Meriden, CT

Did you ever hear the saying "don't judge a book by its cover?" Well don't get wooed by a house just because it shows well! Underneath that lovely exterior you may have problems; potentially serious problems. Buying your first home is one of the most important purchases you will make in your lifetime. A qualified home inspector will take an in-depth and impartial look at the property inside and out! You should be sure that the home you want to buy is in good condition.

The first really cold winter day you wake up in your new house and your furnace isn't working, you'll be kicking yourself for not having your home inspected. An inspection limits the number of negative surprises you may discover when you move into your new home.

The cost of a home inspection is dependent on the size and characteristics of the property. Generally speaking it's a few hundreds dollars, which is a BARGAIN for the benefits you receive! A licensed home inspector will examine for any structural concerns, plumbing issues, functionality of the electrical system and heating and cooling, check for mold and mildew, roof damage, leaks in doors or windows, etc. As the inspector goes through the mechanicals of the home (electrical, plumbing, heating, air conditioning) he or she will give you an estimate of the remaining useful life. The inspector will also provide you with other invaluable details about your new home including location of shut off valves, where utilities are located, and general house operation.

You will be given a report containing the inspector's findings, identifying what items should be repaired or replaced. Find out how much it will cost to fix any defects. You can then request that the seller have them fixed by a licensed professional before you close or you can request the estimated cost of repairs be deducted from the final price you offer. If the seller won't help bear the costs and you want to go ahead with the purchase, make sure you can afford the necessary repairs on top of your mortgage payment. Bottom line, make sure and insist on a home inspection.

If you would like more detail on the content of this report don't hesitate to contact me, I am here for all of your real estate needs.

Once you've made the decision to start the home buying process and begin the search for your dream home, you need to evaluate what your needs and wants are in a home.

Keep a notepad where you will write all of the information regarding your search. As a first-time buyer it's important that you keep in mind what characteristics of a house are permanent and which ones can be modified. For example location is permanent! Do you want to live in the city or a suburban area? Do you want to live in a rural area away from the hustle and bustle, or do you want to be close town? How far away is the neighborhood from your workplace or schools? What is the transportation system like? What will your commute be? The location you prefer depends on your specific lifestyle, so establish what you NEED upfront.

Open up your notebook and list some of your NEEDS such as the ones below:

• Where do I want to live? (community/general area)
• Are schools a factor?
• Is being close to public transportation important?
• Do I have special physical requirements, such as wheel chair access?
• Do I have pets to consider?
• How many bedrooms/bathrooms do I need?
• How big a house do I want? How many rooms? How many square feet?
• How much renovation and remodeling am I willing to do?

Then lists the WANTS that are a priority to you:

• Do I want an older home or a new one?
• What style of home do I prefer? (ranch, colonial, split-level, multi-level, town home, condominium, multi-family)
• What sort of lot would I like? (small yard, large yard, fenced, garage, patio/deck, other buildings)
• How many bedrooms/bathrooms would I like to have?
• What features are important? (air conditioning, carpeting, ceramic tile floors, hardwood floors, eat-in kitchen, separate dining room, formal living room, family room, den, library, basement, separate laundry room, fireplace, workshop, other)

Also make clear to your real estate broker which features of a home you do NOT want! For example, if you have young children you might request NOT to be on a busy road. If you have a commute you may request you be within 15 minutes of the highway. If you clearly explain your needs and wants to your real estate agent (me...hint hint), he or she will be able to give you an idea of the housing on the market that fit what you're looking for.

If you would like more detail on the content of this blog don't hesitate to contact me, I am here for all of your real estate needs.

You've been out house hunting for weeks, you feel as though you've done all your research and now you want to put in an offer to purchase the home of your dreams. So how much do you offer the seller?!! Well, it's not really how much you offer but how you offer it? Everything in real estate is negotiable, EVERYTHING. There is the obvious, such as purchase price and who pays closing costs. But, how about the less obvious, do I get to keep that pool table, how about the living room furniture, do I get to keep that. Let's take it a little further. You know what, I'd like to include that riding lawn mower in the purchase price. While you're at it, I'll take that nice new car in the driveway as well (OK, maybe that's taking it a little far....or is it). The bottom line is that you shouldn't feel as though you have to buy exactly what the seller is selling and how they are selling it. It is extremely important that when considering which Real Estate Agent will be representing your interest at the negotiation table he is well versed in how to get the best deal FOR YOU! Your agent should provide the tools necessary to educate you as much as possible about the seller and their situation before you make an offer. Is there any particular reason that they are selling at this time? How much did they pay for the house and when? Are there any repairs needed on the property. Armed with this information, you along with your agent will be able to structure a great offer that will work for you as well as the seller. Just remember, while all things are negotiable in real estate, be careful not to scare the seller into not even considering you as a serious buyer.

WHAT MAKES UP A CREDIT SCORE?

•· Payment History 35%

•· Balances Carried 20%

•· Credit History 15%

•· Mix Of Accounts 10%

•· Inquiries 10%

PAYMENT HISTORY - 35%

Having a long history making of payments on time and no missed payments on all credit accounts is one of the most important items lenders look for.

•· Bills Paid As Agreed

•· Most Recent 6 Months

•· Most Weight On Highest Dollar Amount ie: Mortgages & Other Large Loans

BALANCES CARRIED -30%

This measures the amount you owe relative to the total amount of credit available. Someone closer to maxing out all their credit limits is deemed to be a higher risk of late payments in the future and this can lower their credit score.

•· Keep Balances As Low As Possible

•· Outstanding Balances Versus Credit Limit Affects Credit Score

For Example:

Credit Card Balance Credit Limit

Visa $10,000 $10,000 (Bad)

Visa $0 $10,000 (Great)

•· High Credit Limit to Balance Ratio = Lower Credit Score

•· Spreading Balances Between Cards = Higher Credit Score

•· Try To Keep Ratio Under 50%

•· Mortgage / Installment Loans Less Of Factor

CREDIT HISTORY - 15%

In general, a credit report containing a list of accounts opened for a long time will help your credit score. The score considers your oldest account and the average age of all accounts.

•· Longer Credit History = Higher Credit Score

•· Long Credit History Paid As Agreed / Positive Impact To Credit Score

•· Never Close Credit Accounts, Especially If You've Had A Long History

MIX OF ACCOUNTS - 10%

Your mix of credit cards, retail accounts, finance company loans and mortgage loans is considered.

•· Ideal To Have Installment & Revolving Accounts

•· Mortgage Loan

•· Auto Loan

•· 3 - 5 Credit Cards are OK

•· HELOC Should Be Greater Than $40K Or Will Report As Revolving Account Versus Mortgage

INQUIRIES - 10%

Opening several new credit accounts in a short period of time can lower your credit score. Also multiple credit report inquiries can represent a greater risk, but this does NOT include any requests made by you, an employer or by a lender who does so when sending you an unsolicited, "pre-approved" credit offer. Also, to compensate for rate shopping, the score counts multiple inquiries in any 14-day period as just one inquiry.

•· Shopping Around? Pulling Multiple Reports For Mortgage and Auto Purchases = 1 Inquiry Within 14 days (for each).

• Each Inquiry Averages 5 Points
• Only First 10 Inquiries Count Each Year
• After 10, Will Not Affect Credit

I was sharing with one of my friends the other day why now is a great time to buy in Meriden.

Let me share some statistics with you:

The median sale price of a residential home in Meriden is $181,300 as of Sept 3, 2008!

The average seller is still getting within 4% of asking price with 90 days of placing it on the market!

Let's talk about what that means:

Principal and Interest with a 1st time home buyer program is only $1,226 per month!

Average mortgage (including principal, interest, taxes and insurance) on a home within that price range is $1,600

In order to qualify for this mortgage the average buyer needs to make approx. $70,000 per year!

The interesting thing is that the median family income in Meriden is $57,122 making Meriden a very affordable place to live!

Currently there are 94 house on the market between $150,000 and $200,000!

Call me TODAY so I can show you some of these gorgeous homes like the one listed at $164,900. It's a colonial built in 2005 with 1477 sq. feet 1 car garage located off of the Chamberlin Highway.

Call my Direct Line: (203) 599-2910 or email me at your21realtor@aol.com