New Home Archives – Page 9 of 9 – DiversiFund Texas, LP

03 Jan 2019

5 First Steps For New Homeowners

Real Estate

5 First Steps For New Homeowners As a new homeowner, now is the time to take control and organize your house for safety and security. The following first five steps should be carried out in the first few weeks if possible.

1. Change The Locks

There’s no way of knowing if the previous owners gave copies of the house keys to a friend, neighbor or cleaning staff. The very first thing you should do when you take ownership is to re-key the locks on all the doors, including the garage and any outbuildings there may be on the property.

Alternatively, you can install brand new locks. Either way, a locksmith can take care of this for you.

2. Locate Shut-Off Valves

Don’t wait until a water leak to run around searching for the main shut-off valve. Instead, take a few minutes to locate all the shut-off valves for your new home. Write down their locations and post the list next to your circuit breaker.

3. Label The Circuit Breaker Switches

As the new homeowner, you’ll want to know what each circuit breaker switch controls. Work with a family member to methodically go through and flip each switch off and on to figure out the controls. Then carefully label each switch so you never have to guess again.

4. Place Fire Extinguishers

Be ready for a small fire emergency by placing fire extinguishers in each room of your new home. For the kitchen and garage especially, be sure to purchase the correct type of fire extinguisher. The labels on the extinguishers will guide your decision. Even bedrooms could have at least a small extinguisher handy, in case of an electrical malfunction.

5. Survey The Land

It pays to walk the land around your property to visually survey it. You’ll want to know about potential issues, such as poison ivy growth or a broken fence panel. You might also find some happy surprises like a hidden rosebush or a nest of birds.

Taking the time to do these five steps will assist in making your new home more enjoyable for your family. They will also help you to familiarize yourself better with your new property.

If you are in the market for a new home or interested in refinancing your current property, be sure to contact your trusted mortgage professional.

27 Nov 2018

By Kevin Gahagan

Buy Or Build Your Home? 5 Factors To Consider

Real Estate

Buy Or Build Your Home? 5 Factors To Consider A home is one of the biggest investments you can make, and the American Dream for many. Most people spend significant time finding or designing their “dream home.” The first decision is whether to buy or build.

As of September 2018, the average sales price of a new home was $377,200, according to joint data collected from the U.S. Census Bureau and the Department of Housing and Urban Development. Existing homes sales price was approximately $258,100, according to the National Association of Realtors.

New homes attract bigger prices than existing ones, meaning building costs are also high. So, how do you decide what is best for you?

Here are five factors to consider.

Time

Building a home takes time since you must complete several phases. You must buy land, find an architect to design, get building permits, find a contractor and start building. It can take between six months and a year before you move into your new home.

Buying an existing home shortens that time. For a new house, you can move in once the escrow closes. Older homes may require renovations, but it won’t take long.

Home Design

Building your home gives you the benefit of customization. Working with your architect, you can design your dream home to reflect your taste and preference. Buying an existing home, means you may have to compromise on a few aspects.

Energy Efficiency

Rising energy costs is a concern to potential homeowners. Designing your own home means you can incorporate measures to be energy efficient. Buying an old home may require more resources to upgrade. That might end up hitting your wallet harder.

Fortunately, most homebuilders are responding to market demands for energy efficient homes. Most new homes meet these standards.

Budget

Budget is an important consideration when buying or building your home. Buying price reflects the value of the house. Your real estate agent will probably give you payment options.

Building, on the other hand, means you have to juggle a budget constantly throughout the construction period. It is not uncommon to spend more than you budgeted for initially.

Even if you decide to find a perfect existing home, you may finally opt to build. Conversely, you may strategize to build and later choose to buy an existing home. In both cases, working with qualified professionals such as a trusted mortgage lender, real estate agent or a builder can make the process seamless.

01 Nov 2018

By Kevin Gahagan

How To Cut A Great Deal On A New Home Construction

Real Estate

How To Cut A Great Deal On A New Home Construction Savvy home buyers often get great deals on new home constructions by asking for deals and discounts and doing some up-front research.

Home builders often dislike offering steep discounts in sales prices because they want everyone in the community to feel like they bought their property at a fair price. Maintaining sales prices also helps with future home appraisal values. It helps all of the buyers in a neighborhood to keep sales prices consistent and growing.

Fortunately, you can still get great discounts that can reduce the cost of your new home.

Ask the builder if they can do the following:

Settle Closing Costs

Closing costs vary depending on your state. On average, the costs can be as high as $10,000. In Colorado, for example, a standard closing is about 3 percent of the selling price.

It’s important to note that closing costs vary widely and can be structured in many ways. Make sure to consult a trusted mortgage finance professional to get the best information on your situation. But if the builder pays the bill, that money remains in your pocket. Isn’t it a great discount?

Buy Down Your Interest Rate

Although interest rates are low, if a builder is willing to buy down your rate further as part of the closing, it would reduce the amount you pay monthly in interest on your mortgage payment. That makes it manageable in the long run. Once again, your mortgage professional can give you the best details on this idea.

Offer Free Upgrades

Most homes have standard built in appliances. To get high-end appliances, home buyers normally have to pay for upgrades. Ask your builder if you can get the upgraded home appliances or other upgrades without paying extra. It’s a great strategy to move into an improved new home.

Additional Discounts

To sweeten the deal, home builders can throw in additional discounts such as automated garage doors, landscaping, finished basements and window coverings. These discounts are worth asking about.

Although these strategies are great, there are some situations that make it more difficult to get sales concessions. Therefore, as you negotiate, keep the following in mind:

If business is going great, deals become more unlikely as builders have little motivation to give discounts.
You may not end up with the perfect home you want since you may be buying a home that’s near completion or already built.
The best home locations may be taken because properties in prime lots are usually the first to sell.

Knowledgeable buyers are most capable to cut great deals. Therefore, research new construction homes in your preferred neighborhood, visit some homes and compare what deals you can get. Above all, don’t hesitate to ask questions of your trusted real estate and mortgage professionals.

28 Aug 2018

By Kevin Gahagan

New Home Construction Boom Expected

Real Estate

New Home Construction Boom Expected The housing market has been trending in a positive direction and economic indicators point to new home construction going vertical.

Following the housing bubble and sluggish post-recession economy, construction companies largely turned their attention away from new homes. Diminished values, high regulatory and materials costs served as deterrents to home-building.

But the economic revival the country is experiencing – coupled with a housing shortage – has builders poised to jump back into the single-family home game. Here are three reasons new home construction is expected to boom.

1: First-Time Buyer Lifestyles

Consider that the last big new construction boom occurred 12-16 years ago. Those so-called “new” homes are well lived in these days. The trickle of actual new homes since cannot come even close to meeting the demands of Millennials entering the housing market. This demographic also tends to look for vastly different things than the traditional buyers before them.

Millennials grew up immersed in technology. Smart-home and Green features rank high on their check list. Items such as solar panels, automation and being able to manage a living space from a phone app simply were not part of the previous housing boom equation. Simply put, young first-time buyers want a type of home that fits their life experience.

2: New Home Economics

The inventory shortage has driven many people to rent. Many would rather invest that monthly housing cost into equity and gain tax write-off benefits. Also, a high number of military service members are returning to civilian life as the War on Terror winds down. That means you have a growing number of people with the ability to secure friendly VA mortgages that require no down payment.

Stateside, tech and career schools are turning out graduates that are entering good paying jobs. This all adds up to a large number of first-time homebuyers with the economic temerity to reach above traditional starter homes.

3: Rising Mortgage Rates Matter

Some economists forecast economic shrinkage when the Fed raises rates. The president recently voiced his displeasure over the move.

But the rate increase remains a natural phenomenon in an economy enjoying historic positive measures. Record-low unemployment and a GDP that posted 4.1 percent growth are touchstones that everyday Americans are doing better and can afford a little more.

While naysayers may claim the modest interest rate increase will result in economic contraction, it could have exactly the opposite effect in the new construction market.

Consider that home-builders who shifted to other niche markets see a window for improved revenues given the tight home inventory. The uptick in rates means that people will likely be prompted to buy sooner, rather than wait for the next hike. That could be another reason a new construction perfect storm is brewing.

The winds appear to be blowing in the right direction for construction companies to jump back into the new home game. These homes are likely to sell quickly, and builders could see tremendous pre-sale interest. If you are interested in buying a newly built home or one still on the drawing board, contact your trusted mortgage professional for a pre-approval and financing options.

08 Jun 2018

By Kevin Gahagan

Long-Distance House Hunting Tips

Real Estate

It pays to start with a solid strategy when you have to house hunt from afar.

Hunting for a house is stressful enough even if you are moving to another part of town. However, when you are searching for a house from afar, it can make the task of finding the right home for your needs seem almost impossible.

Fortunately, in today’s high-tech world, you have an array of tools available right at your fingertips that can make it easy to find the perfect house for your needs. So, even if you are looking for a home thousands of miles away, you can do so quickly and with minimal fuss.

Partner With The Right Real Estate Agent

The first thing that you should do when looking for a house in an area that you are unfamiliar with is to find a local agent. Find someone who has the expertise of the local market and buying process. The information that you garner from choosing a local agent can be invaluable. They know the market intimately.

Additionally, a local agent knows the community as they likely live there as well. They know which schools and neighborhoods are best. They can get to know what you are looking for in an area and help you find the right community for your particular needs. They might also have information on local gems that are not yet showing up on online listings.

Do Your Research

After you find a home or two that you are interested in, thoroughly research the area. Search for information about local schools, churches, shopping centers and more. You want to make sure that the neighborhood will meet your needs. Research crime rates in the area.

Also, determine how long your commute from work to home will be each day. Even if you don’t have children, research local school rankings. The rating and quality of local schools is paramount when it comes to the resale value of your home.

Visit In Person

There is just no amount of research that can substitute for an in-person visit to a potential home. If you are planning to hunt for a house from a distance, be prepared for the travel. Make sure that you have the money and time to visit. It is best to prepare for longer house-hunting trips so that you can take your time when walking through each showing.

Also, make it a point to pay a visit to local restaurants, parks, and businesses to get a feel for the local community.

Whether you are buying local or at a distance, one of the most important things to do first is to get a pre-approval in order. Contact your trusted mortgage professional today to get the ball rolling.