LAER Realty Partners



Posted by Team Edwards on 10/5/2017

Let's face it – buying a home can be difficult, particularly for those who are exploring the real estate market for the first time.

As a homebuyer, it is your responsibility to learn about the ins and outs of the housing market. By doing so, you can understand what differentiates a high-quality house from a subpar residence and proceed accordingly.

Furthermore, an informed homebuyer will know how to evaluate a home's exterior properly.

What does it take to conduct an in-depth assessment of a house's exterior? Here are three questions that every homebuyer should consider as he or she examines a home's exterior.

1. How do I feel about a home's exterior?

For many homebuyers, finding a house with an awe-inspiring exterior is a top priority. However, it is important to consider how you feel when you see a home's exterior for the first time.

A home's exterior should impress. At the same time, you need to evaluate a house's exterior in conjunction with other home features.

For example, a home may boast a massive kitchen and other dazzling interior features. On the other hand, a home's exterior may leave much to be desired.

Consider the pros and cons of a home's interior and exterior as you determine whether to submit an offer on a house. And if you need extra help along the way, be sure to consult with a real estate agent.

2. Will home exterior repairs be needed in the near future?

Examine a house's driveway, walkways and lawn as you conduct a home exterior evaluation. This will allow you to review the condition of these home exterior areas and determine whether repairs may be needed sooner rather than later.

Home exterior renovations sometimes can be costly and time-intensive. Thus, if you notice home siding that is cracked or other exterior issues, you will want to consider the time and expenses that may be required to fix such problems.

3. How much time will I need to commit to home exterior maintenance projects?

A home may have a beautiful exterior. In order to keep a house's exterior looking great, you'll need to conduct regular maintenance.

Consider what you will need to do to maintain a house's dazzling exterior as you explore all of the options at your disposal.

Will you need to hire a landscaping company to mow the lawn and trim the hedges? Or, are you willing to commit the time and resources necessary to perform assorted home exterior maintenance tasks on your own? These are just a few of the home exterior maintenance questions to consider as you review a property.

Of course, if you need guidance during the homebuying process, real estate agents are available to provide expert assistance.

A real estate agent possesses comprehensive housing market knowledge and can offer real estate insights that you may struggle to obtain elsewhere. With a real estate agent at your side, you should have no trouble examining a house – both inside and out – and making an informed homebuying decision.




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Posted by Team Edwards on 8/31/2017

Put a mortgage down payment of 20% or more toward the purchase of a new home and you could lower your monthly loan installments by at least $100. A sizable down payment could also position you as a smart risk to lenders. If you're mortgage is approved, you could yield another reward, less interest to pay over the life of your loan. But, how do you get there, especially when you consider your other financial responsibilities, expenses like student loans, credit card bills and insurance. Fortunately, there are actions that you can take to start building money to put toward a down payment on a new home. Make a Decision and Stick To It Decide how much you want to save for your mortgage down payment. Give yourself enough time to build your savings. For example, if you want to put $10,000 toward your down payment, consider giving yourself two to three years to reach your goal. If you're downsizing, money from the sale of your current home could go toward the down payment on your new home. There are online budget templates that you can use to track your current spending. It’s also good to get in the habit of reviewing your monthly bank statement. Not only can this alert you to erroneous charges on your account, it can open your eyes to how much money you could be saving. If you’re still living with your parents, take an honest look at your spending habits. How much money do you spend on restaurant food, clothes, shoes, concert tickets and other entertainment? At first glance, you might think that you only spend $100 a month on entertainment, when you could actually be spending $250 a month. Let your parents know that you're putting money away for a mortgage down payment. They might lower your rent to help you save. Should you be living on your own, consider taking in a roommate to split your rent. Use the other half of the money that you formerly put toward your rent to save for your mortgage down payment. Other ways to save a mortgage down payment are: • Work a part-time job and deposit those earnings into an interest bearing account. Use your skills to telecommute. For example, you could work as a web page designer, computer programmer, freelance writer, virtual instructor or virtual assistant from home. • Put job bonuses and other incentive pay toward your down payment. • Deposit tax refunds in your interest bearing account. • Combine insurance plans and place the savings in your interest bearing account. • Take advantage of cable, telephone and internet service provider discounts, placing the savings toward your down payment. • Rent out a portion of your home and put the rent toward a down payment on a new home. • Use coupons when grocery shopping. Go to the grocery store on double coupon days and you could save $30 or more a week. • Limit unnecessary spending until you reach your mortgage down payment goal. • Set your thermostat to 65. During summer months, get outdoors to avoid keeping the air conditioner on for hours at a time. During winter months, consider using a sweater. • Sell furniture that you are not using. For example, you could hold a yard sale and deposit proceeds from the yard sale in your savings account. • Until you reach your mortgage down payment goal, consider taking day trips rather than vacationing overseas or on long out-of-town stays that require you to take on airline, hotel and rental car expenses. Stick to your plan. Doing so, could yield you thousands of dollars in savings during house buying negotiations and over the lifetime of your mortgage. Sticking to your savings plan could also strengthen your money management skills, so that you avoid debt and continue to build equity long after you move into your new home.




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Posted by Team Edwards on 7/20/2017

If you are in the market for an FHA loan, you are probably happy to get many benefits from the loan like a good interest rate along with the need for a low downpayment. While these loans can be very helpful on the path to homeownership, they can be complex. It’s a good idea to hire a realtor who is well-versed in the ins and outs of FHA loans and standards. A real estate agent can help you to find the right property to suit your needs and meet the standards the FHA loan will require.    


Do you know what you’re getting into when it comes to shopping for a home? The FHA sets the rules for how homes get approved for an FHA loan and under what standards. These rules exist because the FHA is insuring the loan, but the organization is not directly funding the loan itself. This insurance protects the lender if the loan is defaulted on. An inspection appraisal report must be completed on each property. The appraiser is required to be an FHA approved appraiser to complete the job.


Loans


There are limits on how much of a loan you can get when it is FHA-backed. This is because the FHA will only insure a loan amount up to this limit. This means that you won’t be looking at high-end homes because the limits are usually quite restrictive as to the type of property you can get. This holds true unless you can afford a larger downpayment than the standard 3.5% required by the FHA.  


Condition Of The Home


FHA-backed home loans can be rejected due to the poor condition of the home. If an appraiser says that the home is unsafe or hazardous to occupants, the loan will be denied. The assessment of the home’s condition is very important to the lender’s decision to grant the loan. The lender may even require that certain improvements be made before the loan can be approved. These improvements can include pest treatments, fixing leaks, or other damages that are deemed hazardous.


The Property Itself


The FHA also sets guidelines for the type of property that you can get. A condo must be in a HUD approved complex, for example. If you want to research FHA-approved condo complexes, you can search right on the HUD website. Each complex meets the Department of Housing And Urban Development’s standards for financial stability, hazard, and liability insurance. If you’re looking at manufactured homes, these are also held to certain standards. The manufactured home must be permanently attached to the foundation, have the ability to be taxed as a real estate property asset, and have been constructed before June 15, 1978.   


         






Tags: Buying a Home   FHA loans  
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Posted by Team Edwards on 7/13/2017

Condos are a popular style of home for first-time homebuyers and anyone who is interested in less work to do around the home. Condos are typically multi-unit complexes that share one or more walls with the other units. Let’s take a look at the pros of owning a condo. Affordable: Condos are an affordable alternative to a single-family home in a desirable location that is known for it’s high priced homes. This may be because you are looking in a city or within close proximity to a large city or even by the water. You are likely able to find a condo with decent square footage at a price point that you can afford whereas a single-family home with that same square footage would be much more expensive. Easy to Maintain: Condos come with homeowner association fees or HOA fees. These fees are monthly and cover things like utilities, reserve and contingency funds, amenities, maintenance and repairs, which includes lawn care, snow removal, trash removal, exterior upkeep, etc. This is often why young homeowners find condos so appealing, as they do not need to worry about landscaping, snow removal and exterior upkeep. There is also no need to worry about purchasing those items with large price tags such as lawnmowers and snow blowers as that is taken care of for you. Location: Another reason why condos are so popular amongst young homebuyers is because they are able to purchase their own home that is in a city or very close to it. Young homebuyers are typically working in a city and therefore would like to be close to work, nightlife, and shopping. Condos give these young people the ability to purchase a home in a city rather than having to rent. There are many pros to purchasing and owning a condo, but it’s important to also weigh the cons. There are certain limitations that come with owning a condo that do not exist when purchasing a single-family home. Purchasing a home, regardless of its type, is a large investment and commitment. It’s important that you fully research the market and find exactly what you’re looking for in your price range and then begin your house hunt.





Posted by Team Edwards on 7/6/2017

Purchasing a deluxe home at an affordable price may seem impossible, particularly for property buyers who are searching for a residence in a seller's market.

Lucky for you, we're here to help take the guesswork out of buying a terrific residence at a budget-friendly price, regardless of the current housing market conditions.

Now, let's take a look at three factors that homebuyers need to consider before they enter a seller's market.

1. Your Timeline

What is your homebuying timeline? Ultimately, you'll want to consider how quickly you need to relocate to a new residence. This will enable you to map out a homebuying journey that boosts your chances of getting the best results possible.

For example, if you have several months to plan ahead, you may be able to wait out a seller's market. You can pursue a wide range of residences over an extended period of time. And if you find a residence that you like, you can submit an offer on it.

On the other hand, if you need to move right away, you'll likely need to speed up the homebuying journey. In this scenario, you'll want to make the most of the time and resources at your disposal. If you can optimize the time and resources that are available, you may be better equipped than other homebuyers to discover a great home in a seller's market.

2. Your Budget

How much can you afford to spend on a home? A seller's market favors property sellers, so you'll want to do everything possible to budget appropriately and avoid the temptation to overspend to acquire a residence.

Getting pre-approved for a mortgage usually is an excellent idea. If you meet with banks and credit unions, you can learn about your mortgage options and choose a mortgage that matches your finances perfectly.

With a mortgage in hand, you can enter the housing market with realistic property buying expectations. You also may be able to narrow your home search, and as such, speed up the process of purchasing your ideal house.

3. Your Homebuying Expertise

What do you know about the housing market? In most cases, homebuyers lack real estate expertise. However, working with a real estate agent ensures you can receive comprehensive support as you navigate a seller's market.

A real estate agent is a friendly, knowledgeable housing market professional, one who will go above and beyond the call of duty to assist you during the homebuying journey.

Typically, a real estate agent will set up home showings, keep you informed about new properties as they become available and negotiate with home sellers on your behalf. He or she will even provide honest, unbiased recommendations, guaranteeing you can get the expert insights you need to make informed homebuying decisions.

When it comes to exploring houses in a seller's market, why should you be forced to leave anything to chance? Consider the aforementioned factors closely, and you can improve your chances of acquiring a stellar home without having to break your budget.




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