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Faq's |
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 The HBANEI understands buying
or remodeling a home can be one of the most important decisions you'll ever
make. With this in mind, we've tried to help you by answering some typical
questions - from shopping for a builder and getting financing, to insurance, to
maintaining your home for maximum resale value and a lifetime of trouble-free,
enjoyable living.
What should I look for in a New Home Builder? There are many advantages to buying a newly constructed home, including:
The most important concerns for any new homebuyer looking for a builder are quality and professionalism. You want a quality house built by a professional builder. And there are certain qualities common to all professional homebuilder's:
How do I find a Professional Remodeler? "Do you need a bigger master bath or an updated kitchen? Maybe you need an extra bedroom or a complete home renovation? Whatever the scope, the first step in any remodeling project is to find the right remodeler. Someone you can talk to and someone you can trust … because your relationship with your contractor is a partnership that involves one of your most important assets - your home. Here are some important points to remember when you're choosing a remodeler:
How do I Finance my new home or remodeling project? Most people finance with a loan called a mortgage. A mortgage is a long-term loan that uses real estate as collateral and is used to purchase a home. A home can serve as collateral for more than one mortgage under certain conditions. This is called a second mortgage and is typically used to finance home improvements or a major purchase. Mortgages are often described by their terms, such as the time frame for repayment and whether the interest rate is fixed or adjustable. Here are a few of the most common options on the market today (source: Fannie Mae):
When you apply for your mortgage, you'll need quite a bit of information and documentation, including detailed information about your financial situation. Before applying for your mortgage, use this handy checklist: Contract
Personal Information
Income
Real Estate Owned
Liquid Assets
Liabilities
What should I expect when I do my Walk Through? Article: NAHB, National Association of Home Builders/ www.nahb.org Pre-Settlement Walk Through Tips Before you go to settlement on a new home, you and your builder will "walk through" the house to conduct a final inspection. The walk-through provides an opportunity for you to learn how your new home works and to spot items that need to be corrected or adjusted. Often, a builder will use the walk-through to inform buyers about:
When you buy a new appliance or piece of equipment, such as a washing machine, you usually have to read the instructions before you can understand how to use all of the features. With a new house, you will be receiving a stack of instruction booklets all at once. It helps if someone can take the time to show you how to operate all of the kitchen appliances, the heating and cooling systems, the water heater, and other features in the home. Such an orientation is particularly useful considering that when moving into a new home, people often are so busy that they have trouble finding time to read instruction booklets. Learning about maintenance and upkeep responsibilities is very important. Most new homes come with a one-year warranty on workmanship and materials. However, such warranties do not cover problems that develop because of failure to perform required maintenance. Many builders provide a booklet explaining common upkeep responsibilities and how to perform them. Should a warranted problem arise after you move in, the builder is likely to have a set of warranty service procedures to follow. Except in emergencies, requests for service should be in writing. This is not because the builder is trying to be bureaucratic. Rather, it is to ensure that everyone clearly understands the service to be performed. The person receiving a service request is not likely to be the person performing the work, and you don't want to rely on word of mouth for transmission of your service order. Many builders schedule two visits during the first year -- one near the beginning and the other near the end -- to make necessary adjustments and to perform work of a non-emergency nature. You should not expect a builder to rush out immediately for a problem such as a nail pop in your drywall. Such problems occur because of the natural settling of the house and are best addressed in one visit near the end of the first year. If you have moved to a new home from a nearby area, you probably will not spend much time at the walk-through talking about the larger community in which the home is located. However, if you are moving to a new community, a builder can often provide a packet of material to help you become acclimated. With respect to inspecting the house, an effective way to handle this is with a checklist. The list should include everything that needs attention, and you and your builder should agree to a timetable for repairs. Builders prefer to remedy problems before you move in, because it is easier for them to work in an empty house. Some items may have to be corrected after move-in. For instance, if your walk-through is in the winter, your builder may have to delay landscaping adjustments until spring. It is important that you be very thorough and observant during the walk-through. Carefully examine all surfaces of counters, fixtures, floors and walls for possible damage. Sometimes, disputes arise because a buyer may discover a gouge in a counter top after move-in, and there is no way to prove whether it was caused by the builder's workers or the buyer's movers. Many builders ask their buyers to sign a form at the walk-through stating that all surfaces have been inspected and that there was no damage other than what has been noted on the walk-through checklist. Ask a lot of questions during the walk-through and take notes on the answers. Never be afraid to appear stupid by asking too many questions. That is how you learn. It is important to view the walk-through as a positive learning experience that will enhance your enjoyment of your home. How do I Maintain my home? Article: NAHB, National Association of Home Builders www.nahb.org Routine Home Maintenance So you've just moved into your brand new home. You shopped around and did a lot of research to find the home that was just right for you. You signed a big pile of documents at closing, the moving trucks have left, all the boxes are unpacked, and all your belongings are in their proper places. What should you do now? One of the most important things to remember is that you are responsible for certain routine maintenance items to keep your house functioning properly. These tasks tend to be relatively simple. For instance, many types of heating and air conditioning systems contain filters to remove dirt and dust from the air. A home owner should change these filters when necessary. Cleanliness is a factor that will make your home last longer and work better. Dust and dirt, if allowed to accumulate, can harm the finishes on blinds, cabinets, countertops, floors, sinks, tubs, toilets, walls, tiles and other items. If dirt does accumulate, make sure to clean it with a substance that does not scratch or damage the finishes. On the outside of your home, make sure that gutters and downspouts do not get clogged with leaves or other objects. The exterior of your house is built to withstand exposure to the elements, but a periodic cleaning will improve the appearance and, in many instances, prolong the life of siding and other exterior products. When you bought your home, you probably received a warranty from the builder on workmanship and materials. This warranty applies to problems related to the construction of the home, but it does not apply to problems that arise because of failure to perform routine maintenance. For example, if your roof begins to leak after six months because of faulty workmanship, your warranty would cover that. If you develop a problem because water backed up in clogged gutters that you should have cleaned, the builder is not responsible for repairs. Also, some items, such as appliances, may be covered by manufacturers' warranties and are not the responsibility of the builder. You should fully familiarize yourself with the terms of your warranty soon after you move into your home. With all the excitement surrounding a move into a new home, most people have little desire to curl up in front of the fireplace and read a legal document. Nonetheless, you should not wait to read your warranty until a problem arises. Set aside an hour to learn what your rights and responsibilities are from the outset. What about Insurance? Homeowner's Insurance Homeowners insurance covers the actual structure and the contents inside. The structural component commonly covers damage such as fire and smoke, lightning, wind and hailstorms, vehicles, explosion, and aircraft or other falling objects. It should include coverage for theft; vandalism, riot or civil commotion; freezing; sudden water escape from the plumbing system or appliances; glass breakage; and sudden tearing of heating or cooling systems. A comprehensive homeowner's policy should cover your home, any structure attached to it (a porch or garage), and any unattached buildings on your property that are not used for business or rented to others. Damage caused by flooding, earthquakes and hurricanes are not covered by your regular homeowner's policy. Your insurance agent can provide you with information about additional coverage for these natural disasters. The personal property element protects things in your home like clothes and furniture. It should protect your personal property while you are away from home and the belongings you take with you on vacation. The amount of insurance on your personal property is equal to a percentage of the amount of insurance on your home (usually 55 percent). Special limits may apply to certain types of personal property such as money, bank notes and rare coins; securities; stamp collections; jewelry and furs; firearms; silverware/goldware; rugs, tapestries and wall hangings. Higher limits on most of these items are available through upgrades on the policy or by taking out a separate policy for the items. Check to see that your policy is written for replacement costs and inflation coverage. Replacement cost coverage on your personal property means that the insurance will pay to repair or replace your personal property that is covered under the policy. You'll also need to figure out how much insurance coverage you need. Start with a home inventory to help you assess your insurance needs. If you ever need to file a claim, the inventory will make it easier and ensure that you are compensated for everything. If it's not on your list when you file a claim, you won't be compensated. Check with your insurance agent or company for a home inventory guide or advice on how to organize your list if you should ever need to file a claim with them. A homeowner's policy should include "personal liability" coverage. This provides payments for bodily injury or property damage for which you or a relative who lives with you may be legally responsible (someone is accidentally injured on your premises, or your ladder falls on your neighbor's car and damages it, etc.). Personal liability also includes medical payments to others if someone is accidentally injured on your property or is accidentally injured by you or a relative who lives with you. The insurance covers medical expenses to a certain limit. In case you find yourself in legal trouble from an incident on your property, your personal liability coverage includes the cost of defending you, whether you're liable or not, against a covered claim or lawsuit. Two thirds of all homeowners do not have adequate insurance coverage. Take some time today to make sure you've got the coverage you need. |
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