Better Homes and Gardens Real Estate Life

Category: Buying and Selling

  • Focus the Hunt

    Finding the right place is the most difficult step in the home buying process. Keep these things in mind to help hone your search.

    NEW (NOT FOREVER) HOME

    First-time buyers might want to look for a starter home (length of stay: three to five years) instead of their dream home, so they can save money and build equity.

    SQUARE FOOTAGE (NOT ROOM COUNT)

    In the past, counting bedrooms and bathrooms would help you get a sense of how big a home is. But today’s construction methods and fix-and-flips allow builders and remodelers to be creative with tight spaces. “Think about how spacious you want your home to feel,” says Joseph Magsaysay of Better Homes and Gardens Real Estate Preferred Properties in St. Louis. “Usable square footage is a better indicator of roominess and comfort level than bedroom and bath counts alone.”

    LOCATION (SHORT AND LONG TERM)

    If you plan to stay in your home for longer than five years, think beyond nearby coffee shops and proximity to work. Also look at long-term needs like schools and hospitals that become more important as you age.

    SOURCE: BETTER HOMES & GARDENS® MAY 2022 ISSUE

  • Let’s Talk Money

    Best Mortgage Practices

    Before you start comparing houses, find a lender who can work with your financial situation and offer the most mortgage options. Five things to keep in mind:

    PREQUALIFIED VS. PREAPPROVED
    Mortgage prequalification gives buyers a sense of how much home they can afford. Preapproval requires documentation of the buyers’ financial stability and credit history. Being preapproved lets sellers know you’re serious and ready to buy.

    COMPARE AND SAVE
    Many assume their local bank will deliver the best mortgage rates and terms. But online banks can also have competitive rates. Websites like bankrate.com and nerdwallet.com use your ZIP code, credit score, and other loan factors to see a list of competitive and licensed lenders.

    MORTGAGES ARE NOT ONE-SIZE-FITS-ALL
    Ask your lender to explain the different mortgage options—such as fixed rate and adjustable rate—and help you determine the best financial fit.

    NO-MORTGAGE OPTIONS
    In 2021, 30 percent of home purchases were all cash buys. Some buyers are independently wealthy or investors. Others stockpile savings for years, choose to take out loans against retirement funds, or cash out stock options.

    MORTGAGE SAVINGS
    It can feel like a mortgage goes on forever. The simple step of making two extra payments a year—by paying half the monthly payment every two weeks instead—can shave years off your mortgage and save you thousands of dollars in interest over the lifetime of the loan. Check with your lender first to make sure it’s a viable option for you.

    Ways to Save on Home Insurance

    These tips can save money for first-time buyers and current homeowners.

    SHOP AROUND
    Like mortgages, it saves to shop around. Check out sites like hippo.com and policygenius.com to find the best coverage for the lowest cost in your area.

    BUNDLE UP
    Insurance companies offer discounts when you combine services. Auto and homeowners insurance are likely pairings, but recreational vehicles (ATVs and boats) and life insurance can also be combined.

    ADD SAFETY AND SECURITY FEATURES
    Putting in an alarm system, security cameras or installing an overhead sprinkler system, rather than just a smoke detector, may get you better rates.

    GET THE COVERAGE YOU ACTUALLY NEED
    Tragic stories exist of people being underinsured, but many people are overinsured and don’t realize it. Did you opt for a fine jewelry rider, forgetting that you have since gifted the family heirlooms? Did you mistakenly add earthquake insurance, although there hasn’t been one in your area in known history? The insurance you purchase needs to mesh with the reality of your risks and estimated losses. Look up weather risks, appraise any jewelry and art, and consider whether it is worthwhile to opt in or out of riders and additional coverage.

     

    Other Costs to Note

    EARNEST MONEY
    Also known as good faith money or deposit. It’s a portion of the down payment buyers include with their purchase offer.

    HOME INSPECTION
    A report conducted by a licensed inspector that gives buyers a better understanding of the condition of the home and what should be fixed.

    CLOSING COSTS
    Fees and processing expenses for obtaining a loan, usually around 3–5 percent of the home purchase price.

    MONTHLY FEES
    Property taxes, association dues, and utilities (could include garbage removal).

     

    The Key to Success in a Competitive Market
    “Home buyers should be preapproved and flexible on closing and possession dates.”
    —Katie Butler of Better Homes and Gardens Real Estate Reliance Partners in Sacramento, Yolo, and Placer counties

     

    CAUTION: DON’T WAIVE CONTINGENCIES
    Last year, some people felt compelled to waive contingencies (for financing, inspections, appraisals, and more) to make their offer look more desirable to a seller. Contingencies are safeguards for the buyer, so waiving them absolves the agent and seller from any responsibility.

     

    SOURCE: BETTER HOMES & GARDENS® MAY 2022 ISSUE

  • Checklists for Buying and Selling a Home

    Moving into or out of a home can be chaotic. Make sure these tasks are on your “don‘t-forget“ list.

    Before You Move In

    Line up insurance
    Lock in your insurance provider and plan so you’ll have coverage the day you officially take ownership.

    Contact utilities
    Have electric, gas, water, and internet services placed in your name and new address.

    Forward mail
    Stop by the post office to forward your mail to your new address or do it online at USPS.com (it ’s free). It’s best to allow two weeks’ notice.

    Arrange moving help
    Hire a moving company, rent a truck, or gather boxes for a moving party with friends (free pizza and beer always help). Keep in mind rental vans and trucks are busiest on the first and last of the month when most leases and rental periods end.

    Meet the neighbors
    Introduce yourself and give neighbors your number before you move in—in case they have questions about people coming and going. The Nextdoor app lets you connect with neighbors and find lost pets.

    Before You Sell

    Toss and donate
    If you haven’t used it in a year, it’s not worth packing up and moving to a new place or paying for storage. Websites like caringtransitions.com help older adults and their families with downsizing, estate sales, online auctions, and relocating.

    Think like a buyer
    Real estate agents agree: It ’s all about making rooms look larger and livable. “Less is more,” says Scott Vaillancourt of Better Homes and Gardens Real Estate The Masiello Group in Bedford, NH. “Try to depersonalize and declutter so that prospective buyers can envision their families moving in.”

    Do an inspection
    Have a friend walk through your home with fresh eyes and give honest advice for fix-ups. Another option: Pay for your own home inspection (around $400) and get a heads-up on the repairs potential buyers may ask to have done.

    Not sure about selling? Consider renting your home
    Keeping your home as a rental (short- or long-term) might be a good option if you don’t need to sell it to buy another. Ask your real estate agent if it makes sense in your area.

     

    SOURCE: BETTER HOMES & GARDENS® MAY 2022 ISSUE

  • 12 Things to Know About Real Estate Agents

    Working with a licensed pro to compare homes, negotiate an offer, and navigate myriad specifics and paperwork will save you time and ease your mind. Consider these points.

    1 The best source for finding one? Friends who just bought or sold a house.

    2 Who’s a REALTOR®? A real estate pro who is a member of the National Association of Realtors and commits to the organization’s code of ethics

    3 Your agent can recommend other team members, such as the lender, inspector, and title company.

    4 They’re trained to compare homes, communicate promptly, and keep up with financing options.

    5 Your agent can handle the arrangements if you find a “for sale by owner” home.

    6 Agents have access to a proprietary database of homes for sale known as a multiple listing service (MLS).

    7 Agents know the pros and cons of your neighborhood

    8 Moving out of town? A real estate agent where you live now can connect you with an agent in your new city.

    9 You might be able to hire your agent as a property manager if you choose to rent rather than sell your house.

    10 Bonus: your agent might also be a notary—handy for future business paperwork.

    11They can recommend contractors and other home improvement pros.

    12 The agent you choose looks out for your best interests.

     

    SOURCE: BETTER HOMES & GARDENS® MAY 2022 ISSUE

  • How the Fair Housing Act Helps Build Diverse Communities

    Diversity and inclusion are crucial to success at work and in life. Whether you’re ready to buy, sell, or rent a home, the Fair Housing Act prevents discrimination in the housing process. Discover how this critical Act protects classes of people and helps build diverse communities where people enjoy the best quality of life.

    What is the Fair Housing Act?

    The Fair Housing Act of 1968 was a follow-up to the Civil Rights Act of 1964. The Fair Housing Act expanded on previous acts to prevent discrimination when people are renting, selling, financing, looking for housing assistance, or participating in housing-related activities. Additional protections exist for people applying for federally-assisted housing. 

    The Act defines federally protected classes to ensure inclusivity and diversity. As a result, nobody can be prohibited from seeking and securing housing in their preferred neighborhood. Additionally, financiers cannot deny funding to people to attempt to keep them out of specific housing.

    Who is Protected Under the Fair Housing Act?

    Diversity starts with neighborhoods that understand who is protected under the Fair Housing Act. The seven protected classes include:

    • Color
    • Race
    • National origin
    • Disability, mental and physical, and housing providers must make reasonable accommodations
    • Religious beliefs
    • Sexuality, including sexual orientation and gender identity
    • Familial status

    The Fair Housing Act applies to most housing. However, limited circumstances may exempt certain owner-occupied buildings with four units or less, single-family homes rented or sold by owners without real estate agents, and housing operated by organizations that limit residency to members.

    What is Housing Discrimination?

    First and foremost, it is illegal to discriminate against any protected classes. But what does that mean when you’re looking for housing or selling a home? Housing providers can’t refuse to rent, sell, negotiate, or make housing available because someone is one of the protected classes. Also, they can’t falsely claim housing is unavailable or express limiting preferences, differing terms, or varying fees.

    Additionally, residents can’t be evicted, harassed, discouraged, or limited because of their personal status. Agents and housing providers must never blockbuster candidates trying to persuade them to move into specific neighborhoods. Plus, all housing candidates must have equal access to financing and home insurance at the same terms.

    Why is Diversity Important?

    Diversity refers to different forms of the housing accommodating all types of people. Mixed housing and populations offer the flexibility to respond to the evolving needs of communities. As a result, homes are available to people of all incomes, ages, and backgrounds through economic and social changes. 

    Besides making housing available to everyone, diversity provides resilience. Biodiversity in our natural environment creates habitats for all living species. Likewise, diversity in communities supports a healthy and happy lifestyle for all people, creating enduring neighborhoods that remain resilient through inevitable changes, such as population growth.

    What are the Benefits of Diverse Communities?

    Diverse neighborhoods offer many benefits to residents. Living in a robust community offers resilience during national and global changes. Additionally, diversity and inclusion are crucial in the workplace and life. Interaction between people encourages open-mindedness in all diverse settings.

    Creating an equal environment also helps prevent future discrimination. When people live where they choose, everyone is happier. Also, diverse communities offer many opportunities to learn about other cultures through everything from community events to dining out at local restaurants. 

    What Can I Do If I Face Housing Discrimination?

    If you feel you faced housing discrimination, document and report the happenings. Agencies to contact about discriminatory acts in the housing process include the United States Department of Housing and Urban Development (HUD) and the National Fair Housing Alliance (NFHA). 

    Never hesitate to contact the authorities to report discrimination. Remember, it is illegal for housing providers to retaliate or threaten anyone for making a complaint per the Fair Housing Act. Plus, every report supports the development of diverse and inclusive communities that best serve the public’s needs.

    If you are ready to buy, sell, or rent in the current housing market, the Fair Housing Act protects you against discriminatory behavior and actions. When you recognize discrimination, you have to power to end it. The result is diverse communities that respond to the constantly changing needs of their residents – making everyone happier and healthier today and in the future.

  • How to Flip Houses as a Side Hustle

    It’s hard to miss the cultural movement of home improvement that has swept the nation in the last decade or so. Countless television shows teach beginners how to DIY everything from bathroom cabinets to renovated basements, and the hosts of such programs have become household names. Learning how to flip houses for beginners is a bit more complicated than you might expect, however.

    Still, now is a great time to learn. Thanks in part to stay-at-home orders and the increasing popularity of telecommuting, there’s never been a better opportunity to put your thinking cap on and acquire skills that can help you invest in properties to flip. Equal parts challenging and rewarding, flipping homes as a side hustle can be a lucrative pursuit. It also requires a great deal of effort and planning.

    Consider Your Location

    Where you live, or where you plan to purchase your first investment property, matters. Southern Living explains that some cities, like Tampa, Florida or Birmingham, Alabama, are good places to buy a home to flip. Coastal Living echoes this sentiment, saying that Tampa is the best city on the coast to flip a home. Consider cost of living, the activity in the housing market, and the purchase price of an investment property before you move forward. 

    Don’t be fooled by low property prices. Sometimes, houses are cheap, but you won’t have much luck reselling them once they’re fixed up. Generally speaking, a lower-priced home in a hot real estate market is a good investment opportunity. However, it pays to talk to local real estate agents and contracts for more information before taking the plunge. 

    Similarly, if you’re planning to buy a home in an area popular with seasonal vacationers, but without much local population presence, be prepared to rent the home for part of the year and either occupy it or find a property manager for the remainder of the year.

    Know What You Can Afford

    When you’re first getting started flipping homes, you should have a firm sense for what you can afford before you begin. If you already own a home of your own, don’t overextend yourself financially. Just because a bank is willing to extend your credit or open a second mortgage for you doesn’t mean you should sign on the dotted line if it won’t be sustainable. In many cases, a bank will prequalify you for a mortgage amount far higher than what you can comfortably afford, so proceed with caution.

    Additionally, renovation costs are a critical consideration before you buy a home. Have the home assessed, both traditionally and by a contractor you have vetted. Find out the value of the home, and then let your contractor tell you how much it would cost to get the work done that the home requires. Take this into consideration when making an offer on the home.

    For instance, if you can purchase a house for $150,000, but it will need $100,000 worth of renovations to be reasonably successful on the market, be sure the market in its area will bear a $250,000 home of its type. 

    Realistically, though, you’ll need to expect your renovation costs to far exceed whatever you’ve budgeted for, so add ample space in your budget. Unexpected costs are not just common—they’re essentially inevitable. In addition, you want to make a profit on the home. As such, your $150,000 fixer-upper might really need to sell for $300,000 to be worth your while. 

    Make it a Blank Slate

    When you’re flipping a home or buying a rental or investment property, you should keep in mind that you’re not the one who is going to live there. Part of the joy of house flipping is, of course, pouring your heart and soul into the design and the process as a whole. However, you should avoid major design trends or bold statements in your renovations that would turn off potential buyers.

    Trending ideas, like bold paint colors or a farmhouse kitchen, are certainly very popular. If they’re doing well in your market, it’s okay to consider them. However, once you are done with the renovation process and you’re ready to list the house on the market, or offer it up to renters, the usual rules of selling apply. 

    By allowing buyers or renters to imagine themselves in the space, you’re more likely to make a quick sale. This means clean, fresh looks without too many trending light fixtures or window treatments. Keep things basic and you’re more likely to enjoy a healthy return on your investment in less time.

  • How to Spruce Up Your Garden Before Selling

    One of the first things your real estate agent will discuss with you when giving you tips for selling your house is the importance of “curb appeal.” While that includes your front door, windows, exterior light fixtures, walkways, fencing, and your front deck or porch, it’s also all about your yard. 

    You may not be able to choose precisely when you put your house on the market. But as soon as you know you want to sell, you should start the outdoor work, preferably at least a month before you list the house and have an open house or book showings.

    Here are a few tips on things you’ll want to tackle to make sure your home has enough curb appeal to get people in to view its interior.

    Rent a Power Washer

    Great for cleaning vinyl or brick siding, gutters, and paved surfaces, a weekend with a power washer is a great way to start the exterior clean up your home will need before you list it. As you clean the walkways, make note of any cracked or broken paving stones, and replace them.

    Don’t forget to use the power washer on any birdbaths, water features, or small ponds you’ve created to wash away stains and lichens that may have started to sprout.

    As you make your way around your home, check your exterior light fixtures and clear out the bugs that have collected in them and replace any burnt out lights.

    Trim Shrubs and Trees

    Now is the time to tackle low-hanging or damaged branches and shrubs that have overgrown the space allotted to them. It won’t just make the place look better, it will invigorate your trees and shrubs and force new growth in the direction you want to encourage it. If you have large trees that are beginning to encroach on power lines, consider hiring an arborist to do this work for you.

    Invest in half a dozen paper yard waste bags and rake up any dead leaves and twigs. Most municipalities have yard waste collections or drop-off depots. Take advantage of them, and get rid of all your yard waste at once.

    Unless you have perennials already planted at the base of your trees, consider investing in some top quality mulch instead of planting annuals later on. Invest in a few extra bags so you can top up the mulch once your house is listed. Cocoa mulch, if you can find it, is the husks of cocoa beans. When it’s fresh and shortly after it rains, you get the bonus of the lovely scent of chocolate spreading throughout your yard.

    Remove Must-Have Perennials

    If you have cherished perennials with a lot of sentimental value (bleeding heart, cherished rose bushes, or lily of the valley from your great-grandmother’s home), it’s better to remove them before showing the house. If you don’t have another place to plant them immediately, just put them in pots and make sure the pots are listed as an exclusion when negotiating a sale. 

    Invest in Annuals and Hanging Pots

    Keeping a house immaculate while it’s listed for sale is enough work without constantly worrying about the exterior as well. This year, no matter what your usual garden plan is, invest in tons of long-blooming annuals and fill up all your garden beds with them. Spread mulch around them and you won’t have to weed.

    Petunias and pansies are particularly nice because they come in so many different colors and bloom all summer long. Chicken and eggs are a good investment too, as they’ll expand to fill the space available to them and grow densely enough so there won’t be any weeds creeping in amongst them.

    Depending on the timing, you can also invest in roll-out flower gardens, seeds embedded in biodegradable material. While germination should only take a week or two, most take five to six weeks for full bloom, so this solution might or might not work, depending on the season and how early you’re starting the garden spruce up before you plan to sell.

    Lush hanging pots of flowers or some attractive tall planters filled with a variety of flowers and decorative grasses are always a nice touch too, and they’ll keep the focus on your entryway.

    It goes without saying that you should ensure any patches of damaged lawn are reseeded as one of the first steps prior to selling. It will take a while for the grass to catch up to the rest of your lawn, but it will make a huge difference. A sad or patchy lawn plants a negative seed in potential buyers’ minds, making them wonder, “If they haven’t taken care of this, what else has been neglected?” 

    Try not to let that thought take hold. Your real estate agent may have other tips for selling your house that relate to the garden and exterior. Listen to them and do as much as you can. It will make a difference in the number and quality of offers you receive and the number of days your house is on the market.

  • Seven Reasons Getting Rid of Clutter Helps a House Sell Faster

    Whether you bought a starter home or what you hoped would be a forever home, circumstances change. One thing that doesn’t change though, is the inevitable expansion that occurs when you become a homeowner. As time goes on, you acquire tools that need to be used just once or twice a year, like step ladders and extension ladders, lawn mowers, edgers and leaf blowers. When it’s time to sell, you may find you’ve expanded just a bit too much. Getting rid of clutter is the first thing you need to do when you’re thinking of putting your home on the market, and sadly, unless you move frequently, there are very few people who don’t accumulate more than they should.

    Here are seven reasons you need to get rid of that clutter to ensure a quick home sale.

    Minimalistic spacious house interior with two floors
    Minimalistic spacious house interior with two floors

    1. It’s all about imagined lives

    Clutter makes it hard to think. You may not think of your collection of exotic masks from your foreign travels as clutter. But let’s face it, we don’t all like the same things, and if your home is bursting with small objects, buyers can’t imagine themselves in your space. You have to make room for them and their imagined lives in what might soon be their home rather than yours. Store the highly personal collections during the selling process so buyers can see the space as theirs, and they’ll be more likely to make an immediate offer.

    2. Help the potential buyer maintain focus

    Extra seating, family photos and bone china tea cup collections are all distractions. You don’t want potential buyers to become so intrigued (or puzzled) by the things you’ve collected—none of which they’ll be purchasing—that they don’t actually register the house itself. You want them to look at the space, appreciate its best features and become convinced of its potential for their family.

    Built in closet with warderobe in home interior
    Built in closet with warderobe in home interior

    3. Create the illusion of space to entice buyers

    By getting rid of extra seating, paring down the clothes in your closets and weeding out everything in the pantry that’s past its best-before date, you create the illusion of more space, which is always a good thing when trying to sell a home. After all, empty rooms always look bigger than rooms filled with furniture.

    Be strategic, though, and don’t leave yourself with nowhere to sit. Think of your home as wearing its Sunday best rather than sweats and a t-shirt, and if there’s a chair the cat’s clawed, the sun has faded or that needs cleaning or reupholstering, get it out of the house while potential buyers are viewing. There will be plenty of time to kick back and relax in that past-its-prime lounger when you’re moved into your new home.

    4. Well-staged homes photograph better

    While you might get a viewing from a drive-by or after an open house, most potential buyers these days are going to look at your house and its listing online. Good photos make all the difference here, but you’re not going to get them if you haven’t decluttered. Put the family photos away, get all the toys into the toy box, remove the gym equipment that’s migrated from the basement to other living areas and make your real estate agent’s job easier by presenting a home that shows to advantage in both photos and real life.

    white and steel kitchen interior

    5. Maximize kitchen counter space

    Yes, it’s a pain. But even though your family uses the toaster and blender every day, putting them away in cupboards before viewings provides a clean slate and makes potential home buyers think about all the meals they’re going to prepare in their new home.

    If your home’s being shown to first-time home buyers, chances are good they’re looking for more space, particularly an opportunity to expand from a galley kitchen to one that has room for a table and chairs. Help them believe they’re going to be transformed into hosts with the most when they buy your home by giving them the visual space they need.

    6. Don’t borrow trouble

    Cluttered homes make potential buyers uneasy. Viewing someone else’s occupied home is slightly uncomfortable for most people. Clutter is not only a distraction; it makes your home look uncared for. This can make potential buyers start to ask themselves, “if they haven’t taken care of their possessions, what other problems are brewing here?” You could lose an offer if this kind of nebulous doubt sets in.

    7. Let your home show itself

    Let’s face it—you’re selling your home, not the couch and coffee table. By getting rid of clutter and replacing it with neutral but stylish accessories, you lead the buyer’s eye to the features of your home that are its true selling points. That means you’re going to get a quicker sale and a higher price than if you make a potential buyer struggle to see your home’s merits.

  • First Time Home Buyer? Ten Facts Nobody Tells You

    Buying your first home can feel like both the best of times and the worst of times. Here are 10 facts nobody tells you when you’re buying your first home.

    1. Something will go wrong

    No move is ever perfect. Something will get broken or there will be something you’ve forgotten to bring or do. With any luck, the setback will be minor, and you can chalk it up to the old adage, “things happen.”

    2. Some of your conditions might not be met

    One of the least enforceable clauses in offers to purchase is one for cleaning requests. You can stipulate that carpets, refrigerators and ovens be cleaned. However, if they haven’t been, there is often very little that you can do about it.

    If a major repair hasn’t been completed as promised, one of two things will happen: you either won’t take possession of the property on the day you planned or your funds will have to be placed in escrow pending resolution of the issue.

    3. If you don’t have the closing fees, you don’t get your new home

    Legal fees are due on closing, and your funds won’t be released to the seller unless your lawyer is paid. Closing costs usually range from two to five percent of the purchase price, but be sure to verify this information before arriving on closing day. This money is in addition to your down payment.

    4. Good schools increase a home’s value

    You’ll pay more for a house in a good school district. Of course, the good news is you’ll get more for it when you decide to sell. If the home you’re planning to buy is your “forever” home and you don’t have, or plan to have children, this may not matter. Still, it’s something to think about.

    5. Your neighborhood may be about to change drastically

    The municipality may be planning a park, a school, or a playground for your area. Depending on your lifestyle, that can mean profound changes in a short period of time. Check with local administration and the area’s local representative. The first can tell you what the plan is. The latter will have a far better grasp of whether outlined timelines are accurate or not. You can base your decision on the information they provide.

    6. You need to read all the documents yourself

    It’s tempting when you’re paying a lawyer to review HOA or condo documents to simply delegate this task. However, a close reading of the minutes of meetings will teach you a lot about your neighbors-to-be and help you avoid nasty surprises, like planned increases in fees or devolving renovations that used to be the condo board, or HOA’s responsibility to individual owners.

    7. Don’t apply for other credit while mortgage shopping

    Applying for a loan or another credit card may seem like a good idea when you’re about to take the home ownership plunge and know you’re going to need to buy things like garden tools, a gazebo, and a grill. Don’t do it unless absolutely necessary. It can negatively affect not only the amount of your pre-approved mortgage, but it can also mean you don’t get pre-approval. Wait until after you’ve bought your home to apply for more credit.

    8. You’re going to need “earnest” money

    Also known as a deposit, you’ll likely need about $1000 per $100,000 worth of house available when you make an offer. This money is required as a show of good faith and will be held in escrow. You’ll get it back if your offer isn’t accepted, or it may be applied to your down payment. You may forfeit this money, though, if you’re the one who withdraws from the deal.

    9. Your neighbors-to-be may be your best source of information

    Walk around the area you where you want to live. If you see people out gardening or mowing their lawns, talk to them. Strike up a conversation and explain that you’re thinking of buying. Ask receptive individuals what the neighborhood is like, how long they’ve lived there, and how long they’re planning to stay. If you learn that your new home is located next door to some party animals who blast music every single summer evening, you may not enjoy your own backyard, so you may want to reconsider.

    10. Check for rebates you may be entitled to

    You may qualify for first-time homeowner rebates. There may be other municipal, state, or utility-provider rebates available, too. Start investigating early. It may make more sense to invest in attic insulation than an air conditioner if you’re going to get a rebate that covers some or all the cost of the insulation. Some areas offer rebates on newer, more energy-efficient appliances. You won’t know that unless you do your homework.

    A good real estate agent can talk you through the buying process. Now you’re already ahead of the game with these ten facts nobody tells you, and you’ll be able to focus on offer strategy rather than the fundamentals.

  • Discover the Perfect Time for Buying a Vacation Home

    If you’re lucky enough to have reached the time in your life when you can seriously contemplate buying a vacation home, there’s much to be excited about. According to the National Association of Realtors, one in eight homeowners are thinking of buying a second home. While summer may be the time of year you start to think longingly about sun, sea and sand, it may not be the best time to buy a cottage.

    Here are some things to consider when you’re buying a vacation home.

    Peak of season is seldom a good idea

    Avoiding peak seasons makes sense in supply and demand terms. Peak season, whether you have your eye on a Vail ski chalet or a Cape Cod sea shanty, is when the area in which you’re looking is at its finest. Since vacation homes can be sentimental investments, many who’ve inherited them rent them out as additional sources of income so they can hang onto a property. They may be sharing it with siblings or have had to buy them out. They also may be part-time vacation home investment owners who got in early on a new resort but need to ensure 100 percent occupancy during peak season to make their investment pay off.

    Aim for the final weeks of the high season to make your offer or hold off until just after peak season ends. If you’re looking for a summer vacation home, the time between Labor Day and Thanksgiving is the perfect window of opportunity. You’ll still take possession early enough in the year to be able to get a glimpse of what future summers can hold, and you’ll also have a chance to do any needed repairs before winter sets in. Then you can spend the winter planning what you need to do to make the place your own the following summer.

    If you’re looking at a winter vacation home, spring is the best time to make an offer. While diehards may still be renting or occupying their vacation homes, hoping to get one or two more days of spring skiing or boarding in, most will have placed their properties on the market. Just be careful not to leave your offer for too late in the year if the area you’re interested in is remote. Some owners board up their properties for the off season, making it harder to get viewings. Also, don’t forget the power of spring mud. Properties accessible through three seasons may become harder to access during spring thawing and flooding.

    Be sure the time is right

    Before buying a vacation home, you need to think long and hard about a whole host of considerations. First and foremost is whether you will be able to use it enough to make it worthwhile for you financially. Even if you buy a vacation home and plan to rent it out to defray expenses, that means your time there will be limited. While you may love a cottage on a lake in fall, not everyone else does. If you can’t afford to spend the 4th of July at your own cottage, this may not be the time to buy.

    Second, have you considered all the duplicate expenses involved? Whether you want your vacation home to mirror your principal residence in all ways, you can’t escape the fact that you’re going to need two of everything now. Unless, that is, you want to treat every weekend you spend at your vacation home like a camping trip (which may well be the case). You’re not going to want to haul lawn mowers and leaf blowers to the cottage every summer weekend. That goes double for appliances, linens and furniture. You’ll also have a second set of bills for property taxes, insurance, yard maintenance, internet and cleaning costs. In addition, there may be HOA fees, too.

    Third, what are your vacation goals? If you want to visit every continent and are running out of time to tackle Asia and Africa, does a vacation property make sense? If you find you’re drawn to experiential vacations like hiking the Appalachian Trail, swimming with the dolphins or building someone else a home with Habitat for Humanity, a vacation home may be an anchor you don’t need.

    On the other hand, if you know you can afford to invest in a second property and have a long-term plan to use it as a home base while you globetrot in retirement, or if you want your family to have the freedom of the great outdoors while they’re growing up, it might just be time to seize the day.