Tiffany & Tonya - Sharkey/ Peek Group

Can this be fixed?

You've heard it 1000 times; don't ever buy a home without getting a home inspection.

A licensed inspector will examine all areas of the house that are accessible by normal means ... this will include the foundation, roof, walls, ceilings, doors, windows, tile, fireplace, the electrical system, the plumbing, and appliances.

After the inspector does his work, your next step is to evaluate the findings and get estimates to fix the problems. You should also determine what items, if any, that you want the seller to repair as a condition of sale. Have your Texas REALTOR® provide the seller with a written copy of the inspection report-she'll be more willing to listen to your requests if there's an official document backing them up.

Concentrate on big-ticket items or safety concerns-don't nitpick. Your goal is to take care of big problems and safety issues that you needed a licensed inspector to point out. You don't need a professional's opinion to tell you that the driveway or sidewalk has cracks or that the kitchen sink is stained. Such considerations should be addressed in the initial purchase offer.

You may opt to ask for a price reduction instead of repairs. This could be to your advantage because it puts finding a contractor and negotiating the price of the repairs in your hands. Plus, you'll be able to verify the quality of the work-sometimes, in the interest of getting things done quickly, a seller may not hire the most qualified or professional contractor.

There is no perfect house-licensed inspectors will go through the property and report any faults or deficiencies that exist. Once you're aware of the problem areas, sit down with your Texas REALTOR® TIFFANY SHARKEY OR TONYA PEEK AT 214-356-4472.

Expect the unexpected (and the expected)

The cost of home maintenance and repairs is usually one of the biggest surprises for new homeowners. Unfortunately, some buyers-especially first-time buyers-do not plan for such expenses because they've always had a landlord or property owner who deals with problems.

When you're setting up your budget and trying to determine how much house to buy, make sure to earmark some cash for regular home maintenance. Most times, ignoring a problem will end up costing you more in the long term.

You should also plan for an unanticipated problem to pop up. When your water heater goes out or the plumbing system backs up, you don't want to be strapped for cash-those things need to be fixed. Fast.

Buying a home is a sound investment-but don't forget to take care of your purchase ... and that means setting aside a little cash each month.CONTACT TIFFANY SHARKEY AND TONYA PEEK AT 214-356-4472.

Buying in an HOA

If you are thinking about buying a home in a new subdivision, common interest development (CID), or planned unit development (PUD), chances are good that you will automatically become a member of the local homeowners' association. These associations help protect property values by ensuring each home is up to neighborhood standards, but be sure the rules and regulations are compatible with your lifestyle and pocketbook.

The primary purpose of an HOA is to provide maintenance, enhancements, and protection for the community's common areas. An example might be tennis courts, a pool, a playground, or trails - all of which would be maintained by dues or special assessments that the residents of the community pay to the HOA. This pooling of money gives an individual homeowner access to facilities that he would likely not be able to afford on his own. An HOA's dues can range from almost nothing to many thousands of dollars per year, depending on the neighborhood and its standards and amenities. Keep in mind that even if you know you're not going to use the pool, moving into the neighborhood obligates you to pay theses dues.

When you purchase a home in an area governed by an HOA, remember that you're also entering a legal contract with that HOA. You agree that, in addition to paying dues, you are obligated to live by the association's rule book, sometimes referred to as covenants, conditions, and restrictions (CC&Rs). An elected, volunteer board of directors has the responsibility of CC&R enforcement. The regulations vary widely, but generally address such things as approved colors for houses, the height of shrubbery or fences, banned dog breeds, where you can park your car, and whether you can rent out your home.

Breaking an HOA contract can definitely end poorly for you. In some U.S. states, including Texas, a homeowners' association can actually attach a lien to a house foreclose a member's house in order to collect fines or dues not yet remitted. Though not a common occurrence, it demonstrates the scope of an HOA's power.

Be sure to review the HOA's documents prior to purchasing a property in an area covered by an HOA and make sure the dues are acceptable to you. Also, you should check to see that the HOA has adequate reserves, whether there is any pending litigation involving the HOA, and whether there are any other outstanding or imminent issues that may result in an assessment.

Make sure you know what you're getting in to when you purchase a home that's covered by an HOA CONTACT TIFFANY SHARKEY OR TONYA PEEK AT 972-977-2254.

Landlord in the making?

Are you considering buying an investment home as a rental property? This may be a good time to start.

Don't be misled by national news; real estate markets are highly localized. Even in a small city, there may be a neighborhood where home values are consistently growing, yet just down the road, another neighborhood may have leveled off. Historically, though, investments in real property in Texas have performed well and are fundamentally solid.

First, ask yourself if you're willing to become a landlord. Do you have experience with tenants? Is there a steady stream of tenants in the area? Are you going to be close enough to get to the property in case of an emergency? Who is going to handle repairs and maintenance? What insurance should you get?

For a rental house, it's obviously of primary importance to keep tenants in the property. Almost as important is to make sure that what the tenants pay covers your expenses of owning the home. These expenses should include mortgage, tax, insurance, and maintenance. If you can break even, you enjoy available tax benefits and profit from the overall appreciation of the property. Additionally, rents tend to go up over the years while your mortgage payment, assuming standard financing, is fixed.

Your insurance coverage will be substantially different as well. In addition to items covered by a typical homeowner's insurance policy, landlord insurance can protect you from loss of income in the event that the property becomes uninhabitable, or during a tenant/landlord dispute.

When you're interviewing a Texas REALTOR®, find one who specializes in investment property. Your wants and needs are much different from a retiree or a first-time homebuyer. Your REALTOR® will understand this, and may even own investment properties herself. She can also provide some history about the neighborhood, as well as give you a pretty good idea as to the estimated cost of repairs.

Once you've acquired the property, consider hiring a property management company - particularly if you're not located close to the property. A property manager can screen tenants, collect rent, inspect and maintain the property.

Another option is to purchase a home warranty for the property, which will cover the appliances, electrical infrastructure, and the plumbing. These warranties are typically affordable and give you peace of mind. Be sure to read the policy to know exactly what is covered.

There are pros and cons to owning rental properties, but if you've got what it takes and your financial situation allows for it, it's an excellent way to accumulate wealth.CONTACT TIFFANY SHARKEY OR TONYA PEEK OF THE SHARKEY PEEK GROUP FOR ALL YOUR INVESTMENT NEEDS 972-977-2254.

Be ready to buy

If you find what you're looking for in a home, you should be prepared to make an offer quickly. Even if homes are staying on the market a little longer in your neck of the woods, it only takes one other interested buyer to snatch the home or create a bidding war.

You can help the offer process by being ready. In addition to being pre-approved for a loan before you begin looking at properties, it's wise to be honest with yourself. You know exactly what you want in a home and how much you can actually afford. Make sure to take into account utilities and other monthly expenses associated with homeownership.

Be advised, though, that a quick offer doesn't necessarily mean a quick end to the transaction. There are myriad potential postponements in a real estate transaction. There may be contingencies, repairs, lender delays, or any number of other issues.

Purchasing real estate can be a tricky and detailed business, but a Texas REALTOR® can help prepare you for the process. He knows the value of properties in your local market and how to navigate the entire process to a smooth conclusion. He'll use this information to help you submit an excellent offer.

When you have the information you need to make a good decision, your chances of making a successful offer on a property improve. Use TIFFANY SHARKEY OR TONYA PEEK FOR ALL YOUR NORTH DALLAS REAL ESTATE NEEDS 972-977-2254.