The Rise of the Homeowner Association
Homeowners associations first emerged in the United States in the mid-19th century. Their growth was limited, however, until the 1960s, when several factors led to a period of rapid national growth, including, a push towards large scale residential development by the Federal Housing Authority and the Urban Land Institute; an increasing cultural preference for architectural uniformity; a decline of readily available land; rising construction costs; and a modification of federal mortgage insurance rules to include cooperatives and condominiums.
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Why to Buy Instead of Rent
November 7th, 2011When you’re thinking about buying a home, it’s essential for you to be confident in your decision to buy instead of rent. However, you may not know about the many great reasons to buy a home.
Here are just a few of them:
Smart Investment
When you invest in a home, it offers the possibility for appreciation in value. The equity becomes yours when you’re still paying off your mortgage. You even get to live in it while your investment matures.
Tax Advantages
Since both mortgage interest and property taxes are tax deductible, home ownership can save you significant amounts of money every year.
Planned Housing Cost
You decide how much you spend on your home, including repairs and improvements. Unlike renters, homeowners with a fixed-rate loan can lock in their monthly housing costs.
Improvements to Your Taste
You can choose which improvements to make to your own property, such as a deck, kitchen remodel, or new paint, instead of needing permission from your landlord.
If you have more questions about making a decision to buy a home, please get in touch.
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The Importance of Pre-Approval
October 5th, 2011Pre-approval can be a very valuable step towards purchasing a home. Many home buyers get pre-qualified for a home loan early on, and then become pre-approved before beginning a serious home search. By completing your mortgage application prior to choosing a home, you can get a pre-approval letter stating how much home you can afford.
Your pre-approval letter lets you know exactly how much you can spend, and it shows home sellers and listing agents that you’re serious about buying a home. This may give you leverage in the negotiation process as many sellers prefer to work with pre-approved buyers.
To find a mortgage professional and get started with your pre-approval for a loan, please get in touch.
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DFW Home Sales for Second Quarter 2011
In summary, a good time for buyers.
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10 Handy iPhone Apps for Home Improvement
“The following 10 mobile apps won’t select your ideal paint color or tell you where to put the chaise lounge, but they can help you plan your home improvement projects more efficiently.”
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Tips for First Time Buyers
September 22nd, 2011When the time comes, and you are in the market for your first home, you will probably have lots of questions. You will be on your way to making an important decision for your future and a great investment. I want to help you make sound, informed decisions. Here are some tips that can help make your home buying process successful:
Tip #1: Do Your Homework
The perfect home won’t find you by itself. The key step in buying a home is doing the proper research. Educate yourself on local schools, neighborhoods, and the kinds of homes available. By reading available materials and talking with experts, you can start to put together your idea of the perfect home.
Tip #2: Start Planning
Most decisions benefit greatly from proper planning, and home buying is certainly no exception. Start a filing system with sections such as home buying, home financing, and service providers. By forming a home buying plan you can more easily focus on the most important factors and help give structure to the entire process.
Tip #3: Get Pre-Qualified
Getting pre-qualified1 for a loan normally only requires a short phone conversation with a lender, and can greatly help your home search. Pre-qualification does not guarantee you a loan, but it does provide you with an estimated monthly payment and a price range to use as a guide when shopping for homes. Being pre-qualified can also often indicate to sellers that you are a serious, prepared buyer.
Tip #4: Look for Value
When shopping for homes, it’s important to consider potential value. Even if you’re not planning to sell the home some time down the line, it’s a good idea to consider the future value of the home. Protect yourself against things like falling prices and gradual shifts in the nature of the neighborhood. You may not think of a new home as a means to make money, but it’s an important investment that requires caution.
Tip #5: Decide What You’re Looking For
Settle on the home features that are important to you (covered parking, hardwood floors, architectural style, etc.) and make an ordered list. Having well established guidelines will help narrow down your search and will prevent you from being shown properties that lack your key amenities. It can help you make the decision not to buy an attractive property that doesn’t really fit your needs.
Tip #6: Relax
You don’t have to make an offer on the first home you see. Make sure to look at other listings in the area to get a feel for the marketplace.
Tip #7: Shop Around for Your Mortgage
Deciding on the financing for your home can be as important as choosing a home itself. The first step is deciding what kind of loan best fits you: a fixed-rate mortgage2, or an Adjustable-Rate Mortgage (ARM)3. There are benefits to each form of loan, and I can provide you with more information. Next you’ll want to begin to shop around for different lenders.
Tip #8: Protect Yourself
Be careful when signing a contract on a home that allows you to find financing, have the home inspected, and work through any problem areas that may arise. Paying for a quality home inspection is absolutely crucial. You can save yourself thousands in repair costs by being sure of what you’re getting into.
If you would like more information for first time home buyer, please get in touch.
- The process of getting pre-approved is actually quite simple. All you have to do is provide your lender the documentation that they require. Be prepared to supply your loan representative with pay stubs, bank account statements, tax returns and W-2 forms from the previous 2 years, and documents to show other sources of income (which could include a second job, overtime, commissions and bonuses, interest and dividend income, Social Security payments, VA and retirement benefits, alimony, and child support). – Get Pre-approved [↩]
- In a fixed-rate mortgage, the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or “float.” – Fixed Rate Mortgage [↩]
- In an ARM, the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. – Adjustable Rate Mortgage (ARM) [↩]
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A Look at DFW School Ratings
“This map shows state academic ratings for local school districts and campuses, not including charter or alternative schools. This year’s ratings are based on passing rates on the 2010 Texas Assessment of Knowledge and Skills (TAKS) tests and on school completion and dropout rates for 2009. You can also see ratings for every year since 2006.”
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A Lot More on the Architectural Types of Homes
“Houses can be built in a large variety of configurations. A basic division is between free-standing or detached dwellings and various types of attached or multi-user dwellings. Both sorts may vary greatly in scale and amount of accommodation provided. Although there appear to be many different types, many of the variations listed below are purely matters of style rather than spatial arrangement or scale.”
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What is Your Architectural Style?
“Architectural styles have personality all their own. Greek revival is stately and refined; ranch houses are rustic and welcoming and Spanish revival is eclectic and earthy. The house style you like can be a blueprint for your personality. Find out your architectural type by taking this quiz.”
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The True Cost of Home Ownership
“Is it better to buy or rent? The decision depends on many factors, most important of which are how fast prices and rent rise, as well as how long you stay living there.”