Archive for February, 2010

10 Must Haves in a New Home

Monday, February 22nd, 2010

What are the BIG trends in the home building industry for 2010? Well, it may be a little surprising to find out that the biggest trend is downsizing. Traditionally, home buyers have been seeking spacious, lavish homes with all the amenities as well as extra rooms, like a home theater or present wrapping room, to complement their unique abode. However, this approach to house shopping may not ring true this year as changing lifestyles are now replacing what home buyers consider to be important or must-have features in their new home, according to this article from the Tennessean.

The economic downturn and hard times Americans have seen recently combined with future uncertainty may very well be what is causing the shift in trends. According to Illinois architect Heather McCune, this year’s buyer wants cost-effective architecture with a focus on space and layout, not on the number of rooms. It is expected that many buyers will opt for houses that are smaller than their current one, taking advantage of features like large kitchens that are open to the main family living area.

luxury gourmet kitchenAccording to an annual survey of home buyer preferences, there are 10 “musts” for today’s new homes:

  • Large Kitchens with an Island and Granite Counter Tops
  • Energy Efficient Appliances and possibly Recycled Materials
  • Home Office/Study
  • Main Floor Master Suite
  • Ceiling Fans in Southern Homes with High Ceilings
  • Outdoor Living Rooms
  • Master Suite Soaker Tubs/Oversized Showers with Seating Areas
  • Stone and Brick Exterior
  • Community Landscaping and Walking Paths
  • 3 Car Garages

Maximize the 10 “musts” to retain value while decreasing the square footage. Now you can have the best of both worlds – a home that fits your budget and is also filled with the most popular design trends on the market.

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Safest Home in the World??? What Makes a Home Safe?

Monday, February 22nd, 2010

One mansion in Los Angeles has made the news lately and is being touted as the safest home in the world. Of course now that they have shared its secrets, how safe is it? With the unstable economy and job loss, lots of wealthy individuals have created their own private fortresses at home complete with panic rooms, safe cores, ultra high-security systems, secret escape routes and more.  The L.A. mansion features not one, but two safe core rooms that are undetectable from architectural renderings. The homeowner would be able to retreat in absolute safety (as well as absolute luxury) from outside threats such as intruders, natural disasters or a terrorist attack including nuclear, biological of chemicals.

Chances are that your home doesn’t have all the features of the LA mansion, but there are a lot of simple steps you can take to make that your home is secure. Here is a quick check list to use for a safety evaluation of your home.

  1. Security system – make sure that you have properly installed your security system and that family members know how to turn it off and on, as well as how to alert the security monitoring company of danger.
  2. Proper Lighting – make sure to check and replace exterior light bulbs and try to eliminate dark places around the home.
  3. Shrubs – trim the shrubs, bushes and other vegetation around your home to reduce the appeal of these areas as hiding places.

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3 Tips on How to Get to the Closing Table

Friday, February 12th, 2010

Thanks to a fantastic #AREFchat this morning, we now have the three cardinal rules for home buyers when it comes to purchasing a new home. Today’s topic focused on the many obstacles that seem to prevent home shoppers from closing on a home.

Monte Hewett Homes (@MonteHewett) through me for a loop when they said a lot of buyers add or remove names from the contract after it has been signed. Making any kind of alteration to the contract after it has been signed will definitely delay the home buying process and change the financing qualifications. So, rule #1 – Do not change jobs, make a big purchase (i.e. a car), add/remove names from the contract or do anything else that will change the financing qualifications while you are under contract.

Moving along, financing seems to be the number one obstacle preventing home shoppers from getting to the closing table. We were extremely excited to have Jay Thompson (@PhxREguy) join us this morning. As a real estate agent in Phoenix, he had lots of experience with contracts not making it to closing. Surprisingly enough, he claims that lack of sufficient down payments are the biggest obstacle for buyers. Either they think that they can get a loan without any money down or very little money down. This brings us to rule #2 – Do not attempt to purchase a home without the minimum down payment and money for closing costs. In order to get a realistic idea of how much money is needed upfront between the down payment and closing costs, speak to a qualified lender.

Which is a great point to transition us to rule #3 – Consult with a qualified lender BEFORE you begin house hunting. It’s a great idea to know exactly what you can afford before you begin looking for a house. A lender can get you pre-approved for a loan, which will prevent any financing problems from popping up before closing. In addition, they will be able to give you specific details about closing costs, down payments and the estimated monthly mortgage amount. Go over these numbers so you know what your budget is, and, even if you are pre-approved for more than what you can afford, do not go over your budget.

These three rules will help any home shopper make it to the closing table.

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