Home Buying 101 | RISMedia - Part 29

Home Buying 101 Archive

Do builders provide financing?

Sunday, December 2nd, 2007

Many builders offer financing incentives to help move more buyers into a project. In fact, major building companies often have their own mortgage brokerage subsidiaries, while many other builders routinely refer buyers to "preferred" local lenders. If it is a buyer's market in your area, you can be sure developers ...

What else should I take into account when buying a new home?

Sunday, December 2nd, 2007

You can find out more about an existing property and neighborhood before you buy than you can a new home in a newly developed community. ...

Should I hire a home inspector for a new home?

Sunday, December 2nd, 2007

You would think not since it is new and the developer has to adhere to local construction guidelines. However, err on the side of caution---always hire an inspector, whether the home is old or new. ...

Can you negotiate the price of a new home?

Wednesday, November 28th, 2007

In real estate, almost everything is negotiable, so it is certainly worth a try. Now, this does not mean the builder will fall down and roll over. It is very common for builders to claim that their prices are based on fixed construction costs. Perhaps, but timing is everything. ...

Are special tax breaks available for historic rehabilitation?

Wednesday, November 28th, 2007

Certified historic structures now enjoy a 20 percent investment tax credit for qualified rehabilitation expenses, if they are income producing properties. A historic structure is one listed in the National Register of Historic Places or so designated by an appropriate state or local historic district that is certified by the ...

What about state and local governments?

Wednesday, November 28th, 2007

Just about every state now offers loans for renovation and rehabilitation at below-market interest rates through its Housing Finance Agency or a similar agency. Call your governor's office to get the name and phone number of the agency in your area. ...

Does the federal government offer home improvement programs?

Wednesday, November 28th, 2007

Yes. Among the most popular:Title 1 Home Improvement Loan. HUD insures the loan up to $25,000 for a single-family home and lenders make loans for basic livability improvements - such as additions and new roofs - to eligible borrowers. ...

How can I finance work needed on a fixer-upper?

Wednesday, November 28th, 2007

According to the Millennial Housing Commission created by Congress, few lenders are willing to administer home improvement loans. Most prefer to make home equity loans or unsecured consumer loans because they are easier to manage. Home improvement loans usually require inspections and irregular draws on the loan amount as ...

What kind of return can I expect from home improvements?

Wednesday, November 28th, 2007

This will vary depending on the type of work that is done. Remodeling magazine publishes an annual "Cost vs. Value Report'' that can answer this question in more detail, based on the top 15 home improvements. A recent study it conducted says the highest remodeling paybacks have come from ...

What guidelines should I use to find a contractor?

Wednesday, November 28th, 2007

Chances are you will need plenty of help making those major repairs and additions. But the last thing you will need is someone who fails to complete the job or botches it up. Finding good, responsible help is imperative. ...

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