Tips for Finding the Right Home out of College
By Lauren Tessin
You’re finally out of college and you want a place of your own. Single women like you would find the following tips useful especially if you’re looking for the perfect home:
1. Find a home that is accessible to your work location. If you live near your place of work, you can save on transportation expenses such as fuel costs. In fact, you can just even walk to your office instead of driving your car. This will enable you to save more money. Try to consider your home’s accessibility to essential establishments such as grocery stores and shops as well as hospitals and police stations in case of emergency.
2. Find a home that is less expensive. Since you’re just starting out with your career, try to find a home that would fit your budget. The suburbs or country locations are generally less expensive compared to urban areas. However, if you don’t want to compromise travel time, you can find a location which is more accessible. There are also high traffic areas in cities which cost cheaper. Unless the noise on a busy street doesn’t bother you, you may want to take that option.
3. Privacy. If privacy is not a big issue for you, you can try out a condo unit, townhouse or apartment. These types of residential areas are cheaper compared to single detached homes. However, just be prepared for neighboring noises since you only have walls separating you from other people. However, if you want to keep your privacy, you can purchase a single story house, which is just ideal for a single woman like you.
4. Look for a house which is easy to maintain. For single women like you, it will be more advantageous if you live in a smaller house. This way, you will be able to maintain cleanliness and run things smoothly. A house which is too big for you entails a lot of effort and a lot of money to maintain. So unless you have no budget for regular maintenance and housekeeping just stick to a house which is just the right size. A house with two bedrooms is just enough.
5. Buy a house which offers maximum security. Considering that you’re alone most of the time, look for a house that is located in a secure area. Make sure that your house is equipped with a functional security system. Inspect the door locks well to make sure that you will be safe. Also make sure that the house is well lighted. A gated community is better compared to homes in an alley.
6. Check out the location’s crime rate and neighboring structures. Before deciding to buy your house, try to check whether the area is safe by checking the crime rate and neighboring structures.
Keep in mind that safety, accessibility, convenience, and cost are just some of the factors you need to consider when looking for a home. Enjoy house hunting!
FindCollegeCards.com, is a place for college students to find their first credit card, as well as find helpful college tips through a blog.
How to Buy A House: Avoid These Common Mistakes!
By Andrew Black
Finding and buying a new home can be an overwhelming experience. It can be both exciting and stressful at the same time as there are just too many ‘hot’ properties up for sale in the market. Homebuyers, especially the first timers, usually find it confusing and challenging to come up with the best home purchase. With so many homes up for sale, it can be hard to find and buy the best.
Logically, any homebuyer needs to conduct actual and ample research before finally getting into any purchase deal. Experts advise buyers to learn from the mistakes committed by others instead of learning from their own home purchasing blunders. First-time buyers would find it particularly beneficial to do so. There are several usual mistakes committed by homebuyers. It would be ideal if you would strive not to commit the same errors to make sure your purchase is the right one.
Buying Based on First Impressions
Many homebuyers usually commit the mistake of buying a property based on first impressions. In general, buyers are tempted to choose and buy homes that look fabulous. Homes that initially look messy and not properly painted are usually disliked although most of them are of best conditions and are exhibiting ideal interior and structural designs. Likewise, homes that are not well designed and are close to condemnation are preferred because buyers like the new wall paint and other aesthetic features.
The best way to overcome this mistake is to conduct a proper and thorough home inspection before you buy. Many first-time homebuyers fail to do this. It is advisable to hire an inspection professional or employ the services of a home inspection company. Ask for guidance before making the purchase. A good home inspection report should provide you with a comprehensive list of pros and cons of buying the property. Take note of potential setbacks identified that would possibly make you lose your money in futility.
Some buyers also fail to first check out the neighborhood before entering purchase deals. Some homes may appeal to the first impression of prospective buyers although they are located in an area where there is no reliable and sound infrastructure and where amenities are poor. Instead of being influenced by initial impressions, look at a different perspective. Would the home be too far from major establishments and institutions like schools, groceries, churches, or parks? Would it take too long to travel from the house to your work?
Lack of Enough Knowledge About Negotiations
A number of homebuyers believe that the best way to enter a fair price negotiation is to offer low. In reality, such a strategy would just hamper flexibility, possibly polarising the purchase discussions. If you are not very adept and knowledgeable about buying properties, be honest to yourself and employ the expertise and services of experienced realtors. Such professionals have mastered the art and science of winning negotiations.
Another common mistake when buying a home is making an offer based on an asking price instead of a market value. In general, home sellers usually conduct a comparative market analysis before imposing and assigning price tags to any property for sale. It would be best if you would get hold of a similar analysis. You have to first understand the logical prices in the area before making an offer. This could be your best defense against possibly buying a home above normal or market prices. Of course, no seller would dispose a property at below market valuation.
Before making an offer, you as a homebuyer should also know and understand your basic rights as well as obligations in making an offer. Many buyers commit the mistake of overlooking this aspect. Your understanding of the purchase offer and the proposed contract would certainly spare you from getting into friction with other parties involved. Thoroughly check all contract clauses and assumptions as such factors could potentially lead to improperly increased costs. Beware of clauses that could lead to a void contract. In this regard, hiring a professional realtor could still be advantageous. A lawyer’s advice should also be sought.
Andrew is a contributing author in various real estate blogs. Andrew has been working in the finance industry for several years as a refinance specialist and has advised many home buyers on the best solution for their home loans
Are Foreclosures a Good Deal for First Time Home Buyers?
By Greg Andruff
I had a client say to me the other day, “This listing is a foreclosure. What does that mean? Tell me about foreclosures.” I have worked with clients to buy foreclosures. This type of transaction for first time buyers can be very risky and stressful.
Can there be opportunity when buying a foreclosure?
Yes, but you are going to want to have some experts such as realtors and builders to help you with the process. A savvy buyer will also want to have a capital reserve to deal with the possible damage that will likely have been done to the property and be ready for a lot of work to get the property back to a regular living condition. It will be a long and hard process and for some at the end of the day it pays off, but for many it is not worth the trouble. This type of purchase is not for the faint of heart, or typically for a first time buyer either.
Foreclosure offers are expected to be “unconditional offers” (i.e. “a subject free offer”). Of course the buyer can always complete their “due diligence” in advance of making an offer, by going ahead and arranging for pre-approval on financing, inspection and in the case of a condo, even pre-reading all the documents (Minutes, Budget, By-laws, Rules…and so on). This type of buyer needs to know there are no guarantees the bank will accept the first offer declared at court, so one may be spending time on a deal that may not go ahead. This is the case when additional and more competitive offers are provided in court. There is no requirement to give any advance notification if there is more than one offer.
Buyers should be aware there is no negotiating with the “owner” as the ownership in a foreclosure has now become the bank or creditors. The bank/creditors are expecting an “unconditional offer” because their bottom line is the recovery of their capital. To buy a foreclosed upon property, the buyer decides upon a “price,” and then actually negotiates with the bank in advance of the deal going to court. Once there is agreement on price, they will submit your offer to court for approval. Once the offer is submitted to court everyone else knows the price of your offer because it is now public record. Typically this should not be your best or final offer, as explained following, as the process gets even trickier!
Again once the buyer has gone through all of this due diligence, and arrived at this point, another purchaser may offer more! Anyone is allowed to come to court and offer on the property, since the courts wants best value for the creditors as possible. Often the buyer will likely have to make a second “blind” offer, which will be above their first offer, if someone else bids on the property at a rate higher than the first & original offer. It is very challenging to know what to offer in this case because they are all sealed bids. Again another reason to have a seasoned realtor guiding you!
Furthermore, even if there are no other offers (i.e. meaning you and the creditor pursuing the foreclosure action already agreed on a price), in Canada, the Foreclosure Court judge, called “The Master,” may disallow your offer if it is deemed too low or unreasonable, as it is the courts job to protect the overall position of creditors. It is not like in the USA where there are tones of “good deals.” The Canadian courts look out for all the parties’ involved, not just the group that enacted the foreclosure proceedings. This process is a reasonable check on values to safe guard creditors as reasonably as possible.
The whole transaction is very fragile from the point of view of the potential buyer who can be shifted out of the process very easily. As if that is not enough, there is even more risk! The buyer takes the property: “as is, where is.” In some cases the creditors or previous owners will have sold off the appliances, sometimes even the toilet! Yes in a foreclosure, the court is selling only the realty, not the fixtures! Moreover, the previous owner may have chosen to garner retribution at the “unfair” world. This for example could mean … tossing a can of paint across a room, or flushing a bag of concrete down the toilet and you can bet that they will not have cleaned up before they left. So typically the expectation is to receive possession of the property in a degraded state. As well, in some cases the former owner may not have vacated. A bailiff may have to forcibly remove them from the premises and change the locks.
Now going back to my conversation with my first time home buyer, she decided to continue looking at other properties…which I would typically recommend for most of my clients…That is unless the client is really keen to work through the foreclosure process and have the means, time and ability to manage the risk involved.
Greg Andruff is a member of a successful Vancouver residential real estate team, Team Andruff.
They strongly believe in helping educate and inform their client to make confident buying and selling decisions in any market. To contact Greg visit www.GregAndruff.com or call 778-899-4267*
Ready to Buy? Advice From A Realtor
By Colette Gerber
Ladies, did you know that it’s a Buyer’s market? And did you know about 35% of people buying their first home are single women? As a group we (yes, I too am single) have more disposable income than any other time in history. After you’ve made the decision to buy, the first step should be to obtain mortgage pre-approval.
Lenders are beginning to recognize the power women wield with their disposable income and are willing to lend generously to single females. Personally, I prefer to use a mortgage broker since they will shop a number of lenders to ensure you get the best possible rate without gender bias. Mortgage pre-appproval gives you clout when it comes time to make an offer to purchase. Knowing that you have financing in place, sellers will take your offer seriously. As well, the pre-approval letter-which you should get in writing- establishes how much you can spend on real estate. This ensures you are looking in the correct price range.
In the current Buyer’s market there is a larger inventory of real estate than there are people wanting to buy. As a Buyer, this gives you the opportunity to look at multiple properties and give some thought as to what you like. For most properties, multiple offers are not currently a concern. This is good news since it takes the pressure off having to make a quick decision. However, having said that, if you find something you really like you should have your Realtor write an offer as soon as possible. If the property is that good, chances are others will feel the same way and you don’t want to take a chance and lose the property.
Let’s talk about Realtors for a moment. Did you know that as a Buyer it doesn’t cost you anything to work with a Realtor? Realtors get paid by the Seller only when a deal completes. Working with a Realtor can save you time, money and inconvenience. Time: they search the listings every day to see if anything suits your criteria so you don’t have to spend time on the computer. Money: when it comes time to negotiate, they will do everything they can to ensure you get the best possible purchase price. Inconvenience: they know the pitfalls a Buyer can encounter so a good Realtor will stay involved in the entire buying process, until they hand you your keys. Women know the importance of listening. They understand you want great bathrooms, need closet space to accomodate your shoes and that you don’t care if the floor is ¼” or ½” real or faux wood. I encourage you to work with a female Realtor who “gets” what you want…..
Colette Gerber is RE/MAX Realtor who works anywhere in the Lower Mainland that the business takes her. She was recently awarded her Accredited Buyer’s Agent designation, joining the 1 ½% of BC Realtors with this prestigious accreditation. You can contact Colette by visiting www.colettegerber.com
5 Things to Know Before Buying a Condo
A lot of prospective home owners across the country are today choosing condominiums over private homes for a variety of reasons, foremost among which being the fact that generally, they are a whole lot cheaper to buy and maintain than private homes. That said, there are a number of factors that you should keep in mind, before finalizing the deal on the condo you have laid your eyes on.
Reputation Of The Developer:
This is very important, and you must put in requisite effort to find out about the reputation of the developer in question. Has the individual or the company developed other properties as well, in and around the area? What do owners of those properties have to say about the developer? Further, what is the general market opinion about the developer? This should really not be too difficult for you to ascertain; usually, a few phone calls or visits to brokers in and around the area should give you a good idea.
Condition Of The Condo:
The livability as well as the resale value (if you are looking to buy the condo essentially as an investment) of the property would depend to a great extent on the condition of the condo itself. Remember that a very cheap property may not necessarily make a good buy or a good investment, especially if it is in relatively dilapidated condition. This aspect gets exemplified if the entire building itself is in poor shape and in desperate need of repair. The perceived value of your condo will come down that much more, even if the condition of the condo from inside is supreme. Therefore, make sure you do a thorough inspection not only of the condo itself, but also of the building as a whole, before you finalize your purchase deal.
Percentage Of Rented And Owned Condos
This factor is immensely important, as it will have a major say in the market value of your condo; usually, higher the percentage of owned condos in the complex, higher is the market value. So, assuming that out of 40 condos in a complex, if 30 are owned and 9 are rented, the 40th condo that you purchase will invariably have a better market value than the same in another complex, with the reverse, i.e. 30 rented and 9 owned – even with all other factors remaining constant.
Past Performance Of The Condominium Complex:
This is yet another factor that you must try and do some research on; if condos in the complex have been bought and sold in the past, what have the going prices been like? Also, how do those prices fare, with that of other similar complexes in the area? This will give you a very good idea of the feasibility of investing in the condo complex that you have laid your eyes on.
On a similar vein, you would also like to find out about the time frame that each condo on an average, takes to sell, in the complex. If the general consensus is that condos take a lot of time to sell, you might again want to have a rethink on the purchase.
Maintenance Fees:
As a prospective condo owner and dweller, it is quite likely that you would already be aware of the maintenance fees that are required to be paid by the dwellers of the complex in question. However, a lot of such individuals often make the mistake of not cross-checking beforehand, what exactly do those maintenance fees include – and what do they exclude? You don’t do that!
Broadly, these factors should give you an excellent idea of the aspects to keep in mind, while contemplating the purchase of a condo; together, they remind us that the decision to purchase a house should not just be driven by emotions, but more so by practicality. Unfortunately, a lot of us simply get swayed by irrelevant, extraneous factors that, in the long run, often end up proving to be costly mistakes.
Brett Meade is the Seattle Condo specialist for NW Home Brokers. He sells Downtown Seattle condos and condos in Belltown, Queen Anne and Capitol Hill.
Article Source: http://EzineArticles.com/?expert=Brett_C._Meade
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Conquering Fear: An Independent Woman’s Story
By Angie Oliveira
I’d like to think that I’m an independent person, somebody who will try to do things once before asking others for help. I guess this is the stubbornness in me, but I firmly believe that you have to learn to take care of yourself before you let others take care of you.
I’m always dispensing this advice to my friends, my married sisters and especially my mom, who I think relies heavily on my dad. My relationship with my boyfriend is no exception. I bought a house before so I could live on my own, and the boy moved to England to pursue his dream to teach aboard.
Since then I’ve learned to kill ugly bugs and sleep in an old creaky house. I rarely play the damsel in distress act because I hate to appear weak, but there are certain things that I just can’t deal with, specifically mice.
Mice issues are inevitable especially when you live in an older neighbourhood in Toronto and are doing some kind of renovation. The problem first reared its ugly head when I started to gut the basement.
At that time the tenant upstairs had a huge amount of mice in her apartment and the current noise electronic rodent repellent devices weren’t just cutting it. It really didn’t affect me since I was still living in my parent’s cushy suburban home.
A rodent expert was called and the mice issue appeared to have dissipated by the time I moved in. The boy was living with me for 3 months and not a mouse in sight; that was of course until he moved abroad.
Once I found 2 mice stuck on glue traps in the basement. I called my dad in a panic who instructed that I had to cover them with a bucket just in case they broke free. I had to give myself a pep talk just to muster enough courage to do that. After a couple of “I can’t do this,” in a tone that should only be reserved for six-year olds, I finally screamed and quickly threw the bucket over the traps.
My parents cannot understand why I would be afraid of such a small thing as a mouse. My answer is exactly the same as to why my mother won’t drive on the highway, or why my father won’t stand in a body of water that is more than knee deep. It’s our phobia.
My dad is quick to remind me that mice are tiny creatures who “will never run to you, they will always run away from you”. Yes, I understand they are harmless, but they still creep the hell out of me.
I once again had to face my fear. I woke up to the sound of a mouse that was caught in a black box trap sitting in the corner of my bedroom.
It was 1:30am, I panicked and I had a “why-the-hell-did-my-boyfriend-leave-me?” moment. Yes, this so-called independent person is now wishing her boyfriend was around to help her. What else was a girl to do, so I called my dad. I had two options, cover the trap with a bucket to muffle the sound or move to the next room.
Realizing the noise wasn’t going to end, I did what any normal independent girl would do in my situation. I got up, moved to the next room and went to bed with my fingers in my ears.
I can deal with a mice problem, but it doesn’t mean I have to face it head on.
When does my boyfriend come back?
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