Posts Tagged ‘luxury’

Home Inspections

Tuesday, April 6th, 2010

All About Home Inspections

If you are in the market to buy a home, then it is time to understand the basics of home inspections.

According to the National Association of Realtors, 77 percent of home buyers had a home inspection prior to purchasing their home, and Realtors report that 84 percent of home buyers requested a home inspection as part of their contract.

When choosing a home inspector, you want to find a qualified and experienced professional. In this field, that means having client contacts or testimonials to back up their work, as well as the appropriate state license to operate as a home inspector. Not every state requires a license, and if not, you can ask whether of not they are a member of the American Society of Home Inspectors or the National Association of Home Inspectors. In your inspector interview, ask about cost, whether they offer a guarantee on their work, how long their inspection should take, and how you’ll be receiving the report (written or otherwise).

Some inspectors charge a flat rate, but the cost can vary depending on the size of the job, the expertise level of the inspector, among many other factors. As a ballpark, an inspection can cost around $400.

You should expect a typical inspection to take several hours. Smaller homes take less time than larger or older homes. If you really want to be invested in this process, it is recommended that you are present for the inspection. Ask for things to be explained as you go – including how certain things work and where valves, switches, and such are.

Be sure to ask for a written report, and consider asking for price estimate for repairs. A repair estimate is a good negotiation tool when it comes to settling on a final sale price for a home.

It is important to note that a home inspection is not a gold stamp of approval that your new home will be in perfect working order. Things break and items will need repaired. Your home inspector is not liable for repairs or damages.

You can, however expect an inspection of hundreds of items, including: Structural elements, exterior evaluation, roof and attic, plumbing, systems and components, electrical, appliances, and the garage.

Published: April 5, 2010

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Luxury Martket Jumbo Loan Crunch

Saturday, October 10th, 2009

Sales are much weaker for lower-priced luxury homes, those in the range of $1 million to $3 million, because the credit crunch is making it more difficult for buyers in that market to qualify for loans. That hangs up sellers in that market who want to trade up. “Though they may not require a mortgage themselves, [they] might be waiting to sell a $1 million or $2 million home and are depending on other buyers to move up,” Goodwin said.
With home prices fluctuating across all ranges, BusinessWeek.com decided to test your ability to guess how much houses are listed for in this uncertain real estate market. We created an interactive quiz that includes properties that list from $350,000 to more than $50 million.
Moore-Moore said the ultra-high-end market—generally above $5 million—has remained robust because rich buyers are looking for trophy homes and the supply is limited. Even in weak markets like Las Vegas, luxury condos on the Strip are in high demand, she said. The same is true of Beverly Hills in California and Palm Beach in Florida.
She expects fewer buyers from the financial industry and more foreign buyers in coming months as problems on Wall Street increase. Citigroup (C), facing losses related to subprime-related debt, is expected to lay off thousands more workers. And layoffs are under way at Goldman Sachs Group (GS), Merrill Lynch (MER), Bear Stearns (BSC), and Morgan Stanley (MS).
“When you get into the luxury market, it’s not about square footage multiplied by X dollars,” she said. “It’s about the amenities and the unique features.”

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