As a buyer, unless you pay cash for your home, you will need to have proof of a valid homeowner’s insurance policy at closing. The bank requires this because the policy will protect both your investment as well as theirs!

What do these policies protect?

Casualty: The most common hazard insured against, of course, is damage due to fire. A homeowners policy may cover losses due to other hazards (for example, wind and hail) but it is important that you determine precisely what is–and is not–insured against. If you home is built in a flood-prone area, you must secure a separate flood policy.

Liability: This is to protect you against lawsuits resulting from injuries that occur to visitors or guests in your home. The cost for this coverage, to a large degree, is based on the limits (in dollars) of coverage. Secure as much as possible in order to protect your assets.?

Personal Property: While the casualty or hazard insurance covers the rebuilding of the house structure, personal property coverage protects what is inside the home. Coverage here will vary widely, so it is important to be clear on exactly what the limits of the coverage are. It is important to determine if it covers replacement cost of an item (its cost today) or if the value is determined through its original cost or depreciation.

Please visit our main site while you're here.

If you enjoyed this post, be sure to sign up for our RSS Feed! Got an RSS Reader? Grab this: http://buyersadvantagegroup.net/blog/feed You can also share this post using the “share this” button below.

Share This

Tags: Triangle Real Estate by Adam - No Comments »

A recent article on MSN said that baby boomers are choosing larger houses rather than downsizing. This behavior sort of bucks the stereotype that empty-nesters look for smaller homes to conserve costs.

So why is this happening? Are seniors today simply wealthier than their counterparts 30 or 40 years ago? That is definitely part of it. Another reason is that housing in general has gotten larger. Homes now include a lot of extra spaces (like home offices) that were once considered only optional.

Other reasons include:

People are Living Longer

Many baby boomers are faced with the challenge of taking care of their own parents. Even if it isn’t to that point yet, many choose to build or purchase larger homes that could accommodate elderly parents moving in at some point.

The Home Office

Once retired from typical desk jobs, a large percentage of baby boomers are still not finished working. They are starting their own small businesses or focusing on a hobby. This means there is a need for one (or possibly two!) home offices. A hobby could necessitate the need for a studio or workshop as well.

Grandkids Welcome

Many boomers are building or buying with grandchildren in mind. One couple featured in the article bought a home that in addition to the master bedroom suite, the upstairs included three more bedrooms, plus a bonus room that also functions as a playroom.

This trend also extends to retirees moving to desirable places that their kids and grandkids would want to visit. If you are looking for more space in the Raleigh area, the Triangle Real Estate experts at Buyers Advantage Group are happy to help you find the perfect home for your needs!

Please visit our main site while you're here.

If you enjoyed this post, be sure to sign up for our RSS Feed! Got an RSS Reader? Grab this: http://buyersadvantagegroup.net/blog/feed You can also share this post using the “share this” button below.

Share This

Tags: Senior Real Estate, Triangle Real Estate by Adam - No Comments »

Have you ever pulled into the driveway of a potential new home and immediately though “That’s the one!” before you even stepped foot inside?

It is an easy mistake to make. You get caught up in the excitement of shopping and begin to make emotional decisions. There is a lot of money at stake, however, and you should try to keep realistic about your decisions.

Don’t get me wrong, having a strong emotional response when you first see a home is a great first impression.

It could be that this IS the house for you! Still, you can’t let this blind your vision as you look at all the details surrounding the house. Homebuyers need to strive for a good balance between emotion and logic.

A good way to do this is to pretend you are househunting for a friend or other family member. It helps remove you emotionally from the picture and allows you to look with a more critical eye.

Better yet, bring a friend with you to watch your back. They can give you an objective, third-party perspective.

As we mentioned in a previous blog, the last way to help you keep perspective is to bring a checklist with you. If you feel you are losing sight of your main objectives, pull it out and read it again!

Keep in mind, right now is a buyers market. If you think you have fallen in love with a house, visit it a couple of times. What does the traffic look like at rush hour? How about neighborhood noise at night? You have the luxury to find these things out. At Buyers Advantage Group we are here to help you do just that!

Please visit our main site while you're here.

If you enjoyed this post, be sure to sign up for our RSS Feed! Got an RSS Reader? Grab this: http://buyersadvantagegroup.net/blog/feed You can also share this post using the “share this” button below.

Share This

Tags: Triangle Real Estate by Adam - No Comments »

A recent article I found by Raynor James described perfectly all the expenses you need to think about before buying a home. I wanted to share a bit of it with you here:

Mortgage Payments

The first step you should take in determining what you can afford is to talk to a mortgage lender.

In fact, the best step you can take is to go through the loan process to the extent required to get a pre-qualification letter. A pre-qualification letter tells you and a seller how big of a home loan the lender will give you.

So, once you have the loan in hand, that must be the amount you can afford? The answer is maybe or maybe not. The prequalification letter is based on a number of factors such as your earnings and credit. It is not based on a picture of your life, which can lead to problems.

Other Home Buying Expenses

There is nothing worse than buying a home and straining to make the monthly mortgage payments. This situation occurs when a homebuyer relies solely on the pre-qualification letter or their own wishful thinking. You may have purchased your dream home, but don’t let the payments be a nightmare.

In determining how much you can afford to expend on a home purchase, you must consider your overall financial situation. Although you may be in a decent financial situation at the moment, do you have future expenses that will put pressure on your finances?

Such situations might include:

1. Planning to have kids in the next year or so?
2. Are your current children going to college soon?
3. If you own a business, is the financial outlook stable?
4. If you work for a company, are you reasonably sure the company is headed in the right direction?
5. Do you have any concerns regarding the dreaded downsizing?
6. If you are the sole bread winner, what would happen if you were unable to work for a few months because of health issues?

Of course, every situation is different, so make sure you take a careful look at your life to make sure you are committing to a loan you can afford now and in the future. It is easy to overextend yourself in the thrill of finding the perfect place!

Looking for Triangle Real Estate? Give us a call at 919-573-6150.

Please visit our main site while you're here.

If you enjoyed this post, be sure to sign up for our RSS Feed! Got an RSS Reader? Grab this: http://buyersadvantagegroup.net/blog/feed You can also share this post using the “share this” button below.

Share This

Tags: Triangle Real Estate by Adam - No Comments »

If you’re thinking about relocating to North Carolina from out of state, you’re in for a real treat! If you North Carolina has so much more to offer than just fabulous homes at great prices.

From beaches to mountains to clean cities, North Carolina offers a wealth of opportunities to enrich your life. Take a look at this video created by musician Donna Germano titled Escape to the Mountains:

Here’s another by Donna that documents the gorgeous spring flowers in the mountains of North Carolina

If you’ll be relocating to Raleigh or the Triangle area, here are some posts you won’t want to miss:

NC Real Estate Buyers Pay an Average of 5 Percent Less When Working with An Exclusive Buyer’s Agency
Fun Things for Kids In Raleigh NC
Raleigh Statistics
Raleigh NC - Among America’s Top Cities
Raleigh NC #12 in Forbes Most Affordable Real Estate Market List
A Collection of Relocation Resources

Please visit our main site while you're here.

If you enjoyed this post, be sure to sign up for our RSS Feed! Got an RSS Reader? Grab this: http://buyersadvantagegroup.net/blog/feed You can also share this post using the “share this” button below.

Share This

Tags: Triangle Real Estate by Adam - No Comments »

When looking for that special home, you should always choose a home that suits your needs, but if you can, find one in a location that others seem to want, too.

We very rarely stay in one location our entire lives. That is why even when you are looking for your perfect home it is important to think about resale as well.

Who are the primary home-buyers in the area? If it’s senior citizens — or a crowd getting close to that age, your best resale potential might be a one level home, because seniors don’t like to do steps.

If the majority of buyers are young families with children, consider a house with a large yard that’s not fronted by a busy street or a house with plenty of bedrooms and baths.

These types of things can make a difference! Lets face it, when the decision is finally made to move, we all want a house that is so desirable we get our asking price in a matter of days!

Other things that can turn off future buyers include garages that have been converted to rooms, do-it-yourself additions and unusual fixture choices.

These might make for your perfect place – just keep in mind that not everyone will be as thrilled as you are!

Looking for Triangle Real Estate?

Please visit our main site while you're here.

If you enjoyed this post, be sure to sign up for our RSS Feed! Got an RSS Reader? Grab this: http://buyersadvantagegroup.net/blog/feed You can also share this post using the “share this” button below.

Share This

Tags: Triangle Real Estate by Adam - No Comments »

Most of us have an idea of what our dream house would look like. Unfortunately, the reality is that location and budget often narrow our choices! That is why it is so important to decide EXACTLY what you want - and write it down on paper.

Sounds simple. But over the next few weeks, you’ll see that the house buying process is one of the most intense, stressful, busy - and exciting - times of your life. So, BEFORE you start looking for a new house, it’s a good idea to have a very clear picture of the type of house you want.

Of course, once you start looking at houses in the Raleigh area, your list can change. You may find things that you had never thought of. Or, you may find that things you thought were important may not be anymore.

So don’t be afraid to make changes.

According to Kris Bickell of House Buying Tips.com, when writing your list, think of all the qualities you want in a house…and in a neighborhood…and in a town (or city). Include EVERYTHING you think is important. While this won’t guarantee that you will get everything you want, it will help you to prioritize what you think is most important.

Here are some of the items you should include on your
list:

• Town or city (which towns do you WANT to live in, which ones would you live in if you had to, which ones would you NOT live in no matter what!)

• Area of town

• School system

• Type of neighborhood (With kids, without kids, close to highway or main road, out in the country, etc)

• Type of house (Cape, Ranch, Colonial, etc) Size of house (Square footage, number of bedrooms, number of bathrooms, etc.)

• Size of rooms

• Layout of house

• Yard (Landscaped nicely so you don’t have to do any work getting it in good shape, not as nicely landscaped so you might get a better deal but need to put in more work, etc.) Price (Are you willing to pay less for an older house or one that needs more work?)

• Anything else that is important to you (For example, I knew I did not want a house on a hill. But our first offer was for a house on a hill. Which left me feeling very uncomfortable. Luckily, the deal fell through, but without a list I got caught up in the excitement.) If you’re not sure what to put on your list, take a walk through the house or apartment you are living in now. Take a walk through the neighborhood. Visit a friend or neighbor. The more information you have, the better!

(NOTE: If you are buying your house with someone else, make sure you ask your spouse, partner, or significant other what they think is important as well. If at all possible, try to combine your list so you can work
together.)

Once your list is ready, put the items on your list in order of importance, so when you have a million other little details in your mind, you can look at your list and not have to rely on your memory.

Please visit our main site while you're here.

If you enjoyed this post, be sure to sign up for our RSS Feed! Got an RSS Reader? Grab this: http://buyersadvantagegroup.net/blog/feed You can also share this post using the “share this” button below.

Share This

Tags: Triangle Real Estate by Adam - No Comments »

Thinking about relocating to Raleigh NC? We may be a little biased, but we think Raleigh is one of the best places to live in the United States! Raleigh has been named on countless Top Ten Lists including Kiplinger’s Best City for Young Adults to Forbes “Best City for Jobs.”

Buyers Advantage Group is currently offering a $200 retainer fee waiver for home buyer’s considering relocating to Raleigh!

Even with the growing interest in Raleigh NC, real estate prices continue to remain affordable. For those considering relocating, we’ve complied some statistics about Raleigh NC that you may find interesting and useful:

• Median annual household income in Raleigh: $57,050

• Income increase in Raleigh since 1990: 57.12%

• Median Raleigh home price: $177,902

• Raleigh home price gain over 2-5 years: 2.87%

• NC sales tax percentage: 7.00%NC state income tax rate for highest tax bracket: 8.25%

• NC state income tax rate for lowest tax bracket: 6.00%

• Average NC statewide auto insurance premiums: $670

• Colleges, universities and professional schools within 30 miles of Raleigh: 11

• Junior colleges and technical institutes within 30 miles of Raleigh: 6

• Population in Raleigh and surrounding Triangle area: 398,238

• Population change in Raleigh since 1990: +46.05%

• Median age of residents of Raleigh and surround Triangle area: 33

• Movie theaters within 15 miles of Raleigh: 15

• Restaurants within 15 miles of Raleigh 2,652

• Public golf courses within 30 miles of Raleigh: 40

• Libraries within 15 miles of Raleigh: 45

• MAA accredited museums within 30 miles of Raleigh: 5

• Annual precipitation in Raleigh: 45.82 inches

• High temp in Raleigh: 88.40 (July)

• Low temp in Raleigh: 30.50 (January)

For more statistical information about Raleigh NC, click here

Remember, Buyers Advantage Group is currently offering a $200 retainer fee waiver for home buyer’s considering relocating to Raleigh!

Please visit our main site while you're here.

If you enjoyed this post, be sure to sign up for our RSS Feed! Got an RSS Reader? Grab this: http://buyersadvantagegroup.net/blog/feed You can also share this post using the “share this” button below.

Share This

Tags: Triangle Real Estate by Adam - No Comments »

Most buyers looking to purchase in the Raleigh area probably have along list of things that they have been told they need to do. Hire a Realtor and home inspector. Run a credit check. Figure out what monthly payment that they can afford. According to a recent article I found on the www.homebuyinginstitute.com website, however, there are also things potential homebuyers should NOT do when buying a home. Here is what they had to say:

Don’t Make a Major Purchase

You’ve just found out your credit is A+. That’s great news, because a new car would look fantastic in the driveway of your new home. But hang on — if you are depending on a mortgage to move in, you’d best wait until after closing to buy the car.

An increase in your debt to income ratio reduces the amount of monthly income available for your mortgage payment. If you tack on a higher car payment, the bank might decide you cannot afford the home.

Using cash to purchase the car could also create a problem, since banks consider cash reserves when approving your mortgage. If you make a major purchase before closing, talk to your loan officer first.

Don’t Change Jobs Unless It’s Necessary

Lenders like to see a consistent job history. They aren’t usually as nervous if you change jobs within the same field, but it’s better to stay put until the keys to the house are in your hand.

Don’t Let Your Emotions Take Over

Keep a cool head during the entire home buying process, especially during and after an inspection. Be realistic. No home is perfect, especially older homes.
It’s not unusual for new owners to take care of some repairs themselves. Don’t let the seller’s refusal to do a small repair kill the deal on a home you truly love.

On the other hand, don’t fall so much in love with the house that you’ll buy no matter what needs to be done — unless you’re absolutely sure you can handle it emotionally and financially. Decide what type of repairs you can realistically tackle, then stick with the decision.

Please visit our main site while you're here.

If you enjoyed this post, be sure to sign up for our RSS Feed! Got an RSS Reader? Grab this: http://buyersadvantagegroup.net/blog/feed You can also share this post using the “share this” button below.

Share This

Tags: Triangle Real Estate by Adam - No Comments »

Before you even begin looking at Raleigh homes for sale, you need to take a good look at your credit. Mortgage lenders will analyze your credit, so you should do the same.

You can start by requesting copies of your credit report from all three credit-reporting companies:

• Experian
• Equifax
• TransUnion

According to the Fair Credit Reporting Act, you are entitled to one free credit report per year. To request your credit report from all three companies at once, visit at AnnualCreditReport.com

Generally, depending on the type of mortgage you are requesting, a credit score above 700 is considered good. Anything below 680 will make it more difficult to obtain credit.

If you pull your reports and fall below 680, the first thing you should do is read your reports carefully.
Errors can happen easily and it is your job to find them and fix them. If you think you have discovered an error, consumer protection laws require you to notify credit bureaus in writing of any inaccuracies they report. Follow up with a phone call and document everything!

Another thing you can do to repair your credit score is to begin slowly closing unused credit accounts. If you have too many lines of credit open it can lower your score. Most experts recommend keeping 2-4 major credit cards.

Please visit our main site while you're here.

If you enjoyed this post, be sure to sign up for our RSS Feed! Got an RSS Reader? Grab this: http://buyersadvantagegroup.net/blog/feed You can also share this post using the “share this” button below.

Share This

Tags: Triangle Real Estate by Adam - 1 Comment »