Posted by Andrew Abu Realtors on 10/16/2017

Want to transform your homeownership dream into a reality? Understanding what it takes to enter the real estate market successfully is paramount for homebuyers. With the necessary preparation, you should have no trouble purchasing your dream residence.

Ultimately, there are several steps that a homebuyer should take before he or she conducts a home search, including:

1. Perform Plenty of Housing Market Research

The housing market fluctuates regularly, and a buyer's market can change into a seller's market quickly. As such, you'll want to conduct sufficient real estate market research before you start your home search so you can streamline the process of finding the perfect house.

Consider where you want to live and whether you'd like to reside close to family members and friends. Also, consider how much space you'll need from a new home, along with whether you'd like to live near schools, playgrounds and other local hot spots.

Don't forget to check out the prices of a wide range of homes, either. By doing so, you may be able to determine the price range for houses that match your needs.

2. Get Pre-Approved for a Mortgage

With pre-approval for a mortgage, you'll know exactly what you can afford as soon as you're ready to buy a house.

Banks and credit unions frequently offer a vast array of home financing options, making it simple for you to choose a mortgage that fits your budget. Fixed- and adjustable-rate mortgages are among the most popular choices for homebuyers nationwide. Meanwhile, you may be eligible for Federal Housing Administration (FHA) or U.S. Department of Veterans Affairs (VA) loans as well.

Reach out to multiple banks and credit unions to pursue all of the home financing options at your disposal. This will enable you to find the best mortgage based on your individual needs and enter the housing market with financing in hand to secure your dream home.

3. Hire an Experienced Real Estate Agent

There is no reason to enter the housing market alone. Lucky for you, experienced real estate agents are happy to help you find the perfect house.

An experienced real estate agent understands the ins and outs of the housing market and will share his or her real estate expertise with you. This professional will educate you about the real estate market and ensure that you know what to look for when you attend an open house.

Also, an experienced real estate agent will guide you along the homebuying journey. From the moment you spot your dream home to the day you finalize a purchase agreement, your real estate agent will offer the support that you need to go from homebuyer to homeowner.

Perhaps best of all, an experienced real estate agent will help alleviate your homebuying concerns. And if you ever have homebuying questions, your real estate agent will provide responses at any time.

Don't settle for a subpar home – follow the aforementioned steps, and you can move closer to discovering your ideal residence.




Categories: Buying a Home   buying tips  


Posted by Andrew Abu Realtors on 1/4/2016

Many people think seven is a lucky number but if you are looking to get the most bang for your buck the number you want in your address is an eight. According to a study done by the University of British Columbia, houses and street numbers ending in eight sold at a 2.5 per cent higher rate than homes and street numbers ending with any other digits. In fact, the study also found homes and street numbers ending in four sold at a 2.2 per cent discount. House numbers have recently become more important with the influx of Chinese buyers in the marketplace and the increasing popularity of Feng Shui. Numbers that sound similar to Chinese words that have positive meanings are believed to be lucky. The number eight sounds similar to the word for prosper or wealth. The fear of the number four, or tetraphobia, is because the pronunciation of the word for four is similar to the word for death in Mandarin, Cantonese and several Chinese dialects. Thinking of rolling the dice on the number 13? Many large casino hotels in Las Vegas omit floor numbers 4, 14, 24, 34 and 40 to 49. The number 13 is not however, considered unlucky in the Chinese tradition. Other numbers with perceived good luck are two, three, five and seven. Two because of the Chinese saying good things come in pairs. The number three sounds similar to birth and the number five is associated with the five elements (water, wood, fire, earth and metal). Considered the luckiest number in the West, 7 symbolizes togetherness. Even though house numbers may influence a buying decision there is no evidence to support actual bad or good luck in homes with certain numbers. The thought of good or bad luck has more to do with the psychology of people than actual events.      





Posted by Andrew Abu Realtors on 12/7/2015

Mold could be lurking in your home, often found in bathrooms, kitchens, basements, and laundry rooms. You can also find mold near leaking pipes, faulty air ducts, leaking roofs, and areas that have previously been flooded. Mold found in your home can cause you serious health problems and major damage to your home. The only way to truly know if you have a mold problem is to have a professional mold inspection. Here are a few reasons why you should hire a professional home mold inspector: 1. To see if you have hidden mold growth. A professional mold inspector has special equipment to locate mold. Hidden mold is found in places like in the drywall, under the carpets, and in the air ducts. 2. Do you suffer from allergies, coughing, or headaches? All of these could be symptoms of mold exposure. 3. Before you buy a home have a mold inspection to identify and address any mold issues before closing on the home. That way you will feel more comfortable and confident with purchasing the home. 4. Most home insurance policies do not cover major mold damage. It is important to protect your investment by knowing if the home has mold that needs to be addressed. A professional mold inspection can help protect your health and protect your investment as well.





Posted by Andrew Abu Realtors on 11/9/2015

If you have a water well in your home or you are considering buying a home with a well there are some things you need to know. When purchasing a home with a well the Environmental Protection Agency (EPA) recommends an initial water quality test. The test should include coliform, bacteria, nitrates/nitrites, and pH. Additional recommendations for well testing include arsenic, lead, copper, radon, a gross alpha screen, and volatile organic compounds. While living in the home the well should be tested annually. If the home has a water treatment system, a test should be done on both the raw water coming into the house before the treatment system and after the water has passed through the treatment system. This will identify contaminants in the water and ensure the treatment system is functioning properly. If the home is being financed with an FHA or VA loan, the lender will most likely require a well test. The FHA Scan tests for coliform, lead, nitrates and nitrites. Prospective buyers should also hire an independent professional to have the water tested at a state certified lab. For more information on drinking water quality standards, visit EPA's website: www.epa.gov/safewater. In addition to a well quality water test, the mechanical workings of the water system should also be inspected also known as a quantity test. The pump, pressure tank, water treatment system, condition of the area around the well, and the well's proximity to potential contamination sources will all be examined.





Posted by Andrew Abu Realtors on 10/19/2015

If you have been dreaming of owning a vacation home now may be the time to buy. Home prices and mortgage rates continue to fall and there are some great deals for buyers looking for a second home. Here are five things you need to know before taking the leap. 1. Prices are at all-time lows In many second-home hot spots, prices are still close to their five-year lows. When the real-estate bubble burst, some of the hardest-hit markets were vacation destinations. Many vacation home areas experienced overgrowth and may now be suffering from foreclosures. 2. Think ROI Consider the possible return on your investment. Whether or not you decide to rent the home out, you will want to consider buying a place that has good rent potential. That's because a home's rent ability can affect its resale value. Before you bid on a house, make sure the homeowners association or township allows short-term rentals. 3. Don't count on rental income If you are planning on counting on rental income to cover the costs beware. According to HomeAway.com, a typical second home property rents out just 17 weeks a year. Make sure to account for the weeks the home won't rent. Plus, you'll need to pay for cleaning, maintenance, insurance, and maybe management fees. Make sure to plan on the maintenance costs of the property being at least 15% of the income. 4. Your mortgage rate depends on how you use the home How you use the home depends on the mortgage rate you will receive. If you plan to use the property primarily as a second home and you'll pay about the same mortgage rate as you would on a primary residence. If your plans are to use the home for rental income and need that income to qualify for the loan, you'll need to have as much as 25% for the down payment and pay up to one percentage point more in interest. 5. Take advantage of tax benefits Talk to your tax guy before you buy. If you rent the home out for two weeks or less you won't have to report a cent of income to the IRS. The good news here, you can still deduct property taxes and mortgage interest. On the flipside, if you stay there for less than two weeks or 10% of rental days, you can deduct operating costs in addition to interest and property tax. But where should you buy? According to CNBC here are the top places to buy a second home. If you are thinking about buying a second home I can help you find a professional agent in that area.