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buying your first home

Buying Your First Home: 3 Buying Myths Debunked

It’s a seller’s market, yet here in Tampa the homes are in demand and aren’t lasting too quick. Buying your first home can be a big challenge, filled with unfamiliar ground. Here are 3 buying myths debunked as you move into buying your first home.

Looking first is the wrong first step

Most first time home buyers start with looking at homes. This could include driving around neighborhoods or searching online. But if you’re serious about buying your first home, your first step should be getting qualified for a mortgage.

If you fall in love with a house and have no idea if you can afford it then you may be setting yourself up for heartbreak. With online services like Lending Tree, you don’t even have to walk into a bank to find out if you can qualify for a home loan. Start with the loan then proceed with the looking. Wit your finances in place, it also means if you do find a home you love you don’t have to hesitate in making an offer.

Your down payment can vary depending on your lender

Most buyers have the misconception that you have to put 20% down as a down payment. Traditional loans have always required a minimum 20% down payment. However, many loans now offer a variety of down payment options.

Some lenders also offer incentives or programs that will reduce your down payment percentage, or not even require a down payment. Some programs also cater to veterans, military, or other eligibility requirements.

An appraisal and a home inspection are two very different things

If you’re buying your first home then you might confuse a home appraisal and a home inspection. A home inspection is paid out of the buyer’s own pocket. Most lenders require will require a home inspection before you purchase the home so the inspector can identify any issues or concerns you need to be aware of before completing the purchase.

A home appraisal is for the bank to determine how risky of an investment the bank is making by allowing you to buy the home. An appraiser will spend 5 – 15 minutes in your home, as opposed to a home inspector who will spend 3 – 4 hours. The appraiser will determine the overall value of the home.

Don’t forget to call Divinity Inspection Service when you are ready to schedule your home inspection! One of the worst mistakes you can make is completing your home purchase without a home inspection first.

Home Inspection Checklist

Home Inspection Checklist: What To Expect

Are you feeling anxious about your home inspection because you are unsure of what to expect? Many new homeowners, and even veteran homeowners, find the home inspection process stressful. We believe we can alleviate this stress by telling you what you can expect through a home inspection checklist. This way, you can feel confident as you walk through your home with your inspector.

Plan to be there

One of the most important steps you need to take is to attend your home inspection. Plan to be there for at least 3 hours. A good home inspector will walk you through all of their findings and detail the report.

Interior of the Home

Your home inspector will start with the interior of the home. Any and all spaces, including attic and crawl spaces, will be inspected. You won’t be expected to go into those small spaces yourself unless you want to.

Exterior of the Home

After inspecting the interior of the home, the home inspector will inspect all areas outside the home. This will include gutters, the roof, the driveway, and the backyard. Again, you are not expected to go into all areas, such as the roof, unless you really want to.

The inspection report

Finally, at the end of the process, you will receive your inspection report. This report will detail everything the home inspector already detailed as you walked through the house with them. This report is great to refer back to, will be required by your bank or home insurance, and is good to keep on file.

If you hire Divinity Inspection Service we will keep your property inspection report on file in our online system for up to one year. Now that you know what to expect in your home inspection checklist, go ahead and schedule your appointment now.

Tampa Housing Market

2017 First Quarter : Tampa Housing Market

The Tampa real estate market is in a good place. There were a lot of predictions for 2017, particularly about home prices and what to expect. So has Tampa lived up to the hype? Check out what the most recent reports have said about the first quarter on the Tampa housing market.

Good, but not thatgood

According to the National Association of Realtors, home prices spiked 6.9% in the first quarter of 2017. Rising prices are an excellent sign of an abundant economy. In a new report by ATTOM Data Solutions, Tampa Bay homeowners who sold in the first three months of this year realized an average gain of $30,100 over what they originally paid. I think it’s safe to say that’s pretty good!

However, that average is still $35,000 less than what it was at the peak of the real estate boom in 2006. This same report has also showed that homeowners are keeping their homes longer. A result of the bubble burst back in 2008. Will we reach that peak once again? Possibly.

The Results: inventory in demand

As a demand of the housing market, in combination with homeowners keeping their homes longer and the increased prices, homes are in demand. Prospective buyers poured into the market to start the year as the job market also shows increases.

Another player that we might see soon are automated homes, which are now part of the mainstream. These new builds come equipped with built in automation – from the shutters to the security system. Ten years ago this technology was very high end but now average home owners can enjoy this type of automation.

So for now, the Tampa market is looking great! As long as the available housing can keep up with the demand you can expect prices to continue to rise and profits continue to increase. Don’t forget to give us a call to schedule your home inspection before you complete your home purchase.

home inspection deal breakers

What Are Home Inspection Deal Breakers?

A home inspection comes at the end of your home buying process. This position has a tendency to be stressful to home buyers. In fact, fear of home inspection deal breakers is a common misconception. In this blog, we will address some potential home issues that could make or break a deal. Keep in mind, at the end of any home buying process, the decision to complete the purchase is completely yours. No matter what home issues are uncovered during a home inspection any issue can be repaired or resolved.

New Roof

A new roof can be one of the most expensive repairs. However, if a home needs a new roof many sellers will include the cost of the new roof into the home price. This means the seller will decrease the price of the home to accommodate for the cost of the new roof. During a home inspection, your home inspector will walk on the roof and look for damage or any indication of need for repair.

Plumbing and Electrical

One of the most common home issues is with the plumbing or electrical. A leak in the wall or pipes, faulty wiring, or both can be an expensive repair. Worse, if you have to replace anything. The good news is most of these home repairs aren’t huge and can be taken care of fairly quickly. Home inspectors use infrared lights to detect water leaks behind a wall so you can feel confident that we will find any leaks even if it is not obvious to the naked eye.

Sinkholes or Foundation Issues

In Florida sinkholes are becoming a nuisance. For this reason foundation inspections are one of the most important inspections you need to have. Inspecting the foundation should be included with any home inspection. Any good home inspector will go into the crawl space if it is available and properly inspect the foundation. Any issues or concerns will be included in the detailed report.

You can schedule your home inspection directly on our website. We will walk you through everything you need to know about your potential new home and answer all of your questions. Schedule your home inspection now or give us a call!