Consider New Construction
|
|
|
One very appealing option for home buyers is new construction. There are several very good custom home builders in Hampton Roads and a number of attractive new home communities. I have represented two of the best builders as new homes site manager so I can help you identify a community and builder to meet your needs and represent you in the purchase of your new home. 
Contact me if you'd like to see the latest in home architecture and design. Prices are very competitive and these homes qualify for the tax credit if you sign a contract by April 30, 2010 and close by June 30, 2010.
Opting for new home construction Whether to buy an existing home or have one built is yet another decision to make during the home-buying process. If you decide to go with new construction, I can be a powerful advocate in your corner as you negotiate upgrades, a move-in date and other terms with the home builder.
Below are some basic pointers to prepare you for the journey ahead:
Selecting a builder
Shopping for a large production or custom home builder can be a daunting task. Start by defining what architectural styles appeal to you and then seek out the builders in your area who offer those styles. Due diligence is essential. Ask friends for referrals to get firsthand accounts; verify the builder's state license status, if applicable; and check whether they're certified by the National Association of Home Builders.
The builder representative and your real estate agent
A builder representative's ultimate goal is to sell you a home. His or her role is to provide a wide range of information to help you in your decision-making, from building restrictions, roads and easements to inspections, warranties, rebates and upgrades. As a former builder representative I am quite knowledgeable in new-home construction will be able to help you wade through all the data and point out the downsides and upsides of each line item. I will also look out for your interests in reviewing the builder's contract, which often contains more legal jargon than consumer-friendly language.
It's all about timing
Market conditions greatly dictate a builder's incentive to make a deal you cannot refuse. When a builder has inventory on his hands, his carrying costs start adding up. When this happens, a builder might be more amenable to strike a favorable deal, whether it's throwing in upgrades or taking a bit off the asking price. I can help you know when market conditions are right for these benefits. Also, watch for builder close-out sales. Builders promote these special events when a new subdivision is near completion but empty inventory still remains.
A word about paying up
While there are always exceptions, most builders require a deposit when a purchase agreement is signed. They also require that the buyer pay for any upgrades prior to closing. If you back out prior to closing, unless the agreement states otherwise, you will lose that money. Make sure you understand every detail in the builder's contract before signing it.
|
There are currently no Announcements.
|
|
1. Find the right representative
Even if you’re not quite ready to buy, your buyer’s agent can be an absolute wealth of information, and can often offer ‘scoops’ on local developments you might not have know about otherwise. Speak to your agent first and he or she can be helping to guide you right from the start.
2. Find out what your price range is
Online mortgage calculators are a good place to start, but as you get closer to being ready to buy, there is no substitute for a written mortgage pre-approval. Just speaking to your lender is an extremely worthwhile venture – this is the only way to really get an in-depth picture of your overall financial picture and to discover exactly what you can reasonably afford to spend on a home (and possibly on renovating). 3. Find out what your local market looks like
The internet can be incredibly valuable in doing preparatory research. Start with your agent – he or she can direct you to valuable resources and immediately start e-mailing you real estate listings that may interest you (or at least give you a better idea of what your needs and wants are). 4. Find out what your true needs and wants are
Compose a needs/wants list that takes into consideration your local market conditions, your price range, and the advice of your real estate agent. 5. Find your dream home!
Once you’re ready to act, you may be surprised by how quickly you can make a decision. Armed with your pre-approval, a little market knowledge, and your needs/wants list, call your real estate agent, hit the pavement, and when you see ‘the house’, put in an offer. With the right team behind you, it really can be that easy! |
Your Agent
A successful purchase starts with the right representative. In fact, once you’ve selected the best agent to represent you, it is likely that he or she can recommend other professionals to join your team, taking more of the responsibility off of your shoulders.
Lender (Appraiser)
A bank is not just a bank. Having the right backer can be extremely important – it is your money we’re talking about after all! Make sure that your lender and financial representative is someone with whom you feel comfortable, and be wary of any lender who promises you more than you think you can reasonably afford. Your lenders may or may not require an independent appraisal, and typically will make arrangements for the appraisal themselves. Lawyer
Your home purchase is far too important a transaction to skimp on legal representation at the risk of leaving yourself open to costly future issues. Find a lawyer who is willing to take the time to answer your questions and who specializes in real estate law. Home Inspector
No home inspection is 100% guaranteed, but a few hundred dollars to catch a major problem now is certainly better than many thousands to correct that ‘surprise’ down the road. Ask your agent for a recommendation. Contractor
Planning some renovations? You’re not the only one! The home renovation industry is booming, and in some markets, booking a contractor must be done months in advance (that’s a long time to go without a kitchen). Don’t let finding the right contractor slip through the cracks – planning ahead will almost certainly make your renovation smoother, and you contractor will appreciate the advance notice. |
Your Calculator
|
|
Let us help you find out what you can afford! Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.
Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To mail yourself a copy of your results, click the Receive this Detailed Analysis link.
|
|
|
|
|
Required
|
Optional
|
Results
|
Receive this Detailed Analysis
|
|
|
|
Your Monthly Payments
|
| |
| Loan Amount: |
|
|
|
| Loan Insurance (
%): |
|
|
|
| Total Loan(Mortgage) Amount: |
|
|
|
| |
|
|
|
| Principal & Interest: |
|
|
|
| Homeowners Insurance: |
|
|
|
| Property Taxes: |
|
|
|
| Condo Fees: |
|
|
|
| Monthly Loan Insurance (%): |
|
|
|
| Total Monthly Payment: |
|
|
|
| |
| Income Needed to Qualify for the Mortgage |
| |
| Total Monthly Loan Payment: |
|
|
| Total Monthly Debt Payment: |
|
|
| Monthly Loan Insurance (%): |
|
|
| Qualifying Income of
% GDS Ratio: |
|
|
| Qualifying Income of % TDS Ratio: |
|
|
| |
| What You Can Afford |
| We are using the % ratio.
|
| Cost of House: |
|
|
| Down Payment: |
|
|
| Loan Value: |
|
|
| Monthly Principal & Interest: |
|
|
| Monthly Insurance: |
|
|
| Monthly Property Tax: |
|
|
| Monthly Condo Fees: |
|
|
| |
| Note: Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] / (monthly interest rate/ function of interest rate) |
|
|
|
|
What is your primary source for real estate information?
(A) Newspaper
(B) Directly from a real estate agent
(C) Classifieds
(D) Internet
(E) Friends and family
|
|