House Hunting Tips for Home Buyers

So you’re thinking about hunting for a home. Congratulations! How do you plan on finding the home you want? It’s surprising how few people can answer this question. Most people say: “Well, I guess I’d look online and maybe contact a real estate agent.” Sure, that’s a fine place to start… but if you want to hunt for a home like a pro, here are some simple tactics that will make your experience much more efficient, pleasurable, and likely to land you a home you want to buy.

1. Know what you can afford. How can you begin to look before you know what you can buy? Price range usually narrows the field considerably. You may not even know how much you can afford, though an agent can help you work through that math. Getting pre-qualified for a mortgage can also help you find the answer to this question.

2. Know where you want to live. Seems obvious, right? But within cities and communities there are all manner of neighborhoods with different flavors, amenities, and schools. Understanding things like walk scores, commute times, and the quality of the school district can have a huge impact on your choice. If you find a home you love in a neighborhood you can’t stand, you aren’t going to be happy.

3. Know what type of home you want. How much room do you need? What are your future plans? Do you love gardening, or would you rather never worry about a lawn? Do you work from home? Do you want an historic home? Is new construction your dream? Knowing what you can afford can help with this question, but you’ll still need to look at your desires and priorities to determine what’s right for you.

4. Give yourself plenty of time at showings. You may have an urge to see as many homes as you can in a single day or weekend, but feeling the crunch of the clock can keep you from really inspecting the home and getting a feel for the property. You want time to open drawers, cabinets, and walk around the yard areas as well. If the clock’s ticking, you won’t truly evaluate what you see.

5. Sign up for property alerts. Homes show up on the market all the time. Sign up for as many online property alerts in your target neighborhood(s) as possible.

6. Tell friends and family what you’re looking for. One of the best times to find your home is before it’s on the market. Friends, family, work associates, and their network of friends may know someone who’s thinking about selling just the sort of house you want. Ask around!

We are more than happy to help you work through these with you. Let’s talk about your home search together: (321) 308-0336, info@prudentialsterling.com, or go to http://www.prudentialsterling.com/about-us/contact-us/

Home Warranty Pros & Cons

The idea of a home warranty can sound great. According to the National Association of Realtors, a home warranty is defined as, “a service contract, normally for one year, which helps protect home owners against the cost of unexpected covered repairs or replacement on their major systems and appliances that break down due to normal wear and tear. Coverage is for systems and appliances in good working order at the start of the contract.”

It sounds simple: You insure critical systems in the home, and should something go wrong with those systems, the cost of repairs is largely covered by the insurance company. And it’s true, a home warranty can give you exceptional value, especially in the first year of home ownership, when you’re still getting a feel for the overall health and maintenance status of your home.

Sellers often offer a home warranty to allay buyers’ concerns over their first year in the home. In fact, in states where foreclosures are common, home warranties are practically the norm. If a buyer likes two homes about the same, a warranty can be a competitive advantage.

But as with all insurance policies, the fine print matters. When researching home warranties, you must be certain of what the policy covers, and how the insurance company honors claims. For big ticket items like heating and cooling systems, the home warranty can be a massive cost savings, often reducing out-of-pocket expenses to less than 10% of the total. However, with smaller appliances and simple repairs, the claim can cost you as much as the repair would on its own. Plus, it’s vital to know if the warranty will replace versus repair aging appliances. (Many companies will try and repair an old stove or refrigerator rather than replace the unit with a more energy efficient model.)

You should also be aware when a home warranty isn’t required on certain home features. For instance, if you have a dishwasher or hot water heater that is already under manufacturer’s warranty, the home warranty coverage may be superfluous. If you have major systems with considerable age on them, though, the warranty can be worth the investment.

Be aware of the terms of the warranty when it comes to maintenance and neglect. Occasionally home warranty companies will try to get out of paying for repairs or replacement by claiming you haven’t kept up with routine maintenance issues. To ensure you don’t get caught out on these technicalities, understand how the insurance company justifies these claims.

Insurance is always a complex business, but don’t shy away from investigating a home warranty if you’d like some protection from major, catastrophic repairs. It all comes down to the terms of the contract, and with a little diligence you can get the coverage you need. If you have any questions about where to get home warranty quotes, get in touch with me today: (321) 308-0336; info@prudentialsterling.com