May 23, 2018

What First Time Homebuyers in Nashua Need to Know

Buying your first home is a major step in life. For many people, the purchase of their first home is the culmination of a long-held dream, a milestone in life to truly be proud of. Any first time homebuyer in Nashua needs to think about the process of buying a home. Buying a home typically has several steps. It's important to consider the factors associated with each step. This allows the buyer to be prepared to understand what is going on as they create a budget, look at homes, get a mortgage, find the right house, and place an offer on their desired home. Knowledge and familiarity is the key to an easy and effective home buying process that ends with the buyer in a home that fits all of their requirements.

Creating a Budget

Lovely Nashua is a highly desirable area. Many residents enjoy the area's crisp, four season climate and easy access to other parts of New England. A first time homebuyer should have a close look at their personal finances. It's a good idea to consider total income as well as all regular expenses. In general, buyers should aim to spend no more than a third of their income on housing costs. Housing costs in this area are similar in cost to the rest of the state. A buyer should keep in mind that many first time buyers sell their homes in less than a decade. A good starter home can be the best choice for buyer's on a smaller budget.

Finding a Home

Once the buyer has determined their budget, it's a good idea to start looking for a home. A real estate agent can help with the process. They know the housing market very well. A buyer may have a specific type of home and criteria in mind such as desired location, number of rooms, garage capacity and so on. Many buyers are also looking for a certain style of home such as a cape cod or a colonial home. A buyer may also want to consider an apartment in town. Let the agent know your preferred type of home before you begin looking at homes in person. Your agent will be able to quickly bring properties that match your criteria to your attention as they hit the market, preventing you from missing out on what would have been your perfect first home.

Moving In

After seeing what's on the market and finding a home that meets their needs, buyers are ready to make an offer. It's a good idea to get pre-qualified. This indicates to the buyer what they can afford, and can allow them to make an offer based on the bank's understanding of their finances. An agent can help the buyer in the area determine what kind of offer they should bring to the seller. Homes in certain areas such as the center of town or away from the airport may go quickly and for a higher price. The buyer should keep this mind before they place an offer. After the offer is accepted, a good home inspection is a must. The home inspection can help reveal what needs to be fixed. Buyers should expect the process of buying a home to last several weeks. Still, nothing beats the thrill of the first day in your new home!

Are you ready to take the first step in purchasing your own home in Nashua? View the latest listings in Nashua, and contact us today to discuss your real estate goals.

Posted in Homebuyer tips
May 18, 2018

Renting vs. Buying in Nashua, NH

Everyone needs a place to live. The decision is whether to rent or to buy. Each option has advantages and disadvantages. In general, buying a home in Nashua allows the buyer to get a bigger home with a larger yard. The buyer can also count on tax deductions that can bring their costs lower than renting in the long-term. However, a buyer will also face costs that a renter does not, such as the cost to maintain the property. If something goes wrong such as the HVAC system failing, the buyer is the one who has to replace the item. At the same time, the home buyer can change the home according to their exact personal preferences. A buyer can also add on to the home should their needs change in the future. Finally, the money paid towards the mortgage each month builds equity in the home, instead of going into a landlord's pocket.

Useful Flexibility

One reason that many people choose to rent in Nashua is the ability to be flexible with housing arrangements. Renters can leave the area without the need to sell a house. A renter can also choose a new rental space they like better simply by giving up the lease. Buying a home means putting in a down payment and then other costs such as closing costs that the renter may not have at the moment. The renter can also count on someone else to mow their lawn, fix a broken window pane, and install a new fridge should the old one conk out. The renter can also move to a larger space if they have a new baby or need to care for an elderly parent. While renting may make sense for some individuals in certain circumstances, let's take a look at the benefits of home ownership.

Equity and Long Term Gains

When someone buys a home in Nashua, they typically take out a mortgage. Over time, as the buyer stays in the home and makes their mortgage payments, the amount of money they owe will continue to decrease. The process of paying off your home and owing less and less on it is known as building equity. In the past five years, the median home value in Nashua has gone up nearly 29%. This means that although the owner must pay their mortgage each month, they will ultimately likely be able to sell the property for significantly more than they paid for it, thus profiting in the process. They'll also enjoy access to a tax deduction that is not available to a renter. By paying off the home and recognizing the value appreciation, the buyer creates a nest egg. The home becomes a paid off, valuable asset. When it comes time to sell the home, the proceeds can go towards the purchase of the owner's next home or even help fund the person's retirement. Home sellers also benefit from the ability to earn a profit on the sale that is not taxed. 

Is it time to stop renting and start building equity in your own home? Contact us today to discuss your real estate goals, and let us help find the perfect property for you!

May 13, 2018

Mother's Day Gift Guide - For The Homeowner Mom

Stuck on flowers for Mother's Day gifts?

Try these gift ideas for your mom, the homeowner.

Bedroom - Take a stroll down Main St in Nashua and stop in for a throw blanket.

Wool home accents have surged in popularity this year so, freshen up her bedroom without a total makeover.

Bathroom - Create a relaxing spa feel by bringing the outdoors in. Lilacs are in full bloom this time of year in NH.

Kitchen - Black sinks are becoming all the rage this year. Try this adorable pink and black Manto Teapot.

Living Room - Looking for a relaxing place for mom to unwind? Stop in to Jordan's Furniture in Nashua and customize a mom chair in any color she loves!

Garden - Target has the latest and greatest in Hearth & Home gardening supplies. If she already has her tools ready to go, try this potting table to give her a designated space to tend to her plants.

Garage - Hole in the wall? Loose cabinet? Gift mom this all inclusive pink tool set and she'll be ready to fix anything she may need! The case is great too, keeps everything together for when she needs it.

Patio - Fringe has found its way back to home decor! After all that mom does, let her relax in this delightful hammock with fringe accents.

 

What do you get your mom, the homeowner for Mother's Day?

We'd love to hear your ideas! Let us know by commenting below.

Dec. 8, 2017

Should You Invest in a Generator?

Is now a good time for you to invest in a backup generator? Doug Larter from Generator Pro is here to answer a few common questions about generators today.

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It’s hard to turn on the news these days without hearing of a huge power loss. Some of these power losses last for weeks at a time. It’s gotten to the point where generators are now considered more of a necessity than a luxury.

 

Today, Doug Larter from Generator Pro is here to answer a few questions about generators and power loss.

 

Why are people losing power so often and for so long?

 

The grid is a lot less reliable than it used to be, and it’s taking longer to repair and get utility lines up and running.

 

That means a lot of people are looking for generators. There are a couple of different types of generators: portable and standby. Are portables easy to install yourself?

 

We have to come out to the customers house to install the portable generator. We have to install a box on the outside of the garage, wire it back to their main panel, and put an interlock switch or gentran switch to make it safe so that it doesn’t feed back out to the pole while people are working on the electrical lines.

 

So a standby generator is probably even more involved?

 

Absolutely. For a standby generator, installation can take two or three weeks. We have to get electrical permits and gas permits.

 

What does a portable generator help power?

 

A portable generator is good for basic stuff around the house, like lights, heating, and major appliances like the refrigerator. The portable generator is great for necessities.

 

What about a standby generator?

 

A standby generator can power everything in your home. It can take care of your furnace, fridge, hot tub, and anything else.  

 

“ 

If you have a CPAP machine,
dialysis machine, or are on oxygen, Doug recommends the standby generator.

 

 

When is a good time to buy a generator?

 

You should buy a generator before you lose power. It’s better to buy it and not need it than to need it and not have it. During the last power outage, our generators went pretty fast. We got over 300 calls that day and a few people just weren’t able to get one.

 

Some may consider a standby generator a luxury. Who should buy the standby generator?

 

If you have any medical needs that require things like a CPAP machine, a dialysis machine, or oxygen, then a standby generator is a necessity. These people cannot be without their power. For others, the standby machine is kind of like a snowblower. Sure, you could go with a shovel, but it’s much nicer to have that snowblower.

 

Standby generators actually add value to your house, is that correct?

 

Definitely. I did have one customer in Hudson who relocated four times and each time, he had us move his standby generator. That’s how much he loves his generator.

 

Does the size of a portable generator matter?

 

Yes. We can come out and take a look at your home and size a portable generator that will fit your needs. Some people may need a slightly bigger portable generator.

 

Thanks to Doug for taking the time to answer my questions today. Doug just got a new shipment of generators in, so if you’re interested in one or you have any questions, just call Generator Pro at 603-879-0839.

 

As always, if you have any real estate questions for me, just give me a call or send me an email. I would be happy to help you!

Posted in Home Maintenance
Nov. 13, 2017

How the VA Loan Helps Veterans Purchase Homes

We can never truly thank our veterans enough for the sacrifices they make. One way we can and do thank our veterans, though, is with the VA loan.

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We can never truly thank our veterans enough for the sacrifices they make. These sacrifices are what allow us to enjoy the liberties and lifestyle we do in this country.

 

One way we can and do thank our veterans, though, is with the VA loan. VA loans allow veterans to buy property for no money down. To help me cover this topic, I’m joined by a special guest: Charley Farley from Merrimack Mortgage.

 

To qualify for this loan, you must have been in the armed forces for a period of time that will vary depending on whether you were active duty or in the reserves, and whether you served during a time of war or a time of peace.

 

The first step is to apply for a Certificate of Eligibility (or COE) from the Veterans Administration. You can apply online, or you can provide a mortgage company like Charley’s with a copy of your DD 214 discharge papers to have them get a copy of your COE for you.

 

If you are a veteran of the armed services,
you’ve absolutely earned the right to take advantage of this loan.

 

The biggest benefit to this loan is that allows veterans to buy property with 0% down. Also, the VA funding fee that is required to participate is less expensive than the mortgage insurance you would pay for other, less beneficial programs.

 

And because this loan is backed by the Veterans Administration, interest rates tend to be lower as well.

 

If you apply with a lender who doesn’t do VA loans regularly, they aren’t going to be as enthusiastic about the program and may feel more confident suggesting something else. However, it is a great program. If you are a veteran of the armed services, you’ve absolutely earned the right to take advantage of it.

 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Posted in Homebuyer tips
Oct. 4, 2017

How Does an Energy Audit Work?

An energy audit is a worthwhile investment if you plan on owning a home long-term.

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Buying a Southern New Hampshire home?

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Today I’m joined by Spencer Triehy of Building Efficiencies to talk a little a little bit about home energy audits. A home energy audit is when an auditor comes into your home and measures the efficiency or inefficiency of the entire building.

 

They use a number of tools to do this. First, they use a blower door to test for air leakage. Then, they use a combustion safety analyzer to test the efficiency of your heating system. Finally, they use an infrared camera to find any voids in your thermal envelope. You want to make sure that the exterior and interior are kept separate.

 

The auditor’s high-tech tools
will solve any potential problem.

 

The initial audit is only $100 if you qualify at nhsaves.com. The $100 deposit goes toward any follow-up air seal or insulation work that might be needed in the house. They will also take the measurements and any deficiencies and compile them in a report via email.  The report will also tell you your projected savings, rebates, and out-of-pocket costs.

 

Usually, the payback takes a few years and once it’s paid off, you end up actually making money off of it each year after. If you have any questions for Spencer about energy audits or if you’d like to schedule one for your home, give him a call at (603) 718-1373. If you have any real estate questions for us in the meantime, don’t hesitate to reach out. We look forward to hearing from you soon.

Posted in Homebuyer tips
Sept. 21, 2017

Should You Still Buy a Home in Our Market?

It’s still a good time to buy in our market, but you must act quickly and follow a couple important guidelines.

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Buying a Southern New Hampshire home?

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Many homebuyers in our market have found the home they want online only to find out it’s under contract before they even get a chance to see it in person.

 

This has a lot of people asking, “Is it still a good time to buy a home in our market?

 

To answer that question, you have to look back a few years during our most recent recession. During that time, homes weren’t selling and a lot of builders were finding it difficult to make a living. At the same time, though, the population was increasing.

 

What does this mean if you’re trying to buy a home right now? It means we’re still in a good market, but it’s also a fast market. If you look online, you’ll notice there aren’t a lot of active listings, but there are a lot of pending listings.

 

This year, we’ve sold 105% of the homes than we did at the same time last year, and last year we sold more homes than the year before that. Most experts will tell you that it will probably be a couple years before supply and demand equal out.

 

We’re still in a good market for buyers, but you must act quickly.

 

If you’re currently renting a house, you’re probably paying more than it would cost you if you actually bought that house. Rents are sky-high right now, and if you waited a couple years, interest rates would probably go up and reduce the amount of home you’re able to buy for the same monthly mortgage payment.

 

So, you may consider this a good market to buy in, but you still need to keep a couple things in mind.

 

First, make sure you’re ready to buy. Make sure you’re pre-qualified before you even start looking for homes. Your first offer is the most important one, and you may have to offer asking price or above to get the house you want.

 

Second, make sure you hire a responsive, professional real estate agent who’s accustomed to a fast market, such as myself.

 

If you have any questions or are thinking about buying a home, don’t hesitate to reach out to me. I’d love to help you.

Posted in Homebuyer tips
Sept. 13, 2017

How to Reduce the Radon Level in Your Home

Today, I’ve got some information about what radon is, where it comes from, and how to get rid of it.

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Many people know that smoking is the No. 1 cause of lung cancer. However, a significantly smaller number of people are aware of the second leading cause—which is radon.

But what is radon? Where does it come from, and how can we get rid of it? To help me answer these questions and more, I was recently joined by a special guest: Jesse Stufflebeam of Xtra Mile Home Inspection Services.

Radon is an odorless, colorless, radioactive gas, which comes granite deposits in the ground. From this granite, radium is produced and eventually turns into a gas called radon.

Radon gas can be extremely harmful. Approximately 21,000 each year are diagnosed with lung cancer as a direct result of radon gas.

So, how can you test your home for its radon levels? According to Jesse, there are two ways of going about this. The first way is to go to the nearest lab and obtain a test kit. This test kit will come with two vials which you will need to set apart by about four inches apart, open, and leave to sit for approximately 48 hours.

Once you have done this, you can send the vials off to your test lab. Because a trace amount of this gas is found in all homes, the important thing is that you pay attention to the amount of gas—which will be detailed in your results.

 

Approximately 21,000 each year are diagnosed with lung cancer as a direct result of radon gas.

 

Anything above 4.0 picoliters will need to be promptly taken care of.

The second method of testing for radon gas is by using a continuous radon monitor. This device will take measurements of the radon levels each hour. Once sufficient data has been compiled, an average will be calculated. However, ownership of this device requires certification.

So once your testing is complete, what steps can you take to get rid of the radon gas?

The first thing you’ll want to do is to contact a radon mitigation company, who will then come out to assess the basement or lower living area of your home. They will also check for, and fill, any cracks that may exist in your flooring.

Also, if you have a sump pump, they will likely fit it with a special lid to avoid further radon coming up from the ground.

Next, they will install a mitigation system—a 4-inch pipe that goes into the ground and connects to a fan that will pump radon gas out of your home. Following installation, the radon gas levels in your home should be normal within about four days.

However, after 10 years have passed from the time you installed your system, you will want to conduct another radon test to be safe.

For more information about radon gas, visit www.EPA.gov/Radon.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Posted in Home Maintenance
Aug. 17, 2017

5 Costly First-Time Homebuyer Mistakes & How to Avoid Them

Buying your first home can be very exciting, but many first-time homebuyers make a few mistakes. There are five costly mistakes that you should avoid:

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Buying a Southern New Hampshire home?

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Buying your first home can be very exciting, but many first-time homebuyers make a few mistakes. There are five costly mistakes that you should avoid:

 

1. Starting the search process without getting pre-qualified. I’ve seen buyers find homes that they love only to speak with the mortgage company and discover that they don’t qualify to buy that home. Speaking to your mortgage person and getting pre-qualified prior to your home search is an important first step.

 

2. Buying a home without considering your future needs. You never want to spend more than you need to on a home. You also don’t want to buy more home than you need, or less than you might need. It’s important to think three years down the road. Most people own homes for between three and seven years. If you buy less home than you need, then it could be expensive to sell and buy another home when making that purchase.

 

3. Trying to navigate the process without an experienced buyer’s agent.Think of it this way: If you are entering an expensive race car in a race, would you hire a new, part-time mechanic or an experienced, full-time mechanic? You need a full-time, experienced buyer’s agent to guide you through this process. The good news is that working with a buyer’s agent won’t cost you any money in most cases, as the buyer’s agent is usually paid by the seller.  

 

Make sure you get pre-qualified before you start looking at homes.

 

4. Paying for a professional home inspection without taking advantage of the inspection report. Inspections provide critical information about what’s wrong with the house, as well as upcoming repairs. The report is a great tool to help you understand your home. Homes don’t come with an owner’s manual, so knowing what you need to do to maintain that home is important.

 

5. Spending money on an expensive item before closing. Your interest rate and your mortgage are based on your FICO score. Buying an expensive car, furniture, or appliances could affect your FICO score and negatively impact your interest rate. In fact, a big purchase may even prevent you from closing on the home, so hold off on those expensive items until after you’ve closed on the property.

 

If you have any other questions about buying a home, just give me a call or send me an email. I would be happy to help you! 

Posted in Homebuyer tips
June 29, 2017

How to Get Rid of Private Mortgage Premiums for Good

Selling your Southern New Hampshire home?

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Buying a Southern New Hampshire home?

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I recently met up with Charley Farley, branch manager at Merrimack Mortgage, to talk a little bit about private mortgage insurance and how homeowners can get rid of it. 

 

Private mortgage insurance (or PMI) comes in different varieties. For example, you pay it as a one-time funding fee for a VA loan. With an FHA loan, you would pay a monthly mortgage insurance premium. With a conventional mortgage, it’s just PMI. It’s defined as the fee the borrower pays when they buy a home but don’t put a full 20% down. 

 

In some instances, you can get rid of PMI and not have to pay it anymore. With the VA loan, it’s all paid at once in the funding fee, but with FHA loans, the PMI lasts for the life of the loan. The only way to get rid of PMI on an FHA loan is to sell the property, pay off the mortgage, or refinance the home. 

 

It’s easy to get rid of PMI on a conventional loan. Call the number on your mortgage statement and speak to a customer service rep and demonstrate that you’ve fulfilled three requirements. You have to demonstrate that you’ve made payments on time, you’ve made at least 24 payments, and that you have 20% equity in the property. A Realtor can help you verify whether you’ve got 20% equity in the home to save money on an appraisal. Otherwise, that appraisal could cost $400 to $500. 

 

This topic came from a really good question posed by Dave Alphonso, and since we selected it, we’ll send Dave a $25 gift card. 

 

If you have any questions about mortgages or financing for Charley, you can reach him at (603) 471-9300. If you have any questions for us about buying or selling a home in New Hampshire or about real estate in general, give me call or send me an email. I’m always happy to help!

Posted in Home Maintenance