Buying

Gatting a Home Waranty is a good idea. Here is a video from HWA

Carefully review Community Bylaws before Buying a Home

If you’re looking at a home that is part of a planned community or has a homeowner association (HOA), you should be aware of monthly or annual dues, rules regarding your property (pool, lawn decorations, landscaping, parking, fences, painting, pets), and any other rules they may have, or have the authority to make, in the future.

Many people enjoy living in a planned community because they feel safe and want to meet others in the neighborhood. Most planned communities organize several events throughout the year where neighbors can meet each other and have some local fun. Some of these communities have pools, tennis courts, walking trails, playgrounds, schools, parks and other amenities.

There are definitely both pros and cons to being part of a planned community that has bylaws and/or a homeowner association. It’s really a personal lifestyle decision — just be sure you know what you’re getting into before you make a purchase.

If you are looking to buy a home in the North Texas area, please go to my website www.HomesinFlowerMoundTX.com for a great search engine. You can also call Phil at 972 439-9033 to set up a custom search. I also have a website that makes it easy to set up a custom search that will e-mail you when new listings go on the market. It is www.dfwpreferredbuyer.com. Thank you and have a great day!

Carefully Review Community Bylaws when buying a new home.

If you’re looking at a home that is part of a planned community or has a homeowner association (HOA), you should be aware of monthly or annual dues, rules regarding your property (pool, lawn decorations, landscaping, parking, fences, painting, pets), and any other rules they may have, or have the authority to make, in the future.

Many people enjoy living in a planned community because they feel safe and want to meet others in the neighborhood. Most planned communities organize several events throughout the year where neighbors can meet each other and have some local fun. Some of these communities have pools, tennis courts, walking trails, playgrounds, schools, parks and other amenities.

There are definitely both pros and cons to being part of a planned community that has bylaws and/or a homeowner association. It’s really a personal lifestyle decision — just be sure you know what you’re getting into before you make a purchase.

Choose a Neighborhood Before Choosing a Home

If you’re looking to buy a home, be sure to spend as much time — if not more — checking out the neighborhood as you do looking at the home itself. Picking the right neighborhood will determine your family’s safety, education and attitude. In short, the neighborhood you live in affects your quality of life.

Location — This one is first and to some degree affects all the others. How close are you to your  jobs, schools, shopping, restaurants, parks, museums, freeways, public transportation and medical facilities?

Crime/Safety — Check with local law enforcement to review crime statistics. In addition, visit local shops at different times of the day to see what they’re like, especially at night. It’s amazing how the feel of a place can change once the sun goes down.

Schools — If you have, or plan to have kids, see how the area schools rank. If they are not that good, are there alternatives, public or private? Schools affect values.

Social Life — Is the neighborhood close to your family and friends? Keep in mind if you have to drive an hour for a social visit, you won’t do it very often. In addition, is there a neighborhood activity center, coffee shop or pub — a place where locals gather?

Property Values — Are prices going up, down, or what? Make sure you know.

Open Space — Are there parks, trails or other open spaces where you can walk, jog, bike, or take the dog for his morning … exercise?

Traffic — Drive by schools, shopping and other hot spots during prime time to see if you can live with the pace.

Future Construction — Check with the home owner association or city agency to see what plans they have for the future. Things change; make sure you know what to expect.

Neighbors — Go ahead and knock on a few doors. Simply introduce yourself, tell them you’re looking to buy in the area, and ask for their input. Do they have positive things to say. Are they friendly?

Of course there are many other considerations, but this covers most of the important ones. While your realtor should be able to answer many of these questions, be sure to check for yourself. After all, you’re the one that will be living there. Once you’ve identified your perfect neighborhood, it’s time to move on to the next step and start looking for your dream home.

Common Closing Costs

If you have ever bought or sold a home, you’re probably aware of the costs associated with a real estate transaction. If you’re a first-time buyer, however, you might want to know what “closing costs” to expect. Keep in mind costs and fees vary from state to state, and there may be unique costs to your locality, but the following are pretty common:

* Escrow fees
* Property taxes
* Interest
* Loan origination fee
* Loan discount points
* Title insurance
* Survey fee
* Recording fee
* Document preparation fees
* First payment to escrow account for taxes
* First payment to escrow account for insurance
* Homeowners insurance
* Homeowner association fee
* Home inspection report
* Property appraisal

Once you pinpoint the home of your dreams, ask Phil and he will be able to give you a good estimate of anticipated costs.

All Home Warranties Are Not the Same

Whether you’re buying or selling a home, chances are good that a home warranty will be discussed at some point. So, what is it?

In short, a home warranty is a service contract — similar to an insurance policy — that protects the new home owner against the cost of unexpected repairs or replacement on major systems and appliances that may break down due to normal use. Of course, the coverage is only for systems and appliances in good working condition at the start of the warranty period.

All home warranty plans are not the same, so be sure to check to see which items are covered, and whether or not it covers full replacement value. Common items covered include plumbing, electrical, furnace, refrigerator, dishwasher, garbage disposal, stove, microwave, water pump, washer and dryer, heating ducts and water heater. Swimming pool equipment, hot tubs, saunas, and landscaping items are usually available with a surcharge.

A home warranty is not a requirement to sell your home, but is frequently offered by the seller upfront to ease the buyer’s mind both during and after the sale. If the home owner is not offering a home warranty, it is usually negotiated into the offer at some point by either the buyer or seller. A good home warranty plan costs around $400 and normally covers items for one year.