Home Inspection – What To Look For
When you are shopping for a home one of the most important things to do is the pre sale inspection. A home inspection is when a professional goes to the house before close of sale and checks for anything that might be wrong. The cost for this service may be negotiated in the sale of the house or may be paid for by the buyer. Whatever the cost it is very important.
What To Look For In An Inspector?
When looking for an inspector you need to see just how long they have been working. You need to see how many inspections they have done recently and what homes they done. You will also need to check their references. See if they have any reviews from previous clients online or see if you can speak to a former client. If you can find an inspector that is referred from someone you trust that is best.
What To Look For During The Inspection?
Once you have an inspector you like the next step is to do the home inspection. While it is not always mandatory for the buyer to attend the inspection it is always a good idea. Once you are at the inspection here are some quick things to check.
- Electrical Outlets – Check to ensure they are all in working order
- Windows and Doors – Check to see they all open and close properly
- Toilets and Faucets – Flush all toilets and turn all faucets on. Check hot and cold
- Showers and Tub – Turn all showers and tubs on. Check hot and cold. Check for any leaks.
- Water Heater – Check for any rust or leaks and check the age of unit.
- A/C and Heaters – Turn A/C to cold and check airflow and then turn on Heater and check time that it takes for house to warm.
- Appliances – Check all appliances are in working order. This includes: fridge, stove, oven, and dishwasher
- Ceiling – Always look at the ceiling for discoloration. This can indicate water damage from leaks in the in plumbing.
- Wood – Check any wood in the house for any water damage, rot, or termite infestation.
- Roof – Check the roof for any cracked or broken shingles or any signs of hail damage.
- Furnace – The furnace will need to be check every year. Ask owner when the last time it was done and what the results were.
- Seller – Ask the seller if there is anything in the house they know needs to be replaced. They must be truthful.
Negotiate The Cost Of Repairs
Once you have finished your Home Inspection you will take it to the sellers agent and negotiate the cost of repairs. You may be able to get cash off the sale price to do the repairs yourself or get the seller to make the repairs for you.
For about 30 straight years the rule of retirement has been 1 million. You save 1 million and you will be able to live out your golden years comfortably enjoying all the things you weren’t able to do while you working. Unfortunately, as the cost of living has increased 1 million dollars just ain’t what it used to be.
In the last two decades the United States has seen near unprecedented inflation. The cost of living now compared to 1990 is astronomical while the median household income has barely risen. To give you an idea of how far costs come, think about this, in 1990 the average cost of a gallon of gas was $1.16 compared to $3.56 today. That is over a 300% increase. And it isn’t just the cost of gas that has been climbing it is everything from groceries, rent, mortgages, auto prices, electricity, and on and on. The scary part is there appears to be end in sight for this trend. Expect prices to keep rising.
Along with rising costs another reason 1 million isn’t going to cut anymore are what interest rates are at now. Since the recession of the early 2000’s, 911, and the great recession that started in 2008 interest rates have been falling rapidly as the government tries to spur economic growth in lending. The fact is, in recent memory, have never been lower. As recent as 12 years ago 1 million could generate between $70-80,000 a year in income while today it may be as little as $40,000. So what can you do?
Well if you are wanting to retire comfortably you will most likely want to shoot for a fund worth between $2-$3 million. That seems like a lot and it is but if you are not wanting to lose the standard of living you have grown accustomed to then this is the sad reality. If you are young you need to start early. The sooner you can put money away the better and put your money in accounts that will work for you. Savings accounts, while safe, offer very little return on your money and may not even pace for inflation. Mutual funds on the other hand can grow your funds anywhere from 9-11% compounding. Just to show you the magic of compounding interest in mutual funds if you have $100,000 in a high yielding mutual fund at 10% at 30 years old and contribute no more money when you are 65 you will have over $2.7 million.
If you are starting late, as most of do, you will need to try to contribute much more of your income. This may mean living below your means for a significant portion of life. This may not be fun but consider that when you reach retirement you will not be working for anywhere from 10-40 years depending on your health. This may be the longest period of unemployment of your lifetime and you will want to be comfortable.
Lastly, as you work towards your retirement we want to stress having good credit and avoiding exorbitant unsecured debt. A poor credit score can cause you to pay high interest rates and keep your monthly payments high. I high debt load can take years to pay off. If you are struggling with credit and debt check our top ranked credit repair companies that can help you raise your score and ease your monthly obligations.
Christmas Time Home Buying
It is generally known that the home buying season generally starts in the spring and goes through fall. This is when the most homes go on the market. Also, this is when you have the best weather which makes viewing “for sale” homes easier. But what if you need to buy a home during Christmas? What can you expect and does it make any sense?
One thing to be aware of when you are shopping for a home during Christmas time is that inventory will be low. This is due to people wanting to spend time with their families and not wish to fight frigid winter weather while they move. So what happens is there are much fewer homes for sale during the winter.
When you go to viewings or opens houses you will need to really look and decide quickly if it is a home you want. With such few home being listed you cannot afford to lose one you like to another buyer. If you are unable to find a listed home you like there is one other thing you can do and that is have your agent look at expired listings. You might be able to find a home that was unable to be sold previously and the owners gave up. They may still want to sell their home but are unaware that buyers may be interested.
One great thing about buying a home during Christmas is that there are deals to be made. As we stated earlier all the reason why people do not list during the holidays it just means that if they do they really want to sell. This is good news for you. This means they will be highly motivated and will give you great wiggle room on price reduction and terms of sale.
Find An Agent
Now if you have decided that Christmas is the right time for you to buy a home the next step is to find an agent. That is where we come in. Just visit our HOME page and fill out the information on the form and we will have an expert review your information and get in touch with you.
Getting A Mortgage
For most people that are looking to buy a home will not have enough cash to buy it outright. This means they will need to get a mortgage. A mortgage is simply a loan from a bank to get a house. Getting a loan for a home used to be pretty simple but since the housing crash of 2008 that has changed. Now having a good credit score is more important than ever along with ensuring you have a stable income and money for a down payment.
Now, to qualify for a mortgage you need a credit score of at least 580 on the low end and if you don’t have enough to put at least 20% down you will need a credit score of 620 or better. For more info on credit score requirements please check out this page.
Another barrier to getting a home loan is having an income that qualifies. For most lenders you will be required to provide two years of w2s and pay stubs showing that your income is stable and that you will be able to make all the payments. If you are self employed you may be asked to provide even more information to verify your income.
Once you have all the documentation of your income, money for a down payment, and a decent credit score you will need to find an agent or a broker. If you visit our page on finding an agent you see all things you need to know before choosing an agent to help you get into a home.
We have partnered with the top agents and brokers in the country along with the top resource for credit repair. This way we can help you quickly get into the home of your dreams. To get started just fill out the form on our HOME PAGE and an expert will review the information and get in touch with you asap.
Why Credit Repair
We speak to so many clients every day that don’t find out until they are unable to get a home that they have bad credit. They may have even been never been late on their bills in their life but still get denied. What most people don’t know is that a recent study found that the majority of credit reports contain false or inaccurate data. This means millions of people have a credit score lower than they should for no fault of their own. This is why we have partnered with the top credit repair firm in the country.
How Can Credit Repair Help?
With credit repair you will be able to remove the negative and inaccurate information that is keeping you from getting a home. These include: Late payments, collection accounts, repossessions, liens, bankruptcies, foreclosures, and items caused by identity theft. One negative mark can cause your score to drop as much as 60 points which alone can be the difference in being approved or not. This is why we highly recommend our clients use credit repair.
How Long Does Credit Repair Take?
The program our partner offers takes just 6 months to fully complete but many of our clients start to see positive improvement in as soon as 45 days. We have had many clients in as soon as two months be able to start getting approved for mortgage loans.
How Do I Sign Up?
First you can fill out the form on the HOME page and give us some information on what you are looking to accomplish. Are you buying a new home or trying to refinance? What is your credit score if you know it? After you fill out the form we will have an expert representative and go over your options for getting the home of your dreams. Our experts will be able to determine if you are a candidate for credit repair if they can help you get approved for a home right now.
The Savings Benefit
We speak a lot on this site about our agents, brokers, and partners in credit repair. Because of these contacts we are able to help our client have thousands of dollars in savings. This is due to us being able to help get our clients in a position to get the best interest rates.
Most people are unaware just how much a few points on interest can cost you. Let’s say you are trying to get a mortgage of $300,000 and you have a credit score and able to qualify for a 3.3 interest rate. That means that your monthly payment would be $1,314 and over the 30 years of the mortgage you end up paying $472,992.
Now let’s say that you have bad credit or are working with a bad broker and get stuck with a high interest rate of 5%. This means that your monthly payment would be $1,610 a month and over 30 years you would end up paying $$579,767. That is a difference of almost $300 a month and almost $100,000 over 30 years with less than a 2% change in interest rate. That is a lot of savings if you can qualify for the lower interest rate.
This is exactly, why we at National Homeowners Foundation have decided with top mortgage brokers, real estate agents, and Credit Repair company to ensure that our clients get the best rates when they buy a home. If you are looking to buy or refinance a home please visit our HOME PAGE and fill out the form at the top of the page. All the information is confidential and will be reviewed by an expert. Then you can expect to receive a call from representative who will go over your options so that you can get a home with great savings.