New Home Trends!

Brand new homes have the added advantage of being easily customizable according to your liking. As you will be its first owner, you can suit the home to specifically cater to your needs. With the current surge in new builder home sales, many builders have found that some features are very popular among buyers.

To drive more buyers to their homes, builders have now included these features as standard in their homes, instead of being expensive options. Take note of them as you are looking for your new home, and see if the builder is offering them as standard features.

Granite tops and undermount sinks in kitchens and baths. These have always been considered as a luxury home surface. An advantage of this is that undermount sinks don’t have sink edges above the countertop, making for a clean and modern look.

Living room additions. Living rooms have always been the main gathering place for the family but home owners are trending towards the kitchen nowadays. For plans that have living rooms, expect modern features like wall ports for internet cables, and home theater niches for hiding bulky hardware.

Hardwood Flooring. Carpeting used to be all the rage a few years ago, but the demand for low maintenance floors and with radiant floor heating, has caused hardwood and tile floors to be ideal for heavily treaded areas like hallways, foyers and family rooms.

Stone exteriors. Full stone exteriors or even stone accented ones are gaining in popularity as they give the home more curb appeal. It’s usual to find vinyl siding on the neighborhood’s homes because of its low maintenance and styling options. Stone exteriors makes your home stand out from the crowd.

Front doors made of solid wood. Wooden doors have always been more attractive than steel front doors, and buyers are realizing that now. They are also warmer to the eye compared with cold steel. Various styles are available for wooden doors, like intricately designed glass details.

Solid interior doors. These are more popular as they muffle loud sounds between rooms better.

Higher ceilings. One reason why home owners are moving into larger homes is the feeling of being cramped in a small home. Builders are making their homes attractive by increasing the average height of their ceilings by a couple of feet. The feeling of a large home impresses many buyers, but it only costs very little for the builders to do so.

Use these features as a guideline when looking for your new home. You will know that you are getting the most out of your money when several of these features are included by the builder as standard.

 

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Prepare Properly for Your Home Purchase

Here are tips on how to go about buying a home the right way:

Find the best real estate agent for you. Base your choice on the professionalism and expertise of the agent. Make local market knowledge and reputation top criteria too. And also, hire the agent that you feel most comfortable with, so that the whole process will be smooth.

Get pre-approved. This is a good weapon to have in your house hunting arsenal. It lets owners know that you are a serious buyer, and that any offers you make are financially backed. It also gives you peace of mind knowing that you are very qualified to purchase a house.

Don’t wait too long. It’s hard even for the experts to predict the future market, so there’s really no right time or wrong time to buy a home. If you’ve found an ideal home already, waiting until a change in your favor occurs is counter-productive. Any changes won’t affect the price substantially, and good homes can be sold really fast.

No house is completely perfect. Though it is a good idea to be thorough in your search of homes, don’t prolong it by looking for a home that completely matches your checklist. Incidentally, write a checklist of the most important features you want your new home to have, and focus your search based on those features that you absolutely must have. Then be prepared to compromise the lesser ones.

You’re buying a neighborhood, too. Buying a home will not only get you that, but a new neighborhood as well. Check the conditions of the surrounding area and see if they fit your family.

Be diplomatic in negotiations. If you are using a real estate agent, you will have a lot of help in determining attractive offers for the home. However, don’t be too aggressive during negotiations, as being seen as unreasonable may cause the seller to back out immediately, and you’ll lose the home easily.

Determine all costs. There are several closing costs and other fees involved in buying a home. Factor these in when calculating your budget. Discuss this with your realtor so no surprises pop up to scare you.

A home is a home. Choose the home that you can see your family living in for a long time. Your house is the answer to the fundamental human need of shelter, and should be treated primarily as such, and not as an investment.

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Only the finest luxury homes in Las Vegas.

Tips on Closing Day

 

The closing day should be a happy day for all of the parties involved in the sale of a home. In order for this to happen, you should be vigilant in attending to all the details of the transaction way ahead of the closing date. This is very important as you do not want nasty surprises that might jeopardize the whole transaction.

Having a real estate agent to work with will be an immense help. They will be knowledgeable in all aspects of the transaction and can remind you of important details, like closing costs. Typically the buyer and seller divides these costs as negotiation proceeds, but each state and city practices differing standards.

Generally, the buyer pays the following: mortgage fees, inspection fees, home owner insurance, any transfer taxes, title insurance, escrow fees, and any attorney’s fees if one is necessary. Using a mortgage broker can get you a good deal on your mortgage and will help you on the transaction a lot, as they will only be paid for successful deals.

The seller is responsible for: loan payoff fees, real estate commission, repair payments, and any other shared expense. Ask your agent for the local customs of the area, or negotiate accordingly so that all closing costs are clearly assigned.

If you are closing on a loan, make sure to avoid touching anything on your account until after it’s finished. Increases on your account will need verification, and large purchases might affect the approval of the loan. Cash advances on your credit card should also be avoided. If some change comes up in your job situation, tell the lender immediately. And of course, don’t close any accounts.

There are a lot of things to keep in mind to successfully complete a closing day. Your real estate agent will be there to guide you through it.

For the finest luxury homes in Las Vegas: LasVegasFineHomes.com

 

Avoid These Buying Pitfalls

Buying a home is one of the most major purchases you will ever make in your life. That means it is wise to make sure that you take each step carefully and correctly so that you won’t fall into any of the painful traps: overpaying, losing a dream home, or disappointment.

Here are the most common pitfalls to avoid:

Not being pre-approved. Getting pre-approval for a mortgage is quick and easy. Having this when you’re out looking for a home gives you more leverage on home owners, as they will know you are really capable of purchasing the house.

Blind price offers. Bidding correctly on a home takes a lot of research on the market values of similar homes in the area. Having a real estate professional do this time-consuming work is an efficient way of having enough information so that your price offers are attractive and competitive.

Title encumbrance. During the negotiation process, be sure to conduct a title search on the property early on. You wouldn’t want to suddenly discover tax liens, easements, undisclosed owners, and other problems when you’re near the closing day.

Undisclosed repairs. While you are out to buy the best home for your money, the seller is doing the same thing too. Don’t expect the owner to reveal every detail of the house, especially parts that need repair. Hire a professional home inspector to search the house inside out for possible issues. Any repairs will have an approximate cost and discuss this properly with the other party through your agent.

Negotiating too aggressively. Coming off as too aggressive during negotiations oftentimes turns away even the open-minded sellers. If the owner sees you as being unreasonable, they may just stop talking with you abruptly and cause you to lose your dream home. Having an agent with good negotiation skills is best.

Hidden costs. Identify all costs no matter how small way ahead of time. Some costs may sneak through on the close of the transaction, and surprise you. This may affect the atmosphere on the closing date between both parties. Have your lender or your agent calculate the total additional charges in advance.

Rush to close. Before heading to this final transaction, read all the paperwork involved and make sure that you understand all the documentation. Check if it reflects everything that’s been discussed, and that no values were changed. Go through all of this with your realtor so that things flow smoothly on the day of the close.

Purchase disappointment. You might be ecstatic to finally be the owner of your dream home, but you suddenly notice some missed detail that brings you crashing down. A room might be too small, there might be wiring or water problems, the street may be too noisy at night, etc. Doing a thorough research on the home will prevent all that disappointment. Know everything there is to know about what you’re buying!

A lot of effort and time is involved in buying a home, not to mention a lot of money. Be wary of these mistakes and be aware of all the important and little details so that your home buying experience is a success.

Reminders on Buying Foreclosures

The growing number of foreclosures today have induced many buyers to consider looking for a new home among these bank-owned properties. As they are owned by a bank, they have key differences from other available homes on the market. Here are some important things to remember before you contact the number on the listing:

The agent who answers the phone represents the bank. As such, that person will have the bank’s interests in mind and not yours.

The bank can ignore offers. Even if you match the asking price, the bank may not accept it immediately. Some might require a length of time to pass before they even consider any offers. They may ignore time periods as outlined in their contract even if you or your agent is calling them daily.

The bank markets continuously. The home that you’ve offered on will still be marketed even while the bank is reviewing your offer. They want to get the best deal out of every house so they keep them for sale sometimes even during inspection and financing.

No disclosures. Unlike traditional owners, the bank will not disclose any information about the property as they have not occupied it. Be sure to get an inspection and property survey done.

No repairs. Typically, the bank does not do repairs on homes, so you will be buying the property as it is. Don’t hesitate to walk away if the bank will not make repairs on major damages. A foreclosed home that sits for a long time will have maintenance issues like blocked drain pipes and molds.

Large supply of homes. The bank has a large number of homes in their inventory. Even more so with the current climate of the economy. Combine that with a limited number of trained employees, and more often than not, buying from a bank takes a really long and arduous time.

The bank has the upper hand on any foreclosure transaction. If you are really interested in a foreclosed property, it’s best to have a professional real estate agent to represent you and to handle the time-consuming work. They will be very familiar with the process and can take care of any unexpected issue that comes up.

Why Live in a Condominium

The type of home that’s right for you is the one that suits your lifestyle best. If you’re looking for an easy-going and convenient mode of living, then condominiums are perfect for you. Condominiums generally offer bigger living space for similarly priced single-family homes, and have many other benefits such as:

Lock and go lifestyle. You can have an increased sense of security knowing that just by locking your front door, your house and your possessions are safe. Private and round-the-clock security and gates make condos a safe place to live. This makes condos a good fit for people who are always going in and out of their house.

Easy maintenance. Unlike single-family homes, condominiums are very convenient in terms of maintenance. Cleaning is very easy and can be done with just a vacuum cleaner and/or mop. Tending the garden, replacing roof tiles, doing landscaping and other time-consuming responsibilities of maintaining a single-family home will not be a problem. Wiring faults and leaks can be easily serviced by the maintenance staff of the condo.

Shared amenities and recreational facilities. Many condominiums offer swimming pools, exercise rooms, clubhouses, tennis courts, and even spas. These are especially great for those who can’t yet afford to add their own backyard pool, and those who don’t want the worry of maintaining these facilities.

Advantageous location. Most condominiums are located in downtown areas or very near the heart of the city, where land is very expensive. This is ideal for busy professionals who don’t want the burden of driving or commuting to work. Being close to all the best places in town is certainly a plus.

Sense of community. Living in the same building promotes closeness between neighbors. Typically, developing good relations with the people on your floor is easy to begin with just a simple knock. Some condominiums also hold social occasions and gatherings regularly, and these are good opportunities to befriend your neighbors.

Certainly, condominiums suit young and single professionals the best, or even young couples. The convenience and benefits of living in a condominium fit just right with their needs. Raising a family in a condo is not a bad option either, as it is safe and a good way to learn about caring for your family without the troubles of caring for a single-family home. Wealthy individuals also get condo units because of their great locations within the city.

While the benefits are many, condominiums do have drawbacks as well. One is sharing a wall, ceiling, and floor, with a neighbor. Complaints about noise from adjacent units is very common. This also means you can’t just turn the volume of your TV up, or have wild evening parties. Another is having little choice when you don’t like your neighbors. Pet restrictions and parking limitations are other issues that turn people away from condo living.

Discuss with your real estate agent the best type of home for you. And if you just want a refreshing change from living in a big home, consider living in a condominium.

The Art of Negotiation

 

Negotiating the price on a home is an art that requires careful thought before any action. Too often would buyers, and even their agents, send outrageous offers that most sellers just dismiss them as a joke. There are lots of books, seminars, online materials and other resources that teach how to negotiate effectively, but it seems most are disregarding them and just begin negotiations without consideration.

Before you offer that initial price, try putting yourself in the seller’s shoes and imagine how they would react. Would you consider it or just trash it? Having a good idea of the value of the home is critical to building a connection with the seller. Your realtor can provide you market analysis of recent sales in the area to determine the prices of similar homes. This should be your main weapon for initial offers.

More ammunition can be gleaned by doing a little research on the home and its owner. How long has the home been in the market? Owners are more apt to consider lower offers if they’ve been trying to sell for a long time. How many price reductions has the house gone through, and for how much each time? If the house has had a lot of reductions already, the owner may just ignore more price cuts, as they would be likely thinking of how much the price has fallen already from the original listing price. Remember that only 10% of sellers are highly “motivated.”

A good technique in proceeding with negotiations is getting the other side to agree on small things first. Gaining agreement on several small points will relax the other party and will tell them that you are reasonable. Do this so that in the end all that’s left to talk about is the price, and they may concede to your wishes just to end negotiations and close the deal.

Try and avoid these two common pitfalls: becoming emotionally compromised, and appearing to be unreasonable. Remember that this is a business deal and your agent is there to represent you with an objective approach. Immediately falling in love with a home (for buyers) or being too attached to your home (for sellers) will cause your negotiations to suffer. Being too aggressive can be seen as being unreasonable, and this will make you lose the opportunity for negotiations.

As a last reminder, in your mind, settle on a price and commit to it. Even if you don’t offer it, use it as an anchor to remind you of your limit. The best real estate agents can help you negotiate successfully.