What are the pros and cons of adding on or buying new? Before making a choice between adding on to an existing home or buying a larger one, consider these questions: * How much money is available, either from cash reserves or through a home improvement loan, to remodel your current house? * How much…
How can I save on closing costs? Studies show that the closing costs, which can average 2 to 3 percent of a total home purchase price, are often more costly than many buyers expect. But there are some ways to save: * Negotiate with the seller to pay all or part of the closing costs.…
What is the return on new versus previously owned homes? Buying into a new-home community may seem riskier than purchasing a house in an established neighborhood, but any increase in home value depends upon the same factors: quality of the neighborhood, growth in the local housing market and the state of the overall economy. One…
What is the difference between list and sales prices? The list price is how much a house is advertised for and is usually only an estimate of what a seller would like to get for the property. The sales price is the amount a property actually sells for. It may be the same as the…
Is there a secret to good negotiating? There are several cardinal rules to negotiating effectively. One is do your homework, and learn as much about the seller or the buyer as you can. Another is to play your cards close to your vest and not reveal too much information to the other party or their…
Whose obligation is it to disclose pertinent information about a property? In most states, it is the seller, but obligations to disclose information about a property vary. Under the strictest laws, you and your agent, if you have one, are required to disclose all facts materially affecting the value or desirability of the property which…
Should I add on or buy a bigger home? Consider these questions before making a choice between adding on to an existing home or moving up in the market to a bigger house: * How much money is available, either from cash reserves or through a home improvement loan, to remodel the current house? *…
What is the difference between market value and appraised value? The appraised value of a house is a certified appraiser’s opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process. Market value is what price the house will bring at a given…