Buying a home can be one of your most significant investments in life. Not only are you choosing your dwelling place, and the place in which you will bring up your family, you are most likely investing a large portion of your assets into this venture. The more prepared you are at the outset, the less overwhelming and chaotic the buying process will be. The goal of this page is to provide you with detailed information to assist you in making an intelligent and informed decision. Remember, if you have any questions about the process, I am only a phone call, text, or email away!
Be Prepared
This may be the Boy Scout motto, but it should be every home buyers as well. If you are home buyer that will need to secure a mortgage and you haven’t sat down with a loan officer yet, now is the time to do so before you go out looking for new home. Understand your options for financing and what you are comfortable with spending each month on your new home. The more powerful Buyer comes with an advanced Pre-qualification Letter from their lender or Proof of Funds. Scroll down to connect with a lender or go to my Preferred Vendor page for recommendations.
Home Inspections
Inspections are designed to help you understand the overall condition of a property, potentially saving you considerable time with the purchase process and hundreds or thousands of dollars in repairs. Some of the inspections which may be required or recommended by your real estate professional are:
Standard Home Inspection – The areas which may be covered include lot and grounds, roofs, exterior surfaces, garage/carport, structure, attic, basement, crawl space, electrical, heating and air conditioning systems, plumbing, fireplace/wood burning devices, and appliance condition. Remember that your inspection rights are clearly stated in the Contract For Sale and vary from jurisdiction to jurisdiction. In some cases homes can be sold “as-is” even though an inspection may take place.
Termite Inspection – A termite inspector will inspect the property for the presence of wood-destroying insects (WDI) or wood destroying organisms (WDO, i.e. fungus) and conducive conditions that exist. Termite Inspections are required in Arizona. Those of us who have lived in the valley a long time have come to realize everyone will have termites at some point in time, it’s just a matter of when. We have professionals with solutions for all cases.
Lead Paint Inspection – Painted surfaces of a home can be evaluated to determine the presence of lead paint. Homes that were constructed before 1978 may contain lead-based paint. Lead exposure can be harmful to young children and babies. Children with lead in their bodies can suffer from damage to the brain and nervous system, behavior and learning problems, slowed growth, hearing problems, and headaches.
On-Site Waste System (SeptiChekTM) Evaluation – SeptiChekTM is an evaluation performed by an on-site waste management professional. It involves accessing the cover of the septic tank to examine the fluid level inside the septic tank. The tank is then pumped to check the condition of the tank and its baffles. The leaching field is probed to check the level of sub-surface liquid waste (effluent). This test alerts the buyer to a wide range of potentially costly septic system repairs or failures. The SeptiChekTM evaluation provides more reliable information of potential problems than a septic dye test.
Pool/Hot Tub Inspection – This inspection determines the overall condition and operability of a pool and/or hot tub’s equipment. Additionally, the condition of the pool deck will be inspected for deterioration and/or other noticeable defects. This inspection is typically conducted within an overall home inspection.
Private Well Flow and Pot ability Inspection – Designed to determine whether or not a private well adequately supplies water to the house. Samples are sent to a lab for pot ability (drinkability) analysis.
Interest Rates
As you start shopping for a home loan, your first question of each lender will probably be “What’s your interest rate? How much are you charging?”
Interest rates are usually expressed as an annual percentage of the amount borrowed. If you borrowed $120,000 at 5% interest, you’d owe interest of $6,000 for the first year. With most mortgage plans you’d pay it at the rate of $500 a month. You would also send in something each month to reduce the principal debt you owe – and the next month you’d owe a bit less interest.
Quick Links to Mortgage Calculators below
| Payment/Amortization Calculate your monthly payment and see how the principal is paid over time. nt |
| Rent vs. Own Calculate the difference between renting and buying a home. nt |