3 Reasons Why Those Who Don’t Buy Now Might Regret It Later

^[1]RISMEDIA, March 24, 2010—Buying a home is one of the biggest decisions an individual can make. So it’s understandable that one considering a home purchase may take their time to avoid rushing into such a large financial commitment. However, several factors might leave prospective home buyers who don’t purchase a property now wishing they had taken action sooner.

“Current market conditions have created a perfect storm of sorts that has made it an ideal time to purchase for first-time and trade-up buyers alike,” said James M. Weichert, president and founder of Weichert, Realtors. “Those who have the means and the desire to buy now but don’t, aren’t likely to see such a great opportunity again anytime soon.”

Specifically, Weichert offered three reasons why those who aren’t under contract to purchase a new home by April 30, 2010 might regret it.

1. They won’t receive a sizeable amount of money from Uncle Sam.

For the past two years, the federal government has offered a home buyer tax credit to help stimulate the economy. But that financial incentive is set to expire soon. First-time buyers who aren’t under contract to purchase a home by April 30, 2010 will leave the $8,000 that is available to them through the tax credit on the table. Meanwhile, repeat buyers will miss out on the opportunity to collect up to $6,500 from the government.

2. They might not lock-in on the historically-low interest rates.

Thanks to measures taken by the Federal Reserve including the purchasing of mortgage-backed securities, interest rates have remained historically-low for several years. With the economy beginning to show signs of recovery, it is widely believed that the government will soon put an end to these stimulus efforts.

If that happens, many economists believe we will begin to see a sharp increase in interest rates which could result in a much higher monthly payment for those who wait. For example, an interest rate increase of 1% on a 30-year fixed mortgage of $300,000 could cost a buyer $188 more a month or $67,000 more over the span of the entire loan.

3. They might miss out on record home price affordability.

Home price affordability is at its most optimal level in decades. As a result, those who wait to buy will likely pay more for the home they purchase than what that same home would cost right now. In fact, home prices have already begun to rise slightly in some markets. Instead of getting a better bargain, waiting to buy a home might net buyers a higher purchase price, less appreciation and less house for their buck.

“There is no time to waste for anyone who wants to take advantage of this great buying opportunity. Particularly for those who have a home to sell first,” added Weichert. “If you are prone to saying ‘what if’ and wondering what could have been, you will thank yourself down the road for buying now.”

Step one: Preparing the Site

by: 3 Piller Homes

If you’ve ever driven past a new subdivision just getting started, you’ve likely seen a fleet of earth-moving equipment, multiple colored stakes in the ground, and the beginnings of streets, sidewalks, and foundations. These are the tell-tale signs of the building site being prepared for construction.

Site preparation includes several steps. A survey comes first. Topographical features — trees, streams, rocky outcroppings, relative elevations, and open areas — are carefully marked, providing the basis for everything that follows. Property lines must be located precisely to confirm setbacks (the allowable distance between a structure and a property line) in compliance with local codes. Streets and sidewalks are mapped and flagged. Then the surveyors stake out the location of the various underground utility conduits through the neighborhood and to each house. In the case of a single house under construction, the existing utility services in the neighborhood must be located and the connections to the proposed house carefully plotted. Finally, a soils test is ordered to help determine the type and design of the foundation construction.

Most, if not all, of this information is mandated by the local building authority. Copies of the surveys and tests, usually signed and stamped by a registered professional engineer, must be attached to the proposed construction drawings and submitted for permits or approvals from that authority.

Once those steps are taken and the plans are approved by the building department, the next “site prep” step can be taken. The location of the foundation or footprint of the home is staked to provide a guide for excavation. Typically, the stakes and batter boards (which demarcate every corner or turn in the layout) are connected by nylon strings to outline the exact perimeter of the foundation to be built.

Then backhoes or excavators can get to work, digging ditches to extend existing or new utility conduits — for electrical, plumbing, natural gas, etc. — to serve the house (or houses). Foundations are excavated using the staked-out lines as a guide. The plans will call for footings and — according to individual designs — a crawl space, full basement, concrete slab, and/or perimeter foundation walls in preparation for concrete forms, blocks, or other materials to support the main floor.

Every new-home project requires these site prep steps, and it is important for our homebuyer clients to understand this phase of the job to track our progress and get a complete picture of what is required to build their new home.

Top 100 Online Tools for the DIY Homeowner

Top 100 Online Tools for the DIY Homeowner

Many homeowners, regardless of whether or not they elect to build a new living space or buy a preexisting one, enjoy living a DIY lifestyle that minimizes their reliance on other people and helps them save money in the long run. Unsurprisingly, the internet has attracted a broad and diverse network of home repair, improvement, and decorating enthusiasts who enjoy sharing projects and convenient resources to help one another in their endeavors. The following websites offer up some excellent tools and resources on everything from personal finances to improvement projects and even craft patterns for home décor in order to inspire and educate homeowners interested in doing as much as they can for themselves.

Calculators/Personal Finance

1. Mortgage Calculators : Bankrate offers a staggering variety of mortgage calculators for everything from basic financing to how much remodeling will set a bank account back – and anything in between.

2. Credit Card Calculators : Work through almost every aspect of credit card-related finances with these 10 specialized calculators hosted by Bankrate.

3. Auto Calculators : Cars eat up a healthy amount of one’s personal finances, and with these detailed, informative calculators it is possible to gain a clearer picture of what their purchase and upkeep will cost.

4. Checking & Savings Calculators : All of these useful savings calculators help keep homeowners keep better track of their expenditures and see where their money is or should be going.

5. Retirement Calculators : Homeowners looking forward to retirement would do well to explore all of the related calculators Bankrate has to offer – many of which concern 401 (kplans and Roth IRAs.

6.  CDs & Investment Calculators : Another Bankrate venture, these calculators make useful tools for homeowners hoping to invest some of their money in order to pay for college, home additions, a car, or other needs.

7.  BobVila.com Estimators & Calculators : Homeowners hoping to remodel or add on to their houses would do well to explore Bob Vila’s calculator offerings centered on estimates.

8. IRS.gov Forms and Publications : DIY-oriented homeowners with no need for accountants must stop by the official online presence of the IRS for information on the necessary forms and procedures for filing tax returns.

Home Building/Improvement

9. ePlans.com : This one-stop shop for home building allows visitors to search for blueprints and plans for thousands of different living spaces as well as additions, modifications, and a cost to build estimator for $29.95.

10. The Home Renovator : Home improvement expert Bob Vila provides a suite of estimators for drywall, paint, ceramic tile, batt insulation, and acoustical ceiling tile.

11. Deck Designer : Run this program to create 3D renderings of custom-designed decks along with a helpful materials guide and tips for installing and constructing one.

12. Paint Designer : No matter if the job at hand is to be done indoors or out, the Paint Designer tool helps homeowners pick appropriate colors and paints for their needs and wants.

13. Home Plans : Browse or search for blueprints for whole houses or specific rooms courtesy of Bob Vila and Donald A. Gardner Architects.

See the rest of this post at:      http://constructionmanagementdegree.org/?page_id=466

Cool Tools : Color This! Shows How Paints And Colors Will Make A Room Look Good

Visualizing a home in different colors can take a good eye and strong imagination — especially when you’re house-hunting and the home’s effects are of someone else.

Yet, we wonder:

• What would the bedroom look like in blue?
• How would the kitchen look in yellow?
• What if the foyer wall was accented in red?

At the Better Homes and Gardens website, you can answer those questions and see the results for yourself.  Using the Color This! tool, website visitors can mix-and-match swatch colors, then apply them to a room’s walls, floors, trim, cabinets and accessories.

Don’t just get a mental picture of a room — get an actual picture.

The Better Homes and Gardens site requires a basic, non-intrusive site registration to use the Color This! product suite.  It’s also available for home exteriors and window treatments, too.