Archive for category Buying

Buying Unfinished Homes

Posted by admin in Buying, Home on May 18, 2011

By Kathryn Lively

As you search for your new home, you probably have visited a number of planned communities where only models are available for viewing. As you drive around quays and closes to see rows of concrete pads stabbed through with PVC piping, you’re only granted an imaginary view of what your new home could look like. Prepared models may give you an idea of space and placement, but at the end of the day you may believe buying an unfinished home is like getting a pig in a poke. Does it present an opportunity or a risk?

Let’s take a look at some of the advantages and challenges in purchasing an unfinished home, regardless of the stage of construction.

Advantages:

1) Depending on how swift lot sales are going in the community, you may be able to negotiate a good price on your new home. One reason why you might see a planned community with empty spaces is because the land and the house has not yet sold and the money is needed to continue with construction. If the economy is slow, you may be able to get a good deal.

2) If the house is in an early stage of being built, you may have the opportunity to control design. In planned communities, homes often come with similar fixtures and colors because they can be purchased in bulk. Get in on a home early, and you may get your pick on some nice counter tops and wallpaper.

3) If you have an idea of your expected move-in date, you’ll have plenty of time to prepare and sell your old home. You won’t feel rushed into moving. Read the rest of this entry »

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Monthly Expenses Of Home Ownership

Posted by admin in Buying, Property on May 18, 2011

By Roby Hicks

Many experts would say that if you wish to purchase a house, now would be the best time. There are a lot of options in the market and the houses are affordable. However, no matter how affordable the houses are, see to it that you can afford the monthly payments. Make sure that you consider all the possible expenses you will incur when owning a house to determine the property you can really afford.

Most homebuyers decide to purchase the house base on the comparison of their monthly rent and the monthly mortgage. They feel that if they could afford a monthly rent of $1,200, they will surely be able to afford a monthly mortgage of $1100. Although this is an essential consideration, you have to consider other factors as well to ensure that you will be able to afford the monthly expenses of home ownership.

Here are some of the additional expenses you need to take note of:

  1. Maintenance - unlike renting a home, you will not have a landlord to turn to if something happened to your house. You will be responsible with its repairs and maintenance. This is why it is essential that you have a monthly budget for this. If you don’t, then you will have to deal with unexpected expenses. If you have the extra cash to spend, you will have to deal with the inconvenience that the damages will bring you.
  2. Utility - this is a constant part of your monthly budget, unless if your home is fully powered by solar energy. If not, then you have to anticipate how much you will spend on power usage. Additionally, you will have to consider the water consumption as well. If you are moving to a bigger house, then expect an increase in your monthly bills.
  3. Insurance - lenders will require this, which is why you have to shop around for the best insurance deal for your home. Do not just acquire a policy because your lender requires it. You should also see to it that the policy has an ideal coverage to protect your home. Read the rest of this entry »

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