What are the pros and cons of adding on or buying new?
Before making a choice between adding on to an existing home or buying a larger one, consider these questions:
1.How much money is available, either from cash reserves or through a home improvement loan, to remodel your current house?
2. How much additional space is required? Would the foundation support a second floor or does the lot have room to expand on the ground level?
3. What do local zoning and building ordinances permit?
4. How much equity already exists in the property?
5. Are there affordable properties for sale that would satisfy your changing housing needs?
Do we dig deep and buy a dream home or settle for a starter home?
Choosing between a smaller house in an affluent neighborhood, an older, bigger house in a more working-class community or a brand-new home is not easy. If you're in this situation, start by examining your priorities and asking the following questions:
1. Is the surrounding neighborhood or the home itself the most important consideration?
2. Is each of the neighborhoods safe?
3. Is quality of the schools an issue?
4. Do any of the areas seem to attract more families with children or adult residents? And where do you fit in?
Keep in mind that you're going to have a home inspector come out and examine the house from top to bottom after you make an offer on it. At least, you should hire a home inspector. So you don't necessarily need to look at the roof and the foundation and other structural elements of the home, Sure, you want to make sure the home appears to be in good condition overall. But more importantly, you should focus on that list of wants and needs you created at the beginning of the house hunting process.
How do I get the real scoop on homes I am looking at?
Home inspections, seller disclosure requirements and the agent's experience will help. Disclosure laws vary by state, but in some states, the law requires the seller to complete a real estate transfer disclosure statement. Here is a summary of the things you could expect to see in a disclosure form:
•· In the kitchen -built in appliances (range, oven, microwave, dishwasher, garbage disposal, trash compactor).
•· Foundation, slab, floors, windows, doors, ceilings, interior and exterior walls, attached garage
•· Safety features such as burglar and fire alarms, smoke detectors, sprinklers, security gate, window screens and intercom.
•· Room additions or other structural changes
•· Roof
•· The presence of a TV antenna or satellite dish, carport or garage, automatic garage door opener, rain gutters, sump pump.
•· Amenities such as a pool or spa, patio or deck, built-in barbeque and fireplaces.
•· Type of heating, condition of electrical wiring, gas supply and presence of any external power source, such as solar panels.
•· The type of water heater, water supply, sewer system or septic tank also should be disclosed.
•· Owners' Association or "Common Area" Expenses or Assessments
•· Drainage, grading or soil stability of lot
Sellers also are required to indicate any significant defects or malfunctions existing in the home's major systems. A checklist specifies interior and exterior walls, ceilings, roof, insulation, windows, fences, driveway, sidewalks, floors, doors, foundation, as well as the electrical and plumbing systems. The form also asks sellers to note the presence of environmental hazards, walls or fences shared with adjoining landowners, any encroachments or easements, room additions or repairs made without the necessary permits or not in compliance with building codes, zoning violations, citations against the property and lawsuits against the seller affecting the property.
Also look for, or ask about, settling, sliding or soil problems, flooding or drainage problems and any major damage resulting from earthquakes, floods or landslides.
People buying a condominium must be told about covenants, codes and restrictions or other deed restrictions. It's important to note that the simple idea of disclosing defects has broadened significantly in recent years. Many jurisdictions have their own mandated disclosure forms as do many brokers and agents. Also, the home inspection and home warranty industries have grown
What do all of those real estate acronyms in the ads mean?
If you find yourself stumbling over weird acronyms in a real estate listing, don't be alarmed. There is method to the madness of this shorthand (which is mostly adopted by sellers to save money in advertising charges). Here are some abbreviations and the meaning of each, taken from a recent newspaper classified section:
- appl-appliances
- assum. fin. -- assumable financing
- BD-Bedroom
- BA-Bathroom
- Dbl-double
- dk -- deck
- WIC-walk -in-closet
- gar -- garage (garden is usually abbreviated "gard")
- FROG-finished room above garage
- FDR -- formal dining room (not the former president)
- frplc, fplc, FP -- fireplace
-GR-greatroom
- GRMT -- gourmet kitchen
- HDW, HWF, Hdwd -- hardwood floors
- hi ceils -- high ceilings
In-law potential -- potential for a separate apartment. Sometimes, local zoning codes restrict rentals of such units so be sure the conversion is legal first.
- large E-2 plan -- this is one of several floor plans available in a specific building
- lsd pkg. -- leased parking area, may come with an additional cost
-MSTR-Main bedroom
- nr bst schls -- near the best schools
- pvt -- private
- pwdr rm -- powder room, or half-bath
- upr- upper floor
- vw, vu, vws, vus -- view(s)
-CALL-Call the Jennifer Morales Team 910-237-3411 for all your real estate needs :)
Jennifer Morales: 910-237-3411
Email: onlinehomes4you@gmail.com
