9 Tips on Buying a Home

Choices available for home buyers!

"Home buyers are always looking for the best home they can buy with the resources and time available with them. Now, more than ever, real estate prices are subdued and buyers are again active in the market.

Buying a home is the most exciting and at the same time, tedious task for people. While the excitement of owning your own home pushes you harder to expedite the process, the tedious task of going through enormous amount of details frustrates you. Going through the process is a necessity. Though the process is tedious and demanding, any negligence on the due diligence can cost us big in the future.

In this article, we will take a look at some options that home buyers have and how they can choose the best one based on their requirement.

Buying an under-construction home

This is the most popular way of buying a home. A builder announces a new housing complex through newspapers, TV, or any other media. Agents start going around the market, companies, malls, and even homes of people to advertise the same. The goal of the builder is to sell as many as possible before the housing complex is built. In fact more than 75% of the flats of known builders are booked even before a brick is laid.

The advantage

Cheaper - Buying an under-construction home is cheaper compared to buying the one that is already built or about to be built. The cost difference is significant. In the Delhi and NCR region, a ready to move flat with 2 bedrooms that costs home buyers about 40-50 lakhs can be bought anywhere in the range of 30-40 lakhs while under-construction, depending on the location. On an average, the difference is anywhere between 20% and 40%. This is a big difference for majority of the home buyers.

Low EMI - The EMI is paid as the work progresses hence the initial EMIs are low in the case of an under construction home.

Win-win situation for buyers and sellers - Buying an under construction home is a win-win situation for both buyer and seller. The seller gets a ready set of customers even before he starts laying the foundation while buyers get the cost benefit." [Continue reading]

Is Your Kitchen Making You Fat?

 

"Dieters beware: Your dream kitchen remodel may be your biggest nightmare. Experts say that big and attractive kitchens contribute to big and unattractive waistlines. 

Just shoot us now.

“If a kitchen gets you there and keeps you there, you’re going to increase your consumption,” says Mark Blegen, an associate professor at St. Catherine University in Minnesota, who studies why people eat. “Even if you add only 10 extra calories a day, you’re going to gain weight over the long term.”

You mean remodeling a small and dreary kitchen into a big and fabulous one is hazardous to our health?

“Getting people to think that this kitchen may be causing me to gain weight is a huge shift,” Blegen says. “But if people want to take an honest look at their weight, they ought to take a look at every aspect of their environment.”

Weight management depends on many things — genetics, metabolism, running shoes that live under your bed. But calories-in and calories-out also depend on increasing and decreasing barriers to food. Kitchen size, design, storage, and appliances all erect or destroy those physical and psychological barriers. Here’s how." [Continue reading...]

Six Tax Breaks Every Homeowner Should Know

"Regardless of the current state of our economy and the housing market, buying a home is still a great investment. However, the resulting taxes that accompany owning a home can lead to confusion and uncertainty.

In most cases, you need to itemize your taxes in order to take advantage of all the tax breaks that accompany home ownership. This might seem overwhelming, but the benefits of completing this process make up for the inconvenience.

Homeowner Tax Breaks:

1. Mortgage Interest Deduction

Mortgage Interest Deduction (MID) is a top tax break for homeowners, which can save you a significant amount of money. In the beginning, the majority of your monthly mortgage payments go toward loan interest, and you can deduct all the interest from your mortgage on your taxes. Keep Form 1098, issued by your lender, with your important records. This form explains exactly how much you can deduct and serves as proof if you are audited by the IRS." [Continue reading...]

Take the Fear out of Homebuying

"With the current low mortgage interest rates and available homebuyer programs, some renters are deciding taking the plunge into homeownership. Are you one of them?

The complexity of the transaction and the increased financial obligations can make buying a home seem a little scary, but you can arm yourself with information. A little research and some help from your Texas realtor can reduce stress and increase your satisfaction with the homebuying process. Here are some tips to help you avoid making common first-time homebuyer mistakes.

Finding the right realtor – Whether you find your Texas realtor on the internet, through a yard sign, a newspaper ad, or a referral, make sure you openly communicate your concerns and expectations. As a first-time buyer, you have specific needs and may need a little more guidance. Your realtor will guide you through the process, from determining your criteria during the home search to walking you through the paperwork at closing.

What can you afford? – Many first-time homebuyers are apprehensive about the mortgage lending process. Don’t let that prevent you from asking questions. If you fail to ask a question that arises, you may miss out on the best deals you qualify for or a key piece of information. From below-market interest rates to down-payment and closing-cost assistance, there are a variety of affordable-housing programs available to first-time homebuyers. Failing to investigate them or assuming you won’t qualify would be a big mistake.

Think about resale – A common mistake that many first-time homebuyers make is not thinking about the property’s resale value before they buy. It might seem a little odd to consider what the home will sell for before you’ve even decided to buy it, but it’s a big factor. The average first-time homebuyer stays in the home less than 10 years, so it makes sense to analyze the home’s resale value from the beginning. Your Texas realtor can help you identify factors that contribute to a property’s resale value.

Find the balance – Buying your first home may require a little bit of compromise on your part. For example, you may have to choose between a new home in a new subdivision and an older home with a big yard and established trees. Since you may have to compromise on one or more features or details, it’s important to narrow down what criteria are most important to you.

Start out by prioritizing your wants and needs and don’t let the emotional component steer you away from those goals. I don’t mean that you should settle …it’s good to be picky, but don’t be unrealistic. You’ll never entirely remove your emotions from the process; just make sure your rational brain steers your decisions, too." [Continue reading...]

5 Important Steps Before Selling

"Before you start making repairs, before selling your home or marking dates on your calendar for an open house, it's smart to prepare a home selling plan. Of course, you want top dollar, but you could make costly home selling mistakes along the way if your enthusiasm for quickly selling causes you to run out and stick a for sale sign in the yard before you're fully prepared to sell. 

Explore your reasons for selling. Everybody has a reason to sell. If you aren't truly motivated or committed to selling -- if it just struck you one morning that you should move to the other side of town and you haven't completely thought through the process -- you could be setting yourself up for disappointment.

Buying a New Home

Most people who sell do so to buy another home. Put together a list of neighborhoods where you may want to live and drive them. Go to open houses. Check out pricing between newer homes vs. older homes. Weigh your options. You might find you prefer to stay where you are. 

Call Real Estate Agents

Interview real estate agents, talk to at least three neighborhood specialists. Ask each listing agent to give you a marketing plan that explains what they will do to market your home. In addition, ask the agents to prepare a comparative market analysis for you and ask each for advice about:" [Continue reading...]

Buying a Home Could Be Cheaper Than Renting

 

"New statistics show that depending on your location, buying a home could be cheaper than renting.

 
KREM 2's Chris Nguyen spoke to local realtors who say in Spokane, falling home prices and record-low mortgage rates are enticing more people to become buyers, instead of renters.
 
Officials say homes in Washington State are the most affordable they've been since the 1980's.
 
Joe Mann with the Spokane Association of Realtors says it's a good time to buy because the average home price in Spokane right now is about $178,000.
 
Real estate website Trulia.com says that in most parts of the country, buying a home can be cheaper than renting." [Continue reading...]