February 2020 · 6 2020 Homebuyers Guide Friday, February 28, 2020 Beautiful landscaping can add...

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February 2020

2020 Homebuyers Guide2 Friday, February 28, 2020

THE CHOICE FOR STAYING PUT OR MOVING ON

ContentsThe choice for staying put or moving on . . . . 3

Get the facts on going solar . . . . . . . . . . . . 4

Tips when planting shade trees . . . . . . . . . . 6

When to tackle weeds in your lawn . . . . . . . 7

Simple ways to cut mortgage costs . . . . . . . . 8

Home inspections 101 . . . . . . . . . . . . . . . 9

Peace of mind you deserve . . . . . . . . . . . 10

5 factors to consider when buying a home . 12

Transition smoothly after relocating . . . . . . 13

Real estate agents vs. Real estate brokers . . 14

Choosing a mortgage lender . . . . . . . . . . . 15

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Many home improvement television series showcase people deciding whether to improve upon their current homes to make them into the houses of their dreams or to put “for sale” signs in their lawns and move on to something new.

The question of whether to move or stay put depends on various factors. Such factors may include emotional attachment to a home, the current economic climate and the cost of real estate. Current data points to a greater propensity for people to invest and improve upon their current properties rather than trading up for something new.

According to information collected by John Burns Real Estate Consulting, the percentage of homeowners moving up to their next home is the lowest in 25 years. Many are opting to make starter homes permanent by expanding them and repairing homes for the long haul.

The National Association of Realtors said that, between 1987 and 2008, home buyers stayed in their homes an average of six years before selling. Since

2010, however, NAR says the average expected length of time people will stay in their homes before selling is now 15 years.

Part of what’s fueling this permanency is that many home buyers were able to acquire rock-bottom mortgage interest rates shortly after the 2008 recession. As a result, they’re not inclined to walk away from those rates, even if doing so means getting more house. Also, a low inventory of available houses has stymied repeat buying for many people.

Those factors and others have led many homeowners to invest in renovations instead. The experts at Bankrate say realistic budgeting and comparing renovation project costs against mortgages and interests rates can further help individuals decide whether to remain in their current homes or move out. Very often a smarter layout and more efficient floor plan can make meaningful differences in spaces. Renovations and redesigns can make sense and often are less expensive and disruptive than moving.

THE CHOICE FOR STAYING PUT OR MOVING ON

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Solar energy is gaining traction, particularly among homeowners who are realizing that the sun’s rays can be used to power to their homes, businesses and cars while benefitting both the planet and their bottom lines.

The Solar Energy Industries Association says that, with more than 135,000 installations in the first half of 2015, nearly 784,000 U.S. homes and businesses have now gone solar and a new solar project was installed every two minutes. There are now more than 22,700 MW of cumulative solar electric capacity operating in the United States, enough to power more than 4.6

million American homes. The government of Canada says wind power and solar photovoltaic energy are the fastest growing sources of electricity in Canada.

Recognizing that solar energy has so many cost benefits and so much potential in protecting natural resources, more and more homeowners are investigating the idea of installing solar energy systems in their homes. The following are some things homeowners should consider as they ponder whether or not to install solar energy in their homes.

· Ideally, panels should face the southwest, but the direction of the panels

isn’t as important as you might think. Panels can face various directions with acceptable results. Homeowners should not let the layout of their properties deter them from installing solar energy.

· The addition of solar panels should not adversely affect the assessment value of a home, nor increase property taxes.

· According to SolarEnergy, a resource on residential solar products, there may be different “tiers” of usage that determine utility companies’ rates concerning energy. The top tier may be removed from the billing formula when solar power is used in conjunction with

an electric energy provider. Speak with a utility company representative to learn more.

· Assess just how much energy you will need to determine which solar options will be available to you. In addition, make other changes around the house to reduce energy consumption, such as putting HVAC systems on timers, shutting off lights when leaving rooms, opening the drapes to let in more natural light, and replacing traditional light bulbs with more efficient alternatives.

Solar energy can be a viable option for homeowners looking to curtail costs and do their part to preserve the planet’s natural resources.

GET THE FACTS ON GOING SOLAR


According to the State of the Nation’s Housing 2018 report from the Joint Center for Housing Studies of Harvard University, nearly half of all renters are paying more than 30 percent of their income on housing. The report also noted that, between 1990 and 2016, national median rent rose 20 percent faster than overall inflation. That’s likely one reason why many people within the United States are leaving behind states that have traditionally been associated with high costs of living. An analysis of data from Realtor.com found that many Americans are leaving

states with high costs of living, high taxes and lagging job markets in favor of places with more affordable

costs of living. After examining data from the U.S. Census Bureau and using its own search data of homes

GET THE FACTS ON GOING SOLAR

across the nation, Realtor.com found that the state of New York had the highest negative net migration in the United States. That means more people were leaving the state of New York to live elsewhere than any other state in the country. Cost of living no doubt drives much of that migration, as a survey from the Council for Community and Economic Research found that, in the first quarter of 2018, New York was the third most expensive state to live in the United States, behind only Hawaii and California.

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Beautiful landscaping can add instant curb appeal to a property. But beauty isn’t the only thing that makes idyllic landscaping attractive to homeowners. Some landscaping features, such as shade trees, save homeowners money while adding aesthetic appeal.

The U.S. Department of Energy notes that shading is the most cost-effective way to reduce solar heat gain in a home. Shading also cuts air conditioning costs, which tend to be expensive in areas with warm, humid climates. In fact, the DOE notes that well-planned landscapes can reduce unshaded homes’ air conditioning costs by anywhere from 15 to 50 percent.

When planting shade trees, one of the first decisions homeowners will need to

make is which type of tree, deciduous or evergreen, they want to plant. Deciduous trees are those that seasonally shed their leaves, while evergreens are trees that keep their leaves throughout the year. Deciduous trees can help keep homes cool in the summer by blocking sun, and those same trees can be beneficial in winter after they shed their leaves by letting the sun in and keeping homes warm. But evergreens also can be beneficial in winter by blocking wind, potentially preventing cold air from making its way into a home through cracks in walls or around windows.

When planting shade trees, techniques vary depending on which type of tree homeowners ultimately choose to plant.

PLANTING DECIDUOUS TREES

The DOE says that deciduous trees that are between six and eight feet tall when planted will begin shading the windows of a home within a year of being planted. Depending on the species of the plant and the home, those same deciduous trees may begin shading the roof within five to 10 years of being planted. When planting deciduous trees, homeowners should keep these tips in mind.

· Plant trees to the south of the home. When planted

TIPS WHEN PLANTING SHADE TREES


make is which type of tree, deciduous or evergreen, they want to plant. Deciduous trees are those that seasonally shed their leaves, while evergreens are trees that keep their leaves throughout the year. Deciduous trees can help keep homes cool in the summer by blocking sun, and those same trees can be beneficial in winter after they shed their leaves by letting the sun in and keeping homes warm. But evergreens also can be beneficial in winter by blocking wind, potentially preventing cold air from making its way into a home through cracks in walls or around windows.

When planting shade trees, techniques vary depending on which type of tree homeowners ultimately choose to plant.

PLANTING DECIDUOUS TREES

The DOE says that deciduous trees that are between six and eight feet tall when planted will begin shading the windows of a home within a year of being planted. Depending on the species of the plant and the home, those same deciduous trees may begin shading the roof within five to 10 years of being planted. When planting deciduous trees, homeowners should keep these tips in mind.

· Plant trees to the south of the home. When planted

to the south of the home, deciduous trees can screen between 70 and 90 percent of the summer sun while still allowing residents to feel summer breezes.

· Consider sun angles. Homeowners who want to shade their homes from low afternoon sun angles should plant trees with crowns that are lower to the ground on the west side of their homes.

· Cool air before it reaches your home. Shrubs and groundcover plants can be planted to cool air before it reaches a home.

EVERGREEN TREES

Planting evergreens to block wind is known as “windbreaking,” which lowers the wind chill near a home. Wind also can be used to cool a home in summer. But these benefits can only be realized when evergreens are strategically planted.

· Location, location, location: The DOE advises planting evergreen trees to the north and northwest of the home to stop wind. In addition, to get the most bang for your windbreaking buck, the distance between the home and windbreak should be two to five times the height of the mature tree.

· Plant trees on either side of the house. Planting trees on either side of the house will direct cooling winds toward the home in the summer.

Shade trees can help homeowners reduce their energy bills, making them valuable and attractive additions to any landscape.

Weeds are the bane of lawn and garden enthusiasts. Weeds can spread rapidly and overrun pristine grass, choking lawns and robbing them of their lush green look. In garden beds, weeds can steal water from thirsty plants, threatening their survival.

A proactive approach that prevents weed growth is easier and less frustrating than dealing with weeds after they have sprouted. That means addressing weeds before they release seeds, and not waiting so long that the damage is already done. According to the home and landscape experts with This Old House, spraying herbicide for weeds in June and July can address weeds before seeds are set. Tilling and installing a new lawn in late August or the beginning of September can help the lawn establish itself before the first frosts arrive, all the while avoiding weed growth.

The weed control experts at Roundup also suggest a springtime application of weed killer if this is the desired route. Early treatment can prevent weed roots from spreading too far in the soil, which can reduce the chances that weed remnants will be left behind to grow at a later time.

Homeowners with small lawns or gardens or those who prefer hand-weeding or using nonchemical ways to treat weeds must take steps to address the weeds early. Gardeners can try suffocating weeds by placing wood, blocks or plastic over them. Wet newspaper used as mulch can block weed formation and also clear patches of unwanted grass so that garden beds can be mapped out. Pouring boiling water on weeds or pulling them by hand is more effective when roots are young and have not yet spread.

The UK-based company Lawnsmith also suggests a mid-spring weed killer application. This ensures that all weeds that have surfaced are addressed and that none are missed by weeding too early.

The Idaho-based Town & Country Gardens suggests lawn and garden enthusiasts wait to tackle weeds. By waiting and applying weed treatments in the fall, when dandelions and other weeds are absorbing food and nutrients in larger quantities to survive winter, homeowners can rid their lawns and gardens of weeds efficiently.

Weeds are a nuisance and an eyesore in lawns and gardens. Choosing the right time to treat them can ensure they don’t adversely affect lush landscapes and thriving gardens.

WHEN TO TACKLE WEEDS IN YOUR LAWN


Monthly mortgage payments are the biggest single expense for many homeowners. So it’s understandable why plenty of homeowners would love to trim those costs.

A host of factors determine how much homeowners pay for their mortgages each month. The cost of the home, the amount of the initial down payment and property taxes, which are often folded into monthly payments, will factor heavily into the cost of home ownership. While homeowners may feel as though there’s little wiggle room to cut the costs of their mortgages, there are several ways to do just that and potentially trim years from the life of a home loan.

· Make bi-weekly payments. Making bi-weekly instead of once-a-month payments can save homeowners substantial amounts of money. A year’s worth of once-a-month payments equates to 12 payments per year. But homeowners who pay on a bi-weekly basis will make 26 half payments, or 13 full payments, per year. That extra annual payment can be applied directly to the principal, dramatically reducing how much homeowners pay in interest over the life of their loans.

· Stop paying PMI. Homeowners whose initial down payments are less than 20 percent of the sale price will have to pay private mortgage insurance, or PMI.

But once the balances on such mortgages falls below 80 percent, homeowners can cancel such insurance. Homeowners may also be able to stop paying PMI by

having their homes reappraised.

· Refinance the loan. Refinancing a loan also can save homeowners substantial amounts of money each month. Homeowners are typically eligible for lower interest rates when refinancing their loans, meaning they will pay less in interest each month. However, refinancing is not free, so homeowners should first check the going home interest rates and examine their credit scores to see if the interest rate they’re likely to get upon refinancing will save them money. The cost of refinancing might be more than homeowners can save.

· Request a tax reassessment. Real estate values increase and decrease, and homeowners who feel their homes have decreased in value can request that their homes be reassessed. Homeowners whose homes are assessed at a value lower than the current value can expect to pay less each month in taxes.

Homeowners hoping to cut mortgage costs have various options at their disposal.

SIMPLE WAYS TO CUT MORTGAGE COSTS


The process of buying a home can be unlike any experience prospective buyers have ever had. After finding a home they like and coming to an agreement on a sale price with the seller, buyers can expect to add many items to their to-do list. One of the first things to jot down on that list is scheduling a home inspection.

Home inspections are a vital part of the home buying process. Such inspections can protect buyers as they’re on the cusp of making what will likely be the most significant investment of their lives. Understanding the home inspection process can help buyers during an exciting yet potentially nerve-wracking time in their lives.

WHAT IS A HOME INSPECTION?

The American Society of Home Inspectors defines a home inspection as an objective visual examination of the physical structure and systems of a house.

Inspectors will conduct visual examinations from the roof to the foundation of the home. Additional structures on the property, such as sheds or detached outdoor living areas, are not typically included in the examination.

WHAT DO INSPECTORS EXAMINE?

The ASHI notes that inspectors will examine the condition of various parts of the home. The heating system, central air conditioning unit, interior plumbing and electrical systems, roof (though inspectors will not climb onto the roof), attic and insulation will be examined. Inspectors also will examine walls, ceilings, floors, windows, doors, the foundation of the home, basement (or crawl space), and structural components.

CAN A HOME FAIL INSPECTION?

Homes cannot fail home inspections, which are just assessments of a home’s existing condition. Municipal

inspections are separate inspections conducted by government agencies to verify that a property is in compliance with local codes. Home inspectors will provide detailed reports describing the condition of a home and indicate if any repairs are in order.

DO I REALLY NEED A HOME INSPECTION?

A home inspection is a vital component that can help buyers make the most informed decision possible. Forgoing an inspection can

leave buyers vulnerable to potentially costly repairs and issues with a home that might have been detected with a proper home inspection. In addition, some lenders insist that buyers have home inspections conducted before they will allow them to borrow money.

Home inspections can protect home buyers as they prepare to make the most significant financial investment of their lives. More information about inspections can be found at www.homeinspector.org.

having their homes reappraised.

· Refinance the loan. Refinancing a loan also can save homeowners substantial amounts of money each month. Homeowners are typically eligible for lower interest rates when refinancing their loans, meaning they will pay less in interest each month. However, refinancing is not free, so homeowners should first check the going home interest rates and examine their credit scores to see if the interest rate they’re likely to get upon refinancing will save them money. The cost of refinancing might be more than homeowners can save.

· Request a tax reassessment. Real estate values increase and decrease, and homeowners who feel their homes have decreased in value can request that their homes be reassessed. Homeowners whose homes are assessed at a value lower than the current value can expect to pay less each month in taxes.

Homeowners hoping to cut mortgage costs have various options at their disposal.

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Home ownership is a dream for many people. In fact, buying a home is considered by many people to be a major life accomplishment.

Various factors determine what makes a home an attractive place to live. While some considerations may overlap, others may be unique to individual buyers. Those new to the real estate arena may want to consider the following factors as they search for a new place to call home.

1: PROPERTY TAXES

Property taxes can greatly affect the overall cost of living in a particular home. The real estate company RedFin says property taxes are generally levied by each county and often include taxes paid to schools, utility companies and municipal governments. Property taxes will usually be factored into a monthly mortgage payment, and how high (or low) taxes are can turn an affordable mortgage payment into something that can break

a budget. When calculating payments, be sure to include property taxes in your estimates.

2: JOB SECURITY

The financial resource Fortune Builder says to consider your job security before taking the home ownership plunge. Before committing to an investment as substantial as a home, ensure that you are secure in your job. Similarly, if you are relocating for job prospects, verify that the new location has a thriving job market.

3: LOCAL SCHOOLS

For potential homeowners with children or those planning on becoming parents, area schools should merit significant consideration. Research school rankings and reviews, but know that rankings can change. American Family Insurance Company says to also look at the school budget history of towns you’re considering to see if

residents prioritize funding for education. This can be a measure of how important education is in a given community.

4: COMMUTE TIMES

Home ownership involves both lifestyle and financial decisions. Calculate the time it will take to travel to and from work when considering a certain town or neighborhood. Find out if there is mass transit and what options are available for off-hour travel needs.

5: LIFESTYLE OPTIONS

Quality nightlife, arts and history, community events, proximity to cultural centers or cities, and other factors are at play in choosing a home. Make sure your new community allows you to still enjoy the things you’re passionate about.

Buying a home involves considering various factors that can affect your budget and quality of life.

5 FACTORS TO CONSIDER WHEN BUYING A HOME


residents prioritize funding for education. This can be a measure of how important education is in a given community.

4: COMMUTE TIMES

Home ownership involves both lifestyle and financial decisions. Calculate the time it will take to travel to and from work when considering a certain town or neighborhood. Find out if there is mass transit and what options are available for off-hour travel needs.

5: LIFESTYLE OPTIONS

Quality nightlife, arts and history, community events, proximity to cultural centers or cities, and other factors are at play in choosing a home. Make sure your new community allows you to still enjoy the things you’re passionate about.

Buying a home involves considering various factors that can affect your budget and quality of life.

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People move for various reasons. Some have outgrown their existing homes and need something bigger, while others move to downsize.

Regardless of why people move, moving occurs more often than you might think. The U.S. Census Bureau says one in nine people relocated in 2015 to a new neighborhood, a new state or even across the country. Relocating, whether it’s around the corner or miles away, affects people’s lives in many ways. A smooth transition to a new place involves understanding the process and getting the support necessary to make the move a success.

RESEARCH POTENTIAL DESTINATIONS

Give ample thought to where you might live before uprooting yourself and your family if you have one. The career resource Change Recruitment suggests using the internet as much as possible to learn about the location. Sites like Niche can paint a picture of an area, providing information regarding its demographics, points of interest, schools, and much more. However, an in-person visit will be needed to get a true feel for the neighborhood.

UNDERSTAND THE COSTS

Apart from the fees associated with buying a home, relocating involves hiring movers, unpacking belongings, temporary storage rentals, charges to turn on/off utilities, repairs for the new home, and several other expenses.

If you’re moving because of a career opportunity, the company may contribute to some of the moving costs. Check with a human resources professional to determine if the company provides relocation compensation.

GET OUT AND MEET PEOPLE

Use every opportunity to meet neighbors and people with shared interests. Attend community events and/or school functions. Some employers may have meet-and-greet events. Online services like Meetup list groups of like-minded people who may periodically meet up in your community. The sooner you make friends and acquaintances in your new town or city, the more likely you are to feel at home.

TRANSITION SMOOTHLY AFTER RELOCATING


Real estate transactions often involve significant amounts of money. As a result, it’s common for both buyers and sellers to enlist the services of a host of professionals with real estate experience.

Both buyers and sellers may work with real estate agents and/or real estate brokers en route to buying or selling their homes. Agents and brokers are not one and the same, and there are some important distinctions between the two.

REAL ESTATE AGENT

According to Realtor.com, real estate agents are professionally licensed individuals who can help both buyers and sellers. Agents also may help property owners rent their homes. The amount of training real estate agents need to earn their licenses varies by state. Once individuals finish their required training, they must take a written exam that tests their knowledge of federal real estate laws and general principles as well as the laws specific to the state in which they want to become licensed. Only after passing this exam do individuals become recognized real estate agents. Investopedia notes that achieving agent status is the starting point for most real estate professionals.

REAL ESTATE BROKER

Real estate brokers are those professionals who have continued their education past the agent level and obtained a broker’s license. Each state has its own requirements in regard to becoming a licensed

broker, but education and examinations are necessary regardless of where a person lives.

Realtor.com notes that the extra coursework to earn a broker’s license focuses on various topics, including ethics, contracts, taxes, and insurance. Agents may learn about these topics as well, but coursework for prospective brokers goes into more depth than it does at the agent level.

Brokers also will study and learn about legal issues in regard to real estate. The legal issues brokers may learn about include brokerage operations, real estate investments, construction, and property management. Requirements vary, but Realtor.com notes that brokers often must work as licensed real estate agents for no less than three years before they can earn their broker’s license.

There is more than one type of real estate broker. Principal/designated brokers oversee all agents at a given firm and ensure the agents act in compliance with all real estate laws. Managing brokers tend to focus on the hiring and training of agents. Associate brokers have their broker’s license but work directly under a managing broker.

Real estate agents and brokers can help buyers, sellers and investors successfully navigate real estate transactions, and each can serve their clients in different ways.

WHAT ARE THE DIFFERENCES BETWEEN REAL ESTATE AGENTS AND BROKERS?


broker, but education and examinations are necessary regardless of where a person lives.

Realtor.com notes that the extra coursework to earn a broker’s license focuses on various topics, including ethics, contracts, taxes, and insurance. Agents may learn about these topics as well, but coursework for prospective brokers goes into more depth than it does at the agent level.

Brokers also will study and learn about legal issues in regard to real estate. The legal issues brokers may learn about include brokerage operations, real estate investments, construction, and property management. Requirements vary, but Realtor.com notes that brokers often must work as licensed real estate agents for no less than three years before they can earn their broker’s license.

There is more than one type of real estate broker. Principal/designated brokers oversee all agents at a given firm and ensure the agents act in compliance with all real estate laws. Managing brokers tend to focus on the hiring and training of agents. Associate brokers have their broker’s license but work directly under a managing broker.

Real estate agents and brokers can help buyers, sellers and investors successfully navigate real estate transactions, and each can serve their clients in different ways.

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A home is the most significant purchase many people will ever make. Perhaps because of that, many buyers, particularly those purchasing a home for the first time, are understandably nervous about the home-buying process. The decision regarding which home to buy warrants ample consideration, but so, too, does the buyers’ choice of lender.

Mortgage lenders can be found all over the internet, and the sheer volume of lender options can make it hard for home buyers to find the right fit for them. Couple that with lending-related terminology that many first-time buyers may be unfamiliar with, and it’s easy to see why prospective homeowners can feel overwhelmed about the process of borrowing money to buy their homes.

When looking for a mortgage lender, prospective homeowners should never forget that the choice of lender is, in most cases, entirely theirs to make. When making that decision, a host of variables should be considered. The following are three such factors that, upon ample consideration, may help buyers rest easy knowing they did their due diligence when looking for lenders.

1. REPUTATION/RECOMMENDATION

Just like other businesses, lenders have reputations, and oftentimes those reputations can be determined via some simple online research. Peruse online reviews to determine what past buyers felt about a given lender. If possible, ask friends, family or colleagues who they worked with to secure a mortgage.

2. FEES

Fees vary from lender to lender. Fees should not be mistaken for interest rates, which change daily and are typically

dictated by the financial industry and prospective buyers’ credit history and financial standing. When speaking with potential lenders, ask for a rundown of their fees, and the services those fees include, and closing cost estimates in writing, then compare and contrast fees and costs of various lenders before making a final decision. Some lenders may charge considerably more in fees than others, so buyers should put in the effort necessary to comparison shop.

3. PERSONAL INTERACTION

Buyers, especially those who have never before purchased a home, will likely have lots of questions. This is where personal interaction with a prospective lender should be noted. Securing financing for a home purchase can sometimes seem like an impersonal process, but it doesn’t have to be, and many lenders are happy to answer buyers’ questions. Lenders who answer questions quickly and clearly can make buyers more comfortable about the home buying process. Buyers may want to avoid lenders who seem evasive or unwilling to answer questions in writing.

3 FACTORS TO CONSIDER WHEN CHOOSING A MORTGAGE LENDER

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