Before
viewing Ventura homes, agree on what your goal is - needs
versus wants
Decide
what you need, what you would like and what you can live without
in a new home. Make a wish list of everything you would like
in a home, and rate the different categories in order of importance
to you. If you "must have" a view, will you forego
a fireplace if you find a home that has almost everything
else on your list? These are decisions you will have to make
when viewing Ventura County homes.
The
type and size of home you buy will be determined by what you
can afford, what meets your needs and the location of the
home. What style of home do you want: split level, ranch,
townhouse, condominium, etc.? How many bedrooms and baths?
Do you need a two-car garage?
Prioritize
"needs" then "wants." Shop for a home that meets
the needs and some of the wants.
HAVE
AN OPEN MIND BEFORE LOOKING AT HOMES Not all of the
Ventura County homes you look at will be decorated to your
tastes. Remember that walls can be painted, carpeting can
be changed and kitchens can be updated. Try to use your imagination
when viewing houses. Look beyond the current owners' decorating
tastes and imagine what your furniture will look like in the
house with the walls painted to suit your decorating tastes.
Just
as you must picture the positives when viewing Ventura County
homes, also consider the negatives. Some features can't be
changed, unless you want to pay for costly major reconstruction.
Basements can't be added, second stories cost a fortune and
even additional bathrooms can be extremely expensive. Also,
be aware of where the property line begins and ends. If that
narrow driveway can't be widened because it's already squeezed
between the house and property line, will your large SUV clear
the driveway?
Focus
on the task at hand. Are you looking for a great deal or a
home you can enjoy for many years? Many people miss out on
a great home because they keep looking for that deal - while
someone comes along and buys the perfect house right from
under them.
Quick
Tips
- Tell
your agent what is important to you: transportation, medical
centers, schools, etc.
- Check
the noise level - is the property near a highway or interstate?
- Look
at the neighborhood - how do neighbors maintain their
homes?
- Will
the children have other playmates in the area?
- Are
you near main travel arteries or commuter vessels necessary
for travel to and from work?
- Take
pictures of your furniture with you as you look at houses
to better picture your pieces in a room.
- Make
a columnar comparison of the properties with your specific
needs and wants and whether each property has them.
- Rank
every 3 houses shown in order of preference. Use a separate
list for each spouse, if married.
- If
sellers have children or pets, recognize them and you
will be a step ahead.
- When
viewing homes try to hold in emotion and excitement to
not tip sellers of your desire to own that specific home.
- If
you see a home advertised in the paper, a yard sign or
a For Sale by Owner sign, call your Realtor first.
- View
Ventura County homes when there is plenty of light; it's
too hard to view homes after dark.
- Be
available to go see new listings as soon as they become
available.
- Ignore
furnishings and color. Picture your personal items in
the house.
- Look
out the windows. What you see is what you will always
see. Make sure you like it.
- If
you are looking at Ventura County real estate re-sales,
look for location, floor plan, utilities and structural
soundness. Don? be "blinded" or unduly influenced
by fresh paint and/or new carpet.
- Don't
assume everything you see in the house (drapes, ceiling
fans) is being sold with the house. Ask!
- If
you really like a particular property do not place a lot
of conditions on the contract because this could cause
the seller to reject the offer.
- When
making an offer, make the best down payment offer you
can. Your offer will carry more weight, and your payments
will be less.
- Write
a personal note to go with your offer. All other factors
being equal, sellers will go with the buyers they "know."
- Get
into the Ventura County real estate market even if you
can't get all the fixtures you want in your first house.
- Don't
get so emotionally involved with the house that, if you
fail to purchase it, it becomes the standard for everything
else you look at. This compromises your ability to make
a second choice.
- Contracts
should always be contingent on a home inspection, a good
investment.
Tax
deductible moving expenses
When
you meet the IRS's definition of a qualifying move, the following
items are tax deductible:
- The
cost of trips to the area of a new job to look for a home.
Your home shopping expedition does not have to be successful
for the cost to be deductible.
- The
cost of having your furniture and other household items
shipped, including the cost of packing, insurance, and
storage for up to 30 days.
- Certain
costs associated with the sale of your old home and purchase
of the new one. These expenses, including Ventura County
real estate commissions, legal fees, state transfer taxes
and appraisal, could be used either to reduce the gain
on the sale of the previous home or to boost the basis
of the new one. But it's usually beneficial to count them
as moving expenses up to the allowable dollar limits,
because that gives you an immediate tax benefit.
- The
cost of getting your family to the new home town, including
food and lodging expenses on the trip.
- The
cost of lodging and 80% of food expenses for up to 30
days in the new home town, if these temporary living expenses
are necessary because you have not yet found your ideal
home or it is not ready when you arrive.
Getting prequalified
Most
Ventura County Real Estate Agents recommend that home buyers
get pre-qualified with a lender before selecting a home to
purchase. This way you will have the best information about
the right price range for your pocketbook.
Reasons to get prequalified
- With
pre-qualification, you can determine which loan program
best fits your need and which programs you qualify for.
- You
will know exactly how much you are qualified for. It's
no fun to find your "ideal home" and then find
out you can't afford it.
- Your
monthly payment will be set. This will allow you to budget
your money before making this large investment.
- It
shows you what the down payment and closing costs will
be.
- If
you are a first-time buyer, you may be able to qualify
for a special first-time buyer program which may allow
you to afford more home for your money.
- If
you feel you would like and can afford a higher mortgage
payment but are not able to meet qualifications, co-mortgagor
financing may be made available to you.
Take charge of your credit
Gone
are the days when a hopeful couple sat across the desk from
their local banker anxiously awaiting his decision on their
loan application. Today, the fate their loan and the rate
of their interest hinges on a computer-generated number, their
credit score.
What's
the score?
The FICO credit score reflects dozens of parameters in one's
financial history. For years, this number-named for developers,
Fair, Isaac & Company-was a tight guarded secret. Congress
has now secured your right to know - take advantage if it.
- Score
700 - 850-smooth loan process; best interest rates
- Score
550 - 699--medium risk; higher interest rates
- Score
300 - 549-sorry, no loans or credit cards
Know
Your Score
Before
you talk financing, send for your credit report and FICO score.
If there are errors or other surprises, contact creditors
to make corrections or negotiate settlements. Also, be sure
to notify the credit bureau of your dispute.
Legitimate
black marks on your credit won't disappear quickly. (It takes
seven years; ten for bankruptcy.) However, time and your diligence
can turn things around. Lenders will give recent responsible
activity due consideration.
In
our credit-driven society, taking charge of your credit should
be an on-going process. Your FICO score is a snapshot in time,
not set in concrete. Review it each year for errors that may
have crept in and to monitor your progress. You have the power
to know it, raise it, and maintain it.
What
Helps:
- Pay
all bills-and pay on time
- Maintain
2-4 credit cards
- Close
unused credit cards
- Keep
balances well below the limit
- Pay
more than the minimums
- Establish
long-term credit history
What hurts:
- Too
many credit cards or zero care
- High
non-mortgage debt
- Delinquent
accounts
- Frequent
job or address changes
- Charge
Off's (bills marked uncollectible)
- Bankruptcy
BIG THREE CREDIT BUREAUS
- Equifax Information
Services, LLC
1-800-685-1111
- Trans Union
LLC Consumer Disclosure Center 1-800-888-4213
- Experian
1-888-EXPERIAN
Final
Walk-Through
Before
you have your closing, it's important that you have the final
walk-through on your new home. This is your final opportunity
to make sure that everything is in working order and that
any repairs you specified in your contract have been completed
to your satisfaction.
The
walk-through usually takes place 24 to 48 hours before your
scheduled closing date. Allow yourself plenty of time for
the final walk-through. Take a checklist with you that includes
all of the changes or repairs you specified in your contract.
Go from room to room, attic to basement, front yard to backyard.
Final Walk-Through Checklist
- Try
all light switches to make sure they work. Turn them on
and off. Try all of the electric outlets. Bring a small
plug-in night light with you to test the outlets.
- Turn
on all hot and cold water faucets, including showers,
bath- tubs, washing machine connections and laundry tubs.
Don't forget to test the outside faucets.
- Flush
all of the toilets.
- If
there are any rugs in any of the rooms, lift them up and
peer underneath to check for broken tiles, burns and stains
- In
the kitchen, try all of the appliances that are staying.
Turn on the stove, oven, microwave and dishwasher.
- Turn
on the heat and air conditioning.
- Try
the garage lights and automatic garage door opener.
- Try
the keys to all of the locks. Make sure the looks are
functional and that you have keys for all of the doors.
Locksmiths can be very expensive, and you don't want to
find out on moving day that you can't access one of the
entrances.
- Try
the exhaust fans, if any, in the kitchen, attic and basement.
- Test
the basement sump pump.
- And
last, make sure all of the items in the house that are
supposed to stay with the house when you take possession
are still present. It would be a shame if you discovered
that the beautiful dining room chandelier that you fell
in love with the first time you saw it was replaced with
an inexpensive one on moving day. Check the perennial
plantings in the yard. Landscaping is costly, make sure
that the plants you saw when you made your offer have
not been carted off with the sellers.
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