Tuesday, September 24, 2013

10 Reasons to Consider Buying New

Much like the rest of the real estate industry, new home construction is back on the rise! Below are a few reasons to consider buying a brand new home.

1. Design the home of your dreams

When you elect to buy a home that hasn’t been built yet, you get to enjoy the process of designing your dream home. This includes being able to pick the floor plan that’s exactly right for you. Want all the bedrooms upstairs? Or a master suite downstairs? Done. There’s no need to make due when you can start with something that’s just right instead.

2. Enjoy your place from the get-go

Many times, when you move into an existing home there will be something you want to replace or remodel right away, like old fixtures or worn carpet or even just a paint color that’s not your taste. New homes don’t come with this instant to-do list, so you can spend your time enjoying your home… rather than fixing it up.

3. Sleep soundly (and under warranty)

While an older home will usually have components of various ages – some of which may need replacing not long after you move in – a new home has brand new everything and will be under warranty from roof to floor. An often overlooked benefit of these new systems is reduced Homeowner's Insurance rates.

4. Start green, save money

New homes allow you to make money-saving, environmentally friendly choices from the start, instead of having to retrofit. You can choose sustainable flooring options, energy efficient appliances, green landscaping systems and more. Additionally, new homes often have better insulation, doors and windows that will save you money on heating and cooling costs.

5. Slash maintenance costs

Today’s new homes are built to minimize maintenance, employing the latest, most durable products and techniques that are designed to require less upkeep in the long run.

6. Feel safe and sound

Your new home is guaranteed to be up to the latest safety codes right from the start. In addition, newly constructed properties often boast safety features, like hard-wired smoke detectors and state-of-the-art circuit breakers, not commonly found in older homes.

7. Benefit from community amenities

If you are considering a home in a planned community, don’t discount the value of community amenities. Many communities now include pools, fitness centers and other recreation areas that will add to your experience in your new home.

8. Luxuriate in all new appliances

Brand new oven, brand new refrigerator, brand new washing machine, brand new dishwasher… we could go on and on. Sometimes there’s just nothing better than knowing that your garbage disposal has never been used (and quite possibly misused) before.

9. Discover more financing options

New home developers often have access to their own mortgage or financing options, giving you more lending choices overall. You may also encounter developing communities that are offering a discount special or price perk if you move within a certain time frame.

10. Rack up potential incentives

Building developers may offer incentives as part of your purchase package, like design or appliance upgrades or money towards closing costs.
Maybe we’re optimists, but we think there are advantages for every sort of home, depending on the buyer’s lifestyle. Overall, buying a brand new home presents many advantages to individuals or families who have particular layout requirements and/or little time or desire to work on fixing up a property. The community living aspects of many new developments can be a real perk as well.
For those who enjoy the homey feel and warm history of homes that aren’t brand new, existing homes offer many benefits of their own.For more on this topic see New vs Existing Homes.

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley ColumbusDelaware Downtown Dublin GahannaGrandview Heights GranvilleGrove City GroveportHilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington WestervilleWorthington
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FHA Trims Waiting Period for Borrowers Who Experienced a Short Sale, Foreclosure or Deed-in-Lieu

The Federal Housing Administration (FHA) is allowing borrowers who went through a bankruptcy, foreclosure, deed-in-lieu, or short sale to re-enter the market in as little as 12 months, according to a mortgage letter released Friday 8/23/13.
Currently borrowers who experienced a foreclosure, deed-in-lieu, or short sale must wait at least 3 years before getting a chance to get approved for an FHA loan, however, with the new guideline certain borrowers who lost their home as a result of an economic hardship may be considered even earlier.
For borrowers who went through a recession-related financial event, FHA stated it realizes “their credit histories may not fully reflect their true ability or propensity to repay a mortgage.”
In order to be eligible for the more lenient approval process, provided documents must show “certain credit impairments” were the result of loss of employment or loss of income that was beyond the borrower’s control. The lender also needs to verify the income loss was at least 20 percent for a period lasting for at least six months.
Additionally, borrowers must demonstrate they have fully recovered from the event that caused the hardship and completed housing counseling.
According to the letter, recovery from an economic event involves reestablishing “satisfactory credit” for at least 12 months. Criteria for satisfactory credit include 12 months of good payment history on payments such as a mortgage, rent, or credit account.
The new guidance is for case numbers assigned on or after August 15, 2013, and is effective through September 30, 2016.
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley ColumbusDelaware Downtown Dublin GahannaGrandview Heights GranvilleGrove City GroveportHilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington WestervilleWorthington