Buying a Home - How to Make Your Move Easier on Your Family

When buying a home, there are two kinds of needs that must be satisfied: transactional and emotional. Transactional needs cover the hunt for a house and a lender, negotiation of terms of purchase, preparation of required documents, and arrangement of the move. Emotional needs, on the other hand, can tend to become more tedious and demanding for your end.

Here are some tips on how to make your move less stressful:

Prepare your kids

Your kids may have already developed an attachment with your current home, as it was the place where they grew up. They may regard your current home as the safest place in their world. Thus, most likely, it will be too hard for you to convince them to move as your children might feel that your current home is their only home.

When you inform them of your plans of moving to another house, the best way to do it is to tell it cheerfully. Stress on the positive things that your new house will offer like a stunning sight in the neighborhood.

Since they already grew accustomed to your current house, moving to another house will create apprehensions for their part. Remember that leaving something you are already familiar with is hard. You can address by engaging your children into activities, which can ease their anxieties like throwing up a going-away party. Arranging a visit for them to the house will also be helpful. If you already know your kids' interests in your current home, make sure that they can also find it in your new house. Make them excited and take them to a mall to buy new carpets, pillows, and other decorations for their new room.

Be informed

You do not have a total control of your transactions in the real estate market. Whether your entire plan for the home purchase is approved or disapproved is highly dependent on other parties such as your lender, appraiser, and the seller. One of the best ways to ease your worries is to gain knowledge of and understand the whole buying process. Consult a real estate professional so you can prepare yourself.

Be confident with your agent

Panic should be the least of your concern. At some point, you may feel that choosing to purchase a new home is a very risky move, considering the time, effort, and money you have to sacrifice. However, you should worry less. Your real estate agent has the expertise and professional experience in this industry. Trust your agent as he or she is very capable of making your home buying experience smooth and with no hassles.

Be patient and flexible

There may be some loose ends along the road even if your agent worked so hard for you. When issues such as faulty wirings discovered through a property inspection or a slight postponement in closing, be patient enough. Allow some room for mistakes and be flexible.

Amuse yourself

Take a breather if you feel that things become unmanageable. Indulge yourself with a good massage. Jog around your area. Take your family in a movie house. Fun activities like these can be your good outlet. Take a single step at a time.

Buying a Home - How Much Can You Afford?

Prior to looking for prospects for your new house, you have to find out first how much your pocket can pay for. In determining this, you can go for a pre-qualified or a pre-approved loan. With the aid of your real estate agent, you can find a mortgage broker for either of the aforementioned procedures.

Things to do to get pre-qualified
Getting pre-qualified can be completed through an online or an over the phone transaction. Presenting your financial records is not mandatory. You will only be requested to give basic financial information such as your current income and debt load. The lender will then use this data to come up with a ballpark figure of the highest amount of loan that can be given to you.

Requirements for a pre-approval loan

A pre-approval loan is a more in-depth process and entails a lot of paperwork. Your real estate agent can assist you with the preparation of these requirements. The lender will study and assess your financial status basing from documents such as your bank statements, tax records, and credit accounts, among others. This is more dependable compared to getting pre-qualified since being pre-approved means that a certain lender sees you as someone trustworthy to deal and transact with.

Questions to ask when looking for a lender

Your real estate agent normally will recommend a mortgage broker whom he or she has already worked with before. Nevertheless, you may also go and look for your own lender. The following are some of the essential questions you should ask a lender:

1.Kindly provide me with a list of your available loan programs. Among them, which is the best option for me?
2.How long will my loan request be granted?
3.Are there any line items in the loan agreement that can be negotiated? If so, what are they?
4.Please discuss with me your policy when it comes to locking interest rates.
5.What is your policy for locking-in interest rates? Will a smaller rate be honored just in case it will decline during the lock-in period?
6.Do I need to pay for the preparation of my loan?

First Home Buyer Checklist

Buying a home for the first time can be one of the most exciting times in your life - it can also be one of the most complicated too! However, if you're prepared for it, buying a home doesn't have to be a nightmare and it leaves you with more time to be excited about the future.

First home buyers are blessed with a range of government benefits designed to help people break into the property market. Read on for more information about purchasing your first home.

First Home Buyers Grant

Introduced in July 2000, the First Home Owner Grant (FHOG) is an initiative developed by the Federal Government to encourage first home buyers to enter the property market. In New South Wales the FHOG launched at $7,000; however, this has been increased to $14,000 for an existing home and $21,000 if building a new home. The increased grant is only valid between October 14 2008 and June 30 2009, after which it will return to $7,000.

Am I eligible for the First Home Owner Grant?

Eligibility is based on a number of points. You must meet the following requirements in order to apply for a FHOG:

- You must be buying the property as a person, not a company. - Be at least 18 years of age. - At least one applicant (you or your spouse) must be an Australian Citizen or Permanent Resident. - At least one applicant must occupy the residence for at least six months of the first 12 months after purchase. - You or your spouse must not have previously received a First Home Owner Grant. - You or your spouse must not have previously owned a residential property.

The application process is fairly simple and just requires the applicant to fill out a First Home Owner Grant application form.

Stamp Duty

One of the many costs involved in purchasing a house is stamp duty. Fortunately for first home buyers in New South Wales, stamp duty is exempt for purchases of up to $500,000 and significantly reduced for purchases between $500,000 and $600,000.

Legal and Conveyancing Fees

Purchasing a home also involves a number of legal or conveyancing fees. Most people will hire a lawyer or conveyancer to handle the paperwork and costs can vary depending on the complexity of the purchase. These fees typically won't blow your whole budget, but it's good to have some money set aside just in case.

Pre-Purchase Property Inspections

An absolute essential when buying a property is a pre-purchase property inspection. This will ensure that the house or flat you're purchasing is in good condition. A building report will highlight whether or not your potential home is suffering from things such as timber rot, dampness or pipe leakage, pest infestation, termite damage and much more.

Why should I organise a property inspection?

There are a number of benefits associated with these types of benefits, including:

- Peace of mind that the property is in good condition. - Provides you with leverage if there is a fault in the building, i.e. room to negotiate the price down. - If purchasing a flat, apartment or anything within a strata-run block, a strata report will indicate any problems with management or any upcoming renovations and developments. This is useful information as strata fees usually increase with new developments. - Will ensure that your new residence is free of termites, rats, mice and any other nasty pests.

Basically, a pre-purchase property inspection could end up saving you from a bad purchase or allow you to negotiate a much lower price for the property. It also means that you'll know what to fix as soon as you move in!

Buying New Construction - Why Hire an Agent?

Most people would agree that having a real estate agent on-hand while buying an older property is a good idea. This is because older properties could have hidden flaws that a buyer might not notice, the asking price might be higher than the property is actually worth, and negotiating the purchase offer requires some expertise. Most sellers have professional representation, so it's important that the buyer does too.

What about if you're looking to buy new construction? Why would a person hire a real estate agent when he or she can simply buy direct from the builder? After all, the house is brand new or still in the construction process, so there shouldn't be any flaws or major repairs needed. Also, many builders are offering flashy incentives to buyers who will sign with their lender. It seems like there's no real need for a realtor to be present during a new home sale.

Unfortunately, mistakes do happen during the construction process, and builders aren't looking out for your best interest. Just like when you're negotiating a deal with a private seller, you need to be on your toes when buying new construction.

The builder makes money only when you buy from him, so he's going to make the property sound like the best deal ever. He will likely either make commission on his sales, or he'll earn a salary with bonuses and incentives on top. This means that the builder's livelihood depends on your buying a property from him. You can't always trust a builder's motives, so it's imperative that you have someone looking out for you and your rights.

Because builders get paid only if you buy, they aren't likely to point out any flaws with the property. They'll gloss things over and make sure that you walk away with the most positive impression possible. A realtor on the other hand, has no vested interest in you buying that particular home, and is also bound by a professional code of ethics to provide you with all pertinent information. She will tell you about the upsides of the development, as well as any concerns she may have about the construction quality or future property values. She will also be able to tell you if the area is set to be a hot new neighborhood or not.

Upgrades are often not included in the flashy sales price you see advertised. A realtor will be able to advise you on which upgrades are worth going for, and which ones to skip.

Many builders will pressure buyers to go through their lending company. They will do this by offering incentives or by using high-pressure sales tactics. If you use their lender, there's a good chance that you'll end up paying thousands of dollars more over the course of the mortgage than if you shopped around. A realtor will be able to recommend lenders who can help you get the best terms and interest rate.

By having a buyer's agent at your side, the builder won't be able to bully you into an agreement. Because it's vital to their survival to have a good reputation in the industry, a builder will likely be on his or her best behavior when dealing with a real estate agent.

Having representation is also very important when it comes to contract negotiations. While it's also a good idea to consult with a real estate lawyer, an agent can help make sense of some of the common legal jargon. He will also make sure that the contingencies in place are fair, and that the builder doesn't try to take advantage of you.

Best of all, the services of a buyer's agent are generally free for buyers.

Dunes West Real Estate in Mt Pleasant, South Carolina

Dunes West is a nationally recognized neighborhood. Along with I'on, these two neighborhoods are the most prestigious and sought after communities of Mount Pleasant.

Dunes West is a gated community located just off Highway 41 in Mt. Pleasant. It is made up of condos, townhouses, and single family homes that range in price from the high $100s to almost $3 million. It is divided into many subsections, some of which are located outside of the gated section of the community. The most affordable houses are found in this ungated area in subsections like Cypress Pointe and Palmetto Hall.

Some of the more affordable subsections located in the gated section of Dunes West include Hartford Village, Whispering Marsh, Marsh Cove (which also has some more expensive homes), and Deer Walk. Of these four subsections, the latter two have marshfront homes. You can find homes for sale under $500K in all of these gated subsections.

If you are looking for homes over $500K, you will find many more options to choose from. Darts Pointe, The Harbour, and Richmond Cove have very nice homes, and you can usually find homes just over that $500K price point in these subsections. Marsh Landing is a popular marshfront subsection in the community. Brickfall Estates and Osprey Cove are located on the golf course. Last, Wagner Pointe is one of the most desirable subsections of the neighborhood because it features homes that are both marshfront and on the golf course. All of these subsections are located in the gated portion of the neighborhood.

In addition to luxurious homes, this exclusive community also has some of the nicest amenities in all of Charleston. The golf course rivals those found at Kiawah and Wild Dunes. You will also find a zero entry swimming pool, a wonderful club house, nine tennis courts plus a full time tennis pro, a community dock with boat ramp, a designated area for boat storage, a state of the art fitness center, a children's play park, and plenty of walking trails.

The Homeowners Association (HOA) dues for 2008 were $1,180 for residents in the gated section and $336 for residents outside of the gate. Residents wanting full access to the amenities must pay for a membership. The initiation fee for membership in 2008 was $1,500 for a family and $1,000 for an individual. After the initiation fee, residents pay $750 annually for a family membership and $420 for an individual membership.

Located just fifteen minutes from the closest beaches (Sullivan's Island and the Isle of Palms), this community has a great location. Plus, downtown Charleston is only about a twenty minute drive. Restaurants and shopping are within minutes of the community. If you are considering buying a home in Mt. Pleasant and are looking for an exclusive style of living that only a gated community can offer, Dunes West should certainly be on your short list of neighborhoods to consider.

First Time Home Buyers Loan Programs

The happiness and excitement of buying a new home, cannot match with any other thing in this world. A home is not only a structure made of bricks and mortar; it means a companion which is a witness to your joyful as well as sad moments. Buying a property is no child's play. It needs a lot of evaluation and assessment, of your desires and financial condition. Everybody wants to buy a home in plush surroundings, but moving up the ladder gradually is very important, to realize the true worth that a house deserves. Owning a home in present times when economy is facing a downturn, is a bit difficult. The recession has brought with itself inflation, job losses, salary cuts, which is preventing people from investing into real estate. Although lending companies have reduced the interest rates, but still the time doesn't seem to be appropriate for buying a property.

Everybody dreams of buying a good, spacious home, but often the poor finances become a hindrance. Those who keep on buying properties often, would still have an idea about the kind of loans to apply for, but a person who has never owned a home, is surely going to get confused and would have to be more alert. To help the first time home buyers, lending companies have come up with some loans, called the first time buyers loans. How different these are from the conventional loans, is what we are going to discuss now.

A first time buyer loan is meant only for those who have never owned a property, or in some cases, also includes those who have not been able to find a property in the last three years, not to forget the divorcees, who can also avail these loans. Though the eligibility criteria set by the FHA (Federal Housing Administration) and now HUD (Housing and Urban Development) are quite strict, but once the application gets approved, the first time home buyers get the following benefits:

• Very low or no down payment.
• Subsidized interest rates.
• Grants offered.
• Forgiving loans.
• Limited fees charged by the lenders.
• Defer payments/ Rescheduling of payments.

For those who are low on budget but still think of buying a home, the first time home buyers loans are the best option. But there are some restrictions that one needs to follow after getting a first time home buyers loan. Firstly, you can't buy any property using this loan. You have to limit your standard to what is permitted for this loan applicants. In other words, you'll have to restrict your home search to the lower or middle strata of the property market. Secondly, you can't rent this home of yours, you'll have to make it as your permanent residence. Also, the property you buy must be in prime condition and without any safety concerns. Another drawback of taking a first time home buyer loan is that it takes a much longer time to recover, as compared to conventional loans.

While first time home buyer loans are beneficial to those who are low on finances and want a lower strata property, but the long time period for which this loan traps a person, is surely a disadvantage. FHA is one of the oldest and largest, single provider of first time home buyers loans but now some private charities like Mennonite Housing, etc also provide such loans. One has to be very careful before applying for a first time home buyer loan and should assess both the pros and cons, because buying a home is a very special event in our lives.

The Advantages of Using Real Estate Professionals When Purchasing Costa Rica Realty

Buying land in another country is often complicated. Costa Rica is no exception. The country is Spanish speaking so if you are not fluent in Spanish, that's another hurdle you have to overcome as all land registration, deeds, titles, etc. are all in Spanish. This is where it is important when buying Costa Rica realty to use a trained real estate professional.

There are many, many options to buying Costa Rica realty here. Surprisingly, not only are North American real estate professionals represented in this Central American jewel - Century 21 and ReMax for example, but there are also many Costa Rican real estate professions who will be happy to help you.

There are also many business options - from buying a large home and running it as a bed and breakfast to properties with cabins on, hotels and other businesses that are not connected to real estate, like language or surf schools.

Realtors in this Central American country are important because they can help you visit properties but they also deal with the legalities (many work with bilingual lawyers) all of which is in Spanish so unless you can speak Spanish really well, having someone on your team that can deal with all this in Spanish, this alone is a huge plus. This is one of the many reasons they can help you to begin the dream of living in this Latin paradise.

To summarize, if you are interested in purchasing Costa Rica realty, real estate professionals are important because:

• They are fluent in Spanish - an important asset when dealing with land and property sales and registration
• They know all about the places you're interested in - they live there too!
• They know the 'hidden secrets' - where the land is still a bargain; if there could be difficulties with the sale; the people to approach and lots more.
• They give you their time for free and stay with you until you have the property that's the best fit for you.
• They have great connections - furniture suppliers, good lawyers that also speak English fluently, tips on how to manage your property and much more.

Make sure you take advantage of all your options when you decide to purchase Costa Rica realty.

It's Time to Reassess Your Plans For a Second Home

Sometimes the best laid plans can turn out to go all wrong. Since there are many variables involved, this can certainly be said for buying a second home. Whatever the reason you may want a second home, whether it's for vacationing, hunting, or a winter home, it can be a very expensive process wrought with many potential potholes. And that's just the buying process. What can foil many people's visions of small cottage house plans being drawn up for their perfect second home has nothing to do with actually picking out and buying the house. Instead, it's all the years that lead up to the purchase. The putting away of money, the sacrificing the now for the future, the things that need to be done to get your financial world in order. The good thing, however, is that by taking some simple steps now, you might just be able to afford that second home later.

This advice isn't intended for the wealthy. People that can afford a half-million dollar second home on the coasts of some tropical nation aren't the sort of people that will struggle to afford a second home. No, this is meant for all those people that are making ends meet but want to put away some money for when they're able to make those ranch home plans turn into reality. For those people, things might be a little more difficult, but thankfully they're not impossible. First, these people need to minimize their debt. If you're going to be taking on more debt of a second home, it would be wise not to have a balance sheet filled with car payments, boat payments, payments for furniture or electronics, or payment on student loans.

Second, protect your wealth by putting it in the appropriate investment. Unless you want to risk your retirement savings or the savings that will go towards your new property, get your money into an investment that won't risk you losing everything you've worked so hard to gain. When you're ready to move on those cottage home plans, you can actually make the move. Don't put money that you plan on using in the next five years into the stock market, and don't leave it languishing in a bank savings account. Instead, utilize higher-return investments like a money market fund. If you have enough time to play the stock market, consider an index fund over individual stocks. Sure, you won't make as much money, but you also won't lose it all and not be able to buy that second home of your dreams!

Why You Should Buy Instead of Renting

Buying a home can be a scary process if you've never done it before but the benefits certainly outweigh the initial fears you may have about the idea of home ownership. Sadly, many renters are afraid to take the plunge until much later in their lives and later find out about all the benefits of home ownership that they could have benefited from.

First, home ownership lends many tax benefits to you. For example, in New York State you are eligible for the STAR program which means you can save hundreds of dollars a year on your school taxes. Additionally, there are certain other costs associated with owning a home like the interest you pay on your mortgage that can also be written off on your annual income tax. Consult with a tax or accounting professional for more details on the tax benefits of home ownership.

Next, any improvements you make to your home will benefit you in the future when you sell your home. When you are renting a home you aren't going to receive any discounts or money back from improvements you made to the property and the landlord isn't required by law to repay you for the improvements.

Lastly, financing options have never favored first time home buyers more than they do today. Take FHA loans for example. An FHA loan is a home loan insured by the federal government's Federal Housing Administration. FHA loans allow you to purchase a home or condo with just 3.5% down payment as opposed to the more traditional 5% - 20% down payment required.

There is also a tax credit of up to $8,000 available to first time home buyers who purchase their first home before the end of November 2009. You don't have to repay the tax credit and you will receive it on your 2009 income tax regardless of whether you owe taxes to the government or not. Again, consulting with a tax or accounting professional will give you the most concise explanation of how this tax credit can benefit you.

Another significant milestone in today's real estate market are the sheer number of builders and sellers offering closing cost assistance to make home ownership more attainable. Let's say you were purchasing a new home with an FHA loan and were putting 3.5% down. Now say the builder were offering to give you $10,000 towards your closing costs. If the closing costs are $15,000 (purely hypothetical) then you would only need to come up with $5,000 to pay your closing costs since the builder is paying for the other $10,000!

Purchasing a home in today's market makes more sense than ever before given the low interest rates and newly bolstered first time home buyer options available to you. When looking for your next home just bear in mind that condominium communities need to be FHA approved before you can easily use an FHA loan to purchase a home in that community. Single family homes face less restrictions by the FHA but are often more expensive than their condominium counterparts.

The best way to understand your true buying power is to contact a mortgage professional at your local bank or credit union.

Top 7 Questions to Ask About Your Next Home

When you buy a home, especially your first home, a lot of thoughts will run through your mind. Is it close to work? Do I love that kitchen? Are there any prisons or hidden toxic waste dumps nearby? A lot of times these concerns are shrugged off as over thinking but they will significantly impact the resale value of your home. Here are seven things to look for in your next home:

How far is it from mass transit? - With the teeter totter gas prices we've seen over the past few years it's easy to forget that gas prices were once five dollars a gallon in some parts of the U.S. Since home buyers typically look for their new home in the Spring/Summer months you are most likely to sell your home during the peak gas price months of the year. Being close to mass transit to major cities will ensure strong resale in the future.

Where is the closest grocery store? - You need food to survive and the idea of driving 20 minutes each way to the nearest grocery store isn't going to give your home much resale appeal in the future. Find the nearest grocery stores using online mapping services like Google Maps. I always recommend clients map the distance between each home's address and major commercial shopping centers.

How old are the home's crucial features? - Crucial features are things like your water heater, furnace, roof and foundation. Sometimes a home flipping company will renovate the most viewed parts of an older home like interior floors, siding and walls but not take care of the home's utility machines. Know the age of everything in the home to save yourself from heartache later.

Is there room to grow? - Single family homes offer the most flexibility in terms of expanding but there may be local ordinances or zoning laws in place that prevent you from adding another floor or expanding within a certain amount of feet of the property line. If you think your home will need to expand in the future then verify the local zoning/ordinances before making a purchase.

What's the shape of the lot? - Homes come in many different shapes and sizes but often overlooked are the shapes of the home's lot. You can have a flag lot (shaped like a pole with a rectangle at the top), corner lot or regular square lot. Be sure to understand how the lot is shaped so you know what you can do with your land in the future.

Are there any easements or shared land to be aware of? - People can get pretty creative over the years of owning land and may have easements on their land to allow utility companies or neighbors to use part of their land for special reasons. Although easements are usually never too big of a deal a shared piece of land or common entrance can be cause for rift in the future. If you have a shared driveway, for example, make sure a maintenance agreement is in place before purchasing the home.

What kind of ownership do you have in the land? - There are a variety of different land ownership types including 100 year leases where the builder or homeowner leased the land from a third party for an extended period of time and condominium ownership where you own the home but not a controlling stake in the land its built on.

Using the list above you will have an excellent, though not totally complete, guide to begin your home search and find a home that you can enjoy for many years.