Duarte/Downey Real Estate Agency, Inc



Posted by Duarte/Downey Real Estate Agency, Inc on 1/5/2020

Image by Free-Photos from Pixabay

It may be tempting, when buying a home remotely, to jump at the first great deal that fits your checklist. But, number of beds and baths aren't everything. Location matters, too. So does the school district if you have school-age children. Don't be afraid to delve deeply into a property that you're thinking of buying sight unseen, because failure to do so could lead to some serious buyer's remorse. Here's the checklist of items to cover and questions to ask before you buy a home long-distance. 

Neighborhood Crime Statistics

Sites such as ADT.com and Cityrating.com can help you learn about crime rates in your potential new neighborhood. The local police department or sheriff's office is a good resource, too. All are easy to find online once you know the address of the home or county in which it's located. Find registered sex offenders living nearby and whether your new neighbor has a collar for burglary. 

Costs of Getting There

If you're searching remotely for homes that are close to your new job location, ask your employer about job relocation assistance. Sometimes employers have packages in place to help with the logistics involved in relocating for work. A package might include financial assistance for multiple items, including:

  • Costs associated with moving companies.
  • Costs associated with storage facilities.
  • Cost to rent or own a home in the new location.
  • Costs associated with selling your existing home.
  • Having financial help to get you and your family settled in before your first day of work at your new job is a great perk. It goes a long way toward alleviating the stress of relocation. 

    HOA Restrictions

    Homeowner's Associations can be beneficial in keeping housing values steady in your target area, but they can be costly, as well as restrictive. Is your new home governed by an HOA? If so, expect to pay monthly dues, and read up on the restrictions before you commit. If you plan to change the color or layout of your new home, you may have strict guidelines you're required to follow. 

    Reputation of the Local Schools

    Parents of school-age children should also be concerned with the school district they're moving into. Your real estate agent should be a good resource for the best schools in the area, but it never hurts to Google. The best schools have a low student-to-teacher ratio, strong test scores compared with the rest of the state and plenty of support programs in place for students and parents.

    A little homework done from the comfort of your home office can help you score the remote home purchase of your dreams. Don't be afraid to play investigator throughout your new target neighborhood. 




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    Posted by Duarte/Downey Real Estate Agency, Inc on 12/15/2019

    After a home seller accepts your offer on a home, the next step usually involves a home inspection.

    At this point, you'll hire a home inspector who will walk through the home you'd like to buy and offer expert insights into the residence's strengths and weaknesses. Then, you'll be able to assess potential issues with a home and determine whether to move forward with a home purchase.

    A home inspection can be stressful, particularly for a first-time homebuyer. Lucky for you, we're here to help you take the guesswork out of home inspections.

    Ultimately, there are many questions to consider after a home inspection is completed, including:

    1. What did the home inspection reveal?

    A home inspection offers unparalleled insights into a residence. It enables you to look beyond a house's surface and find out whether major repairs will be required both now and in the future.

    Hiring an experienced home inspector is paramount for homebuyers. With an experienced home inspector at your disposal, you'll be better equipped than others to identify "hidden" problems within a house.

    Also, don't forget to review a home inspection report closely. With this information at your disposal, you'll be able to understand whether a residence meets your expectations.

    Be sure to consider the long-term value of a property as well. Remember, a home that you plan to purchase should be able to serve you well for years to come. But if you encounter myriad home issues during a property inspection, you may want to consider rescinding your offer on a residence and restarting your search for the ideal house.

    2. Are there major home issues?

    As a homebuyer, it is important to be able to identify the differences between major and minor home issues.

    For example, if there are tiny cracks and chips in the paint on a kitchen's walls, these issues are minor. In fact, you may be able to repair such issues quickly and effortlessly.

    On the other hand, an old, inefficient furnace can cause major headaches. Without a properly functioning furnace, you may struggle to heat your home in winter. Meanwhile, it may cost several thousand dollars to replace this furnace.

    If you encounter problems with a residence during a home inspection, consider the costs associated with these issues. By doing so, you'll be able to determine how much you may need to spend to correct such problems and can proceed with a home purchase accordingly.

    3. What should I do next?

    An informed homebuyer will be equipped with the knowledge and insights needed to make a great decision.

    Consider the problems that were discovered during a home inspection. If you can fix home issues without having to commit substantial time and resources to complete various home maintenance projects, you may want to consider moving forward with a home purchase.

    If you encounter major home issues, you can always ask a home seller to perform home repairs. Or, you may want to remove your offer on a home altogether.

    Working with a real estate agent is ideal, especially for homebuyers who want help with home seller negotiations. With assistance from a real estate agent, you should have no trouble determining how to proceed after a home inspection.




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    Posted by Duarte/Downey Real Estate Agency, Inc on 9/29/2019

    There is no one-size-fits-all plan to find and purchase a home. In some instances, a buyer instantly discovers a great residence at a budget-friendly price. Or, in other cases, it may take a buyer many weeks or months to find the perfect house.

    Although the homebuying journey varies from person to person, there are several things that a buyer can do to simplify the property buying cycle. Now, let's take a look at three tips to help you quickly and effortlessly find your ideal residence.

    1. Establish Homebuying Expectations

    As a homebuyer, it is important not to get too high or too low during the property buying journey. If you establish realistic homebuying expectations, you should have a good idea about what to anticipate as you search for your dream house.

    Oftentimes, it helps to put together homebuying criteria. Think about where you want to find your dream house, as well as the home features you want. With this information at your disposal, you can narrow your home search and accelerate the property buying journey.

    2. Create a Homebuying Budget

    Like most homebuyers, you probably have only a finite amount of money to spend on a new house. Fortunately, if you get pre-approved for a mortgage, you can enter the housing market with a budget in hand.

    Banks and credit unions are happy to teach you about different types of mortgages. These financial institutions can provide insights into adjustable- and fixed-rate mortgage options and offer details about mortgage terms. Then, once you review all of your mortgage options, you can select a mortgage that complements your financial situation.

    3. Hire a Real Estate Agent

    You may want to pursue a house on your own, but this approach may prove to be problematic. A homebuyer who conducts a home search without expert assistance may miss out on the opportunity to find and buy a terrific house at an affordable price. Perhaps even worse, without housing market guidance, a buyer may wind up overpaying for a residence that fails to match his or her expectations.

    If you want to achieve the optimal results during your quest for your ideal residence, you should hire a real estate agent. This housing market professional is ready to guide you along the homebuying journey and help you make informed property buying decisions.

    A real estate agent will go the extra mile to make the homebuying cycle as simple as possible. He or she will teach you about the real estate market, learn about your homebuying goals and help you hone your house search. Plus, a real estate agent will keep you up to date about residences that fall within your price range and are located in your preferred cities and towns. And if you find a house that you want to buy, a real estate agent will help you craft a competitive offer to purchase this home.

    Simplify the homebuying journey – use the aforementioned tips, and you'll be better equipped than ever before to enjoy a quick, stress-free property buying experience.




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    Posted by Duarte/Downey Real Estate Agency, Inc on 6/9/2019

    We get it. Buying a house, whether it's your first house or your third, is a big deal. You want to find the best deal for yourself while getting the home you’ve been dreaming about, and you want to live a happy life in the house for years to come. Deciding on which home to purchase can come with a lot of questions and self-doubt. Is the neighborhood as great as it seems? Will I have good neighbors? What if my circumstances change, will I be able to maintain my mortgage payments? If I wait longer will a better property come on the market? How do I know I'm making the right decision?

    So many questions can paralyze you from pulling the trigger on your home purchase. We’re here to help you understand buyer’s remorse and how to make the best home purchase without detrimentally second guessing yourself throughout the buying process. So, what do you need to know?

    Asking "What-if?" is entirely natural. Consumers question our purchasing decisions all the time. It doesn't matter if it's a new car, new home appliance, even a pair of shoes or a new accessory. People work hard for their incomes and want to get the best goods and services possible with their means. It's only natural that they want to ensure they make the best decision when it comes to significant investments like a home. You aren't any different, and that's completely natural. Recognizing and accepting the fear of buyer’s remorse can help you differentiate between good questioning and over-questioning your home purchase.

    Holding out for something better. Worrying that a better home will come along down the road and that you've made your buying decision too hastily can put your investment goals on hold indefinitely. To keep yourself from falling into this agonizing trap work with your real estate agent to write down a complete list of everything you want in a home and order your list by priority. Keep your list with you and review it when you're viewing homes with your agent. When you think you've found the right place you might find that worry start to creep up, consult your list again, revisit the home and make your decision with certainty.

    Avoiding Buyer’s remorse:

    • Make sure you find the right real estate agent. If you don’t have confidence in your agent, you’ll start to question their recommendations and your own decision making. Your agent should offer you guidance throughout the entire home buying process. They should be able to answer your questions thoroughly and take care to give you good advice. A good property agent will take the time to review your desires thoroughly and will only present you with homes that they know fit your list of requirements. Most importantly, you should feel completely comfortable with your agent, be able to call with questions when you have any concerns and feel that they are genuinely listening to you.
    • Don't take too much stock in advice from friends or family. You're enthusiastic about the prospect of buying a home, and you'll be tempted to show those close to your different houses you're considering. While you should feel free to do this, be wary of the feedback you might get. The best home for you might not match someone else's idea, and their opinion of your home selection, mortgage agreement or neighborhood choice shouldn't make you question your decision. If you're working with a good agent and consulting your financial advisor, you are in the best possible hands to make the right choice. Stick with your trusted professionals and be confident in your purchase.

    Once you’ve selected a home, don’t keep shopping. Continuing to visit new open houses after you’re in the escrow process will only lead you to question your purchase. Believe in yourself, trust your professional guidance and follow through on the home you know to be right for you.





    Posted by Duarte/Downey Real Estate Agency, Inc on 4/28/2019

    The amount of money you will need to ensure you can purchase a house varies based on a number of factors. For example, if you want to purchase a house in a big city, you may need to save more money than you likely would require to buy a residence in a small town. Meanwhile, your decision to choose a fixed-rate mortgage over an adjustable-rate mortgage – or vice-versa – can impact your monthly housing costs. And let's not forget about the costs of home utilities like electricity and water, either.

    Ultimately, it helps to put together a homebuying budget before you embark on a house search. Because if you know how much money you have at your disposal, you can map out your house search accordingly. And as a result, you can minimize the risk of spending too much to acquire your dream residence.

    Let's now take a look at three tips to help you craft an effective homebuying budget.

    1. Evaluate Your Current Expenses

    An in-depth assessment of your current monthly expenses is key. If you conduct an expense evaluation, you can find out how much you spend on various must-haves and wants. You then can take steps to reduce your monthly expenses and increase your savings for a new home.

    It also never hurts to consult with a financial planner. If you have a financial planner at your side, you can gain expert insights to help you evaluate your current expenses. Plus, you can work with a financial planner to determine the best course of action so you can eventually buy your dream residence.

    2. Get Pre-Approved for a Mortgage

    Meet with a variety of banks and credit unions and explore your mortgage options – you will be happy you did. If you assess your mortgage options closely, you can find one that complements your finances. And once you get pre-approved for a mortgage, you will know how much you can spend on a house.

    Generally, it is beneficial to meet with as many banks and credit unions as you can. If you consult with myriad lenders, you can receive extensive insights into many mortgage options. Best of all, you will be better equipped than ever before to find the lowest-possible interest rate on a mortgage.

    3. Consider Your Down Payment Options

    The down payment required for a home purchase varies, but it commonly ranges between 5 percent and 20 percent of a house's total price. If you account for a down payment as you craft a homebuying budget, you can use this total to plan ahead for the property buying journey.

    Lastly, you may want to collaborate with a real estate agent as you prepare to launch a home search. In addition to helping you find your dream residence, a real estate agent can put you in touch with potential lenders and offer plenty of guidance throughout the property buying journey.

    Ready to pursue a home? Use the aforementioned tips, and you create a successful homebuying budget.




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