Big lifestyle change

If you went from being single to being married , or the other way around, then you might want to review your policy and see if a change will do you better. If you are merging two households, then you also need to see how it will affect your budget.

Other things that will call for a change will be having more kids, or an adult kid moving back in, or having more valuable things in your property.

More valuable possessions

If you have acquired more valuable properties like jewelry, artwork, appliances, and other collectibles, then you need to have an insurance coverage that can properly cover for them in case of an unfortunate incident. You might need to consider a floater or an endorsement to have additional coverage for these expensive items.

New safety features

If you have recently beefed-up the security of your home, then you might qualify for certain discounts from your provider. Smoke detectors, burglar alarms, and security cameras can help lower your premiums by as much as 20%.

Major renovation

After doing some major remodeling to your home, you need to update your policy to make sure you are well covered. The extra square footage after remodeling might not be covered by your existing policy. Make sure you inform your insurance company about the updates you have done to your home.

Tips for home buyers

Location matters most

Whether you are an investor or a first time home buyer, you need to remember that location is the most important factor. You will realize the big truth about this when you try to sell the property later on. A good move for example is to buy a condo unit near a university or access to public transport.

Consider a condo

The inventory of condo units is overflowing. Knowing this, you and your realtor can negotiate for better prices. The market should go on an upswing soon so better make your decisions sooner.

Credit rating

You do not want any surprises when buying a property. You should monitor your credit score so you have an idea what kind of interest rate and terms you will get.

Tips for home sellers

Beautify and refresh

You need to fix up your property before putting it up on the market. You need to prepare it for staging so you can maximize its value.

Update and upgrade

You do not have to renovate all portions of the house but consider updating some of the tired-looking areas. Simple fixes will do like refreshing the bathroom floors and walls, changing worn out carpets, or upgrading to a better kitchen sink.

Price is right

Do not over price your home or buyers will not even dare look at your property listing. Research well and be sure to give it the right tag price.

Appliances

Newer units may already have upgraded appliances like microwaves, refrigerators, and stainless steel gas ranges. Older ones though may have standard appliances or may need to be upgraded. It is also standard to have provisions for a washer and a dryer but the owner must provide these bigger appliances themselves.

Common areas

These common areas are often the convincing factors of condo developments. Special consideration should be taken since certain developments will cater to special interests and of course the dues will depend on these common areas. If there is a boat dock but you will not be able to take advantage of it since you are far from being a boating enthusiast, then you might be better off to look for another property.

Parking

Make sure there is ample parking provision for the condo owners. Some have their parking spaces located in basements of the building while some will have the parking slots located adjacent to the structure. Make sure there is sufficient parking for the family vehicles and enough security provisions as well.

Security

You also need to check on the security provisions of the condominium. Aside from the gated parking lots and guard houses, there should be enough measures to help protect the residents and the development. Look for sufficient lighting, gates, locks, surveillance cameras, guards, among others.

Do not over analyze

You might find out thru the agent of the seller that there are other parties interested to purchase the house. There is no reason though to exert all of your efforts just to find out how you can outbid people. You should just make the offer that your pocket is comfortable to handle. You do not compete with other people especially when your bank account is not ready to go sky high.

Center on the negotiations

There will be situations when other people will make better offers than the one you made. You should not lose focus but concentrate more on the negotiations you are doing with the seller. You should not get distracted since you cannot do anything with the offers of other people. They are beyond your control. You will not negotiate with the other buyers, so focus on inspecting the property and decide what you really want to do.

Total package

You need to make sure that you present your offer and yourself in the best possible manner. Visit the property several times and make your intentions known. You can send them an introduction note and your offer or you can delegate this to your agent. Move quick and show that you are really interested to inspect the property. A pre-approval letter will also help a lot. You can also ut in a refundable earnest money deposit to show that you want their property.

A beautiful entrance makes a good first impression. A re-painted front door says a lot about a home. If you do not an entryway make one. A lot of buyers would love to walk thru something first instead of opening the front door then they’re already in the living room.

If you have an apartment or a condo, one trick is to place a furniture to make an entryway. You can make a welcoming vignette using a chest drawer or a stylish console table.

Hardwood flooring

A lot of buyers want to see some hardwood. This kind of flooring has been tried and tested and ensures some longevity. It is also effortlessly stylish. If hardwood floor is out of your budget, you can make do with synthetic wood flooring. Synthetic though will not look the same and will not have the same sound when you walk on it so you cannot fool everyone.

Fixtures

Designers will tell you to have fabulous fixtures as these are the gems of your house. It takes some effort to choose the details of your doorknobs, cabinets, faucets, etc. Coordinate your fixtures well and make sure they go with the overall look and feel of your home.

Nice looking baths

Whirlpool baths. Marble counters. Steam showers. Bring these things into the equation and your buyers will surely be impressed with your home. If you do not have these luxury details though, you just need to attend to the basics and make sure everything is clean and looking nice.

Countertop

A makeover of your countertop is another big factor when trying to attract buyers. Granite might be the in thing but make sure you have a nice slab to cover everything. Buyers do not want to see the grout lines plus granite is very easy to clean and take care of.

Plan well

Have a system for the whole program of maintaining your home. It might be a tedious task to organize a list at first but it will make life easier for you.

Get reliable people

You need people you can depend on to finish what they are tasked to do. You can start by getting a handyman who can do pretty much everything. You can also get referrals for plumbers, carpenters, painters, or electrician from your friends or loved ones. You can also do minor works by yourself and this can save you a lot of money.

Budget

You might need around $2,000 to around $4,000 set aside for emergency repairs and some big expenses when you have home projects. You can start building this emergency fund by setting up a separate savngs account and putting in some money every pay day.

Tools

You need to have basic tools at home like screw drivers, hammer, duct tape, sand paper, and saws. Repairs will be a lot easier when you have this basic set. You can always rent tools from the hardware for bigger jobs.

Renovation for the right reason

If you have a growing family, there will come a time when you will need bigger if not additional rooms. You will also do some renovations if you at least want to give your home a facelift or if you are planning to sell the property.

Energy efficiency

You may be considering to get new appliances and you may want to keep in mind the electricity or fuel costs. Look for more efficient water heater, refrigerators, dryer, washer, air conditioner. This move will save you a lot of money.

Purchase points

Purchases points are also called discount points or buy down points and this is the fee that you are willing to give up front so you can lower your interest rates. Each point represents 1% of your loan amount. Example, you have a $100,000 loan, one point will then be equal to $1,000. Purchase more points, the lower your interest rate.

Interest rate

When you get into a mortgage, you will have to deal with interest rates. This is the interest rate that will be charged to you by the lender for loaning you their money. This is a big factor on what your monthly payments will be. The higher your mortgage’s interest rate is, the higher your payment will be every month.

Fees

There are several fees that you need to deal with when you get a mortgage. These fees will be the cost to cover for underwriting the loan and processing it. The fees will also cover for appraisals, land survey, or checking the title of the home among other things.

Sources of funds

A lot of borrowers do not have a big amount of cash on hand for their down payment. You can use the money you have set aside in your savings account, borrow money from relatives or friends, use your 401K, use your assets, or have a co-borrower.

There are also communities which offer to subsidize a portion of the down payment for buyers who are a bit cash strapped.

LTV Ratio

The down payment is often declared as a percentage of the sales price. Let us say the mortgage is around $300,000 and has a loan to value ratio of eighty per cent, then the needed down payment will be 20% or $60,000.

Other options

If you have a good credit standing, some banks even offer a zero down scheme for first time home buyers. This is often an option if you have limited sources of funding to have sufficient down payment. The interest rates though will be higher since there will also be no equity in the house when you don’t put it a down payment.

You can also go for a lease with an option to buy. You will rent the property and at any point you may purchase the property on the price and terms agreed upon by you and the owner.

Understanding the basics of mortgage loans can help you to ensure that you choose the best loan for your new home. You should understand things such as interest rates and fees that are often charged on these loans.

Interest is only one of the charges that you may incur on a mortgage loan. This is the highest fee and is accrued annually. Interest rates on mortgages typically fall between 5 percent and 12 percent of the loan.

Other fees included in your mortgage loan may include fees for obtaining your credit report, application fees and any fees associated with the appraisal of the property that you are purchasing. In order for a mortgage lender to offer you a loan, you must show that the property you are purchasing is worth the amount that you are trying to borrow. All these fees are often listed together as origination fees.

Understanding your APR or Annual Percentage Rate will also help you to choose the best mortgage loan. The APR takes the base interest rate, and any other fees included, and provides a number that you can use to compare the different available loans. Fixed rate mortgage loans have an interest rate that will not increase or decrease throughout the life of your mortgage. Adjustable rate loans typically have a lower interest rate initially, although interest rates may increase every six months or so.

You need to understand that the term of your mortgage can actually add money to what you are required to pay back. For instance, a 15-year loan carries much less interest than a 30-year loan. Although the monthly mortgage payments may be lower for a 30-year loan, you will be paying twice as much interest when you extend your mortgage for 30 years. If you can afford the higher monthly payments, it is much better and less expensive to opt for a 15-year mortgage. Keep in mind that you always have to option of refinancing home loans, so if your situation changes at any point, you have options!

The actual mortgage on your home will be a piece of paper that outlines the terms of your home loan. You will sign the document and the mortgage lender will keep that document in exchange for loaning you the money to purchase your home. This piece of paper gives the mortgage company the right to take your home should you default or fail to make payments as outlined in the loan agreement.

When you receive a mortgage loan for your new home, it is crucial that you make your payments on time. Understanding these basics may help you to get a good loan with regards to interest rates and terms, but it will be your responsibility to ensure that you keep your mortgage payments current.

Take for example, Henderson, one of the highly touted Las Vegas communities. Every piece of the city is finely tuned and carefully orchestrated. It is this precision and attention to detail that makes neighborhoods in Henderson good places in which to invest. Coupled with the fact that the city prides itself on small town values while at the same time employing forward-thinking ideals to attract new businesses, Henderson is the right mix of government, community and development – and Henderson offers great family-friendly real estate!

Another example of a lovely area in which to invest in Las Vegas real estate is Aliante in North Las Vegas. Like other luxury communities in the region, the large homes are not particularly expensive. One of the master builders for the project, Pardee Homes, offers multi- bedroom, multi-bathroom, two story, two thousand to four thousand square foot homes for mid to high $300,000s. Although the property taxes are a little higher here than the rest of Nevada, the investment is nonetheless, worthwhile, given the gated communities, gorgeous golf course, recreational parks,  nature trails, and fabulous architecture in Tuscan, Spanish or Italianate.

To the northwest of the valley, is situated Desert Shores, a distinctive community based around four man-made lakes. Lake front homes actually have docks which would be unheard of in the desert and to add to the recreational value of the properties, there is even fishing.

Since the area has long been sold out, the only way to invest in the homes is by resale. But this creates an excellent investment because when a property does become available it will be snatched up immediately.

One last region to highlight is Eldorado, an up and coming community which is seeing much growth and  development. As a result, many opportunities exist for the area that is part of what is now being referred to as the “Golden Triangle”.

Because all of these communities are self-contained with their own shopping malls, recreational facilities, golf courses, and parks, everyone has a vested interest in the community. This in turn makes an investment more solid since the end goal for all is to keep the area vibrant.