Home Buying Tips

Final Walk Through Tips

September 23, 2020/in For Buyers /by chrisandcherylpark

Buying a house is one of the biggest purchases many people will make in their lifetime. Therefore, it is important to always do a final walk-through of the property with your real estate agent before closing. This allows the buyer, with guidance from their agent, to ensure the property they are purchasing is in acceptable condition. If repairs were requested it is also a time to make sure they are completed in an acceptable fashion.

When walking through the property if you discover certain repairs, as stated in the contract, are not completed. Then have your agent document the findings and send the sellers a list of items to be completed before closing. Also, if certain items or fixtures are taken and/or sellers’ personal property has yet to be removed this too can be documented and fixed before closing.

A big mistake that some buyers make is forgoing the final walk through instead of reassessing the property one last time. Oftentimes the buyers feel that they have been to the property numerous times, and everything seems okay so they pass on the walk through. On many occasions, buyers have waived the walk through and found themselves moving into a dirty house or one still containing the seller’s debris and/or personal property.

Unfortunately, it is not always possible to do a final walk through after the sellers have vacated the property. Sometimes the sellers are not set to move until the real estate transaction closes. If this is the case then it is still highly recommended to have a walk through. This is to make sure that sellers are at least in the progress of moving out.

What can you do if the sellers do not adhere to their contractual obligations (i.e take items that were included in the sale, not fix repairs, or leave debris and/or personal property)? First, make sure that your agent immediately notifies the listing agent to see if the situation can be rectified. Then you can delay closing, if possible until all contractual obligations are met.

However, it is not always possible to delay closing so an alternative would be to fix all the contractual obligations and send a bill to the seller. If you do not get reimbursed, consult a real estate attorney immediately.

5 Benefits of Homeownership

Owning a home is often referred to as the “American Dream.” While there are many obvious benefits of owning a home, there are also some that are not so obvious.

1-Stable Monthly Payments

If you choose a fixed rate mortgage, then your monthly payments will remain mostly the same, which is one of the best benefits of owning a home. When renting a property, there is always the unknown if the monthly payments will increase each year when you renew your lease. Consistent monthly payments that come with owning a home can provide some peace of mind when it comes to creating a monthly budget. Of course, monthly payments can change when owning a home if property taxes or homeowners insurance change, but the amount of change in property taxes is typically a very small amount.

2-Opportunity to Build Equity

The longer that you own a home, the more you pay towards the principle balance of your mortagae. As the balance of the mortgage lowers, and hopefully the value of the property increases, the larger the equity!

3-Cheaper Than Renting Overtime

Undoubtedly, there are many associated when buying a home, such as the down payment, appraisal fee, and homeowners insurance. The upfront cost to buy a home is substantially more than just paying monthly rent to a landlord. Yet, over time, owning a home is cheaper than renting which is a great benefit. In Arizona, if you compare a rental property and the monthly mortgage of a comparable home, the cost of ownership is typically much less.

4-Owning a Home Provides Tax Advantages

Paying taxes is a necessary evil, but a great benefit of owning a home are the tax advantages that it provides. Arguably the biggest tax advantage of owning a home is the option to deduct paid monthly interest from your tax returns. If you’re unsure how owning a home will impact your taxes, it’s recommended that you discuss it with your accountant so you fully understand how owning real estate will impact you come tax season.

5-Build Your Credit

There are many factors that impact a persons credit score, one of the most important being the length of credit history. Since the length of a mortgage is typically 15 or 30 years, having a mortgage on your credit history is a great way to lengthen the average of your credit accounts. In addition to improving the average length of credit accounts, each and every month that a mortgage is paid on-time it shows that you’re a responsible borrower which not only can improve a credit score but also improves the chance of approval for future credit accounts.

Owning a home is much more than just having a place to live. Give us a call when you’re ready to become a homeowner! Chris 480-754-9077 & Cheryl 480-754-9477

3 Questions to Ask Yourself Before Buying a House

August 18, 2020/in For Buyers /by chrisandcherylpark

Spring and summer are often the busiest seasons to buy a home and with mortgage interest rates at an all-time low, many first-time home buyers are ready to buy. But are you really ready?

1. Why Do I Want to Buy a House?

Before you start house shopping, ask yourself why you want to buy a house. Many first-time home buyers are pressured into buying because family and friends push them. They convince first-time buyers that mortgage interests rates are so low that now is the right to buy. While it’s true interest rates are at all time low, buying a home for the wrong reasons often results in disaster. Instead, buy a house because you want a stable place to live, or a place to call “home”.

2. Can I Really Afford It?

Do you feel safe enough in your job to commit to a 30-year mortgage? Do you have enough stashed away in savings to cover your mortgage for six months? Being able to answer “yes” to these two questions is important for your financial security when buying a house.It’s important that your monthly mortgage payment be affordable. Some lenders may approve you for a loan that is more than you can comfortably afford. Plus don’t forget that your monthly mortgage payment is only the beginning. You still have to pay homeowners insurance, property taxes, as well pay for maintenance, repairs, and the inevitable home improvement projects.

3. Will I Want to Live Here in 5 Years?

As you’re searching neighborhoods and homes, imagine staying there for five years. Does the home, neighborhood, and city have everything you need to be happy? Is the house big enough to accommodate a growing family (if you decide to have one)?

Without a doubt, now is a great time to buy a home. Just make sure you can truly afford it and that you’re buying for the right reasons. When you are ready, give us a call, we’d love to help you buy your first home! Chris 480-754-9077 & Cheryl 480-754-9477

Homebuying During Covid-19

July 30, 2020/in For Buyers, For Sellers, Real Estate Market /by chrisandcherylpark

With mortgage rates at all-time lows and an uncertain future due to the current Covid-19 pandemic, is now a good time to buy a home? It may feel contradictory to purchase a home at this time, however, for people who feel confident about their job security and finances, this might be the perfect time to buy.

Why Making the Move Now May Be Right for You

House hunting during the coronavirus can have its benefits. There may be less competition for the houses in the areas where you might be planning to move, and sellers may be more motivated to sell or more flexible on price. Once the crisis passes, there may be more house hunters back on the market and prices may escalate due to a more competitive market that benefits sellers rather than buyers, so taking a few steps forward now will put you ahead of the game.

Get Preapproved for a Mortgage

When you do find the home of your dreams, being preapproved for a mortgage proves to the seller you are serious. It’s possible to get preapproved online through some banks. Mortgage preapproval is a letter from a lender that indicates how much you are qualified to borrow from the lender, at a specific interest rate.

Use This Time to Research the Market

Despite the decrease in the number of newly-listed homes, there are still excellent options in property listings. This is a time to research the market and find your preferred property in a community you like. Take this time to expand your search to other surrounding neighborhoods that might have homes with excellent value for money, amenities, and facilities.

As you spend more time at home, it’s an opportunity to assess your current home and determine the level of functionality and comfort it offers you. That helps in knowing your priorities when searching and, consequently buying a home.

Virtual Home Viewing

Many real estate agents post virtual tours of properties for sale on their websites. When you take a virtual tour or attend a virtual open house, you can get a realistic view of the property. Then, with a click of the mouse, you can see all the details that are important to you. In addition, by touring homes virtually, you can see many more than would be possible in a single day with your real estate agent.

Prepare Your Home For Sale

While entertainment, sports, and other social events are canceled, take advantage of this while to prep your current home for the market. Preparation may include anything from mowing the lawn, exterior repairs, tidying the gutters, and decluttering the interior.

Start with a DIY approach to reduce expenses before calling the professionals. Do an online home improvement search to note the additional décor that can enhance the visual appeal of the home.

Do you have questions if now is the right time for you to buy? Call us today, we’d love to help answer all your questions and find your new home when the time is right for you! Chris 480-754-9077 & Cheryl 480-754-9477

The Importance of Home Inspections

May 22, 2020/in For Buyers /by chrisandcherylpark

After searching for that perfect home on AZDreamHomeScottsdale.com, you have finally found the perfect fit for you and your family! Everything looks great, but have you really done a thorough inspection? Like most home buyers you probably aren’t an expert on air conditioning units or roofs. This is why it’s necessary to call in an expert to uncover any potential problems that you cannot see.

Having the home you are about to purchase go through an inspection is very important. It may bring up potentially very expensive problems before you sign on that dotted line. If the seller is made aware of these problems they can be fixed prior to closing or a negotiating tool for you. For example, a home inspector will check the roof for broken tiles, signs of deterioration, loose flashing, sagging or if it is wooden, any signs of rotting. All of these can be costly fixes and you don’t want to move in without knowing about such problems.

Foundations are another important part of an inspection. An inspector will check for cracking, signs of water, bulging or bowing, and other irregularities. Here in Arizona we depend on a fully functioning air conditioner to get us through most of the year in comfort. These are very costly to replace so an inspector will check out the unit for signs of rust and corrosion, any electrical damage, or wear and tear. If the unit was regularly serviced it is likely it will last longer than a unit that has been neglected. You really want to know what kind of life expectancy you can expect out of the unit in your new home.

Some other things that a home inspector might not look for, but you may want to call in an expert to check out, are things like pests (termites in particular), lead paint, asbestos, and toxic mold. Usually a person checking these types of things is licensed to do so.

Remember there is a lot more to purchasing a home than what you see on the surface. If you take a few extra precautions, that new home you purchased will be the best thing you ever did! Have more questions? Give us a call! Chris 480-754-9077 & Cheryl 480-754-9477

Showing Homes During the Coronavirus

March 25, 2020/in For Buyers, For Sellers /by chrisandcherylpark

The Coronavirus is having a mixed impact on the housing market. It may be decreasing buyer traffic, yet it’s also not deterring some home buyers and sellers from taking advantage of the lowest mortgage rates in history.

To help keep our buyers and sellers healthy during this unprecedented pandemic, we have adjusted and added some procedures when showing homes:

-All of our open houses have been suspended. For now we will only doing private showings of homes to one person (or couple).
-While we am only doing private showings, we will ask buyers to meet us at each home instead of driving with them.
-We will do our best to arrive before each showing to open doors and windows to minimize door knob touching and allow fresh air inside. we will also sanitize door knobs, counters and other high traffic touch areas before and after each showing.
-Additionally, we will have hand sanitizer and gloves, or ask clients to place their hands in their pockets as they tour the home.
-We will also be using video chats for virtual tours and walkthroughs so our clients can social distance themselves by while still allowing them to see new homes.

Please don’t hesitate to reach out to us with any questions you have about how the Coronavirus/Covid-19 may be affecting the Arizona real estate market. Chris 480-754-9077 & Cheryl 480-754-9477

Buying a Second Home

February 17, 2020/in For Buyers /by chrisandcherylpark

You love your home, but in this day and age, many homeowners have considered and dreamed about owning a second home whether it is for vacation getaways with the family, as an investment, or perhaps somewhere to live after retirement. Whatever your motives there are some important things to consider before purchasing your second home.

The first step in deciding on your new home is to determine whether it will make financial sense. There are ongoing expenses when purchasing a second home that you may not realize, such as the up keep on the house is a bit more since you won’t be living there full time. You many need to hire a management company to look after your home. You’ll need to have hazard insurance to protect your home and this can add up. It is a good idea to determine how much you will need to cover these expenses in addition to your current home, and if you build up a cash reserve for the second home that can alleviate a lot of stress on you.

Deciding where you would like your second home to be located is important. Will this be in a retirement community or a vacation hot spot? Will it be a single family house or a townhome or condo? These are all important factors to consider. Living in a vacation area perhaps you can rent out the property to recoup some of the expenses. If it is in a retirement community you have to consider resale value too. Condos and townhomes can cut down on some of the upkeep you may have as these type of homes are part of associations which will maintain common areas. Of course there will be a monthly fee for this, but probably less than a single family home’s upkeep.

With the right planning you can have the second home of your dreams along with that beautiful first home that you love so much!

Call us with all of your questions! Chris 480-754-9077 & Cheryl 480-754-9477

Gated VS Non-Gated Neighborhoods

February 5, 2020/in For Buyers, Neighborhood Info /by chrisandcherylpark

Living in a gated or non-gated neighborhood can be a tough decision for some people in the market for a new home. There are different opinions on both ends of the debate which are completely pro or against one or the other, but what are the real advantages and disadvantages to a a gated neighborhood?

Many people think that there are strong benefits to raising a family inside a gated neighborhood. Some who live in gated areas say they feel more secure or are not afraid to be home alone or leave their kids alone in the neighborhood. Often, people who live in the gated neighborhoods feel a sense of safety that they don’t think they would feel in a non-gated neighborhood. Another reason some homeowners prefer a gated neighborhood is the perceived added prestige.

No matter the reason for choosing to live in a gated neighborhood, the biggest question surrounding gated vs non-gated is safety. The major question that is asked of gated neighborhoods is “Do they really keep crime rates down?” The short answer is, not really. In most cities, some forms of crime such as car theft is reduced initially but the long term crime rates are only marginally better at best. The trend is that crimes against people tend to go down because “outsider” perpetrators initially prefer not to go into areas with which they are unfamiliar and it may be more difficult to escape. Typically, crimes such as burglary drop within the first year of a new gated community but then rise back to the same levels as non-gated neighborhoods.

Does living in a gated neighborhood give a false sense of security? This is what many people believe; gates are more of a marketing tool and fad than serving any true benefit or purpose. For example, in neighborhoods with unmanned gates, codes to get into the gates are given to many people who don’t live there but visit frequently. Often, friends who don’t live inside the gated neighborhood can become irritated with having to remember the code or contacting you for the digits each time they visit. “Outsiders” who get the code not only include friends but also food delivery persons or other individuals providing services to people living inside the gates. Think about all the contractors, landscapers, house cleaners, dog walkers, pest control providers, etc. who enter on a normal basis and consider the level of security coded gates truly provide.

Despite the statistics showing no significant decrease in crime in gated neighborhoods over time, the number of these communities continues to grow. While research shows that the “old school” neighborhood watch programs prove to reduce crime if properly run by the community, often these are forgone in a gated community due to the sense of security from the gates and walls alone. Whether living in a gated or non-gated neighborhood, homeowners should always rely on providing their own safety and security first. Locking doors and windows and keeping the garage shut are the most basic forms of safety and other home safety devices or home security alarm systems can always be installed for added measures.

At the end of the day, living in a gated or non-gated community really just comes down to personal preference. There are pros and cons to living in a gated community. The added security is debatable, but that hasn’t stopped them from being a popular choice for families across the country.

Call us to view homes for sale in gated and non-gated neighborhoods. Chris 480-754-9077 & Cheryl 480-754-9477

What to Look for When Buying an Older Home

October 23, 2019/in For Buyers, Real Estate Market /by chrisandcherylpark

There are many outstanding reasons to purchase an older home in Arizona. They tend to have more character and they may even be available in architectural styles that aren’t built anymore. Nonetheless, there are things to keep in mind when you’re shopping for an older home. It’s easy to get drawn in by the charm of an older house, yet always remember to think it over before you spring on something that could cause problems down the line.

Frame and Foundation
Check the foundation of any older home you’re considering buying. These homes have been sitting there for a long time and, if they haven’t been kept up with perfectly, there’s a good chance they’re going to have some foundational damage. Take a look at the frame of the home, too. While you may end up with a house that has a real, heavy wood frame, you may also have one that has too much space between the frame and walls, which can be a fire hazard.

Look for Hazardous Materials
Older homes may contain a variety of hazardous materials. Homes built before 1985 are at risk for having lead pipes, and homes built before 1978 may have lead paint on the walls. Homes built before 1980 may also contain asbestos in their insulation, roofs, fireplaces and walls if they haven’t been updated. Homes built before the 1970s may be prone to radon gas buildup and should be tested.

Plumbing and Electrical
Lead or steel pipes can be very dangerous and should be replaced before you move into an older home. Many homes have probably already had this taken care of, but not all of them. Have a home inspection to find out what type of pipes the property you’re considering has. Electrical wiring may be made of aluminum in older homes, this is a serious fire hazard.

Working Smoke Detectors
Always check for working smoke detectors in an older and newer house. Functioning carbon monoxide detectors are also necessary to have. If the house doesn’t have any in place, don’t buy it until they have been installed or you have tested for the presence of carbon monoxide in the home.

Older homes come are typically located in established neighborhoods, larger lots and are surrounded by mature landscape. If you truly like the charm of an older home, don’t let any of this stop you form purchasing what you real want. Your real estate agent will hire an experienced and thorough inspector who knows exactly what to look for.

When you are ready to buy a home, new or older, we can help you find a home that meets your needs and lifestyle. Call us today to get started! Chris 480-754-9077 & Cheryl 480-754-9477

Family Friendly Communities Beyond Scottsdale

September 14, 2019/in For Buyers /by chrisandcherylpark

When families move to the valley, the top question we get asked is: “Where are the family friendly neighborhoods and where are the good schools?” Most have heard mentions of Scottsdale, but there are plenty other choices. Metropolitan Phoenix has many good choices, but we’d like to introduce you to these four to start:

Anthem
This north Phoenix suburb was actually designed with families in mind, so it’s no wonder it netted a #1 ranking from Parenting Magazine for a family friendly community. A 63-acre community park offers outdoor sporting fields, an amphitheater and lakes, and bike paths cross every part of town. The community also hosts a year-round schedule of signature events. Affordable homes and a tight-knit community make this an excellent choice for raising kids, if you don’t mind it being farther away from the city.

Arcadia/Biltmore
This area is desirable for everyone, but families are especially fond of homes here for the incredible location, upscale interiors and top choices for schools. Arcadia sits neatly between Phoenix and Scottsdale. In terms of home prices and size, the area offers the best of both worlds (although remodeled homes here are not inexpensive, by any means). Living in the center of town means you can access everything the city has to offer.

Ahwatukee
Quiet and removed, Ahwatukee offers affordable single-family homes away from hustle and bustle, but still close to freeway access and downtown Phoenix. The location at the base of South Mountain gives this neighborhood a secluded feel, and if your family is active, you’ll love the proximity to the hiking and biking trails. Crime is extremely low, and there are many community entertainment and shopping options.

Gilbert
Up-and-coming Gilbert is often rated for families as the safest suburb around. The community is growing quickly, while still retaining its family-friendly, small-town sensibilities. Gilbert’s historic Heritage District seems to be adding new local restaurants every time we are there. Exciting events and entertainment keep the whole family occupied. The low cost of living and low home prices are a huge factor for the influx of new residents, so it’s a great time to consider this neighborhood.

Let us know what you are looking for, or if you know of anyone who is looking to move and is searching for family friendly neighborhoods. Chris 480-754-9077 & Cheryl 480-754-9477

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