5 Tips to help you find your dream home

Are you ready to buy a new home?

Buying a home can be such a fun and exciting time, but it can also be a little bit stressful. I’ve got some tips that will help ease the stress a little bit and make you a better buyer.

It doesn’t matter if this the first home you bought or the fifth, there are some things that can help ease the stress and make the process a little bit more exciting.

1. Decide on your goals.  You should have a general idea of where you want to live.  Do you want a single family home, town house or condo? Where would you like to be do located?  Do you want to live close to work, close to the beach, or close to your family and friends?
2. What must your new home have, the non-negotiables?  Do you have to have four bedrooms, do you have to have a pool does your new community have to offer plenty of amenities for you to enjoy?
3. What is your time frame? Do you have a home to sell and need the closings to happen concurrently?  Are you renting and your lease ends soon?  Or perhaps you are moving for a new job that starts soon.  You want to be sure to allow enough time for you to reach your goals.  Typically, it takes 30-45 days to close on a home plus you need to allow time to the search process.
4. Decide on your budget. Make sure you know how much home you can afford.  If you are getting a mortgage speak to a lender who will review your financial documents and pre-approve you for a mortgage.  Having a pre-approval letter from the lender will also help when you find the right home because you can place an offer on the home right away.
5. Work with a good Realtor®.  You want a real estate agent in your corner who is going to listen to your needs, answer all of your questions and help you in any way.  Your agent will negotiate on your behalf and look out for your best interests.

Following these 5 tips will help you find your dream home!

Kelly Harden, Realtor®

Mihara & Associates, Inc.

813-244-9688

 

How do you know if you are ready to stop renting and buy a home?

Are you currently renting and trying to figure out if it you’re ready to buy a home?

I’m going to share 4 tips that will help you decide if the time is right to buy your new home.

Number 1– you’re tired of rising rent prices. You’ve been living in your place for a little while now and each time you renew the lease your rent goes up.  This could be a sign.

When you own a home, your mortgage payment doesn’t increase as long as you purchased your home with a fixed-rate mortgage.  The escrow portion of your payment (such as your taxes and insurance) might increase if those costs go up but the amount that you’re paying for your mortgage won’t increase over the lifespan of your loan provided you have a fixed-rate mortgage.

That’s so much better than yearly rent increases!

Number 2– you have good credit.  You’ve been diligently paying your bills on time every month and you’re paying off or have completely paid off any debt that you have. This will help increase your credit score and the better your credit score the better the terms and rate you can get on a mortgage.

You can get a mortgage with a lower credit score, there are some mortgages available if your credit score is in the 500’s.  However, you’re able to get a better mortgage if your credit score is in the mid 600’s to over 700.

Number 3- you’ve set money aside for your down payment and your closing costs.  You may be eligible for downpayment assistance programs and you could also potentially get the seller to contribute to a portion of your closing costs however you’re still going have expenses that you need to budget for.

You’re going to have to put a down payment on the property and pay for the home the inspections, the appraisal, etc.  This is in addition to anything you might want to do to the home once you move in and if you’re at all like me you’re gonna want to redecorate the whole house.

Number 4- you know what you want and you know where you want to live.  Now you don’t have to know exactly what you want, but you have to have an idea.  Do you want a single-family home, a town home or do you want a condo on the beach?  Do you want to be in North Tampa, Land O’ Lakes, or in an entirely different city all together?

You want to make sure that whatever you select you expect to be happy there for a little while.

If you meet those four criteria you might be ready to purchasema home instead of continuing to rent.

I have a playlist on YouTube that answers a lot of first time buyer’s questions, here is a link if you want to learn more

Kelly Harden, Realtor

Mihara & Associates, Inc

813-244-9688

What must a home seller disclose to a buyer in Florida?

Are you looking to buy or sell a home in the state of Florida?

Do you know what the seller is required to disclose to the buyer when the house sells?

The state of Florida has a form the sellers can fill out that will help provide answers to the buyer’s questions.

This form is a multi-page document asking for information on the appliances, the roof, if the seller has had termites or other wood destroying organisms, plumbing concerns, water intrusion, HOA’s, governmental concerns, environmental issues and such.

One thing asked on this form that you may not see in other states is information about sinkholes.  Florida has a sandy soil base and sinkholes can happen here.  They can be remediated but the new buyer should be made aware if the house had one.

If the house was built before 1978, there is a lead-based paint addendum that is required to be included in the sale documents.

Buyers should be told about all MATERIAL FACTS that might effect the value of the property.

Florida sellers are not required to disclose if there was a death on site, whether it was natural causes or murder.  That is not considered a material fact.

Typically, I advise my clients to disclose as much information as they can to potential buyers.  The buyers are going to find out about it anyway, either by their own searching online or a quick chat with the “friendly” neighbor.

Why do you have to fill out this form and disclose what you know about the house before you sell?

An educated buyer is the best buyer.  Plus, you want to avoid potentially being sued after closing because you withheld material facts about the home that effected it’s value.

If you have additional questions about what a seller has to disclose in the state of Florida or buying a home in Tampa Bay give me a call, I am happy to help!

Kelly Harden, Realtor®

Mihara & Associates, Inc

813-244-9688