Sunrise Homes & Renovations, Inc.

How Long Should I Spend Looking For a New Home?

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How Long Should I Spend Looking For a New HomeWhether you’ve been looking for a home for a long time now, or you’re just about to get started on the hunt, you’re probably wondering how long should you spend looking for a new home. Does it take weeks to find your forever home, or months or even a year? What’s typical?

There Is No Typical

The reality is, there is no typical amount of time it takes to find your home. There are too many variables, including how actively you’re looking. Maybe you’ve heard horror stories of people who’ve been hunting for a house for a year. But come to find out, they’ve only really devoted one weekend a month to looking at houses.

Or you’ve heard of a couple who found their dream home in just two days. Well, odds are they spent many nights online, sifting through hundreds of house images and only went to see a handful of homes in person which really met their search criteria.

The Market Plays A Part

It takes longer to find a home when the market is slanted toward sellers. In times like that, there’s less inventory and the houses that are available may be out of reach financially. Keep looking, though, because your real estate agent may find the ideal house on the market from a motivated seller who’s wiling to come down on the price. Hang in there and you’ll find your dream home in any market.

Does Your Dream Home Exist?

If you feel like your home search has been dragging on despite a favorable market, it could be you’re looking for something too elusive to find. Maybe it’s not the houses you’re dissatisfied with, but something else. You may be unconsciously trying to recapture something you’ve lost, like your old childhood neighborhood or a feeling of community.

These are all valid desires that you can acquire with the right home in the right place. Try to identify what you’re really looking for so your real estate agent can help you find it. 

When it comes to finding your home, it takes as long as it takes. Enjoy the process, communicate with your real estate agent and try to keep an open mind. One day, when you least expect it, you’ll walk through the doors of your next home for the first time. 

11 Simple Ways To Save Money Toward The Purchase Of Your New Home

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11 Simple Ways To Save Money Toward The Purchase Of Your New HomeIf you find it difficult to make ends meet, these tips will help you save money in ways that are easy to do and create substantial savings over time.

Declutter

Get rid of stuff you do use or need by having a garage or yard sale or by putting things for sale on eBay or Craigslist.

Make Your Own Coffee

Do you really want to make that billionaire richer by buying coffee for $5+ a cup? Make your own gourmet coffee that costs around 50 cents per cup for the same thing.

Bring Your Own Lunch

Making your lunch the night before to take to work the next day will give you more time to enjoy lunch. You will save the money that is wasted when driving to fast-food restaurants or going to pricey lunch places.

Grow Some Food

Everyone should have a garden, even if it is only a window garden for herbs. If you have some room for pots, you can grow tomatoes and other vegetables. If you have a back yard or a front yard you can grow tons of stuff.

Buy In Bulk And Use Coupons

For the things that you use on a regular basis, stock up when the items are on sale. Buy things at discount stores. Buy bulk things like rice and pasta at wholesale prices in co-ops. Coupon clipping is a hobby that pays for itself in savings. Just be careful not to buy things you do not really need or use.

Change Home Lighting

If you have not yet changed out all your incandescent bulbs to compact fluorescent bulbs, what have you been doing? Change those bubs right away because you are burning up money on wasteful lights.

Install Smart Home Technology

Making a home run with more energy-efficiency is reduces your bills and helps the planet too. Smart home technology monitors comfort zones and turns things off when they are not needed.

Cut The Cable

An expensive monthly bill for cable TV is something many can do without. There are plenty of less expensive alternatives and tons of free content to view online.

Make A Change Jar

Every time you come home, put all the change you have in a change jar. You will be surprised how much money builds up over time and you will hardly even notice it is missing.

Walk Instead Of Drive

Do you have to drive your car everywhere? Try walking short distances instead. Not only will you save money on gas; walking may improve your health.

DIY Projects

Instead of paying others to do simple jobs around the house, do them yourself. There are plenty of do-it-yourself (DIY) guides on YouTube that show how to do just about anything. You will save the expensive labor cost for simple home repairs that can be up to $75 per hour.

Are you inspired? OK. Put some of these ideas into action. Ready, set, save!

Your trusted real estate professional is a skilled negotiator. Be sure to utilize this savvy resource as soon as you are considering a new home purchase.

How To Cut A Great Deal On A New Home Construction

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How To Cut A Great Deal On A New Home ConstructionSavvy home buyers often get great deals on new home constructions by asking for deals and discounts and doing some up-front research. 

Home builders often dislike offering steep discounts in sales prices because they want everyone in the community to feel like they bought their property at a fair price. Maintaining sales prices also helps with future home appraisal values. It helps all of the buyers in a neighborhood to keep sales prices consistent and growing. 

Fortunately, you can still get great discounts that can reduce the cost of your new home.

Ask the builder if they can do the following:

Settle Closing Costs 

Closing costs vary depending on your state. On average, the costs can be as high as $10,000. In Colorado, for example, a standard closing is about 3 percent of the selling price.

It’s important to note that closing costs vary widely and can be structured in many ways. Make sure to consult a trusted mortgage finance professional to get the best information on your situation. But if the builder pays the bill, that money remains in your pocket. Isn’t that a great discount? 

Buy Down Your Interest Rate 

Although interest rates are low, if a builder is willing to buy down your rate further as part of the closing, it would reduce the amount you pay monthly in interest on your mortgage payment. That makes it manageable in the long run. Once again, your mortgage professional can give you the best details on this idea.

Offer Free Upgrades 

Most homes have standard built in appliances. To get high-end appliances, home buyers normally have to pay for upgrades. Ask your builder if you can get the upgraded home appliances or other upgrades without paying extra. It’s a great strategy to move into an improved new home. 

Additional Discounts 

To sweeten the deal, home builders can throw in additional discounts such as automated garage doors, landscaping, finished basements and window coverings. These discounts are worth asking about.

Although these strategies are great, there are some situations that make it more difficult to get sales concessions. Therefore, as you negotiate, keep the following in mind: 

  • If business is going great, deals become more unlikely as builders have little motivation to give discounts. 
  • You may not end up with the perfect home you want since you may be buying a home that’s near completion or already built. 
  • The best home locations may be taken because properties in prime lots are usually the first to sell. 

Knowledgeable buyers are most capable to cut great deals. Therefore, research new construction homes in your preferred neighborhood, visit some homes and compare what deals you can get. Above all, don’t hesitate to ask questions of your trusted real estate and mortgage professionals.

 

Buy Or Build Your Home? 5 Factors To Consider

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Buy Or Build Your Home? 5 Factors To ConsiderA home is one of the biggest investments you can make, and the American Dream for many. Most people spend significant time finding or designing their “dream home.” The first decision is whether to buy or build. 

As of September 2018, the average sales price of a new home was $377,200, according to joint data collected from the U.S. Census Bureau and the Department of Housing and Urban Development. Existing homes sales price was approximately $258,100, according to the National Association of Realtors. 

New homes attract bigger prices than existing ones, meaning building costs are also high. So, how do you decide what is best for you?

Here are five factors to consider. 

Time 

Building a home takes time since you must complete several phases. You must buy land, find an architect to design, get building permits, find a contractor and start building. It can take between six months and a year before you move into your new home. 

Buying an existing home shortens that time. For a new house, you can move in once the escrow closes. Older homes may require renovations, but it won’t take long. 

Home Design 

Building your home gives you the benefit of customization. Working with your architect, you can design your dream home to reflect your taste and preference. Buying an existing home, means you may have to compromise on a few aspects. 

Energy Efficiency 

Rising energy costs is a concern to potential homeowners. Designing your own home means you can incorporate measures to be energy efficient. Buying an old home may require more resources to upgrade. That might end up hitting your wallet harder. 

Fortunately, most homebuilders are responding to market demands for energy efficient homes. Most new homes meet these standards. 

Budget 

Budget is an important consideration when buying or building your home. A buying price on an existing home reflects the value of the house.  

Building, on the other hand, means you have to juggle a budget constantly throughout the construction period. It is not uncommon to spend more than you budgeted for initially. 

Even if you decide to find a perfect existing home, you may finally opt to build. Conversely, you may strategize to build and later choose to buy an existing home. In both cases, working with qualified professionals such as a trusted mortgage lender, real estate agent or a builder can make the process seamless.

 

5 First Steps For New Homeowners

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5 First Steps For New HomeownersAs a new homeowner, now is the time to take control and organize your house for safety and security. The following first five steps should be carried out in the first few weeks if possible.

1. Change The Locks

There’s no way of knowing if the previous owners gave copies of the house keys to a friend, neighbor or cleaning staff. The very first thing you should do when you take ownership is to re-key the locks on all the doors, including the garage and any outbuildings there may be on the property.

Alternatively, you can install brand new locks. Either way, a locksmith can take care of this for you.

2.  Locate Shut-Off Valves

Don’t wait until a water leak to run around searching for the main shut-off valve. Instead, take a few minutes to locate all the shut-off valves for your new home. Write down their locations and post the list next to your circuit breaker.

3. Label The Circuit Breaker Switches

As the new homeowner, you’ll want to know what each circuit breaker switch controls. Work with a family member to methodically go through and flip each switch off and on to figure out the controls. Then carefully label each switch so you never have to guess again.

4. Place Fire Extinguishers

Be ready for a small fire emergency by placing fire extinguishers in each room of your new home. For the kitchen and garage especially, be sure to purchase the correct type of fire extinguisher. The labels on the extinguishers will guide your decision. Even bedrooms could have at least a small extinguisher handy, in case of an electrical malfunction. 

5. Survey The Land

It pays to walk the land around your property to visually survey it. You’ll want to know about potential issues, such as poison ivy growth or a broken fence panel. You might also find some happy surprises like a hidden rosebush or a nest of birds.

Taking the time to do these five steps will assist in making your new home more enjoyable for your family. They will also help you to familiarize yourself better with your new property. 

Your trusted real estate agent will be there to assist you from beginning to end of your homebuying experience. Be sure to contact this valuable resource as soon as you are ready to start your search.

New Home Construction Boom Expected

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New Home Construction Boom ExpectedThe housing market has been trending in a positive direction and economic indicators point to new home construction going vertical.

Following the housing bubble and sluggish post-recession economy, construction companies largely turned their attention away from new homes. Diminished values, high regulatory and materials costs served as deterrents to home-building.

But the economic revival the country is experiencing – coupled with a housing shortage – has builders poised to jump back into the single-family home game. Here are three reasons new home construction is expected to boom.

1: First-Time Buyer Lifestyles

Consider that the last big new construction boom occurred 12-16 years ago. Those so-called “new” homes are well lived in these days. The trickle of actual new homes since cannot come even close to meeting the demands of Millennials entering the housing market. This demographic also tends to look for vastly different things than the traditional buyers before them.

Millennials grew up immersed in technology. Smart-home and Green features rank high on their check list. Items such as solar panels, automation and being able to manage a living space from a phone app simply were not part of the previous housing boom equation. Simply put, young first-time buyers want a type of home that fits their life experience.

2: New Home Economics

The inventory shortage has driven many people to rent. Many would rather invest that monthly housing cost into equity and gain tax write-off benefits. Also, a high number of military service members are returning to civilian life as the War on Terror winds down. That means you have a growing number of people with the ability to secure friendly VA mortgages that require no down payment.

Stateside, tech and career schools are turning out graduates that are entering good paying jobs. This all adds up to a large number of first-time homebuyers with the economic temerity to reach above traditional starter homes.

3: Rising Mortgage Rates Matter

Some economists forecast economic shrinkage when the Fed raises rates. The president recently voiced his displeasure over the move.

But the rate increase remains a natural phenomenon in an economy enjoying historic positive measures. Record-low unemployment and a GDP that posted 4.1 percent growth are touchstones that everyday Americans are doing better and can afford a little more.

While naysayers may claim the modest interest rate increase will result in economic contraction, it could have exactly the opposite effect in the new construction market.

Consider that home-builders who shifted to other niche markets see a window for improved revenues given the tight home inventory. The uptick in rates means that people will likely be prompted to buy sooner, rather than wait for the next hike. That could be another reason a new construction perfect storm is brewing.

The winds appear to be blowing in the right direction for construction companies to jump back into the new home game. These homes are likely to sell quickly, and builders could see tremendous pre-sale interest. If you are interested in buying a newly built home or one still on the drawing board, your trusted real estate professional is sure to be one of your very best assets.