Month: November 2020

Guest Post by Bogdan Butoi

Buying a new home can be a challenging event for some people, yet an exciting one. Choosing the right home appears to come up with lots of consequences if you’re not well-prepared. We’ve gathered in this article some of the most important tips to consider when buying your new home. 

First, ask yourself if you’re ready to buy a new home.

Where should you start?  . . . As a first-time home buyer, the entire process might seem like a daunting task. but it shouldn’t be,

If you give yourself enough time to prepare and make the process run smoothly.

Building the home of your dreams can become real, but the key is to make a plan first. 

Organize the purchasing process to make sure that your journey is satisfying.

The goal is to understand the new home buying process, so you know what to expect.

You have plenty of questions, for sure, but first, consider which type of home, neighborhood, and mortgage are right for you.

Then, you can think about how to personalize your home.

Let’s see some examples of new homes offers:

• Large bedrooms with big closets, and luxurious baths

• Energy efficiency (significant cost savings).

• Open floor living rooms (open to the kitchen).

• Brand new furniture and products, under warranty.

• Stylish cabinets, countertops, carpets, tiles, flooring, appliances, and more. 

Given the many advantages of new homes, most home shoppers are already putting them on their lists. Let’s see some other significant factors that will help make the purchase faster. 

Check your credit score

One of the most important factors to consider when buying a new home is that you need a good credit score.

If your credit score is good, you’ll get approved easily and in favorable terms, but if your credit score is low, the chances are that you won’t get approval.

If, however, you’re going to get approved, you’ll have high interest rates. Credit score examples:

• • • Reasonable: 580-690

• • • Good: 740-790

• • • Excellent:800+ 

Check your credit score and determine if it needs improvement.

Lenders will analyze your credit score and look for the highest credit rating possible.

Your credit score can impact your mortgage, loans, and credit cards.

You should pay attention to your payment history and current debts; it may influence the type of credit or loan you want to obtain. 

Choosing your first mortgage

Before starting the home research, wait for the pre-approved letter for a mortgage.

Choosing the right mortgage is a significant decision that can make a big difference, financially speaking.

There are so many options available, no wonder it can be hard to choose which mortgage suits your needs best.

First time buyers should come up with a list before starting the buying process:

• • • How big is your deposit?

• • • Mortgage overpayments

• • • How much money can you borrow? 

• • • Repayment? Or interest only?

• • • Consider the mortgage fees

• • • Mortgage penalties

• • • Are you qualified for a government scheme?

First thing you’ll need to do is to talk to a mortgage agent.

After deciding which mortgage suits your needs, you can go directly to a lender, or get the mortgage through an agent.

How much deposit do you need for a home loan? . . . Most banks or lenders will require a deposit of 20%.

If you’re determined to raise the money, there’s a high chance that the properties prices to increase, especially in big cities. 

Speak with your lender and see which opportunities you have to reach your property goals and get approval for a home mortgage.

In the meantime, to see if you’re able to afford the monthly payments, you can use the mortgage repayment calculator.

You just have to enter your incomes and expenses into the budget planner calculator, and wait for the answer.

You’ll receive a picture in an easy-to-understand format that will help you determine what type of home loan may suit your financial incomes. 

Determine your budget

There are other costs included along with the loan payment, including:

• Mortgage insurance

• Property taxes

• HOA fees (Homeowners Association Fees)

• Homeowners insurance

You must ensure that you have enough money to cover all that cost.

The property taxes, homeowner’s insurance, and mortgage insurance are added to your monthly payment.

Your debt-to-income ratio (DTI ratio) will determine the maximum amount of money you’re qualified for. DTI to your monthly income related to your monthly duties (auto loans, credit cards, etc.).

The maximum of DTI ratio lenders will allow you is 41%. 

Make a list with home features you want in your new home

It’s a good idea to consider the key features of your new home.

Ask for opinions to your family and friends who already been into the process of buying and organizing a home.

What important features they wish they had? Or didn’t have?

How many bedrooms, bathrooms are needed in a home?

You’re likely to receive some great answers and ideas.

You can’t really find a house with everything you need in it. . . .So, prioritize making a list with home features you want in your new house and be ready to compromise. 

Hire a real estate agent

First-home buyers make the terrible mistake of not calling a real estate agent.

They will help you find the home of your dreams.

However, you want to avoid paying for fees, as realtors can get good commission when you buy a house.

You might say “It’s all about the money…”. But it’s not always about money,

if we consider how beneficial it is to sit relaxed on the couch and let others do the work for you. So, why not use an estate agent? 

Compare loans from multiple lenders

Compare loan offers from many lenders – when shopping for a new home, it’s not recommended to stop along the first lender that will approve your loan.

You should compare your loan offers from many lenders, and choose the one that suits your needs.

Rates and fees can vary from one lender to another, so make sure you negotiate lower fees with lenders. 

Guest Post by Fernando Kidd

Whether you like it or not, there will come a time that you’ll need to replace your roof.

So, you really have to check your roof and see if it’s showings some signs that it needs to be replaced. 

It is also no secret that roofing is one of the costliest repairs an average home can suffer.

However, many people don’t know how to save money on roof replacements. 

If you are experiencing problems with your roof, here are five tips that will help you save a lot of money.

Hire a Professional

One of the best ways to save on roof repair is by not trying to do a major remodel on your own.

Instead, hire a contractor or a company that specializes in roof repairs.

While it might cost more upfront, having a professional install a new roof and make sure it is in good shape for a longer time is the better choice.

Doing repairs on your own is far riskier and will likely lead to costly damages and further necessary repairs in the future. 

But you don’t have to hire just any professional here.

One way to find the right roofing company is by asking around among friends and family.

Find out who the best roofers in your neighborhood are, like the roof replacement NOVA services, and try to work with them instead of trying to save money on the roof repair with the cheapest company you find.

While it might take some work to find the perfect company, the price will be worth it in the long run.

Know about the Materials Needed for the Project

When a new roof is installed, the materials needed will vary depending on what type of roof you have or what kind of roof you would like to have instead of your current one.

Some contractors will charge more for materials when installing a shingle roof while others will charge less if you have a fiber-cement shingle roof.

Always do some research so you know what types of roof materials the contractors will charge you for.

Make Sure You Have the Right Equipment on Hand

When going through the roof repair, always make sure the company you choose uses the proper equipment.

Most companies have the correct tools for any type of roof repair.

The reason being is that their main goal is to get your roof repaired in a timely manner so you won’t have to call them for another job in the future.

It’s also important that they have the right tools on hand for each job so they can do a job quickly and in a big time.

Having the right tools will also save you time as you don’t have to waste time running back and forth from the garage to your house to pick up or place equipment on the roof.

Many companies also provide their customers with a free estimate so they don’t have to ask anyone to come out and make an estimate.

Make Sure That the Professionals You Hire are Insured

When hiring someone to fix your roof, you should make sure they are insured.

If you have renter’s insurance, the insurance company will cover the cost of repair in the case of anything damaged while working on your roof.

This is one of the best ways to save on your roof repair. Even if you don’t have renter’s insurance, you can still save a lot of money with this.

Do Some of the Work

If you really want to save money further on roof replacement, you can try doing some of the work such as roof cleaning.

Roof cleaning is usually done by the professional and is often part of their services.

They usually hire help to do the cleaning for them before they can start their work. . .but you can always do it on your own.

This way, your overall cost will be much lesser that you thought it would be. 

You can also let your contractors know that you’ll do the post-construction cleanup on your own to make your overall costs much lesser.

Although it might sound like a complicated task, it is actually a lot easier than you think, and can even be a great bonding experience with the entire family.

Conclusion

You can save money on roof repairs, if you take the time to hire the right roofing company and the right equipment.

Also, you want to make sure that you only hire the best contractors because there is nothing worse than hiring a company that uses super tools and does shoddy work.

Always make sure to ask to see all paperwork and guarantee documents to make sure the contractor is working professionally and is insured.

Once everything is done, you’ll start enjoying the benefits of having a new roof again.

Fernando Kidd
Fernando Kidd has always loved doing home improvement projects on his own.

His passion for home improvement has motivated him to start his own blog as his way of teaching other homeowners on how they can properly and easily make renovations around their properties.

Fernando also submits guest posts to other home improvement websites in order to expand his reach and gain more readers.

Guest Post by Sydney Property Valuers Metro

Everyone enjoys talking about the property market, with some people talking about prices, whereas others are interested in discussing whether or not they should buy an existing home or build a new one.

The decision you make will depend on what your needs are and where you want to buy a property.

Buying land

As everyone is well aware, land is in short supply in the major cities like Sydney, Melbourne and Brisbane.

If you want a home in the centre of the city then buying vacant land and building your own home simply won’t be an option because there isn’t the land available.

If you’re not concerned with owning in the city then building your own home could be the most suitable option for you. If you do decide to build your own home then you will need to purchase some land.

Before purchasing land you’ll need to consider the following:

• • The zoning. Whilst you may just plan to build a house, the area might be zoned for industrial or commercial purposes and you will need to decide if you want to live next to commercial or industrial property. If you don’t mind living in an industrial or commercial area then you will have more options available to you.
  • What is the property’s water sources? Can you collect rain water and store it in a tank? It is becoming increasingly common for new properties to use more sustainable water sources such as rainwater, stormwater, greywater, private dams, reticulated recycled water and hot water diversion. Water is an essential service so it’s important to know your water source before you buy the land.
  • Utility access. The price you pay for your utilities such as gas, electricity and water may be higher in rural areas where there is less competition.
  • What is the area’s climate? The climate is important because after buying the land when you build the property the climate will be a key factor in deciding how to build the home, for example, what type of insulation do you need? What types of plants and vegetables will you grow? Is the property likely to be affected by extreme conditions such as bushfires or flooding.
  • The soil quality. This may seem like an odd thing to think about when thinking about what land to buy but it’s actually pretty important because if the soil needs significant work then getting earthworks done and improving the land stability could prove to be quite costly. That’s before you’ve even built the home which is another expense you need to factor in when starting off from scratch. 
  • Slope of the block of land. If you buy land that’s on a steep incline then you may be limited in the type of house that you can build however you may be able to trade that off with appealing views. There is however the risk of erosion caused by the weather which means that any home you build won’t be as secure and that could affect your insurance premiums.

Building your home

 

After purchasing the block of land the next step is to get the home built but before you can do that you’ll need to decide if you want to use a pre designed production home or a custom home that you work with an architect to design.

Ultimately your budget will be a deciding factor in what type of design you choose for your home.

If you have the budget for it then a custom home is always going to be a better choice because you can make the home exactly what you want it to be and you can select the materials that are used. 

Production home

When you opt for a production home you will have some choices, however they are limited and you will only be able to choose upgrades from a predetermined product category.

If you want to make changes, you would need to do that later on after the home has already been built which could be a costly experience to customise it for your individual tastes and preferences.

When  you purchase a production home the builder will generally own the land that the house is built on and the construction company will help you arrange your mortgage.

Before the mortgage contract is drawn up you will need to get the property valued.

Sydney Property Valuers Metro provide expert property valuation reports in Sydney and can simplify this process for you.

The advantage of a production  home is that you can get the house and land as a packaged deal so you won’t need to worry about getting the house built at a later date.

Deciding what type of home you want can be a lengthy process whereas if you choose a production home then the pressure is taken off because you can choose from a variety of different housing plans that can be customised. 

You may be worried that a production home is going to be a costly experience and that it will be out of your budget but that’s not the case at all.

Production houses are built at a range of different price points whether you’re a first home buyer, upgrading or wanting a luxury home.

Custom build

Everyone has different needs.

Some people have three children whereas some people have no children.

Some people have dogs and some people have cats.

Others want an entertaining area whereas some people tend to go out to socialise so having an entertaining area doesn’t matter.

Then there are people who work from home and those who work in an office.

A custom build will allow you to get everything you want in your home and that it is uniquely yours.

If you work from home then you may want a room that’s specifically designed to be a home office but if you have kids you could want one of the rooms in the house to be a play room for the kids, or a room for your cat or dog to sleep in at night.

If you’ve decided to go with a custom build then before you select a builder you should conduct research to see what builders are available.

Then you should chat to a few of them to see what they can offer within your budget.

It should go without saying but you should also only go with a licensed builder to ensure that the build is covered by builders insurance.

Builders insurance is important because it protects your home should something go wrong during the construction process.

Builders insurance can also protect you in the event that the builder goes bankrupt or there’s flood or storm damage.

Given a house is a huge expense, sometimes costing up to $1 million or more, it’s really important that you do your due diligence before making any decisions related to whether or not you choose a production home or a custom home.