The right support system will help you on your way to your new home. Contact Preferred Properties of Texas today to start your real estate journey!
For listings in Stephenville text HOMES to 877-965-7775
The Preferred way to buy & sell real estate for you
The right support system will help you on your way to your new home. Contact Preferred Properties of Texas today to start your real estate journey!
For listings in Stephenville text HOMES to 877-965-7775
It’s exciting to move into a new house. The urge to decorate is strong, and you may want to nest. Will Palmer, owner and broker at Better Homes and Gardens Real Estate Historic, says that being a first-time buyer can be overwhelming. Many buyers are exhausted when they reach closing day. They have spent hours looking at homes, learning about financing and negotiating the sale.
There’s still one more thing you should do as you settle in to your new home. Start with the mundane tasks like forwarding your mail, updating your driver’s licence, and enrolling your children in a new class. Here are some things you should do as soon as possible after moving in to make sure your home is in good condition and safe.
changing locks is a priority for all new homeowners, whether they do it themselves or hire a professional. This service costs between $50 and $200 depending on where you are located and how many locks need to be replaced.
Lisa Lundt is a Better Homes & Gardens Real Estate Universal agent. She says that if you purchase a home warranty they will provide you with a lock change at a reduced cost or for free.
By changing the locks, you ensure that the previous owner or anyone who shared their keys cannot enter your home after you move in. This is a security measure that gives you peace of mind, and allows you to customize your locks. You may want to have all your keys match or upgrade to smart locks or keypads.
It’s likely that the previous owner cleaned up quickly before moving out. In most cases, moving in to a house will reveal all the cobwebs and dust that were overlooked. Palmer suggests a deep clean of the house, including cleaning the air vents. A deep cleaning gives you a new canvas to work with as you move into your new home. This service can range from $200 to $400, depending on the size and condition of your home.
You may not see any insects, but they are most likely there. Palmer recommends hiring a pest-control company from the beginning to ensure your home’s long-term maintenance. In some cases, your previous owner may have paid for services that kept the property in good condition. However, you should not go too long between visits if you want to keep ants and termites away.
This is an affordable monthly service that ranges in price from $30-$100, depending on your location, the extent and size of the problem you are experiencing, and your home.
You probably had a house inspection performed before you closed on your home. This report is a great tool to use when buying a home. It lets you know exactly what you are getting into. Don’t throw it away once you’ve moved in.
A home inspection report will highlight any issues you need to fix before and after moving in. smoke detectors are a common concern. Lundt says that your report will show you which rooms are equipped with smoke alarms and which ones need their batteries changed.
Then, you can start addressing the larger issues in your house. Palmer advises homeowners to check the age of their roof and ensure it is in good condition. If not, you may want to consider replacing it in order to enjoy carefree living for many years.
The same goes for your water heating. Palmer recommends replacing the water heater if it is older than ten years. “You’ll get better efficiency and have fewer leaks etc.”
Palmer suggests that you check your home’s window seals and make sure they are tight. “I bought a 1920s home and, although the windows were charming and original, I decided to replace them all with new energy-efficient windows covered in vinyl,” he said. This will keep your heating and cooling costs low.
The majority of buyers choose to pay for home warranties for at least the first year they live in their new home. However, many buyers do not read the fine print. “People don’t really understand home warranties. We always recommend that they contact the company prior to making repairs,” Lundt says.
Many home warranties include coverage for your HVAC system, appliances, and other major problems, such as roof or pipe leaks. Contact your home warranty provider to find out what is covered before you hire a handyman. You could save a ton of money.
Original Blog: https://www.bhg.com/home-maintenance-tasks-for-first-time-buyers-8599406
You want to make sure that the home you are buying is safe. You may need a certificate when you purchase a home. The CO is another name for a certificate of occupancy. The CO’s main purpose is to verify that a home is suitable for living.
Here are some more details about a certificate if occupancy.
A certificate of occupancy (CO) is a document which certifies that a building, such as a home or office, can be occupied. The CO will include the legal classification of the property in terms zoning. The CO, for example, will state whether the property has a residential, retail, or industrial use. This means the property is used in its intended purpose. Residential property, for example, should be used as the primary residence.
A CO verifies that a property meets code and is in compliance.
Thirdly, a CO will show that the property meets the requirements of the municipality in which it is located.
The CO will also include the address of the property, its legal description, including the square footage, as well as the zoning codes, owner and any other relevant notes to the safety of the property.
You will need to check local rules and circumstances before you can sell your house.
You’ll need a certificate if you have converted space. This could mean that you need a certificate if you are selling a multifamily home, but have converted it to a single family home. You’ll also need a CO if you are converting your business to a residence.
You’ll need an agent if you’ve done a lot to renovate your home.
It’s important to check if you need to get a CO before selling a house if you have done any remodeling.
You may have to do some work to bring your home up to code if you don’t have one and need it to sell.
You would need to include a CO in the sale of a newly built house.
Your home probably had a CO when it was built. If you haven’t done any major renovations, or if the building code hasn’t changed since your home was built, you can use this CO.
You can contact the local building or zoning department if you need one. You should find contact information on the website of your city or town.
You can apply for an CO if you already own a home. You may need to submit architectural plans if the home has undergone extensive renovations, or if it was newly built.
If you need a CO then someone from the local government will have to inspect your home. This is not the same thing as a house inspection when you are doing a real-estate transaction.
The professional inspecting the building will compare it to the current codes and ensure that there are no violations. They will examine the general components of a building, as well as plumbing, electrical systems, fire safety and other minor elements.
You will receive a final report at the end.
You can proceed with the sale of the house if you have passed the inspection. If you fail, you will receive a list with what you need to fix within a certain time frame. After you have made the necessary repairs, you will be subjected to another inspection.
You might be unable to complete your purchase if you do not have a CO. This is because lenders will not provide financing for an unsafe home. Your municipality may also fine you or sue you if your home is not safe.
In some municipalities you will need to obtain a new certificate each time you rent or sell a home. Check with your local zoning or building authority if you’re not sure.
Original Blog: https://realtytimes.com/archives/item/1043057-what-is-a-certificate-of-occupancy?rtmpage=
The responsibility and liability of buying a house is considerable. You are bound to the home you purchase until you successfully sell it. You must therefore be extra cautious and ask as many questions as you can before closing a deal. Here are some questions that you should not forget to ask before buying a house.
You should know how many times your home has been sold over the years, as well as the price each time. You will be able to see the value changes of your property, which you can use in future negotiations and when selling the house.
Nobody wants to live in a house that has astronomical utility bills. It makes the owner look like he or she is rich. You should know the annual maintenance costs, as well as water, gas, and power bills, to determine if you are able to afford a home.
The value of the home is what determines the main property tax. However, the amount the current owners pay is an important factor in determining future costs.
Brokers or sellers should disclose any history of suicide, murder or death. A history that is unusual, such as appearing in a movie, magazine or commercial, should also be disclosed. If a house is featured in the public media, it could be a sign of a privacy breach in the future. A negative history may make it difficult to sell a house in future.
Roof replacements can cost up to $10,000. Future homeowners should be aware of when such a large expense may be due.
It is possible for future guests to need to park outside the home, even if it has a garage. The last thing you need is to have your guests’ cars towed.
The cost of replacing any of these items can easily reach thousands of dollars. The warranties will save you a lot of cash in the future.
Upgrades can cost a lot. If you are planning to add or renovate the home, it is important to know who worked there before.
It is better to be aware of these problems before hiring a home inspection. The cost to repair such issues can be a significant amount.
It can be expensive and time-consuming to get rid of a rodent or insect problem. It is better to know about this than wait until it’s too late.
Original Blog: https://realtytimes.com/archives/item/1029918-buying-a-home-don-t-forget-to-ask-these-questions?rtmpage=
The purchase of a home is one of the most important decisions you will make in your lifetime.
Closing is usually the final step. It can be a relief to reach this stage, as you’ve completed the underwriting process. But what should you expect at closing?
The contract negotiations usually determine the closing date. The closing date will be on your purchase contract. The seller accepts the offer, earnest money is paid and then you will have your closing.
The closing date may be several weeks or even months after your offer has been accepted, depending on the time needed to complete the transaction. Being prepared can help speed up the process.
If you have an experienced team, the closing process will go smoothly.
You will need to make sure all the closing contingencies are completed.
These include the completion of loan documents, the home inspection, and the purchase of homeowners insurance.
Usually, the final walkthrough is scheduled 24 hours prior to closing. This is not the inspection. Your agent should schedule a final walkthrough. During this period, the seller should remove all of their belongings.
If the condition of the house does not match what you agreed upon, then let your agent know.
As we have already mentioned, it can take weeks or months to reach a closing date. You can avoid some of the biggest obstacles by knowing what they are. The following are some of the things which can delay the closing date:
* Appraisal problems
* Loan Issues – Preapproval can help avoid loan issues
* Home inspection problems
* Issues that may arise during the walkthrough
* Problems with the paperwork
Closing costs are incurred once you reach your closing date. These are third-party fees that must be paid before your home purchase can be finalized.
Closing costs tend to include attorney fees, appraisal fees, and your homeowners insurance premium.
Closing fees can range anywhere between 3 and 4% of your home’s purchase price.
Your lender should send a Closing Disclosure to you at least three days before the closing date. This will give you all the details and costs as well as who is responsible for what and how much. Make sure that these costs match the information you received in your loan estimate.
When you arrive on the closing date, you will need to bring a photo ID, any paperwork that is still needed by the mortgage loan officer, title company or other parties, and a certified check or cashier’s cheque. The check must be made payable to either the title company or closing company. The check is to cover any closing costs not deducted from the sale price.
You will pay the remaining closing costs on closing day. These are the costs you should have already been aware of after reviewing your Closing Disclosure.
The seller signs documents transferring ownership.
You will need to sign several documents, including a settlement note that details all costs associated with the sale, an mortgage note stating your promise to repay the loan and a deed or mortgage of trust. A title company then registers the deed under your name.
If you have already signed your contract, you will be able move into your new home as soon as all the paperwork is complete.
Original Blog: https://realtytimes.com/consumeradvice/buyersadvice/item/1040826-what-to-expect-when-you-close-on-a-house?rtmpage=
Freddie Mac (OTCQB: FMCC) released today the results of its Primary Mortgage Market Survey (r) (PMMS(r)), which showed that the 30-year fixed rate mortgage (FRM), on average, was 6.60 percent.
Sam Khater, Freddie Mac Chief Economist, said that mortgage rates dropped this week to their lowest level since May of 2023. “This is an encouraging development for the housing market and in particular first-time homebuyers who are sensitive to changes in housing affordability. However, as purchase demand continues to thaw, it will put more pressure on already depleted inventory for sale.”
As of January 18, 2024 the 30-year FRM averaged 6.60 percent, down from last weekend when it averaged 6.66 percent. A year ago at this time, the 30-year FRM averaged 6.15 percent.
The 15-year FRM has dropped from 5.87 percent last week to 5.76 percent this week. A year ago at this time, the 15-year FRM averaged 5.28 percent.
The PMMS(r) is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.
Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, affordability, stability and equity in the housing markets throughout all economic cycles. Since 1970, we’ve helped tens and millions of families to buy, rent, or keep their homes.
Original Blog: https://realtytimes.com/real-industry-news-articles/item/1048328-mortgage-rates-decrease-to-lowest-level-since-may-of-2023?rtmpage=