If you’re thinking about entering the home market when the real estate market is bustling, or if you’re up against lots of other competitors who are trying to offer on the same house, you’ve got to go that extra mile to beat out your competition. Here are some tips to make your offer jump ahead of the rest:

1) Act Fast - If you’ve found the home of your dreams, the odds are great there are other hungry homebuyers who feel the same way. If you want to beat the odds and have your offer stand out, you need to move fast and be one of the first homebuyers to make an offer.

2) Let Your Real Estate Agent Personally Present Your Offer - If the seller doesn’t object to this technique, this will give your agent a chance to show why your offer is the best.

3) Make The Highest Offer - By making your offer higher than the rest, you’ll stand out ahead of the crowd. Your offer can jump out ahead of the competition even by just being a few thousand dollars higher.

4) Share Your Dreams About The House - When your Realtor meets with the seller, have him or her include a letter explaining why you want to purchase the property and the features that make it so attractive. Include positive comments the seller will appreciate such as how you’ll continue to care for the property just as the seller has. Your agent may dismiss this strategy, but in some instances, it could mean the difference between having your offer accepted or rejected.

5) Keep Your Contingencies To A Minimum - Dealing with loan contingencies and home inspections are standard protocol in a sale, but is you make too many contingencies in your offer, a seller may pass up your offer for another one. Be careful to not go overboard with your contingencies. You’ll even find buyers who are willing to skip the inspection process just to make their offer stand out. Bypassing standard home inspections aren’t recommended due to the risk of buying a home with flaws. The important point to remember- in order for your offer to appeal to a seller, you have to keep the number of contingencies to a minimum.

6) Get Your Pre-Approval Early - Sellers prefer to deal with homebuyers who are serious and are already pre-approved. Your offer will leap to the front of the pack because the seller knows you won’t have problems satisfying the loan contingency.

7) Offer The Best Terms - In a hot market, you can make your offer stand out by offering all cash and removing the loan contingency. Consider the option of funding your purchase with your down payment and money borrowed from family or friends. After purchasing the house, you can qualify for financing and repay the money you borrowed.

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New home planned communities or developments are popping up all across our country. Statistics show that up to 1.6 million new homes are being constructed each year. If you’re a homebuyer searching for a new home, there’s nothing like the anticipation of moving into a brand new home tailored just for you. In spite of the positive features offered by a new home, there are negative features you should be aware of. First let’s go over the positive features:

1) You’ll Be The First Owner - There’s nothing like the feeling of moving into a brand new home designed just for you. You can expect everything to be immaculately clean.

2) The House Was Designed Just For You - With a new home you get the opportunity to customize certain features of the home including the paint color, type of flooring, and grade of fixtures. You also get the option to select the floor plan suited to your particular needs.

3) Modern Conveniences - You’ll find new homes offering features designed just for today’s lifestyle. Convenient features like an attached 3 car garage, open floor plan, and high speed phone and cable lines. New homes also come with built-in energy saving appliances that won’t need replacing for at least a few years.

4) Environmentally Friendly - New homes for sale are constructed with energy efficient materials so you’ll not only save on heating and cooling costs, you’ll use less of mother nature’s resources.

5) Community Planning - New homes tend to be built in master planned communities which feature convenient facilities such as swimming pools and community centers. These developments usually have homeowner rules and regulations you need to abide by.

Now lets study the negative features:

6) More Expensive - As you price the new home market, you’ll find they cost more than older homes. However when it comes to selling your new home, the resale value will be higher. Another benefit to buying a new home is you can find some good financing deals offered by the builder.

7) Less Protection - Instead of having a Realtor represent your interests and advise you during the homebuying process, you’ll have to deal with the developer’s salesperson.
You’re The First To Find Flaws - Buying a new home can be an exciting process, but you’ll be the first to discover any flaws your new home may have. New homes are not without problems and the construction materials used aren’t as durable as older homes.

9) Postponed Finish Date - While a builder has the best intentions of completing a new home by the deadline, it’s not uncommon for the completion date to be pushed farther out. Unfortunately builders seldom pay you for the delay.

10) Homeowner Rules - Most new home planned communities require you to abide by their list of regulations governing use of your home. There isn’t much you can do to get around these rules unless you plan on moving out.

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If you’ve ever given much thought to buying a vintage property, you should be aware of certain advantages and disadvantages before following through with the purchase of one. Let’s explore these in detail:

1) Lower Price - As you search through listings of homes for sale, you’ll find older homes selling for less than newer ones. This feature makes it an attractive option for homebuyers on a tight budget. However, the opposite can be true in certain metropolitan areas where land costs are high.

2) Construction - You’ll find the workmanship and construction materials used in older homes to be higher in quality. Most older homes feature thicker beams, solid fixtures, heavy wood doors, and thicker walls.

3) Established Community - It’s easier to experience the ambiance of the neighborhood by walking down the streets of an established neighborhood. With new homes, you only have architectural drawings and empty dirt lots to look at.

4) Established Landscaping - With older neighborhoods, you can stroll through the community and enjoy full grown trees, bushes, and mature landscaping. Newer homes will take years to fully develop.

5) Charm - Older homes tend to display greater details and character such as built-in cabinetry, artistic crown moldings, and classic wood floors. Newer homes usually lack these charming details unless you’re willing to spend money to upgrade it.

Although there are many benefits to owning an older home, there are also drawbacks:

6) You Need To Invest Money To Upgrade The House - Unless it’s been remodeled, an older home will come with well used appliances and fixtures. Plan on replacing worn faucets, water heaters, and outdated lighting.

7) Higher Energy Costs - While older homes use more durable materials for construction, they aren’t the most energy efficient. Be prepared for higher heating and cooling costs with an older home.
Decor - Older homes tend to have outdated wallpaper, paint colors, and flooring. Be prepared to spend lots of time removing and upgrading the decor to suit your taste.

9) Floor Plan Layout - Older homes were built for a different time period so you’ll find smaller rooms and a less functional layout. Unless you plan on remodeling your home, you’ll have to use your creativity to fit a flat screen plasma TV or home office.

10) Resale Value Is Less - Although older homes are more affordable, they also have lower resale value compared to newer homes of equal size and features.

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If you’re in the market to purchase a fixer upper home, what criteria should you use to select one? While the concept of making a profit by fixing and turning over homes seems attractive, the outcome can be financially devastating if you select the wrong type of fixer-upper.

The ideal property would require very minor fixing up such as removing outdated wallpaper or linoleum. However since there are many other buyers and investors looking for simple fixer-uppers, you’ll have a hard time locating one. But don’t give up hope, there are certain fixer-uppers other buyers will overlook, especially if they’re visibly unappealing from the street.

In contrast to the minor fixer-upper, you’ll find homes in need of major repairs including structural changes, adding rooms, demolishing walls, and much more. Unless you have a relative who’s a contractor, you’re smarter to skip these money draining properties, especially if they contain major health violations (like mold) or are unlivable due to extreme damage. Let’s explore the 3 reasons you should pass up these type of properties:

1) Bank Approval May Be Difficult - A bank may deny your loan until you complete a minimum number of repairs. If your budget can’t afford these repairs, you won’t be approved for a loan.

2) Repair Costs Can Exceed What You’re Willing To Spend - If the reason you purchased a fixer was due to financial limitations, how will you come up with the money for additional repairs? Don’t be fooled into thinking a basic cosmetic fixer won’t need some minor reconstruction work. If you still decide to buy a home needing significant remodeling work, be sure you set aside additional funds for future projects.

3) Are You Prepared For The Daily Disruption? - If you’re a first time homebuyer, you may not be prepared to take time off work to supervise a contractor’s progress and deal with unplanned delays. The daily interruptions can have a negative impact on your family relationship so be sure to discuss this with your family.

The best choice among fixer-uppers would fall somewhere between the two extremes: a cosmetic fixer in need of reasonable repairs you can complete yourself or with the help of a handyman or contractor. Select a house needing minor improvements such as repainting, replacing wood flooring, or replacing a toilet. Avoid major remodeling such as new copper plumbing or a new foundation. Once you locate a home that fits your needs, be sure to:

1) Consult with your local city’s building department to determine if the changes you want to perform are acceptable. Most cities have restrictions and codes regarding wiring and plumbing remodels, setback distance, height limits, and other restrictions.

2) Consults with a professional such as an architect, contractor, or engineer before you start the process of adding a second floor or extra bedroom. This will reduce the chances of investing time and money into a project that may not be feasible.

3) If you plan on purchasing a fixer with a partner, make sure to sit down and discuss how all parties will deal with the inconveniences and headaches associated with remodeling such as time off work and supervising contractors.

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When considering your next home purchase, you’ll want to pay close attention to the property’s location. When you buy a home in a desirable location of town, it will be much easier to sell as more people are willing to purchase it. This will definitely raise your resale value and you benefit from a higher profit margin. However if you buy a home in less searched for locations, the resale value will be lower due to less demand. Let’s examine some of the neighborhood features that can raise the value of your home.

1) Local School District - Higher rated public school districts increase the demand for homes in that community. If you plan on sending your kids to the local public schools, you’ll want to put this at the top of your criteria for the ideal neighborhood. If you’ll be using a private school for your children, this feature may not be so important.

2) City Crime Rate - Living in a community with low crime is a great feature. You’ll find that metropolitan areas have a higher crime rate compared to rural areas. If you decide to live in a rural area because of the low crime rate, be aware that you’ll invest more time on the road traveling to work and other activities.

3) Quality of Shopping and Amenities - You’ll find that communities with a greater variety of shopping and activities attract more homebuyers to that area. This in turn increases the resale value of homes in that community.

4) Home Size - Be sure to buy a home with a square footage similar to those surrounding it. A larger home located among smaller homes will sell for less than if located in a community of similar large size homes. You may be tempted to buy one because of the increase affordability, but be aware the tradeoff is your home will not appreciate as quickly since most home buyers attracted to that area are searching for smaller sized homes. Homes that are uniquely remodeled and out of character for the community will also have a lower resale value as the property clashes with the uniform styling of other homes next to it.

5) Is The Neighborhood Becoming More Popular? - Does the neighborhood look up and coming? If you take a tour of the community and see homeowners remodeling their homes, new landscape, and new stylish boutiques opening up, that’s a good sign the community value will increase in the future. If you get in at the right time, you could end up with a higher profit margin when you sell. A visit to the local city planning department will tell you if a community is undergoing a renovation.

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Purchasing your next home should include detailed research on its location. If you’ve been renting for most of your life, deciding on a location may not have mattered because you could rent another place. However, when it comes to choosing a home to live in for the next several years, a good location goes a long way to helping you live comfortably.

Once you settle into a home, the last thing you want to do is move again soon. Your focus is on getting comfortable with your new neighbors and the surrounding community. Buying a home with an ideal location also raises your resale value for bigger profits.

Every person has their own wish list of the ideal neighborhood to live in. Be sure you pick one that meets your particular needs. Let’s go over the five features you need to be aware of:

1) How Safe is the Community? While we all prefer to live in a city with low crime, there’s always a trade off for this feature. Rural areas tend to have less crime than metropolitan areas. But are you willing to settle for less amenities and the convenience of having resources close by?

2) Amenities and Accessibility - These are important factors that make a big impact on your daily schedule. Daily activities such as work, children’s school, daycare, market, doctors, public transportation and entertainment consume a large portion of your time. Living farther from these resources means longer drive times and less free time for other activities. Think carefully about how much time you want to spend traveling.

3) Appeal of the Community - Some of you will prefer uniform master planned communities while others prefer the historic charm where a variety of home styles are displayed. Neighborhood characteristics such as the landscape, trees, and surrounding restaurants should match your tastes.

4) Schools - The quality of the public schools will be an important feature if you have children. Even if you don’t plan on having children, your home will have a higher resale value when you do sell. If your kids will be attending private schools, this feature may not be as important.

5) Taxes and Hazard Insurance Costs While buying a home, it’s easy to forget about other mandatory costs such as property taxes and homeowner’s insurance. Check with the local tax assessor’s office or ask your Realtor how much the property taxes are for that area. You can call an insurance agent to get quotes for homeowner and car insurance premiums for that neighborhood.

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When you’re buying a brand new house, it can be one of the most costly things you can purchase. Since a home is usually such a substantial investment, you might want to decide to purchase bank owned homes. Some of the benefits in buying these types of houses are the fact that the selling prices are typically lower compared to comparable homes, you will discover houses located in quite a big area, plus you may even get the chance of viewing the properties and finding out about the maintenance needed before any furnishings could conceal any of the imperfections inside the house.

Pricing for these kinds of homes is generally lower compared to what you might encounter when looking at regular properties on the market. Now the explanation for the reduced pricing is that the banks have foreclosed on these houses and need to sell them immediately. The reason they wish to sell them is to refrain from having to pay for taxes on the homes not to mention various other long term costs of having empty homes. Because they would like to get rid of them, the chances are pretty good the selling prices are going to be much lower than market value.

Bear in mind, though, that the selling prices can differ considerably. Just as with any house, you’ll want to be sure the costs are ones you’ll be able to afford and they are specific to the region. For example, you won’t be looking in the rich area of town where homes sell for a million if you are trying to buy a home in the rural countryside.

Discovering that there are lots of available bank owned homes in a given location can be an advantage if this really is something you would like to pursue. Now you may believe that these types of homes will not be found in nice locations, however you have to realize these types of homes are to be found in all different types of areas. In this poor economy, you will often be surprised at the kinds of houses offered in the much more costly neighborhoods at a considerably lower price than you would normally pay.

Being able to check out which repairs are going to be required before moving in is yet another advantage. Often, when buying foreclosures it’s not possible to examine a house before you bid on it. With many of these types of properties, you’ll have the possibility of performing a thorough inspection before you make a decision to buy. Given that no one is living in these houses, it’s going to be very easy to check out required repairs since no furniture will be obstructing the area. Then you can factor these costs in the offer you make on the house.

Being able to afford a new house might be very difficult for a lot of individuals in this economic climate. However, as a consequence of the poor economy, purchasing bank owned homes can be a great option you may want to pursue. Some of the benefits you are going to discover include being able to get the home at a great price, having the chance of obtaining a property in a great neighborhood, as well as being able to see what all has to be repaired before before you make your offer.

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Purchasing a home can be an exciting experience. But as you explore the homes in the community you want to move into, reality sets in that you won’t be able to afford the ideal home of your dreams. You may have to lower your expectations for a smaller square footage, less bathrooms, or a smaller yard. You may even have to have your kids share a bedroom.

Now just because you have to reduce your expectations doesn’t mean you can’t find opportunities to buy a great starter home. One great strategy is to locate a home in an up and coming neighborhood. These opportunities are easy to spot by driving through a neighborhood and seeing if any remodeling activity is going on. Checking out the habitats of local artists can also lead you to an up and coming community.

While a starter home may not have all the ideal features you want in your dream home, it can get you in the door of the real estate market so you can start building equity. Hopefully with the right market conditions in the future, you can save enough to buy a bigger and better place. This strategy works great if you expect your income to increase in the future. Even without a better paying job, you can still move up into a better home using the equity from your starter home. In spite of the benefits of purchasing a starter home, there a three facts you need to be aware of:

1) Puts A Dent In Your Savings - Buying a home is one of the largest investments you’ll ever make. You’ll have to put a large sum down, plus there will be other expenses such as: moving costs, closing costs, property inspections, property appraisals, and realtor commissions.

If you think buying a smaller home in a nice neighborhood will save you money, you may be in for a surprise. Land costs in nicer areas can be expensive depending on which community you plan to buy into.

2) Apply For A Home Loan With Favorable Terms - As you compare home loans, try to apply for one without a prepayment penalty. This allows you the option to prepay your mortgage faster or sell your house when you want to. When shopping for a mortgage, you can save money by applying for one with minimal or zero points.

3) Be Prepared For A Down Market - With today’s tough real estate market, be prepared for a possible drop in value over the next few years. This means you won’t have much equity and may have to sell your home for a loss. Be prepared for a potential loss or a tough time moving into a larger home.

Even with these disadvantages, a lot of homebuyers continue to get into the real estate market by purchasing a starter home. They know the joys of being a homeowner far outweigh the potential problems.

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Buying a home can be an emotional experience; however, you should not let it keep you from making wise decisions, especially when it comes to having a home inspection performed. If you do have a home inspection done, you need to remember that it should be only one of the factors to determine whether or not you should purchase a home. You must weigh the outcome of the home inspection report against the positive features of a home, the money available from the buyer or seller to take care of the repairs, and the real estate agent’s negotiating power to have the items repaired without shrinking her client’s net bottom line.

If you’re thinking about purchasing a brand new home, you would expect everything to be in perfect working condition, like new. But you wouldn’t expect to discover any dark stains on the flooring, sagging wood frames around doors, cracked foundations, clanging plumbing-just a property in tiptop shape.

However, if you’re thinking about looking at a second hand home in great condition, expect that it won’t be around for sale for very long. Many homebuyers desire to buy a second hand home. Most homebuyers know that purchasing a secondhand home allows you fast relocation, predictability, and the ability to know what the landscaping and schools are for that particular community.

If you’re thinking about moving into a brand new community, you’ll find some of the mature elements of an established community missing. The best thing about living in a brand new home is that the community will be brand new. Of course you would expect to see a different outcome of the inspection report from a newer home compared to an older one. Discovering cracked tile in a new home does not add character to a brand new home. The homebuyer will want to have it taken care of before moving in. However, if a homebuyer is buying an older property, you would expect to see this condition. Most homebuyers expect secondhand homes to possess some defects and wear.

A home inspection will tell you the condition of a home’s heating system, air conditioning system, plumbing, electrical system, the roof, attic, insulation, and condition of the walls, ceiling, floors, windows, and doors. When you purchase a home, you expect many of these systems to be in good running condition. You’ll find that most purchase contracts will have wording that indicates the buyer will accept the property in its existing condition. It is because of this as-is condition paragraph that motivates most homebuyers to include a home inspection contingency clause in their sales contract.

As you review the inspection report, you need to remember that if you change the original contract with a new contract, the new contract will be considered a counteroffer and will become the new contract on the table.

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If you’re in the market to purchase a home, it’s a good idea to consider your lifestyle needs in the next few years. It’s so easy to become preoccupied with our daily living activities and pick a home that only suits our current needs. But you need to be aware there are 5 main factors that can influence the quality of life in your home. Let’s go over 5 tips to help you find the right home:

1) What’s your Dream Lifestyle? - Does the nightclub scene suite your taste? If so, you probably want a home close to the hot spots of town where you can walk home. if you’re a business traveler, you may want to consider a town home or condo in close proximity to the airport.

2) Number Of Household Members - If you don’t plan to marry, live with a partner, raise a family, or have your parents move in, a home with less square footage may be fine. But if you expect your household to grow, be sure to evaluate other features such as quality of public schools, number of bedrooms, bathrooms, and lot size.

3) How Will You Use Your Home? - If you have a certain hobby, work at home, like to entertain, or cook a lot in the kitchen, you’ll need to find a home that suits those particular needs. If wouldn’t make sense to buy a home with just a carport when you have a home business that needs a garage to store products.

4) What Activities Do You Plan On Doing At Home? - Are you a handy person who dreams of restoring a vintage home to pristine condition? Do you dream of working on a backyard arboretum? Then a home in the suburbs with a big yard may be what you’re looking for. But if you like to throw big birthday bashes and parties, a metropolitan home may be more to your liking.

5) Buying a Home For An Investment? - If you’re financially challenged and only able to buy a smaller home, a good strategy would be to purchase a smaller home that needs minor cosmetic work in a good area. Over time with a little investment of effort, you could restore the property to mint condition and sell if for a large profit. Then you can use the profit generated from the sale to fund the purchase of a larger home or even investment property such as a duplex.

By addressing these 5 lifestyle facts, you’ll be able to select the best property to suit your future needs. A great exercise would be to imagine where you’d like to be in the next 5 years. Practice this with a friend or partner and let your imagination run free without being unrealistic. You may be surprised to discover additional lifestyle goals that will define what type of home you want.

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