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by http://minnesotarealetate.mixxt.com./networks/members/profiles/blog.minnesotarealestate global.by.l.description How To Choose A Lot As A First Time Homebuyer If you're building your home as a first time homebuyer, the first important step is to find the lot. Just like buying the home, there are certain things you need to look for when searching for the ideal plot of land. In addition the lot's location, you will need to consider the types and styles of properties on other lots in the area, the number of trees and water features around the area, accessibility to power, and a number of other important amenities. Robert Irwin, author of the book "Tips and Traps When Buying a Home" recommends using a checklist when searching for a lot as a first time homebuyer so that you don't miss any critical details. Here are some more tips on choosing the lot for your first home: 1. Map out the nearest cities and towns. If the lot that you are interested in is located in a rural area, find out how near the towns and cities are. You may have the need to commute from your new home to work or bring your children to school. Knowing what the access roads are and the distance of your commute to places that you need to go will allow you to see what kind of lifestyle you might have if you choose to buy that lot. 2. Review natural features. How many trees are in and around the lot? Do you have access to a lake? How far is it from your new home? Many first time homebuyers overlook these important details when they have found what looks to be like their ideal lot. However, building a house that is very close to a lake or a forest means you may need to deal with wildlife and flooding during certain times of the year. 3. Check the water source. If you build a home in an urban area, you may not have to worry about where you will get your water from. If you decide to build your home in the countryside, you may need to find a private water company or find alternative solutions to be able to get water into your home. 4. Check the soil quality. Determining the quality of the soil on your lot is an important factor when building your new home because you need to work on soil that will accommodate for a solid foundation. You can hire a professional to inspect the soil if you are unsure of what to look for. 5. Find out about building restrictions. There are some areas that have restrictions when it comes to building a home. Properties that are located near national forests, wildlife preserves or major landmarks typically have strict rules about what can be built. Find out what the limits that you might encounter if you decide to buy property in that area so you will be prepared. Aside from the physical features of the property, buyers should check the land title. Make sure that the title of the property is clear and that are no easements of any kind on the lot. This will make the process of building your home a lot less complicated and make it easier for you to purchase the lot for you to build your dream home. Alexandria P. Anderson is a <a href="http://minnesota.greatinvestmentproperty.com">MN Investment Property</a> specialist. If you are a <a href="http://greatminnesotarealestate.com/first-mn-home/">Minnesota First Time Homebuyer</a> she can help you to find real estate that's perfect for your needs. Get a free copy of "The Investors' Rental Guide" at GreatInvestmentProperty dot com. no-reply@mixxt.net (MN Real Estate) Tue, 10 Aug 2010 18:50:00 +0200 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:16 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:16 Calculating A Home's Worth As A First Time Homebuyer First time homebuyers can save a lot of time, money and effort by being organized and prepared for all the steps in the home buying process. When you are choosing any of the homes for sale, one of the most vital steps to take is the valuation of the home or being able to determine what the home is worth by making your own assessment. Authors Eric Tyson and Raymond Brown of the book "Home Buying for Dummies" point out that the true value of the home doesn't only consist of the price. Value means different things to different people, so you need to identify the factors that are most important to you when searching for your ideal home. Ultimately, the value of the home is what a particular home is worth to you, and what types of benefits you will derive from this type of investment. The first step that a home buyer can take is to review the actual dollar cost of the home and compare it to the other homes in the same neighborhood. This can be done by taking a look at the MLS listings of the specific area. Finding out what the original purchase price of the home for sale can also help, but if the purchase was not within the last 3 years, you cannot make an accurate assessment and use the original purchase price a basis for review. To use the original purchase price to aid in your assessment, see if the property has devalued or if its value has increased withing the time peroid since the seller bought it. The second thing a home buyer must find out is if there are any repairs that need immediate attention and how much it will cost. The cost of repairing the home may have been factored into the asking price. If it was not, a home buyer needs to be aware of what they may have to spend for when they buy that home for sale. The third step in determining the value of the home is to project what it may be worth in three years, ten years or twenty years. Is the home located in a brand new subdivision or an historic part of town? What is the average appreciation value of the home year to year in that particular neighborhood? The appreciation value may be a powerful 'pull factor' for a particular property, especially if you are a first time homebuyer in a buyer's market. There are several factors to consider when you are looking at different properties and exploring various neighborhoods as a first time homebuyer. The true value of your home goes well beyond the asking price because you need to take into consideration how much of the home needs to be repaired, what the biggest benefits of living in a particular neighborhood are, and what the property will be worth in a few years. Take the time to learn about the price history and general market appreciation (or deprecation) rates in your neighborhood so that you can make a well-informed financial investment as a first time homebuyer. Author and Realtor Alexandria P. Anderson helps clients to find and purchase <a href="http://greatminnesotarealestate.com/county/hennepin-property/minneapolis-homes/">property in Minneapolis</a> as well as <a href="http://greatminnesotarealestate.com/county/hennepin-property/minneapolis-homes/">Minneapolis Realty</a> in Minnesota. no-reply@mixxt.net (MN Real Estate) Fri, 11 Jun 2010 07:03:00 +0200 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:15 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:15 How to Research the Neighborhood as a New Homebuyer If you are a first time home buyer, the excitement of finding your dream home may turn into a chore because of the number of things that have to be kept track of and the important decisions that have to be made. Any undue stress and headaches in your property search and purchase can be eliminated by going about your search in an organized manner. It is of utmost importance to spend some time to assess new neighborhoods and looking at prospective homes. It may also be necessary to do your own research to discover which neighborhood is the ideal area for you to live in. One important thing that a first time homebuyer can do is to explore at least a five-block radius of their ideal neighborhoods to see all the available homes for sale. You can choose to drive around the area or use an online mapping tool to navigate around the area. This will greatly aid in identifying the areas you would like to purchase any of the homes for sale and give you a relatively large inventory to work with. As a first time homebuyer, it's also a good idea to find out where the nearest gas stations, public library, grocery stores and access points to the interstate or major highways are. Remember, you need to imagine what it would be like to actually live in this neighborhood. Make a mental note of the locations of different stores, service centers and roadways so you can be confident about running errands and commuting to work with peace of mind. It is also good to be aware of the zoning laws of each specific neighborhood, especially if your target area is entirely new. This is important because you may decide to renovate or remodel the house that you buy. Being aware of the basic zoning laws and regulations for building pools, decks and adding extensions to your home will serve you well for your future plans. You also have to find out if there any taxes, association fees, and any other fees that have to be paid if you decide to buy any of the homes for sale in that specific area. You can get this information by contacting a real estate professional or checking the local county tax collector's office website. Most tax collector offices have a website which will allow you to input an address and find out tax information. To find out association fees and other fees related to the purchase of any of the homes for sale, contact a local lender or a licensed realtor for an estimate. Taking the time and effort to take find out about the new neighborhood you plan to live in is a vital step in the purchasing any homes for sale. Find out the important details about taxes, zoning laws and other related fees associated with a real estate property purchase by doing online research and contacting a local lender, a mortgage professional or a licensed real estate agent. The data that you have gathered will greatly aid you in deciding which among the homes for sale to purchase. About the Author: Alexandria P. Anderson is an <a href="http://greatminnesotarealestate.com/county/hennepin-property/eden-prairie-homes/">Eden Prairie real estate</a> agent that helps people to find and purchase <a href="http://greatminnesotarealestate.com/county/hennepin-property/eden-prairie-homes/">Eden Prairie homes</a> and properties in the Twin Cities of Minnesota. no-reply@mixxt.net (MN Real Estate) Mon, 17 May 2010 11:26:00 +0200 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:14 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:14 How Beginning Homebuyers Can Manage Closing Costs Beginning homebuyers need to understand one essential aspect in the process of owning a house and sales contract, which is 'closing costs'.Some are not aware that closing costs are typically set at 15 percent of the sales price, and most lenders would require for them to be paid upfront. Achieving your goal of efficiently projecting your available funds and discussing your preferences in the arrangement of final price means being more prudent to identify them earlier, even if some lenders can roll them into the loan package. It may be best to keep in mind that the lender base the maximum amount offered to you not on the net price (the sales price minus the closing costs) but from the actual sales price paid by the buyer. There are various ways in which closing costs are allocated and this may need the help of your realtor and lender if only to come up with the most agreeable plan for you to stay within your budget limit. As a home buyer, being knowledgable about your responsibilities is the first crucial step to understanding what closing costs are. As explained by Barron, the author of the book 'Smart Consumer's Guide to Home Buying', homebuyers must know that custom dictates allocation of closing costs and designates buyer and seller responsibilities, and not the law, as many believes it to be. It is the buyer who typically settles all the fees and the loan’s the discount points. The lender adds all these at the end of the contract and may vary differently from one financial institution to another. Bankers typically assign this fee as part of your contract or may be waived for important customers, yet it is best that you have an exact idea what the estimated amount will be. The buyer is also responsible in paying the premium of the homeowner's title insurance policy and has to ensure that this be settled before the purchasing begins. Most will agree that it is beneficial to have some extra cash in your hands to pay for the premium and to avoid getting it rolled into the loan. Note also how premium cost may vary from one insurance company to another. Make some research on the homeowners insurance policy rates or look around for more options before you decide to sign the contract right away. The seller has the following responsibilities or obligations. Sales Commissions - are the fees apportioned to the buyer's and seller's agents. However, these may depend upon the real estate agent you chose to work with. Inspection Costs - refers to the expenses related to the home's inspection and all other forms of inspection that may be required before the buying and selling commence. Title Insurance - are part of the homebuyer's obligations although many people misconstrue that title insurance is no longer covered in the costs that they have to settle. But, the closing costs also covers the title insurance costs, making it a responsibility of the seller. When you know what closing costs are, you can have a better idea as to what your home's final price will be during the signing. As a matter of fact, if early on the financing process you have done so, the lender may give you necessary information like the fees you will have to pay and discount points among others. Author and Realtor Alexandria P. Anderson helps clients to find and purchase <a href="http://greatminnesotarealestate.com/county/hennepin-property/maple-grove-homes">Maple Grove MN real estate</a> and <a href="http://greatminnesotarealestate.com/county/hennepin-property/maple-grove-homes">homes for sale in Maple Grove</a>, Minnesota. no-reply@mixxt.net (MN Real Estate) Wed, 14 Apr 2010 09:46:00 +0200 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:13 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:13 How to Get Started with Buying Your Home Online With the wealth of realtor websites, bank financing options and home search tools available online, more people are finding it easier than ever to buy their home online. Buying your home online can make it easier to conduct a search of the latest listings, narrow down the field of choices and learn more about your prospective neighborhood without ever visiting the property in person. This can be a very valuable opportunity when you are considering moving out of state or across the country, but there are still several important things to consider as you proceed with an online search. Whether you're a first time homebuyer or looking for vacation home property, here are some important considerations when buying your home online: 1. Limit your browsing. You might get carried away and spend too much time looking through homes for sale that does not meet your requirements. It is possible to target your search by typing in the name of the state, then homes for sale, and then indicating the detailed parameters of your real estate property requirements in the search property listings tool of a real estate website. 2. Search for a website that will give you access to real estate property listings by state. It is possible to search for individual properties, but that would take up much more of your valuable time and might be even a waste of time if the property is no longer available and ad is still there. By finding a website that has an adequate number of updated listings, you will be able to have a more effective search. 3. Get an aerial view of the property. It is possible to a bird's eyes view of the neighborhood and to take a closer look at your prospective homes for sale buying using Google Maps satellite images and other tools. You will be able to get to see the look at the outside of the home you want to purchase, the garden space, the garage and see the surrounding areas. 4. Don't rely solely on listing pictures. If it is possible, after making a list of the homes for sale that you are interested in, prepare for your trip to your prospective area by contacting a local licensed real estate agent or a professional realtor of the website that you found the property in. The real estate agent or realtor will take you for a home inspection of the properties that you are interested in and you will be able to get a 'feel' of the home, take a better look at what its advantages and disadvantages are, and the home inspections will greatly aid in your making a studied decision towards the purchase of your new home. 5. Check the credentials of the real estate agent. A professional real estate agent can help you to find the right real estate property without the headaches related to the property search and documentation as these things can be handled by them. You would have to find out how established the real estate agent is in the business, their credentials, their track history, if they are licensed, and what kind of listings they have. 6. Use a variety of search tools. Shelley O'Hara and Nancy Lewis, authors of the book, "The Complete Idiot's Gide to Buying and Selling a Home" encourages prospective homebuyers to use several different sites and home buying tools when doing their research. For targeted search engine results, type in the name of the state you would like to buy property in, and then type in the words 'buy homes for sale' to ensure more accurate results. You may be able to find your perfect new home right away. Author and Realtor Alexandria P. Anderson helps clients to find and purchase <a href="http://greatminnesotarealestate.com/county/hennepin-property/eden-prairie-homes/">real estate in Eden Prairie</a> as well as <a href="http://greatminnesotarealestate.com/county/hennepin-property/eden-prairie-homes">Eden Prairie homes for sale</a> in and around the Twin Cities of Minneapolis and St. Paul. no-reply@mixxt.net (MN Real Estate) Wed, 17 Mar 2010 13:25:00 +0100 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:12 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:12 Why You Should Attend a Home Buying Seminar The opportunity to learn about the home buying process is given by banks, morgage lenders, libraries and real estate firms through seminars that seek to educate the community. If you are a first time home buyer or planning to move to a new area, attending one or two of these seminars will be a great way to have all your home buying questions answered. Home buying seminars are commonly conducted in places like the local library, the community center, or in a banquet room of a hotel or restaurant. It may be held as a lecture with a Q&A session, or as a PowerPoint presentation or as a slide show. Many of the home buying seminars can be attended free of charge and you will surely benefit from tremendous amount of information that will be given. A key benefit of attending such seminars is getting meet people like the local realtors. This is a great opportunity to know the various realtors and agents in person, rather that have to having to find them by using the Yellow Pages or search engines. It is also a way to establish new relationships and get to learn more about their services or the firm that they are working for. Mortgage lenders who facilitate home buying seminars give details about the financial side of home buying, and normally present various loan packages and programs and sometimes prequalify people for loans during the event. Many people use these seminars as an opportunity to find a mortgage lender who will give them the much needed loan and help them start their loan documentation process. You may be missing out on the chance on getting incentives or discounts that are given away during the branded seminars of selected mortgage lenders and realty firms. Though you can attend at the local library, this may limit your chance to actually establish a relationship with the professionals in the area. Going to seminars given by mortgage lenders and realtors is a sure way to get leads, referrals and numerous invaluable insights about the home buying process and your prospective neighborhood. Mortgage lenders are known to waiver the closing costs of loans during their seminars, and realtors often give away gifts to their attendees. The book, "1,200 Great Sales Tips for Real Estate Pros" by Christina Spira and Mariwyn Evans, explains that realtors who make the extra effort of creating presentations and give gifts because of their desire to establish a close relationship with their prospective clients. These seminars can be used to assess the company, their agents, and how they will service and treat their prospective clients. Attending home buying seminars will give you several benefits and it is the perfect venue for you to get all the details about the process from highly experience professionals. Consider signing up for one or two of these events so that you can get inside information about the current market and learn more about the realtors in the area. Author and Realtor Alexandria P. Anderson helps clients to find and purchase <a href="http://greatminnesotarealestate.com/county/hennepin-property/plymouth-mn-homes">Plymouth MN Real Estate</a> as well as <a href="http://greatminnesotarealestate.com/county/hennepin-property/plymouth-mn-homes">Property for Sale in Plymouth</a>, Minnesota. no-reply@mixxt.net (MN Real Estate) Tue, 19 Jan 2010 07:52:00 +0100 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:11 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:11 Factors to Consider With New and Existing Homes Most <a href="http://greatminnesotarealestate.com/first-mn-home">first time home buyers in Minnesota</a> find it both practical and interesting to have a 'new' house for a number of reasons: a new space to raise your family, brand new amenities and home features, and the fact that you need not to worry about costs on maintenance or renovation in the first year. Nevertheless, brand new properties are more expensive than existing ones and you're not always sure what awaits you in the new neighborhood you will be living in. Yet, you can gain and learn from this situation with sufficient know-how on the pros and cons of homebuying; below are some significant steps to follow as you begin scouting for your new home 1. How much extra are you willing to pay for a new home? Because of its newness, all brand new <a href="http://greatminnesotarealestate.com/">homes in Minnesota</a> are priced at a premium; this means that you will be the one to get a taste of everything it offers, from the moment you entered your new property. 2. How important is resale value to you? Acording to Ilyce Glink, author of '100 Questions Every First-Time Home Buyer Should Ask', <a href="http://greatminnesotarealestate.com/">Minnesota homes for sale</a> that are newly constructed do have faster appreciation than existing ones. When you have plans of selling your home in the near future, it may be a good idea to have a brand new home because it's market value is higher and you can profit at a larger scale from it. 3. Are you willing to adapt to the neighborhood? The construction of new homes rapidly increases at a certain time, thus, being a new homeowner in an area may require knowing more people in the neighborhood before having a full knowledge about the whole area.Two important factors necessary in a household of small children or elderly are safety and security, you can discover your options to ensure that your house is safe and secure all the time. 4. Would you be willing to spend your resources in a home renovation? Existing homes can appreciate tremendously in value if you have the time and resources to invest in renovations and maintenance. Finding good investments that will work in the long run but can be profitable even in a shorter time is possible with a 'fixer upper'. 5. Which do you prefer, a primary residence or an investment? Most beginning homebuyers want investment properties that they can soon turn into a profitable business. However, older and mature homebuyers prefer primary residence mainly for purposes of settling down or establishing themselves in the neighborhood. Still, the best thing to do is to weigh your short term and long term goals if you want to make the most out of your home. Based from your goals (both longterm and short term) and the amount of money you are willing to shed off your pocket - thats when you decide to have either a new or existing home. Consider all of the above questions when you’re deciding between the two options so you can make the best investment with your resources. no-reply@mixxt.net (MN Real Estate) Tue, 29 Dec 2009 04:36:00 +0100 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:10 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:10 What You Should Know About Working with a Seller Broker A home purchasing deal will more than likely involve a seller's agent. First time homebuyers should realize that a seller's agent, or a sub-agent, should have the seller's best interest in mind when doing transactions. In other words, a sub-agent is hired by the seller to forge a deal with a buyer. Real estate regulations vary across different states but there are federal laws that define common responsibilities, and limitations, of a seller's agent. Ilyce Glink, Author of '100 Questions Every Home Buyer Should Ask', advises home buyers to know the exact terms of service of an agent by reading the agency disclosure form. Clarify what each provisions mean with the agent; but if you really cannot understand the wordings, it is best not to sign the form. Below are the key obligations of a seller's agent: The seller's agent can provide you with detailed pricing lists of comparable homes in the area. These are often called 'comps' and are a compilation of similar homes in the neighborhood, listing information and their list prices. This information ensures that you are not offering, or being offered, an unreasonable price when it's time to negotiate. A homebuyer cannot be dictated by a seller's agent regarding which homes to buy. If a seller's agent is representing two sellers, then they cannot compel the homebuyer to choose one house over the other. Remember that as a home buyer, the final decision of which home to purchase rests upon you. The seller's agent cannot point out defects in the home. The seller broker cannot say anything that would influence your decision to purchase, or not purchase the property. Any material hidden defects can be disclosed, but you will need to conduct your own research to find out if the home is in good condition. The seller's agent cannot make suggestions on the best offer for the home. It may be tempting to ask the seller what price you should pay for the property, but they cannot legally offer this information at any time during your communications. The seller broker has certain obligations to the seller, so this information may impede on that relationship. With all the restrictions on your relationship, a seller's agent can still ask for referrals from you. Seller's agents are typically self-employed or small business owners and there is no law that restricts someone from referring others to a business. In the end, a seller's agent is essential in making the homebuying process easy for both parties. Just bear in mind that you still have to investigate the property and conduct your own market study and even work with your own agent for you to acquire a home that meets all of your needs. Author: Alexandria P. Anderson specializes helping people to find and purchase <a href="http://greatminnesotarealestate.com/county/hennepin-property/minnetonka-homes/">Minnetonka Homes for Sale</a>, as well as <a href="http://greatminnesotarealestate.com/county/hennepin-property/minnetonka-homes/">Minnetonka Minnesota Real Estate</a> for her home-buying clients. no-reply@mixxt.net (MN Real Estate) Fri, 27 Nov 2009 12:06:00 +0100 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:9 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:9 Negotiating The Best Price For Your First Home - 5 Things To Consider After you've spent enough time doing all of the research about your prospective home and are comfortable with working with the seller, it's time to make the offer. However, the home buying offer isn't the end of the sales process; you may be involved with negotiating a price after making the offer if the seller refuses to accept it, so you'll need a plan to get the price you want - or close to it - well before you extend your initial offer. Knowledge of the contract and devising a contingency plan are just some ways to ensure you get your dream home within your budget. Barron's 'Consumer's Guide to Home Buying' advises homebuyers to make a checklist of things to consider even before entering the negotiation process. Below are some of the things you need to pay attention to when negotiating: 1. Knowing who are involved in the decision making process. Sellers usually employ the services of agents, lawyers, accountants and other third parties to transact with buyers. Knowing whom you'll be dealing with beforehand will help you devise a specific method for negotiating. 2. Do you have a contingency plan? If the seller refuses all of your offers, do you have other options? It can be frustrating to not be able to get what you want from the negotiation, but you also need to know when to back off and pursue another direction. Outline exactly how high you are willing to bid for the home and don't go beyond your decision just to win. 3. Have you looked over all of the details of the contract? It's important to fully understand all of the terms of the contract so you're not left with any surprises at closing. Take the time to review the contract in as much detail as possible and note down any questions you have. Set up a meeting with the seller to go over anything that doesn't seem clear to you so you don't have any reservations about signing if you do get an accepted offer. 4. Are you comfortable with your realtor? Your realtor or buyer's agent can provide guidance and professional advice about the home negotiation process, but you need to feel like you can trust them. Make sure you have spent enough time with them to develop a positive relationship and share your thoughts or reservations about the home well before the negotiating process gets started so you can make the most informed decision. 5.Are you ready to handle setbacks? Poor communication skills from the seller's agent, hostility from the seller and other negative communications that occur during the buying and selling process can make it difficult to negotiate fairly. You need to keep your cool and make sure that you are ready to stop the deal if you don't feel like it's going down the right path. Author and Realtor Alexandria P. Anderson helps clients to find and purchase <a href="http://greatminnesotarealestate.com/county/hennepin-property/richfield-homes">Richfield Minnesota real estate</a> as well as <a href="http://greatminnesotarealestate.com/county/hennepin-property/richfield-homes">Richfield MN homes</a> and houses in the Twin Cities. no-reply@mixxt.net (MN Real Estate) Mon, 19 Oct 2009 09:27:00 +0200 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:8 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:8 Home Inspection Basics As A First Time Homebuyer Contracting a professional home inspector before buying a home is a good way to ensure that you will not encounter any major problems after you've signed a contract and bought a house. Then again, official home inspections are only required after an initial contract is signed. It would be better for you to gather your own information about the house you are eyeing. You can go straight to the seller and ask him or her everything about the house. You can also ask for permission to conduct your own mini-inspection. Most sellers will be open to having you inspect the home well before signing any type of contract, and this gives you some leverage when you are negotiating the final price. Barron's 'Smart Consumer's Guide to Home Buying' encourages all prospective homebuyers to prepare a checklist and note any problems and areas of concern as early as possible. The authors of the book explain that, "If you are thinking about buying a house that will need renovation or upgrading, the more value will be derived from your mini-inspection." You need a checklist in inspecting the house to ensure that you cover all important aspects that you need to look at. The information you gather from this checklist can then be used to create a written report to help you in assessing the overall condition of the house. Here are some important matters to include in your checklist: The age of the house - You should know exactly when the house was built. Find out if there are any renovations or upgrades done and when these took place. Ask if blueprints, architect or engineer plans are available. Examine the foundation of the house - Look for huge cracks or signs of water problems around the house and in the basement. Ask the seller about any flooding issues or other problems related to weather that the house experienced (or experiences) in different seasons. Examine the interior of the house - Keep an eye for any defects and other potential sources of problems in the interior of the house. Specifically, you need to check if all walls are even with no cracks and if all doors are easily opened and closed. Take a picture of any visible crack, if possible. Check if there are any molds, foul odors and if all water drainages and faucets are working properly. Check the exterior for defects and potential problems - do all of the windows and doors have adequate insulation? Do they open and close fluidly? Make sure all of the siding, windows and doors are free of cracks and any noticeable wear and tear. Review heating and air conditioning appliances - ask about the average heating and cooling costs each month, and find out how long the systems have been in place. In some cases, you may need to invest in a new water heater or air conditioning system. Look at all your notes and create a written report about the condition of the house you just inspected. You may also consider using a digital camera or camcorder to take pictures and videos for a more detailed review in the future. This additional effort may give you an advantage over the seller come negotiation time. Alexandria P. Anderson is a licensed Minnesota Realtor that uses the <a href="http://greatminnesotarealestate.com/county/hennepin-property/edina-homes">Edina real estate listings</a> to help her clients to find and purchase <a href="http://greatminnesotarealestate.com/county/hennepin-property/edina-homes">Edina realty</a> and other quality Twin Cities properties. no-reply@mixxt.net (MN Real Estate) Fri, 18 Sep 2009 05:35:00 +0200 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:7 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:7 Essential Steps to Consider in Buying a Home Buying a home is a long-term investment. You'll probably live in a home for some time so you have to make sure that you really want the home you will purchase. It is best to be clear about what you want in a home before you start your search. While most real estate agents can guide you in your search, the decision to purchase a home, and its implications, wholly rest unto you. Many first time home buyers feel overwhelmed and frustrated by the homebuying process simply because there are too many decisions to make. How do you decide on the best location? What if the home isn't in the best move-in condition? Can you afford to be so far away from work? Making sure you've asked yourself the right questions and creating a 'wishlist' for your ideal home will make the home buying process much easier, and also help you get over many of the challenges involved in finding that perfect home. Start creating your wishlist with the following essential questions and considerations in mind: 1. What amenities do you want your home to have? Do you want to have a swimming pool, a garden, or a fireplace? Be clear with what you want so you can skip houses that don't meet your criteria. 2. Be specific about your location. Author Ilyce Glink of '100 Questions Every First-Time Home Buyer Should Ask' explains that location is one of the most important factors when considering different homes. You'll need to think about where you will be located in relation to schools, places of worship, shopping venues and even your friends and family. Your final location will determine how much you may need to drive each day - and if it's worth the extra effort. 3. The size of your home. Specify how much space your family needs and if you are expecting any additions to your family in the near future. Your needs will determine the size of the home that you will purchase. If your family is growing, you might want to purchase a bigger home to accommodate your family three to five years in the future. 4. Are you willing to invest in renovating or refurbishing the home? If the house is not in move-in condition, how much are you willing to spend on modifications, renovations and other maintenance costs? Setting some guidelines in this area can help you eliminate certain homes from your radar as you search. 5. Will safety and security be an issue for you? If you have small children or are living alone, safety and security may be a top priority. Ask yourself what you will need in order to feel safe in the new neighborhood so you can eliminate homes that don't meet the criteria. By asking yourself specific questions about your preferences, goals and dreams, you'll be able to narrow down the vast field of choices and find the home that truly meets your needs. Alexandria P. Anderson is a licensed Minnesota Realtor that uses the <a href="http://greatminnesotarealestate.com/mn-real-estate-listings">Minnesota Real Estate MLS</a> to help her clients to find and purchase <a href="http://greatminnesotarealestate.com">Minnesota Properties</a>. no-reply@mixxt.net (MN Real Estate) Thu, 06 Aug 2009 11:43:00 +0200 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:6 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:6 Renting vs Buying A Home - Things to Consider If you've considered buying a home after renting an apartment or condo for several years, you will probably need to overcome several psychological barriers to become completely comfortable with the process. A lot of renters do not even consider having their own house because of all the responsibilities attached to buying and owning a home. Owning a home involves paying for your home's upkeep costs, paying for property taxes, applying for a home insurance and even paying off a mortgage, if you took a loan to purchase a property. All of these responsibilities may overwhelm you at first. You just have to understand basic home buying principles so that you can be at ease with the process. The first thing you need to do is to list all payments attached to your prospective home. You can usually ask your realtor for information regarding average fees, maintenance costs and taxes. Place all information on a digital spreadsheet so you can compare costs for different homes quickly. Arranging all information you gathered in this way will also give you a precise calculation of a home's total purchase price and the monthly costs you have to pay. Buying a home also means you are buying into your local community, according to writer Ilyce Glink, author of '100 Questions Every First-Time Home Buyer Should Ask'. Owning a home in a particular community may require you to pay for local taxes and other services that you do not have to pay if you are renting. Owning a home usually offers a greater tax benefit compared to renting but this is dependent on your income level and your annual real estate property tax. You may need to research on the subject a bit to determine if you'll have a tax advantage by purchasing a home. You can estimate your real estate tax benefit by taking into account all your other tax benefits, deductions and current income level. As always, it is better to consult with a financial advisor or an accountant to help you in doing this. Finally, think about your future for the long-term. Are you intent on staying in a specific neighborhood for the next five years? For the next ten years? Where do you see yourself living 30 years from now? One of the biggest psychological benefits of renting is the 'temporary' mentality and ease of moving. Since you can choose to rent a place on a month-to-month basis, sign a short term lease or just renew from year to year, there is a sense of freedom involved with renting. If you're not feeling settled in a particular city or neighborhood, buying a home may be causing a lot of anxiety. Make some solid decisions about where you want to settle and where you're willing to relocate to in the long-term so you can make the best decision about your new home. Author and Realtor Alexandria P. Anderson helps clients to find and purchase <a href="http://greatminnesotarealestate.com/county/hennepin-property/minneapolis-homes">property in Minneapolis</a> as well as <a href="http://greatminnesotarealestate.com/county/hennepin-property/minneapolis-homes">Minneapolis Realty</a> in Minnesota. no-reply@mixxt.net (MN Real Estate) Tue, 07 Jul 2009 09:16:00 +0200 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:5 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:5 Buying Your First Home - Starting Your Search Finding the best when it comes to owning a house doesn't have to be that difficult a process as you can now search through online listings. Home search is made simpler with the advent of online resources because in just a few clicks of the mouse -- you may choose the home with all your desired features and amenities. Defining exactly what you want is another advantage that can be provided by online real estate listings. Most of the time, people are bothered by the fact that they are not sure what home styles or designs they want, but it may help you in determining what you need when you browse the Internet for online catalogues. First time homebuyers may begin their search by using accredited online listing services like Realtor.com, according to the authors of 'Questions Every First-Time Home Buyer Should Ask'. Narrowing down your search is easier since these websites have complete listings of neighborhoods and homes with pictures, video presentations, and many other visual aids. Almost all the data you need about these homes are present as you do a basic search in the Internet which can be printed for reference purposes. Coldwell Banker, Re/MAX, and Century 21 are just some of the best websites in home buying typically managed by leading national chains; you can bookmark said sites as valuable sources. Likewise, a real estate professional can assist you in your quest so start looking for individual offices with databases on listings or contact information on realtors that are regularly updated so you can network with one. Websites such as Realestate.com also offer updated MLS listings with street views of homes in certain cities. You can search listings by city and state, zip code or MLS number for a comprehensive list of search results. Visit the 'Local Community Information' section to find more information about home sales prices, crime, commuting and the weather in your preferred location. These types of sites make it easy for you to do preliminary research about a neighborhood, compare home values and stay up to date with the latest listings available on the market. This can be valuable objective information to have by your side before you even approach a real estate agent. Your local library is another good resource for local real estate listings. If your library has an online equivalent of its resources, you can log in from anywhere to start your search. If not, you can just spend an afternoon looking at listings in the library's in-house database. The only drawback of this strategy is that listings here can be out of date and not updated regularly enough to be relevant for your search. Despite the fact that the Internet or online resources have become a big help in home searching, you still need the assistance of a real estate agent when actual visit to the property commences. Drilling down local listings and defining your home preference according to your style and personality are major benefits in using online searches. And finally, you can benefit from all these if you use regularly updated resources in your searches. Author and Realtor Alexandria P. Anderson helps clients to find and purchase <a href="http://greatminnesotarealestate.com/county/hennepin-property/maple-grove-homes/"> real estate in Maple Grove</a> as well as <a href="http://greatminnesotarealestate.com/county/hennepin-property/maple-grove-homes/"> Maple Grove property</a> in Minnesota. no-reply@mixxt.net (MN Real Estate) Fri, 29 May 2009 09:35:00 +0200 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:4 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:4 Essential Tips In Choosing Between Existing And New Homes The purchase of a new home is always considered a rewarding experience by many first time homebuyers not only because it allows couples or families to enjoy an entirely new space, but due to the convenience it provides particularly with the brand new amenities minus the hassles of maintenance during the first year. On one side though, new properties can be more costly compared to an existing one, not to mention the level of uncertainty you might be facing as a newcomer in a whole new community. Yet, you can gain and learn from this situation with sufficient know-how on the pros and cons of homebuying; below are some significant steps to follow as you begin scouting for your new home. 1. How much extra are you willing to pay for a new home? A brand new home is priced at a premium because of the 'newness' factor; you'll be the first person to use the bathroom and kitchen appliances, will be walking into freshly carpeted rooms, and making the most of the freshly painted walls. 2. Do you care for resale value? Existing homes can have slower appreciation than newly-constructed ones, as explicated by Ilyce Glink (writer of the book '100 Questions Every First-Time Home Buyer Should Ask'). When you have plans of selling your home in the near future, it may be a good idea to have a brand new home because it's market value is higher and you can profit at a larger scale from it. 3. Are you willing to adapt to the neighborhood? New home construction developments can grow at a rapid pace, and if you're one of the first few homeowners in the area, you won't have a strong idea of what the neighborhood is really like until more people move in. You may need to consider safety and security if you have small children or elderly residents living in your home, and find out what options you have to make sure your home is as safe and secure as possible. 4. Do you want to invest time and money to renovate a home? Existing homes can appreciate tremendously in value if you have the time and resources to invest in renovations and maintenance. If you're looking for a long-term investment that can generate a high profit in a short period of time, buying a 'fixer upper' may be your best home buying strategy. 5. Which do you prefer, a primary residence or an investment? Many younger first time home buyers are looking for investment properties that they can fix up and sell quickly to turn a profit. Mature home buyers are more likely to be in the market for a primary residence since they want to settle down and establish themselves in the neighborhood. Identify your goals beforehand and decide what you think will give you more benefits. Once you have decided and thought about the amount you are willing to spend for your new home, its about time to choose between an existing or a new home. These questions may all be helpful as you pick the best option suited to your budget and future plan. About the Author: Alexandria P. Anderson is a <a href="http://greatminnesotarealestate.com/county/hennepin-property/golden-valley-homes"> Golden Valley real estate</a> agent that helps people to find and purchase <a href="http://greatminnesotarealestate.com/county/hennepin-property/golden-valley-homes"> Golden Valley Homes</a> and properties for sale in the Twin Cities of Minnesota. no-reply@mixxt.net (MN Real Estate) Thu, 07 May 2009 13:36:00 +0200 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:3 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:3 Get Your Loan Pre-approved And Pre-qualified With These Simple Steps One of the most important steps to home buying involves getting the right loan amount for your ideal property. There are several ways you can get prequalified to purchase a home and preapproved for a home loan, and it's generally a good idea to check your credit report before approaching this step. A prospective lender will be reviewing your credit report and other financial details in great detail as you set the prequalification or preapproval process in motion, and you can obtain a free credit report from any of the three major credit bureaus to check it for errors. There are cases when errors or mistakes happen and if this is the situation, better have your records cleared up, likewise, compile all your communications with credit bureaus and lenders as references. If you have finished all these tasks, its time to factor in this important ideas and tips in the loan prequalification and preapproval for you to buy your new property: 1. Do a research on various mortgage program via the Internet. There are many online resources where you can actually see the lists of current interest rates for various loan packages such as LendingTree.com and Bankrate.com. An initial step would be to look at some options or better yet, submit your personal information for sample or preliminary review. In just a few days, a loan representative may communicate with you and guide you along the way. 2. Visit and seek the help of your local bank. The best authority from your area bank to ask help from are mortgage officers in case you want to get a prequalification letter or preapproval status. This may take some time to accomplish compared to the online process, according to Ilyce Glink, author of '100 Questions Every First Time Home Buyer Should Ask'. But if you are the type of person who find it easier to get things started going to the bank and talk to a representative in person, this may be what you need. The same kind of service is provided. 3. Transact using the telephone. Related prequalification services are also provided over the telephone by some lending companies, and you don't have to visit a bank or browse the Internet to begin. Secure the number through a bank or financial institution and from there, you may start sending yout personal details over the telephone. 4. Engage the service of a national lender. These lending companies may provide you a wider array of options than that of a bank or online processes; examples of national lending institutions are Countryside Home Loans and Bank of America. Know more about the current rates in their website and get your home loan pre-qualified after sending your personal information. 5. Visit an aggregator website. This type of online resource provides documents on rates and services offered by different lenders and a good option where you can submit your personal information instead of a bank or any other financial institutions. Several options are available for you to choose from after you have submitted your info. Ultimately, homebuyers need to get prequalified and preapproved for a home loan first before the actual process is done. The abovementioned resources are helpful tools in finding the best deal for your mortgage and getting started. Author and Realtor Alexandria P. Anderson helps clients to find and purchase <a href="http://greatminnesotarealestate.com/county/hennepin-property/maple-grove-homes/"> real estate in Maple Grove</a> as well as <a href="http://greatminnesotarealestate.com/county/hennepin-property/maple-grove-homes/"> Maple Grove property</a> in Minnesota. no-reply@mixxt.net (MN Real Estate) Thu, 16 Apr 2009 09:25:00 +0200 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:2 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:2 A Homebuyer's Guide To Working With A Seller's Agent Buying a home for the first time involves collaborating with a seller's agent or subagent. It is crucial that you understand how things will work between you and the subagent because these people act as representatives to the seller and are therefore expected to bring you to the deal. As a seller's agent, they are entitled to a commission and have certain duties and obligations. There may be varying regulations from one state to another as far as home buying is concerned but there are several things they cannot do in accordance with the national law. As explained by the writer of '100 Questions Every Home Buyer Should Ask' - it is necessary for all buyers to evaluate first the agent's forms and disclosures before signing said documents. This can help you understand better the types of services that they will be providing. Moreover, there are several aspects you should know in relation to what the seller's agent can or cannot do: The seller's agent can present you with complete price lists of homes within your preferred area or location. "Comps" pertains to a compilation of similar homes in a particular area, the list prices, and listing information. The seller's agent typically provides a 'comps' to ensure that a reasonable price is agreed upon during the negotiation process. The seller's agent cannot point out which home you should purchase. The decision on which home to buy comes from only you. If you are torn between two properties, the seller's agent cannot insist on having you chose one over the other even if he is working for the sellers of both properties. The seller's agent cannot discuss the home's defects or flaws. In purchasing a property, the seller broker has no right to mention anything that would have a bearing on your choice or decision. Any material flaws or defects can be discussed but you will still need to find out for yourself if the property is really the best option. The seller's agent cannot make suggestions on the best offer for the home. It may be tempting to ask the seller what price you should pay for the property, but they cannot legally offer this information at any time during your communications. The seller broker has certain obligations to the seller, so this information may impede on that relationship. The seller's agent can ask you for referrals. Many seller's agents are independent business owners and always looking for new clients. They do have the right to ask you to refer them to friends or family members, and will do everything they can to make your home buying experience a good one. As a first time homebuyer working with a seller's agent, you can expect your home buying process easier and less stressful. But it is equally significant to conduct your own research about your desired property since it doesn't always mean agents are after your best interest and wellbeing. Finally, you can seek assistance from a real estate agent to clearly understand home buying. Author: Alexandria P. Anderson specializes helping people to find and purchase <a href="http://greatminnesotarealestate.com/county/hennepin-property/st-louis-park-homes/"> St. Louis Park homes for sale</a> in Minnesota, as well as <a href="http://greatminnesotarealestate.com/county/hennepin-property/st-louis-park-homes/"> Saint Louis park condos</a> for her home buying clients. no-reply@mixxt.net (MN Real Estate) Fri, 27 Mar 2009 08:02:00 +0100 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:1 http://minnesotarealetate.mixxt.com/networks/blog/post.minnesotarealestate:1