Buying a home can be one of your most significant investments in life. Not only are you putting down your roots, but you are most likely also investing a large portion of your assets into this home. The following information can assist you during this pivotal period. If you have any questions about the process, we're only a phone call or email away.
Inspections are designed to help you understand the overall condition of a property, potentially saving you considerable time with the purchase process and hundreds or thousands of dollars in repairs. Some of the inspections which may be required or recommended by your real estate professional are:
The areas which may be covered include lot and grounds, roofs, exterior surfaces, garage/carport, structure, attic, basement, crawl space, electrical, heating and air conditioning systems, plumbing, fireplace/wood burning devices, and appliance condition. Remember that your inspection rights are clearly stated in the Contract For Sale and vary from jurisdiction to jurisdiction. In some cases homes can be sold "as-is" even though an inspection may take place.
A termite inspector will inspect the property for the presence of wood-destroying insects (WDI) or wood destroying organisms (WDO, i.e. fungus) and conducive conditions that exist.
Lab analysis will determine if asbestos fibers are present and evaluate their condition. If friable or non-friable conditions exist, buyers should seek professional assistance.
Painted surfaces of a home can be evaluated to determine the presence of lead paint. Homes that were constructed before 1978 may contain lead-based paint. Lead exposure can be harmful to young children and babies. Children with lead in their bodies can suffer from damage to the brain and nervous system, behavior and learning problems, slowed growth, hearing problems, and headaches.
SeptiChekTM is an evaluation performed by an on-site waste management professional. It involves accessing the cover of the septic tank to examine the fluid level inside the septic tank. The tank is then pumped to check the condition of the tank and its baffles. The leaching field is probed to check the level of sub-surface liquid waste (effluent). This test alerts the buyer to a wide range of potentially costly septic system repairs or failures. The SeptiChekTM evaluation provides more reliable information of potential problems than a septic dye test.
Determines the overall condition and operability of a pool and/or hot tub's equipment. Additionally, the condition of the pool deck will be inspected for deterioration and/or other noticeable defects.
Designed to determine whether or not a private well adequately supplies water to the house. Samples are sent to a lab for potability (drinkability) analysis.
Obtaining the proper inspections for a home prior to purchase is one of the best ways to make a smart purchase decision and protect your investment.
As you start shopping for a home loan, your first question of each lender will probably be "What's your interest rate? How much are you charging?" Interest rates are usually expressed as an annual percentage of the amount borrowed. If you borrowed $120,000 at 10% interest, you'd owe interest of $12,000 for the first year. With most mortgage plans, you'd pay it at the rate of $1,000 a month. You would also send in something each month to reduce the principal debt you owe - and the next month you'd owe a bit less interest.
When your grandparents bought their home (putting at least half the purchase price down), their interest rate was probably around 4 or 5%. Rates stayed the same for years at a time. Then in the years following World War II, things became more turbulent. As economic changes speeded up, rates began to change several times a year. By the l980s, lenders were setting new rates on mortgage loans as often as once a week and they still do today. When inflation hit a high in the '80s, some mortgage loans carried interest rates as high as 17% - and those who absolutely needed to buy, paid that much.
Rates dropped gradually through the 1990s and by 2000 we saw the lowest rates in decades. Continuing into the millennium, home buyers appear to have the most favorable conditions for mortgage borrowing since their grandparents' days and without the 50% down payments either.
To get started, call Rosa at (512) 413-9705 or email TXHillCountryRealtor@yahoo.com