Over the last five years, Tampa Bay has emerged as a leading destination for build-to-rent (BTR) homes, reaching its peak success last year. Across the U.S., 32 metropolitan areas have completed their BTR inventories over the past five years, yet more than half currently have no new projects in the pipeline. In Tampa Bay alone, the upcoming years will see the addition of over 1,300 new single-family rental homes. By 2023, the area boasted a total of 1,636 rental homes, catapulting Tampa Bay into the top 20 U.S. metros for future BTR developments. Notably, RentCafe places it 10th on their list. Also gaining traction in the BTR sector is North Port, which saw 749 rental homes built from 2019 to 2023, with 994 additional units currently under construction. Among the new developments, The Hadley in North Port is notable. This BTR community, located at 3000 S. Sumter Blvd. near key roads such as Interstate 75 and U.S. Highway 41, will feature 268 units with one-, two-, and three-bedroom options, spread across 25 acres. The community will offer a range of amenities, including a 24-hour fitness center, a resort-style swimming pool, community grilling areas, a pickleball court, a dog park, a pet spa with grooming station, billiards and shuffleboard, a Starbucks coffee bar, and 24-hour emergency service response. Another noteworthy transaction occurred earlier this month in South Hillsborough County, where Oak Haven, a 120-unit townhouse community in Riverview, was sold to Ark Homes for Rent for $31.8 million, translating to $265,000 per unit. Florida stands out in the BTR market, with four cities in the top 20 metros for ongoing BTR construction. Jacksonville leads with 1,836 units, followed by Tampa with 1,352 units, Orlando with 1,147 units, and North Port with 994 units. These cities are poised to add roughly 5,300 rental homes in the near future, indicating robust growth and continuing interest in Florida's build-to-rent market.

At the heart of real estate lies the captivating tale of properties that quickly capture the imagination and hearts of eager buyers. This narrative often intertwines with exceptional marketing efforts, sparking a swift and exciting journey toward a successful sale. At the Leisa Erickson Group, we recently witnessed such a vibrant story unfold with the remarkable property located at 255 Dolphin Way. Our approach to showcasing this property was dynamic and innovative, fueled by a meticulous marketing strategy designed to highlight its unique charm. Through the orchestration of two exclusive private showings and two bustling open houses, our team unleashed a wave of interest that saw the property attract an astounding four offers in a mere four days. What set this sale apart was not just the speed but the seamless fusion of our unparalleled marketing initiatives with the inherent appeal of the property itself. Our comprehensive promotional efforts, tailored to accentuate its finest features, paved the way for a swift and exhilarating journey toward a successful contract. This triumph at 255 Dolphin Way stands as a testament to the power of strategic marketing in the real estate landscape. The synergy between our dedicated team and the distinctive allure of the property created an atmosphere of excitement that reverberated within the industry. Yet, as exhilarating as this success is, it also serves as an inspiration to those contemplating their own real estate endeavors. If you find yourself hesitating to take that pivotal step toward listing your home for sale, consider the thrilling journey of 255 Dolphin Way as a beacon guiding you toward your next chapter. To assist you in embarking on this journey, we invite you to explore our home value tool below. Let it serve as a compass, providing insights and guidance as you navigate through your own unique real estate landscape. Don't let uncertainty hold you back; let the success of 255 Dolphin Way inspire your confidence in embracing change and seizing new opportunities in the world of real estate. The Leisa Erickson Group is committed to crafting success stories like these and guiding our clients toward their real estate aspirations. Join us on this exciting journey as we turn dreams into reality, one property at a time.

Need to dig deeper into the home you're looking to buy? Asking the right questions — and not just the kind that randomly pops into your head — can help you get as much information as you need to put together a competitive offer. Likewise, you will be able to save time, money, and potential headaches if you hit all the necessary topics head-on. It’s part of your due diligence as a buyer, especially since this could be one of the biggest financial commitments you'll ever make.   If you're feeling stuck not knowing what else to know about the property, we’ve pulled together a list of some things that may not be so obvious to ask but can get you closer to finding a home that's a good match for your lifestyle and budget.   Utilities can vary depending on where you live and based on the systems and size of the property. Aside from your monthly mortgage payments, getting an estimate of your monthly maintenance and utility bills is just as important to ensure you can afford to comfortably live in the home.   Especially if you're a first-time home buyer, it’s best to learn how the home is being heated — by gas, electricity, solar power, or combination — and what the average monthly bill for each is. You’ll also want to inquire about water, waste removal, broadband, and any other applicable maintenance and utility costs. By breaking down information like this, you can have a general idea of how much you’ll spend and incorporate it into your monthly budget.   Have they overhauled the kitchen? Added another room? Broken down a wall? Installed a new HVAC? You'll also want to know what major renovations the owner has done since it will give you a ballpark idea of how much money they have spent, and what they hope to get out based on a project’s average return on investment. You can also check receipts from contractors to get a sense of what they paid for such upgrades.   But the most crucial reason is for you to guarantee that these additions follow local building codes. Any major improvements—structural additions, installing a new roof, any electrical and plumbing work, or installing/replacing the HVAC system—need to be done by a licensed contractor and be completed to code. Any sketchy renovations and/or mediocre construction can end up costing you money and your health. See whether the seller can produce a building permit for repairs and renovations that require one. If they don’t have the permits or if the work was done by a previous owner, you will need to double-check it with the local building department.   Owning a home means keeping up with its maintenance, which includes looking after each of its components. During showings, don't forget to ask about the age and condition of the home’s major systems, including HVAC, roof, water heater, and major appliances such as washers and dryers, stoves, and others.    Knowing these early in the process will help you factor in the cost of replacement when looking at the asking price. As a future homeowner, it’s a must to know if something needs to be repaired or replaced soon. Because the last thing you’d want is to find yourself in a situation where you need to shell out thousands of dollars to fix something that you thought was in pristine condition just a few months after moving in.   A roof, for instance, is a major component that’s also very costly to repair or replace. It’s critical to consider how much it will cost you on top of your down payment and closing costs if it’s old and needs repairs. If the roof has existing damage, the lender may require that it be repaired to approve your loan. So if the listing description doesn’t list the roof’s age, make sure to find out so you can avoid a costly disappointment later on. Additionally, you should ask the seller about the warranty information on appliances; requesting the original manufacturer warranties on any appliances or systems if possible. These will serve as documentation and will give you an idea of their remaining lifespan, as well as their potential replacement costs.   When choosing your first home, don't forget to check out the parking situation on the property. Will your car(s) fit in the garage? If you and your family have multiple cars, will there be room to park anywhere else on the property other than the driveway? Make sure you ask the rules about on-street parking to avoid fines or high insurance costs.    If you decide to throw a party, will guests need parking permits? How many permits are you allowed to get? Some streets may require a permit, which you may need to apply for. It would also be a good idea to visit the house after work hours and see how crowded the parking is on the street, especially if you live in a busy street which can be more difficult to navigate.   Are there rumors that the property is haunted? Had it been the scene of a crime? Is it located next to a cemetery? Did anyone famous ever live there? In many states, owners are legally bound to disclose if a death or major crime has occurred recently on the premises. You might not care if the house has a reputation or has any associated stories or rumors, but it's still a good idea to ask around.    There are what they call “stigmatized properties,” defined by the National Association of REALTORS® as any “property that has been psychologically impacted by an event which occurred, or was suspected to have occurred, on the property, such event being one that has no physical impact of any kind.” These conditions could give you room to negotiate a lower purchase price since a house that has some negative associations will often be harder to sell.

  Thank you, dear veterans, for your valor, strength, service, and dedication to protect us and keep us safe. Veterans sacrifice a lot to protect the country. And one way to show appreciation to them and their families is to make sure they know about the mortgage loan that's available to them: the Veterans Affairs loans by the U.S. Department of Veterans Affairs.   Here are the top four advantages of VA loans:     No down payment - This is the biggest advantage of the loan program. Qualified veterans can purchase a home without making a down payment, no matter how much home they're buying.         Don't require private mortgage insurance (PMI) - Unlike other loans that require 20 percent PMI, VA loans do not, allowing military borrowers to save on their monthly mortgage payments.         Limits on closing costs and fees - VA loans actually limit the loan-related costs qualified home buyers can be charged, making home ownership more affordable.         A lifetime benefit - There's no expiration to this program, and veterans who qualify for a VA loan can use it over and over again.           Bottom line   VA loans are one of the most powerful mortgage options available on the market for veterans, service members, and qualified surviving spouses, which is why it’s so essential to learn about this program and its advantages. 

Whether you're a buyer looking for your first home or a seller preparing to put your property on the market, you’ve probably heard the term “concessions” in real estate. But what exactly does that refer to?   Seller concessions, which are also called seller assist or seller contributions, are the costs a seller agrees to pay to help the buyer when closing on the home. It's essentially a gift that a seller can offer to reduce the amount future homeowners have to pay out of pocket.    While both the buyer and seller have closing costs they’re responsible for, a buyer’s closing costs are usually 3% to 6% of the home’s purchase price. This is aside from the down payment, which means buyers need to have a good amount of money saved up just to get the keys to their dream home.   To sweeten the deal and close quickly, sellers can either pay a flat percentage of the buyer’s closing costs, or buyers can ask them to cover a specific expense, such as the home inspection or home appraisal. Either way, seller concessions are typically negotiated as part of the buyer’s offer on the home purchase. But while they’re relatively common in real estate transactions, they’re far more likely to occur in a buyer’s market. According to the National Association of Realtors’ 2023 Profile of Home Buyers and Sellers, 20 percent of sellers offered incentives to attract buyers.   Seller concessions can be received on all types of home loans, including conventional, FHA, VA, or USDA loans. However, some rules set limits on the maximum amount that a seller can hand over, depending on the loan type. We’ll discuss more about this later on.   For home buyers, your closing costs will vary depending on your situation. In general, however, you should expect to pay 3% to 6% of the home's value in closing costs, aside from your down payment. This means you need to have a good amount of money saved up just to get the keys to your dream home. Here are some examples of closing costs and fees that a seller might be willing to cover: Property taxes Attorney fees Home appraisal Mortgage origination fees Real estate tax service fees Title insurance Mortgage discount points Inspection fees Homeowners insurance Homeowners association fees Purchase of a home warranty for the buyer Likewise, a seller concession does not always have to be monetary. It can be other things connected to a home that a buyer may put value into, or anything that can sweeten the deal for the buyer. For instance, a buyer may ask for any existing furniture, appliances, or other loose home items, and the seller agrees to leave them even though they’re not initially included in the sale.   Asking for seller concessions is a part of the negotiation process involved in a real estate transaction. But it's important to know when sellers may be more likely to offer concessions, and it can be in any of these situations:   It’s a buyer’s market In this circumstance, sellers have less negotiating power. And since fewer buyers looking for homes than there are houses for sale, sellers can better entice a fair offer by giving a concession.   When the house is overpriced Instead of having to lower the asking price, a seller may be willing to offer concessions.   When the home has been on the market for too long or it’s been a slow season. A home that has been on the market for more than a few weeks may raise a red flag to potential buyers. To help sell their home, a seller may be willing to make concessions. The same thing if a seller needs to move during a slow season, especially during the winter months when there may be fewer home buyers.   When a seller needs to move quickly It may be worth it for some sellers to agree to concessions if they feel it will help expedite the sale of their home, especially if they need to relocate as soon as possible or have already bought a new home, hence paying for two mortgages at the same time.    Seller concessions can benefit both the buyer and the seller. But just the same, it does have possible disadvantages on both sides.   For Buyers Pros You could save money on closing costs, which may lighten the financial burden of purchasing a home. Seller concessions can significantly reduce the capital you need upfront, which could allow you to close the deal. It can be a good alternative to repairs. If the home inspection report reveals something wrong with the home, and the seller refuses to fix it, providing seller concessions can be a good compensation.   Cons It could weaken your offer, especially if you're in a competitive market. If the seller might not be willing to pay some of the buyer’s fees, they might reject your offer quickly. If you include seller concessions into your loans, the loan balance goes up, which means you could end up paying more over the life of the loan. Since it can be tricky to determine whether it’s worth it to ask for seller concessions on your own, it’s best to hire an experienced real estate agent who understands the local market and can help you get the best deal.   For Sellers Pros Concessions can help sell your property faster, especially if you’re in a hurry to close. It opens up opportunities for a larger pool of potential buyers.   Cons You are decreasing their net profit gain from selling the property. Depending on what you’ll provide as a concession, it can be an added cost you need to consider, which can be a financial burden especially if you’re also in the market to purchase a different home and have closing costs of your own.   Mortgage lenders set limits to the amount a seller can cover for the buyer mainly for two reasons. The first one is to ensure that the market isn't being artificially inflated, and the second is to help ensure the buyer isn’t being influenced to purchase a home they otherwise shouldn’t afford with the low closing costs.    For conventional loans, which are loans issued by private mortgage lenders, the value of seller concessions is limited to a percentage of the purchase price of the home, based on the size of the buyer’s down payment. Sellers may contribute up to 3% for a down payment of less than 10%. Sellers may contribute up to 6% for a down payment between 10% to 25%. Sellers may contribute up to 9% for a down payment of 25% or more.   For government-backed loans, there are hard limits on the amount of seller concessions based on the purchase price instead of the down payment amount. For FHA and USDA loans, sellers may contribute up to 6%. For VA loans, sellers may contribute up to 4%.

You've only just started your house-hunting journey and learned that a house you’re interested in is located in a neighborhood with an HOA. You might have heard them before, but you might still be wondering, what is an HOA? More precisely, what does it do and how does it affect your home-buying decisions?   If you haven’t had dealings with an HOA before, we’ll walk you through exactly what it means, what it does, and what are the most crucial things you need to know before living in a community that has one. What is an HOA? HOA, which stands for homeowner association, is a private organization and the governing body of a subdivision, condominium or townhouse complex, or any planned development. It is run by a board of volunteers who are residents of the community. The HOA makes and enforces the rules for the properties and their residents, helps manage, organize, and preserve the community, as well as protects and increases property values.   If you become a homeowner in a neighborhood with an HOA, you automatically become a member. This means you'll agree to their terms, owe them monthly or yearly payments, and be able to enjoy the shared amenities and services they provide.   How does an HOA work? HOAs usually form when a community is built. When a developer acquires land for a planned community, they create the homeowners association and then hand it off to the people who buy houses in that community. The homeowners vote for a board of directors to run the association. The board then decides on the community's features and services, collects monthly, quarterly, or annual fees to cover the expenses, and sets community rules and standards. These rules are described in a governing document called a Declaration of Covenants, Conditions, and Restrictions or CC&Rs.   Although some states have statutes that govern how HOAs run, most states do not oversee or control how HOAs function. Instead, many homeowner associations are governed through voting and member participation.   5 crucial things to know before buying a home in a neighborhood with an HOA Living in a community run by an HOA can have its pros and cons. Here's what you need to know before making that purchase! The rules and regulations, often referred to as the CC&Rs, often cover all kinds of community standards and violations. Request copies of these documents and read through them carefully ahead of time. It will help you become familiar with the rules concerning the following: Pet regulations - There may be limitations on the type of pets, breed, size, and how many pets or animals you can have. You might be looking for a house with a huge backyard where you can raise chickens or bees, for example, but your HOA might have some restrictions when it comes to any backyard farming.  Parking - Be mindful of any rules regarding parking overnight on the street, leaving your garage door open for an extended period of time, or parking for any commercial vehicles and RVs or trailers. Property modifications - Some changes you might want to make may require approval from the board and/or your neighbors. Likewise, some property additions might not be allowed at all. Leasing or renting restrictions - You may need to get permission from the HOA board to be able to rent the home. Or you may be required to join a waitlist if there are already too many homes in the neighborhood that are being rented. This is crucial if you want to use your home as a future investment property.   Don't forget to also explore any rules regarding: Noise levels Yard decorations Yard work and maintenance Fencing height and placement Exterior paint colors and other design choices Use of shared amenities and common areas (pools, parks, community centers, basketball courts, etc.)   Before joining a neighborhood with an HOA, it's crucial to get a clear understanding of the financial obligations that come with it. One of your responsibilities is to pay HOA fees, which are regular payments made by members to cover various expenses such as maintenance, repairs, and upkeep of the common amenities.  By being aware of exactly how much these dues are and how often you need to pay them, you can calculate them into your total monthly costs. You can then determine whether the HOA fees align with your financial capabilities and expectations.  Furthermore, you should also review the HOA’s financial statements and keep an eye out for the association’s financial health. These documents provide insights into the association’s income, expenses, and reserves. You’d want to ensure that the HOA has a well-maintained reserve fund that can be used to handle unexpected expenses, such as repairs and emergencies.  It’s also a good idea to review the minutes of recent HOA board meetings to become familiar with the issues they’re discussing, including any planned assessments, common homeowner requests, and the timeline for completion of small and large projects.   HOA fees also vary depending on the range of amenities and services that the community offers. When considering a home within an HOA, check what amenities are available and how they could affect your membership. Is there a community pool? Do they have playgrounds for kids? Are there basketball or tennis courts? These extras can be beneficial to your daily life and help cultivate a vibrant sense of community.   However, remember to be vigilant when it comes to the quality and upkeep of these amenities. It's not just important that they are available and accessible; also check whether these spaces are being kept clean, well-maintained, and in safe condition.  In addition to amenities, don’t forget to check the scope of services provided by the association. These may include tasks such as landscaping, trash collection, snow removal, security, and other maintenance and repair duties.    Every community's HOA works differently. Typically, people within the community elect the members that they believe will best represent community interests, making up the board of directors or a similar governing body. But some HOAs are professionally run.    Ask your real estate agent or a community representative for the HOA’s contact information so you can ask them questions directly. This extra step will help you understand how the HOA board communicates, how they handle disputes, their decision-making process, and the level of influence and input individual homeowners have in shaping the community’s policies and rules. Are homeowners encouraged to attend board meetings and are they able to voice their concerns and opinions? You can then get a glimpse of the sense of transparency and inclusivity that the community fosters. If the association in the community you’re interested in is being managed professionally by a private company, you might want to investigate its reputation. You might want to avoid investing in a property in a community whose HOA is involved in frequent drama and petty politics.   Understand that HOAs are legal entities and that they have the legal right to enforce rules and issue punishments for rule-breakers. Before settling in a particular neighborhood governed by an HOA, explore how rules are set and enforced, what penalties are in place for not following them, and the process for resolving disputes.   In some HOAs, the consequences may include being fined or sued, or worse, having the HOA place a lien on your property or foreclose on your property.

When it comes to purchasing a home, it's easy to get caught up in the excitement of finding your dream property. However, it's important to consider the potential drawbacks of maxing out your budget for this significant investment. By buying a home that is within your means, you can maintain financial stability and preserve the ability to pursue other important financial goals.    In this blog, we will explore several compelling reasons why stretching your budget to its limit when buying a home may not be the wisest choice. After all, homeownership isn't cheap, and the expenses that come with it don’t just end at the closing table.   Maybe you love to travel but still want to settle roots in one location. Or you want to start saving as early as now for your retirement. Or maybe you just want to guarantee you'll have enough funds in case of emergencies. Buying less house than you can afford means you’ll still be able to free up money in your budget which you can use for your other goals: savings, travel and leisure, emergency fund, college fund if you have kids, and even retirement fund. You don’t want to give up these objectives just to pay a large mortgage payment, ensuring that you have the freedom and flexibility to live your life as you’d like.   If you borrow the maximum amount you can afford, you might find it harder to stay current on your mortgage payments in case your life situation changes. Just think of any of these worst-case scenarios that can happen after you sign the dotted line: you lose your job, take a pay cut, your car breaks down, or you or anyone in your family have had a medical emergency.  Depleting your savings just so you can buy a bigger home puts you at a greater financial risk in case such things happen. You can lessen this risk by keeping your monthly mortgage payments affordable and ensuring you have an emergency fund that won't leave you financially vulnerable.   While your potential mortgage payments are more fixed than rent and you think you can afford it, remember to give yourself as much wiggle room for rising costs. Higher grocery bills and energy costs, especially if you're moving to a bigger home, can make it harder to figure out a budget that you can comfortably afford each month. Likewise, homeowners association fees and property taxes also go up every year. While no one can plan for inflation, try to leave enough room when you’re putting together a post-home buying budget.   Perhaps one of the things you're looking forward to the most when it comes to having your own place is decorating it to your style and liking. And since most homes don’t have furniture and appliances, you’ll most likely need to buy these big-ticket items, which could dent your wallet. Even things such as rugs, blinds, and other necessary fixtures aren’t cheap. Purchasing a house within your budget will help you afford pieces of quality furniture and decor that will complement your space, as well as durable appliances that will last.   Finding the perfect property is a dream come true until you realize you aren't truly prepared for situations like leaky pipes, pest infestation, tree removal, or even gutter cleanings. If you’ve been renting for a long time before buying your first home, know that you can no longer count on your landlord to come over and fix things.    Maintaining and improving a home isn’t cheap, nor will it be easy. This is why it’s critical to limit your spending during your home search so you can have extra funds available for any maintenance and repair. It’s safer as well to have a cash cushion for renovation projects after move-in day so you can improve your home to your specifications and enjoy your space comfortably.   Being house poor means you're spending most of your total income on homeownership expenses, including mortgage payments, property taxes, maintenance and repair costs, utilities, and insurance, among others. If you’re living paycheck to paycheck and are having a hard time making ends meet because your mortgage is too expensive, the bliss and excitement of living in your dream home could be short-lived. You will soon find yourself stressed out just thinking about your house-related bills, and having little cash for the occasional splurge or a well-deserved vacation.

For homeowners who fall behind on their mortgage payments, mainly due to a sudden financial crisis, such as unemployment and other income loss, unexpected debts, interest rate hikes, or economic downturn, among others — the two main options available are either a short sale or foreclosure.  In both cases, the owner is forced to part with their hard-won investment, turning their homeownership dream into a nightmare.    Let's take a closer look at what these things are, their differences, and which is the better option for any homeowner depending on their situation and timeline.   A short sale occurs when the homeowner or property holder owes more on the mortgage balance than the sale price of the property at the point they want to sell. It happens when the home has substantially depreciated in market value since its purchase. For example, if the homeowner sells a house for $200,000, but still has a remaining mortgage loan balance of $250,000, that would be a short sale. The homeowner or seller is technically “short” by $50,000.   No short sale may happen without the blessing of the lender. Once the short sale is approved by the lender and the property is sold, all proceeds from the sale go to the lender. The homeowner gets nothing and ideally will be free of any financial obligations for the home.    However, one thing to watch out for is the so-called “deficiency judgment”, which the lender can file against the homeowner to make up for the loss. While many states outlaw this practice, it's critical that you read over your paperwork or ask about it to ensure you won’t have any personal liability.   A foreclosure, on the other hand, is a legal process that takes place when a homeowner (or borrower, in this matter) stops making mortgage loan payments for a significant period of time. After three to six months of missed payments, a lender will issue a Notice of Default with the county recorder's office. The notice is to inform the homeowner that foreclosure proceedings have started, and they could be at risk of getting evicted.    After receiving the notice of default, the borrower enters into what’s known as the “pre-foreclosure period”, which can last anywhere from 30 to 120 days. During this time, you’ll have the opportunity to work with your lender to avoid foreclosure, either through any of the following: Paying the past due balance in full; Modifying the mortgage terms and reducing your monthly payments; Selling the home through short sale or deed in lieu of foreclosure.   If the debt isn’t resolved by the end of the pre-foreclosure period, the lender will step in and foreclose on the home. The homeowner will be evicted and a foreclosure auction will be scheduled to sell the house to a third party. If the property isn’t sold at auction, the lender becomes the owner and it’s then considered a bank-owned or real estate-owned property.     SHORT SALE FORECLOSURE Homeowner's involvement Voluntary by the homeowner but requires approval from the lender Involuntary for the homeowner; the lender takes legal action to take control of the property   Speed and timing Typically takes 90 to 120 days or even longer, since the bank won’t approve the sale without a buyer agreeing to its demands Moves along much faster since lenders want to recoup the costs incurred by the unpaid mortgage   Impact on credit score Far less damaging to the borrower’s credit score Will stay on a borrower’s credit report for seven years   Living in the home Homeowners can stay in the home until the sale is completed Homeowners are forced to vacate   Payment terms (for buyers) Can be bought with a mortgage loan Can only be purchased with cash   Method of sale Listed by a real estate agent specializing in short sales Auctioned

  Have you been browsing homes online, dreaming about the day when you can finally have a place you can call your own? But the thing is, you think you're not quite ready to buy anytime soon, especially if you haven’t saved up as much money for a down payment as you’d like. Even if you're still a few years away from buying a home, there’s a key step you can take that can be incredibly valuable: talking to a mortgage lender. Here are three great reasons you should be having a conversation with a lender even before you begin the house-hunting process.   While you can do your research about various types of home loans online, talking to a mortgage professional is still the best way to widen your knowledge. Even if you're still months or years away from buying a home, a lender can help you understand the complicated jargon surrounding mortgages. They can also help you start thinking about which type of loan is best for your situation. A lender can also educate you on the different home buyer grants and programs you may be eligible for, especially if you’re a first-time buyer.   When applying for a mortgage, lenders may look at your credit report, credit score, income statements, and other documents that are relevant to your financial situation. If your financial picture is less than perfect, meeting with a lender can get you a headstart so you can make the necessary improvements. You may need months or years to repair your credit, pay your debts, or save up for a down payment, so the earlier you start, the better. Improving your credit score can help you lock in a lower interest rate and qualify for loan programs. Moreover, remember that aside from a down payment, there are several upfront costs you'll need to prepare for when you’re buying a home. Working with a lender can give you a clearer idea of what else you’ll need to budget for and how much they’ll cost, including lender fees, title and insurance, appraisal fees, and other closing costs.   There's nothing worse than finding the perfect property, only to find out that it’s outside your price range. So don’t wait until the last minute to talk to a lender to know what you may or may not qualify for. A lender can help you understand exactly how much you can afford, based on current interest rates, your down payment, and other factors. This way, you can avoid wasting time, energy, and money looking at homes that aren’t within your financial reach. This little pre-work can go a long way to help you be aware of your purchasing power and the competition within the local real estate market.

The euphoria that comes with purchasing and moving into your first home is unlike no other. You will soon be able to personalize your bedroom, cook in your dream kitchen, or create your version of a backyard oasis. But oftentimes, the excitement can get the better of you.  And while you have every reason to be ecstatic as a new homeowner, a whole lot can also go wrong if you don't take the time to think things through. From failing to improve your home’s security, to unwanted paint colors and mismatched furniture pieces and designs, watch out for these five mistakes that first-time homeowners typically make after moving into their new homes, and simple but practical tips on how to avoid them.   It's such a joyous moment to finally get your hands on the keys to your new home. But before you consider renovating your dream space, there’s one thing you need to do which many first-time homeowners often neglect: changing the locks.  Since you don’t know who else might have the keys to your property, consider replacing any old or damaged locks with new ones that are more secure. You can also add deadbolts and reinforced strike plates to your doors for added protection. It’s an added expense, yes, but it will provide you peace of mind knowing that there’s less security risk for you and your family. Soon thereafter, you might also want to invest in a security system, which can include features such as video cameras, motion sensors, and alarms that will alert you if there is any suspicious activity in and around the home.   Many new homeowners may be unfamiliar with the various systems in their house, such as the heating and cooling, plumbing, and electrical systems. These systems are crucial to the functioning of your home, and it's important to know how they work to avoid costly repairs down the line.  For example, understanding your heating and cooling system can help you to save on energy costs and prolong the life of your HVAC system. You should know how to change the air filters and adjust the thermostat settings to ensure that your system is working efficiently. Additionally, understanding your plumbing system can help you to prevent leaks and water damage. Electrical systems can also be complex, and it's essential to know when to call a professional if you experience any electrical issues. By understanding these systems, you’ll know when to call an expert if something goes wrong so you can confidently enjoy your new home.   There's nothing more exciting than putting your personal touches on your new space, and one thing you might be considering is adding a fresh coat of paint. After all, it will be so much easier to paint your room when it’s still empty or uncluttered before you move in. However, it's advisable to hold off on painting for a while for a variety of reasons. You may want to wait as you may need time to adjust to your new home's lighting. The lighting in your new home may be different from your previous one, and this can affect how colors appear on your walls. It's also important to consider how your furniture and decor will look with the new paint color. It’s also possible that there are cracks, holes, or any water damage that you need to address first. These underlying issues with your walls can affect the quality and longevity of your paint job, so it's important to tackle them before you paint. Additionally, painting can be a messy and time-consuming process. If you move in and start painting, you may feel overwhelmed and stressed. Also, remember that you might want to use decent-quality paint to prevent wear and tear issues, so this is another expense that needs careful planning and consideration.   A new house means new stuff, right? It's completely understandable to want to fill it with furniture and decor that reflects your style and personality. But purchasing new furnishings to create a fresh look in your new home without having some sort of a plan can be a costly mistake.  First, major furniture (bed, couch, dining table and chairs, etc) can be expensive, especially if you’re looking for quality pieces that you can enjoy for years to come. And if your budget is already tight after covering the down payment and closing costs, it can lead to financial stress. Consider keeping your old furnishings for a while as you settle into your new home. After living in it for several months, you can get a better feel for what you want and prioritize those furniture and appliances that you really need without draining your bank account.   Whatever renovation projects you've been thinking of doing once you’ve moved, resist the urge. Hold back and live in the house for a while to learn all about its perks and quirks. See how the light is reflected in different rooms at different times of the day, how a room is being used as opposed to its original function, or just get to know your home in general. There’s a good chance that the changes you want to make after several months may not even resemble the ideas you had when you first moved in. Besides, making rash decisions can be expensive and pretty stressful. So make sure you don't rip out those kitchen cabinets or rush to the store to buy lush trees and shrubs for your bare yard without doing some research first and creating a solid plan. Taking a measured and thoughtful approach to any renovation project will ensure that each decision you make fits your overall vision for your home. And if you’re planning to DIY, know the limits of your skills, and don’t hesitate to hire a good contractor or professional to get the job done.

When it comes to applying for a mortgage, remember that there's no such thing as a little “white lie.” Saying fibs that you think are harmless, as well as exaggerating, playing down, or failing to disclose certain information, can all jeopardize your chances of getting approved for a loan. Unfortunately, though, about 1 in 131 applications contained some form of fraud, according to the 2022 Mortgage Fraud Report from CoreLogic. Industry experts and risk managers are particularly on the lookout for an increase in income fraud risk. Here we've touched on some of the things borrowers might think it’s okay to lie about during their mortgage application, and why it’s not worth risking your chance to finally buy a home.   1. Your source of down payment funds For many first-time home buyers, especially younger ones, saving for a down payment is one of the most challenging. Most lenders need to see that you have genuine or regular savings towards a deposit.  If you've received help from your parents or any family member for your house deposit, whether it was a gift fund or you borrowed it and plan to pay it back, don’t ever think it’s harmless to declare it as part of your genuine savings. You will have to disclose the source of your down payment to avoid the risk of being questioned, or worse, being denied on your loan.  For down payment gift funds that don't need to be repaid, lenders may ask for a letter signed by that person, saying that the money doesn’t need to be paid back. But if you’re short on cash and the fund is a loan, lenders will want to know about it because it’s part of your other financial obligations, even if it’s a personal agreement between you and your family member or friend.   2. Who will be living on the property Unfortunately, occupancy misrepresentation, or lying about who will be living in the property, is common in mortgage applications. You may think it's okay to claim that the property will be your primary residence when you actually plan to rent it out as an investment property. After all, a loan is a loan and you will be responsible to pay for it, so what difference does it make? The problem with this, though, is that if you have an investment property, you need an investment home loan instead of an owner-occupied home loan, which comes with lower interest rates and fees. Lenders deem investment properties to be higher risk than residential, as people will usually work harder to repay the mortgage if their own home is at risk. Minimum down payments are also significantly bigger on rental properties. From the lender’s point of view, you’re stealing money from them by making them take on more risk than they agreed to. So spill the beans on who will be living on the property, as it could amount to occupancy fraud which has serious consequences.   3. Income and employment details Most lenders require proof of at least two years of stable, long-term employment before granting borrowers a mortgage. So don't be tempted to say you’ve been working at a company for longer than you do or claim to be employed even when you’re not. Likewise, don’t exaggerate your income to make yourself look more financially stable, or switch employers at any point in the buying process.  Lenders will easily find out because, during the application process, they will request various proof of income documents, including a couple of recent paycheck stubs or tax returns. If something doesn’t add up, be prepared to have to explain. You might still be able to go ahead with your application if you’ve simply made a genuine mistake. But if they’ve found out you’ve downright lied, expect your application to be declined. 4. Credit cards, loans, and other debts Whether it's a car loan, credit card debt, or student loan, you need to be upfront about all of your current debts. This is because lenders need to know all your financial burdens to properly assess your financial situation. Failing to disclose your debts, no matter how small, could prove to be a problem later and can hurt your chances of getting a mortgage.   5. Financial history Lenders will want to make sure that you've been consistent with your past payments to deem you trustworthy and make sure you can handle another financial obligation. But if you’ve got a history of late payments, whether it’s missed credit card payments or late loan bills, it’s a must to share that information. Late payments will also remain on your credit report, which the lender will pull during the application process. Likewise, you also need to disclose any bankruptcy, even if it was from years ago.   Even if you think those lies may seem harmless, they come with some serious and expensive consequences. So what happens if you're found out? Here are some scenarios you might face: The lender could downright deny your application. If you’re already under contract, your earnest money deposit could be forfeited. If the truth comes to light after the deal is done, the lender could decide to call the loan payable. This means you have to pay the full amount of the mortgage, or face foreclosure. The lender could increase your rate as a penalty, leading to higher interest and monthly mortgage payments. Worst case scenario: you’ll be charged with mortgage fraud, with a penalty that can include a maximum of 30 years prison time and a $1 million fine. The biggest lesson: Just be honest from the start so you’ll have a better chance of getting approved for a mortgage.

House-hunting is no easy journey, especially once you find that there's a limited inventory of previously-owned homes in the housing market.  If you’re a first-time home buyer, you might find that a new construction house is one of your viable options to finally achieve your homeownership dream. According to the National Association of Home Builders, a full one-third of inventory on the market is now new construction homes. But if your knowledge of these newly-built homes is still clouded with a lot of misconceptions, we might be able to help set the record straight so you can make a wiser choice based on facts, and decide on the home that's best for you and your family.   The truth: While they technically cost more upfront, if you look beyond the price tag, you can take into account what you can save by not having to replace, upgrade, or bring to code elements of the home anytime soon. After all, new construction homes will have brand new roofs, plumbing, flooring, heating and air conditioning, energy-efficient appliances, and other major systems. It's normal for previously owned homes to have undergone wear and tear of these crucial components. With new homes, it will be years before you have to worry about making any repairs, which could cost tens of thousands of dollars. They also typically come with a warranty, which will cover most repairs in the unlikely event there is a problem.   The truth: Financing a new home can often be easier and simpler. Many reputable builders maintain relationships and/or partnerships with lenders, who tend to be more flexible when it comes to a newly-built home since it translates to less risk compared to a previously-owned home. The lenders they work with are familiar with the company and the quality of their work so they can quickly get buyers into new homes. Similarly, new construction companies usually have their own lending companies that will offer you several incentives when you do business with them instead of an outside lending source. This can make it easier for you to secure financing and help you get a better deal on your mortgage.   The truth: While they do take time to be built—about seven months on average, according to the 2021 U.S. Census Bureau's Survey of Construction, this does not mean you’ll need to wait that long. Many home builders often start building long before they have a buyer. Construction on speculative homes, or spec homes, might already be well underway or even completed before you even start a transaction. You can easily find a move-in ready home if you’re looking to invest as soon as possible.  But still, it would be helpful to do some planning in advance. Make sure to ask how far along the home is in the building process, and if it can be completed within a reasonable time frame. It’s also worth keeping in mind that the build time will vary widely depending on the supply chain, the availability of labor and materials, municipality permitting times, and other factors.   The truth: It might be true for a car, which loses a lot of its value the instant it is driven off. It isn't applicable to a new construction home, though.  In fact, a new home easily appreciates in value because of price increases as the builder sells more homes. You may even find that you’ve built equity even before you moved in, as more and more homes are sold within the area and the entire community is completed.   The truth: No matter what kind of house it is, the building construction principles generally stay the same.  Regardless of their amenities and features, new homes are still going to be built to a requisite standard and are even subject to the latest in building codes, which have become more demanding over time.    The truth: Home inspections, including new construction properties, are a standard and critical component of buying a home. While a reputable builder will conduct their own inspection, you can also hire a third-party inspector to ensure the property was built according to the local building code. You can even periodically inspect the home throughout the construction process so you and the inspector can have a better understanding of the home's condition, and help them to see things they probably wouldn’t once the home is completed. As a matter of fact, any builder who refuses to allow you to perform a home inspection is a major red flag, since a new build doesn’t necessarily mean it’s free of flaws. New construction houses are also inspected by local municipalities throughout the build, and they’re also the ones who provide a final certificate of occupancy before move-in is allowed.   The truth: You may not be required to have a real estate agent when entering a new construction deal, but there's no way you’d want to miss out on having your own representation, especially if you’re a first-time home buyer.  As with any real estate transaction, you’d want a knowledgeable and trusted real estate professional who will work in your best interest to negotiate for you on the best possible price, contract terms, add-ons, warranties, target completion dates, and other incentives. Having an agent can help you get the most value for your money and ensure that the transaction is completed properly.  Builders will be happy to work with your agent when you include them early in the process, even before you start searching for new construction homes. When it comes to their commissions, the cost is often part of the builder's marketing budget when they’re determining the sales price of a home. Besides, not choosing to work with an agent won’t make them offer you a better deal.

When you started your home buying journey, you might have only considered the financial perks that homeownership could give, including a more stable monthly housing costs and building equity. But when you think about it, it's love that drives you to provide a safe and comfortable environment for yourself and your loved ones. To have a place designed for your needs and desires is enough to fuel you when searching for a home you can call your own. This love month, let’s highlight the equally powerful emotional and non-financial benefits of owning a home.   Bottom line Make sure you consider not only the financial perks of homeownership but the many amazing emotional and psychological benefits it has to offer. And when you're ready to find your forever home, find and connect with the right matchmaker—a trusted real estate agent who will guide you to the home of your dreams.

Whether you're embarking on your first house-hunting journey or it’s time to sell your beloved home, one thing is certain: you’re likely to encounter the term MLS, which stands for Multiple Listing Service. But exactly is it? Even though the real estate industry is highly competitive, the business is unique in such a way that competitors need to cooperate with each other to ensure a successful transaction. And MLS is just the tool to facilitate that cooperation.   A multiple listing service or MLS is a database of all properties currently for sale in a particular geographic region. While it's usually being referred to as “the MLS,” making it look like one large national database, the MLS is actually a network of local databases for areas around the country. Meaning, there isn’t one single, overarching MLS. Each MLS is created, maintained and paid for by participating real estate professionals in that local area. It’s where brokers and agents share their listings, upload pictures and detailed information of each property, and update them on a regular basis with the goal of connecting home buyers to sellers.  Brokers and real estate agents pay dues or a membership fee for access to each MLS. If a broker wants to list or view homes in an area that isn’t covered by the MLS they’re currently part of, they’ll need to join the MLS for that area as well. So, it’s possible and sometimes necessary for brokers to participate in multiple MLS databases. Each database has its own prices, fee schedules and rules.   According to the National Association of Realtors®, the concept of a multiple listing service dates back to the late 1800s. In those times, real estate agents regularly met at their offices to share information about properties they were trying to sell. They agreed to compensate other brokers who helped sell those properties. The first MLS was born based on this fundamental concept: Help me sell my inventory and I'll help you sell yours.  Essentially, the multiple listing service was created to foster better cooperation among real estate agents when they realized each brokerage could sell their houses more effectively and serve their clients better by going outside their own brokerages' listings. In 1908, the National Association of Real Estate Exchanges (now the NAR®) endorsed the use of this system by all agents. This information sharing first took place via books, index cards, and catalogs, but has quickly evolved into the modern system in use today—online and fully searchable by price, neighborhood, and home features.   How many MLSs are there? As of 2020, there are about 600 MLSs throughout the United States, according to the Real Estate Standards Organization (RESO). However, the number rises and falls year-to-year “due to regional consolidation,” or when neighboring databases come together to form larger, regional ones. There are also rare markets that do not have an MLS, such as New York City.   When a homeowner decides to sell their home, they'll typically enlist the help of a local and experienced real estate agent. The agent will gather some information about the property. They’ll use real estate comps to compare the home to other similar properties that have recently sold to come up with a list price. Once they have all this information, they’ll upload it into the MLS as a listing. MLS listings include photos of the home, information such as square footage, number of bedrooms and bathrooms, as well as additional home features (garage, community features, etc.) But aside from this basic information, MLS listings will also typically include private remarks meant only for other agents. This is to protect the privacy and safety of the seller. These notes can include things like seller contact information, showing instructions (such as the best time for showings, information about pets in the home, gate codes, etc.), and even seller disclosures and homeowners association (HOA) regulations. Each property is assigned an MLS number, a serial number created to make it easier to differentiate properties and find properties quickly.   For sellers Once a seller has their home listed on the MLS, it will be visible to all other agents and brokers who use that MLS, significantly increasing their chances of finding a buyer. In fact, access to the MLS is one of the main benefits for homeowners who hire an agent to help sell their home, compared to going the For-Sale-By-Owner (FSBO) route.   For buyers Similarly, prospective home buyers gain access to numerous listings through the MLS. When a buyer works with an agent to purchase a home, an agent will ask where they'd like to live and what type of home they’re looking for. They’ll also discuss with the buyer their ideal price range, what size home they need, their needs vs wants, which features are important to them, and so on. The agent will then use these criteria to search for homes in the MLS that suit the buyer’s preference. When the buyer eventually finds homes they are interested in, they can use the information in the MLS to schedule showings or inform the buyer of upcoming open houses.   For agents and brokers Multiple listing services provide increased exposure to the selling broker and numerous options to the broker representing the buyer.  In most cases, the MLS listing also contains private contact information and details about showing times. MLSs level the playing field by allowing small and large brokerages to compete with one another. With the help of these services, property information is consolidated rather than fragmented, and there's no need for brokers to create their own separate systems of cooperation. An MLS allows competing brokers to work together toward a common goal of helping buyers find their desired properties and helping sellers sell their homes. In return, both brokers receive a commission on the sale.   Only brokers can be a part of the MLS, while agents cannot unless their broker does so first. Homeowners who are selling their property can work with agents or brokers to have their home added to the MLS, but cannot add homes to the MLS on their own. Only a licensed real estate professional can list and view homes directly on the MLS. Some regional MLS databases may have a ‘public-facing side', which means anyone can view MLS listings without professional assistance. However, the agent side contains a little more information about showings, property access, how to submit offers, agency and commission cooperation and the ability to run a market analysis, among others. Many real estate firms also feature MLS feeds on their websites to advertise the homes they’re selling.   Exceptions While the vast majority of homes available for sale are included on the MLS, there are definitely exceptions. Firstly, strictly FSBO homes won't be found on the MLS database. Likewise, off-market listings, also known as quiet or pocket listings, which are homes that are not marketed in the typical ways, will not be included on the MLS since the seller keeps the property quietly “in their pocket”, hence the name. It’s when sellers desire to test the waters, maintain privacy, or create a sense of exclusivity that could drive up a home's selling price.

With the new year comes new milestones to reach. And if this year you'd want to go beyond the usual promises to focus on your health and wellness, read more, and finally achieve a grand dream like buying your first house, remember that preparation is key.  Here are six practical resolutions for you to consider so you can have a better chance of achieving your homeownership goals and finally have a place you can call your own.   There's no time like the present to start practicing good saving habits, especially if you plan to get a home loan this year. Start by getting a clear view of your expenses. Determine how much you spend on necessities, such as food, rent, utilities, transport, and other bills, including debts you’re paying off. Once you have tracked your monthly spending, you’ll know where you can cut costs and how you can boost your savings.  Saving as much money as you can also mean sacrificing some things that aren’t essential to your daily lifestyle. This may include limiting your nights out at restaurants or bars, reviewing your current monthly subscriptions or memberships, removing your credit card from online shopping sites to cut down on impulse purchases, and other little expenditures that can actually add up to as much as thousands of dollars per year. While it may sound like a no-brainer, any money you can save is valuable for your home savings plan, especially if you want a better deal on your mortgage.   Another number you'll need to give attention to before you go house-hunting this year is your credit score. Credit scores range from 300 to 850. Your score is a significant factor that lenders use to determine a borrower’s eligibility to buy a home. The better your credit score, the better your chances to qualify for more loan options and lower interest rates. And if applying for a conventional mortgage is what you’re aiming for, you need to have a credit score of 620 or higher. If this is something you still haven’t given attention to, resolve to get a copy of your credit report at www.annualcreditreport.com to get an idea of your score. Remember that you are entitled to a free credit report every year from each of the three main credit bureaus: Experian, Equifax, and TransUnion. By pulling your credit report, you can review if there are any errors on it that could be bringing your score down. If you find any, report them to the credit bureau to be investigated. If needed, check out tips to improve your credit, such as making timely payments on your bills and not opening new credit accounts or closing current ones. It takes months to improve your credit, so make sure you have a game plan to feel at ease going into the home buying experience.   If you're looking to buy a home for the first time, avoid making large purchases, such as a new car, jewelry, furniture, or any other big-ticket yet non-essential items. While buying these things aren’t necessarily bad, doing so even before your home buying journey begins can affect your credit score. In addition, using up cash reserves can impact your ability to qualify for a loan. Save those purchases for a date after closing to ensure there will not be any unexpected hiccups during the process.   You will need all your financial documents in order to apply for a mortgage, and this new year is the perfect time to have all your important papers ready. Create a comprehensive list of what you should collect and organize, and have them handy. Among these are pay stubs, tax returns, income statements, bank statements, check stubs, credit card statements, and other paperwork.   While preparing financially for your home buying journey is laborious, deciding where you want to put down roots and what home you specifically want to buy can also be challenging (but definitely fun!) You may have to be very specific about your goals, so resolve to determine what you're looking for and be realistic about it.  Research the areas you are looking at buying in to understand the type of properties available, as well as the price range. If you’ve found out that you currently live in a high priced market, is relocating a possibility? If it isn’t, can you bear the longer commute just to become a homeowner? You’d also want to see what neighborhoods fit your lifestyle by visiting during different times of the day to see what it’s like to live there. Walk around, visit stores or restaurants, and feel the general vibe of the place. Moreover, create a list of must-haves and would-be-nice-to-haves for your dream house. How many bedrooms and bathrooms do you want to have? Is having a backyard a massive factor for you? Knowing where you can compromise and what might be a deal-breaker will be significant once you begin your search in earnest. Also, having a specific goal in mind will make it easier for you to achieve it.   As soon as you've decided that you want to buy your first home, resolve to find a good real estate agent that will be very valuable in achieving your goal. Purchasing a home is most likely the biggest investment you will ever make, so it is crucial to have a trusted agent who will educate you and guide you through the whole process.  Your agent can also help you build your homeownership dream team. You may check their recommendations on real estate attorneys, mortgage professionals, and home inspectors. Choosing your agent wisely can help alleviate some of the stress that comes with the complex and sometimes stressful real estate transaction. 

You have been in the market for a while now searching for your forever home. You thought that none of the homes suit you right now. Until you see this listing: a charming four-bedroom abode with a huge backyard ideal for your family, near a bustling neighborhood, and well within your price range. It is your idea of perfection, so you want to view it as soon as you can, texting your real estate agent to schedule a showing. You checked for further details about the property and saw someone mentioned flooding in the area. Could your dream home be at risk of flood damage? According to the Federal Emergency Management Agency (FEMA), anywhere it can rain, it can flood. Their historical data says 99 percent of U.S. counties were impacted by a flooding event (1996-2019). And since the risk of flooding is only increasing with climate change, it is critical to have a good understanding of your prospective property and its flood risk. Here is what you need to know before buying a house in a flood-prone area.   The best way to determine a prospective home's flood risk is to check out official flood maps. You can visit FEMA's Flood Map Service Center, type in the address, and the map will show you where the flood zones are located in the area. The maps offer a risk calculation based on past events and flood patterns and are continually updated. While there is no such thing as a no-risk zone, buyers can see how prone their property is to flooding using flood maps. They have designated two main types of flood areas: Special Flood Hazard Areas (SFHAs) and Non-Special Flood Hazard Areas (NSFHA). Homes in the SFHAs have a 1% or higher chance of experiencing flooding each year. During the span of a 30-year mortgage, these areas have at least a one-in-four chance of flooding. Meanwhile, NSFHAs are considered low- to moderate-risk flood zones that are not in immediate danger from flooding caused by overflowing bodies of water or hard rains. It is best to research this information early in the homebuying process, even before you tour or visit the home. Flood risk can significantly affect the property price, and you may need to purchase flood insurance (more on this later).   Once you have identified the floodplain, take your research further to learn more about the home's flood history. You may take a close look at the seller’s property disclosure statement, which is a legal form designed to share all facts related to the physical condition of a property that may not be obvious. Currently, no federal statutes require sellers to disclose information about flood risk or prior flood damage. However, according to the Flood Risk Disclosure report from FEMA, as of July 2022, 35 states have enacted some form of a legal or regulatory mechanism requiring property sellers to disclose factors related to flood risk about their property. But it is important to note that only current owners are obligated to disclose their first-hand knowledge. This means if the flooding happened before they took over the home, they may not know or may not disclose that information. You can ask the sellers if and when a flood event has led to an insurance claim. Or you may check the flood history through the insurance carrier. If records indicate a previous flood, verify the reason and the resulting impact on the property. Since you are buying more than just the house but also the neighborhood, try to look back at flood history in the area, especially if near a body of water. Ask your neighbors or search online archives from local news outlets. It is critical that you know what you are getting into before making an offer.   If your desired home is in a flood zone, you may be required to get flood insurance aside from a general insurance policy, especially if you need a mortgage to purchase it. Why? Because homeowners insurance does not cover damage due to flooding. Flood insurance is a separate policy that can cover buildings, the contents of a building, or both. After all, a single inch of floodwater can cause up to $25,000 in damage. There are two basic types of flood insurance available: the National Flood Insurance Program (NFIP), which is a government-backed option, and private flood insurance. Note that NFIP is only available in 23,000 communities. For borrowers in communities without NFIP coverage, the best option is a private insurer. According to Forbes Advisor, the average cost of flood insurance from NFIP is $995 a year. Remember that you will pay for this on top of your other mortgage costs, so think long and hard about the numbers and remember to factor these premiums into your monthly budget before purchasing.   Your agent is your knowledgeable partner Yes, your real estate agent isn't a flood map expert. But they can help you make a well-informed decision before buying your biggest investment. If you are starting your home search, you can ask your agent if the prospective home is within a designated flood zone. They can also tell you what the designation means, and the risk associated with it. If it is in a flood-prone area, be upfront about how much flood risk you are comfortable with. They are also the best resource when it comes to seller disclosure forms, which can be very complicated, especially for first-time home buyers. Your real estate agent can also help you discover what steps the local government has taken in terms of its floodplain management to protect the community from the area’s flood risks. They can help you decide if best to consult a local floodplain manager. A floodplain manager will further explain FEMA maps, answer flood risk-related questions, and advise you to talk to a reputable insurance agent if you are set on buying a home and living in a flood zone.   Weigh the pros and cons carefully before buying a property in a flood-prone area Deciding where to buy a home is an entirely personal decision based on many factors. People are considering purchasing a property in a flood zone because this usually means they are just a short walk away from beautiful bodies of water, such as a lake, river, or ocean. A charming house close to nature, how alluring is that? Moreover, even if it is risky to own and expensive to insure, you might be able to get one for a good price. So aside from learning as much about the property as possible, think about your level of comfort with risk, your financial ability, and whether you are prepared to take action to mitigate flood damage, before making a decision.

When we were still kids, chances are we sketched our dream home as a square building with a rectangular door, a few windows, a triangle roof with a chimney, and a large yard with flowers and trees enclosed by a white fence.  But when you enter the housing market as a prospective homeowner, you will find that you have many options for your possible dream abode. Real estate listings often include cozy condominiums, lovely townhouses, and of course, the single-family homes you pictured when you were younger. Let's look at the definition of this type of residential property, its pros and cons, and whether it is the type of home that best suits you.   While it seems self-explanatory, in legal terms, a single-family home is a structure maintained and used as a single dwelling unit. It is a freestanding dwelling set alone on its own piece of property.  The U.S. Census Bureau, on the other hand, states that single-family housing units can be fully detached or semi-attached, side-by-side structures such as row houses, duplexes, and even townhouses.  In general, a dwelling should have these characteristics to be classified as a single-family home: No common walls: This home is a stand-alone, detached property that does not share common walls, roofs, or any spaces with any other dwelling. Land: Single-family homes sit on their personal parcel of land, and the area around the building is for the owners private use.  Access to property: It has dedicated private entrances and exits and has direct access to the street or thoroughfare. Systems and Utilities: Only one set of utilities can service a single-family home and not be shared with other dwellings. This rule includes heating and AC systems, electricity, water, and other essential services. One owner: This home is built as the residence for one family, person, or household and is owned and maintained by the homeowner. Single kitchen: Last but not least, single-family homes only have one full kitchen. The definition of a full kitchen is as having an oven and stovetop. Although some may have kitchenettes, adding another full kitchen will alter the zoning classification.   1. More privacy and less noise Since a home like this is built on its individual slice of land and does not share walls, you will have some distance from your neighbors, giving you a high level of privacy. And while there's always the possibility of having a noisy neighbor, the noise levels are substantially a lot less when you don’t have housing directly over or under your living space. You don’t have to worry as much about disrupting anyone if you want to crank up the music a little bit or vacuum late at night.   2. Space Since single-family homes are typically bigger than multifamily dwellings, they also have more storage space. Whether that means more interior space, such as a spacious kitchen, more bedrooms, a basement, an attic, or exterior storage spaces, such as a garage, or shed, it certainly gives more elbow room to its occupants. You also have a yard that's yours alone, with a patio or a porch as a great selling point. You can also install other outdoor features like a swimming pool, a swing set, or a fire pit, as long as your municipality allows it.    3. Offers more freedom and flexibility Homeownership, especially that of a single-family home, provides more freedom and flexibility in general. It's easier to modify your home to your preferred taste and style. Some neighborhoods have homeowners association or HOA, which has rules and regulations, especially for the exterior. Even with HOA governances, there is still more room to personalize your exterior and outdoor spaces. You also have more options for renovation and remodeling, so long as you are in line with local zoning laws.   4. Comes in many different architectural styles As opposed to the typical straightforward design of many condos or townhomes, single family homes also come in different architectural styles. Whether you're looking to buy a lovely ranch, a mid-century modern, a Cape Cod, or even a Colonial home, you’ve got options that will satisfy your love for architecture.   1. No communal amenities Condos, townhouses, or multifamily homes usually include community amenities such as a gym, pool, or sports court. If you have grown accustomed to these, remember that you will unlikely have this access when you own a single-family home.    2. Higher purchase price and other expenses Although it can vary based on many factors, single-family homes often include a higher price tag than other dwelling types. Research from the National Association of Realtors on existing-home sales data shows that the median sales price of single-family homes rose to $391,000 from September 2021. On the other hand, the median sales price of condominiums is $331,700.  Single-family homes are more expensive since you're buying an entire lot. And with a higher purchase price comes the need for a larger down payment, closing costs, and recurring expenses such as property taxes and homeowners insurance.   3. Maintenance and responsibility Even if you're part of an HOA that takes care of a community’s shared spaces, being the owner of a single-family home means you’re solely responsible for all the home maintenance and upkeep costs. You are responsible for all yard maintenance, including mowing the lawn, cleaning the gutters, or shoveling snow on the driveway and sidewalk. It is a must to keep a maintenance budget just in case your home's major systems require unexpected repairs to the roof, major appliances, and other emergency fixes. Who are single-family homes best for? If you're on the market looking for homes and you’re still undecided on what home type to buy, a single-family home may be a good fit if:  You have or want to start a family. You want the luxury of more space and privacy. You have the time and money for general maintenance and upkeep. You want the freedom to renovate your home and landscaping to your preferred style since there are fewer restrictions. Remember to talk to a local and trusted real estate agent about the features you want the most and what best fits your price range to find the type of home that suits your dreams.

So, you have finally found your dream house after what could be weeks or months of searching. It is an old house that needs a little work — okay, maybe a lot of work — but its character and charm are exactly what you are dreaming of in a home. Fixer-uppers are appealing, especially if you think there is potential in a property. Bonus if you are an HGTV fan. It also seems like a great idea if you want to save money on your home purchase. Likewise, the opportunity to put personalized touches and let your creativity show in the home can be exciting. The problem starts when you realize that not all fixer-uppers are equal and worthwhile. And if you are not careful, that fixer-upper might turn out to be a money pit that could transform your dream project into an expensive nightmare. A fixer-upper VS a money pit: How to tell Generally speaking, a fixer-upper is a house that is structurally sound and should only need general maintenance and cosmetic repairs. The biggest thing to remember when purchasing a fixer-upper is to look beyond the surface. A money pit, on the other hand, has many major flaws and expensive issues that require extensive professional assistance to make it more livable. As long as the general systems of a home are in good shape, your budget is best allocated to refreshing the property instead of repairing it. If the fixer-upper you are looking to purchase is plagued with even one or more of these huge deal-breakers, it's time to consider running the other way.   The bones or foundation that supports the entire house and what is holding it together. Without a solid foundation, it is impossible to have a structurally sound home. Serious issues with the structure are a large, expensive, and time-consuming undertaking to fix that could potentially turn your deal into an ordeal. Therefore, it is probably the most important thing to look at when hunting for a worthwhile fixer-upper. Keep an eye out not only for large cracks, but also for bowing walls, shifting masonry, uneven floors, and even moisture in the basement or crawl space when viewing a home. Better still, bring in a structural engineer or a foundation repair professional to inspect the foundation very carefully. If there's anything questionable about the structural integrity of the house, the expense involved in repairing the home may end up being more than you’re willing to spend.   Water is meant to be confined within the building structure, such as pipes and plumbing. When it runs unabated in crawl spaces, basements, floors, or walls, it can cause significant water damage, which is disastrous, and a giant red flag. Moisture can damage a home visibly by warping the walls. Even a slow leak will rot out drywall, and could eventually weaken structural elements such as joists and beams. Worst is, mold can thrive, which can cause serious health implications and be costly to remediate. Be aware of any damp smell, scour the ceilings for signs of leaks, and check every inch of the basement and foundation for cracks or water.   Another simple point to remember, if the mechanical systems of a home, including plumbing, electrical system, and heating, need a complete overhaul, you might want to think twice before taking that fixer-upper. These can all be expensive to update and have finite lifespans. Plus, outdated electrical systems can be extremely hazardous and cause electrocution or fire hazards. The value of fixing those problems will far outweigh the good, potentially leaving you out of pocket.   Many fixer-uppers might need at least some level of roof repairs, such as replacing some cracked, or missing shingles. But if the roof is already sagging, there are multiple layers of shingles, or the shingles are dry, cracked, and brittle, and you find evidence of major leaks on the ceilings, then it's a different matter. A complete roof replacement can cost you thousands of dollars, so you must know the age of the roof before buying. Not to mention, severe damage to the roof could also cause a myriad of issues, such as damage to the sheathing, trusses, beams, and rafters, resulting in water damage, mold, or structural issues, from wood rot. Unfortunately, none of these repairs are cheap.   Lastly, be diligent with pests that can eat away at your house and budget. Especially if there is termite damage, or worse, an active case of termites, treating the home can be incredibly costly. The structural damage these wood-boring insects cause can be more problematic because it is not always visible. When checking a fixer-upper or any home, look carefully for signs of an infestation, including crumbling, damaged wood, buckling wooden or laminate floors, mounds of termite pellets, mud tubes climbing foundation walls, or discolored or drooping drywall. If you suspect a termite infestation, make sure to enlist the help of professionals such as exterminators and structural engineers to help you understand the full extent of the damage. Catching the damage early, could mean you'll only need to cover the cost of extermination/treatment. However, finding it late should be your cue to look for a more worthwhile fixer-upper.

A recent report by the United Nations Environment Programme (UNEP) and GRID-Arendal finds that wildfires are becoming more intense and more frequent, with recent years seeing record-breaking wildfire seasons due to climate change and land use change. An estimated 4.5 million homes in the U.S. are in places with high or extremely high wildfire risk. And according to data from a nonprofit research group in New York called First Street Foundation, half of all addresses in the lower 48 states face some degree of wildfire risk.  If you find yourself house-hunting in an area where wildfires are unavoidable, especially since housing is in short supply, be sure to learn about the property's construction, landscaping, and even the neighborhood. Here are some of the most critical things to assess before you continue with your purchase and sign the dotted line for one of your biggest investments.   What is the community's general wildfire risk? The key to buying a home in wildfire territory is to be as prepared as possible. And the first step you can take as a home buyer is to ensure the community is safe. Start by assessing the community’s general fire risk. There are several free online tools available to help you determine it, including the Wildfire Risk to Communities tool by the USDA and U.S. Forest Service, the Risk Factor tool by First Street Foundation, the National Interagency Fire Center’s wildfire risk map, as well as Climate Check. These resources provide interactive maps, charts, and other information to help home buyers and communities understand, assess, and reduce wildfire risk. You can also use the U.S. Forest Service’s fire maps to look at historical data for regional risks, although it’s impossible to zero in on specific homes. Likewise, you should also see if the community you’re looking in assesses zones for fire risk by building codes. The codes determine how much risk exists based on several factors, such as density, land use, and existing construction in the area.   Is the neighborhood prepared for wildfires? Since wildfires typically impact multiple homes at once, entire neighborhoods can be affected. This reason is why it's important that you have a community to lean on when faced with a crisis. Start by checking with your city to see if they have prevention and mitigation procedures in place to prepare homes against the threat of wildfires. Meet with the local fire department/agency or the local emergency manager and ask about the fire history of the area, drought conditions, wildfire evacuation plans, risk ratings, and even the department’s response capabilities. Also, make sure the community or neighborhood is an active Firewise USA site and has been working with their local forestry or fire district on reducing risks in commonly owned and adjacent areas.  It’s also worthwhile to learn about your potential community’s culture. Are the neighbors friendly and ready to work together to help prevent wildfires? Is there an active HOA or homeowners association that has emergency plans in place? Likewise, check to see if the neighbors have also taken precautions to help protect their homes from a wildfire since you are only as safe as your neighbors’ homes if a wildfire strikes nearby.     Has this home ever been affected by a wildfire? Wildfires can strike an area that has burned before, so it's crucial to know whether a home you’re looking to buy is in a wildfire-prone region. Although a home seems far, fire can quickly spread from building to building. If the house is in an area that has experienced wildfire before, you must appraise the home for any damage. You may check with the local zoning department to see if building permits for structural changes were filed for the property. Likewise, find out what the homeowner has done to safeguard the home from future wildfire damage.   Is the house built with fire-resistant materials? Take the time to determine whether a home has protection to survive a wildfire, especially when it comes to its building materials. The roof is especially susceptible to fires since flying embers can land there and ignite, so steer clear from homes with wooden roofs. Avoid vinyl siding because it melts in a fire. Metal, tile, asphalt, slate, and composite shingles are some of the excellent fire-resistant materials to look for. Multi-pane or tempered glass windows will also protect during a wildfire instead of single-pane windows. If the house doesn't have fire-resistant materials, you can negotiate for repairs, for example replacing the old roof to give the entire structure a better chance of surviving a fire. Buying a home with wildfire protection in place will save you money in the long run. The sense of comfort it can provide during the home buying process is priceless.   Is the outside space and landscaping designed to mitigate fire risk? When shopping for a home in fire-prone areas, assess the landscaping to see if it was designed to mitigate wildfire risk. The first thing you should look for is whether there's a defensible zone around the property. You can use this guide to defensible zones published by the National Fire Protection Association (NFPA) to learn more. Having defensible zones around the home can reduce the number of fuel sources for a wildfire.  If you’ve successfully bought a home, you can take steps with landscape design to protect your property. Make sure you’re consistent in clearing brush, grass, or leaves, trimming bushes and trees, keeping the gutters clean, and maintaining a defensible space around your property. Having easy access to water to put out fires is also important, so swimming pools can also come in handy, especially if they’re in-ground.   Is wildfire damage covered by homeowners' insurance? While it’s a no-brainer to get a good home insurance policy wherever you buy, comprehensive home insurance is critical when you live in a high-risk place. Unlike in flood-prone areas where you are required to purchase a special, separate policy, most homeowners’ insurance cover damage caused by fires, including wildfires. However, you’ll want to be sure there’s enough coverage for your entire structure, belongings, and temporary living costs should a total loss occur. Review the fine print carefully and check the policy to understand the deductible and specific coverage details for wildfire damage.   Bottom line When considering a property in an area with a wildfire risk, don't forget to ask the right questions. Especially if there’s no disclosure requirement for fire risk in a particular area, if you want to know something, just ask! Your real estate agent is also your go-to person if you want to be educated about the community, the designation of the home you’re looking to buy, and other resources that can help you should you proceed to buy a home in a fire-prone region.

Whatever the reason behind your move, whether you're buying your first home, you’ve got a new job in a different city, or you want to be closer to your loved ones and relatives, among others, relocating is no small venture. There are many factors to consider: finding the time and energy to pack up all your belongings and choosing a reliable moving service to safely transport your items. And while it is exciting, it can also be overwhelming, stressful, and expensive. Moving expenses can get out of control if you don’t plan them out properly.   Trying to save money during your move is not just about reducing costs but also about avoiding unnecessary extra charges. Imagine using part of your hard-earned money to decorate your new home instead of throwing it away on expenses that may be avoidable in the first place. So here's a bunch of tips to keep costs down from the minute you decide to move right up to moving day itself. 1. Create a moving strategy. One of the smartest ways to reduce costs when moving is organization. As soon as you get to know you’re going to move, list down all the things you’re supposed to do. Go through your rooms and jot down what you have and what you’re taking with you. If you’ve decided to use a professional moving company, allow enough time to find the best movers and negotiate with them to avail of their services at affordable costs. Lastly, ensure you have a backup plan in place because there is always a chance that your timeline and move-in date could go awry at the last minute.   2. Research and compare the prices of moving companies. You don't want to wait until the last minute to look for movers, as you may end up accepting any price quote they give you due to being in a hurry. Be critical and do your research about the reliability of each mover before booking them. Be mindful of red flags, especially those who offer low deals that are too good to be true. Since no two movers quote similar prices, it’s preferable to get in-home estimates from at least three companies. Make sure that the relocation expert performs on-site and in-person cost estimates to make them as accurate as possible. Then compare the moving quotes you receive in terms of these three things: price, services, and terms and conditions. Once you select the right mover that fits your needs and budget, don’t be afraid to ask about discounts and negotiate for a lower price.   3. Read all the fine print. Once you've decided which professional moving company you’re going to hire, make sure to examine the movers’ contracts carefully. Some movers are notorious for hidden fees, so be vigilant and read all the fine print. Take a long, hard look at the extra fees and add-ons attached to your estimate to make sure you’re not being overcharged for something you don’t need. Likewise, don’t forget to consider your insurance and liability options carefully.   4. Choose a cheaper date and time for your move. Another good cost-saving technique when relocating is to schedule your move during the off-season, if possible. Summer tends to be the busiest season for moving when demand for movers is highest, especially in the months of June, July, and August. Likewise, movers quote high prices during weekends and month-ends since many people move during this period due to being off from work and end of lease or rent contracts. So if you can choose to move during the off-peak season or midweek or mid-month days when demand is typically the lowest, you can avoid paying unnecessarily high charges. Also, movers will be able to completely focus on your relocation job without being in a hurry to move on to the next one.   5. Purge and declutter your belongings before packing. If you really want to avoid unnecessary costs when moving, follow this rule: the fewer things you have to take along with you, the less you'll have to pay. If you declutter before moving, you will also need fewer packing boxes and supplies and cut down on costs if you need to store your items. So get rid of unwanted items—unworn clothing, out-of-date electronics, furniture that won’t fit your new space, etc. —as early as possible to make your life so much easier on moving day. Choose the items suitable for resale, then decide whether to have a local garage sale or sell them online. For those items that don’t sell donating is the way to go.   6. Seek out free moving supplies and pack everything yourself. Moving supplies, including boxes, tape, and bubble wrap, aren't cheap! Their cost can add up if you don’t plan ahead and get creative on where you source them. Since you have assessed your belongings, see if there are items in your home that you can use to pack some of your stuff. Using soft furnishings, blankets, towels, clothing, and any other materials to protect your items doubles up as smart packing instead of wasting money on bubble wrap that you are just going to throw away. You can also seek free moving supplies from various stores, online marketplaces, community groups, and friends. Lastly, you should be able to pack most of your things by yourself. If you’re going to consider professional packing services, it would be cheaper if it would only be for special and valuable items such as pianos, antique furniture, paintings, etc.   7. Prepare and disassemble furniture and other bulky items beforehand. Preparing your large furniture and other bulky items before moving day is also a great way to save on shifting charges. Packers and movers may charge additional prices to dismantle appliances, like refrigerators or air conditioning units. If you know how to do it the right way, you could save on disassembling costs by doing it yourself. But if you don't have the knowledge and skill, leave it to the pros and book their services in advance. They’ll use the necessary tools and follow proper guidelines to avoid damage to your furniture. Preparing these things ahead of time will be more cost-effective, rather than expecting the team to move items that won’t make it through the door and to disassemble without previously agreeing to it on moving day.