When shopping for your first home in the Austin area, it's easy to get caught up in the excitement. And that's only natural.
Buying a new home should excite you. But you also need to be analytical and realistic about the home buying process. After all, there's a lot of money on the line.
Truth is, many buyers err on the side of emotion. In their excitement, they overlook aspects of a home or neighborhood that would normally turn them away. Next thing they know, there's a contract on the table and earnest money in the bank. In short, they succumb to "The One" Syndrome.
What is this syndrome, and how do you know if you're a victim? Here's a test:
If, during your home buying experience, you've ever pulled up to a house and blurted "This is the one!" before even getting out of the car … you've been a victim of "The One" syndrome.
There's nothing wrong with feeling good about a house based on a first impression. But you must remain objective in spite of your excitement. Here's why:
Emotion has a way of playing with our heads. A strong emotional reaction can blind you to other realities that would normally be crystal clear. In home buying terms, this means you might overlook serious flaws or disadvantages about a house as a result of your excitement.
Here are some tips to help you balance emotion with logic for a safer home buying experience.
1. Pretend you're screening the house for a friend, not for yourself. This will help you remain cool-headed and business-like throughout your visit.
2. Another take on the friend approach is to bring a friend along with you. A friend can give you an objective viewpoint and might help you remember things about a house you wouldn't otherwise recall.
3. Have a checklist before visiting each house. The list should include all the things you're looking for in a house, arranged by most to least important. Having them on paper will remind you to check the house for them -- even in a state of, shall we say, heightened emotion.
4. When you find a house you like, visit it more than once. You'll be amazed at the things you notice the second time around, after your initial excitement has worn off.
The Austin area is great place to live. And owning your own home makes it even better! So it's only natural to get excited about the idea. But for something that affects your life so dramatically -- and so financially -- it pays to keep a cool head. And don't worry, you'll find "the one" soon enough.
* Copyright 2006, Brandon Cornett. You may republish this article in its entirety, provided you leave the byline, author's note and website hyperlink intact.
Brandon Cornett is the editor of HomeBuyingInstitute.com, one of the Internet's largest and most respected libraries of home buying information -- more than 100 expert articles in 12 different home buying categories! Put this knowledge to use by visiting
http://homebuyingtips.statesmanblogs.com/Default.aspx?page=9
Tuesday, November 13, 2007
Building a Home in Austin, Texas: 7 Steps to Success
Austin, Texas is becoming one of the nation's most popular places to build a custom home. There's the culture, the lifestyle, the weather, and of course ... the affordability.
When building a custom home in Austin -- or anywhere else, for that matter -- there are no hard and fast rules that apply across the board. The very nature of a custom home means it is different from others, so the building process often varies from home to home.
With that being said, there are certain steps you can follow to ensure your home building process is a smooth one:
1. Determine Your Budget
Having a custom home built may be the biggest financial decision you ever make. So before you start talking to builders or looking at lots, you need to determine your budget.
Start by adding up your monthly expenditures. Leave housing out of the equation for now -- just focus on food, shopping, lifestyle, car payments, insurance, investments, etc. Compare these figures to your monthly income to see how much of a house you might realistically afford. Use an online mortgage calculator to make things easier.
If you currently own a home, this calculation will be much easier. You simply have to ask yourself, "How much more could I comfortably pay each month for a larger mortgage?"
2. Determine Your Location
When choosing a location for your new home, start with the obvious questions. Is it close to work, school and shopping? Are there major roadways, railroads or other noise-producers nearby? What are the taxes like? How are the school systems? (Quality of schools is important whether or not you have children, because it affects your property values.)
Once you've answered the obvious questions, move on to the less-obvious ones: What kind of development is planned for the foreseeable future? Will that beautiful meadow across the street be a parking lot in two years? As of this writing, there's a lot of highway development and expansion happening in Austin, Texas, so be sure you get a long-range picture of your preferred location.
3. Make a List of Builders
Once you've decided what part of town you want to live in, you can begin making a list of builders who work in the area. You might start by using the search engines, or by visiting some of the online directories of home builders, such as Reals.com or BuildingOnline.com.
Once you have a list of some of the top builders in your chosen area, start your fact-finding mission. Request brochures, visit model homes, surf their websites. Do whatever you can to gather information on each builder's reputation, expertise, price range, floor plans and other important criteria.
4. Decide On a Builder
Choosing your custom home builder is a major step. But if you've completed the previous step and conducted some thorough research, you'll have a much easier decision to make.
Once you've established that a builder has a good reputation and a genuine commitment to your happiness, you need to ask the big question: "Does this builder create the kind of home I can see myself in? Does it feel right to me?" Take your time answering these questions and making your ultimate decision.
5. Choose Your Lot
Before you can start looking at floor plans for your new dream home, you need to choose a lot. Floor plans are often dependent on the lot you choose, so the lot usually has to be decided on first.
The reasons for this are sometimes obvious and other times not. Obviously, a longer home will require a longer lot. But there may be other considerations at work. For example, maybe the developer wants to stagger one-story homes and two-story homes throughout the community for overall appeal.
These considerations will vary from builder to builder. For now, just realize that the floor plan will usually depend on the lot you choose. So remember to ask plenty of questions about this along the way.
6. Pick a Floor Plan
One of the great things about a custom home is that it's, well … custom. Sometimes a custom home builder will offer basic floor plans that you can modify as you wish. Other times, the floor plans are created "from scratch" in coordination with an architect. Either way, you have an opportunity to build a home around your present and future needs.
This step of the process will involve many questions. How much space do you need? How many rooms? One story or two? Any special features, like a wraparound deck? This can often be the most exciting part of the home building process, because it involves turning your vision into a reality.
7. Negotiate the Contract
Be sure to get a written contract signed by the builder and the architect / designer (if there's an architect involved). A contract for new home construction should describe the project in detail, and it should include a listing of all the features to be included in the home. Ask for a contract amendment if the project changes later on, and make sure you get all of your questions answered before signing.
Recommended Resource
If you're thinking of buying a custom home in Austin, Texas, take a look at Harrington Custom Homes. They've been building homes in Austin for over 15 years. Visit them online at www.harringtonhomes.com
http://homebuyingtips.statesmanblogs.com/Default.aspx?page=9
When building a custom home in Austin -- or anywhere else, for that matter -- there are no hard and fast rules that apply across the board. The very nature of a custom home means it is different from others, so the building process often varies from home to home.
With that being said, there are certain steps you can follow to ensure your home building process is a smooth one:
1. Determine Your Budget
Having a custom home built may be the biggest financial decision you ever make. So before you start talking to builders or looking at lots, you need to determine your budget.
Start by adding up your monthly expenditures. Leave housing out of the equation for now -- just focus on food, shopping, lifestyle, car payments, insurance, investments, etc. Compare these figures to your monthly income to see how much of a house you might realistically afford. Use an online mortgage calculator to make things easier.
If you currently own a home, this calculation will be much easier. You simply have to ask yourself, "How much more could I comfortably pay each month for a larger mortgage?"
2. Determine Your Location
When choosing a location for your new home, start with the obvious questions. Is it close to work, school and shopping? Are there major roadways, railroads or other noise-producers nearby? What are the taxes like? How are the school systems? (Quality of schools is important whether or not you have children, because it affects your property values.)
Once you've answered the obvious questions, move on to the less-obvious ones: What kind of development is planned for the foreseeable future? Will that beautiful meadow across the street be a parking lot in two years? As of this writing, there's a lot of highway development and expansion happening in Austin, Texas, so be sure you get a long-range picture of your preferred location.
3. Make a List of Builders
Once you've decided what part of town you want to live in, you can begin making a list of builders who work in the area. You might start by using the search engines, or by visiting some of the online directories of home builders, such as Reals.com or BuildingOnline.com.
Once you have a list of some of the top builders in your chosen area, start your fact-finding mission. Request brochures, visit model homes, surf their websites. Do whatever you can to gather information on each builder's reputation, expertise, price range, floor plans and other important criteria.
4. Decide On a Builder
Choosing your custom home builder is a major step. But if you've completed the previous step and conducted some thorough research, you'll have a much easier decision to make.
Once you've established that a builder has a good reputation and a genuine commitment to your happiness, you need to ask the big question: "Does this builder create the kind of home I can see myself in? Does it feel right to me?" Take your time answering these questions and making your ultimate decision.
5. Choose Your Lot
Before you can start looking at floor plans for your new dream home, you need to choose a lot. Floor plans are often dependent on the lot you choose, so the lot usually has to be decided on first.
The reasons for this are sometimes obvious and other times not. Obviously, a longer home will require a longer lot. But there may be other considerations at work. For example, maybe the developer wants to stagger one-story homes and two-story homes throughout the community for overall appeal.
These considerations will vary from builder to builder. For now, just realize that the floor plan will usually depend on the lot you choose. So remember to ask plenty of questions about this along the way.
6. Pick a Floor Plan
One of the great things about a custom home is that it's, well … custom. Sometimes a custom home builder will offer basic floor plans that you can modify as you wish. Other times, the floor plans are created "from scratch" in coordination with an architect. Either way, you have an opportunity to build a home around your present and future needs.
This step of the process will involve many questions. How much space do you need? How many rooms? One story or two? Any special features, like a wraparound deck? This can often be the most exciting part of the home building process, because it involves turning your vision into a reality.
7. Negotiate the Contract
Be sure to get a written contract signed by the builder and the architect / designer (if there's an architect involved). A contract for new home construction should describe the project in detail, and it should include a listing of all the features to be included in the home. Ask for a contract amendment if the project changes later on, and make sure you get all of your questions answered before signing.
Recommended Resource
If you're thinking of buying a custom home in Austin, Texas, take a look at Harrington Custom Homes. They've been building homes in Austin for over 15 years. Visit them online at www.harringtonhomes.com
http://homebuyingtips.statesmanblogs.com/Default.aspx?page=9
Monday, November 12, 2007
Buying a Sarasota Luxury Home: Selecting the Right Real Estate Agent
Luxury home buying is a unique segment of the Sarasota real estate market. It is essential that Sarasota luxury home buyers align themselves with real estate professionals that specialize in the upper-tier marketplace and are familiar with the needs of luxury home buyers. Not all agents can operate effectively in the luxury market.
Below are guidelines for selecting an agent in a Sarasota luxury home purchase.
1. Sarasota Market Expertise – It is critical that the agent selected have knowledge in the Sarasota real estate market and the price range targeted. A luxury home expert should be knowledgeable in all phases of the upper-tier market - amount of inventory, sales, days on the market, etc. The more knowledge an agent has in the Sarasota luxury home market, the bigger the asset they can be to their affluent clientele.
2. Experience – Understanding value in the luxury home market requires experience. A proven track record of closed sales in the high-end marketplace is a strong indicator of market savvy. Although new agents can provide excellent service, high-end buyers are better served enlisting the services of a Sarasota luxury home expert.
3. Education & Designations – Top agents in the luxury field continually expand their knowledge. Designations such as the “Certified Luxury Home Marketing Specialist” are indicators of those agents that provide the type of service luxury home buyers in Sarasota demand.
4. Communication - A good luxury agent will work with buyers to crystallize their goals and understand their needs. By developing a checklist with a clear set of goals and expectations, buyers will not waste their time on properties that do not meet their wants and needs.
5. Negotiation skills - There are many aspects that comprise a successful luxury real estate transaction for a buyer: price, conditions, dates, terms, conditions, etc. A successful luxury real estate agent is seasoned in the art of negotiation.
6. Contacts – Agents that specialize in the upper-tier market have developed relationships with experts in the Sarasota luxury home market. Below is a partial list of resources that luxury home agents can recommend.
Real Estate Attorneys
Jumbo Mortgage Loans
Craftsmen
Interior Designers
Architects
Artists
In summary, luxury market expertise + experience + communication + contacts = a Sarasota Luxury homes agent that can deliver the results luxury home buyers in Sarasota demand and deserve.
John Allen is a Sarasota Florida luxury homes real estate agent and president of Allen Real Estate Services, Inc. He is a member of the Institute for Luxury Home Marketing and Million Dollar Guild. For more information visit his website – www.buysarasota.com .
Article Source: http://EzineArticles.com/?expert=John_C._Allen
Below are guidelines for selecting an agent in a Sarasota luxury home purchase.
1. Sarasota Market Expertise – It is critical that the agent selected have knowledge in the Sarasota real estate market and the price range targeted. A luxury home expert should be knowledgeable in all phases of the upper-tier market - amount of inventory, sales, days on the market, etc. The more knowledge an agent has in the Sarasota luxury home market, the bigger the asset they can be to their affluent clientele.
2. Experience – Understanding value in the luxury home market requires experience. A proven track record of closed sales in the high-end marketplace is a strong indicator of market savvy. Although new agents can provide excellent service, high-end buyers are better served enlisting the services of a Sarasota luxury home expert.
3. Education & Designations – Top agents in the luxury field continually expand their knowledge. Designations such as the “Certified Luxury Home Marketing Specialist” are indicators of those agents that provide the type of service luxury home buyers in Sarasota demand.
4. Communication - A good luxury agent will work with buyers to crystallize their goals and understand their needs. By developing a checklist with a clear set of goals and expectations, buyers will not waste their time on properties that do not meet their wants and needs.
5. Negotiation skills - There are many aspects that comprise a successful luxury real estate transaction for a buyer: price, conditions, dates, terms, conditions, etc. A successful luxury real estate agent is seasoned in the art of negotiation.
6. Contacts – Agents that specialize in the upper-tier market have developed relationships with experts in the Sarasota luxury home market. Below is a partial list of resources that luxury home agents can recommend.
Real Estate Attorneys
Jumbo Mortgage Loans
Craftsmen
Interior Designers
Architects
Artists
In summary, luxury market expertise + experience + communication + contacts = a Sarasota Luxury homes agent that can deliver the results luxury home buyers in Sarasota demand and deserve.
John Allen is a Sarasota Florida luxury homes real estate agent and president of Allen Real Estate Services, Inc. He is a member of the Institute for Luxury Home Marketing and Million Dollar Guild. For more information visit his website – www.buysarasota.com .
Article Source: http://EzineArticles.com/?expert=John_C._Allen
Buying A Home With No Money Down or Bad Credit - PMI Can Make It Easier
Private mortgage insurance is an excellent method for homebuyers who have trouble saving money, are short on money, or have bad credit, to get into a home now. Private mortgage insurance is provided by a third party to protect the lender in the mortgage contract. This allows you to purchase a home with a much smaller down payment and if you have bad credit. You should note that this service does not protect you as the buyer; it protects the lenders such as a mortgage broker or a bank.
Private mortgage insurance is of a great value to those people who can afford the payments on a home but have not been able to save up the usual ten to twenty percent for a down payment. But, using private mortgage insurance you can lower your down payment amount to anywhere between three and five percent. This allows home buyers to move into a home much sooner and save money.
Private mortgage insurance is also very beneficial for people with bad credit who would otherwise be unable to obtain a mortgage. People with bad credit can now obtain mortgages by getting a third party to provide them with private mortgage insurance. By paying a small monthly fee for private mortgage insurance, approximately forty five dollars on a standard $100.000 home, people with bad credit could obtain a mortgage and begin repairing their credit.
After your home equity has been paid down to eighty percent or the appraise value of the home was obtained you are no longer required to keep the private mortgage insurance. You should make sure you cancel your private mortgage insurance as soon as possible; many people do not cancel their private mortgage insurance as soon as they are eligible and end up paying hundred of dollars a year more than they need to be.
To view our list of recommended mortgage lenders visit this page: Recommended Mortgage Lenders
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans. The site has informative articles and the latest finance news.
Article Source: http://EzineArticles.com/?expert=Carrie_Reeder
Private mortgage insurance is of a great value to those people who can afford the payments on a home but have not been able to save up the usual ten to twenty percent for a down payment. But, using private mortgage insurance you can lower your down payment amount to anywhere between three and five percent. This allows home buyers to move into a home much sooner and save money.
Private mortgage insurance is also very beneficial for people with bad credit who would otherwise be unable to obtain a mortgage. People with bad credit can now obtain mortgages by getting a third party to provide them with private mortgage insurance. By paying a small monthly fee for private mortgage insurance, approximately forty five dollars on a standard $100.000 home, people with bad credit could obtain a mortgage and begin repairing their credit.
After your home equity has been paid down to eighty percent or the appraise value of the home was obtained you are no longer required to keep the private mortgage insurance. You should make sure you cancel your private mortgage insurance as soon as possible; many people do not cancel their private mortgage insurance as soon as they are eligible and end up paying hundred of dollars a year more than they need to be.
To view our list of recommended mortgage lenders visit this page: Recommended Mortgage Lenders
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans. The site has informative articles and the latest finance news.
Article Source: http://EzineArticles.com/?expert=Carrie_Reeder
Saturday, November 10, 2007
Buy Houses In Dallas In Any Condition
Dallas houses have a great future ahead of them due to the boom times the Dallas economy is facing at the moment. Some say the crime rate in Dallas is pretty high, but that actually depends on where your home might be. If your home were in one of these suburbs of Dallas - Keller, Colleyville, Coppell, Lewisville, South Lake, Las Colinas, Carrollton, The Colony, Highland Park, University Park, Frisco, Allen, and Plano (among many others) - you will find that the crime rate is actually much lower here than the US-wide average.
You may be doubtful anyway and ask: is my home good enough for other people to buy? Well, the answer to that is: it depends what you are asking for it, for the condition it is in right now. There are realtors who are choosy about the Dallas homes they buy but there are also some who will buy Dallas houses that are in any state or condition (meaning, even the most dilapidated ones can be sold nowadays.) But be reasonable - you cannot expect a dilapidated and ugly home to command the same market price as a well-kept and beautifully-designed home. That would be like saying an ugly and run-down car is sold at the same price as top-of-the-line advanced and new car models. It just isn't realistic.
What would be realistic is if you were to take stock of your Dallas home and look into the following factors that may influence its sale price:
1.What was the original price at which you bought your home, or had it constructed for? This gives you a baseline from which you shouldn't budge when given offers by potential buyers - unless, your home is pretty run-down and has been neglected (in which case, you should factor in the depreciation of the market price so that you come up with a fair price to offer buyers.)
2.How well-kept is your home? And the follow-up question to that is: how neglected has it been? If your home is a well-loved piece of property that you constantly attend to (fixing a door hinge on one weekend, painting the walls of a room the next weekend), then the odds are great that you can get a very good price for your home when you sell it. If however your home has peeling paint on its external and internal walls, door hinges have come loose so that the doors are askew, and the wood is warped on certain floors and walls, then the odds of getting a great price go down considerably naturally.
3.How long have you lived in your home? And how old is it? This is also crucial because the older your home is, the more wear and tear it has probably undergone. Wear and tear on real estate is one reason why some landlords refuse to admit couples with young children who are known to write on walls and be rather harsh with using furnishings (like banging doors so that doorknobs are wrecked for instance.) The age of your home can be mitigated though by how well kept the house is at the time you put it on the market.
Having taken these factors into consideration, you are now ready to start canvassing market prices for the area you are in. You can examine the daily paper for news about real estate in your location, or go online and look through industry newsletters and maybe even online forums for that information. The more well-informed you are, the better is your chance of coming up with a competitive price that buyers will be interested in later on.
Dan Heskett is a Expert Author for We Buy Ugly Houses
For more information Regarding selling your houses visit We Buy Houses Quick
Article Source: http://EzineArticles.com/?expert=Dan_V_Heskett
You may be doubtful anyway and ask: is my home good enough for other people to buy? Well, the answer to that is: it depends what you are asking for it, for the condition it is in right now. There are realtors who are choosy about the Dallas homes they buy but there are also some who will buy Dallas houses that are in any state or condition (meaning, even the most dilapidated ones can be sold nowadays.) But be reasonable - you cannot expect a dilapidated and ugly home to command the same market price as a well-kept and beautifully-designed home. That would be like saying an ugly and run-down car is sold at the same price as top-of-the-line advanced and new car models. It just isn't realistic.
What would be realistic is if you were to take stock of your Dallas home and look into the following factors that may influence its sale price:
1.What was the original price at which you bought your home, or had it constructed for? This gives you a baseline from which you shouldn't budge when given offers by potential buyers - unless, your home is pretty run-down and has been neglected (in which case, you should factor in the depreciation of the market price so that you come up with a fair price to offer buyers.)
2.How well-kept is your home? And the follow-up question to that is: how neglected has it been? If your home is a well-loved piece of property that you constantly attend to (fixing a door hinge on one weekend, painting the walls of a room the next weekend), then the odds are great that you can get a very good price for your home when you sell it. If however your home has peeling paint on its external and internal walls, door hinges have come loose so that the doors are askew, and the wood is warped on certain floors and walls, then the odds of getting a great price go down considerably naturally.
3.How long have you lived in your home? And how old is it? This is also crucial because the older your home is, the more wear and tear it has probably undergone. Wear and tear on real estate is one reason why some landlords refuse to admit couples with young children who are known to write on walls and be rather harsh with using furnishings (like banging doors so that doorknobs are wrecked for instance.) The age of your home can be mitigated though by how well kept the house is at the time you put it on the market.
Having taken these factors into consideration, you are now ready to start canvassing market prices for the area you are in. You can examine the daily paper for news about real estate in your location, or go online and look through industry newsletters and maybe even online forums for that information. The more well-informed you are, the better is your chance of coming up with a competitive price that buyers will be interested in later on.
Dan Heskett is a Expert Author for We Buy Ugly Houses
For more information Regarding selling your houses visit We Buy Houses Quick
Article Source: http://EzineArticles.com/?expert=Dan_V_Heskett
How Can A Home Buyer Save Money
Finding the right agent.
Some agents offer a rebate to buyers. You will receive a % of the commission real estate agents are paid by the seller upon a home closing. Rules are different from state to state. But if you can find a good agent willing to share his fortune.
Check out Short Sales
Ask for Closing Costs to by paid.
Common Closing Costs for Buyers
The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier's check. The title company or other entity conducting the closing will tell you the required amount for:
* Downpayment.
* Loan origination fees.
* Points, or loan discount fees you pay to receive a lower interest rate.
* Appraisal fee.
* Credit report.
* Private mortgage insurance premium.
* Insurance escrow for homeowners insurance, if being paid as part of the mortgage.
* Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
* Deed recording fees.
* Title insurance policy premiums.
* Survey.
* Inspection fees-building inspection, termites, etc.
* Notary fees.
* Prorations for your share of costs such as utility bills and property taxes.
A Note About Prorations. Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first 5 days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.
What to Keep From Your Closing
* The Real Estate Settlement Procedures Act (RESPA) statement. This form, sometimes called a HUD 1 statement, itemizes all the costs associated with the closing. You'll need for income tax purposes and when you sell the home.
* The Truth in Lending Statement summarizes the terms of your mortgage loan.
* The mortgage and the note (two pieces of paper) spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.
* The deed transfers ownership of the property to you.
* Affidavits swearing to various statements by either party. For example, the sellers will often sign an affidavit stating that they have not incurred any liens on the property.
* Riders are amendments to the sales contract that affect your rights. For example, if you buy a condominium, you may have a rider outline the condo association's rules and restrictions.
* Insurance policies provide a record and proof of your coverage.
Some agents offer a rebate to buyers. You will receive a % of the commission real estate agents are paid by the seller upon a home closing. Rules are different from state to state. But if you can find a good agent willing to share his fortune.
Check out Short Sales
Ask for Closing Costs to by paid.
Common Closing Costs for Buyers
The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier's check. The title company or other entity conducting the closing will tell you the required amount for:
* Downpayment.
* Loan origination fees.
* Points, or loan discount fees you pay to receive a lower interest rate.
* Appraisal fee.
* Credit report.
* Private mortgage insurance premium.
* Insurance escrow for homeowners insurance, if being paid as part of the mortgage.
* Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
* Deed recording fees.
* Title insurance policy premiums.
* Survey.
* Inspection fees-building inspection, termites, etc.
* Notary fees.
* Prorations for your share of costs such as utility bills and property taxes.
A Note About Prorations. Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first 5 days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.
What to Keep From Your Closing
* The Real Estate Settlement Procedures Act (RESPA) statement. This form, sometimes called a HUD 1 statement, itemizes all the costs associated with the closing. You'll need for income tax purposes and when you sell the home.
* The Truth in Lending Statement summarizes the terms of your mortgage loan.
* The mortgage and the note (two pieces of paper) spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.
* The deed transfers ownership of the property to you.
* Affidavits swearing to various statements by either party. For example, the sellers will often sign an affidavit stating that they have not incurred any liens on the property.
* Riders are amendments to the sales contract that affect your rights. For example, if you buy a condominium, you may have a rider outline the condo association's rules and restrictions.
* Insurance policies provide a record and proof of your coverage.
Article Source: http://EzineArticles.com/?expert=Alex_Greben
Buy Your Retirement Home Now And Beat The Rush!
Scottsdale Arizona aah! Who wouldn't want to retire there?
Beautiful weather, all the golfing you can handle and an up market lifestyle with plenty of culture. There are also endless community education courses and an ever increasing realty market.
You are nodding your head and groaning. The property market is increasing and you can't get your foot on the ladder for another few years. Frustrating!
Well, think again - you can buy a home now and it will be ready for you when you are about to retire. However, you do have to move your thinking slightly sideways to achieve this.
When we think of retirement, we think of the perfect home, unique design, maybe all on one floor, with a great view, perhaps on acreage, or with a double garage or whatever your fancy is.
Yes, well put that picture on hold for a few years, because we are talking about a stepping stone here. But, a stepping stone that should get you an even better retirement home at an even lower cost to you.
Okay, well by now I should have your attention, so let's get down to business.
Realty prices in Scottsdale have more than doubled (almost tripled) between the years 2000 to 2006. However with the baby boomers coming to the golden retirement age of 65 in the year 2011, there will probably be a rush on housing.
The laws of supply and demand suggest that this would add even further to the upward price trend, particularly in the choice retirement area of Scottsdale.
Usually in the housing market, we see a rise or a drop right across the board. So, theoretically, if you bought a modest home for $100,000 in 2000, it will be worth between $200,000 and $300,000 by now.
Houses can still be found in Scottsdale in the $200,000 (or less) price range. If you buy a modest one or two bedroom home now, in a few years it will most likely have increased its value. Guaranteed pensions are taken into account by the bank, so no problem there.
But that is only half the story. If you buy a modest home, you can rent it and let it pay for itself for a few years. You can go through a rental agent for this, this way you do not have to fuss with it, or you can take a holiday in your new property and finalize a rental agreement while you are there.
If the market trend continues to rise in the next few years, you will simply smile and rub your hands together! There is one more advantage to this plan. When you are ready to retire, you can stay in your own Scottsdale home and choose your perfect retirement home at your own leisurely pace.
Written on behalf of Melissa O'Connell. Melissa is familiar with all types of properties in the Scottsdale Arizona Real Estate area and has worked for 15 years as a Scottsdale real estate consultant.
Article Source: http://EzineArticles.com/?expert=Melissa_O'Connell
Beautiful weather, all the golfing you can handle and an up market lifestyle with plenty of culture. There are also endless community education courses and an ever increasing realty market.
You are nodding your head and groaning. The property market is increasing and you can't get your foot on the ladder for another few years. Frustrating!
Well, think again - you can buy a home now and it will be ready for you when you are about to retire. However, you do have to move your thinking slightly sideways to achieve this.
When we think of retirement, we think of the perfect home, unique design, maybe all on one floor, with a great view, perhaps on acreage, or with a double garage or whatever your fancy is.
Yes, well put that picture on hold for a few years, because we are talking about a stepping stone here. But, a stepping stone that should get you an even better retirement home at an even lower cost to you.
Okay, well by now I should have your attention, so let's get down to business.
Realty prices in Scottsdale have more than doubled (almost tripled) between the years 2000 to 2006. However with the baby boomers coming to the golden retirement age of 65 in the year 2011, there will probably be a rush on housing.
The laws of supply and demand suggest that this would add even further to the upward price trend, particularly in the choice retirement area of Scottsdale.
Usually in the housing market, we see a rise or a drop right across the board. So, theoretically, if you bought a modest home for $100,000 in 2000, it will be worth between $200,000 and $300,000 by now.
Houses can still be found in Scottsdale in the $200,000 (or less) price range. If you buy a modest one or two bedroom home now, in a few years it will most likely have increased its value. Guaranteed pensions are taken into account by the bank, so no problem there.
But that is only half the story. If you buy a modest home, you can rent it and let it pay for itself for a few years. You can go through a rental agent for this, this way you do not have to fuss with it, or you can take a holiday in your new property and finalize a rental agreement while you are there.
If the market trend continues to rise in the next few years, you will simply smile and rub your hands together! There is one more advantage to this plan. When you are ready to retire, you can stay in your own Scottsdale home and choose your perfect retirement home at your own leisurely pace.
Written on behalf of Melissa O'Connell. Melissa is familiar with all types of properties in the Scottsdale Arizona Real Estate area and has worked for 15 years as a Scottsdale real estate consultant.
Article Source: http://EzineArticles.com/?expert=Melissa_O'Connell
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