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If you're like most first-time home buyers, you've probably listened to friends', family's and coworkers' advice, many of whom are encouraging you to buy a home. However, you may still wonder if buying a home is the right thing to do. Relax. Having reservations is normal. The more you know about why you should buy a home, the less scary the entire process will appear to you. Here are some reasons you should consider buying a home sooner than later.
Favorable Interest Rates
One of the greatest and most obvious reasons to consider buying a home is the interest rates. Interest rates today, are some of the lowest rates that we have seen in years. It is possible that they will go even lower. You may think that getting a home loan in order to take advantage of these rates is impossible. Although credit standards and loan approval may be higher than before, obtaining a loan is well within the reach of homebuyers with a good credit rating and a steady income that can support the monthly mortgage payments.
Tax Benefits
The second best reason to buy a home is the tax savings. For most workers buying a home may not only allow them to deduct the mortgage interests, it also gives them the ability to itemize their deductions, which they may not have been able to do previously. Once you have lived in your home for two years, you are able to exclude an amount of profit from your capital gains. In addition, you are able to take advantage of this exclusion every two years, even if you decided to sell the home after you have lived there for at least two years.
Appreciation
Unlike cars, houses appreciate over time. Therefore, your house will more than likely be worth more in a few years than you paid for it. Some people take full advantage of the appreciation factor and sell their homes for a profit.
Plenty to Choose From
However, another great reason to buy a house now is the selection. Unfortunately, due to rising foreclosure, there are numerous houses on the market in every state. Regardless of your tastes or preferences, you should be able to find just what you are looking for.
Acquire Equity
Houses are also good sources for future credit and or financing. Homeowners are able to turn the equity that they have in their home into a loan or line of credit through refinancing. This benefit has proven to be important, in a down economy or in situations where medical bills are unmanageable, home repairs or improvements are needed, or kids need funds for college.
Personal Reasons
However, it may be a larger factor for some more than others there are personal and family related reasons for buying a home. The family reasons are usually the most obvious and typically include the need for additional space due to a growing family or relocation for a job or business opportunity. Yet, personal reasons are not always considered. For many, the desire to be able to customize a living space without asking for permission is strong and often a great motivator for young adults to buy their first home. Others grow tired of the noise, neighbors, and cramped quarters of apartments and/or dorm life.
Owning your Home
One of the more traditional reasons for buying a home is that you are purchasing property that you can actually own rather than paying for the use of someone else's property. As we start to get older, the desire to have a place to settle down and retire in becomes more pressing. If you buy a home, you own property that you can not only retire into; but also, pass on to your children.
Asset Ownership
The idea of owning property that can be passed down is the reason many people work and save, which leads us to the next reason to buy a home. There is a pride and peace of mind that comes with owning a house. This is the ability to see why you go to work day in and day out, work two or jobs, or work two or more shifts. This sense of accomplishment cannot be duplicated when renting.
Becoming Part of a Community
If you are searching for a strong sense of community, than you need to consider buying a home. When you own a home in a good neighborhood, you take the time to meet and get to know your neighbors. In addition, you are more likely to become involved in neighborhood activities and community programs.
Flexibility
If you have entertained the idea of starting your own home based business, you may find that it is much easier to convert an extra room in your home into a home office than it is in a rental or apartment setting. You may be able to have a designated entrance for clients, as well as space for a small waiting area. However, depending on the type of business you are considering more elaborate modifications may be required. For example, you may need to bring a restroom up to ADA standard or install an additional sink.
Showing posts with label new homes. Show all posts
Showing posts with label new homes. Show all posts
Tuesday, July 20, 2010
Wednesday, May 12, 2010
Buy a Home around Fort Benning!!!
According the the Fort Benning Housing website:
Purchase a Home
Financial Freedom comes from having cash flow to do what you want, when you want. Owning a home is one of the surest ways to build wealth. You may want to consider using your BAH to invest in yourself through home-ownership. Both officers and enlisted personnel have used this approach to reduce their tax burden, provide a house for their family, increase their net worth and choose where they would like to live rather than being told "where to live".
A good place to start is by looking at our local realtor's website www.gohomesearching.com where you can get a ton of helpful information and browse both new home subdivisions and resales in the Fort Benning area. Also check out www.jefflindseycommunities.com for more information about a popular local builder.
As always, Happy House Hunting!
~Blalock & Associates
www.gohomesearching.com
Purchase a Home
Financial Freedom comes from having cash flow to do what you want, when you want. Owning a home is one of the surest ways to build wealth. You may want to consider using your BAH to invest in yourself through home-ownership. Both officers and enlisted personnel have used this approach to reduce their tax burden, provide a house for their family, increase their net worth and choose where they would like to live rather than being told "where to live".
A good place to start is by looking at our local realtor's website www.gohomesearching.com where you can get a ton of helpful information and browse both new home subdivisions and resales in the Fort Benning area. Also check out www.jefflindseycommunities.com for more information about a popular local builder.
As always, Happy House Hunting!
~Blalock & Associates
www.gohomesearching.com
Top 7 Tips for Buying New Construction Homes
Top 7 Tips for Buying New Construction Homes
By Eric Bramlett
New home communities are more popular than ever! With good reason – new home builders are using popular, open floor-plans, including appliances, sod, and blinds, and helping make it easier than ever to get into a new home with little or no money. New home transactions typically seem a lot easier, as well. If a buyer chose to, they could get through a new home transaction without contacting anyone except the on-site sales agent! However, this would open you up to HUGE losses. Take these simple steps to protect yourself in a new home transaction, and to ensure that yours is a success.
Use a Realtor Who Has New Home Sales Experience
Many people think that they can save money by not using, or don’t need the services of a Realtor when buying a new construction home. This couldn’t be further from the truth! New homebuilders typically try to monopolize a transaction – they only give you their attractive incentive packages if you agree, in writing, to use their lender, their title company, and sometimes even their insurance company! A Realtor will walk you through the transaction and will make sure that you’re protected every step of the way. If you’ve agreed to use the builder’s lender, your Realtor will make sure that you get a fair interest rate & fair closing costs. Your Realtor will know what the industry standards are, and will make sure that the builder doesn’t try and stretch beyond these. And best of all, a Realtor with a lot of new home transactions under their belt will have established relationships with your homebuilder. Because of this, the homebuilder will be on their “best behavior.” The homebuilder doesn’t want to run the risk of getting a bad reputation in the Realtor community, who can potentially bring the builder lots of homebuyers in the future. It really just comes down to the trust level you do or don't build with the realtor's in the subdivisions.
Don’t Sign ANYTHING Until You’ve Worked Out Every Detail of the Sale
Buying a home can be very emotional – and it should be. You’re not simply picking out a house; you’re picking out where you’ll spend the holidays next year, where your parents will come visit you, and where you might raise your children. However, the on-site sales agent will try and play on this emotion and get you to “write up the contract so that no one else can get your house.” That’s just fine, as long as you understand what you’re signing, and everything is okay with you. Just remember – no matter what is said, everything will be done as it is outlined in the contract.
GET A HOME INSPECTION!!!
Most people who buy new construction homes don’t bother to get a home inspection. Most new homes come with a one year “bumper to bumper” warranty that includes everything, and many homebuyers feel that they can find out if there are any construction flaws during those 12 months. The problem with this mindset is that many problems won’t surface until well after the 12 months. Remember, your home was built by humans, and humans make mistakes. And, no matter how much experience and reputation a builder brings to the table, it’s still next to impossible for that builder to double check every part of the job their subcontractors have completed. A licensed inspector will go through a very thorough checklist to make sure that everything has been accounted for. At the very least, get an inspection so that you can sleep soundly at night, knowing that an independent third party has given your new home their stamp of approval.
(Preferred Lenders
A lot of builders offer incentives for using preferred lenders. Make sure you check into the details of what it will cost YOU to use that lender, and weigh out your options of benefit versus cost. As always... do your research!)
Research the Builder
Most builders are “good” builders. They take simple steps to protect their neighborhoods. Research your builder, or ask your Realtor if your builder takes these simple steps to make sure that your neighborhood won’t instantly go down in value:
1) Limit the # of investor purchases – this makes sure that the neighborhood doesn’t turn into a “rental” neighborhood & allows the “pride of ownership” to shine through.
2) Continues to build equal or greater value homes in the same and surrounding neighborhoods. Builders who avoid doing this create a “vacuum” in home prices and instantly devalue new home purchases.
Choose Your Appraiser
You’re going to pay for an appraisal one way or another! The lender will require that you have an appraisal in order to loan you the money for the home! Additionally, most appraisers charge about the same of money for the service – so why not choose your appraiser? Ask around until you’ve been referred to a good appraiser and request that they perform the service. Ask for a copy of it and read it! Call your appraiser if you have any questions. This will give you an in-depth knowledge of the market area – and it’s something you would pay for, regardless!
Research City Plans
New neighborhoods are typically on the outskirts of town – the land is readily available and less expensive, which means that you can buy a bigger house for the same amount of money. In these outskirt communities, it’s very important to know what the city has in store in the way of roads, zoning, public transportation, parks, and schools. These factors will dictate whether your new neighborhood will become the next “big thing,” or the next “cheap thing.” If you’ve decided to use a reputable Realtor, your job will be easy! Simply ask your Realtor and he/she will be able to provide you with lots of information about city plans that have been approved, and city plans that are still being talked about.
Happy House Hunting!
~Blalock & Associates
www.gohomesearching.com
By Eric Bramlett
New home communities are more popular than ever! With good reason – new home builders are using popular, open floor-plans, including appliances, sod, and blinds, and helping make it easier than ever to get into a new home with little or no money. New home transactions typically seem a lot easier, as well. If a buyer chose to, they could get through a new home transaction without contacting anyone except the on-site sales agent! However, this would open you up to HUGE losses. Take these simple steps to protect yourself in a new home transaction, and to ensure that yours is a success.
Use a Realtor Who Has New Home Sales Experience
Many people think that they can save money by not using, or don’t need the services of a Realtor when buying a new construction home. This couldn’t be further from the truth! New homebuilders typically try to monopolize a transaction – they only give you their attractive incentive packages if you agree, in writing, to use their lender, their title company, and sometimes even their insurance company! A Realtor will walk you through the transaction and will make sure that you’re protected every step of the way. If you’ve agreed to use the builder’s lender, your Realtor will make sure that you get a fair interest rate & fair closing costs. Your Realtor will know what the industry standards are, and will make sure that the builder doesn’t try and stretch beyond these. And best of all, a Realtor with a lot of new home transactions under their belt will have established relationships with your homebuilder. Because of this, the homebuilder will be on their “best behavior.” The homebuilder doesn’t want to run the risk of getting a bad reputation in the Realtor community, who can potentially bring the builder lots of homebuyers in the future. It really just comes down to the trust level you do or don't build with the realtor's in the subdivisions.
Don’t Sign ANYTHING Until You’ve Worked Out Every Detail of the Sale
Buying a home can be very emotional – and it should be. You’re not simply picking out a house; you’re picking out where you’ll spend the holidays next year, where your parents will come visit you, and where you might raise your children. However, the on-site sales agent will try and play on this emotion and get you to “write up the contract so that no one else can get your house.” That’s just fine, as long as you understand what you’re signing, and everything is okay with you. Just remember – no matter what is said, everything will be done as it is outlined in the contract.
GET A HOME INSPECTION!!!
Most people who buy new construction homes don’t bother to get a home inspection. Most new homes come with a one year “bumper to bumper” warranty that includes everything, and many homebuyers feel that they can find out if there are any construction flaws during those 12 months. The problem with this mindset is that many problems won’t surface until well after the 12 months. Remember, your home was built by humans, and humans make mistakes. And, no matter how much experience and reputation a builder brings to the table, it’s still next to impossible for that builder to double check every part of the job their subcontractors have completed. A licensed inspector will go through a very thorough checklist to make sure that everything has been accounted for. At the very least, get an inspection so that you can sleep soundly at night, knowing that an independent third party has given your new home their stamp of approval.
(Preferred Lenders
A lot of builders offer incentives for using preferred lenders. Make sure you check into the details of what it will cost YOU to use that lender, and weigh out your options of benefit versus cost. As always... do your research!)
Research the Builder
Most builders are “good” builders. They take simple steps to protect their neighborhoods. Research your builder, or ask your Realtor if your builder takes these simple steps to make sure that your neighborhood won’t instantly go down in value:
1) Limit the # of investor purchases – this makes sure that the neighborhood doesn’t turn into a “rental” neighborhood & allows the “pride of ownership” to shine through.
2) Continues to build equal or greater value homes in the same and surrounding neighborhoods. Builders who avoid doing this create a “vacuum” in home prices and instantly devalue new home purchases.
Choose Your Appraiser
You’re going to pay for an appraisal one way or another! The lender will require that you have an appraisal in order to loan you the money for the home! Additionally, most appraisers charge about the same of money for the service – so why not choose your appraiser? Ask around until you’ve been referred to a good appraiser and request that they perform the service. Ask for a copy of it and read it! Call your appraiser if you have any questions. This will give you an in-depth knowledge of the market area – and it’s something you would pay for, regardless!
Research City Plans
New neighborhoods are typically on the outskirts of town – the land is readily available and less expensive, which means that you can buy a bigger house for the same amount of money. In these outskirt communities, it’s very important to know what the city has in store in the way of roads, zoning, public transportation, parks, and schools. These factors will dictate whether your new neighborhood will become the next “big thing,” or the next “cheap thing.” If you’ve decided to use a reputable Realtor, your job will be easy! Simply ask your Realtor and he/she will be able to provide you with lots of information about city plans that have been approved, and city plans that are still being talked about.
Happy House Hunting!
~Blalock & Associates
www.gohomesearching.com
Thursday, April 1, 2010
Things to Think About When Choosing a Floor Plan
So you've found the neighborhood you've been searching for. Now What?
The next and perhaps most important step in the new home buying process is
Choosing a Floor Plan.
Here are some things to consider when picking your plan:
- Layout vs. Square Feet- Choosing a layout that fits your lifestyle is way more important than overall square footage. Most people like to compare numbers, so they like to see square footage side-by-side comparisons. Unfortunately, they may be making a mistake. Distribution of space can make a world of difference, and you may be able to get away with a smaller and more affordable plan, as long as those square feet are used where you need them most. Why pay for space you don't need?
- Lot Size vs. House Foot Print- In general, if you are looking at two plans with identical square footage, but one is 1-story and the other 2-story, the 1-story home will take up more space on your lot, leaving you with less yard. So if a larger yard is more important, you may want to go with the 2-story in that scenario. Also think about where the house will be placed on the lot, since that determines how large your front and back yards become.
- More Bedrooms vs. More Entertaining Space- If you know you are stuck in a certain size range due to lot size or financial restrictions, you may be forced to choose between priorities. A tip- Always remember that a spare bedroom can be used for many purposes- game room, office, hobby room, etc. For example, many new homes are offering spare bedrooms above garages that are advertised as bedrooms, but it may be the perfect spot to close-off noisy game room fun!
For great floor plans in the Georgia and Alabama areas, check out these great sites:
www.jefflindseycommunities.com
We hope this will help you in the process of buying your new home!
Happy House Hunting!
~Blalock & Associates
Monday, March 22, 2010
GREEN HOME: Fiber Cement vs. Vinyl Siding
When building your new home, or remodeling one you currently own, it may come up that you must decide between materials to use on the exterior of your home. Siding is a cheaper alternative than a brick or stone facade, so then you are left with a few option- wood, vinyl, or fiber cement.
Wood is often the most expensive option, and is susceptible to termite damage, rot, and warping due to changes in humidity throughout the year.
This site, Green Home Guide, gives a great breakdown of environmental and human impacts of both vinyl and fiber cement siding. A key point helpful to homeowners is from the "Occupant Health" section is:
Fiber-cement siding- " Fiber-cement siding is non-combustible. It is inert and will not emit fine dust or volatile organic compounds after installation."
Vinyl siding- "House fires are an acute concern, as the burning of PVC produces both dioxin and polychlorinated biphenyls, creating significant health risks. When vinyl siding becomes brittle with age, it releases chemicals into the air, including dioxin and fomaldehyde."
Now you know :)
Wood is often the most expensive option, and is susceptible to termite damage, rot, and warping due to changes in humidity throughout the year.
This site, Green Home Guide, gives a great breakdown of environmental and human impacts of both vinyl and fiber cement siding. A key point helpful to homeowners is from the "Occupant Health" section is:
Fiber-cement siding- " Fiber-cement siding is non-combustible. It is inert and will not emit fine dust or volatile organic compounds after installation."
Vinyl siding- "House fires are an acute concern, as the burning of PVC produces both dioxin and polychlorinated biphenyls, creating significant health risks. When vinyl siding becomes brittle with age, it releases chemicals into the air, including dioxin and fomaldehyde."
Now you know :)
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