Do I need a Real Estate Agent to Buy from a Builder?

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buying a home from a builder, buying new construction, choices, contract expertise, Decisions, do i need a real estate agent, Jacksonville FL Real Estate, real estate agent and new construction, real estate agent representation

Q: Do I need to hire a real estate agent to represent me when I buy a new home from a builder?

A: Legally, no. But if you don’t, you might be missing out on some tangible benefits that impact your wallet and how much you get for your money.

There are many reasons why an agent is a sound investment during the purchase process with a builder. While some of them can be quite complex (and go beyond the scope of this blog post), here are a few highlights:

Market Value Compared to Purchase Price: How much money are you going to be able to come out of pocket for your down payment? If you don’t want a nasty surprise when it comes to disparities between your agreed upon purchase price and the actual market value of the home, you’ll want an agent with access to information which will help you accurately assess the true value of that brand new home.

Negotiation Power: Real estate agents are professional negotiators, and often an agent can get more from a builder than you would on your own. While some of this might be related to purchase price, other perks may include property or home upgrades.

Financing: It’s probably no surprise that your builder will have preferred financing partners to work with. Many of those “partners” pay good money for the opportunity to handle your loan. But is it the best loan at the best rate? An agent can be both a sounding board for financing terms and a source for trusted alternatives.

Contract Expertise: While your real estate agent isn’t an attorney, they know a great deal about the ins-and-outs of property contracts. This includes builder’s contracts, which may have provisions that put you in dicey territory should something unforeseen happen. Protect yourself with an agent.

These four reasons are a good place to start, but there are plenty more. The bottom line is: The builder will have their own system in place to maximize their profit and minimize their costs. Shouldn’t you?

We’re more than happy to help you buy from a builder: Kevin and Jennifer Hanley, REALTORS, Keller Williams Realty Atlantic Partners Southside, http://www.HanleyHomeTeam.com

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Questions to Answer Before You Buy a Second Home

If you’ve ever dreamed of owning a second home, it’s never too early to begin planning how to make that dream a reality. Whether you’re ready to buy now or think it may be a little while before you make the move, there are several key considerations that will inform your “second home strategy.”

1. Identify why you want a second home. What role will this second home play in your life? Is it designed to be a family retreat? Are you hoping to supplement your income with a cash-flow positive rental? Is your second home going to be a retirement destination? It could be all three, of course, but you’ll want to understand the unique requirements each situation dictates. This will include location, tax impact, and the home’s amenities.

2. Begin with your location. Many second home purchases are made for seasonal reasons, with many flocking to the south and the west for winter months. This may be the norm, but it might not be so for you. Where do you want to be? Have you experienced the location first hand, or is a visit in order? If you imagine kids and grandkids making the journey to share this home, will it be conveniently located? It’s one thing to fly into Atlanta, but quite another to reach remote parts of Arizona or Nevada.

3. Eyeball the upkeep. You may think you want a two acre lot with a big lawn, but imagine paying to keep that lawn in shape for all the time you’re not in your second home. The same goes for homes with large square footage, pools, and elaborate gardens. Mitigating your exposure to upkeep can be an important factor in holding your second home for the long-term.

4. Figure out financing. This is especially important if you don’t have the financial picture ironed out yet. Securing a mortgage for a second home can be tricky, and a number of buyers look for all-cash purchases of relatively inexpensive homes. Regardless of how you do it, financial planning is a must.

5. Talk taxes. How a second home impacts your tax picture is a vital part of a second home strategy. The tax implications can vary widely depending on how you choose to utilize the home, whether for personal residency or as a rental. Even how long you choose to rent out a second home each year can have unique tax implications. Laws change, so take the time to review your strategy periodically with your accountant.

We love helping buyers find second homes! If you’re curious what might be on the market, let’s talk: Kevin and Jennifer Hanley, REALTORS, Keller Williams Realty Atlantic Partners Southside, http://www.HanleyHomeTeam.com

Clearing Up Credit Inaccuracies

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Credit dispute letter, credit report, credit report inaccuracies, Getting your credit in shape, homes for sale in Jacksonville FL, mistakes on your credit report, purchasing a home

Discovering an error on your credit history can be a rude surprise when you’re attempting to get pre-approved for a mortgage. Though most people don’t think about the details of their credit report until the need to secure a loan, it’s a good idea to check your report for inaccuracies periodically.

If you do find an error, the best way to attempt a correction is through a dispute letter. Dispute letters allow you to formally request a fix by the reporting agency. Though it may take a little time to get the errors removed, cleaning up these mistakes can have a direct (and favorable!) effect on your credit score, helping you secure lower interest rates and better terms.

Here’s what you’ll need to include for each mistake you find:

1. Which account shows the mistake.

2. Specifically what’s incorrect about the account where it appears in the report.

3. What changes should be made and why those changes should be made.

4. Any supporting evidence or documentation which will bolster your claim.

For example: “On my report, the Chase Visa ending in XXXX shows my account is still active. I closed this account in 2012 and should be shown as closed, not active. Included is a letter from Chase bank, confirming the date of my the account’s closure.”

It’s a good idea to keep copies of everything you send. Also, be sure to send the correction to all three major reporting agencies (Equifax, Experian, and TransUnion) as well as the original creditor (i.e. the credit card company, utility, etc.). You can find the current dispute mailing addresses on these company’s websites. Federal law mandates that agencies must help you within 30 days. Keep records of your disputes and when/how you communicated with the agencies.

Getting your credit in shape is an important step to take when you’re preparing to buy a home. I help buyers prepare every day! Get in touch: Kevin and Jennifer Hanley, REALTORS, Keller Williams Realty Atlantic Partners Southside http://www.HanleyHomeTeam.com

Small Bathroom Design Tips

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design tips for bathrooms, Experienced real estate agents, homes in Jacksonville, real estate jacksonville fl, small bath transformation, small bathroom, small bathroom design, small spaces

Not everyone can afford a master bath with twin sinks, a palatial tub, and luxury dual-headed shower. Some of us (well, most of us!) have to contend with reality. Reality means compromises, and sometimes that compromise means a small bathroom.

But just because a bathroom is small doesn’t mean it has to feel small. In fact, many small bathrooms can be transformed into much larger-feeling spaces simply by making some adjustments to design choices.

Here are some design tips for your small bathroom that don’t involve major renovations. If you’ve been living with a small bathroom, perhaps these tips will help you make the most of what you have until you decide it’s time to make the upgrade:

1. Install a sink with open shelving underneath, or a narrow pedestal. A big, blocky cabinet under a sink may provide storage, but visually it consumes a hunk of open space.

2. Situate towel racks on the back of your door. Stylish towel bars stacked three high on the back of your door can eliminate the need for racks elsewhere in the bathroom, opening up more wall space. If your bathroom’s really small, these towels on the back of the door might not even be out of reach from inside the shower!

3. Elevate shelving above the toilet tank. If you have shelves elsewhere, but the space above your toilet tank is empty, consider relocating high shelving to above the “dead space” behind the toilet. Consolidating this used space into a single area can broaden out the rest of the bathroom.

4. Go high with wall cubes. Cubbie or cubes situated overhead can be an effective way to move the clutter of storage above eye level. There are companies who make these wall-mounted, moisture-resistant cube shelves in a variety of styles.

5. Recess some lighting. You may not multiple light sources in your small bathroom, but if you can “hide” some of your lighting in recessed areas, particularly above the shower, you can reduce the “noise” of big fixtures.

Look on the bright side: At least a small bathroom means less to clean! If these design tips aren’t enough to open up your small bathroom, perhaps it’s time to upgrade to that bathroom of your dreams… let us help you find your next home today: Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside http://www.HanleyHomeTeam.com