Tips on How to Buy a New Construction Home

Are you thinking of buying a new construction building? If yes, you should try not to assume that the building is perfect. Take the necessary steps to ensure that everything works well. Do not rush into closing new construction deals because problems always crop up. 

 

The biggest mistake of new buyers like you is to assume that new building works well. As a result, they refuse to ask necessary questions and documents before closing the deals. This set of people usually end up regretting their actions after spending thousands on house repairs and the rest. 

 

We do not want you to regret buying your new construction house that is why we will be giving you some tips about buying a new construction home. 

 

 

1. Get Good Faith Estimates: One of the mistakes of most first time buyers is that they often fail to get good faith estimates. Getting good faith estimates as mandated by the Truth in Lending Act will assure you of the best financing. Good faith estimates is a document that shows the buyer’s APR (Annual percentage rate) and other component costs of a loan. According to the law, this document must be provided to buyers by mortgage lenders within three days of the presentation of the credit.

With the good faith estimates, you can have a good knowledge of your APR. It is always advisable for a home buyer to visit at least three different vendors to compare their APRs and take the cheapest. Good knowledge of the various companies’ APR would leverage buyers’ negotiating powers. 

 

 

2. Know the builder’s reputation: Before you append your signature on a deed of conveyance of a new building, you should not fail to ask questions about the reputation of the builders. If you ask the seller, you might not get a satisfactory answer. Try to ask important questions that go deep to the status of the building from the potential neighbor. You can ask: if there was any problem during the construction, if they use substandard materials, how fast the builders were able to resolve construction problems and so on. With these, you would have a good knowledge of the builder’s capability. It would be best if you created much time to research the builders’ reputation. 

 

 

3. Hire professionals to inspect the building: A house might look amazing on the outside but have some “hidden” flaws which you might not notice. A professional home inspector would inspect the new building on your behalf and even ensure that every hidden flaw is uncovered. You do not need to rely on your seller’s inspector. Get your inspector to do the work. It won’t cost you more than $300. You can always hire an inspector from the National Association of Home Inspectors website if there is none close to you. 

 

 

4. Go through the Punch List: Always ask for the punch list of a building if your builders fail to release them to you.  A punch list gives information about the problematic areas that need repair. The builder often flags them and tries to fix the problems. Once the builder is done with the fixing, a new punch list should be created to make sure that all the areas in the previous list were effectively fixed. Most unreliable builder often rushes the transaction to make sure that the buyer forgets about the punch list.

 

 

5. Get a good Lawyer: To complete your new construction deal, you need to contact a lawyer to help you vet the contracts. From experience, most construction contracts are very complicated to understand that’s why you need a lawyer to vet it and simplify it for you before appending your signature. 

 

 

6. Beware of Cost Escalation Clause: You need to be wary of new construction contracts as they are known for last minute surprises. Most builders often include a cost escalation clause to cover up for miscellaneous costs like an increase in labor or material costs. You can always go for a builder with no cost escalation clause in their agreement.

 

 

7. Warranties: The fact that your home is a new construction does not mean there would be no mishap in the early stage. You should expect your builder to give you a warranty which will cover you for some years. You can always buy a warranty in addition to your builder’s warranty.

 

 

All these might require some extra financial commitment, but they would pay off in the long run. Is it not better to spend a couple of hundreds of dollars than to spend thousands of dollars because of one error or the other? Think about it. Do the necessary research and ask the essential questions. They will help you with your new construction. 

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The Risks of Waiving Inspections When Buying a Home

When you’re trying to buy a home in a competitive market, you might feel like it’s best to skip the home inspection. That seems like an easy way to make your offer seem more attractive to sellers, and it’ll also speed up the buying process. A win/win situation, right?

 

Wrong. Waiving inspections when buying a home is never a good idea. The home might look fine when you inspect it yourself with the naked eye, but you never know what’s behind the scenes. A lot of the biggest issues a home can have aren’t detectable if you aren’t an expert. No matter how much you want the home, it’s always best to have it inspected by an expert. Here are the risks of waiving inspections when buying a home. 

 

 

Who Conducts Home Inspections?

Home inspections are much different than your own walks through the property. Home inspections are done by licensed professionals who know what to look for, and they know how to detect problems. They look into areas of the home you might not pay attention to when you’re walking through the home, from the HVAC to the foundation. 

 

These home inspectors are held to a strict Code of Ethics and Standard of Practices created by the American Society of Home Inspectors (ASHI). You need a qualified opining on the quality of the home, not just aesthetically but foundationally. The cost of inspecting a home is more than worth the peace of mind of knowing you won’t run into any surprises once you move into the space.

 

If you’re an experienced homeowner, you might think you can manage a home inspection on your own. However, professional inspectors are skilled in the elements of home construction, maintenance, and safety. They understand the most important signs of disrepair, and they aren’t likely to overlook anything. It’s best to leave the inspection to the pros. 

 

 

What are the Risks?

What happens if your home isn’t inspected? While it’s easy to think it’s as simple as skipping the lengthy and costly inspection process, this isn’t the case. Whether you’re buying a new construction home or an existing property, you need to get the property looked at by a professional. If you don’t, you’ll find yourself facing the following.

• Not Insurable – Some home insurance companies won’t issue a policy if you don’t have a documented inspection. Without insurance, you won’t get final approval for your mortgage. 
• Safety Concerns – Without an inspection, it’s impossible to know if your new home was safely constructed and currently safe to live in. 
• Legal Out – When an inspector finds a large problem with a home, you’re legally allowed out of the agreement through a contingency clause without losing your deposit.
• Expensive Repairs – One of the most obvious risks is that you’re purchasing the home “as-is.” With that in mind, any repairs will need to come out of your pocket. 
• Negotiation – Finally, any issues found during the home inspection can be used as a valuable negotiation tool. You can choose for the seller to fix these repairs before you agree to purchase the home, or you can even negotiate the selling price. 

As you can see, if you skip your home inspection, you might find yourself facing an extreme case of buyers remorse. While your inspection might seem like an unnecessary extra step, especially if the home appears to be in good condition, it exists for your protection as the homebuyer. 

 

Buying a home is one of the biggest investments you’ll ever make. You wouldn’t enter an investment blind, so don’t go into your new home blind. Use a qualified home inspector to ensure you know exactly what you’re getting into when you buy a home. 

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How To Choose The Right Size of Home For You

If you are in the market for a new home, size and location are of the utmost importance.  An abundance of space is tempting yet it will hike your property tax bill.  A large home also requires that much more maintenance to boot.  Too little space will make you feel cramped and make it difficult to start a family or even welcome a pet.  Here’s a quick look at how to choose a home with just the right amount of space.

 

 

Mind the Size of Square Footage

Home size is measured in square feet.  If you are a single home buyer without a family or partner, space is not that important.  However, there is always the potential that you will add a significant other and/or a pet to the home in due time.  The average home stretches across 2,687 square feet.  An individual home buyer will be comfortable with less than this amount of space.  However, if you err on the side of going too small with your new home, it might prove difficult to sell the house when the time comes to upgrade to something larger.  The average couple can enjoy a high-quality of life in a home with as little as 1,250 square feet.  The key is to find the right balance between space, resale value and property taxes.

 

A family consisting of three or more people will likely require a 3-bedroom home.  The typical 3-bedroom home has around 1,300 square feet to 1,600 square feet of space.  If you plan on adding to your family, look for a home with more than 2,000 square feet of space to ensure your growing family has enough room to play and enjoy at least a modicum of privacy.  Those who are planning on adding spacious niceties such as a home gym or home theater will require 3,000 square feet or more.

 

 

The Pros and Cons of Spacious Homes

It is awfully tempting to choose a home that is larger than what is currently necessary in terms of space and luxuries.  Do not give into this temptation until you have considered the downsides to a large home.  For one, the hike in square feet will bump up your property taxes that much more.  Additional space will also cost more to cool and heat.  Though it is certainly nice to use the extra rooms in a large home for storage, it is comparably cheaper to opt for a smaller home and pay for storage at a nearby facility.

 

If you were to poll those who moved into homes larger than necessary, most would testify they love their abundance of space.  However, these same homeowners enjoying their spacious digs are also quick to complain the extra room minimizes social interaction amongst family members.  A home of just the right size forces family members to cross paths and communicate at a fairly high frequency.

 

 

How to Choose the Perfect Size: Count the Bedrooms

Those in the housing industry swear by the mantra of “location, location, location.”  However, location is only one piece to the real estate puzzle.  Home size is just as important as its position on the map.  In general, there should be enough dining room and living room space to accommodate two times as many people as there are bedrooms in the home.  The bedroom count really is the main determinant of total square footage.  If possible, allot some space for family members and guests to interact away from the living room and kitchen to make the house feel like a true home.  A home with such “away” spaces for people to congregate in small groups makes the property that much more enjoyable for everyone.

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How To Organize A Storage Unit In 6 Steps When You’re Between Homes

The exciting news is that you’re moving! The not so exciting part is what to do with your stuff while you’re between moves. Finding the right place to store your personal belongings can be nerve-wracking when you don’t know where to go or what to do next. Thankfully you have us and the internet that has your back. Let’s go through it so that you’re ready once it’s time to move your things.

 

 

1. Find The Right Storage Facility 

Start with finding out how much stuff you need to store. If you’re in an apartment, then the space you’ll need is much less than that of a house and so forth. If you’re moving out of an apartment, then an area around the size of 10×10 or 10×15 should do the trick. For a home that has multiple floors, you may need 10×25, or 10×30. Primarily evaluate your things and determine yourself how much space you will need. 

 

After that, you will then find a location that works best for you. Renting a Uhaul isn’t that much if you aren’t going that far so make sure you choose a position closest to where you will be living. This will save you time, money, and prevent headaches.

 

 

2. Consider The Type Of Storage You Need

Depending on what you’re storing you may need different amenities for your storage center. Things like electronics, artwork and wood furniture may need to be stored in a separate area that has climate control so that heat doesn’t affect them. 

 

 

3. Clean Your Unit

Cleaning a dirty unit may seem annoying, but it can avoid cleaning a lot later. At this time you can also examine your unit to see if any areas may cause potential ripping or otherwise damage your furniture. Also, be sure to clean the items you’re storing before you put them inside. 

 

4. Make a Lists 

Making a list of what items are going into storage can save you a lot of pain when you’re unpacking. If you know an item you’re looking for is in storage, then you’ll know what boxes to look through to find it. It’s also good just in case anything does get lost or forgotten on the move.

 

 

5. Play Tetris With Your Furniture

Plan ahead. You’re not going to be storing these items for a long time so be sure it’s easy to pull them out when you need to. Organize your storage in a fashion that has a method. Organizing well also protects your items in a move and prevents any damages.

 

 

6. Protect Your Belongings

If you need to cover any items you own then make sure to do so before storing them. Ask your facility if they have any padded blankets you can use to cover delicate or personal furniture. You also don’t want any tears in your couch or mattress, now that’d be a headache. 

 

In the end, you can’t prepare for everything and surrendering to the fact that the unknown is possible is the best planning you can do. Just know soon you’ll be moving into the new beautiful location that you can call home.

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What Is Escrow and How Does It Affect Me Buying a Home?

Buying a home comes with a lot of confusing steps that often intimidate new buyers. If this is your first time going through the home buying process, you might be concerned about escrow. The good news is that this is the home stretch of the process, and your home is closer than you think. 

 

It feels like forever when you’re waiting for the keys to your new property, but the time will fly faster than you think. This article will define the escrow process so you know what to expect when buying a home. 

 

 

What is Escrow?

In the world of home buying, escrow is the holding area where the money and contracts are secured until your home is closed. Before the title to your home is physically in your hands, it’s kept with an escrow officer. This officer is a third-party, and they’re usually from the closing company or title company (some states require this to be an attorney). 

You’re probably asking why a third-party needs to be involved at all in your home buying process. Simply, it’s for the protection of the buyer and the seller. They make sure everything goes smoothly during the closing process. They protect things like your money and your contracts until it’s time to finish the process completely. 

 

All of your documents will be filed with the escrow officer while you handle your closing. This might include things like home inspections or repairs that need to be done by either party. Finally, when all the conditions for selling are met, the money is transferred to the seller while the records or title is given to the buyer. 

 

 

Why Escrow Protects Buyers and Sellers

While it might sound like a pain when you’re in the moment, escrow actually servers both the buyer and seller in a big way. The buyer benefits from the escrow by being able to make sure contingencies are met before their money is transferred to the seller. For instance, if the seller agreed to fix a problem with the plumbing, escrow will ensure these funds aren’t transferred until those repairs are complete. 

 

It’s not just the buyer that benefits from the escrow process. Sellers also have the added peace of mind of knowing there’s a security deposit in case the buyer backs out at the last minute. This can be anywhere from 1-2% of the cost of the home which is held in escrow. If the buyer backs out without any real reason, this deposit is then given to the seller for the failure of the sale. 

 

Think of the escrow process as a way to make sure the home sale is done correctly and with consideration for both parties. It also includes a third party who is able to check all documents, contracts and funds are secure and dealt with properly the first time. 

 

Yes, it’s frustrating as both the buyer and the seller to wait for the completion of the escrow process. It’s time-consuming and costly, but it’s also a necessary part of buying a home. It’s there for the protection of both the current homeowner and the new one. It doesn’t affect your home buying process in any way except by making it more secure and reliable for everyone involved. 

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What Are The Best Home Security Systems?

There is nothing more important than the security and well-being of you and your loved ones.  You need a home security system to protect your family and everything you value.  However, no two home security systems are the same.  Let’s take a look at some of the best options that will keep you protected. 

 

 

1. ADT Pulse 

ADT is one of the home security industry’s top names for good reason.  ADT boasts more monitoring centers than any other home security provider.  Opt for ADT Pulse and you will enjoy an array of smart home integrations.  You can choose your own equipment, sit back and rest easy knowing the vast network of ADT monitoring centers will keep your property secure.  If smart home integrations are your thing, you will find ADT’s Pulse plans are perfect.  These plans seamlessly blend smart home integrations to make your living space as efficient as possible.

 

 

2. SimpliSafe

SimpliSafe is easy in all regards.  This home security system won’t strain your budget, is simple to install and can be ordered with ease over the web.  Though SimpliSafe requires a DIY (do it yourself) installation, it is affordable and effective.  Some SimpliSafe users pay as little as $14.99 per month for professional monitoring.

 

 

3. Vivint Smarthome 

Have Vivint installed at your home and you will enjoy a combination of top-notch security with the efficiency of smart home device integration.  Vivint provides easy mobile control, reliable equipment and connectivity with just about every smart home device.  If you are willing to pay a premium for this high-end equipment, you will enjoy the protection of a world class alarm system for years or even decades to come.  The icing on the cake is Vivint allows you to automate just about everything from the garage door to the lights, heating/cooling systems and beyond.

 

 

4. Nest Secure

Nest Secure is favored beyond those who own the uber-popular Nest Cams.  This security system is innovative, user-friendly and highly effective.  There is no need to bother remembering a key code; rather Nest Secure relies on motion detectors with sensors along the windows and doors for multi-device operationality. Furthermore, those who already have a Nest product in the home such as a smart thermostat or a nest camera will find Nest Secure fits in seamlessly. 

 

 

5. Protect America 

Are you on the prowl for home security equipment with a lifetime guarantee?  Protect America is the answer.  This home security system is fairly basic yet it is easy to install and runs as low as $19.99 each month for landline plans.  Those who do not mind an affordable bare bones style setup will appreciate the simplicity of Protect America.  More importantly, this home security system actually works even though it is reasonably priced.  You really can take a month or week-long vacation away from your home without worry, knowing Protect America will keep a watchful eye on your property.

 

 

6. Adobe

Those looking to monitor their own system without paying through the nose will find this system has its merits.  Adobe offers homeowners a true DIY (do it yourself) approach without the annoyance of a monthly fee.  Adobe combines home monitoring with smart home integration anyone can master.  Opt for Adobe and you can monitor your property from any location with your smartphone.  The only downside to Adobe is the camera quality leaves a little bit to be desired.  Adobe also offer professional monitoring for a higher monthly fee. 

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How To Avoid The Most Common Insurance Claims In The Winter

During the most intense winter the United States has had in a long time it’s important to make sure you avoid any severe damages to your home. You can be more prepared when you know the risks that can occur in the winter to your home. Some of these helpful reminders may seem obvious, but you’d be surprised how many people forget to check. Let’s see how many you may have overlooked.

 

 

Protect Your Pipes

A burst pipe can ruin your house, and it’s a simple thing to avoid. First make sure your pipes are insulated, even if you live in an area where freezing is rare. It doesn’t hurt and only protects you more. When you know, it’s going to drastically cold outside be sure to open the cabinets so that air can circulate there. Also, leaving the faucet dripping will dramatically reduce the chance of freezing. 

 

 

Be Aware of Scammers 

When you’re doing your online shopping make sure you’re buying through a secure channel. Always double checking whom you’re buying from can save you hundreds of dollars and a major headache. When you find yourself out of the house be sure to keep your wallet and personal belongings close and not out in the open or left in your car. 

 

 

Test Your Alarms

If it’s been a while since you last tested your alarms be sure to do so. It may be annoying, but it doesn’t take long and can literally save your life. Check the fire alarm by pushing test and replace your carbon monoxide’s battery. Don’t forget to test your door alarm if you have one; the security company won’t mind. 

 

 

Check The Fireplace

Make sure that you have nothing flammable too close to the fireplace. If you aren’t sure how close is too close, then touch it and if it’s hot then move it. Don’t forget to have your fireplace cleaned out or inspected if it uses gas. 

 

 

Decorate Properly

When you’re hanging up lights and other outdoor decorations be sure to use proper extension cables and power strips. Setting these up improperly is a significant fire hazard and is easily avoidable. When decorating the tree be sure not to use items that are easily flammable and take extra care to make sure the tree is far away from the fireplace. 

 

 

Clean Your Dryer Vents

Dryer related fires happen more often in the winter due to poor circulation and drying of thicker clothes. To avoid this disaster start cleaning the lint screen after each load and make sure snow isn’t blocking the dryer vent outside. 

 

 

Don’t Give Kids Matches

Seems obvious, and I’m sure you won’t intentionally give out matches or lighters to children. However, children are inquisitive creatures, and if you happen to leave them out, they might want to play with them. Every time you use your lighters put them right back where you got them in a secure area. 

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