Real Estate Information Archive

There are few events in life more exciting, momentous and nerve-racking than buying your first home. You may be combing the web for the ideal school district or find yourself driving around neighborhoods trying to picture which cul-de-sac you could settle into. However, there are also moments where, especially for first time home buyers, you may feel overwhelmed and confused by the process. 

In an effort to settle some nerves and calm potential anxiety, we have focused this blog post on discussing tips for first time home buyers:

-Our first tip for you is to start saving early for your down payment. It is common to put around twenty percent of the purchase price down, so starting to save early on can help be a big asset. Your future self will thank you!

-Check on your credit. Many people don’t realize how big of a factor their credit score is on the approval process for a mortgage loan. Staying on top of your credit score and improving areas that need some work will help you when you to go apply for a mortgage. 

-Figure out how much you qualify for before you start house shopping. The worst feeling is to get emotionally attached to a home you can’t afford, so knowing where you stand and what you can afford will make the process a little smoother. 

-Prior to starting your home search, take a few minutes and write out a list of the non-negotiables you want in your home. This can be anything from location to square footage – anything that you can’t live without in your next abode. It will not only force you to narrow in on what you are looking for, but it will also help your realtor get a better idea of what to start showing you.

-Find the right realtor. You will find throughout the home buying process that your realtor becomes your new best friend. We can’t stress enough how important it is to have a knowledgeable, hardworking, honest and committed agent by your side. It really will make all the difference. 

-Our last tip for you is to have fun and enjoy the process! 

The fun doesn't have to stop here! If you want more home buying tips check out our "Omaha Nebraska Home Buying Tips" page here! 

It’s true when they say that buying a house is one of the largest financial investments most people will make in their lifetime. With that said, it comes as no surprise when people have a cautious approach to the home buying process and want to gather as much information as possible before they sign on the dotted line. This is especially true for first time home buyers as they navigate the mix of excitement and nerves of owning their first property. 

In today’s blog post we are going to be breaking down a few tips and tricks for first time home buyers in hopes to make the process a little easier and more enjoyable. Let’s dive right in! 

-Get a copy of your credit report to get an understanding of where you stand, and start doing your research to find a reputable mortgage company you want to work with. 

-It is a good idea to get prequalified for your home loan prior to starting the home search so you know what area/homes are in your budget.

-Start putting money aside early for your down payment and closing costs so you are prepared to pull the trigger when you find your dream home. 

-Figure out where you want to live – what neighborhood is best for your family, the school district you want to be in, how far the commute will be for work and what style home fits your taste. 

-Before you settle on your home, make sure to have it checked by a home inspector so there are no surprises down the road. 

If you are in the market to purchase a single-family home, townhouse or condo in the Omaha, NE area, there are a few important differences that you should understand before starting your search. We have listed them below for you to review and hope the information helps you to get a better understanding of which option would work best for your situation! 

Let’s start by first defining what each option is:

A single-family home is a detached house that sits on its own lot and usually includes a yard and/or driveway. These can be single or multiple story houses depending on the area and neighborhood. 

A condo is a unit within a building, or community of buildings, that is owned by an individual. The lot on the other hand is maintained and owned by the management company. 

A townhouse is a unit that sits on its own land yet is connected by a common wall/walls with neighboring units. Townhouses are usually two to three stories. 

Features of single-family home ownership:
-Single-family homes are located on their own lot, providing privacy and space from neighboring properties. 
-Depending on the neighborhood the home is located in, homeowners may be responsible for an HOA (Homeowners Association) fee and therefore have to abide by certain restrictions on home exteriors, yard appearance, etc. 
-If your home does not fall in a neighborhood with an HOA, you have full freedom over the look and upkeep of your property.

Features of condo ownership:
-Condo units come in many different styles, sizes and floor plans, and can be part of high rises, cul-de-sacs and anything in between.
-Owners of condos only own the interior of their unit – all other areas (community areas, lawn, building exterior, etc.) is property of the HOA. 
-Many condo buildings feature amenities such as a pool, club house and green areas for owners to enjoy. 
-Condo owners usually pay a higher HOA (Homeowners Association) fee due to paying for things such as pest control, lawn care, exterior upkeep and trash removal.

Features of townhouse ownership:
-You will find many townhomes that are quite spacious and many feature multiple stories. 
-Owners of townhomes typically own the interior and exterior of the unit, including lawn, driveway, and roof. Community areas are not included in ownership. 
-Depending on the location of your property in the row, townhouses can share one to two walls with their adjoining neighbors. 
-You will find some townhouse communities that offer their residents amenities, but there are many that are private and have limited features. 
-Townhouse owners typically pay a lower HOA (Homeowners Association) fee because they are responsible for much of the upkeep of their own property. The HOA will still be responsible for things such as trash removal and certain types of maintenance.

It’s official – you have finally found, closed on and moved into the home of your dreams in Omaha, NE. We think a congratulations are in order as that is no small feat! But once the celebratory Champaign bubbles have fizzled out and all the boxes have been put away, it is now time to ensure that a few things are in order in your new abode. Below we have listed a couple items for you to tackle in the areas of security, home documents, emergency planning and maintenance to not only help keep you organized, but also avoid any costly home repairs down the road. 

Home safety and security:
First thing’s first! When it comes to home safety for you and your family, this is something you want to jump on right away:

-Before anything else, make sure to change the locks on the home. You never know who had a spare key and could let themselves into your house at any point.
-On that same note, you want to reset any codes that allow access into the house/property, such as gates, garage doors, etc. 
-It is always a good idea to have a fire extinguisher near the kitchen in the event of an emergency/fire.
-Set aside some time to test carbon monoxide and fire detectors to ensure they are working properly. 
-In all exterior lights, make sure that all bulbs are working and replace any that need to be fixed. 
-Lastly, be sure to hide extra sets of keys in a lockbox out of sight. Robbers have gotten cleaver and know to check under flower pots! 

Important home documents: 
There are a few important documents that you may want to keep handy in case an unexpected dispute arises, or you need to reference information: 

-Insurance documents
-Final closing documents
-Contact information for lender
-Inspection report 

Emergency planning:
The least ideal time to plan for an emergency is while it is happening. Here are a few things to keep in mind and plan for:

-Be sure to familiarize yourself with the circuit box, as well as label the circuit breakers.
-If you have gas, make sure to know where the gas shut-off valve is in case of an emergency. 
-Find where the main water shut-off value is in the event of a broken pipe. 
-For quick reference, make a list of emergency contacts such as your insurance agent, utility companies, electrician and plumber, and make it easily accessible to everyone in the home. 

Maintenance: 
As a homeowner, you now are responsible for all maintenance of your property (we know, *sigh..*) To make it a bit easier for you, we have created some bullets below for you to reference. It may be beneficial for you to set calendar events, so you don’t miss these basic maintenance tasks: 

-Schedule HVAC maintenance in the spring and fall, as well as change the filters at least once a season. 
-Check on and clean out those gutters at least once a year. 
-Clean out the dryer vent and hose at least once yearly to avoid fires.
-Once a year, drain your water heater. 
-If your refrigerator was not purchased recently, be sure to clean the coils at least once a year. 

Let’s be honest - no matter how you spin it, buying a home is not cheap. And whether you are a first-time homebuyer or a seasoned professional, we are sure the previous sentence comes as no surprise to you (you may have even found yourself nodding and smirking in agreeance). But what many people tend to focus on are the larger costs that are associated with home buying, such as mortgage payments and down payment costs, and many tend to overlook the lesser fees that may arise during the buying process. But fear not, as after today’s blog post we are confident you will leave with a better, more thorough understanding of not only what these fees are, but also what they could end up costing, so you can plan accordingly. 

-Application Fees: When you are applying for a loan, your lender will pull your credit report to get a better understanding of your financial health to see what you qualify for. They in turn will charge you an application fee, which is usually combined with the credit report fee. You should be sure to request a breakdown of the fees, but this can cost you $75-$300 dollars. 

-Home Inspection: When it comes to home buying, planning for a home inspection is curial. Think of it as an extra layer of protection to ensure you are not purchasing a home with major hidden issues that can mean huge dollar signs down the road. During the appointment, the inspector will search for general and structural issues within the home, many times finding things not visible to the naked eye. Home inspections can cost between $300 and $500.

-Private Mortgage Insurance (PMI): If you are planning to put down less than 20% of the home’s purchase price, the lender will most likely require you to purchase private mortgage insurance. This will protect the lender in the event that you stop making payments on your loan. And while PMI rates can vary, they tend to hover around 0.3% to 1.5% of your original loan amount annually. 

-Title Services: Fees such as government filing fees, title search of public records for the property, notary fees and more are covered under title services. It is crucial for you to get a line item breakdown for each cost, and you should budget around $150 to $400. 

-Appraisal Fee: First, the appraisal itself can cost between $200 and $425 and take around two hours to complete. Next, the appraisal report is then sent to the lender to confirm that the property is indeed worth the amount that was agreed upon. 

The home inspection is a crucial part of the buying process. If you have ever brought or sold a house, then you are probably well versed in what a home inspection is and how/why they are conducted. On the other hand, if you are a first-time home buyer, this may be your first time hearing the phrase. And that is where we come in! Whether you are a real estate aficionado and just need a refresher, or you are a newbie trying to understand the lingo, today’s blog post is going to break down everything you need to know about the home inspection process. 

What is a home inspection? As mentioned above, the home inspection is a crucial part of the home buying process and is designed to protect the buyer in the sale. To put it simply, a home inspection is a ‘non-invasive’ examination of the property where a licensed home inspector will review the house for mechanical, structural and/or electrical defects. This will give the buyer a more comprehensive overview of the home, which helps to ensure there are minimal surprises when they take control of the property. 

When does a home inspection usually take place? Typically, the home inspection will be conducted a short time after the seller accepts the offer from the buyer. 

Is a home inspection required by law? The short answer is no, home inspections are not required to be performed. But they are worth the money as it acts as a protection of the investment, as well as gives the buyer peace of mind regarding the true shape and condition of the house.  

What will the home inspector be looking for in the home? The inspector will be looking for any issues/problems that have to do with the home’s electrical system, plumbing, heating and cooling system, foundation, windows and doors, roof and more. 

What do I need to do to prepare for a home inspection? If you are in the process of selling your home or are thinking of selling your home in the future, we have listed three simple steps to help you prepare for a home inspection. First, about a month prior to the inspection, you should ensure all the paperwork is in order and start addressing the repairs you think need attention (these will be things you believe will be red flags to the inspector). Second, about a week before the inspection, you should start removing clutter and/or anything you feel may interfere with the inspector. Lastly, our third tip for you is to ensure the house is clean, light bulbs have been replaced and everyone (including pets) are removed from the home the day of the inspection. 

There is no denying the endless entertainment, activities and adventures that our beautiful city of Omaha, NE offers its residents and guests of the area. But when looking to buy a house, there are a few neighborhood amenities and other items you will want to look into to ensure that specific area is right for you and your family. We have listed below a few of these below in hopes that you will feel better prepared and that fewer surprises will pop up when going to buy a home!

-The first thing we are going to be discussing today are schools. If you have children, this item should be in the top few things to look into to ensure that the schools in your area where you want to send your kids. And even if you don’t have kids at the moment, but are planning to grow your family in the future, this is also crucial for you to research. This factor could end up being a make or break item for some families, so doing your research off the bat is always a good idea. 

-Next are things such as banks, grocery stores, shopping plazas, etc. To some people, having these conveniences located within a five-mile radius is a huge deal, so making sure to see what stores and amenities you have directly around you is a must.

-Public Parks and playground are another item that some people may want to look into. If you love exercising, or just simply being outdoors, you may want to research parks and outdoor spaces that are in close proximity to your potential neighborhood. 

-Lastly, local entertainment options such as movie theatres, bowling alleys and restaurants are another item to keep in mind when looking for your ideal neighborhood to settle into. Getting the lowdown on these places and how far they would be located from you can help to gauge your interest in a specific area. 

Homeowners Associations (HOA’s) – many people love them, many people are not a fan. But before you decide which side of the line you stand on, let’s first discuss some details about what an HOA is and a few of the pros and cons surrounding living in a development with one. Let’s dive right in! 

What is an HOA? | 
An HOA is an organization within a planned community, condominium or subdivision that is in charge of creating and enforcing rules and regulations for the properties that reside within its jurisdiction. 

Pros of an HOA |
-The first pro we are going to discuss is amenities. Did you know that HOA’s typically offer and manage community amenities such as tennis courts, pools, parks and community centers? All of which are assessable to community members. 

-Another pro is that HOA’s typically handle community maintenance such as landscaping, snow removal and upkeeping the private roads within the community.  

-HOA’s are also responsible for making sure all members abide by the set standard of appearance for their homes. This ensures that your pesky neighbor can’t paint their house bright pink or have an unruly, overgrown lawn. 

-Being part of an HOA ensures that the neighborhood appears clean and neat, not only making your home more appealing to potential homebuyers, but also possibly increasing the value of your home. 

-Lastly, it is always nice to have an HOA to step in on your behalf if any issue were to arise between you and a neighbor. While we always have the best of intentions when it comes to conflict, the truth is, things happen. And turning things over to your HOA to resolve makes it much easier for both parties involved. 

Cons of an HOA |
-One of the most obvious downsides of an HOA is the cost, which varies based on things such as property and amenities provided.

-Another potential con of an HOA is the unexpected fines and fees that can arise. That is why it is always helpful to fully understand what is expected as you, the homeowner, in order to avoid being penalized. 

-Lastly, as with many things in life, there is always the chance that things can get political and in turn be frustrating for some of the members involved. 

Choosing the best home and neighborhood for your needs is of utmost importance to our team.  Please contact us with any questions you may have and check back to view our blog weekly for great home buying and selling tips!