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4 Tips for First Time Homebuyers to Follow During a Professional Home Inspection

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

With factors such as the now expired first time home buyers tax credit and historically low mortgage rates, many Americans are being drawn to the housing market and deciding to purchase for the first time. According to the National Association of Realtors (NAR), almost half (47%) of the homes purchased last year were purchased by first time buyers.

Of course buying a home for the first time can be both exciting and scary. Therefore first time purchasers should do as much research as possible before making that major decision. In addition, one major action that proves to be extremely educational for first time buyers is a professional home inspection. Home inspections provide the potential owner with information regarding the home's systems and can also be used as a tool in negotiating the home's price. Here's a list of things for those who are purchasing for the first time to be aware of during a professional home inspection.

Inspect the Inspector

Make sure you do your homework when searching for a home inspector. You would need to look for someone who possesses accreditation and a superb reputation. Make sure to ask questions such as: How long has the company been in business? It is also a good idea to find out about the inspectors formal training and continued education. You should also verify that the inspector possesses personal liability insurance or "Errors and Omissions" (E&O).

Ask for a sample of the report

You should want to see a sample of the report to verify that the quality is both professional and concise. A good quality report will consist of pictures and details regarding the home's systems and accessible elements. A poorly prepared report will not be taken seriously by the home seller.

Inspect ancillary systems

Because many first time buyers are not fully aware of what inspections are needed, many companies will offer you additional services at a discounted rate. For example, if you're looking to purchase a home with a septic system, a professional company may be able to offer septic system inspections. Termite inspections, mold screening, and water/radon testing are other common inspections offered by professional companies.

Go along on the inspections

Find out if the company will allow you to tag along for the inspection. If a company doesn't agree to this, find another one. Home inspectors can also show the home buyer how to operate different systems of the home and can also provide valuable tips on how to save energy and etc.

What Are Consumers Doing With their Tax Credit?

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

As you may already know, one of the biggest stories in the real estate market for the past few months to a year has been the First Time Homebuyer Tax Credit and it's extension.  Many people who have decided to take advantage of Obama's plan during the economic recovery are concerned with getting back on their feet.  According to a survey by Coldwell Banker, consumers would choose to spend their tax credit on:

Paying off debts - 34% said they would use their tax credit to pay off debts. This act will free up more money for investments or saving.

Home Improvements - 29% said they would use the tax credit to make home improvements. This act increases home values as well as home equity.

Place into Savings or Investments - 28% said they would place money received into a savings account of invest. This act is better for returns opposed to purchasing with credit.


Looking for a home to get in on the First Time Homebuyer Tax Credit Extension? Let the zac team help, give us a call at 1.800.510.1884.

Another Extention on the Tax Credit

by the zac team @ RE/MAX Greater Atlanta

Greetings Neighbors,

As you all may have heard, the Obama administration signed the $8,000 tax credit extension for first time homebuyers on Friday. However, there is a perk this time around for the tax credit extension. The extension is not just for first time homebuyers but now offers a tax credit to those who are purchasing a new home but not for the first time.

Wondering how the tax credit extension will work? Those who are purchasing homes for the first time will still be eligible for the maximum of an $8,000 credit. Now those who are not purchasing for the first time will be eligible for a credit of up to  $6,500.

The new extension is set to last until April 30, 2010. Those homeowners who are under contract by the new end date will still be eligible under the condition of completing the sale within 60 days.

As for whether the extension will increase home sales, it seems as if there are split reviews. With the extension being offered to those who are not first time buyers, some feel the extension will have little impact in the supply of housing on the market.

Are you or someone you know looking to invest in a home for the first time? Contact the zac team @ Re/Max Greater Atlanta www.GotZac.com.

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Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
600 Virginia Avenue NE
Atlanta GA 30306
Office: 404-564-7272

 

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