Posts in category: Home Buying

“You can’t judge a book by its cover.” You’ve heard that one, and you’ve probably discovered that it’s a pretty good thing to remember. We apply that idea to things we buy, and even extend that phrase to people (how many of your very best friends would seem like “non-conformists” to others?)

And the same theory needs to be kept in mind when buying a home. Not that you should approach every seller as though they’re trying to hide something – because in truth, they may not even be aware of problems with the home they’re selling. After all – how often do we hire a home inspector to go through our own homes when we’re not selling one?

No – inspectors are there to do a job on your behalf so that there are no ‘surprises’ that pop up during or after you take possession of that home. Keep in mind, of course, that homes are built using thousands of parts, methods, and systems – and are built by real live people. So the idea of “perfection” isn’t really what you’re shooting for when you hire an inspector to go through that house on which you’ve made an offer. But you are looking for information and confirmation that there are no potentially major flaws or defect that could materially affect both your finances and your enjoyment of that home.

With that in mind, we’ve got a list of a few things to which buyers should pay attention when they have their home inspection by a professionally licensed home inspector.

HVAC (Heating, Ventilation, and Air Conditioning system)

We’re in Las Vegas – so this one typically goes to the top of the need-to-know list. Because if you’ve ever lived through a few days with a broken air conditioner in this town during the summer – well, we don’t need to tell you how much fun it was.

While a home inspector can confirm that a home’s HVAC is functional at the time of the home inspection, they won’t be able to guarantee that it will keep working once you take possession. However, they can provide you with information about the age of the air conditioning condenser (the part that either sits on the roof or on the ground outside) by reviewing the serial number – which will allow you to make an educated guess of its potential lifespan. (Most of them last 12-15 years before they need replacing.) If it has been replaced by the current owner, however, you should also be able to locate this information in the Seller’s Disclosure form.

Electrical

Do the switches work? Are there any obvious malfunctions? Have the outlets been grounded? Is the panel updated and expandable for additional appliances or a potential remodel? Typically these are not issues in newer homes, and many older homes have had their electrical wiring updated. But you want to make sure you find out if the electrical wiring is up to code, and more importantly, that it’s safe.

Plumbing

A full evaluation of pipes, drains, water heaters, and water pressure and temperature is required to make sure that there are no problem inside the walls. Even a slow drip that’s not noticeable inside your home – over time can cause huge problems that require major repair.

Roof

Depending on the size of the house, roof replacements can range anywhere from $2000 – $50,000+. During an inspection, you’re looking to get a good understanding of the reasonable life expectancy of the roof and to determine if there are any defects (as a result of wind, weather, etc.) in shingles, flashing, and fascia (especially around skylights) that can cause ceiling drips. Roof problems are responsible for 39% of homeowners’ insurance claims, according to the National Roof Certification and Inspection Association. And it’s always far better to be aware and make repairs ahead of a potential disaster that might make your home temporarily inhabitable.

Foundation

The foundation is perhaps the most important thing to check in a home inspection. Look at the base of the walls and the ceilings in each room. Are there obvious cracks or apparent shifts in the foundation? Do the same check around the outside. Are there any trees encroaching on the foundation? Home inspectors will typically look at foundations from inside the house and outside the house in an effort to find cracks that are big enough to cause damage. Most concrete foundations will have a few minor cracks, which are nothing to worry about, but make sure all potential issues are brought to your attention.

Water Drainage

Current or future water issues – such as standing puddles and faulty grading or downspouts – can cause serious problems to the foundation and stability of your home – not to mention be a cause for potential mold issues. Poor landscape planning is one culprit, so you want to make sure all drainage leads away from the home. An inspector will check out landscaping to see if trees and shrubs are in good condition, and evaluate pathways, retaining walls, sheds, and railings.

Your home inspector will, of course, be looking over and making notes about literally dozens of features and functions of the home you’re hoping to buy. But some things, such as those listed above, can create far more financial and enjoyment exposure than others. Be sure to get a copy of the home inspection report when it’s completed for your records, too. Of course, an experienced Realtor® working on your side of the transaction will not only make sure that happens, but be able to review the report with a keen eye and follow-up on potential problems before you’ll even need to think about them. (It’s part of the job – and we do it with pride!)

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or visit www.newhomeresource.com. Broker Joanna Piette, and agents Denise Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

See that headline? We hear that a lot from homebuyers – and unfortunately, it happens all the time. Especially here in Las Vegas, or in any popular real estate market, really.

Potential homebuyers are out shopping for their next home. They see several in a short span of time, and then that little quirk of human nature kicks in, and they think “I want to see them all before I decide.” Actually, there’s nothing wrong with that attitude. It’s pretty natural. But when you’re spending days, weeks, or months touring homes with your Realtor® – only to discover that the ones you just saw are often sold by the end of the same day – well, that just sort of sucks.

Because while you’re seeing it for the first time – the truth is, the house you looked at today and wanted to think about until tomorrow, is often the house that another homebuyer looked at yesterday and is making an offer on today.

We’ve been there. We see it happen all the time. And while we do our best to help our clients find the home they’re going to love and then be successful in acquiring it…. when demand exceeds supply, it’s just not always possible to take the “see everything and then decide” approach.

The right Realtor®, however, will know this about their market. And if yours hasn’t explained to you how quickly (or slowly) the homes in the area are selling, then you’re not receiving the service you deserve. Staying on top of the facts, figures, and statistics about these things (and a lot more) is part of their job.

Other things your Realtor® should be knowledgeable about include which homes in your preferred area and price range have sold and for how much; if multiple offers were received for them, or they sold for more or less than list price; and homes that may have a chance of being available again if a homebuyer can’t complete the transaction. Of course, much of this information is only going to be available through a Realtor’s® network of agents and other industry professionals – which makes it that much more important for you to make sure you choose the right agent to begin with.

But getting back to the fact that sometimes, homebuyers just can’t take the time they would like to decide on a home – there are ways that you can hedge your bets a little.

For example, you can make a list ahead of time of all the things you would want to know about the area in order to make your decision – like the neighborhood, schools, shopping, parks, etc. That way, when you visit the home, you’ll already know if it makes the ‘short list’ of your most important wants and needs. And if the house itself works (or doesn’t) for you – then you’ll be more comfortable making a rapid decision if it’s necessary.

Also, let your Realtor® know exactly what are your priorities for your new home – so that he/she can keep their eyes (and ears) on alert for the right properties. Is it the size? Age of the home? Number of bedrooms? The area? A certain school district? Everyone has different things that matter the most to them – so don’t expect your Realtor® to be a mind-reader. If there’s anything they didn’t ask about that really matters to you, be sure to bring it up.

The key to being a smart – and successful – homebuyer is to be as informed as possible before you enter the market – and to have the right Realtor® working hard on your behalf. The fact is, you may actually need to make an offer while sitting in the kitchen of the home you just toured, without having a lot of time to think it over. Don’t leave it all up to chance – be prepared, define exactly what you want, have the best agent by your side – and that will increase your odds immensely for making the right choice at the right time.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or visit www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

It’s like winning the lottery, right? You’ve searched and searched, and finally found the house you love. You put in an offer, you hope it’s good enough, you prayed that the seller liked you best . . . and just like that, all your worries disappear! The seller accepted your offer and you’re thrilled! Woo-hoo! And then you think, “So, what do I do now?”

To be honest, you have a gajillion things to do. Okay, maybe not quite a gajillion, but between getting all the steps done to finish your home purchase – and having to pack and move – it may seem like that.

But the good news is, you went into this with an experienced Realtor®, and you have the comfort of knowing this very important thing: Your Realtor™ has your back for everything that comes next. After all, they are the ones who got your offer submitted and accepted!

Just to make sure you have a good idea of the next steps in your journey to becoming the new owner of this perfect home, we’ve got a quick checklist to get you prepared. (Keep in mind, though, that your specific transaction may have additional steps because every home purchase is different.) Many of these things will be automatically handled either by your Realtor™ or your mortgage lender – but it’s wise to be aware of the status of each item during this process. So always feel free to ask questions!

1. If you haven’t already, shop for your mortgage lender and choose which one you’ll be working with. (Although an experienced Realtor® should have made sure you did this before submitting your offer – just FYI.)
2. Ensure all the necessary “earnest money deposit” funds are paid into escrow.
3. Order the home inspection.
4. Ensure you know which documents and information your mortgage lender needs – and get that to them in a timely manner.
5. Review the home inspection report with your Realtor™ to discuss the findings and any repairs needed (as well any costs).
6. The lender will order the appraisal.
7. Get your closing funds ready, according to the instructions from your lender.
8. Select your home insurance company.
9. Schedule your walk-through.
10. Close escrow at the title company and get your keys!

Of course, in-between all of these steps, you also need to find time to notify your landlord that you’ll be moving, pack, schedule utilities to be turned off and then on again at your new home, change your mailing address and online account addresses – and make sure that someone is going to plan you a nice, big housewarming party! (Okay, that last part is optional, but it sure would be nice, huh?)

During this time of busy transition, you may get a little anxious, perhaps a little stressed, have a lot of questions, or need help finding solutions for some things. That’s part of the process and it happens to everyone. But always remember that your Realtor™ is there to help you and hold your hand through it all.

In fact, we know that’s actually a huge part of our job. Of course, it’s important that you have someone you can rely on that knows all the proper steps to take and the legalities involved – plus make sure that your interests are being looked out for.

Choosing the right Realtor® ensures you’ll have someone on your side who wants you to understand every step of the process, and makes sure that at the finish line, you’re happy with your purchase and with the service they provided to you, too.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or visit www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

The minute you start thinking it might be time to move into a new home – or at least “new” to you – how to choose between a home that’s “new” or “used”? How do you actually go about making that decision?

In our opinion as experienced Realtors®, there are definitely pros and cons to both choices. The final answer, of course, lies with you – the buyer. But that doesn’t mean you can’t look for a little help along the way to make sure you’re considering it from the viewpoints that matter to you. We thought we’d lend you a hand with some of the benefits of each!

The Case for Choosing a New Home

We’ll start here, since the Las Vegas valley does have its share of new home builders to choose from. And you’ll certainly hear from them (and their supporters) all the benefits that new homes have over used ones. They include (but certainly aren’t limited to):

• You’re getting a new, blank slate. One that’s just waiting for your personal tastes and preferences to be applied. It’s a compelling argument, because fresh, clean and new can be very appealing to many people – especially if they’ve never lived in a new home before.
• Updated design and features. Floorplans, looks, and lifestyles change over time. For example, today, it’s not unusual to see multiple generations living in one home – and many new home builders design specifically to meet this need. If you’re in search of lots of light and an open floorplan, that’s probably not something you’re going to see in a typical resale home. Like we said, tastes change – and home designs change with them over time.
• Everything is under warranty. Whether it’s your homebuilder warranty, or the manufacturers of major items in your homes, from appliances to HVAC systems. Those warranties can be real money-savers – not to mention they offer you an opportunity to live frustration-free (for a time, anyway!) That’s more time for you to enjoy the new home and life you’re building, and less time to spend repairing things.
• Energy efficiency and the latest in building materials and construction codes. That can also include safety features, too – not a small consideration, really. More fire-retardant materials, hard-wired detectors, and mechanisms on garage doors or other items to help avoid injuries.
• Location. One of the biggest rules about real estate, as we all know. New homes are built in new communities, near new schools, shopping, and other conveniences. There are often more parks and recreational facilities nearby – because new home builders plan their communities to meet the needs and wants of today’s buyers.

Now let’s consider . . .

The Case for Choosing a Resale Home

• Character. This might sound like an odd reason at first, but the truth is not everyone is wild about brand new items. It’s like the difference between those who love classic cars and those who have to have the latest model every year. A resale home has been lived in and has acquired a personality from its surroundings and the people who live there. From the nearby community, and the people in the neighborhood. It’s individual and personal in a way that new homes aren’t.
• Appeal. Finding an older home may also mean you’re escaping the cookie-cutter appearance and floorplans of small, tightly-packed new home communities. Plus, you’re choosing an established neighborhood with a look and feel you prefer. (Not to mention, zoning changes are unlikely to occur in older areas. You know what’s around you and that it’s more likely to stay there.)
• Quality. New homes may be made with the latest materials – but older homes can offer a level of craftsmanship you’ll never find in a new one. Over the years, the previous owners may have remodeled, adding features and spaces that are unique to only this home, too. Artisans often play a role in these changes and that can result in stunning results that may just seal the deal for you.
• Larger property. Years ago, when land was cheaper, builders built on larger lot sizes, leaving room to accommodate spacious yards, pools, and more. You have the chance to stretch out and relax with some privacy. And, there’s something to be said for that huge, shady fruit tree out back (especially in Las Vegas.) Not to mention established gardens and huge tree canopies seen from the street – all of which add considerable beauty to your living environment.
• Longer-term neighbors. In Las Vegas, this might even be a bit of a rarity – but getting to know your neighbors and having that community nearby to rely upon is one of the reasons many of us enjoy putting down roots in the first place.

The one thing that we haven’t mentioned in either list, though, is the price. That’s primarily because it used to be that a resale home gave you more value for your money. But new home builders have evened the score a bit in that area. This includes walled yards (so you no longer have the expense of adding those yourself), included landscaping, and often perks or discounts for upgrades and options to be included in the deal.

So, when it comes down to the final choice – it can be a toss-up in cost…and the home you select is simply up to your personal preference. You just need to take into account which details matter the most to you and your family, and perhaps this list will help you start thinking along those lines. Although when it comes to getting your mortgage financing, one thing stands true for all homes – whether new or resale – and that’s to shop different lenders to make sure you’re working with the best! You can learn more about that from one of the best local mortgage brokers in Las Vegas, Premier Mortgage Lending.

And keep in mind that no matter which type of home you choose to buy – new or resale – it’s important to rely on the services of an experienced Realtor® to look out for your best interests. That’s the only person who will be working for you — not for the builder, and not for the seller. Only you. (And yes – that’s exactly what we do at New Home Resource!)

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or visit www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

One of the things that homebuyers seem to take for granted is that every real estate agent knows how to negotiate. It’s much more than simply extending an offer and writing up a contract, and it’s something that not every agent knows how to do well. Of course, it’s important that every step of the home buying process is handled properly, which is why we recommend always choosing an experienced Realtor® with a great reputation.

But it’s not unusual for buyers to be so happy they’ve found the right home, that they forget how critical it is to have an experienced negotiator on their side. In fact, it’s not only the agent’s negotiating experience that matters – but also their knowledge of the area, the neighborhood, the history of the home, and even the Seller’s agent (and then some!). Having all this information not only allows your agent to exude an air of confidence, but it also means they’ll be able to be creative, flexible, and “read the room” – making sure they get the best deal possible on your behalf.

Once you’ve found the home that you love, it’s time to move on to the next step: Negotiating the deal and writing the sales contract. The contract will put all the details in writing, but the negotiation is where the competency of your Realtor® will play a major role through this process. If you have an experienced real estate agent who has written hundreds of sales contracts, you should be in good hands. Make sure that you take your time and ask any questions you may have (because we promise you, there are no dumb questions during this stage of the home buying process!).

Buyers in hot, or even warm, markets need to remember that no one gives anything away in real estate. Sellers may very likely have multiple offers on their home, and they get to pick and choose. If your agent makes a lowball offer while others are offering list price (or even more, which is common), you very likely receive a firm, “No.” – – And just like that, the home of your dreams is gone ☹

Agreeing on a price is just the beginning. Because even if you’re thinking you got a ‘smokin’ deal’ – remember how true this is: The devil is in the details. Some of those details that can end up putting you on the receiving end of a bad transaction include the appraisal, time frame, property inspection, who pays for needed repairs, costs and fees, seller incentives – – and the list goes on. There’s no point in buying a home for a great purchase price if you’re responsible for massive repair costs due to the inspection results. Or if the buyer doesn’t have to move for 8 months. Or, … well, you get the picture.

Don’t be the buyer that an inexperienced agent uses as their “Guinea Pig” to learn what not to do. Your time, money, and life are too important for that. Make sure your Realtor® knows their stuff, because it will save you much frustration, anxiety, and grief down the road.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

Wow. You’re about to be a first-time home buyer. That is a really, really big deal – and don’t let anyone tell you otherwise.

It’s a commitment – that’s for sure – of both your time and your money. But there’s something inherently different and satisfying about spending time working on your own home, and after all – we all have to live somewhere, so why not invest in yourself instead of a landlord’s real estate portfolio?

There is a lot to think about before you decide to buy, of course. For example: Is this the city you plan to stay for a few years? Do you know how much you can comfortably afford? Do you have enough down payment? (To find out more about that, we recommend you visit Premier Mortgage Lending to learn about their new 1% Down Loan Program.)

A while back, we talked here about many other things to consider before making the move from “Renter” to “ Home Buyer.” But if you’ve already reached the decision to start shopping for the perfect place to call your own, there are a few things about the process itself. Read on.

STEP 1: Get Your Finances and Credit in Order

In today’s rapid-fire real estate market, the last thing you want to happen when you find “The One” is to lose-out on it because you don’t have – or can’t get – mortgage loan approval. That’s why your first step should be to get a copy of your credit report. (You’re entitled by law to get a free updated credit report each year.)

STEP 2: Visit at Least Two Mortgage Lenders

Getting your credit report is great, but knowing how to evaluate it is something else. And there are many more steps in the mortgage loan process than just credit. You need to find out what those steps are, how your circumstances measure-up, if there are any things you need to fix or change, and discover how much of a mortgage loan you can qualify for. That last detail will also let you know the price range of homes you should be considering. (Trust us, there are few things worse than falling in love with a home that’s out of your price range!)

But why visit two lenders? Read our lips: So you can compare fees and interest rates. Not all lenders are the same – nor are all mortgage loans. Their fees can vary widely – from $0 to as much as 4-5% of your purchase price. If the interest rates are equal, you can see just how much your get-in-the-door / cash out of pocket will be. You’d be surprised how big the difference in cost can be. (And remember, just getting a loan estimate does not commit you to anything. You’re free to shop around as much as you want!)

STEP 3: Find the Right Realtor®.

Everyone has “a friend” who sells real estate. Or maybe it just seems like it. But our experience has been that once you reveal you’re in the market to being a home buyer, suddenly you discover that your cousin’s ex-husband’s sister-in-law’s best friend’s dog, Lulubelle, sells real estate – you should call her! We hate to be blunt, but here’s our take on that suggestion: W.R.O.N.G.

Why, you ask? (while thinking that we have an ulterior motive – which we don’t, but how do you know that?) Well, that’s precisely the point. You don’t know that. And you don’t know Lulubelle, either. Having a relative or friend that sells real estate is no way to choose your Realtor®.

First of all, if they have the experience, reputation and knowledge that you need in a Realtor®, you would already know about them. Those agents have spent long hours, days, months, and years building that reputation and gaining that knowledge. And they don’t typically need to go searching for new clients – because clients seek them for their expertise.

So, decide what area you want to live. And then do your homework to find out which Realtors® really know those neighborhoods. Interview them. Meet their team, because you’ll be working with them through this process, too. Ask questions and then listen to their answers. Your instincts will take you far in finding the right agent. The right Realtor® will be active in finding properties for you to consider, and help make the entire experience as seamless for you as possible.

Like we said in the beginning, buying your first home is no small decision. Plus, it’s the first of many, many decisions you’ll be making – especially in finding the home you love and getting a mortgage loan. Make it easy on yourself by putting a little effort into finding the best people for the job. Then – you just let them do their job, and you’ll have much smoother sailing.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

Been out looking at homes lately? Thinking that it might be time for you to make the leap? Stop renting, set down some roots, and grow your family? Those are all great ideas, if you ask us. (First, because we hate to see people waste money on rent when they can invest in themselves. Second – because we think Las Vegas is awesome. And third, because we love kids and animals. But, we digress.)

As we mentioned in our last post, going into the home-buying process with a good Credit Score is truly important. Why? Because as we explained, it will help you get a better interest rate, allow you to pay fewer fees, and it will give you more loan options.

Of course, it’s easy for us to say that – but credit can be a complicated thing. (That’s probably why there are books, magazines, websites, and experts out there that make that make explaining how credit works their sole purpose in life.)

There are, however, some basics to keep in mind when you’re trying to improve your own credit history that apply to everyone across the board. So we’re going to try to take a little bit of the “mystery” out of credit! Maybe then you can have a better idea of how to evaluate your own. Then you can make decisions that will help increase your “borrow-ability” (hey look! a new word!) when it’s time for you to make an offer on that house you absolutely love – then apply for your mortgage loan, confident it will make your dream of homeownership come true. Ready?

Not Paying as Agreed. (35% of Credit Score) The first red flag for a lender will focus on any late payments, charged-off accounts, bankruptcies, liens, judgment and other derogatory items on your Credit Report. However, since life isn’t necessarily black-and-white, there may be extenuating circumstances that caused these things to show up on your Credit Report. (An all-too-common and unfortunate one can be identity theft. Another may be an illness with extensive medical bills, or perhaps the millions of people adversely affected by the economic crisis.) Many people aren’t aware that mortgage lenders will consider some of these circumstances when evaluating your loan application. So remember that just because those things are on your report, if there’s a good reason and explanation for them, you may still be able to qualify for a loan.

Poor Credit Management. (30% of Credit Score) Are your credit cards maxed-out to their limit? That’s going to have a big effect on your Credit Score. It’s not that just owing money on your credit accounts makes you a higher credit risk, though. What lowers your score is having high balances, and having balances on several accounts. It’s a sign you may have spread yourself too thin. Start working toward paying those balances down, pay off the ones you can, and before long – you’ll see that score begin to rise.

The Length of Your Credit History. (15% of Credit Score) There’s no hard and fast rule for how long a credit history is required to get a mortgage loan. But as a guide, keep in mind that lenders like to see several months of a good payment history. If you have zero credit history as you read this, then now is the time to start building one. Here are some tips on how to get that ball rolling.

The Type of Credit You Have. (10% of Credit Score) One thing that can help improve your Credit Score is having a variety of credit types on your report. These can be credit cards, store cards and installment loans or credit. So, for example, an auto loan and a few credit cards would be a better credit mix than having only credit cards on your report. Just remember that while having a mix of credit can help, you shouldn’t take out any credit you won’t use. Because…..

New Credit. (10% of Credit Score) Opening multiple new lines of credit too quickly can create a drop in your credit score. (So that part about not taking out credit you don’t need – this is why.) The exception to this is if you’re shopping around for the best credit or loan terms. Multiple credit inquiries over a short period of time will be grouped together as one inquiry – so they won’t “ding” your credit each time one comes through.

Two other things to keep in mind when it comes to your credit – that can both have a tremendous impact on your creditworthiness – are these:

• Errors on your Credit Report. It’s estimated that 1 in 5 Americans have at least one error on their credit report. That’s a huge number – so it bears saying you should review yours with a fine-tooth comb to see if yours is one of them. The good news is that today, it’s possible to submit a dispute for incorrect information online directly to the credit agency reporting the mistake. Although as this creditcards.com blog explains, sometimes better results are achieved through the USPS regular mail.
• Are You Buying Your Home with a Spouse? Remember that both of your credit histories will play a role in your mortgage loan application. That means – don’t review only your own report – get your partner to review theirs, too!

Now you’ve got your homework assignment. It’s time to dig in and take the steps to raise your credit score as high as possible! That one number will help you save money in more places than you can imagine – and not only on your mortgage loan rates.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

Unless you’re one of the lucky ones who hit that lottery jackpot or your MegaBucks dreams have come true, the odds are when the time comes that you want to buy a home, you’re going to need to get a mortgage loan to do it. (By the way, when it gets to that point, the most important rule to know is this: SHOP AROUND FOR THE BEST LOAN! Our friends at Premier Mortgage Lending help explain exactly why in this article.)

While it’s true that your Credit Score is only one element (of many) that a mortgage lender considers (in addition to your income, expenses, and other items) – it’s one of the most important when it comes to getting a more cost-effective and affordable loan.

And by that, we mean a good Credit Score gives you more options and saves you money when it comes to getting a mortgage.

How? It can play a role in getting you a better interest rate, in qualifying for a loan with a lower down-payment requirement, and can even help you to pay less in loan fees – such as Loan Origination, Underwriting, Document, and more. (Wondering how much can those fees can add up to? Take a look here.)

Mortgage Loan Rules of Thumb:

A Credit Score of 740 and above will get you the best mortgage interest rate.
A Credit Score between 620-739 may add from .25% to 1% or even more to your interest rate.
A Credit Score lower than 620 will generally require a significantly larger down payment, additional fees, a higher interest rate, and possibly stricter loan terms.

That’s Why It’s Important to Know What Your Credit Says About You.

If you’re considering making a home purchase in the future, the first thing you should do is check to see what information shows up on your Credit Report – and to find out your Credit Score, too – because those are two completely different things:

• Your Credit Report will show your Credit History – including information such as who has extended credit to you, if you made your payments on-time, how much you have borrowed, and what your total debt obligation is – along with personal information about previous names and addresses associated with your Social Security number.

• Your Credit Score is a numerical value applied to you (between 300 and 850) that is based on an analysis of your credit files. This helps lenders determine how credit-worthy you are, and there are 3 main agencies (although there are many others) who provide them to consumers: TransUnion, Equifax, and Experian.

While everyone is entitled by law to receive a free Credit Report annually (you can get it at www.annualcreditreport.com) – Credit Scores are not free, but are available to purchase.

Potential buyers should be checking their credit score regularly, and at least six to 12 months before applying for a mortgage.

The bottom line is this: The higher your credit score, the more trustworthy you are to borrow, and the less interest you will pay on future loans (and not only mortgage loans, either).

The key to getting a low-interest rate on a mortgage or car loan is having a high credit score and solid credit history of paying off your debt. Start working on your credit today and nurture it for the future. Your reward? Saving money in the Business of Life down the road.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

Homes out here in the Western U.S. are different, as many mid-Western or East-coast transplants have discovered. One reason, of course, is simply climate-related. Especially in Las Vegas, we certainly don’t need to plan for months of snow-covered landscapes. Another reason is that the West just has more room than those Atlantic coast states. (That’s a big reason for the “Go West, Young Man” part of our history.)

But while to some people it seems that all the construction in the western states is pretty “new” (although to be fair, compared to the 13 colonies, we suppose it is) – that doesn’t mean that the home features out west haven’t evolved. In fact, over the past 10-30 years right here in Las Vegas, things have changed quite a bit when it comes to floorplans and lifestyle – which means there are a wide range of home design options available, both for new and resale homes.

So when you begin your home-shopping, give some thought about where the following home features fall on your “Must-Have” or “Eh-Not-So-Much” list.

Laundry Room

We live fast, busy lives today – and where once upon a time we could live with a laundry area in our garage, or better yet, inside an interior closet – today it’s different. Now, one of the most popular home features buyers seek (up to 92%) is a separate laundry room, complete with cabinets, surfaces for folding, space for ironing – and just basically, a place to keep the mess out of living areas and contained in an area in a room for all things laundry. (And a laundry sink: Big plus!)

Exterior Lighting

Once considered the domain of the well-heeled to showcase acres of gardens and landscape features around high-priced estates – now, exterior lighting has become a necessity for 90% of homebuyers. Any home in a typical neighborhood is going to benefit from illuminating not only important landscape features, but also the walkways and the exterior of the home. These days, it’s actually become a necessary combination of style, appeal, and safety. Highlight those landscape elements you’ve installed that you’re most proud of, grab potential buyers’ attention with expertly placed spotlights, provide safe walkway paths, enjoy the benefit of security motion sensor lighting, and add pendants or other decorative illumination in outdoor entertaining areas. Better yet, you can take it solar – so all the added beauty, drama, and function is eco-friendly, too.

Energy Efficiency

It used to be that windows like this in a Las Vegas home meant sky-high energy costs (or lots of drapery!). But with the use of today’s more energy-efficient window design and insulating features, along with dual or even triple sealed panes and UV-ray reducing coatings – this is a style that can be enjoyed by many. But windows are just one way of cutting energy costs while adding beauty and more home features. Today’s appliances are Energy Star-rated – offering more size and capabilities at lower annual utility costs. In fact, many homes built in Las Vegas today include energy-efficient standards in a number of areas that are highly rated in the industry – from insulation and roofing, to quick hot water delivery systems and more. Of home buyers out there searching for their next residence – or looking to upgrade their existing home – as much as 90% want included energy-saving features like these.

Garage Storage Space

No doubt about it – buyers with growing families need lots of storage space (81% of buyers agree with that statement.) For that matter, it’s even possible for a single person to need that space, too. So many people work from home these days, or have a second job as a sideline, that the need for extra places to keep things orderly and accessible grows all the time. (Just think about your seasonal decorations!) A well-designed garage with storage units and shelving makes it possible to easily keep these things out of your main living areas well-organized, to boot. Unlike an attic, or a backyard shed – or worst of all, an off-site storage space you’ve had to rent – the garage is just a few steps away from your living areas, making it easy to transport items from there to other parts of the home when needed. One of the easiest and most cost-effective ways of increasing the space in your home.

Kitchen with Eating & Work Spaces

Perhaps the one area of the home that’s changed more than any other is the kitchen. What was often considered simply a place to prepare meals and then retire to the dining room to enjoy them has truly taken its place as the “heart of the home.” Now, when people create meals, it’s a communal process. The cook enjoys the space to craft healthy meals, try new recipes – and guests enjoy the homey feeling of being part of the process. It’s warm, it’s familiar, it’s entertaining. It’s our favorite place to gather – near the food! So it’s no wonder that over 80% of buyers want lots of cabinets and surfaces to work with – and a generous kitchen island with seating for the family or guests. The kitchen has become the place to congregate, keep up to date with everyone, and share your daily news.

These are just a few of the home features you’ll want to consider before you start your home search and begin whittling-away at your selections. While it’s always possible to rehab your home to include these items, some of them can be a costly proposition, and that investment might be better made in simply buying the home that already includes them.

And unless you plan on this being your very last home purchase, you’ll always want to keep the resale value in mind –along with the fact that other buyers just like you will be wanting these same features, too! The team at New Home Resource will be happy to help you identify those homes on the market that include the things most important to your unique lifestyle. Give us a call and we can make it happen!

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

A few weeks back, we wrote a short list of the five most important housing pitfalls buyers should avoid when shopping for a home. As we said at the time, there were several other things to watch out for, and we’d fill you in on more of them soon. Well look! It’s already “Soon”! Let’s continue on with our ‘Home Buying 101’ recommendations that cover topics you may not be aware of – but definitely want to consider in your search for the right home to buy.

First, a little refresher course on the first five housing pitfalls we shared with you back in April, 2016:

1. Not Letting Your REALTOR® Do Their Job
2. Decide What You’re Looking for in Your New Home
3. Stay IN Your Budget
4. Get Pre-Approved for Your Mortgage Loan Before You Go House Hunting
5. Choosing The Right Lender

All of these are truly critical points that can make a difference in being happy with your choice of home and being able to afford it after the closing. Feel free to take a refresher course/walk down memory lane by reviewing the reasons why in that previous article here.

But what else could there be that you might not have thought of? How about . . .

6. Letting the Home Staging Distract You
Sellers are pretty savvy these days – and if they’re not, their Realtors® often are. One of the top priorities is to do all they can to make their home appealing to potential buyers. At the minimum, that might mean just getting rid of clutter and keeping it clean. But there’s a reason that “professional home staging” is now a career option. This is when buyers will manipulate the scene with the intent of appealing to your emotions (rather than logic). Because once that tug starts on your heart, you may not notice that the furniture is just a bit smaller than normal (which makes the room look bigger); you didn’t catch the condition or style of windows because they’ve been dressed up with attractive coverings; and that rug on the floor is just gorgeous – until you lift it up to see the damaged floor beneath it. The point of good home staging is to make it easier for you to envision yourself in that home, but once that love affair begins, sometimes people have a tendency to minimize what are legitimate objections to justify their ardor for a property. There’s nothing wrong with falling in love with your home – just be sure you get to see it for what it actually is, not just the good parts it presents to you (with a little help, that is).

7. What About Cosmetic Issues?
This one is sort of a double-edged sword. By their very nature, cosmetic issues (nails in the wall, nicks in the doorway, a chipped counter tile, poor choice of paint color, etc.) – are relatively easy to address, not too expensive to fix, and aren’t indication of any major mechanical or structural problems. Or are they? While minor cosmetic issues shouldn’t be the cause for you to automatically say ‘no’ to a home, you do want to be aware. How can you know the difference? If superficial problems are also paired with signs of neglect – such as a lawn that hasn’t been cared for over a long period, unusual odors in the home, or if these “minor” issues could theoretically have led to problems if left untended for too long. Sometimes, people just didn’t get around to touching up the little things . . . but then again, as a seller, they should be putting their best foot forward, so really give some thought to the types of minor items you discover when viewing a home. Just in case.

8. Stop Watching Home Repair Shows on TV Before You Start Home Shopping
No – really. Stop it! Those HGTV home makeovers you love to watch come complete with a whole staff behind the scenes to make it all happen. For the most part, you’re not going to have your own crew of minions to do the same bidding for you (although if you do, we need to talk!). Besides that, you know it takes more than 30 minutes and $500 to tear out a kitchen and rebuild it with new cabinets, countertops, plumbing fixtures, etc. The thing is, these shows give you the feeling that major projects are a lot easier (and cheaper), than they really are. So don’t start your search for a home by thinking you can save a few bucks and just add electrical, plumbing, and load bearing walls on your own. Read our lips: It ain’t gonna turn out that way. Besides – are you buying a home so you can enjoy living in it, or one that will be in permanent tear-out mode as you try all the DIY fixes you’ve watched on TV (while still holding down your day job, by the way)?

9. Make Sure to Research Your Neighborhood
You have a preference for where you want to live – most people do. Whether it’s near your work, an urban center, or to be in the best school district for your kids – we all start with a wish list. (Like, “Why don’t the people in that house just move and let us buy it?” Yeah, we’ve thought that before, too.) The thing to remember is that you can change your house to fit your lifestyle by upgrading or remodeling – but you can’t change the neighborhood. (Seriously – it’s no fun to be living in your dream home in a nightmare neighborhood!) So do your due diligence – and this is something you can do on your own: If schools matter, speak with the principals or the parents of other kids who attend. Find out what sort of community events take place in your vicinity. Safety is an issue – and now there are plenty of online resources where you can check crime reports nearby (Trulia is a good source for that). Visit the stores and places you would plan to shop if you lived there and make sure they feel comfortable to you. (There can be a lot of reasons they do or don’t, but those would all be personal assessments you should make yourself.) Drive up and down the streets in your immediate area to make sure houses are well-tended; check property records to see if there are any trends of foreclosures; look for signs of vacant homes. As information continues to become more readily available, it’s just a matter of using the resources that are out there. Reassure yourself that THIS “Dream Home” is where you’ll be doing a lot of happy dreaming!

10. Don’t Make a Purchase Out of Desperation
This one might be a little harder to enforce, because people have many different reasons for wanting or needing to purchase a home within a certain time frame. The only thing we’d like to suggest is that you keep that ‘desperation’ in mind when you consider making an offer on a home. When prices are rising, buyers get anxious and sellers get greedy (human nature or capitalism, take your pick!). When a buyer has been losing out on home after home because it’s a seller’s market, it can be easy just to get tired of looking and tell yourself “I don’t care – just buy it.” That may put you over-budget (leaving you with long-term financial distress)… in the wrong area… , or just plain in the wrong house. Or, you may end up paying far more than you should for the marketplace. If at all possible, we recommend creating a back-up plan. Your New Home Resource Realtor® can recommend options for short-term or corporate rentals to help ease you into a soft landing while you make the right decision about which home to buy.

As we’ve mentioned many times before, buying a home is a bigger process than many people consider. Working with the right Realtor® can make all the difference in making a smart purchase that you’ll love for years to come, or letting too many other factors influence the most important thing: This is to be your home. It needs to be right. New Home Resource can help you with that. Just give us a call to find out how. 702.365.1000.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!