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Dick and Kathy Littleton
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    Years of Experience: 38 Combined

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Archive for March 2012

First-Time Buyer Tips

Friday, March 30th, 2012

  Maybe you’ve been eyeing the real estate market and you think you’re finally ready to purchase your first home…if so, read on to be sure you’re in the best position.

  The rules have drastically changed in the real estate market.  At one time, getting a mortgage seemed to require little more than just simply stating your income on paper.  Today, the credit tightening continues.  Banks want extra documentation that you can truly afford the home you want to buy.

  But don’t let that scare you.  Your dream of becoming a homeowner is still a viable option.  Here are a few tips to help you achieve your dream.

  First take a good look at your credit.  It’s sad, but true, many people have no idea how their credit reports look.  They can’t remember if they’ve ever seen their report and they don’t know their credit score.

  Unfortunately, that puts buyers in a poor position.  If there are errors on their credit reports, those must be handled before you try to purchase a home.  Sometimes there are marks that truly shouldn’t be on your credit.  Other times there are knocks against your credit that you may be able to get removed.

  Check your credit score at least three to six months before you apply for a mortgage.  This will give you time to address any issues.

  Start saving now.  These days a downpayment for a home doesn’t come easy.  You may need as much as 20 percent down.  However, there are still some loan programs that will allow you to put down much less.

  Make sure you are working with an experienced team of real estate professionals. This kind of purchase requires lots of information, education, and knowledge.  Having a team of industry professionals to guide you through the first-time home-buying experience will make the process so much easier.

  When you’re preparing to buy a home, if you haven’t already, make a budget and start watching where every dollar goes.  It’s amazing how few people do this. It’s even more amazing to see how much money is wasted.  Those extra trips to the coffee shop, the donuts in the morning, the manicures, or shopping sprees, all are areas where you can likely cut back to save for your downpayment.

  Picture your home.  It might sound silly but you need to envision the home you want to buy.  This will help you tremendously once you start your search.  Start looking online, in magazines, and around your chosen neighborhoods.

  You can even use online tools like Pinterest.com to pin images and videos you see on an online storage board to refer to later.  This is a great tool for collecting photos of home decor.

  The point here is to make  sure you have an idea of what is important to you in a home.  Since you’ve been renting, this might not be crystal clear at first.  But as you make your list and explore homes with your agent, you’ll begin to see which things are deal breakers and which things are a must-have.

  Buying a home is like looking for the right relationship.  It can be exciting at first, frustrating at items, and so comforting once you’ve finally found the right one.  Happy house hunting!

Article provided by Phoebe Chongchua, Realty Times

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Posted in First Time Home Buyers | No Comments »

Home Buying Mistakes that Lead to Regrets

Friday, March 23rd, 2012

  There are home buying mistakes that every buyer should avoid, mainly because of the extent of their impact on the buyer.  For first time home buyers, it is even more important to be aware of the common errors committed by home buyers so that their first foray into homeownership will be a memorable one – for all the right reasons.

  The good news is that it is quite easy to avoid these mistakes, as long as the buyer remains open-minded and willing to listen.  To be a happier home shopper and, eventually, a content homeowner, here are some things you should never do.

1.  Favoring looks over function.  As a first time home buyer, it is to be expected that you will have a picture in your mind of what your house should look like.  It is fine, as long as you can afford it.  However, even if you have the money to go for a more expensive house, do not base your decision solely on aesthetics.  The house may be affordable to you and looks exactly like your dream home, but if it is located in the wrong area, you will end up losing in the end.  If the features of the house that add to its cost are useless to you, opt for a lower-priced dwelling without the pointless add-ons.

2.  Choosing the wrong real estate agent. The one who charges the lowest fee is not always the best one.  The agent who smiles all the time and agrees with everything you say is not exactly the ideal person to provide you with a sound advice.  Interview agents and base your decision on how extensive their knowledge of the market is.  Conduct a background research and look at their past deals and past clients.  You are hiring them to give you good advice and if they think your idea is not good, they should be able to tell you.

3.  Spending all your money on the house.  You do not need to unload all your money, including your savings, into your home.  Leave some for emergencies and do not touch your retirement savings. Buy the house and if you still have money left, take care of the improvements and upgrades you want.  But if you need to touch your retirement money or borrow from others to upgrade the home to make it look like your dream house, forget it.  Save for the upgrades and work on them later.

4.  Doing without professional advice and service.  You should not spend all your money on the house, but you should also not be stingy when it comes to spending money on things that matter.  For example, a professional house inspector.  For another, a real estate lawyer.  And yet another, a real estate agent.  They may cost you money, but you need them, especially if it is your first time to buy a house.  You are not saving money by not paying their fees, you are actually setting yourself up for a potential major loss if you do not hire them.  Home buying is all about knowing which expenses you should prioritize and which ones you can do without.

Article provided by Alex Rolim

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Posted in Buy a House | No Comments »

Getting Your House Market-Ready

Tuesday, March 20th, 2012

  One of the questions I’m asked most frequently is, “What do we need to do to get our house ready to sell?”  Since no two houses are in exactly the same condition I always do a pre-listing walk-thru before making any recommendations.  We offer this as a free service with no obligations on the homeowners’ part.

  A few things are no-brainers.  If your house has some vinyl siding where mildew is evident, go ahead and power-wash the vinyl.  Some yards tend to accumulate more clutter than others; if that describes your yard clean it up.  You’ve probably been meaning to do it for months anyway.  Your prospective buyers will come in through your front door.  It may need a fresh coat of paint. (If that’s the buyers’ first impression of your home, make it a good first impression.)  You might check any wood trim like windows, door facings, porch columns for loose or scaling paint.  If you find some, go ahead and have the trim painted since an appraiser will likely require that to be done when he does his work.  If you discover some wood rot, fix it before the buyers see it.

  Once we get inside, the first thing we’ll look at are floors and walls.  Most carpets can get by with a good cleaning; others have gotten past the point of no return.  So do I replace the carpet now or let the buyers choose the new carpet themselves?  The cost will be the same but would you rather have buyers see your old stained and worn carpet or something brand new?  I suggest change it out now – it might result in a highter offer on your home.  You don’t want anything to give a buyer the notion that you’ve let your house get run-down and leave open the questions of “I wonder what other kinds of things the seller hasn’t taken care of”?

  Painting is another issue.  Fresh paint always makes the interior look brighter but don’t repaint just for the sake of painting.  Your house may not need it and even smudges on the wall can often be cleaned with soap and water.  As far as changing some of the brighter colors usually found in children’s rooms, wait until you see who your buyer will be.  That lavender or bright orange paint that your children wanted may be exactly what the buyer’s kids will like.  Beside, you can always offer a painting allowance if that’s what it takes to sell the house.  Remember that with all other things being equal, neutral colors are normally better.

Article provided by Dick Littleton

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Posted in Homes for Sale | No Comments »

How To Increase My Credit Score

Friday, March 16th, 2012

Increasing your credit score when considering the purchase of a home and obtaining a mortgage is important to have  a high credit score.  But more importantly you should have good overall credit.

Starting with the basics, what is a credit score and credit report? When applying for credit, companies consult one of two central reporting agencies – Equifax or TransUnion.  Equifax, the larger of the two is most commonly used. Whenever a lending company extends credit they report to either Equifax or TransUnion or both, on your credit limit, credit used, and status of repayment.  A person’s total score and report are based on all the creditors’ information combined together.

There are a couple options for checking your own credit score.  You can have a certified Mortgage Broker get your report for you  OR you can do it yourself. 

Equifax will also have suggestions on how to increase your credit rating.

Equifax does offer free reports, however, they do not include credit scores on the free reports.  This lack of information severely limits their usefulness.  The advantage of checking your score yourself is that your report and score are unblemished.

When another institution or company checks your score it will affect your score negatively to a small degree.  Whether you order your own report or you have a broker do it for you…know your score.

To qualify for the best mortgage rates and products you will want to ensure that you have at least 2 accounts that have been active for at least 2 years.  Ideally your credit score would be north of 680.  It is possible to work with less, but your options may be more limited.

If your score and report need some work, what can be done?

1.  Pay your bills on time.While this may seem like a bit of a no-brainer, it is the basic foundation of a good score and and a good report.  Nothing will hurt your score more than consistently missing payments.

2.  Low balances.Credit cards and other revolving credit facilities are very important methods of establishing your credit.  Know this though: high balances will hurt your score.  They also tell lenders that you might be a client who overuses credit, whether that is the case or not.  Keeping your balance to less than 50%, will help you improve your score, while going above 75% can hurt it.

3.  Pay Quickly. Pay off your high balances as fast as you can – preferably monthly.  At the very minimum, make sure you are keeping up with your minimum payments.

4.  “Flash” your Cards. All credit card companies will automatically pay your monthly charges if you phone to request this.  It’s a great way to eliminate interest charges, and it builds your credit rating fairly quickly.

5.  What you need. Do not seek more credit just for the sake of it.  Opening new accounts lowers the average age of your existing accounts, which can bring down your score. Don’t be a credit glutton.

6.  Old accounts are good. That old account you don’t use anymore that you were considering closing? DON’T! Unless there is something terribly wrong with that account, closing an older account will again reduce the average age of your accounts.  Use the account now and then to keep it current, but again, make sure to pay your bills on time.

7.  Eliminate Errors.Nobody is perfect.  Not even the companies who are responsible for reporting your credit usage.  If you find an error in your report you can have it removed by contacting Equifax. Removing these errors can be the difference between “Approved” and “Declined”.

8.  Limit applications for credit.When you are trying to open a new account, do not apply for a card or loan unless you have already decided on the provider. Too many credit applications in a short period of time will lower your score, and could hurt your eligibility.  When it comes time to make your home purchase, a mortgage broker can help you with this very point.  As brokers generally have similar interest rates available, you should determine who you are going to use before ever making an application.  Select a broker you trust who has proven their ability to manage your mortgage and help you reduce the overall cost of homeownership.

9.  Meet with a credit counsellor. As a last resort, if you have major credit issues you are unable to solve on your own, consider meeting with a credit counsellor.  In this regard, be very careful.  There are a lot of “wolves in sheep’s clothing” out there in the credit industry.  Select a company that is non-profit and can show you how they will help you improve your credit and get out of debt.  Do not listen to companies who tell you they will help you pay less than what you owe – it will end up costing you more in the long run.

10.  Time. Sometimes it just takes time.  All of these things need to be done for a while before they will have much effect on a person’s score.  In this, patience can be a real virtue.

A final note to address the severely credit challenged.  If you are recovering from a bankruptcy or consumer proposal you will likely need more extensive credit counselling.  There are mortgage products available to the credit challenged, but you will find they are more costly than and not as attractive if you can improve your credit.

The basics of credit are really quite simple – get what you need, use it wisely, pay your debts quickly.  Your discipline and hard work will pay off.

Article provided by Chad, Canadian Home Buyers Mortgage Academy

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Posted in Mortgages | 1 Comment »

Remodeling: Does it really add value to your home?

Thursday, March 15th, 2012

  There’s an old saying that “Beauty is in the eye of the beholder”.  That really applies to updating or remodeling homes.  We’ve all experienced moving the furniture to give the room a different look.  That’s pretty normal.  But what about wholesale renovation and recovering our cost when we sell the property.

  A good rule of thumb is that if you haven’t added additional space, you probably haven’t added much extra value either.  Homebuyers rightfully expect a roof that doesn’t leak, heating and air that work, windows that will keep out the elements, and a decent floor to walk on.  All new houses come with these things, and unfortunately, all will sooner or later have to be replaced or repaired.  Homeowners should not expect to recover the entire cost of their new central heat/air system or that new hardwood floor they installed.  While these things will gain favorable approval from most buyers, they will provide the seller with somewhat minimal returns on their investment.

  So  what are your best bets for increasing your home value? Covered decks that are finished into Sun Rooms add finished square footage and value, especially if the current heat/air system is large enough to handle the added area.  Making an extra bath out of an unused storage area is usually a good bet.  I’m often asked about finishing space in the basement.  While this does add square footage, appraisers usually give below-ground space considerably less value than the living area above ground.  This is probably no better than break-even on your cost to do these improvements.  The same is true for converting the garage on the main floor into a family room.  You’re adding above ground square footage – but you’re giving up the value of the garage. (Remember that some buyers won’t buy a home if they have to park their vehicle outside).

  When you get right down to it, if the change you are contemplating makes you happy go ahead and do it.  Just don’t expect to recover all the expense of the project.

Article provided by Dick Littleton.

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Posted in Homes for Sale | No Comments »

4 Reasons Every Buyer Needs a Pre-approved Home Loan

Friday, March 9th, 2012

A pre-approval is one of the greatest assets a home buyer can get.

Pre-approval is a written assessment of your worthiness for a loan.  When you seek pre-approval for a home loan, your lender will assess your ability to pay, as well as your credit history, to decide how much they are willing to lend you.

Although you can make an offer and go through to the start of property settlement without having pre-approval, smart home buyers get pre-approval before they make an offer.

Really smart home buyers get pre-approval before they even start going to home opens.

Here’s why you should, too.

1. You get a better choice of properties.  When you visit a home open and talk to a real estate agent, letting them know that you have pre-approval is a sure-fire way to get them to take you seriously as a buyer.  Once a real estate agent knows you’re serious about buying, they’re likely to call you about potential properties before they’ve even hit the market, giving you a better choice of properties, and potentially cheaper deals.

2. You get a better deal.To sellers, pre-approval is almost like a guarantee that the deal they strike with you won’t fall over.  Sellers want certainty, because if the buyer they choose can’t get finance, the seller will have to start marketing their property all over again.  To them, this certainty is worth money – I’ve seen plenty of deals where the seller has accepted a lower offer because that buyer had pre-approval and the higher offers didn’t.

3. You won’t waste time looking at homes you can’t afford.  Getting pre-approval will give you a much better idea of what homes are within your price range, so you’ll know in advance which properties are too pricey to waste your time on.

4. You won’t have your heart broken. Imagine falling in love with a property and even going so far as to make an offer on it – only to find out that it’s out of your price range! Save yourself the disappointment of having a deal fall through by knowing in advance what you can (and can’t) afford.

If you’re planning to buy a home, get a pre-approval home loan from your chosen lender. Your seller, real estate agent, and settlement agent will thank you for it – and you’ll be glad you did.

Article provided by Peter Fletcher, Residential Settlements

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Posted in Buy a House | No Comments »

Typical Mistakes Made at Home Inspections

Friday, March 2nd, 2012

When you are buying a home, the home inspection is one of the more important parts of the process.  If you don’t get a home inspection, you may pay for a house that has a leaky roof, poor wiring, termite and other pest damage, dangerous asbestos qualities in the air, a crumbling foundation, or more! After you’ve purchased the house, there is little you can do if you’ve waived your right to a home inspection.  They’re absolutely necesary.

Even some people who get home inpsections make huge mistakes in dealing with these findings.  What do you do if your home inspector finds a problem?  What do you do if your inspector misses something huge? How you react is up to you but don’t make the following home inpsection mistakes:

Mistake #1: Not Signing a Contract with your Home Inspector

Some inpsectors are sent by the city in order to ensure that the home is inhabitable or able to be renovated. However, when it comes to buying a home, you’ll more than likely need to work with an inspector who works for an inspection company.  In this case, always sign a contract.

Home inspections usually cost between $300 and $2000, depending on the size of the home and the types of things the person is inspecting. Read the contract carefully so that you understand exactly what you are getting for you money. There should also be something in the contract guaranteeing you against mistakes and omissions so that if the home inspector is wrong or doesn’t see a huge problem, you can get your money back or otherwise take care of the problem.

Mistake #2: Not Considering  your Payment Options

In todays’ market, it is a buyer’s world.  That means that homeowners often offer incentives to potential buyers.  Find out when the last time the seller had the home inspected.  If it’s been five years or more, ask them to partially pay for a new home inspection.  You might not decide to purchase the house, but if this is the case, the homeowner will have the home inspection results to show other potential buyers.

Mistake #3: Hiring an Inspector Affiliated with a Contractor

Inspection is a tricky business. If your home inspector is affiliated with a contractor af any kind, there’s the chance that his review of the home might be dishonest.  He may say that your foundation needs work, for example, but in reality, that might be just to direct your business toward the contractor.

Many states have strict laws as to how an inspector must work.  In some cases, it is illegal for an inspector to be affiliated with a contractor or to do any kind of contracting work himself.  In other states, this is not illegal.  Regardless, be very careful about who you hire.  Ask for recommendations and samples of their work before you shell out any money.

Mistake #4: Not Understanding your Home Inspection

If you don’t understand your home inspection, why get one in the first place?  Make sure that the results you are given are easy to understand so that you can make a good choice about purchasing the house or not.  If there is something that you don’t understand, ask the inspector to explain it to you.

In addition, the home’s current residents should completely understand the home inpsection as well.  This is especially important if you decide not to buy or are asking for a credit to fix a problem that was uncovered.  Provide them with a copy of the inspection report, as well as the phone number and other contact information of the inspector.

Again the biggest mistake you can make in regards to home inspections is to not get one at all.  Current homeowners aren’t necessarily out to trick you into buying a property with a ton of problems.  However, they’ve probably lived in the home for years or even decades in many cases.  They may simply not know that there are any problems.  By getting a home inspection, you’re protecting yourself and potentially avoiding making what could be a bad investment. Home inspections should be a part of every real estate transaction.

Article provided by REBAC.

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Posted in Home Inspections | No Comments »

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