorney. The attorney will serve a couple of different purposes, namely, to protect you in the purchase of a home.
Real estate attorneys provide legal advice related to the purchase of a home. An attorney’s duties include:
- Reviewing and revising the purchase and sale agreement (referred to as the P&S)
- Negotiating the P&S with the seller’s attorney
- Adding riders to protect your interests
- Ensuring you meet contingency dates
- Helping the buyer to understand zoning laws
- Helping the buyer to understand ownership interests
If there’s a dispute during the sales process, you’ll be quite happy to have an attorney on your side. The attorney can provide advice based on your legal rights and legal obligations under any contracts that you have signed.
The bottom line is that your attorney will have your best interests in mind. In everything from ownership issues to disputes and how they will impact your ownership in the property, your attorney will be there to give you the most pertinent advice. There are numerous situations that can come up when it comes to buying a home. It’s impossible to anticipate them all. You don’t want to end up owning problems that you didn’t create, or were unaware of.
Coordinating With Other Attorneys
As a buyer, your attorney will coordinate with other attorneys involved in the sales process. This includes the seller’s attorney and the attorney that will be responsible for the closing on the sale of the home. Your attorney will make sure that all other parties have followed through to resolve any issues that may arise in a timely manner. Your attorney can actually become the closing attorney under certain circumstances, but they will at least be present at the closing.
The Closing Attorney
The closing attorney is the one who is responsible for many different tasks before and during the closing on the sale of the home. These tasks include:
- Searching the title
- Resolving title issues
- Issuing the title insurance
- Obtaining the payoff amounts for any outstanding mortgages or leins
- Ensuring taxes and any other city or town related bills have been paid
- Preparing closing fees on the settlement statement
- Explaining documents that will be signed at closing by both the buyer and the seller
Buyers in different states have different rights as to who they can choose as their closing attorney. In a technical sense, the closing attorney represents the lender. It’s a good idea to have your own buyer’s representation at closing.
Attorneys have a duty to keep their clients‘ information confidential and also to keep their best interests in mind. If an attorney is representing both the buyer and the lender, you will most likely receive a form of written consent, notifying you of this matter.
There’s a lot going on legally during the purchases of a home, so be sure you get recommendations and find the right attorney who will represent you as a buyer.
Fireplaces can serve as a focal point in a room, provide a source of heat and add to the comfort of your home. They can also help you to save on energy costs. There’s so many different kinds of fireplaces that you can either install or find in a home. If you’re shopping for a home, you may want a home with a built-in fireplace. You don’t necessarily need one to get all of the benefits that a fireplace can provide. There’s different types of fireplaces that are made to suit the many different needs of homeowners. Here, we’ll show you some different kinds of fireplaces along with their pros and cons.
The most commonly thought of fireplace is the wood-burning fireplace. This will be built-in to your home, or you can install them in your home to use as a heat source. You may even install a wood stove in the upstairs part of your home and another in the downstairs in order to keep an even heat throughout the home. In some homes, however, just one wood stove is enough to heat the entire house!
This type of fireplace requires maintaining from time-to-time including cleaning the chimney. You’ll also need to clean out ash from the inside of the fireplace. The material that’s being burned- wood, needs to be stored somewhere. Rain and inclement weather can cause a problem, as you’ll need to dry the wood some before it can be burned effectively. You’ll need a screen to protect you and your family from the ash and embers that may be blown around form the inside of the fireplace while it’s burning wood. These fireplaces are advantageous for a classic look and feel but can often be a pain to clean.
If your home is fitted with a gas fireplace, you’re lucky because these types of fireplaces are cleaner and provide a more even heat source. Gas fireplaces, true to their name, burn gas instead of wood. A vented gas fireplace will look very similar to that of a wood- burning fireplace. There is a firebox present in the chimney that allows for ventilation with these types of heating sources. You can use a variety of things to give the appearance that you are “burning” them in a gas fireplace. This includes beads that will bring flames up and ceramic logs that appear just like the logs that would be present in a wood-burning fireplace. You can even easily convert a gas burning fireplace to a wood burning one. This is, if you seem miss cleaning up all of the ash that they create!
Direct Vent Fireplaces
These fireplaces don’t require a chimney. They draw in outside air and feed off a gas line that’s attached through the wall. The flame of these fireplaces is secured behind a piece of glass. The big advantage to these kinds of fireplaces is that they emit a large amount of heat and don’t lose much heat in the process, since there’s no chimney to lose air through.
If you choose, there’s a variety of options that you have in getting a fireplace that doesn’t actually create a flame at all. These fireplaces are typically run on electricity and give the same effect of a fireplace but are much easier to install anywhere in your home. Consider these if you really would like a fireplace without the hassle!
As a home seller, you need to do everything possible to learn about the competition. By doing so, you can find out what sets your house apart from other available residences and promote your home accordingly.
Ultimately, gaining a competitive advantage over rival home sellers can be simple – here are three tips to help you do just that.
1. Become a Real Estate Market Expert
Allocate the necessary time and resources to analyze the real estate market closely – you'll be happy you did. With housing market insights at your disposal, you can map out a successful home selling journey.
Take a look at the prices of homes that are currently available in your city or town. Focus on houses that are similar to your own, and you can establish a price range for your residence.
Also, examine the prices of recently sold houses in your area. This will allow you to see how long it took for these residences to sell. Plus, you can find out whether you're about to enter a buyer's or seller's market.
2. Learn About Your Home's Condition
Conduct a home appraisal, and you can gain unparalleled insights into your house's condition.
A home appraisal usually takes just a few hours to complete. During this appraisal, a property inspector will examine your residence and identify any home problems. Then, the inspector will offer a report that outlines his or her findings.
Following a home appraisal, you can determine the true condition of your house. That way, you can prioritize various home improvements and ensure that your home's condition serves as a key differentiator after you list your residence.
3. Work with a Real Estate Agent
If you're unsure about how to approach a competitive real estate market, there is no need to worry. Many real estate agents are available to assist home sellers and provide these sellers with extensive support throughout the home selling journey.
A real estate agent can offer tips to help a home seller bolster a house's interior and exterior. This housing market professional understands what it takes to promote a residence to the right groups of homebuyers too. Thus, he or she will do everything possible to guarantee your residence stands out from the competition.
Perhaps best of all, no question is too big or too small for a real estate agent. If you want to know the prices of recently sold houses in your neighborhood, a real estate agent can provide you with the pricing data that you need. Or, if you want to enhance your home's interior, a real estate agent is happy to help you discover the best ways to transform your house's interior from drab to dazzling.
Competition is fierce among home sellers. But with the aforementioned tips, a home seller can gain a competitive edge, one that can help this seller accelerate the home selling journey and get the best price for his or her house.