Buying a home can be a challenging process for young people. Millennials are buying homes at a higher rate than ever, but there are some caveats. A home inspection, while routine, should be taken seriously. From ground to roof, the entire house will be evaluated for fitness to purchase. This means the inspector walks through, documents the state of things, and points out any issues. Know what to look for in an inspection and how to know if this is a make-or-break issue during the process.
Managing water starts with the exterior of a home and goes inside. One of the biggest contributors to a failed inspection is water leaking, damage, or other issues with water management. Foundations may be compromised, causing issues down the road. If water is managed well, this can help the cause. If the house is poorly managed, then water may continue to erode the foundation, seep into the home, or cause other damage. Inside the home, well and septic systems should be inspected along with filters and water heaters to make sure they've been maintained on schedule without issue.
Although the foundation is very important to a home, so is the attic. If the attic is not properly ventilated, the roof will not last to its full expectancy. Insulation in the attic is important, along with knowing how well it stays cool in summer and warm in winter. Airflow management is essential, but so it's keeping it well maintained.
Young buyers may be more eager to get into a dream home and start to work on creating that perfect property. To keep it in the best condition possible, there is a significant investment of time (and money) required. Homes built in the 1970s and earlier, in particular, were not maintained as well as necessary. Some have been given a few upgrades here and there, but not kept up well enough to escape constant upkeep. To keep dirt and debris buildup near doors and other areas, it means work. Upkeep and maintenance avoid big issues like the replacement of parts and systems down the road.
A home inspection is done to keep the potential buyer aware of any issues that may come up. It does not guarantee there are no other issues or this will fix everything. The key is to stay on top of what needs immediate attention and be willing to go the extra mile to keep things updated as needed. Put away an emergency fund and look into a home warranty as ways to save some money for when things need repairs or replacement down the road. Most of all, enjoy the process of finding the right home.
Families often look for that perfect home without realizing all homes have their issues. Choice Properties helps many families and individuals look for that perfect property. We make sure from the start until inspection and beyond you are happy with your home search and purchase. Call us to find out how we can partner with you to find the perfect home to suit your needs.
Home warranties are an interesting thing, considering they can bring peace of mind but also affordable fixes for a home with older appliances. A seller may offer one in closing to sweeten the pot, which makes it a reasonable consideration for potential buyers. Even though a home warranty may sound like good financial protection, it is good to know more about them and whether this investment is worth making.
How a Home Warranty Works
A home warranty is a contract between a homeowner and a home warranty company. Costly repairs on appliances in a new home purchase can be difficult to swallow, especially after spending so much to move into the home. Home warranties typically cover repairs of a furnace, air conditioning unit, plumbing, and electrical systems. Major appliances like washers, dryers, and refrigerators are often also included. Most plans offer the basic coverage, but some additional components can provide a better umbrella for any repairs that are needed which exceed the basics.
Know the Costs
Even though a home warranty is only a few hundred dollars upfront for a year, the cost depends on what property is purchased. If the family owns a condo or townhouse, the warranty may cover more or less than a single-family home and costs will shift accordingly. The home's square footage does not impact the price unless the property is more than 5,000 square feet. Garages should be covered by the basic policy, also. Some other considerations:
Peace of Mind
A home warranty truly provides peace of mind to homeowners looking to pay the premium 'in the event something happens.' Much like any other insurance, those premiums get paid out in case something were to go wrong or something major breaks. For sellers of the home, a one-year home warranty with purchase can provide protection against buyer complaints later if defects arise. This does not exempt a seller from the legal requirement to disclose problems with the home upfront.
One gray area homeowners may not be aware of once they move is the 'proper maintenance' clause. This clause is the source of many disagreements between home warranty companies and warranty holders. Companies may use this clause to exclude or deny claims. The homeowner and contract who make the house call may disagree on what constitutes proper maintenance. If the furnace was not maintained by previous owners, for example, they may limit how much they payout or the company can deny payment of the claim. Another area that is not always discussed is the fact the premium may get paid yearly but that money could be put into a fund for emergency repairs that won't cost a premium upfront. Just because a premium is paid, and a contractor paid to visit the home, does not mean repairs will be made and the homeowner is out a few hundred dollars or more.
Although a home warranty is not a guarantee, it is protection against potentially expensive repairs. Prior to purchase, discuss it with the realtor. Find out the options and check around. Be sure to know your options before you buy one and make sure it is the right choice for you and your family.
Choice Properties works with families to ensure they make the best decisions possible when buying a home. We help you navigate the process of buying a home from the start of your search until closing. Our experts work hard to ensure you are satisfied with the process of looking for your family's next home. Call us if you are ready to find that perfect property to suit your needs.
Ohio lakefront living is beneficial in so many ways. Relaxation and peace are not the only reasons being by water increases overall health. Ohio has many beautiful spots to choose from when selecting the optimal lakefront property. Learn more about why waterfront homes provide so much for people who enjoy the serenity of living by a lake.
People are likely to enter a quiet, meditative state when near water. Close proximity to water floods the brain with feel good hormones such as dopamine, serotonin and oxytocin. Because of this, people can enhance brain processing while slowing down to enjoy the peace being by water brings.
Air quality near lakes is higher than inland air which makes it a healthy choice for individuals who want fresh, clean breezes blowing through their windows. After a day out on the lake or spending time near a lake, people tend to feel more refreshed and ready for the days ahead. Living that way every day is like being on permanent vacation.
The soothing sounds of water coming up to shore or nature hovering nearby the water can be extremely relaxing. Nature and water have ways of calming down the senses from the overload of living with too much hustle and bustle. Spas use fountains with running water for this reason. Living near water will bottle this spa effect and bring it home to provide relaxation and a refuge from the outside world.
Compelling research has shown that water tends to draw people in towards it, like a magnet. Much of a person's daily stress can be relieved by living closer to water. Green spaces in communities help reduce stress and water can provide the same effect.
Immune systems function like a well-oiled machine. When stress is high, the machine may not run at optimal potential. As stress decreases, as it can do near water, a person will experience more positive health benefits inside the body including increased immunity. Lakefront living provides a healthier, more relaxed lifestyle in which to exist.
Lakefront living is a great opportunity to take advantage of all the health benefits it offers. Choice Properties provides the best selection of lakefront living at affordable price points and seeks to give you the best service through our top notch realtors.
Let us help you find the best lakefront Ohio property.
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One of the hottest topics in housing is whether to rent or own a home. Market conditions and personal finances and other things factor into the decision to rent or own a home. Learn how calculations actually work in order to feel confident on deciding what is right for the budget and family.
The first thing to understand is how math works for each individual looking at homes. Calculating monthly costs of home ownership, subtracting tax benefits and comparing the final figure will help gauge the difference between home rental versus home ownership in the same neighborhood.
Assume a credit score of 750, a $300,000 home purchase price with 10 percent down ($30,000) for a 30-year fixed mortgage. Current rates hover around 3.25 percent. A mortgage calculator will tally the total monthly cost as follows:
Mortgage payment of principal and interest $1,175
Property taxes $300
Private mortgage insurance (PMI) $133
Homeowners insurance $67
TOTAL monthly cost $1,675
Calculate the tax benefit by deducting the mortgage interest and property taxes. Multiply the loan amount by $270,000 by a rate of 3.25 percent for a total of $8,775. To calculate annual property tax, multiply the $300,000 home price by a national average of 1.2 percent property tax to get $3,600. The sum of $8,775 along with $3,600 equals $12,375 in deductible costs. Based on the income needed to qualify for a $300,000 home, the tax bracket is likely around 28 percent. Multiply $12,375 by 28 percent for annual tax savings of $3.465. Divide that number by 12 months for estimated savings of $289. Subtract this number from the total housing cost of $1,675 for after-tax cost of $1,386.
Compare the estimated after-tax housing cost of $1,386 to market rent for a comparable home in the same city with similar size, quality and location.
The second thing to understand is that it takes time for owning to become cheaper than renting. A cost-benefit analysis is helpful when determining which is more cost effective but also which provides the most benefit over the long term. A breakeven horizon is when buying becomes more favorable in a year when costs to buy become less than or equal to renting costs. When it comes to making an investment, it is important to note how long it will take for this to happen if questions remain as to the benefit of renting versus owning for the future.