11 Best Old House Websites In This Article

• 1. Local MLS
• 2. Zillow
• 3. Realtor.com
• 4. ISoldMyHouse.com
• 5. Circa Old Houses
• 6. Old House Dreams
• 7. Historic Properties
• 8. Antique Homes Magazine
• 9. Old Houses
• 10. Cheap Old Houses
• 11. Historical Homes of America

Buying old houses is an investment. You might like older properties because they’re more unique than the modern, cookie-cutter builds springing up across the country.

You might like the history within the walls or feel drawn to certain eras of architectural styles.

Some people like buying antique homes to renovate and restore, bringing them back to their original glory. This can even be profitable if you can find an old home that is for sale at a cheap price.

Regardless of your intentions with antique houses, you first need to find the old properties for sale before you can buy it.

You can spend time looking up certain areas’ property information to see the age of each house, or you can streamline your search specifically for old houses for sale.

For people local to the area, it’s always worth driving around and looking to see what houses are on the market. That gives you a feel for the neighborhood or historic district so you can see how the old house fits in.

You can see different aspects of the house’s curb appeal when you’re literally standing on the curb.

However, it’s not always possible to drive around an area you like and look for houses on the market.

You might not have the time, or you don’t live close enough to make a trip out to scope the neighborhood. In that case, you can shift your house hunting online.

11 Best Old House Websites

If you can’t see the town’s historic district in person, there are several great websites where you can look for old houses. These are the 11 best places to find old houses for sale.

1. Local MLS

The local MLS is the multiple listing service in your state, county or even town. If you’re looking for homes in an area where you don’t currently live, you can still access the MLS for that location through real estate agents IDX websites.

The MLS pulls data from local or regional records about homes currently on the market. The details included in this information give brokers and agents what they need to know to help sell a house.

To obtain direct access to the local MLS, you need to have a real estate license or partner with someone who has access. If you’re interested in old houses, you may want to obtain a real estate license if you are going to be buying for investment purposes.

Although partnering with an agent can help in many ways. You’ll get access to the MLS, but you can also bring them on to help your housing search.

The agent will have local, insider information and tips and tricks about searching for old properties and making an offer.

Read More About The Local MLS

• MLS Listing Services Explained (For Home Sellers & Buyers)
• How To List Your House On The MLS Without A Real Estate Agent
• 9 Things You Need To Know About Flat Fee MLS Listings

2. Zillow

On Zillow, you can search by location, then further refine your search by selecting how many bedrooms and bathrooms you want, the type of building, square footage, lot size, and, most importantly, the year built.

You can even choose other features, like a basement, how many stories, views, and amenities.

The option to select the year built is a huge time saver when using Zillow.

Instead of combing through all properties in an area and clicking the listing to read the details, you get a smaller results pool of properties you’re sure will interest you.

3. Realtor.com

Realtor.com is a site that pulls information from the local market. Once you choose your location, you can refine the search by price, type of building, number of bathrooms, and other features.

You can look for houses based on how long they’ve been on the market, which can help you leverage a better deal.

Most importantly, you can choose the home’s age. A feature like this one ensures your results only include houses that are old or antique if that’s what you’re looking for.

You can also specify what type of amenities you want and what type of heating and cooling is in the house, saving you some time.

4. ISoldMyHouse.com

Of course, we had to put our website on the list. Despite our name, ISoldMyHouse.com includes listings of homes for sale. You might have to comb through the results to find old and antique houses because we are not a dedicated website for finding old houses for sale but a lot of our home sellers use our website for this purpose.

You can see what houses catch your eye from our search results, check out our homes for sale here.

5. Circa Old Houses

Circa Old Houses is as close to in-person house hunting as you can get. Their gorgeous website has bright, attractive photos of the newest listings on the homepage.

You can browse that way, and don’t miss your chance to sign up for their newsletter and get old houses emailed directly to you.

If you prefer to make the most of your house-hunting time, you can streamline the search with their features. Narrow the field according to factors like:

• Country
• State
• Architecture style
• Minimum and maximum prices
• Minimum and maximum acreage

You can also browse according to locations, either on the state listing page or the interactive map of houses for sale. Canadian real estate is on the Circa Old Houses site, and properties up for auction are too.

You can narrow your browsing focus if you’re looking for a certain type of property regardless of location. The site subdivides listings into bed and breakfast properties, fixer-uppers, luxury homes, and mid-century modern houses.

If you’ve ever wanted to live in a converted lighthouse, school building, or church, Circa Old Houses has a category for those. You can find unique conversions and live in an unconventional house.

For those wanting antique and historic houses, you can browse all listings on the National Register of Historic Places.

These homes are incredibly valuable, and you often get financial benefits when you choose to restore one.

6. Old House Dreams

The layout and design of the Old House Dreams site properly transport you back in time while giving you the modern convenience of house hunting online.

The site has stunning listings on the homepage, but you can also search by entering minimum and maximum for years, prices, square footage, and acreage.

If you prefer to browse, you can narrow the field by state or region, period or era, styles of architecture, architect, and other features. You can even check out international properties.

Old House Dreams has several categories to browse if you’re unsure what you’re looking for, but have a general idea. Categories include houses under $100,000, fixer-uppers, and homes on the National Registry of Historic Places.

One unique feature of Old House Dreams is their listing of endangered properties. These are homes at risk of developers or complete demolition. Who knows, you could be the one to save an at-risk property!

Time capsule houses and offbeat listings are a great way to expand your concept of old homes. You can see houses built and decorated during a specific historical time and completely embody that era.

Offbeat listings include converted churches, schoolhouses, and banks.

While you can see many listings on the Old House Dreams homepage, you’ll want to sign up for the newsletter to ensure you get to see every property available.

7. Historic Properties

The stately layout of the Historic Properties website might make you think of traditional real estate companies, but all listings here are historic, as promised.

Right on the homepage, you can search for your ideal property by specifying factors like:

• Architectural period
• Building type
• Number of bedrooms and bathrooms
• Region
• Price range
• Acreage
• Condition

These options ensure you’re making the most of your time by showing you properties that fit your parameters. If you’re unsure of what you want, you can also browse all available listings.

You’ll see a photo of the house, its location, price, and the number of bedrooms and bathrooms. If something catches your eye, you can click on the photo to see the full listing.

Historic Properties also gives you the option to list your house. They have three listing types at affordable rates, so you can showcase your house to the target audience.

8. Antique Homes Magazine

Antique Homes Magazine caters to old house lovers who want antique homes. The traditional real estate definition of antique refers to a house built before 1920.

On this site, properties might be completely restored, or in need of some care, so you can search for the type of home you want to live in or work on.

Because the antique housing market is more limited compared to old homes in general, the options are naturally narrowed down for you. When you select the dropdown menu to choose a state, the site only populates states with active listings.

A feature like this saves you from choosing a state you’re interested in, only to find out in the results that no homes are available.

As with other sites, you can limit the results by specifying details like price range, how many bedrooms you want, and the style of the house. If you have questions about styles, the historic style guide outlines the qualities of each era.

You can also find resources like craftsmen and artisans who have skills in era-specific restorations. Having access will help you restore antique homes to their full glory once you invest in the property. 

9. Old Houses

Old Houses’ website indeed features old houses, but they also have listings of houses that don’t quite fit the bill. If you go by the standard real estate definition, an old house is 50 years old.

Old Houses has some listings that aren’t quite 50 years old, which will give you access to some properties you wouldn’t have seen on other sites.

Houses on this site are for sale, rent, or up for auction. They add new listings daily and make it simple to sell your own old home through their platform.

If you’re looking for a venue for a wedding, party, or event, you can even search for event venues on Old Houses!

As with most real estate sites, you can search by location, price range, size, and year built. You can also browse within particular categories.

If you’d rather work with an agent, you can connect with one directly through the Old Houses website.

In addition to house listings, this site has resources like restoration information, era-specific artisans, antique dealers, and style guides for specific time periods.

You can also find recommendations for magazines, documentaries, and books about old houses.

10. Cheap Old Houses

The creators behind Cheap Old Houses wanted to help people realize that the dream of owning an old house wasn’t restricted to those with millions to spend on a property. Every house on their site is for sale at $100,000 or less.

The site started as a passion project, and it was actually only an Instagram account. The account grew in popularity, so the couple behind the scenes decided to upgrade to a website to help other people buy old houses without breaking the bank.

Over time, they came out from behind the scenes to star in an HGTV show about cheap old houses!

You can see some listings on the website and Instagram profile, but you need to subscribe to the newsletter if you want the best deals.

You can choose the category that suits your interests, like the cheapest houses, farmhouses, or international houses. 

If finances aren’t that big of a deal, you can look for houses that are affordable but over $100,000. The most expensive properties rarely top $250,000, so you’re still getting a good deal with these properties.

You might have an interest in all categories, so you can get a discount bundle newsletter subscription. Yes, you have to pay to subscribe to the newsletters, but the fee is a drop in the bucket compared to how much you’ll save by investing in one of these cheap old houses!

You’ll also save time you’d normally spend searching on your own, so it’s worth it.

11. Historical Homes of America

You could spend hours on the Historical Homes of America homepage, looking at the top five featured properties. The detailed information gives you a broad overview of the property while the photos scroll by. If you’re interested, you can follow the link to the listing details.

The homepage also features a few of the newest listings so you can see what’s added to the market each day. If you prefer to be more proactive with your search, you can check out the homes for sale by region, including:

• East Coast
• Central USA
• Western USA

The blog page, entitled America’s Historic Homes, has regular updates about unique listings, mansions, and properties in New York City. 

If you’re looking to sell a historic property, you can list your home on Historical Homes of America. They offer several different packages to help you sell your home.

You can choose to create your own listing or let the data from your realtor or Zillow listing auto-populate. That streamlines the selling process for you, making it even more worth the investment for the listing.

With an audience of over 20,000,000 followers, sellers will get the broadest reach with this outlet. Plus, knowing that the site gets that much traffic helps buyers feel confident they’re seeing some of the best historical homes on the market.

FAQs

You know 11 great sites for finding old homes, but you might need more information before making this investment yourself.

Check out the answers to these frequently asked questions to ensure you know everything you need to buy an old house.

The post Finding And Buying The Perfect Antique or Old Homes For Sale appeared first on ISoldMyHouse.com.

Table of Contents

• 1. Get Your Credit in Order
• 2. Reduce Monthly Expenses
• 3. Save for a Down Payment
• 4. Compare Mortgage Lenders and Options
• 5. Get Pre-Qualified for a Mortgage
• 6. Determine How Much House You Can Afford
• 7. Decide on Home Requirements Before Shopping
• 8. Interview Real Estate Agents
• 9. Analyze the Local Real Estate Market
• 10. View Homes in Person
• 11. Carefully Review Seller-Provided Disclosures
• 12. Make an Offer and Negotiate
• 13. Research and Hire a Home Inspector
• 14. Ensure Home Renovation Permits are in Order
• 15. Review HOA Documents
• 16. Check Sex Offender Registry
• 17. Research and Hire a Real Estate Attorney
• 18. Attend the Closing
• 19. Move In

Buying a house is exciting, but it can also be overwhelming, especially if you’re a first-time buyer. While real estate laws and even local processes may vary slightly from state to state, the general process of buying a home is the same.

Use these steps to take you from “intimidated” to “in control” as you start your journey to learn “how to buy a house”.

1. Get Your Credit in Order

Most people assume that the home buying process starts with looking at houses. That’s the fun part, but it shouldn’t be your first step. Your finances must be in order before you even start applying for a mortgage since the amount of credit you can get from the bank will dictate the rest of the process.

First, check your credit score and credit reports. These documents are an ongoing record of how well you manage your finances, like whether you pay your bills on time and how reliable you are with other regular payments.

These documents have a tremendous impact on how much lenders are willing to give you for a home loan, and it helps determine your interest rate. The better your credit score, the more you’ll be able to borrow from the lender and you will get lower rates.

The three main credit bureaus that issue credit reports are Experian, Equifax, and TransUnion. You’re entitled to one free credit report per year from each of these organizations.

These reports usually only cover the basics, and if you want an in-depth report, you’ll have to pay a small fee for it, but the information these paid reports give you can payoff exponentially for you.

While the three bureaus all use similar information, they each have a proprietary algorithm to calculate your credit rating. You may find that your credit information and credit score differs slightly between the three.

You may or may not be surprised to find that errors in your credit details are common. By going over your credit report, you can correct these issues with the relevant credit reporting bureau before you start the process of getting a loan.

Reviewing your credit reports may also bring your attention to any late payments that you may have forgotten. This way, you can prepare for your negotiations with lenders by understanding your credit details or making these payments before you talk about a loan.

If your current score is bad, it may be worth taking the time to raise it before you apply for a mortgage loan. If you need help with repairing your credit before buying a house, there are services that will help you get in good shape.

Pro Tip: Maximize Your Credit Score Before Applying For A Loan

“I can’t stress enough how your credit score will determine whether you qualify for a loan and the interest rate you receive. If you have high balances on your credit cards you can significantly improve your score by paying the balances to less than 20% of the credit limit.”

 

Randall Yates – Founder & CEO | The Lenders Network

2. Reduce Monthly Expenses

The size of your down payment is a major factor in how much you can get for your loan, as well as the final amount you can spend on your new home. One of the best ways to save up is to reduce monthly expenses as much as possible.

That might sound simple, but reducing your monthly expenditures can be challenging, especially if you already have a lot of expenses that you feel are necessary but really are discretionary. One option is to reduce your spending in certain areas slightly and put the savings in a separate account just for your down payment.

Pro Tip: Even Small Expenses Add Up Month After Month

“When you want to save money and cut down expenses for a big objective such as buying a home, you need to sit down and look at all your expenses.

 

• Start by cutting down “small” things like buying coffee every morning and make coffee at home. We seem to think that because the amount of money spent on coffee or lunch is a small amount that it does not affect our budget but when accumulated it does represent a large portion of our monthly spending.
• Unplug all unused electrical devices. Although you might not be using them, that does not take away the small amount of electricity they transfer.
• Use LED light bulbs which are more energy efficient
• Cancel club memberships that you don’t necessarily need or use. Whether it is the gym, monthly subscription boxes, or other types of monthly cost that you can remove yourself from having each month. Find alternative ways like working out at home, outdoors, etc.
• Pay attention to your water use. Avoid extremely long showers, do not overwater your grass, and lower the temperature on your water heater.

 

The smartest thing to do when trying to reduce monthly spending is to look at where your money is going and decide if it is worth it. Once you make small adjustments to your budget, you will see a change in your monthly spending.“

 

Sacha Ferrandi – Founder | Source Capital Funding

3. Save for a Down Payment

Reducing your household expenses is only the first step in saving for your down payment. The second step is to create a savings account where you deposit your down payment money regularly. A savings account will help reduce the temptation of spending your saved money and can even earn you interest as your savings grow.

Compare the best mortgage lenders available (May 26, 2023)

The recommended mortgage down payment is 20% for conventional loans. While it’s tempting to leap into the market once you’ve reached that goal, remember that the higher your down payment, the lower your monthly mortgage costs. A higher down payment also means a higher buying budget and a more attractive offer to a home seller.

Pro Tip: Save Aggressively Before Buying A Home!

“First and foremost, buyers need more cash than they think they do. Beyond the down payment itself, they’ll need money for closing costs, which number in the thousands. Many lenders also require cash reserves, typically two-to-six months’ worth of mortgage payments available even after coming up with the down payment and closing costs.”

 

Brian Davis – Director of Education | SparkRental

4. Compare Mortgage Lenders and Options

Not all mortgage lenders are made equal, and finding the right one can have a significant impact on your overall success. Make sure you understand the loan process and standard terms before speaking to a lender. Then, once you are comfortable, shop around and find the best deal for your situation.

Compare the best mortgage lenders available (May 26, 2023)

Types of Mortgages

There are five main mortgage types in the United States. If you do your homework, you’ll be able to figure out which of these types is the most suitable option for your situation.

Conventional Mortgages

Conventional mortgages are those that aren’t insured by the federal government. They can be broken down into two further types: conforming and non-conforming loans.

A conforming loan is one that stays within the limits of the government agencies (Fannie Mae or Freddie Mac) that back US mortgages. A non-conforming loan is one that goes beyond these limits, like jumbo loans.

The main advantage of conventional mortgages is that the overall borrowing cost is lower, even though interest rates can be slightly higher than other types of mortgages. However, while you can put down as little as 3% for a conforming loan, you’ll be subject to private mortgage insurance (PMI) until you gain 20% equity.

To qualify for a conventional mortgage, typically you will need a FICO score of 620 or higher. You’ll also need to provide a ton of documentation to verify your assets, employment, ability to provide the down payment, and your regular income.

Government-Insured Mortgages

Three government agencies back loans: the Federal Housing Administration (FHA), The US Department of Veteran’s Affairs (VA), and the US Department of Agriculture (USDA). The government doesn’t directly lend you the money, but it does secure the mortgage.

The Federal Housing Administration backs FHA loans, and those loans are intended for people who either have a low credit score or who don’t have savings for a substantial down payment.

The drawback to FHA loans is you have to pay two mortgage insurance premiums. You pay one annually for the duration of the loan, and the other, you pay upfront. These payments can dramatically increase the overall cost of the loan, consider that before you opt for an FHA loan.

VA loans are aimed at members of the US military, both on active duty and veterans. These mortgages don’t require a down payment, aren’t subject to PMI, and closing costs are generally capped and paid by the seller.

You can choose to pay the closing costs and VA loan fees upfront or rolled into the loan. VA loans aren’t available to everyone, you must be active in the military, separated honorable or retired to take advantage of their benefits.

Compare the best mortgage lenders available (May 26, 2023)

Fixed-Rate Mortgages

These mortgages have a fixed interest rate that ensures your monthly repayment will stay the same for the lifetime of the loan. Since you know how much you’ll be spending, you can accurately budget your expenses for each month. However, you might pay more on interest than if you took an adjustable-rate loan, and it will take you longer to build equity in your home.

Adjustable-Rate Mortgages

As the name suggests, these mortgages have an interest rate that goes up and down based on current market conditions. Most ARMs will have a fixed interest rate at the beginning and revert to an adjustable interest rate later in the term.

The main advantage of ARMs is that you can enjoy lower interest rates for the first few years, which saves you a substantial amount of money in the long-term. However, you do run the risk of getting a high interest rate later, which may render your loan unaffordable.

You should carefully analyze the mortgage market conditions to understand if this is a good option when you buy your house.

What is PMI?

Private mortgage insurance (PMI) is insurance that you’re required to pay if you don’t have enough equity in the home. Usually, lenders will require that you own at least 20% of the equity before you’re no longer subject to PMI.

That’s why lenders recommend you have at least 20% ready to put forth as a down payment before you commit to buying a home. It will save you the frustration of having to pay for insurance that doesn’t protect you but the lender.

Pro Tip: Don’t Use A Mortgage Product That Is Not A Good Fit!

“I recommend buyers look for a lender that offers the full range of mortgage products from conventional, government and even non-qualified and subprime if they have less than good credit. When comparing mortgage lenders and options, it is important to understand that all lenders may not offer the mortgage program that may be the best fit for you.

 

 

This is important because when a lender is limited in the portfolio of loan products they have to offer, they may try to squeeze you into a program that either is not right for you, or one that you may not qualify for. When we hear stories about how the mortgage fell through at the last minute, it is often because the loan officer was attempting to get it approved in a program that the borrower truly was not qualified for in the first place”

 

Eric Jeanette – Owner | Dream Home Financing

5. Get Pre-Qualified for a Mortgage

Getting pre-qualified or pre-approved (the terms are really interchangeable) for a loan makes the entire home buying process smoother. Not only does it give you a tighter estimate on what you can afford, but it helps improve your bargaining power during price negotiations.

You must research various lenders in your area to find out which one is most suitable for you. Speak to your agent, as they’ll have a more accurate idea of which lenders are reputable and which ones to avoid.

Most sellers want to sell their houses with minimal hassle. They’re more likely to accept a pre-approved offer, even if it’s below the list price, because it’s more of a guarantee that they will get their money. It means that the seller can take the house off the market with a lower risk of having to put it back on if the offer falls through.

Compare the best mortgage lenders available (May 26, 2023)

It also gives you peace of mind knowing that you hopefully won’t run into any last-minute disappointments, especially if you’ve found the house of your dreams.

Pro Tip: You Must Get Pre-Approved!

“Go ahead and get pre-approved with a reputable lender before starting your search and making an offer on a home. Following that advice will make your home buying process so much easier, quicker and gives you a leg up on the competition. Sellers are not only excited when a pre-approved buyer makes an offer but they expect it.”

 

Robyn Flint – Home Insurance Specialist | ExpertInsuranceReviews.com

6. Determine How Much House You Can Afford

The best way to determine how much house you can afford is to get a mortgage pre-qualification we just discussed. The pre-approval helps keep your expectations realistic, as many people tend to overestimate how much they can afford.

By knowing how much you can afford, you can narrow down your search and spend more time looking at homes within your budget. You can view a home that’s out of your price range and imagine yourself living in it, but ultimately it’s a waste of time and hinders your search.

By only shopping for houses you can afford, you’ll be able to spend more time looking at the right ones. You can put more focus on each property and take the time to reach a sensible decision that you can afford.

Remember, the mortgage payment is only a portion of the monthly bills you’ll have in your new home. Be sure to consider other factors like maintenance, utility bills, taxes, and development or condo fees.

Pro Tip: Account For Property Taxes and Insurance

“A first time home buyer needs to be aware that their mortgage will not be the same amount year over year. When you’re getting a quote for your homeowner’s insurance, ask them how much the insurance rates went up each year over the past ten years. Insurance and property taxes will increase almost every year. They should be able to easily provide you with this information.

 

To find out the home’s tax history, look it up on Zillow and scroll down to Tax History. This section may not provide you with exact numbers, but it will give you the annual percentage change. You can estimate how much it will increase every year from this information.”

 

Shawn Breyer – Owner | Atlanta House Buyers

7. Decide on Home Requirements Before Shopping

Each person has an ideal vision of what their home should be. You can make the shopping process more manageable by drawing up a list of requirements. If you’re buying the house as a couple, a list helps you both compromise and work together on shared priorities. That way, you avoid being caught off guard during showings that your partner wants a spacious backyard, while you want more indoor space.

When considering your requirements, draw up lists of things you need, things you’d like to have, and deal-breakers. Be sure to differentiate between wants and needs. You can have some flexibility with wants, but your house should tick all your ‘need’ boxes.

If you have no idea what sort of house you want, drive around locations where you’d like to live. View homes in the area, and go to open houses. You’ll quickly find out what you like and dislike, which should help you decide on the requirements for your dream home.

Condo vs House

If you’re not excited at the idea of having a yard to maintain, you may consider looking at condos instead of free-standing houses. Condos offer lots of advantages for individuals and small families, though you’ll need to take condo fees into account when calculating whether or not you can afford a property.

Location and School Systems

When considering needs, many people think about location, the style of the house, the size of the house, and whether it needs work or not. However, if you have children (or will have children), the school district is an important consideration. A well-rated school district will raise your home’s resale value in time, and your children are more likely to have a positive educational environment.

Pro Tip: Set A Targeted Search

“I have to say, the more focused your search, the more manageable it will be. Start with you wishlist. After you get out there and start seeing properties, you may realize certain need-to-haves aren’t actually that important or other features that you discovered are the perfect fit for you and you can refine the search from there.”

 

James McGrath – Licensed Real Estate Broker | Yoreevo LLC

8. Interview Real Estate Agents

Real estate agents act as a trusted advisor and are mediators between buyers and sellers. In some states, agents can be neutral facilitators, while in others they have to formally represent buyers or sellers exclusively. Do your research and find out where you stand with your agent before you establish a relationship.

You’ll work closely with your agent during the buying process, so it’s worthwhile to take the time to find the perfect one for you. Most agents have their track record and current workload online. You can read reviews, check out their online profiles and get a feel for which one compliments your personality. Another pro tip is to ask for recommendations on facebook both on your profile page and in neighborhood groups.

Once you’ve found a couple of potential agents, get in touch to arrange an initial meeting that agents call the “Buyers Consultation”. You can discuss your needs and budget and get started once you find the right agent for you. Once you find an agent that you want to work with, stay loyal to them and form a mutually beneficial relationship.

Pro Tip: Find An Effective Buyers Agent

“There are 3 items you can inquire about to make sure you have an agent with whom you will be successful.

 

1. Ask how many homes they have sold in your niche or search criteria last year – For example in a particular school district. If they have sold some homes in that district they will be ” in tune” with the market and may have deep relationships with the dominant listing agents and be able to get you a first look at unlisted home that might fit you. Keep in mind if the agent does not have sales in that niche but is a very productive agent (top 3%) then they can self study quickly and be effective for you.
2. Ask for their past 5 sales and statistics for those zip codes showing the average sold price to list price ratio – Compare that to their sales and see if they are getting an additional 1-3% off the average sold price to list price ratio. You want a great negotiator to save you real money. If some of those sales are for very close to or actually full price ask for an explanation. For example there could have been multiple offers and being effective meant getting the perfect home versus losing it by being too low.
3. Find out if they use their mobile MLS usually while doing showings with their buyers – Often questions come up on recent SOLDS in the neighborhood or about that house we just drove by or the search literally evolves in the moment and you want to see homes $50,000 more. Excellent agents are very mobile these days and can pull all of that off in real time with their buyers.”

 

Jay Seville – Owner | Wilmington-Real-Estate.com

9. Analyze the Local Real Estate Market

A local real estate market analysis is an essential step in helping you avoid making costly mistakes. A real estate market analysis or comparative market analysis (CMA) compares the current market value of similar houses in your desired location. It’s a useful tool that will help you gauge whether a home is selling for a reasonable price and what sort of offer you can make to have the best chance of being accepted.

A comparative market analysis isn’t the appraised value of a particular property, but it will give you information on the market in general. You may ask your real estate agent to compile a CMA for you if you find a house you want to make an offer on, but did you know you can do one yourself, too? This skill is handy for you to educate yourself on the local market so you can buy a house more efficiently and effectively.

The first step to doing a CMA is to decide what type of property you want to buy. Look for homes with similar characteristics. This search will give you an idea of what you should pay attention to in similar properties.

Once you’ve compiled a list of characteristics, find properties that are similar to what you’re looking for. You can look up houses that sold recently online on sites such as Zillow and match them to the property you’re interested in. Searching about three to six months back in sales records is an appropriate timeframe to look at, as it accounts for market fluctuations while still showing overall trends.

Look at current listings of similar homes, too. Chances are you’ll already have seen these homes if you’ve started house-hunting for a while now. Choose three or four similar houses and check the average price between them all.

Finally, look at expired listings of comparable homes. These listings will give you an idea of prices that were too high for the current market and can provide you with leverage when you do find an overpriced property that you like. You might need a real estate agent to provide you with this data from the local MLS.

Useful online resources for your market analysis include the Federal Housing Finance Agency (FHFA) and the FNC Residential Price Index. As mentioned previously, you can also use property listing sites like Zillow and Redfin to find comparable homes currently on the market.

Pro Tip: Find A Desirable School District

“The school district is the heart of the local community, and not all school districts are created equal. Buying a home in a great school district in a powerful selling point in today’s market. Remember, the average person sells their home in about eight years. Be smart and strategize ahead.”

 

Benjamin Ross – Real Estate Agent | Mission Real Estate Group

10. View Homes in Person

It’s easy to be enticed by listings online, especially if the realtor had professional real estate photos taken to correctly market their clients home. However, what looks like a palace in the listing can be a total fixer upper in real life, and you must view homes in person as often as possible.

Arrange showings with your real estate agent and be sure they contact owners directly if they are selling FSBO. Also be sure to take advantage of open houses to see homes in person too.

Before you even arrange a showing, you could drive past the house and look at it from the outside. This first impression alone can often tell you whether or not a home is right for you. If you like the property from the outside, make a list of things you want to ask or check before you go to the showing. It’s easy to forget when you’re in the house what you were curious about because showings can be overwhelming.

If you’re buying a home with someone else, always go together to get each other’s opinions. If you’re buying alone, take a trusted friend or family member. Not only will the second set of eyes help spot potential problems, but it benefits you to talk over your thoughts as you go through the house.

If you’re interested in a property, make sure you do a thorough check of the house and not just the cosmetics. Note the fixtures and structure, even under sinks. If the house has an attic and basement, be sure to check those out, and keep an eye out for moisture damage and other red flags. Run the faucets to feel the water pressure and see how long it takes for hot water to come through the tap. Check the heating and cooling to make sure that everything works correctly. These items will be covered during your home inspection but you might find a hidden problem and save yourself valuable time and expenses.

Finally, never rely on a single visit. If you’re really interested in a property, come back in a day or two with a fresh mind. If there were any potential problems you noticed, discuss them with the agent and do another thorough check of everything to make sure you’re satisfied.

Pro Tip: Get A Feel For The Neighborhood

“I advise everyone to visit the neighborhood and the local area the home is located in at all times of the day. Visit it at night, early morning, etc. Make sure you’re comfortable and the feel of the area and that the location is close to what you value, be it proximity to work or shops, access to hiking trails, etc.”

 

Patrick Frank – Head of Sales | Biproxi

11. Carefully Review Seller-Provided Disclosures

Not all states require that sellers give prospective buyers a disclosure report. Even in states where the report is a legal requirement, there are exceptions to the rule such as probate, foreclosures and some states allow sellers to pay a few hundred dollars to not provide the disclosures report. The typical disclosure report is made up of a checklist where the seller describes the condition and history of features of the property.

Note that disclosure reports rely on the seller’s knowledge of the property and don’t require the sign-off of an inspector, engineer or construction expert. That means they can miss major issues without any penalty if they didn’t know about those problems while compiling the report.

While some states require that you get the seller’s disclosure report before you make an offer, most don’t require the seller to give you the report until after you make the offer. You should have an home inspection contingency in place so you still have an opportunity to cancel the sale if you find major defects not reported. However, you wasted valuable time and money you could have spent working on purchasing another property.

You should view the seller’s disclosure report as the first step in finding potential problems. Since sellers only have to report what they know, they may be unaware of major issues with the house and won’t be penalized for not reporting them. Always consult with a certified home inspector or even a structural engineer before you decide whether to proceed with the purchase.

Pro Tip: What Is Not Being Disclosed Is Very Important

“When reviewing disclosures provided by the seller, it is important to evaluate everything with a high dose of skepticism. Sellers could be downplaying, leaving out or even lying on what they choose to disclose.

 

In most instances, it makes sense to do your own research, hire an independent third party contractors, inspectors and engineers to conduct your own due diligence, even with the added expense this incurs to you.  Doing so puts you in a better place to discover anything undesirable about the property which the seller might need to address before you agree to close on the transaction.”

 

Riley Adams – Licensed CPA | YoungAndTheInvested.com

12. Make an Offer and Negotiate

When it comes to buying a house, you want to pay as little money as possible and negotiate to your benefit. That doesn’t mean you should offer an insultingly low price and expect the seller to agree, but it does mean you have room to negotiate a price that works for both you and the seller. Remember the seller wants to get you to pay as much as possible for their house.

Usually, your buyers agent will mediate between you and the seller. It’s the agent’s job to present your offer to the seller and come back with either a counteroffer or the seller’s acceptance. This is why it is important to have a buyers agent working for you. Negotiating directly with the sellers agent can cause an issue with real estate “agency” laws or even just a false sense of comfort on your part.

Real estate listing agents work on behalf of the seller, so it’s never a good idea to give away too much information. Don’t tell the real estate agent the upper limit of your budget, or how much you love a particular property. That doesn’t mean you can’t be friendly, just don’t give away all your cards to them.

When you submit your offer, make sure it is a complete package for the seller to make a decision. If you have everything ready in advance, including your mortgage pre-approval, terms of your deal written into a purchase and sale agreement or offer, and proof of an available down payment, the agent is more likely to suggest your offer to the seller over those of other potential buyers.

When negotiating the price of your new home, know the current state of the property market in the area. Use your real estate market analysis skills you learned to make the case that a house is priced too high for the current market.

Some homeowners are more willing to sell than others. Everyone has their own reasons for selling their house, ranging from a work-related move to downsizing to a growing family or kids moving out. Sellers who are being forced to move are more likely to accept lower offers than people who are aiming higher on the property ladder.

Another factor to consider is how long the property has been on the market, as many sellers want to get the process done as quickly as possible. However, if someone is selling their second home, they may not be in any hurry to sell at all and will instead prefer to wait for someone who meets their listing price.

Finally, the seller refusing your offer isn’t the end of the negotiating process. Often, sellers will see if they can pressure buyers into making a higher offer by refusing their initial offer. If the seller refuses your offer, speak to your real estate buyers agent and talk to them about your position. Stick to your guns and let the agent know that this is the maximum you’re willing to spend for them to try to continue negotiations.

In a quiet market, the agent will usually get back to you, and you can carry on the purchase process. If you don’t hear back from the agent, keep looking at other properties while keeping an eye on what’s happening with the property you’re interested in buying. A rule of thumb in real estate negotiations is to not have buyers waiting longer that 24 hours for an answer back from the sellers but not all people follow this courtesy.

The offer is only one aspect of the negotiating process. Many contingencies can be included in a contract, and you need to negotiate these as well. For instance, you can add a contingency that you’ll only purchase the house if you sell your previous one in a certain amount of time. The most common contingencies are the home inspection contingency and the mortgage financing contingency but there are others you can include depending on your situation.

Pro Tip: Hire A Buyers Agent For The Best Deal

“If you are a first-time homebuyer or even a seasoned real estate investor, you should seriously consider hiring a real estate agent. Buyer agents are professionals who will be able to help you make the best possible offer and negotiate the optimal price. Moreover, as a buyer you don’t have to worry about an additional cost as buyer agents’ fees are (typically) paid for by the property seller. As a beginner in the real estate market, you will be at a major disadvantage when negotiating with the agent of the seller if you decide to buy on your own.”

 

Daniela Andreevska – Marketing Director | Mashvisor

13. Research and Hire a Home Inspector

Most buyers will hire a home inspector to examine a property before making an offer. You never want to work with a poorly trained or unqualified home inspector, as this can lead to disastrous results that will leave you regretting your purchase and facing serious financial consequences.

The issue is further complicated by the fact that there are multiple certifications that inspectors can qualify for, and these aren’t an accurate indication of the quality of the inspector. A recent study by the non-profit advocacy group Consumers’ Checkbook found that in a test of 12 home inspection companies none performed their job to a satisfactory level. As a group, the inspectors spotted only half of the problems in a three-bedroom home, and many failed to detect even obvious problems like a leak under the kitchen sink.

It’s in your best interest to get the most thorough home inspection you can to avoid problems after you’ve purchased your home. Your first step should be to get recommendations from friends, colleagues, or family members you trust.

You can also use the internet to find certified and licensed home inspectors in your area. Be sure to search them on as many consumer sites as you can, including the Better Business Bureau, Angie’s List, HelloPeter, and Consumers’ Checkbook. These searches should bring up any apparent issues, such as the inspectors failing to notice obvious problems.

When shopping around for home inspectors, avoid those recommended by the listing agent. The listing agent may want to sell a house as quickly as possible and remember they work for the seller. If you followed our advice and are working with a reputable buyers agent, you can trust their home inspector recommendation because they are working for your best interest.

If you’re concerned about specialized issues that a home inspector won’t be able to detect, consider hiring a specialist that does home inspections. Structural matters should be examined by either an engineer or architect, though these services are more expensive than those of a more generalized home inspector.

Pro Tip: Necessary Home Inspection

“A home inspection is the most important factor which cannot be ignored. It is critical because it helps the buyer to evaluate the home condition and its certain parameters, even on brand new construction homes. There can be many major issues ranging from sinking foundations to covered up Chinese drywall. Therefore, you should take the time to conduct an appropriate inspection of any property you intend to buy.”

 

Samantha Odo – COO & Sales Representative | Precondo

14. Ensure Home Renovation Permits are in Order

If you’re buying a house that was a fixer-upper, had a lot of renovations, additions or was a flip house make sure that the home renovation permits were both pulled and closed before purchasing the home. Local building departments issue home renovation permits and ensure that any building plans you have comply with local ordinances and building codes.

If you’re working with a builder, they usually take care of the building permits for you and the municipalities building department issues a certificate of occupancy or CO. No matter which situation you are in, make sure that all the paperwork is in order before you close, or you the problem becomes yours and not the previous owner or builder.

Required permits will vary from town to town. So be sure to check with the building department.

Here are some of the most common remodeling items that do and do not need permits. Before buying, make sure these are appropriately closed.

Pro Tip: Don’t Get Burned By Home Renovation Permits

“Permit rules vary city to city. Contact the city directly to in inquire as to whether a permit was in fact required. There are still “grey areas” on whether permits were required or not. Pay special attention to expensive renovations that have major impact house values, for example, additional bedrooms/bathrooms, extensions, roof, and HVAC systems. Pick your battles – no house is perfect.”

 

Earl White – Co-Founder | House Heroes LLC

15. Review HOA Documents

When you buy a condo or a property in a development, in most cases, you automatically agree to become a member of their Homeowners Association (HOA). You’ll need to comply with the various rules and regulations of the development. These rules can include anything from whether you’re allowed to rent out your property to your wall or door color.

HOAs generate a lot of documents for you to review. Still, it’s in your best interest to review them and understand what the expectations for homeowners are. You should receive all the governing documents from the HOA directly. The sellers are typically required to purchase a new copy of these documents for you but check your contract and what it states.

If you’re feeling overwhelmed by the amount of information contained in the governing documents, you should take the time to both read and understand them to know what you are agreeing to be apart of. The important documents include the Association’s Articles of Incorporation and the bylaws contain essential information regarding the power of the Association and restrictions of that power.

Some decisions may require a vote, while others don’t. Knowing what actions the association can take without members voting can have a considerable impact on your life in the development.

The Declaration of Covenants, Conditions, and Restrictions (CC&R) will contain the most relevant information for prospective homeowners. It outlines the configuration and operation of the development. The moment you become a homeowner in the development, you agree to abide by all the rules, regulations, terms, and conditions found in the CC&R.

Some HOAs have a Rules and Regulations document separate from the CC&R. These rules typically focus on the communal areas of the development but also outline any restrictions on the owner’s use of their private property.

These rules can be annoying and restrictive, so check the documentation before purchasing the in the development. You want to make sure you can follow these rules without sacrificing your needs. Also, be aware that the Association may be able to change these rules and regulations at any time.

You should also review the Association’s assessment statement and financial documents. These documents give you information about the dues you need to pay and how often you’re expected to pay them. The CC&Rs and Association bylaws outline when the Association can increase these dues and if there’s a limit to how significantly they can increase at a given time.

To understand how the HOA runs, you can refer to their financial records and meeting minutes. Financial records will show how financially responsible the HOA is. If the association is run poorly, you’ll often find that not enough assessments were collected to meet the annual budget. You should then expect that the common areas aren’t as well maintained as they should be and that an emergency assessment is looming on the horizon.

Meeting minutes are your best source of information when it comes to the human side of the association. You’ll quickly identify recurring issues and problems with how the running of the HOA.

If people are continually arguing about rules not being enforced or are involved in petty politics, chances are the HOA isn’t being run efficiently. From that information alone, you can expect trouble in the development and poor management in the future.

Pro Tip: Research Any HOA Exterior Requirements

“Often times, neighborhoods have HOAs with strict requirements regarding house color, lawn maintenance, fence type, and landscaping. These requirements may seem restrictive; however, HOAs help improve property values, handle neighborly disputes, and provide fun amenities (such as pools and tennis courts).

 

Before dreaming up any major landscaping projects during your next open house, remember to ask or look up HOA fees and requirements. Not only will homeowners avoid frustrating warnings and fines, but also they can decide if the house is worth the effort, money, and time.”

 

Rhianna Miller – Home & Yard Improvement Expert | Rubber Mulch

16. Check Sex Offender Registry

Knowing if sex offenders live in your area can help keep you and your family safe, especially if you have children. You can use websites like the National Sex Offender Public Website to find out if there are any sex offenders near your potential new home.

Even if you don’t have children, knowing about sex offenders in the neighborhood can help you make an informed decision about whether that home is best for you. Having a sex offender living close to your home can negatively affect the potential resale value. It can, however, help you negotiate to lower your offer.

Pro Tip: Sellers Might Not Disclose Nearby Sex Offenders

“Keep in mind that convicted sex offenders have to register with local law enforcement whenever they move but that doesn’t mean that a seller has to disclose their presence in the neighborhood to you or that local authorities will notify the neighbors.

It’s important for home buyers to conduct a thorough search for themselves. Buyers can go online and use free search tools that allow them to quickly and easily find out if they would be putting their family at risk from a sex offender living nearby. Once buyers have this information they discover, an informed decision can be made before making an offer to purchase a home.”

 

Chris Oliver – Spokesperson | Hauseit

17. Research and Hire a Real Estate Attorney

Unless you live in a state where you need to hire a real estate attorney to buy a property, real estate attorneys aren’t necessary for a successful home purchase. However, they can make the entire process smoother and less stressful. Real estate attorneys specialize in property law, and they can resolve disputes between two parties or facilitate a transaction between the buyer and seller.

The main reason you want to hire a real estate attorney is to help you deal with the endless amounts of legal paperwork that buying a house entails. Once you’ve made an offer to purchase and the seller has accepted it, things start moving quickly, and you can get overwhelmed in no time.

Most real estate documents are packed with jargon that you may find difficult to understand. Having an attorney on hand ensures that you’re more informed about the conditions of the sale. Especially, considering your real estate agent can not advise or practice law, so they are limited in what assistance they can provide with sticky points in the contract.

Many of the services involved with buying a home include fees that snowball into massive and unexpected costs that you’ll need to cover out of pocket. Junk fees can include administrative fees, processing fees, appraisal review fees, and much more.

Even closing fees are often inflated, and an inexperienced buyer may miss them. If you work with an attorney, they will be able to catch any mistakes (both intentional or unintentional) and eliminate them before you close the sale.

You may also find that your purchase isn’t an ordinary real estate transaction and requires the expertise of an attorney to resolve. For instance, if the property has an existing tenant, are you able to evict them? Can you rent the property for an extended period before you commit to the purchase? Any non-standard transaction means you’ll benefit from having an attorney on your side to ensure that you aren’t losing out on the deal.

Finding the right attorney is a similar process to finding the right real estate agent or home inspector. You want to rely on personal referrals and word of mouth as much as possible. Check your state’s bar association for a list of lawyers who specialize in real estate law. You can also use one of the many lawyer directories that offer comprehensive overviews of the lawyers in your area.

Once you’ve narrowed down your options to a couple of lawyers, meet with them in person before you commit to one. Most reputable lawyers are happy to schedule a short consultation at no cost to you. This meeting is an excellent opportunity for you to decide whether a lawyer is a good fit for you or not.

Knowledge and expertise are only one part of the equation. You also need an attorney you’re comfortable working with and whom you can trust. This short interview may not answer all your legal questions, but it’s the first step to building a relationship with an attorney who will work to protect you during the home buying process.

The consultation is also the perfect place to find out more about the attorney’s credentials and how they envision working with you. You should also ask about their fees and fee structure, so you don’t get any surprise bills in the mail after you’ve bought your new home. If you feel uncomfortable at any time or feel that the attorney isn’t representing your needs, move on, and find one that does.

Some lawyers are notoriously bad at communicating with their clients. Even if you get along well with your prospective attorney, keep an eye on how quickly they respond to your emails, texts, or phone calls. There’s nothing worse than having an urgent legal question and having to wait several days for a response. Not only does it hold up the entire purchase process, but it makes your stress levels skyrocket.

Pro Tip: Ask Sellers What Fixtures Are Included

“Legally, anything that is permanently attached to the property is considered a fixture and is by law generally included in a home sale. However, sometimes, state laws vary as to what is—and what is not—included in the sale, so be sure to be explicit whether an outside bird bath. playground sets, wall mounts, light fixtures or any other item that are only semi-attached are included in the sale.”

 

David Reischer, Esq. – Real Estate Attorney & CEO | LegalAdvice.com

18. Attend the Closing

The closing is the final part of your home buying journey. Now you get to sign the papers and officially make the home of your dreams your own. While it’s tempting to rush through the signing process and get your keys, you should still take the time to review the papers you’re signing.

Mortgage lenders, notaries, and even sellers will often want to complete the closing as soon as possible and will pressure you to sign the papers without reading. Ignore them and take the time to read every page of the contract that you’re signing. Some contracts have explicit terms that, if overlooked, can have a significant impact on your life.

One of the most important aspects of closing is the final walkthrough. Use this opportunity to check if the agreed-upon repairs have been made and that no new damage has appeared on the property since your last inspection. Be thorough during this walkthrough as it’s your last chance to make sure everything is in order before committing to owning the house and all its charms and flaws.

Pay attention to prepayment penalties and identify any junk fees that you didn’t already agree to pay in your mortgage documents. Refuse to sign until these fees are addressed. Also, make sure that your closing fees are similar to the good faith estimate you were given at the beginning of the buying process.

If the fees are higher, refuse to sign until they’re in line with your expectations. As a buyer, you have a lot of leverage to protect your rights during the closing process, so don’t be afraid to use it.

With that said, if you hired a reputable attorney, they can guide you through what your best options are during the closing.

Pro Tip: You Must Do A Final Walkthrough!

“The day of the closing, you typically will want to do a final walk through and this is so important. The sellers are required to leave the house in the condition that you agreed to and without any surprises. Their furniture will be out of the home and you have the opportunity to see if they caused any new damage, hid anything you didn’t know about and ensure they don’t leave anything behind that you don’t want.

 

If you find anything that is out of order, you must bring it up before the closing is final because once you own the property, the problems become yours to deal with.”

 

Kris Lippi – Owner & Broker |ISoldMyHouse.com

19. Move In

Once you complete the closing process, the seller or real estate agent will finally hand you the keys. All that’s left is to move into your new home and start your new life!

There is a ton of work in front of you with moving and settling in. Don’t feel like you can’t hire professionals to help with your move, so you can focus on settling in!

Pro Tip: Be Sure To Budget For Moving Costs

“Local moving companies on average will cost from $350 to $1,900 depending how much you’re moving. A long distance moving company will cost on average $2,200 – $7,000 depending on the size of the move and how far you’re moving. You also have to factor in the costs of moving supplies like boxes and tape. These costs can add up quickly and catch you by surprise during the already expensive process of buying a home.”

 

Ryan Carrigan – Co-founder | MoveBudda

Further Reading: Looking For More Moving Resources? Check These Articles Out!

• Best Moving Boxes That You Can Buy Online (Reviewed)
• Cheap Moving Boxes – Best Budget Friendly Options (Reviewed)
• Where Is The Best Place To Buy Moving Boxes?
• Where To Get Free Moving Boxes? Check Out These 8 Thrifty Options
• How Many Boxes Do I Need To Move? Use Our Moving Box Calculator
• Here Is a Weekly Moving Checklist To Follow When Moving Out Of Your House

The post How To Buy A House (What Your Agent Should Be Telling You) appeared first on ISoldMyHouse.com.

It turns out that five in ten Americans (52%) believe in aliens, with almost three in ten (29%) believing that those beings have actually visited Earth.

UFO and alien-spotting is an increasing trend amongst Americans, with the number of reports steeply rising from 3,395 in 2018 to 5,971 in 2019*. Which may not come as so much of a surprise when you hear that over half of Americans (56%) believe that the US government is actually hiding evidence that aliens exist**. 

To help our customers find (or avoid!) potential alien hotspots, we took data from the National UFO Reporting Center and amalgamated it with our own data to work out the most affordable areas to live, should you be interested in spotting some aliens. 

We took the places where you’re most likely to spot an alien and sorted them by their median housing price, and the top 10 were as follows:

1. Myrtle Beach, SC – $167,958
2. Columbus, OH – $174,109
3. Philadelphia, PA – $187,772
4. Houston, TX – $191,907
5. Tucson, AZ – $215,965
6. Albuquerque, NM – $216,090
7. Dallas, TX – $226,145
8. Orlando, FL – $260,915
9. Phoenix, AZ – $269,175
10. Mesa, AZ – $278,497

If you just so happen to be looking for a new house and would love to increase your chances of spotting extraterrestrial life, or if you have a phobia of aliens and want to list your house for sale and move to less of a hotspot, check our map below:

Kris Lippi, Owner of ISoldMyHouse.com said…

“Whether you’re scientifically-minded or not, the topic of aliens is one that fascinates a lot of people all over the world. It’s also a topic that excites a lot of people so I’m happy to be able to provide this sort of information for those who want to or have turned their interest in the extraterrestrial into a passion. Just make sure to name it after me if you find an alien!”

 
*http://www.nuforc.org/
**https://today.yougov.com/topics/science/survey-results/daily/2020/06/26/eac5c/1

The post Where To Buy A House To Spot Aliens From Your Backyard appeared first on ISoldMyHouse.com.

Table of Contents

• Let’s Start with Flood Insurance Basics
• How to Find Affordable Flood Insurance Companies
• Is Private Flood Insurance Cheaper?
• Homeowner Tips to Reduce Your Flood Insurance Costs

 

Nearly 41 million Americans live in flood zones. These regions include large swathes of the east coast as well as Louisiana and Mississippi. Since 2016, Texas has had more flooding than any other state, followed by Kentucky and Arkansas.

You don’t have to live near water to buy flood insurance, though. Torrential storms can wreak havoc on a home. Even if your mortgage lender doesn’t require you to purchase flood insurance, it can provide peace of mind knowing you are protected against a flooded house.

Today, we are going to walk you through everything you need to know about buying flood insurance. Whether you opt for cheap or comprehensive coverage, we will make sure you have the insight you need.



Let’s Start with Flood Insurance Basics

 
 

What Does Flood Insurance Cover?

Generally speaking, flood insurance comes in two forms. There is insurance to cover the value of your property, and additional coverage to protect the contents inside. Additional outbuildings beyond the main structure that’s insured require a second policy. Detached garages may qualify for 10 percent structural coverage, however.

Examples of Property Coverage

• Electrical and plumbing systems
• Stoves, dryers, dishwashers, and other built-in appliances
• Permanent carpeting
• Permanent bookshelf, cabinets, paneling, or wallboards
• Furnaces, water heaters, and heat pumps
• Window blinds
• Cisterns
• Fuel and water tanks
• Solar energy equipment

Examples of Content Coverage

• Personal items, such as electronics, furniture, framed photos, chairs, tables and clothing
• Washing machines and dryers that aren’t built into the home
• Portable appliances, like toasters, microwaves, blenders, and air conditioners
• Carpets that aren’t permanently fixed to the floor, like area rugs
• Food, but not refrigerators
• Art, jewelry, sculptures, and other luxury items (but not precious metals, currency, or valuable papers such as stock certificates)

While property and content coverage insure many different items, there are still gaps. For instance, you can’t seek reimbursement for mold or mildew unless you can directly prove it is from a flood. Neither policy protects against other losses related to business interruption, car damage, or additional living expenses.

It is also essential to know that all water damage is not the same. Having your sewers backup, for instance, does not count unless it is a direct result of flooding. The same applies if a pipe bursts in your basement, and you end up with several inches of water on your lowest level.

If you have any questions about your policy and its coverage, you should contact your insurance agent. FEMA, or the Federal Emergency Management Agency, also has a detailed list of what is and is not covered during a flood. We’ll touch on FEMA more in a bit.

How Do I Know If I Need Flood Insurance?

If you are one of those 41 million Americans living in a flood zone, you will legally have to purchase insurance, according to FEMA. If you are unsure of whether you are in a high-risk flood zone, you can find more information here. Additionally, mortgage lenders may ask homeowners to hold flood insurance, even if it is not a legal obligation.

The ultimate decision on purchasing a policy comes down to preference and location. For instance, living in Texas or Louisiana comes with significantly more flood risk than Utah and Idaho. Even if your home isn’t near a lake, ocean, or river, there can be potential flooding.

Some of the most common causes include spring thaw, hurricanes, and heavy rain. Because of the ubiquity of these events, flooding is possible in any state—that’s why FEMA declared it the number one natural disaster in the United States.

Here is the bottom line, though: flooding is relatively uncommon. The odds that you will ever use flood insurance are lower than that of car or health insurance. This uncertainty is why only 12 percent of Americans have flood insurance, including 20 percent in coastal cities.

Still, there is always the chance that flooding could happen. When that does occur, the damages start in the tens of thousands of dollars. Having a policy can provide peace of mind for even the worst-case scenario.

National Flood Insurance Program (NFIP) or Private Flood Insurance

When purchasing flood insurance, one option is to go through the National Flood Insurance Program. FEMA’s Mitigation division runs this federal program to diffuse the risk of flood losses through insurance and reduce damages from flooding. The second option is to use a private insurance company.

If you buy through NFIP, you must get the policy via an insurance company or agent. You can’t buy it directly from the government. Plans come with fixed premiums and coverage upwards of $250,000 in damages. When it comes to your rate, those vary depending on the age of your home, location, and property value.

The benefits of NFIP are that anyone can apply and receive reliable coverage. Plus, insurers handle the claims process to more readily facilitate any reimbursement. That said, NFIP plans don’t include coverage for additional living expenses.

Private flood insurance companies are providers outside the government. Availability will depend on state and location and may or may not be cheaper than NFIP. They do, however, typically have shorter waiting periods for the coverage to become active (two weeks instead of 30 days.)

One of the benefits of a private insurer is the higher coverage total. That way, you can customize protection to your desired preferences. The cons include getting dropped unexpectedly or not receiving a renewal of your policy.

Common Myths About Flood Insurance

There are several myths surrounding flood insurance—we have already tried to tackle some of them. For example, homeowners and flood insurance are different things. Furthermore, personal belongings do not fall under the coverage of building/structure policies. Here are a couple more myths to debunk:

A few inches of water won’t hurt that much. This myth is probably the most pervasive and potentially the most harmful. Even if you only get five inches of water in your basement, that can yield damages upwards of $25,000.

Flood insurance is only available to homeowners. Anyone who owns a home or rents is eligible to have flood insurance. That includes people living in condos, apartments, and trailers, as well as businesses.

FEMA will assist me during a disaster, even if I do not have insurance. The caveat here is that FEMA assistance comes after a federal declaration recognizing the flooding incident. That happens less than half the time in flood cases. If the federal government does make the declaration, only then may homeowners receive a low-interest loan to rebuild their home.



How to Find Affordable Flood Insurance Companies

 
 

More often than not, NFIP policies will be the cheapest source of flood insurance. According to information from NFIP, the average policy cost is $699 per year in 2019. Remember, the cost will vary greatly on your location. The average policy in Connecticut, Illinois, and Massachusetts runs more than $1,000, while Florida comes in at $550.

If you are committed to getting an NFIP plan, you can apply via an insurer or agent. They are intermediaries that ensure you get the policy and coverage you need.

Another way to save money is with discounts. These are often through NFIP programs that provide an incentive for people to mitigate their chances of flood damage. One way to get more affordable flood insurance is to elevate your home. You can also floodproof your house by installing check values, securing your water heater, and improving the structure of your basement.

That said, these techniques also help you reduce costs with private insurers. If you can demonstrate that you upgrade your home to limit the likelihood of a flood claim, companies will reward you with lower premiums. If you want the cheapest possible private insurance, you should make sure to perform these upgrades in conjunction with a rudimentary policy.



Is Private Flood Insurance Cheaper?

 
 

Generally speaking, the rule of thumb is that you should consider NFIP or private flood insurance if your possessions are worth more than $100,000, and your home is worth more than $250,000. Let’s say you meet those thresholds. The next question is whether to get public or private insurance.

More often than not, private insurance will be more expensive, because clients have more flexibility when it comes to coverage options and totals. That said, it is challenging to project average costs because each private policy will vary by state and home value.

Advantages

Higher limits – The best reason to select private flood insurance is to get a higher limit. NFIP only offers coverage up to $250,000, which for many homeowners, is not enough. A private practice should be able to double that total, especially if you live in a low-risk zone. For example, Homeowners Choice Property and Casualty Co. offers coverage up to $500,000.

Also, it is possible to opt for private insurance and pay less than NFIP. While that is the exception to the rule, private insurers may be more competitive in regions with more significant flood risks and, therefore, greater diffusion of coverage. According to Milliman, a consulting company, a majority of single-family households in Florida, Louisiana, and Texas are eligible for lower premiums.

Greater variety – The second advantage of private insurance is its range of capabilities. This feature is especially useful if you have valuable possessions. That can include but is not limited to cars, jewelry, art, furs, and collectibles. NFIP lumps all the above into one category and will typically pay up to $2,500 for damages to these items. A private insurer will assess the values individually and rate the policy accordingly.

Additionally, private insurance can provide benefits, such as temporary relocation and shorter waiting periods. They are also more likely to give you a real-time assessment of your property and its risk. That way, you can more adequately understand the potential flooding hazards and what you can do to mitigate their impact.

Disadvantages

Limited availability – Just because you want private flood insurance doesn’t mean you can get it. Even though it is a $4.75 billion industry, there are plenty of gaps across the country. In fact, many states don’t have legislation explicitly regulating private flood insurance.

Less reliable – Many flood insurance companies are young and unproven. Before 2014, flood insurance was a rare commodity, and their increasing presence is only due to new regulations that paved their way. It is difficult to determine how they will react in the face of a natural disaster.

The manifestation of this issue comes when financing a home. Many mortgage lenders won’t accept private flood insurance because it comes with a higher risk for proper coverage. Currently, there is legislation under consideration that would make private flood insurance acceptable for homeowners with federally-backed mortgages.



Homeowner Tips to Reduce Your Flood Insurance Costs

 
 

Why pay more for flood insurance than you have to? Thanks to a series of discounts and tips, you can protect your home and your wallet. Here are a couple of ways to ensure you get the best possible price on your flood insurance.

Reduce or Eliminate Flood Insurance Surcharges and Extra Costs

NFIP policies come with federally-mandated fees and surcharges. One recent example is a surcharge from April 1, 2015. It required all policyholders under the Homeowner Flood Insurance Affordability Act of 2014 to pay between $25 and $250. The amount varied based on the use of the building and type of policy.

Most single-family homes received a $25 surcharge. The same went for tenants or renters. The $250 surcharges applied to more sizeable buildings. This legislation came to fruition to more accurately cover the structural risk associated with flooding in all communities.

It is unlikely that fees and surcharges will make or break your insurance policy. Still, you should shop around before buying to see what extra charges you might face. That way, you can get the most competitive rates and terms for your coverage.

Make Adjustments to Your Property

As mentioned above, NFIP and private insurers will reward homeowners with discounts for making adjustments to their property. These adjustments must lower the likelihood of flood damage. Once a homeowner makes these necessary additions, an agent will approve them and reduce the respective premium.

Homeowners in high-risk zones can save the most money with an elevation certificate. You can raise the structure of your home to reduce the amount of water that enters. Insurers determine premiums based on the floodplain height, the house height, and how much water could potentially enter. An elevation certificate can cut premiums in half.

The other way to improve your home is with structural enhancements. These options work to retrofit a home or business in case of any adverse weather. Relocating your home to a higher floodplain is technically the best solution, though there are three more viable options:

Dry Floodproofing

The idea is to create a watertight structure below the level that needs flood protection. The floodproofing prevents storm waters from entering because it seals the walls with impermeable materials. That can also include supplemental masonry and concrete.

Some examples of dry floodproofing include watertight shields on windows and doors, such as a low fall around basement entrances. Homeowners can also install mechanisms to prevent sewer backups. These adjustments are typically more cost-effective than retrofitting and don’t necessitate new land.

The cost of these adjustments will depend on the size of the project. Adding caulking, sealant, acrylic latex, and other waterproof materials will usually cost $2.50 to $3.50 per foot. High-end materials, like bentonite grout, can retail for $20 per linear foot.

Wet Floodproofing

The goal is to reinforce the structure of a home or apartment in case of invasive water. That can mean modifying a crawl space or basement to ensure structural soundness. These measures provide equal internal and external hydrostatic pressure so that walls and floors are less likely to give way.

A specific example is to install flood vents so that the home has a permanent opening in its floodwalls. These additions require retrofitting with a minimum total of two vents. The rule of thumb is to have one square inch of vents per square foot of enclosed floor area. So, a 2,000 square foot home would need 14 square feet of flood vents.

Wet floodproofing is not practical for all situations. The implementation process requires extensive cleanup and can’t protect a home from high-velocity floods. Homeowners may also have to maintain the adjustments periodically.

Floodwalls

These are barriers for holding back any floodwaters. If you want to pursue this route, you have to first get approval from SEMSWA. The stormwater management service ensures the plans are actionable and can lower the risk of flood damage. It is worth noting that floodwalls won’t remove a home from the FEMA Flood Insurance Rate Maps.

Community Discounts

NFIP will provide a discount depending on the flood protection in your community. The rates range from five to 45 percent in savings. The initiative is to incentive communities to put in flood protection mechanisms to save lives and homes.

The percentage you earn corresponds with a points system. You can find a comprehensive outline here, though, at its simplest, it rewards people for providing flood information, mapping, regulations, and preparedness. For instance, preserving open space and relocating vulnerable buildings will yield the most substantial savings.

Other small discounts come from developing a floodplain map, and real estate agents disclosing flood hazards to prospective buyers. There is even a discount for maintaining a database of flood information. Currently, the only community with a 45 percent maximum discount is Roseville, CA.

Similarly, you can get a Letter of Map Amendment (LOMA), which changes the designation of your flood zone. If you are in a high-risk area, you may be able to move to a low-risk one. LOMA provides federal documentation certifying this claim, which can save homeowners up to 90 percent on premiums and even drop mandatory insurance altogether.

FEMA Assistance Grants

Flood insurance is the best way to protect your home from catastrophic water damage. If you do not have coverage and a flood hits you, there are still methods of recourse. FEMA provides loans through the Small Business Administration to help homeowners repair flooding damage to their property and possessions.

Homeowners in federally recognized disaster zones are eligible for FEMA grants. That would include many homes in New Jersey and New York during Hurricane Sandy in 2012. During that case, FEMA would step in to compensate people with funds so that they can return their property to its original condition.

Typically, these grants can reach up to $33,000. Even if you are eligible to receive one, you will likely receive a fraction of that. During Hurricane Sandy, homeowners got an average of $8,016.

Anyone can apply for these grants, whether they have flood insurance or not, as long as they are in a federally recognized disaster area. FEMA determines the total value of the grant on an individual basis. Here are some of the considerations:

• The geography of the home
• The accessibility of the home
• Whether or not you live at the residences for a majority of the year
• Whether you are a U.S. citizen or another form of a qualified resident
• Whether existing coverage or other types of insurance cover your current expenses

Once you receive a grant, the money can only go towards making your home inhabitable again. That means adding an extra bedroom with the grant money is not possible. Many renovations go towards structural, electrical, and HVAC systems.

While the grants will not cover the entire cost of these repairs, they can go a long way. Additionally, FEMA may pay for temporary relocation for one to 18 months, depending on the severity of the flood. Other expenses, such as medical and funerals, are possible under these grants too.

 

Further Reading: Looking For More Information About Flooding & Home Cleaning? Check These Articles Out!

• Best Pumps For A Flooded Basement
• How To Get Rid Of Musty Smell In Basement
• How To Make Your House Smell Good
• 27 Indoor Air Quality Mistakes That Hurt Your Health
• 25 Best Essential Oil Diffusers for Aromatherapy

 

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]]> https://www.isoldmyhouse.com/first-time-home-buyers-guide/ Fri, 20 Jan 2023 01:59:21 +0000 https://www.isoldmyhouse.com/?p=77227 Making the first home buying steps can be the most impactful, so we have outlined the key points to know when doing your research

The post First Time Home Buyers Guide: How to Get On The Property Ladder appeared first on ISoldMyHouse.com.

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What You Will Read In This Article

• The First Time Homeowner Advantage
• Steps To Buying Your First Home 
• Other Costs to Consider When Buying a New Home
• Tips After Purchasing Your New House
• Questions To Consider Before Buying
 

The property ladder gets its name from the series of stepping stones or stages involved that allow you to progress and “climb the ladder”. By definition, ascending stages involved in buying your first home is seen as one of the most momentous steps.

The rungs of the ladder are seen as some of the more significant stages, and the great thing about this journey is that there is no expiration date.

Older people who have a history of renting can begin their journey to owning a property whenever their situation allows in life.

While young people are more commonly seen as first-time buyers, everybody’s journey is different and there is no specific age at which you should start getting onto the property ladder. 

If you have rented for most of your adult life, it might be time to enter the world of property ownership and start saving for a mortgage.

For many people, the property ladder is something that is a little intimidating.

It can often be someone’s first long-term financial venture, and that is why it can be daunting at first. This guide aims to help you construct a plan and figure out what you need to do in order to purchase your first home.

Making the first home buying steps can be the most impactful, which is why we have outlined some key points to keep in mind when doing your research. Begin your property journey on the right foot with some of these foolproof tips. 



Some shady Realtors with a lower customer service rating may try to take advantage of your lack of knowledge and encourage you to make some choices that aren’t the best for you. This is why you will need to ensure that your base level of knowledge is sound and that you are aware of risks, options, and what is available to you as a first-time buyer.

For people who are looking for their first home, this is one of the ways in which you can be scammed, so doing your research will help you find a reliable real estate agent that has your needs in mind. 

Credit checks are part of the preparation process, as banks and mortgage companies will use your financial information to determine what kind of mortgage to offer you.

Keep in mind, if you have consistently paid your bills on time each month, then you should have a respectable credit rating, which will allow you more flexibility with mortgage options. It is worth checking your credit rating ahead of time to see what loans are available to you and what kind of interest rates you will be offered. 

Why enter the property market? There are a lot of benefits to owning your first home, from being able to make more permanent changes and painting walls without worrying about landlords complaining, to the security of knowing that you won’t have to keep moving to different apartments all while building equity and increasing your net worth. 

The First Time Homeowner Advantage

One of the ways that the modern world has proven beneficial to first-time buyers is the addition of technology and the volume of information that is available at the click of a button. Mortgage lenders and banks are keen to help you make the first big step, which is why there are so many programs, loans, and tax breaks that aim at making the process easier.

In spite of the modern world causing changes in attitudes, perspectives, goals, and even division, buying a home and becoming a homeowner is still widely considered a part of the American dream by a lot of people. 

Making steps to become a homeowner is readily encouraged because of the many benefits that government and banks experience as a result of an increase in homeownership rates. Rent is considered “dead money” by the masses, which is why many try to prevent spending long periods of time renting.

You will be able to work on your financial management, discipline, and long-term planning by having your first home. 

There is also the advantage of having a place that is completely yours. For a lot of young people, this will be their first time experiencing the freedom and independence that comes with moving into your first home.

Steps To Buying Your First Home 

These are some steps to include in your journey up the first rung of the property ladder. One of the most important stages is research.

There are a lot of things that can be checked beforehand, such as your rights and what your money options are. 



1. Know Your Options

Unfortunately, not all real estate professionals have your best interest in mind. Some real estate companies may try to take advantage of the fact that you are buying your first home. They might only offer you their preferred mortgage broker contacts, instead of multiple options for you to choose from. Or, they could only be interested in showing you homes that are not within your budget.

This can be a way that they make more money, and it is important to do your research and stay as informed about your rights as you can. This is especially true for younger buyers, who might give off the impression that they don’t know what they’re doing and could be taken advantage of.

Ensure that you are aware of your rights as a buyer, and what your budget is in order to prevent a negative experience or even settling for a place that is of lower quality than you intended. 

This wasn’t meant to scare anyone, most real estate agents are professionals on the up and up but you could be an easy target for the bad real estate agents if you are not armed with information.

2. Find a Mortgage That’s Right For You

A mortgage is one of the most important parts involved with buying a home because you will need to check what you qualify for and begin negotiating with your bank or lender. A benefit of entering the property ladder at a younger age is that your mortgage can be paid off earlier.

Mortgages work in similar monthly payments to other utility costs and can help you understand how finances work as a whole. 

There are a wide variety of mortgage programs out there for you to choose from the best one for YOU. From conventional to VA to USDA and everything in between. Your state and possibly even local municipality will have options that are specific to your area, so don’t forget to do your research on all available mortgage options.

 
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3. Learn About Home Buying Programs in your State

Different states can offer different programs and incentives to help you buy your first home, so it’s worth including this as another part of your research. 

A good mortgage broker and real estate agent in your local area should know what programs and incentives are available in your area, so make sure you are working with a team of professionals that are experts in the area you would like to purchase a home in.

4. Find a Home

Be realistic about your budget and search accordingly. There is little point in finding a place that you cannot afford, or one that doesn’t have some of the desired features.

Decide on how many bedrooms, what kind of place you like- house or condo, and additional qualities like a big kitchen or 2-3 car garage. This can be a good way to tailor your home search and eliminate some unrealistic options.

Another important thing to consider in this stage is location. Whether you want to be close to a school, friends, or family, many online search engines offer filters to make the search more specific and allow you to see what options are available. 



5. Consider Financing Options

Banks want to help you enter the world of property ownership, and whether you want to include some of your savings or rely on mortgages, there are a few options for financing your first home. Most will need deposits for contracts and also down payments, so it might be worth having some of your savings ready when you go to a property showing. 

6. Make an Offer

Without rushing or settling on second bests, try not to spend a lot of time weighing out your options. The property market moves so fast nowadays, and you won’t want to miss out on the right place.

Consider making an offer with the help of your Realtor. A good Realtor will be rooting for you and make a realistic suggestion for an offer based on the current state of the market, and all the other factors that go into making a solid offer.

This is why you might want to have your savings liquid or easily available, as you might want to put in an offer right away and snatch up a place fast before anyone else can. 

7. Have the House Inspected

A lot of Realtors will have a good idea if a property is up-to-date on its maintenance and inspections, but it is always recommended to get a professional home inspector’s opinion and ensure that the place is structurally sound and uncover all the hidden unknowns.

Ask if there is any work needed and if they can check for signs of potential problems. This will help you to be realistic about additional costs and budget for some of these more drastic improvements if they are needed.

Inspectors can also look for possible signs of pest infestation, water damage, or any factors that are likely to increase the bills in the long run. 

8. Close the Deal and Move In

For some popular areas, there can be a little competition to get a place that is in high demand. Try to close the deal as soon as you can to avoid missing any dates that you are contractually bound to in your purchase and sale agreement.

This is why it is important to work through the escrow process, inspections and mortgage approval diligently.

Once this has all been done, your Realtor will tell you about anything that you need to know, and then you should be all set to pick a move-in date. Organize utilities to move over to the new place, or find new suppliers if they are of better value.

Then you can tell people who want to help you move your intended date and start buying furniture, or even set renovation plans depending on what kind of property you want and whether you want to live in it or add improvements straight away. 

Other Costs to Consider When Buying a New Home



It’s important to be prepared for additional costs when entering the property market. You will need to keep your savings account topped up and, if needed, apply for a loan. 

Survey costs can take chip away at savings or whatever account you plan on using. This can be especially true if you are interested in buying an older property with lots of character. Inspections and surveys can rake up overall moving costs

Lawyer fees are another expensive matter but a necessity. Depending on the complexity of your contract and additional factors such as mortgage duty, lawyers can cost anywhere between $1,500 and $3,000. 

Mortgage arrangements will also cost money in addition to offers and inspection costs. Banks often want initial deposits or down payments, and they can have their own fees in addition to this. 

Moving costs can vary depending on your circumstances, but if you have a lot of furniture to move in or other people to coordinate, then it can take its toll on your budget. Moving trucks or movers, insurance, and turning on some utilities as well as taking the time off work are all time and money-related factors to take into account beforehand.

Nobody likes moving house, so it might be beneficial to send your kids somewhere for the day or to ask your friends for help so that you have a little fun along the way. 

Insurance is another necessity, as you will want to be protected against severe weather patterns, property damage, and other unforeseen circumstances. This is another thing that is worth shopping around for and comparing the best deals.

Like banks, insurance providers often request an initial payment for administration costs or for new customers. This can be something that you speak with your real estate agent, or even lawyer about, to see which company they would recommend. 

Decorating and other costs seem like the most obvious cost involved with moving, but it can be pretty expensive nonetheless. That said, you can choose to spread the cost of this in order to make the whole process more affordable.

Most people save the decorating stage until several months after moving in, because of the expenses involved. 

Tips After Purchasing Your New House

These are some things that are worth keeping in mind after you have signed the contracts and allowed for all of the additional costs. There are also some common mistakes that you can avoid by checking with the list below. 

1. Keep Saving Money

It can be easy to think that you have accomplished everything that you saved for, and that you don’t need to save anymore. Even if you don’t have anything to save money for, keep saving in the same way as you were before buying a home.

You don’t know what additional costs might arise along the way, so it’s best to ensure that you are ready for anything. 

2. Perform Regular Maintenance Checks

Whether you work within the trades, you are handy, or you want to pay someone else to carry out the work, it is worth getting the property checked regularly to see if there is any maintenance needed.

This is a common feature for people who choose a historic house because some of the characteristics will need to be maintained over time. 



3. Ignore the Housing Market

Once you are fully settled in your home, try to avoid looking online at houses, as it can make you want to move again after very little time.

Wait 5-10 years before moving again if you can, in order to get a portion of your mortgage paid off, allow the dust to settle, and your savings pot to replenish before considering moving again. 

4. Do Not Rely on the Sale of Your Home to Fund Your Retirement

This is a trap that a lot of people frequently fall into, and it’s something that can be prevented if you keep your financial options open with a good savings account. You might find after living in your home for a few years that you don’t want to sell it or downsize, so try to avoid relying on the sale of your home for additional funds.

When you do end up selling, you don’t want to have all the equity that you earned to be given away to high real estate commissions. Be sure to research all your home selling options such as flat fee MLS (more information here) or discount real estate brokers (more information here).

Most employers offer pensions that allow you to save for retirement, so there is no need to prepare by selling your home. Another thing worth thinking about is how long you want to stay where you currently live, and whether the benefits of moving outweigh the common disadvantages like money needed. 

5. Don’t Immediately Purchase Luxuries

Once you have made the move, you might want to make the place your own with some expensive items. Try to avoid making more significant purchases until a few months down the road, as you don’t know what hidden costs could arise when you’re getting settled.

Make sure that your savings are replenished and use what you have for the time being. There are plenty of thrift stores and online places where you can find good-quality items for your home that don’t cost as much. 

 
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Questions To Consider Before Buying



These are some things worth spending time thinking about before starting your research and investing in your first home. 

What is your current financial health?

Whether your credit score needs some work, or if your taste doesn’t fall within your budget, check what financial schemes you can apply for and where your price limits lie. There is no point in allowing yourself to picture a life in a mansion if you can’t afford the initial costs.

You can do a basic credit check using some online calculators, and work out what applies to you. This will allow you to make some changes if needed, and try to work towards a better mortgage scheme if that is something that is important to you.

Younger buyers might have little experience with financial management, which might be why there are more mortgage restrictions.

In addition to this, it is worth checking that your savings account is at a reasonable level ahead of time, as you don’t know what kind of additional costs you could face once you move in. 

What is the type of home best suited for you?

Townhouses, apartments, multifamily units, and retirement communities all have their pros and cons. There are a lot of options available depending on the location you want to live in. whether you want something to build on or a home that is ready to move into, it is worth weighing out your options.

Think about where you want to live first, in a neighborhood, the city, or more rural areas. Then, look up which places are available within your budget. This can help you decide what kind of home you can see yourself living in. 

What are the specific features that you personally need?

Think about how many bedrooms and bathrooms you need, and what kind of layout works best for you. If you have pets, this is another thing to check beforehand, and if you have children, then you will need to consider proximity to the nearest school as well.

For example, if you struggle with stairs, then you might not be suitable for a townhouse that is spread across several levels. 

How much loan can you afford?

Try to be realistic about what your budget will be and how much you can afford to spend on monthly repayments. During the research stage, try to calculate how much you can repay without being out of pocket.

Other factors to consider are home insurance and property tax costs. A common mistake that first-time buyers make is taking out full loans and ending up with very little to spare each month. 

How much mortgage do you qualify for?

This is where additional factors like credit score, financial history, and existing debts come into play. It might seem a little backward, but make sure that you have been pre-approved for the right loans before signing the deeds to a home.

It is also worth checking how much mortgage is available to you because a lot of Realtors won’t consult with someone who doesn’t know exactly what their budget is. 

Who will help to find a place and guide through the process?

Any good real estate agent will encourage you in the right ways and show you what your options are for a home. It is worth browsing through some common sites to see how previous customers have rated their Realtor experience.

The entire purchase process is made easier with a real estate agent, as they are professionals who negotiate with owners and sellers for a living. They can help you make an appropriate offer, and guide you through the paperwork involved.

Most real estate agents will also suggest some good places to get insurance and what type you should look for. 



Should I buy a place with someone?

This can be a good option for young people who want to get on the property ladder but has its own possible disadvantages. If you want to save money and maintain social support or even relationships, then you might want to find a place that suits everyone’s needs.

However, another person has their own preferences, and it can be difficult to find a place that works for all parties involved. In addition to this, breakups or falling out with the person involved can add more complications to the situation.

It can be difficult if you are both tied to a contract and no longer want to live together. Depending on your situation and the stability of your relationship, living with someone can be rewarding as long as you can see yourself living with this person for many years. 

Final Thoughts

Don’t underestimate the power of research. There are many things that you should carefully consider when buying your first home, and finances are one of the most significant factors.

It is definitely worth spending more time in the researching stage so that you can come up with a realistic plan based on your financial situation, loan options, and living preference. There is a huge range of tools available online to help you begin planning your next home.

Check out your credit score and see what that means for banks and other loan institutions to decide what price range to search for. 

Try not to be discouraged by lack of options, your perfect house will come along. For some, it might take more time to find the right place.

This might make you want to settle on something that doesn’t tick all of your boxes. If this is the case, it might be worth lowering your standards or working towards increasing your budget by negotiating a pay rise or career change.

It can be disheartening to struggle with the property search, which is why a good Realtor can help you cater your search using filters and show you what other options are available to you. 

Some people save money on the purchase of their first home by buying a fixer-upper. This is something that needs a lot of work done to it, and usually takes a lot more time, energy, and money in the long run to make your own.

However, the end result can be very rewarding as you will end up with a home that is completely custom and personal. That said, it isn’t always the best idea to make your first home a fixer-upper, because there are a lot more financial risks that come with it.

It is usually better to invest in something like this when you have some home improvement experience under your belt, as well as a bigger savings pot that you can put into renovation costs. 

There are a lot of benefits to getting on the property ladder at a younger age, such as improving your financial discipline, and appreciation for home improvements. However, there is no age limit for buying your first home.

This means that you can enter the world of property at any age, and it does not matter if you’ve taken a little more time to save up. Young people tend to need a little more guidance and support, which is why some real estate professionals will only work with a specific age range.

Make sure that you shop around and look for a Realtor with a high reputation and success rate. 

Getting on the property ladder can be difficult at first, but there are a lot of long-term gains that come with making the first steps. A lot of people see the ladder as something to climb, but that doesn’t have to be the case.

You can stay in your first home for however long you like, there is no time limit or expiration date. Try not to rush making your next move, and enjoy your first home for what it is. For many people, moving into their first home can provide a much-needed feeling of freedom and independence.

Being able to fully express yourself in a space that is completely yours to make comfortable and decorate as you like is liberating. This is something that is unique with buying a home, as rental properties often have strict contracts that tenants must abide by. 

The ladder concept comes from the belief that once you have paid off a portion of the mortgage on your current home, then you can upgrade or expand. When consulting with your bank or current mortgage supplier, they may offer you the chance to cash in some of these payments and spend it on a bigger house, or a place that fits your changing lifestyle.

Of course, this is something to consider once you are over five years down the road. 

To summarize, there are a lot of steps involved when it comes to getting on the property ladder. Make sure that you spend a lot of time researching different loan and mortgage options, as well as the role that your credit rating can play in interest rates.

A good Realtor can make your life a lot easier, and it is worth knowing what your ideal budget is before approaching them. Ensure that you have good savings account that you can dip into when needed to cover additional expenses.

These include insurance, inspections, lawyers, and other hidden costs that come with moving. One of the biggest advantages of buying your first home is the complete freedom that comes with it.

Additionally, avoiding renting is beneficial because it is widely considered “empty money”. Knowledge is power, and informing yourself of all of the possible risks can make you more prepared. 

 
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]]> https://www.isoldmyhouse.com/buying-a-flipped-house/ Thu, 19 Jan 2023 00:46:23 +0000 https://www.isoldmyhouse.com/?p=77329 These twelve steps will sharpen your eye for shoddy workmanship and keep you from being fooled when buying a flipped house. 

The post 12 Ways To Not Get Fooled When Buying a Flipped House appeared first on ISoldMyHouse.com.

]]> When buying a flipped house, sometimes looks can be deceiving. While fresh finish updates and new appliances might draw your eye during a tour, it’s crucial to look beyond the surface-level sheen when looking for a new home. 

As material prices continue to soar, and trade labor shortages elevate installation costs, flippers are relying more and more upon DIY work and sweat equity. Despite what home improvement shows might tell you, mistakes made by amateur renovators can come at a serious cost. 

In this article, we’ll give you a step-by-step guide to investigating a flipped house before placing an offer. These twelve steps will sharpen your eye for shoddy workmanship and keep you from being fooled when buying a flipped house. 

1. You Will Review the Property Card and History

A Property Record Card, or simply a Property Card, is an entry in a database detailing crucial elements about a parcel and any structures on that parcel. In most jurisdictions, the Property Card will tell you:

• The square footage of the parcel or lot
• The square footage of any structures on the lot
• The long and short legal property descriptions
• Permitting information for that parcel
  • Permits pulled
  • Permits completed
  • The type of permit
  • Surveys completed
• Ownership history
• The 911 address
• The parcel number
• Any replatts of the property during its history

The Property Card is an excellent place to start looking for red flags. For instance:

• If previous owners only had the deed to the property for short amounts of time, it may have been flipped repeatedly.
• If adjacent properties have been vacant or owned for short amounts of time, the neighborhood might be undesirable due to crime, heavy traffic, or poor utility infrastructure.
• If an LLC or a Corporation owned the property for an extended period, it may have been a rental in the past. 

Reviewing the Property Card before placing an offer will help you identify potential issues with the property before committing. 

2. You Will Carefully Review Seller-Provided Disclosures

Seller-provided disclosures are another crucial resource for identifying potential problems with a flipped house listing. Some examples of seller-provided disclosures include:

• Defects to the property’s condition
• Hazards like radon gas, asbestos, or above- or below-ground fuel tanks
• Water damage and wood rot
• HOA fees and information
• and more

While different states and jurisdictions have different laws regarding disclosure requirements, reviewing the seller-provided disclosures not only will uncover potential red flags but will also serve as a springboard for questions to the property owner. 

While you might think that a long list of disclosures is more likely to reveal property defects, thorough disclosures usually mean that the seller has done their due diligence. Be wary of short or non-existent disclosures. 

3. You Will Ask for a Complete List of Renovations and Repairs

While a list of repairs and renovations needs to be included in the seller-provided disclosures in some states, ask for a complete list of repairs and renovations regardless. Asking for a complete list has two benefits:

1. You’ll be able to confirm or find inconsistencies in the disclosures or listing.
2. You’ll be armed with a complete list of items to inspect during a tour or open house.

In addition, this list will help you determine if the appropriate permits were pulled when necessary (more about permits in steps eight and nine). While not all renovations and repairs require permits, beware of plumbing, electrical, roofing, or structural work performed without a permit. 

4. You Will Make a Checklist of Red Flags to Look for In-Person

The three items above—the Property Card, seller-provided disclosures, and a complete list of renovations and repairs—will help you assemble a checklist of red flags to look for in-person when you tour the home. 

Even if you’ve already toured the property once, don’t be afraid to ask for additional tours to put your mind at ease or look for more potential defects. In addition, don’t forget about another crucial resource when looking for red flags: the listing. 

In addition to whatever you find in all of these documents and resources, be sure to check for the proper function of appliances, thorough craftsmanship, and the following items:

• Working switches for lights and ceiling fans
• Working air conditioning and heat
• Consistency in finishes like paint, stain, and wallpaper
• Working outlets
• Running water and working hot water heater(s)
• Wobbly or inadequately secured ceiling fans
• Visible wear and tear on insulation and ducts
• Working, safe attic access equipment
• Smooth opening and closing of windows, doors, and cabinets
• Cracks in windows or door glass
• Functioning smart systems like alarms and home automation features

While this list may sound exhaustive, you’ll want to examine as many elements of a listing as you can to check for—or confirm—red flags. 

5. You Will Ask About Warranties on Work, Systems, and Appliances

There are a few types of warranties you should ask the seller about before you place an offer on a flipped house:

• Third-party home warranties for the HVAC system, insulation, or electrical systems
• Manufacturer’s warranties for products, parts, and appliances, and labor
• Contractor- or subcontractor-provided warranties for labor and materials
• Contractor- or subcontractor-provided routine maintenance agreements

Ask for or compile a complete list of the warranties available for the home. Be wary of short warranties from contractors and subcontractors—these could indicate the company’s awareness of poor craftsmanship that they hope will only be revealed once the warranty expires. 

If the warranties aren’t to your liking, you can request a warranty from the seller or any of the contractors who performed repairs or renovations. While the worst they can say is “no,” be wary of vehement rejections from contractors or sellers. 

 
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6. You Will Hire a Great Home Inspector

Hiring a home inspector—a trained professional who will inspect structural elements, mechanical systems, and renovation craftsmanship for a home—is a crucial way to protect your real estate investment. 

While the documents provided by the seller will hopefully be thorough, and any renovations or repairs completed will hopefully be done well and above board, a home inspector is trained to find defects and report them to the buyer and seller. 

While the buyer usually purchases a home inspection—and most mortgage lenders require one for loan approval—the seller will pay for the inspection in some cases. However, ensure that you can choose the inspector or inspection company even if the seller agrees to pay. If not, pay for the inspection yourself. 

When hiring a home inspector, it’s crucial to:

• Check reviews for an inspector or company online
• Choose an inspector that is licensed or certified if required in your jurisdiction
• Ask if an inspector has residential construction experience
• Provide all seller-provided documents (like disclosures and a list of repairs and renovations) to the inspector before their inspection begins
• Ask for both a hard copy and a digital copy of the inspection documents

After the inspection is complete, check the inspection documents against the seller-provided documents. The inspector may uncover some defects that the seller didn’t report or some problems neither you nor the seller were aware of. 

If you’re financially able, consider getting two home inspections from two separate companies and compare the reports. You can never be too careful with a real estate investment. 

7. You Will Verify Permits Were Pulled and Closed

Once you have a list of repairs and remodeling work completed by the flipper, research whether or not permits were pulled and closed for the work completed. While some work doesn’t require permitting, major changes like moving walls, major plumbing or electrical work, or exterior changes usually do. 

Pulling permits comes at a cost to remodelers but permitted work needs to be inspected before the permit can close. So, it’s crucial to make sure that permits were not only pulled but that they were closed upon passing a final inspection. 

If there are still any open permits, ask the seller why. In most cases, you shouldn’t proceed with a sale if there are open permits that the flipper can’t explain. 

If you’re having trouble finding a list of permits pulled for the listing, call your local building department. 

8. You Will Compare Permits to the Renovation Work

Once you have a list of permits pulled and closed for the listing, compare these permits to the completed renovation work. While some jurisdictions don’t provide detailed information in their public information databases, you can call the building department and ask them to elaborate on the work the flipper proposed. 

But, if all permits were closed and passed a final inspection, the work was likely completed per the plans submitted to the building department. However, if you have any doubts about the authenticity of the flipper’s claims, your local building department can be a vital resource. 

If there are discrepancies between the permitted work and the seller’s description of the changes, this is a pretty significant red flag. 

9. You Will Do Your Research on the Flipper

Doing your research on the flipper is an excellent way to avoid being fooled while purchasing a flipped house. 

Some red flags to look out for during your research include:

• More bad reviews than good reviews
• Good reviews in the past but recent bad reviews
• Companies or individuals without a contractor’s license
• Bankruptcies within the last ten years
• Legal disputes within the last ten years

While you probably won’t be able to hunt down every detail about the flipper, you should make a concerted effort to explore the information available to you. There are a few major sources for information about the flipper—state business registrations, online profiles, reviews, and the Better Business Bureau (BBB). 

Business Registered with the State

In most states, corporations and LLCs are required to register for a state database. Common information found in these databases include:

• The business name
• Tax ID number
• Operating address
• Names of principals
• Annual revenue reports
• Names of license holders, if applicable

The information available in a jurisdiction’s public database serves as a great springboard for further research. For example, if revenue reports are available, you can explore the financial health of the flipper, which could indicate the capital available to spend on the flip. 

Gather as much information as you can from state registries, but focus your efforts elsewhere to get a complete picture of a flipper. 

Online Profiles, Reviews, BBB

Online profiles (like social media pages and a company’s website), customer reviews, and a listing in the BBB database are often rich with data about a company and people’s experiences working with them. 

While online profiles are generated by the company, check the comments sections on their recent posts. You might catch wind of a recent scandal or find a disgruntled former customer. But, you might also find encouraging information that will make you more likely to trust the flipper. 

Customer review aggregators like Google, Yelp, and Angi are also useful. The ideal review profile for a business is an overall score of four stars or above. When it comes to individual reviews, businesses that are above board usually have a significant amount of five-star reviews, some 4-star reviews, and few one- to three-star reviews. 

Does the flipper respond to reviews, positive or negative? Pay attention to how the flipper responds to criticism and praise. If they respond rudely to valid criticisms, that may be a red flag. 

The BBB is an excellent resource. Like reviews, you can get a feel for a business’s standing among their peers and their past customers by reading complaints in their listing. Plus, if a business is BBB-accredited, they’re likely to be in good standing and practicing ethical business tactics. 

10. You Will Do Your Research on the Contractors and Subcontractors

While you should do your due diligence while researching the seller, don’t forget about the contractors and subcontractors they hired to complete the renovation, if there were any. When you ask for a list of repairs and renovations, make sure that the seller includes a name and contact information for the general contractor and any subcontractors hired during the process. 

Just like the flipper, you should research reviews and search for bankruptcies and legal disputes within the last ten years. But, you can also use contractors and their subs as a resource. 

Consider asking them the following questions about the seller:

• Was the seller easy to work with?
• Did they try to cut corners to save money on labor or materials?
• Would you work with the seller again?
• How do you think the renovation went as a whole?

Plus, if you admire any of the renovation or repair work, you can establish contact with the contractor or sub who performed the work if you need a quote for future work. 

Business Registered with the State

While you should search your state’s business registry for the contractors and subs who worked with the seller on the listing, look a little more closely at the license holder field. 

In most states, contractors and subs have to have at least one license holder certify the business’s work. But, many businesses will simply hire a license holder to certify the business even if the license holder isn’t involved in day-to-day operations. Check the license holder field against a company’s website or social media posts. If you don’t see them listed anywhere, this could be a red flag. 

Online Profiles, Reviews, BBB

While looking at the online profiles, reviews, and BBB listings for numerous contractors and subs can be time-consuming, this is a time investment well-spent. Real estate is a significant investment, and you want to be confident in the work the flipper and their contractors performed on your potential new home. 

Don’t skimp on the research, and do your due diligence to dig up any potential red flags. You could regret it if you don’t. 

11. You Will Look into the Contractor’s History and Reviews

While reading reviews for the contractor who worked with the flipper, try to get an idea of how the company has evolved. Read reviews in chronological order to try to piece together the company’s general workmanship trends throughout its history. 

Perhaps the contractor has an average review of four and a half stars, but most of their positive reviews are ten years old. Since review aggregators typically don’t adjust averages to reflect the most recent reviews, searching for recent positive (or negative) reviews is paramount. 

One of the most useful things you can do while researching a contractor is to ask for a recent client reference. While the contractor will likely give you a reference for someone who will say positive things about the company, some review sites allow you to privately message reviewers, and you should consider doing this during your research process. 

12. You Will Verify that the Certificate of Occupancy is Current

Certificates of occupancy are provided by the building permit jurisdiction when a final inspection is complete and a permit is closed. You can ask the seller for a certificate of occupancy, or ask the building department if the listing has a current one on file. 

The certificate of occupancy confirms that the dwelling is safe to inhabit and that all permits opened have been completed and satisfactorily inspected. While some jurisdictions have these available online, you may need to call the building department and ask for one in some areas. 

Due Diligence is Worth Every Penny

If a listing looks too good to be true, it probably is. While you should trust your gut during the real estate purchase process, doing as much due diligence as you can to research the property, the flipper, and their staff will keep you from making a bad investment. 

With these twelve tips, you can proceed through the real estate process with confidence, from browsing through listings to closing day. Instead of being fooled by flippers, use common sense and the resources available to you before signing on the dotted line. 

 
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]]> https://www.isoldmyhouse.com/home-buyers-remorse/ Wed, 18 Jan 2023 01:09:36 +0000 https://www.isoldmyhouse.com/?p=77333 There are many reasons why some people experience home buyer's remorse. You'll also benefit from some key insights on how to overcome home buyer's remorse.

The post Feeling Scared After Buying a House? It’s Called Home Buyer’s Remorse appeared first on ISoldMyHouse.com.

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What You Will Read In This Article

• 10 Reasons Why People Experience Home-Buyer’s Remorse
• How To Overcome Home Buying Remorse
• But… What If Your Home-Buyers Remorse Is Valid?
 

Buying a home is one of the most enjoyable and memorable experiences of your life, especially if you are buying your first house. But what happens when it doesn’t go that way? What happens when you’ve bought a new house and immediately feel some remorse or sense of dread? 

Buyer’s remorse is something that sets in when someone determines that they are unhappy with the results of their purchase. 

This article will help you understand the many reasons why some people experience home buyer’s remorse. You’ll also benefit from some key insights on how to overcome home buyer’s remorse.

10 Reasons Why People Experience Home-Buyer’s Remorse

The reasons behind home buyer’s remorse are multifaceted. While some reasons might seem fairly obvious, it’s easy to overlook some things when you’re caught up in the excitement of shopping for a home. 

For example, you might find yourself admiring the well-manicured lawn so intensely that you fail to notice signs of a leak in the roof or dilapidated siding. That’s not the only thing you might miss; here are ten of the most common reasons people regret their home purchase.

1. Unexpected Maintenance

Unexpected maintenance is one of the most common and compelling reasons behind home buyer’s remorse. It’s one thing to purchase a home knowing that you will eventually need to replace the roof or make updates, but it’s another to discover significant problems shortly after you move in.

Imagine moving into a home during the heat of summer when the air conditioner chugs away efficiently, only to have the furnace fail when the air turns cool. It’s easy to regret buying a home when you unexpectedly have to replace the furnace!

Of course, not all unexpected maintenance issues are quite so expensive, but that doesn’t make them any less disappointing. Flaking paint, tiles falling out of the drop ceiling, and dysfunctional power outlets can quickly add up to serious homeowner frustrations.

2. The Neighborhood Is Not What You Expected

Another common issue that leads to home buyer’s remorse surfaces once you discover that the neighborhood you just moved into is not what you expected. After all, it’s difficult to evaluate a neighborhood with any accuracy without spending a lot of time there. Some of the most common issues include:

• Finding out you live next to the party house on your first night.
• Getting the cold shoulder from your neighbors.
• Learning that your neighbors have different interests that conflict with yours.
• Realizing you don’t have access to the amenities you need, like gyms, grocery stores, and restaurants.

Perhaps the worst thing to happen on this front is finding out that your new neighborhood isn’t as promising as you thought. For example, a new project nearby is about to undercut the property value, or the school system took a significant hit due to redistricting. 

3. Your Mortgage Payment Is Too Expensive

Another factor that can lead to buyer’s remorse comes up when you find that your mortgage payment is too expensive. This issue might not hit with the first payment, but over time, that mortgage might leave you wondering if it’s worth the hassle.

It’s not to say that you didn’t plan for the mortgage payment, but maybe you counted on a bonus or a raise at work that didn’t come through. Or, maybe you thought you could make certain concessions to afford the payments, but it’s turning out to be too much.

There’s also the issue of unexpected expenses that you didn’t account for during your planning. Maybe your child needs braces, you lose a job, or a global pandemic hits and knocks you into unknown territory. Even if you try to plan for these unexpected issues, it’s not always possible, and it’s not easy to feel good about your home if the cost stresses you out.

4. The House Feels Too Big or Too Small

Other folks find that their house is either too large or too small, which can also lead to a sense of buyer’s remorse. When you’re walking through a house you might not notice the size, especially if it’s staged well.

Stepping into your new house when it’s empty can be a completely different feeling. Maybe your sectional doesn’t fit in the living room or your dining room table takes up too much space. Taking things in the opposite direction, what if your sofa looks like a loveseat because the great room is massive?

Either way, new furniture was not likely in your move-in budget. The Goldilocks effect can leave homeowners regretting their choice as much as any other situation on this list. Who doesn’t want their home to feel just right?

5. Your Savings Are Depleted

When your savings have been depleted after buying a new house, it’s understandable to experience some feelings of buyer’s remorse. What if something serious happens? How will you pay for it without a safety net? 

It made sense to expend your savings for such a worthy investment, but now looking at your account balance is shocking and scary. Regretting your purchase is natural at this point, but you have to remember that you saved that money for this purpose. 

6. Mortgage Rate Fell

You thought you had the ideal mortgage rate. It was lower than it had been in months, but then it drops again. Of course, it’s normal to regret your purchase when you think you could have had a lower mortgage rate that would have saved you thousands. If only you waited a little longer to buy.

Regretting your house because you could have had a lower interest rate is common in any housing market. However, it’s one of the least reasonable regrets because it’s difficult to predict. Besides, you can usually refinance at a lower rate somewhere down the line anyway.

7. You Have a Longer Commute

Many people choose to move to a house that’s farther away from their workplace because it’s more affordable, the home checks all of the boxes on their list, or because they want more peace and quiet. The only problem is, once you’ve settled in and have been making the daily commute to your job, it can start to wear you down. 

Extending your daily commute means less time enjoying the comfort of your new home, but there are ways to make use of that extra time. Try listening to audiobooks or that podcast you’ve been putting off because you don’t have time to enjoy it. If worse comes to worst, you could always request to work from home some days.

8. The Layout Doesn’t Work

Sometimes a house has so many amazing features that you neglect to consider the layout itself. Maybe the living room is long and narrow, so it’s difficult to arrange furniture for entertaining. Or, perhaps, you now have a galley kitchen that makes meal prep more challenging. Whatever the issue, nothing works quite right, and you end up frustrated.

Don’t give up! There are ways to make your home work for you, and it doesn’t have to mean a remodel (though it could!). Part of being a homeowner is making the space yours, so get creative and find ways to make the layout fit your needs. Thankfully, we live in a time where people showcase innovative ideas online and show you how to adapt them for your space! 

9. You Simply Overpaid

Many home buyers are willing to spend more than they should to secure the house they want. Some buyers get caught up in a bidding war with other buyers, while others simply offer full-price and find themselves tapped out after the closing.

Knowing you paid too much for your home can weigh heavily and lead to some resentment, but it doesn’t have to be that way. There’s always an opportunity to reclaim the money you invested when you resell.

10. You Settled

You can also experience a sense of home buyer’s remorse when you just settle for a house instead of waiting for the opportunity to buy the house of your dreams. Most people compromise on something during their home-buying venture. Depending on the compromise, it might eventually give way to serious regret.

For example, you desperately wanted a huge kitchen but settled on a house that had everything else except for that culinary haven. You might find the arrangement reasonably pleasant initially, but that satisfaction will rapidly fade in time. Renovating the space might be an option, but not always. 

Read More: How To Buy A House (What Your Agent Should Be Telling You)

 
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How To Overcome Home Buying Remorse

Now that you know more about the many causes behind home buyer’s remorse, it’s time to take a look at how you can overcome it. Of course, that means you need to figure out the source of your remorse. Here are some tips to try out. 

Revisit Your Home Buying Goals to Reduce Anxiety

You probably started your venture with goals and a wish list. Compare your original home buying goals against what you wound up with, and you might find that your new home is not so bad after all. 

For example, maybe you wanted space to accommodate a family. You selected a home with a fenced-in yard, four bedrooms, two and a half bathrooms, a massive great room, loads of storage space, and a finished basement. The kitchen is not quite what you hoped for, but everything else seems to align with your primary objective. 

Why You Wanted to Buy

Why did you decide to buy a house? Perhaps you were tired of paying more to rent an apartment. Maybe you got married or decided to have children. When you look at why you decided to buy a home and realize that your purchase is fulfilling that purpose, it’s easier to appreciate everything.

You Were Financially Ready

One of the easiest and most effective ways to overcome home buyer’s remorse is to remind yourself that you were financially ready to buy your new home. It doesn’t matter that you depleted your savings for the down payment or that you have to drive a little farther to work every day because you made a rational investment. 

You Do Love Your New Home

Owning a home means that you can customize it to your tastes. You can paint your rooms any color you want and plant whatever you like in your yard. Take that a step further and do a serious renovation if you want. It’s your home. You can work on it until you love it.

Neighbors and finances aside, if you find that you genuinely love your new home, you’ll know that you made the right decision, which means there’s no reason to feel buyer’s remorse.

5 Actions You Can Take Right Now

Still feeling home buyer’s remorse? There are five actions that you can take right now to overcome this feeling and start moving forward.

1. Focus on What You Can Control

There are some things in life that you can control and some that you can’t. Once you start focusing on the things that you can influence, you’ll realize that things aren’t so bad after all. 

For example, you might not be able to control what kind of neighbors live next to you, but you can control your own behavior and how you choose to interact with them. Sometimes taking the high road really pays off. When you’re in a new and uncomfortable neighborhood, it can take time to earn respect from your neighbors. 

2. Make a To-Do List and Check One Thing off at a Time

When new homeowners start tons of projects at once, they often end up overwhelmed. Instead, make a to-do list and focus on one thing at a time.

Try to organize your to-do list as much as possible. For example, don’t try fixing the leak in the roof on the same day as trying to do your taxes. Likewise, don’t start a bunch of different projects at once if you don’t have to. 

3. Throw a Housewarming Party

You can also try overcoming your buyer’s remorse by throwing a house party! This tactic can help you in many ways.

• Inviting friends and family over to celebrate your new space can make it more real.
• Your loved ones can encourage you when they share positive feelings about what you’ve done with your home.
• Ask for advice on problem areas, like how to arrange the guest bedroom to maximize the space.
• Make new, positive memories in your home.

Housewarming parties can also be a great way to connect with your new neighbors. While you might not want to invite the entire neighborhood, you could extend an invitation to your closest neighbors.

4. Find Your New Favorite Place in the Home

Something made you choose this home over all the others you looked at. Maybe you loved the small alcove that you crafted into a perfect reading nook, or perhaps the semi-finished basement became your ideal home theater. Sometimes it only takes a coat of paint and your personal decor to revolutionize a room. 

Consider the things that attracted you to the home in the first place and do what you can to make those ideas into reality. Start with one space, put it together, and go there whenever you start to feel regret about your purchase. It’s easier to look beyond the faults when you have one special place in your home that always makes you happy. 

5. Turn Off Your New Home Listing Alerts 

Do you still get alerts on new home listings? The only thing that’s good for is showing you “what could have been.” One has a giant kitchen that makes yours look like a pantry. Another has a large walk-in closet and master bathroom that fits your tastes perfectly. It’s easy to sensationalize every new home listing you get because you aren’t looking at them.

To combat your buyer’s remorse, it’s important to turn off those new home listing alerts as soon as you close on your home. There’s nothing to gain by comparing the best parts of home listings with your new purchase. 

But… What If Your Home-Buyers Remorse Is Valid?

Sometimes, a new homebuyer’s remorse is completely valid, leaving them struggling with how to make things better. Unfortunately, homes don’t come with trial periods or money-back guarantees, so you need to find an alternate path. 

• If you can’t afford the mortgage payment, you might need to sell the home and move somewhere more affordable.
• Is the space too big or small? Consider renting it out and moving elsewhere or doing major renovations.
• Finding out that the previous homeowners didn’t complete repairs they agreed to or failed to disclose some critical issues could mean you need to sue them.

None of these solutions sound easy because they aren’t. Buying a house is one of the biggest things you can do, and like anything else in life, it sometimes doesn’t work out. For some people, that means a costly mistake, but that doesn’t mean there isn’t a way out. Reach out to your agent, talk to your family and friends, and a solution will present itself. 

 
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]]> https://www.isoldmyhouse.com/real-estate-prices-around-the-world/ Tue, 17 Jan 2023 14:46:17 +0000 https://www.isoldmyhouse.com/?p=19117 An interactive map to compare real estate prices around the world to help you decide what you can afford and what may be better left as a dream.

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]]> Buying a property in another country is exciting. You’re opening yourself up to a whole new life, but let’s not forget: it can be expensive. Before you hop on an airplane to search for your dream property, think about how far your money will go when it comes to real estate. Compare real estate prices around the world to help you decide what you can afford and what may be better left as a dream.

Real Estate Options in the World

Check out our economic analysis of the top cities around the world, and how much you’ll have to pay per square feet.

Higher Priced Cities

Let’s begin with one of the more expensive options on the global scale: London. London is a beautiful city with an amazing history, and with amazing apartments too. If you’re looking to buy an apartment right at the city center, it’ll be $1611.52 per square foot.

Right below London in Beijing. Clocking in at $1431.14 per square foot, Beijing is certainly one of your more expensive options. This is a well-known city with much to do and culture everywhere.

Finally, there’s Geneva, France. At a few hundred dollars less than London, an apartment in Geneva will cost you $1189.57 per square foot. It only makes sense considering the beauty of the city, but you must have your finances together if you want to make Geneva, Beijing, or London your home.

Most Expensive Cities

The most expensive real estate pricing is in Hong Kong. It far surpasses all other countries with a $2683.63 price tag per square foot. That’s about 1.3 million Euros, which is nine times the global average. In general, real estate prices in Hong Kong is nine times the global average.

Least Expensive Cities

Ultimately, if you’re looking for a cheaper option and you would like to explore the Russian continent, many Russian cities are extremely inexpensive. Nizhny Novgorod is only $121.46 per square foot, while a place in Tomsk is even less expensive at $97.37. Our analysis doesn’t cover the larger Russian cities like Moscow and St. Petersburg, but you will no doubt have to pay more in more well-known cities.

You can also consider some cities in South America, which are similarly inexpensive. In Columbia, you can live in Barranquilla for only $81.96. Really, the most expensive cities in South America, like Rio de Janeiro, are still not as expensive as other options. You can get a place in Rio for $263.88 per square foot.

Real Estate Prices in North America

Living in Washington is much less expensive than Beijing, although you will pay more than you would in Russia. An apartment in Seattle will cost you $647.60 per square foot. Make sure you pack a nice coat if you plan to move to the windy city.

Other options in the United States, such as San Francisco and New York, are definitely more expensive. San Francisco will cost you $1155.26 per square foot, while New York will be $1291.42. As two major cities in the US, and highly coveted placed to live, it’s clear why they’re more expensive.

Of course, if you want to make your home in North America, you can also choose to live in Canada. One of the more well-known Canadian cities, Winnipeg, will be fairly inexpensive at $212.34. If you have no problem dealing with the cold, you can make a lovely home up north.

Conclusion

There are amazing cities around the world that you can make your home in. Whether you want to live in the cold of Russia or Canada, or in a busier city like Beijing or London, you have many options available to you. Think about the price before you make your move and if you’ll be able to afford your dream city.

 

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]]> https://www.isoldmyhouse.com/independent-vs-franchise-brokers/ Tue, 17 Jan 2023 13:35:50 +0000 https://www.isoldmyhouse.com/?p=57907 Let's look at the differences between independent vs. franchise brokers so you can make the best decision for your needs.

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What You Will Read In This Article

• What is an Independent Real Estate Brokerage?
• What is a Franchise Real Estate Brokerage
• The Largest Franchise Brokers
• Common Features of Both Types of Broker
• How to Find a Top Local Real Estate Broker

 

Real estate can be a complicated business with laws and guidelines that change frequently. A real estate broker is a highly qualified expert with knowledge and expertise regarding regulations, negotiations, liability, and more.

There are many advantages to having an experienced, qualified broker on your side when you’re looking to buy or sell your home (or both), but what type should you hire? Let’s look at the differences between independent vs. franchise brokers so you can make the best decision for your needs.



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What is an Independent Real Estate Brokerage?

 

Though regulations vary from state to state, qualified real estate brokers are generally permitted to manage their own brokerages. They are responsible for running the entire businesses and may have other brokers or real estate agents working underneath or in partnership with them.

Being independent means they are not beholden to a corporation above them and do not need to pay franchise fees for the use of a brand name, but it also means they have a greater amount of responsibility for the business as a whole. 

Pros

• Freedom and Flexibility: Without a larger corporation dictating standards, an independent brokerage is free to manage their business as they wish. They can tailor their services to their customers’ specific needs, unfettered by a franchise’s brand requirements. They may also specialize in smaller, niche markets that franchises might overlook.
• Pricing and Costs: An independent brokerage may offer lower prices than a franchise because they lack certain expenses such as franchise fees. They can then reinvest this money into providing more services as well as training for their agents. When it comes to negotiations and sales, the agent is free to be as flexible as their customer requires, with no obligation to conform to set requirements.
• Local Focus: Because an independent brokerage is not associated with a larger corporation, they can focus their efforts on the local community. They can tailor their work for the types of people and businesses in their area, and often invest in the community in other ways, such as providing free seminars for first-time home buyers and donating money to local charities.

Cons

• Resources: A franchise brokerage is connected to a much larger company with considerable resources at its fingertips. Without access to such support systems, an independent broker is on their own in terms of education, training, and the latest technologies in the field.
• Scale: An independent broker is responsible for all aspects of their business, with no larger company to fall back on. Therefore, they may need to dedicate more time to facets of their work that are not directly related to negotiating real estate deals and helping their clients. They may need to take fewer clients or need to spend more time and energy managing other aspects of their business than just helping you buy or sell your home.



What is a Franchise Real Estate Brokerage

 

Franchise brokerages are part of a larger organization with a brand name. A broker who starts a franchise makes a contract with the franchisor and pays a fee in exchange for the right to do business under a brand name and access to other resources.

The franchisor can require the brokerage to follow specific guidelines for marketing, training, price ranges for negotiations, and other factors. They also typically provide training, information, technology, and other resources. A franchise brokerage is less independent but has more support from the franchisor company.

Pros

• Brand Recognition: Many people simply feel safer working with a brand they know and trust. Because a franchise brokerage has the backing of an established company, the customer can feel confident that they are getting service that will meet national standards set by highly experienced experts in the field.
• Resources: A larger corporation simply has more assets to offer its franchise brokerages, including the most up-to-date training for agents, wider referral networks, libraries of information, and the latest technological tools for research and communication.
• Consistency: Franchisors typically have set guidelines for how their brokers and agents should do business. Prices may have set ranges, brokers may be required to go through formalized training to learn to adhere to company standards, and working with different brokerages under the same brand is likely to offer a relatively uniform experience.

Cons

• Expense: Because of all the fees, dues, and other costs involved, a franchise brokerage may be more expensive to work with than an independent one. They may also be more rigid when it comes to negotiating prices on real estate, unable to go as high or as low as you would like because of company standards.
• Inflexibility: The price of the consistency offered by a franchise brokerage can be a lack of ability to adapt to your specific needs, especially if they fall outside the norm. Things like business hours and marketing may need to fall in line with company standards, which might not meet every client’s needs.

The Largest Franchise Brokers

 

Now that you understand some of the differences between independent vs. franchise brokers, here is some information on some of the largest franchise brokers out there. Many franchises are well-known, and the most successful have thousands (or more) of real estate agents working under their brand names.

Century 21

Founded in 1971 in Orange County, California, Century 21 now has over 11,600 franchise brokers in 83 countries and territories.

Berkshire Hathaway HomeServices

As well as offering real estate brokerage services, Berkshire Hathaway HomeServices also offers related services such as mortgage loans, property insurance, relocation services, and more.

Better Homes & Gardens Real Estate

Marketing itself as a lifestyle brand as well as a real estate company, Better Homes & Gardens has been around for over 90 years. They were named one of the most ethical companies of 2020 by ethisphere.com.

Coldwell Banker

Founded in San Francisco in 1906, Coldwell Banker is the oldest residential real estate franchise in North America. Today it has over 3,000 offices in 49 countries and territories.

Sotheby’s International Realty

Specializing in luxury homes and real estate, Sotheby’s has over 1000 offices in 70 countries. The company began as an art auction house in London in 1744, and the realty brand was created in 1976.

ERA

Sort for Electronic Realty Associates, ERA was founded in 1971 with the goal of using the latest technology to provide the best service to clients. They started with fax machines, and today they focus on using the internet to develop new tools.

Keller Williams Realty

One of the highest-rated real estate companies according to publications like Entrepreneur and Forbes, Keller Williams Realty also advertises itself as the largest. The company was founded in 1983 in Austin, TX, and its headquarters are still located there.

RE/MAX

Short for Real Estate Maximums, RE/MAX is recognizable by its hot air balloon logo – and its fleet of more than 115 real hot air balloons, which are often used by local offices for fundraisers and charity events.

HomeServices of America

An affiliate of Berkshire Hathaway HomeServices, this company, headquartered in Minnesota, also provides a variety of services, including brokerage, mortgage, and insurance.

Compass

Founded in 2012, Compass is a relatively young company. Though not actually a franchise brokerage, it is the largest independent brokerage in the US, with over 17,000 agents. The company focuses on innovation and using modern tools to provide the best possible service to their clients.

eXp Realty

Unlike other franchise brokerages, eXp uses a cloud-based model; its franchisees interact with the company entirely online in virtual spaces. It is one of the fastest-growing real estate firms and has more than 35,000 agents in the US, UK, Canada, and Australia.



Common Features of Both Types of Broker

 

Although there are some important differences between franchise and independent brokerages, there are certain things they all have in common.

Qualifications

Although people often confuse the terms “real estate agent” and “real estate broker,” a broker is actually a more highly qualified professional. A broker has completed more education in the real estate field and passed an exam to receive their real estate broker’s license. Whether they are independent or part of a franchise, you can be sure your broker is competent and proficient.

Realtors®

Another term that is often conflated with agent and broker is “Realtor®.” These real estate professionals are members of the National Association of Realtors (NAR), an organization with a code of ethics and a set of standards that all its members agree to follow. A broker who is also a Realtor® can offer an increased sense of security and trust.

Information

Although independent and franchise brokerages may have different resources, they all have access to the Multiple Listing Service (MLS), an online database of real estate listings for the entire US. You needn’t worry that your choice of broker will dictate which listings are available to you when you are looking to purchase real estate.

Development

Real estate is an ever-changing field, and to be successful, brokers need to keep up with new laws and regulations, technologies, and education. Whether your broker is independent or part of a franchise, they are always continuing their education and training to keep up to date on all the new developments in the field.

How to Find a Top Local Real Estate Broker

 

When you’re looking to buy or sell your home, it’s essential to find the right broker for your specific needs. Here are some tips for finding a top real estate broker in your area and making sure they’re the right fit for you.

Start Early

Don’t wait until the last minute to begin your search for a real estate broker. Even if you haven’t yet fully decided whether you want to buy or sell a home, it doesn’t hurt to find a professional who can help you with the entire process and guide you towards making the right decisions. The last thing you want is to find yourself scrambling to find someone within a short time frame.

Word of Mouth

It sounds obvious, but asking friends, family, and coworkers for recommendations is a great place to start. When you know someone has had a great (or terrible!) experience with a particular broker, it can help you narrow down the search. However, keep in mind that just because you get a good recommendation from one person doesn’t mean that a specific broker is guaranteed to be the right fit for your needs. You should always shop around before making a decision.

Online Databases

These days it’s easy to simply go online and search for brokers in your area. If you know you want a Realtor®, for example, you can go to the NAR web site and get a listing of Realtors® in your area. National databases will allow you to narrow your search to your local area.

Online reviews can help you determine whether a particular broker is right for you. Be wary of relying entirely on online information, however, and make sure you stick to trusted web sites and listings.

Do Some Interviews

When you hire a real estate broker, you are the boss. It’s important to interview each potential broker just as you would if you were managing a company and hiring a new employee. Even the most highly qualified and experienced broker with glowing ratings from all their previous clients might just not be a good fit for you and your needs. An interview can give you the information you need to make the best possible decision.



Final Thoughts on Independent vs. Franchise Brokers

Buying or selling a home or piece of real estate is a significant life decision. Given the complexities of the real estate field, it’s always an advantage to have an experienced, highly trained professional by your side. But do you want a highly flexible, locally-focused independent broker, or a franchise broker backed with the resources, technology, and information of a larger corporation?

Armed with the knowledge of the differences between independent vs. franchise brokers, you can make the best decision about what type of broker is best for your needs.

 

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]]> https://www.isoldmyhouse.com/never-buy-house-with-pool/ Tue, 17 Jan 2023 01:21:16 +0000 https://www.isoldmyhouse.com/?p=77361 A backyard swimming pool requires regular maintenance and is associated with different safety concerns, especially if you have young children. Here are the top reasons to avoid purchasing a house with a pool.

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What You Will Read In This Article

• 1. Pools Need Constant Maintenance
• 2. Your Energy Bills With Be Higher
• 3. Your Property Taxes Will Be Higher
• 4. Your Homeowners Insurance Will Be Higher
• 5. Everyone Will Think They Can Come Over to Swim
• 6. You Might Get Sued
• 7. Pools Have a Low ROI
 

Purchasing a house with a pool comes with plenty of advantages—like keeping you cool during the summer season and hosting outdoor events like birthday parties. However, such luxury also comes with its share of setbacks.

A backyard swimming pool requires regular maintenance and is associated with different safety concerns, especially if you have young children. Here are the top reasons to avoid purchasing a house with a pool.

1. Pools Need Constant Maintenance

Owning a pool requires that you keep up with regular maintenance. Ensuring that your swimming pool water is clear requires dedicated upkeep. This involves using proper chemicals to clean your pool surface and balance the water pH. 

If you have an imbalanced pH level, you’re likely to have growth of bacteria and algae, which can cause health complications for anyone using your pool.

Many homeowners don’t have the expertise to clean their pool effectively or are too busy to handle the task themselves. If you’re such an individual, the best option is to seek the help of a pool maintenance company. 

These professionals may need to clean your pool at least twice a week for the best results, which is costly, especially if the experts offer a fixed hourly charge.

2. Your Energy Bills With Be Higher

If you’re planning to purchase a house with a swimming pool, expect to incur a high electricity cost. On average, homeowners spend about $300 a year on electricity costs to operate their pool pump. Your pump’s function is to control your pool’s filtration system, which helps keep it in a usable state.

If your pool is heated, you’ll spend even more because the overall cost of running a pool heater averages $100 to $600 a month. Besides your electricity bill, expect your water bill to increase as you fill your pool to maintain the required water level.

Some states even have laws on the amount of water that should pass your filter at a specific time. While these laws are designed to guarantee your safety, they can significantly affect your power bill.

Remember that your pool water level may be significantly lower after a hot day due to evaporation. While this may seem harmless, the water that’s lost from your pool may lead to a higher electricity cost from topping up your swimming pool.

3. Your Property Taxes Will Be Higher

If you buy a home with a swimming pool, it’s considered an addition to your home, and it will increase the amount you can pay in property taxes. However, this will depend on the size of the pool and the type of market that you are in.

You should also know that it’s difficult to write off a swimming pool on your property taxes unless under specific circumstances. Don’t forget that your swimming pool is considered a leisure purchase and you have to pay taxes.

You can only benefit from a tax break if you choose to use it for health purposes and not for any other reason. In such a case, you may need to seek the help of a tax law expert to help prove your case.

 
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4. Your Homeowners Insurance Will Be Higher

When you purchase a house with a pool, you may have to increase your liability coverage because of the rampant incidences of injuries in swimming pools. Given that insurance companies need to take more risk, you’ll have to pay a high annual premium.

For instance, if your homeowner’s insurance policy has personal property coverage, it will pay for the replacement and repair of your belongings and not your home. So, if you have an above-ground pool, your insurance company may consider it an external structure.

This means that before buying a house, you should confirm whether your limit can cover the damages to your pool. If this isn’t the case, you’ll need to increase your property limit.

5. Everyone Will Think They Can Come Over to Swim

Swimming pools are associated with fun outdoor activities. If your house has one in the backyard, your visitors know they have a place to cool off, especially during the hot season.

Additionally, pools are also designed to cater to the requirements of everyone. For houses with a swimming pool that has smaller depth, some of your visitors with young children who haven’t learned to swim can come over and practice.

If you host a get-together, nobody will want to miss an event hosted in a house with a pool. Most adults will prefer to send their kids to the pool to have enough time to socialize.

6. You Might Get Sued

Another reason why you should never buy a house with a pool is because you may end up being sued. This may happen if you buy a home and fail to inspect whether or not it meets state or federal safety regulations. If this is the case, you can be sued for injuries that result from failure to institute safety guidelines for those using your pool.

The Center for Disease Control (CDC) report indicates that drowning cases for children aged 1 to 4 years occur in home swimming pools. This happens for different reasons, including lack of supervision, the improper enclosure around the pool, and insufficient swimming skills.

Remember that if you purchase your property within a homeowner’s association jurisdiction, it will feature extra conditions for your pool, such as installing alarms. If you don’t adhere to such a regulation, you may face legal action.

7. Pools Have a Low ROI

You may think that by buying a house with a pool, you’ll boost your home’s resale value, but this isn’t the case. In many cases, the value of homes with a swimming pool may increase by up to 7%, and this is if it meets a particular criterion when you want to sell.

Some buyers even choose not to purchase a house with a swimming pool because of the expenses involved in maintaining a swimming pool.

Final Thoughts    

If you’re thinking of buying a house with a pool, be sure to consider different aspects of pool ownership before making your decision. While pool ownership comes with many advantages, like expanding your social life and improving your mental and physical health, there are plenty of downsides to owning one. 

 
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