Chester County, PA Real Estate
Archive for the Category ◊ Buying Tips ◊
• Wednesday, March 28th, 2012
Do you ask yourself: Should I continue renting or should I consider owning a home?
There are major financial benefits that homeowners get. I hope it will help you to evaluate if buying is right for you.
1. Low Home Prices.
It is the best time to take advantage of low home prices that you might never see again and get into real estate game, especially if you are a first-time homebuyer.
2. Low Mortgage Rates.
Since mortgage rates are historically low, it is no doubt that borrowing money is cheap. Over the long run low interest rates can make owning a home much cheaper than renting. Rent might be going up every year but not your mortgage payments, if you get a fixed rate mortgage.
more…
Category: ARTICLES, Buying Tips, HOMES FOR RENT, Rentals
| Tags: benefit, buy, buying a home, first time home buyer, homes, landlord, mortgage, rental house, tax savings | Leave a Comment
• Friday, February 17th, 2012
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| By Dan Steward |
| RISMEDIA, Monday, February 06, 2012
Every home—whether it’s a resale or new—has some kind of an issue, and the reality is that there is no “perfect” house. Many homebuyers embark on their search for a home with the belief that new homes should be flawless, when this is never actually the case.
Problems are found in all homes, but the issues with new homes are totally different than the defects found in resale homes. When evaluating a resale home, most problems are often related to older systems that are near the end of their service life. On the other hand, problems in new homes typically involve incomplete work, damaged systems, missing pieces of key materials and imperfect workmanship.
Unfortunately, many people who purchase new construction homes put a lot of trust in their builder and opt not to perform a home inspection. REALTORS® can help their clients take a proactive approach to identifying underlying problems in new homes by recommending a reliable home inspection company that goes beyond the basics to provide thorough home inspections that catch even the smallest of problems. Hiring a home inspection company prior to the closing of a new home can help save homebuyers money and prevent headaches due to unexpected home repairs down the road.
New home construction problems primarily fall into four categories:
1. Incomplete work: Many new home construction projects aren’t completed properly. The incomplete work may be as simple as a layer of paint on a wall that was accidentally skipped, or a room that has no air ducting. In many cases, the unfinished or imperfect work isn’t detected until the homebuyer moves in. A home inspection company will uncover these issues prior to the move-in date. more… |
Category: ARTICLES, Buying Tips, HOMES FOR SALE
| Tags: article, buy, buying a home, buying tips, first time home buyer, home, home inspection, homebuyers, new contruction, realtor | Leave a Comment
• Thursday, February 16th, 2012
By: Donna Fuscaldo
Published: January 23, 2012
They’re not as much as they used to be, but there are still energy tax credits to be had for upgrades made in 2011.
Other limits on IRS energy tax credits besides $500 max
- Credit only extends to 10% of the cost (not the 30% of yesteryear), so you have to spend $5,000 to get $500.
- $500 is a lifetime limit. If you pocketed $500 or more in 2009 and 2010 combined, you’re not entitled to any more money for energy-efficient improvements in the above seven categories. But if you took $300 in the last two years, for example, you can get up to $200 in 2011.
- With some systems, your cap is even lower than $500.
- $500 is the max for all qualified improvements combined.
Certain systems capped below $500 more…
• Tuesday, September 13th, 2011
 By Nadia Huliai
Prudential Fox and Roach, West Chester Office
If William Shakespeare financed a home today he’d probably ask on the subject of mortgage points: “To pay or not to pay? That is the question.”
Homebuyers direct the same question to their real estate agents. Here are some perspectives:
In its simplest definition, a point is an additional loan fee that is paid to the lender in exchange for a lower interest rate. It’s called “buying down,” and it allows you to reduce your rate for the life of the loan.
Let’s say you secured a mortgage loan for $500,000 without points, at 4.6% on a 30-year mortgage, your payment would be approximately $2,560 a month. If you paid two points ($10,000), the interest rate in this example would go down to 4.1% and the monthly payment would decrease to around $2,415, a savings of $145 a month.
more…
• Sunday, July 17th, 2011
- W-2 forms or business tax return forms if you’re self-employed for the last two or three years for every person signing the loan.
- Copies of one or more months of pay stubs from every person signing the loan.
- Copies of two to four months of bank or credit union statements for both checking and savings accounts. more…
• Sunday, July 17th, 2011
Find a real estate professional who’s simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It’s critical that the practitioner you choose is both skilled and a good fit with your personality.
Remember, there’s no “right” time to buy, any more than there’s a right time to sell. If you find a home now, don’t try to second-guess the interest rates or the housing market by waiting. Changes don’t usually occur fast enough to make that much difference in price, and a good home won’t stay on the market long. more…
• Sunday, July 17th, 2011
The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the required amount for:
- Downpayment
- Loan origination fees
- Points, or loan discount fees, you pay to receive a lower interest rate more…
• Sunday, July 17th, 2011
They don’t ask enough questions of their lender and miss out on the best deal.
They don’t act quickly enough to make a decision and someone else buys the house. more…
• Sunday, July 17th, 2011
Be picky, but don’t be unrealistic. There is no perfect home.
Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.
Get your finances in order. Review your credit report and be sure you have enough money to cover your downpayment and your closing costs. more…
• Sunday, July 17th, 2011
Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
Develop a wish list of what you’d like your home to have. Then prioritize the features on your list. more…
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