Bruno Real Estate Advisors
RE/MAX Welcome Home  |  508-479-9499  |  info@brunorealestateadvisors.com


Posted by Bruno Real Estate Advisors on 5/13/2018

If youíre getting ready to buy a home, you know it will be one of the most significant purchases of your entire life. However, are you fully prepared for all of the expenses that buying a home will bring? You donít want to buy a house to find out that you canít afford it after all.


Many expenses go into buying a home that you can plan for ahead of time. Other costs arenít as exact that you will need to add in your budget. Read on to learn more about many of the expenses that throw first-time home buyers for a loop. 


Closing Costs


Closing costs encompass a whole bunch of expenses that youíll incur buying a home. These include:


  • Taxes
  • Application fees
  • Attorney fees
  • Title insurance
  • Reimbursements
  • Recording fees

No matter what the closing costs include, you should plan for these expenses to be about 2-5 percent of the price of your home. Costs can vary widely, but itís good to have a bit of extra cash on hand.


Maintaining Your Home


While most homebuyers are prepared for the initial costs of buying a home, they don't know how much it costs to maintain a home. Each year, things will come up on your property that needs to be addressed continually. These tasks include:


Cleaning

Yard care

Gutters

Pressure washing


These routine tasks are independent of other costs like replacing a stove or fixing a furnace. Homeowners need to be prepared for these expenses as well.


Taxes


Taxes can increase or decrease for any given year. You can lookup taxes in the area where youíre planning to buy a home in order to prepare yourself. You should make sure that your property taxes are comparable with that of other homes in your area.

Utilities


Utilities are what your home runs on. Depending on the climate you live in the number of utilities you pay can vary. Take into account these things:


  • Heat
  • Air conditioning
  • Water
  • Electricity
  • Phone
  • Cable
  • Internet

Most neighborhoods have one or two choices for services, so you can ask people in the neighborhood what providers they [refer and how much their bills are each month.         



Insurance


Youíre required to have homeownerís insurance when you get a mortgage. Even if you donít take out a mortgage and pay cash for a home, itís a wise decision to protect your investment. Estimate how much a yearly policy will cost you ahead of time. 


This insurance will protect your property from things like theft and fire. You can shop around for the best rates based on policies that suit your needs. Itís easy to price out policies online. See where you can save including discounts for security systems or multiple policy discounts. 


If you live in an area where floods or earthquakes are prevalent, you should be aware. Youíll find you need additional policies to cover damage in the event of these disasters. The most important thing about your homeownerís insurance policy is that you check the details for all of the fine print.       





Categories: First Time Buyer   first home  


Posted by Bruno Real Estate Advisors on 4/22/2018

There are a number of steps involved in buying a home. One of the many important things you should do before closing on a new home is to get the house properly inspected.

Buyers sometimes avoid getting a professional inspection for a number of reasons. Some are on a tight budget and want to save a few dollars. Others have time constraints and want to close as soon as possible. And, many buyers believe that omitting an inspection is a way to show trust in the previous owner.

In this article, weíll talk about why getting a home inspection is such an important part before closing on a real estate deal.

Inspection costs

Closing on a home comes with a number of expenses. Application fees, origination fees, underwriting feesÖ the list goes on. If youíre buying a home, you might be tempted to opt out of getting the property inspected to save money.

The cost of an inspection ranges anywhere from $200 for smaller homes, to $400 or more for large homes. However, the cost of not getting your home inspected can be much greater. Even if youíre knowledgeable when it comes to houses, there are a number of things that only the experts can diagnose.

Having a professional inspect the home is the only way to ensure that there arenít any issues that will come back to haunt you (and your wallet) in the months and years to come.

Saving time

Many buyers are eager to close the deal and begin moving into their new home as soon as possible. Sometimes buyers need to vacate their old home before a certain date, others try to time their move around holidays or school vacations.

There are other ways, however, to make sure you get the house inspected in time. First, make sure youíve included a home inspection in your purchase agreement. This will avoid wasted times debating whether or not you are entitled to inspect the home.

Next, call multiple inspectors in your area for quotes and availability. Delaying this step can make you lose time, and inspectors might charge you more if they have to squeeze you into their schedule.

The best time to schedule an inspection is as soon as your offer is accepted.

Maintaining a good relationship with the seller

It may seem like an act of diplomacy to waive a home inspection. In reality, however, nearly all sellers will understand that you are simply doing due diligence to make sure the process runs smoothly for both of you.

Sellers might sometimes offer you the findings of a previous inspection that they had done. In this case, itís still important to have your own inspection done so that you can walk through the home with the inspector and listen to their feedback. You canít be sure of the accuracy of any old reports, and the previous inspector is only accountable to the seller.


Having a home professionally inspected is almost always a good idea. It can save you time and money in repairs that could have been avoided.






Posted by Bruno Real Estate Advisors on 3/25/2018

If youíre looking for a bargain on a home, there are ways that you can tell a seller is ready to give you a great price. 


The Vocabulary Is Right


Sellers who really want to get rid of their property will never say it directly on a listing. Yet, thereís so many different keywords that can help you to distinguish which sellers are in a rush to sell. These words can be found in the listing and include:


  • Motivated seller
  • Priced to sell
  • Needs TLC
  • Bonus offers for closing within a certain timeframe

These keywords and phrases signal that a seller truly is ďmotivated.Ē


Your Agent Gets The Inside Scoop


Sometimes, a sellerís agent will tell a buyerís agent outright that their client is looking to sell in a hurry. This can help you and your agent to work together to make a good offer and get a good deal on the home. 


A Home Has Gone On And Off The Market


If a home has been on and off the market for some time, itís a good bet that youíll be able to get a good deal on the home. If a buyer backs out, it can really put the seller in a bind. If this has happened several times over a period of time, you may have a good shot at getting a good bargain on a home. Your realtor will be able to research the property history and help you find out exactly what happened to the home in the past. This way, youíll know what youíre getting into with the property and if you have a good shot at making a deal.  


Choose The Right Season


At certain times of the year, such as winter where there are fewer listings, sellers are generally more motivated. Thereís less competition along with less buyers. Anyone who is looking during these times may be able to get a better deal on a home they love because of the low supply and demand.  


A Really Good List Price


If the listing price for a home is a real bargain to begin with, you may have a motivated seller on the other side of the listing. A seller who needs to make a quick sale will often put the home on the market at a great price right from the start. This is all in hopes that the home will fly off of the market. 


A low price can also be a bit of a red flag. The seller may have listed the home at a bargain price in hopes of a bidding war between buyers. If you donít want to get into the competition of trying to outbid another buyer, you may want to avoid homes listed at seemingly too-good-to-be-true prices.   


If youíre looking for a hidden bargain on a home, you can see that there are ways that you can find it pretty easily. Happy house hunting!





Posted by Bruno Real Estate Advisors on 3/18/2018

If this is your first time buying a home, you might be worried that you arenít asking enough questions. Or maybe youíre concerned youíre not asking the right questions--the things that matter the most when making a financial decision as important and life-changing as buying a home.  

While everyoneís situation is unique when buying a home, there are some questions that all buyers could benefit from asking. These questions will help you learn more about the home, how competitive the house is, and how much work youíll need to put into it.

Since time is usually of the essence for people buying a home, it makes sense to ask questions early on so that you donít waste too much time exploring an option that isnít ideal for your situation.

In this article, weíre going to give you 5 important questions to ask when you talk to a seller and their agent so that you can be prepared to make the best decision for you or your family.

1. How flexible is the asking price?

While few sellers or agents will outright tell you if theyíd accept a lower offer, itís still a good idea to ask this question, as it will open up a conversation about the sellerís feelings toward the home and whether theyíre pricing high with the hopes of receiving slightly lower offers.

2. How many offers has the home received?

It may seem counterintuitive, but most agents and sellers will be quite happy to tell you if theyíve received other offers. They know that once you know the current offer youíll have to either come up with a higher offer or move on. Itís a win-win for you and the seller, as it equips both of you with information you need to make the best choice.

3. Why are the sellers moving away?

This question can be personal, so if you receive an answer that suggests itís a family matter, donít press for too many details. However, some sellers and agents will let you know exactly why the house is for sale. From this simple question, you can learn the sellerís timeline for making the sale, details about the schools or neighborhoods, and any other reason that might drive someone to move out of the neighborhood.

4. Are there any problems with the house that you know of?

Although youíll have an inspection contingency in your contract if you do decide to make an offer on the home, itís better to know if there are any issues with the home before going through the bidding process.

Most sellers understand this and will be upfront about any problems with the home, including repairs that need to be made now or will need to be made soon after you move in.

5. What is the average cost of utilities?

Buying a home comes with a lot of added costs and fees. However, many people forget about the changes in the cost of utilities that comes with buying a home--especially if youíre moving from an apartment where some utilities may have been included.

The seller will be able to give you a good estimate on the cost of electricity, garbage removal, internet, heat, and more.




Categories: Buying a Home   sellers agent  


Posted by Bruno Real Estate Advisors on 1/21/2018

When you put your home up for sale, it can be an emotional time. You need to say goodbye to a place where you have lived for at least a small portion of your life. You created memories in that home, and now, itís the job of a new family to make new memories. 


Once the home is well on its way to being sold, there will be an appraisal of the property. Itís scary as a seller to think that the appraisal has the ability to actually halt the entire sale of the home. It can be a confusing process, to say the least, to have your home appraised. You have determined your listing price and received an offer on the home already. It seems like backtracking to value the home after this part of the sale process is complete. 


The Appraisal Removes The Tension


The appraisal is one of the factors that bridges the worlds of the buyer and the seller. As a seller, the things that you think add value to your home may not be all you have hoped them to be. As a buyer, you want to be sure that youíre paying a fair price for the home. Below, youíll find some common myths about home appraisals and the truth about them. 


The Appraisal Is Not The Same As An Inspection


The home inspection is used as a tool to protect the buyer. Although the appraisal is used as a protection for the buyer, the two are separate entities. The inspector looks at everything in the home that can be a problem including leaks, cracks, and faulty electrical systems. The home appraiser is simply meant to find the objective market and the estimated value of the home in that market.


The Appraisal Isnít How Much The Buyer Will Pay


While the appraisal gives a good estimate of the value of a home, it doesnít take every single factor into account. Itís one version of how much the home should be priced at. What the appraisal does affect is the contract on the home. 


If the appraisal doesnít match the contract price, letís say that the home is appraised lower than what youíre paying for it, the lender will not make up the difference. It can become a discussion between the buyer and the seller to see who will pay for the additional uncovered cost of the home. The buyer can pay the difference themselves. The seller may decide to cover the difference themselves. Either way, this is where the home buying process can get kind of messy.


Bigger Homes Donít Necessarily Appraise For More Money


Just because a home is bigger, doesnít mean that itís worth more than the smaller home next door. A larger home could have issues with age such as an older roof, or less complex fixtures. If a smaller home is more updated, it very well could appraise for more. Donít count on the square footage to dictate the appraisal price of a home.




Tags: Buying a home   appraisal  
Categories: Selling Your Home   home value