Posts Tagged ‘mn mls’

Home Buyer’s Guide To Roof Inspections

Real Estate Advice | Posted by homesforsaleinminnesota
Sep 02 2010

When buying any of the homes for sale, making the time and effort to inspect the place properly will ensure that the purchase of your new home will be a wise investment. Since you will be making one of the biggest investments of your life, performing a preliminary inspection of the homes for sale that you are interested in will help you make the best choice. A common mistake first time home buyers make is to neglect checking the roof. If the roof and roof mounted structures need major repair, you may want to back out of the transaction because of the high cost of roof repair.

In the book “Home Inspection Checklists: 111 Illustrated Checklists and Worksheets”, author Norman Becker explains the simple process of evaluation that a home buyer can do to make sure that the roof is in good condition. Evaluating the roof before you purchase any of the homes for sale can help you avoid or prepare for the cost of repair.

The first step of the roof evaluation process involves conducting a visual inspection of the outside part. See if any part of the roof is sagging, uneven or if there are damaged sections. Another thing that you should look for is if there is any overgrowth from plants like tree branches that are touching the roof.

You have to be aware of the fact that if there is any kind of roof repair needed to be done, it can be rolled into your negotiation price, if the selling price has not yet been made lower because of it. If the roof is made out of asphalt shingles, take a closer look. See if any of these shingles are cracking, curling or will have to be replaced. Look also for any signs of erosion or deterioration. You also need to find out how old the shingles are so you will have an idea of when it would be need replacement.

If the home for sale has a flat roof, see if it is possible to access it safely and go up. Once you get on the roof, look for any signs of erosion, punctures, tears or cracks. See if there are any open joints and seams. If you notice puddles of water, it maybe an indication that the drainage system is not working properly. Even small cracks or fissures in the roof will signify that there is need for some repair work to be done.

The third step is to do an inspection tour of the roof from the inside of the home. Look at the ceiling of every room. See if there are any signs of blistering or erosion in the ceiling. If there are any water stains, this is a clear indication that there is roof repair work that needs to be done.

The final area of the roof inspection when buying a home is the chimney and other roof-mounted features. You need to make sure that these roof projections are not chipped, cracked or loose, and that the all joints are filled and secure. Look for deterioration of the chimney stack, the open joints and for any holes in and around the chimney. Most of these issues can be repaired, but you will need to get an estimate on the cost before you make an offer on the home.

Finding your dream home can be a lengthy process. Yet, keep in mind that the more information you have about the homes for sale that you are interested in, the data you have to make it easier to make the best decision in what to invest in. Doing roof inspections and and take the time to finding out more about the different homes for sale to see what will suit your needs and budget.

If you are a new homebuyer searching for houses for sale in Minnesota, using the internet is one of the fastest ways to find what you are looking for. The MN MLS allows you to search by price and location, throughout the state.

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Final Inspection Essentials For New Homebuyers

Real Estate Advice | Posted by homesforsaleinminnesota
Jun 21 2010

Finally, you found the perfect home for sale! Your search might have taken quite sometime but even if you have decided that the home is the one that you are going to purchase, you still have to take the time to do a final inspection. Many first time home buyers neglect to do a final inspection which is one of the most important part of the home buying process. By doing a final inspection before your home purchase, you will be fully aware of the condition of the place that you will be buying.

During the final inspection of your prospective home, find out what the major flaws are and determine how much it will cost to have these things repaired. It will help you make the right offer by deducting the cost of repairs from the price you had previously planned to offer and prevent you for overpaying for a home that might need complete remodelling or has major repairs. As you go about the home inspection, make a list of the repairs needed. Here are some of the things to look for when you are doing your final inspection tour:

1. Major scratches on linoleum floors, countertops or walls. Take a close look at the floors and countertops in the bathrooms and kitchen to make sure there are not any major dents or scratches that would require a complete replacement. Take your time to walk through each area slowly so you don’t miss these important details.

2. Inspect the stairs. There may be stairs that lead to the basement, to the next floor or to the attic. Each and every step of the stairs has to be check to see if they are still structurally sound. Walk up and down it, applying pressure on the different areas. Listen for creaks or similar noises and feel if the step gives out when pressure is applied. Check the railings if all posts are complete and if any part is loose by trying to shake it.

3. Check the doors, windows and cabinets. Test all the doors, windows and cabinets by opening and closing them a number of times. See if they work properly. Inspect the hinges for signs of rust. Check each and every handle, lock and knob to see if they need to be replaced.

4. Look for signs of cracking or chips on the exterior. The exterior of your home is one of the hardest areas to inspect, but it’s an important part of the final inspection nonetheless. You will need to look for any noticeable cracks or chips in the walls to determine if these are indications of a bigger structural problem. This is where a professional building inspector can help.

5. Inspect the roof. To check the roof, you would have to climb up on top of it or at least see if from the gutter level. See if there are signs of damage and determine if the gutters are in good shape. You may want to hire a roofing specialist to do this part of the final inspection.

6. Check all electrical components. Make sure all of the outlets are working properly and that light fixtures are in good shape. These can be expensive to fix or replace, and if these will be your responsibility, you need to know exactly how much these are going to cost. Many first time homebuyers don’t think it’s necessary to check the electrical components because an electrical contractor will work with the house inspector before the sale. However, you can check for obvious problems before paying the contractor to fix the problem.

When looking for MN homes for sale , the internet is an invaluable resource. New homebuyers can use the MN MLS to view active listings of properties throughout the state.

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Renting Vs Buying A Home – Things To Consider

Real Estate Advice | Posted by homesforsaleinminnesota
May 20 2010

If you’ve considered buying a Minnesota home after renting an apartment or condo for several years, you will probably need to overcome several psychological barriers to become completely comfortable with the process.

Many potential homeowners simply don’t take the first step towards home ownership because of the responsibilities associated with buying and owning a home. Buying a home means that you will have mortgage payments to meet and having to pay for taxes, fees, home insurance plus maintenance. The process of buying a condominium unit might be even more complicated. Yet, you can be assured of the fact that once you have learned some of the basic principles of home buying, there is a definite advantage to being a first time homebuyer.

Be prepared for your home purchase by making a list of all the payments that you expect to be making. You can typically get a lot of this information from your professional Realtor; ask them for average fees, taxes and maintenance costs for the home and create a spreadsheet of all the different elements involved. When you do this using a computer, you can make side-by-side comparison of the homes for sale you are interested in order to have an accurate assessment of all the cost involved.

As explained by the expert Ilyce Glick, author of the book ’100 Questions Every First Time Home Buyer Should Ask’, buying a home also means that you are buying into your local community as it is your responsibility to pay for local taxes, trash pick-up and other similar services that usually are not paid by people who rent.

Find out what are the tax benefits you may be qualified for. Home ownership usually does give you several tax advantages over renting, but this will vary significantly depending on your current income and the total amount of real estate property tax you will be paying each year.

Estimate how much tax benefits you can get and take into account all the deductions and your current income level to get an idea what is the grand total of all the tax benefits you can get when become a first time homebuyer. To be able to make a more accurate assessment, you can ask assistance from a financial adviser or an accountant.

Plan for your future. Are you intent on staying in a specific neighborhood for the next five years? For the next ten years? Where will you live when you retire? One of the biggest psychological benefits of renting is the ‘temporary’ mentality and ease of moving. Renting can give someone a sense of freedom, as you can choose to reside in a place on a month-to-month basis, short term lease or to renew a yearly rental agreement.

There is a possibility you may be anxious about becoming a first time home buyer because you do not feel like living in a particular city or neighborhood. Make some solid decisions about where you want to settle and where you’re willing to relocate to in the long-term so you can make the best decision about which among the Minnesota homes for sale to buy.

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Home Buying Basics – Different Home Styles

Real Estate Advice | Posted by homesforsaleinminnesota
Apr 21 2010

Are you among the thousands of people planning to buy your first home? National statistics indicate that most people move between five to seven times during their lifetimes, which means you’re likely to move at least once every 5-10 years.

There are different types of homes that will suit your needs at whatever stage of life you are in; from condos for newlyweds to townhouse for families, with a wide variety of styles and floorplans to choose from. One of the first things about home buying is what the different types of homes for sale are.

The Condominium: Condos first became popular in the 1970s as more people wanted to live in urban areas without paying the high price of a home. Ilyce Glink, author of ’100 Questions Every Home Buyer Should Ask’ explains that when you buy a condo, you don’t necessarily own the unit. You’re actually investing in the common elements of the real estate property that you share with the neighbors, and the airspace inside the walls, ceilings and flooring.

The Townhouse: Townhomes are also known as ‘row houses’ because they’re grouped together with shared walls. The ownership status of townhomes is similar to that of a single-family home though there are some townhomes that may impose a homeowner’s association fee for the maintainance costs of common areas like the parking lot, fitness centers and laundry room.

Single-Family Homes: The detached single-family home is one of the most popular types of homes for first time homebuyers, and available in a variety of sizes, styles and floorplans. These homes can be built as part of a miniature community, or stand alone on their own lot. Since nearly all single-family homes have separate ownerships, it follows that the homeowner will be solely responsible for all expenses for maintenance, security and upkeep.

Mobile Homes and Pre-Fabricated Homes: Mobile homes are designed to be moved whenever needed, so you never purchase the land that the home sits on. Buying a mobile home cost less that a regular home and have complete basic home amenities and appliances.

Pre-fabricated homes are a step above mobile homes, and are typically designed with sturdier materials and better construction. The quality of pre-fabricated homes is higher than the average mobile home and these can still be moved from site to site. Similar to mobile homes, pre-fabricated homes allows you to rent the property you will occupy instead of purchasing it.

When you know what the different types of homes for sale are, it will be easier for you to decide which to buy.

Forecasting your future for the next three to five years can also help you narrow down your choices; if you have a large family and want to stay in a particular neighborhood, a single family home or townhouse may be the best fit for you. If you’re young and single and not sure where you want to live in the next 5-10 years, a condominium may be a better investment as a first time homebuyer.

If you are a new homebuyer looking for houses for sale in Minnesota , using the internet is one of the fastest ways to find what you are looking for. The MN MLS allows you to search by price and location, throughout the state.

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How Home Buying Calculators Help You Plan a Home Purchase

Real Estate Advice | Posted by homesforsaleinminnesota
Jan 18 2010

Have you decided to stop renting and become a first time home buyer? That is great news! Purchasing a home is an important investment and there is need to do extensive research and planning in order to find the best match for you. One tool frequently used to organize the financial side of the process in a home buying calculator.

There are several websites that offer free, easy to use calculators and tools. Here’s what you need to know about using home buying calculators when mapping out your financial plans in the home buying process:

1. Get to estimate monthly payments. Based on the mortgage amount, term of the loan, and interest rate, you can use this tool to estimate how much you have to pay monthly. Getting to correctly estimate your monthly loan payments on your new home will serve you well, especially when it comes to your budget and figuring out which home you can actually afford to buy. You can see a full range of payments by placing in different mortgage amounts to see what could best fit your budget.

2. Forecast mortgage effects. Numerous people have fallen into a dilemma because they are not well versed enough to compute the accrued interest and charges over the repayment period applicable to mortgage loans. The home buying calculators can help you project monthly payments and the remaining balance of the loan for a period of many years, giving the clear and precise figures of the true value of your mortgage.

3. Study the possibility to get tax write-offs. A home buying calculator can be used to project mortgage interest rate tax to get a fairly accurate assessment on how much you can use for a tax-write off. This tool can also aid in projecting your long term budget, and any tax benefits that you can get that will allow you to afford a bigger loan than originally estimated.

4. See how you will build equity. One of the biggest benefits of making monthly payments towards a mortgage instead of a rental property is the equity you are building. Homes that appreciate in value provide a very high return on your investment, and you can project just how much value this is using a home buying calculator. Take the time to graph the equity chart for a clear visual on your investment.

5. Annual interest charges can be estimated. When selecting the right loan package for your budget, you need to be aware of the total amount of interest that you will be paying. Monthly payments towards home mortgage loan payments should make a reflection on the principal balance, not just on paying interest rate, so try to find different interest rates and with the aid of a home buying calculator and use this to compare the total amount of interest you will be paying per year. Use the home buying calculator to compute the projected monthly and annual interest balances.

Home buying calculators offer several benefits for both future and current homeowners. Many of these calculators are readily available from mortgage lenders and realtors, but you can also find a number of free calculators online. Use the calculator as a tool for planning our your finances during the home buying process, and experiment with different loan amounts and interest rates to make the best choice for your budget.

When looking for Minnesota homes for sale , the internet is an invaluable resource. New homebuyers can use the MN MLS to view active listings of homes and real estate throughout the state.

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Understanding Closing Costs as a First Time Homebuyer

Real Estate Advice | Posted by homesforsaleinminnesota
Sep 09 2009

An important part of the homebuying sales process and sales contract is the closing costs. Few first time homebuyers realize that closing costs can be as much as 15 percent of the sales price and many lenders require you to pay for the closing costs upfront. While some lenders can roll the closing costs into the loan package, knowing what these are ahead of time may help you plan your budget better and even negotiate down the final price so that you can afford the total closing costs as part of the deal.

It’s important to remember that the maximum loan amount offered by the lender is based on the sales price and not the net price (sales price minus closing costs) paid by the buyer. Closing costs are allocated in several different ways, and you can work with your Realtor and lender to arrange the best possible plan with your available funds and stay within your budget.

The first step in understanding closing costs is to learn what buyers are typically responsible for. Barron’s ‘Smart Consumer’s Guide to Home Buying’ explains that it’s important to understand that custom – and not law – dictate how closing costs are allocated and what the buyer and seller are required to pay as part of the contract.

The buyer is typically responsible for all fees and discount points of the loan. These are often added at the end of the contract by the lender, and vary significantly by financial institution. Some bankers will waive this fee for preferred customers or as part of your contract, but it’s important to get an accurate estimate of this as early as possible during your loan financing process.

Buyers are also responsible for paying the premium of the home owner’s title insurance policy; in most cases, they will need to pay for this before the home purchasing process can even begin. It’s generally a good idea to have extra cash available to pay for this premium so it doesn’t get rolled into the loan, and the premium cost varies by the insurance company you choose to work with. It helps to shop around, so do some research about homeowner’s insurance policy rates and options before signing any contract.

The following costs are usually the responsibility of the seller. Commissions on sales – commissions are given to agents of both the buyer and seller. Commission payouts are set depending on the buyer’s and seller’s agreements with their respective agents.

Home Inspection Costs – All home inspections and other property testing costs should be shouldered by the seller before the home is actually purchased.

Title’s insurance – Insurance on the title are traditionally shouldered by the seller as part of closing costs. Many first time homebuyers incorrectly assume that they need to take care of these costs.

Recognizing each component of the closing costs can give any homebuyer an accurate estimate of the final contract price. You can ask for an estimate from your lender way ahead of the signing date as most are willing to breakdown all these costs and explain how they fit in your loan package.

Searching the internet is one of the best ways to find Minnesota houses for sale . Searching the MN MLS is one of the best resources for locating homes by price, neighborhood, and other criteria.

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Understanding Maintenance Costs of Various Home Styles

Real Estate Advice | Posted by homesforsaleinminnesota
Jul 28 2009

First time homebuyers should understand the fact that each kind of home has different maintenance costs associated with them. Knowing what these costs are can certainly help buyers make an informed decision.

Some homes are imposed with special fees such as neighborhood association fees and even additional taxes depending on the town or city government. These fees must be factored in when buying any home especially if you are working on a budget. I’ll enumerate the basic fees bundled with some common types of homes.

Condominiums: Condos or flats are increasingly becoming popular for first time house buyers. Condominiums are a form of real property wherein individual units in a multi-unit complex or building may be owned but each owner has access to common facilities such as hallways, main entrances, stairs and elevators. As such, you’ll need to pay fees depending on your stake in the building.

Ilyce Glink, who is the author of the book ’100 Questions Every First-Time Home Buyer Should Ask’ says that each owner must pay maintenance fee equal to his total share of ownership in the condominium. This is calculated by first getting the total expenses in operating the building and dividing this to an owner’s percentage of ownership. The total expenses of a building may include a reserve account used for emergencies and this may vary anytime.

Townhomes: Townhomes, also known as ‘row houses’, are independently owned homes that typically don’t incur fees beyond your regular expenses. However, some townhomes are part of a homeowner’s association, in which case you will need to pay a monthly fee for maintenance. This fee typically covers the cost of painting the exterior and landscaping common areas.

Mobile houses: These are pre-fabricated houses built on factories and are then taken to the build site. Normally, mobile home owners are solely responsible for their own maintenance expenses that include electricity, water service, and sewage and garbage disposal. Mobile houses can also be located in mobile parks. Some parks charge homeowners for a fee to lease the land they locate in.

Single-Family Home: Also known as detached houses, maintenance costs of these houses are solely the responsibility of the homeowners. Single-family homes may also be located inside a community or a village though homeowners will still be responsible for all costs such as maintenance and repairs, lawn upkeep, electricity, water and sewerage services and other utilities.

Ascertain the total maintenance costs from a Realtor first before approaching any loan company or officer. Lenders may at times include maintenance fees and other costs in your loan package. Give all the information you got from your Realtor to your loan officer and inform him/her of your budget to acquire a loan that will fit your needs.

Whether you’re interested in a town home or a single-family house, there will be several costs involved with home ownership and maintenance. When you’re searching for the right fit, consider making a checklist or worksheet that lists all of the different home options and related fees. Having a side-by-side comparison of the total costs involved can help you make the most informed decision for your new home purchase.

Homebuyers now have the convenience of searching for Minnesota homes for sale online. People can search the MN MLS to find properties all throughout the state, listed by price and/or by neighborhood.

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Buying Your First Home & Understanding Different Home Types

Real Estate Advice | Posted by homesforsaleinminnesota
May 23 2009

No matter where you are in your life, buying a home may be in your very near future. National statistics indicate that most people move between five to seven times during their lifetimes, which means you’re likely to move at least once every 5-10 years.

There are different types of homes that can match the unique needs of buyers. There are condominiums suited for the budget and lifestyles of bachelors and newly weds. In contrast, single-family detached homes have the space that can accommodate a large family. Always consider what each type of homes offers and how can they fulfill your needs when looking to buy a new home.

Condominium: Condos are perfect for those who are looking for an affordable way to live in a city. Condos became popular during the 70s and buying one does not mean you actually own the unit in the strictest sense, explains Ilyce Glink, who wrote the book ’100 Questions Every Home Buyer Should Ask’. Instead, you are investing in the shared properties of the complex such as the stairs, walls, flooring and ceilings.

Town Homes: Town homes are very similar to single-family detached homes but they are clustered together in rows and this is the reason they are sometimes referred to as ‘row homes’. Most town homes give the owner full ownership of their houses but some are part of homeowner’s associations. Homeowner’s associations oblige its members to pay monthly fees for the expenses of common amenities such as parking lots, laundry room and playgrounds.

Single-Family Houses: Single-family houses are very popular for first time homebuyers. There are a lot of styles and variations that you can choose from if you are considering to buy a single-family house. These houses can be built on one’s own lot or built within a small community. Owners of single-family houses have the sole responsibility for all expenses concerning maintenance and ownership of their house.

Mobile Homes: These homes are really portable or moveable houses. You do not need to buy land but most mobile parks charge for rent. Mobile homes have simple home amenities and are relatively more affordable than other types of homes.

Pre-fabricated Houses: Pre-fabricated houses are of higher quality and are made of more durable materials than mobile homes. Like mobile houses, pre-fabricated houses rent the land below it and can be moved from one site to another.

Being familiar with the varied advantages and disadvantages of each kind of homes will make searching for the right home easier.

Anticipating your future wants and needs will also aid you in your decision. Know what your medium to long-term goals are, or your plans for the next five years, and treat your home as an investment. If you’re single then maybe a condominium is the right home for you since it is affordable and will allow you to have an urban lifestyle. But if you have a family and want stability, you want to consider settling in a single-detached home or a town home as these have ample space to sustain your entire family.

If you are a new homebuyer searching for houses for sale in Minnesota , using the internet is one of the easiest ways to find what you are looking for. The MN MLS allows you to search by price and location, throughout the state.

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