A Few Red Flags to Watch for When Buying a Home

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When you're buying a home, it's not feasible to have an inspection done on every home that you tour, but it's important to know about any potential problems before you make a commitment. The same principle applies when you're considering a downtown high rise condo.

Homeowner's Association

It's essential to know what the HOA is like before committing to the sale. Each homeowner's association has different rules and a board that makes decisions regarding homeowner's rights.

One way to learn about the HOA is to get copies of the minutes of recent meetings. Some HOA's are more flexible than others. Make sure you understand what improvements or changes you can make to your property that don't conflict with the HOA.

Fees Included in the Price

Most buyers looking for downtown condos to buy calculate what they'll pay for their mortgage but don't always consider additional fees. When you buy a condo, you have to pay a monthly fee that may include:

• Landscaping
• Maintenance of common areas
• Master insurance
• Snow or refuse removal

What most buyers don't know is that the monthly fee isn't the same for every tenant. If you buy a condo that's assessed at a higher rate than some others in the building, your monthly fee may be higher. When you're signing the contract for your condo, the fees must be itemized and included in the contract. The monthly fee may change if the owner of the building plans on making upgrades. If there's a high delinquency rate, the fees may be raised.

Out of Pocket Maintenance and Repairs

It's customary to take out a homeowner's insurance policy when you buy a downtown high rise condo. The HOA fee in many cases includes a master insurance plan that covers damage to the building. Even though some states don't require separate insurance apart from the HOA fees, it's a good idea to have a policy to cover damage to personal items.

Rates of Delinquency

If a substantial number of homeowners in a building are delinquent in paying their HOA fees, it may not be possible to be approved for a mortgage. The same rule often applies when a large number of residents in a building are renters rather than owners. Even if you have a superior credit rating, the building may be considered an apartment building and your mortgage could be denied.

Telltale Signs of Damage

When you're inspecting the condo you want to buy, make sure to look for recent paint jobs in one area or peeling ceilings that could indicate water damage. Check doors and windows to see that they open and shut as they should. Check electrical outlets and fixtures and look for signs of mildew or mold. It's best to contact a home inspector to check out the condo thoroughly before you sign a contract.

The Appraiser's Role

Your lender will have an appraiser inspect the condo to make sure that it's worth the asking price. Buyers have the right to look at the appraisal. Sometimes, the appraiser may make not of potential issues that the buyer should know about before signing the contract.           

If you are looking for a condo to buy in Arizona, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/

An Overview of the First-Time Home Buyers’ Tax Credit

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Planning to settle in a new place? Interested in buying urban condos? If this is the first time you will be buying a home, you need to take note of certain things. First things first; you need to save money for your down payment and other subsequent payments. You also have to consider other government compliance requirements.

But did you know getting a new home is a lot easier than before? Can you believe the state and federal government provide plenty of grants, which makes the entire home acquisition process trouble-free and uncomplicated? What’s more, tax credits and similar options are afforded to many first-time home buyers.

Tax Credit for First-Time Home Buyers

Did you know you can avail of tax credits and federal or state grants? These social legislation measures are aimed at making life easier for people seeking to buy a new home for the first time. If you haven’t purchased a home yet but is planning to acquire one for the first time, these measures set in place under the law can help you afford the payments to your first home.

Do you consider yourself as a first-time home buyer? If you answered “yes” to all these questions, you may be qualified as one under pertinent social legislation:

• Have you owned a home during the 3 years immediately preceding its purchase date?
• Are you a single parent who never owned a home under your name?
• Have you only owned a home together your spouse?

In addition, a displaced homemaker who only owned a home together with his or her spouse may be qualified as a first-time home buyer; this also includes a person who has built his or her home without observing the appropriate building regulations or has not affixed his or her home to a permanent foundation.

Are you wondering what benefits can be derived by such individual? For those who qualify as a home acquisition first-timer, they can avail of special tax holidays like tax credits or refunds or other special benefits or grants from the government. With these privileges, the dream of having a new home becomes closer to reality.

Are you familiar with the Home Mortgage Interest Deduction program of the Internal Revenue Service? This is one of the many tax benefits, which can be enjoyed by people who meet the requirements to be recognized as a first-time buyer. Here, the IRS allows these individuals to deduct the interests paid to lenders against the tax liabilities due.

Another tax benefit that is available to first-timers is the Deduction of Points/Loan Origination Fees. The aggregate amount of fees paid for the home mortgage can be applied as a deduction to any outstanding tax liability. In addition, first-timers can also avail of property tax deductions.

Contact the Professionals

If you don’t know much about the goings-on in the real estate business, it pays to ask the professionals. For everything you need to know about urban condos, it is highly advisable that you speak with the professionals. With their knowledge and experience, they can help you look for the best condo unit that suits your needs and fits your budget.

If you are looking for a condo to buy in Tempe, Scottsdale and Phoenix, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/

Does the Buyer or Seller Hire the Appraiser?

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People in the market for downtown Phoenix condos often seek information on getting a real estate appraisal on their potential new home. As with other property, the fair selling price on Scottsdale condos is determined by a real estate appraisal.

What Is an Appraisal?

An appraisal is intended to be an unbiased estimate of a fair price for a property. First, the appraiser visually inspects the property, noting such features as location, condition, number of bedrooms and bathrooms, extras like a garage or pool. Measurements and photos are taken and the physical report completed. A less complete approach called a drive by appraisal involves the appraiser driving by the property and then researching real estate records; it is not accepted by most lenders.

After a physical assessment is done, the appraiser determines value by using sales comparisons, cost approach or both. The sales approach takes into consideration recent sales of similar homes in the area using standard formulas to account for such differences as size variances, fireplaces, mudrooms or garages. The cost approach, on the other hand, uses local building costs and labor rates to figure out how much the house would cost to build. The most common type of appraisal is the Uniform Residential Appraisal Report (URAR), which combines the sales and cost approaches.

What is a Real Estate Appraiser?

A real estate appraiser is a licensed contractor usually hired by the lender. Knowledgeable about real estate, an appraising professional knows how to evaluate properties, such Phoenix condos, on the basis of neighborhood, housing trends, physical condition and a host of other variables that go into determining the current value of a home. To get a fair appraisal, it’s best to hire a professional who works with a number of lenders so that there is no conflict of interest.

What Is the Purpose of an Appraisal?

Mortgage lenders generally require an appraisal because they will only loan an amount of money in line with the property’s appraised value. With the high price of homes and condos in today’s marketplace, it’s important to ensure the loan is paying for a home worth its selling price. If the appraisal comes in below the amount of the sale, either the buyer must put more money down or the contract must be renegotiated to account for the lower value.

Who Pays for the Appraisal?

Because the lender is requiring the appraisal, it’s usually the buyer who pays the bill. In most sales, the lender orders the appraisal, the buyer pays for it and then the lender takes a close look at the appraisal itself before approving the mortgage. While drive by appraisals cost less than complete property appraisals, they are often not accepted by mortgage lenders. If the home doesn’t appraise for the agreed upon selling price, the buyer may ask for a second appraisal from a different appraiser. Appraisals are usually paid for at closing, and you should be sure to keep a copy for your own records.

Exceptions to the Rule

In a few cases, sellers may be expected for the appraisal. For instance, in FHA-insured mortgages, the seller or mortgage lender is expected to foot the bill for a second appraisal. Because the real estate business is built on endless negotiations, a bank or other lender can feel free to allow a seller to pay for the appraisal.

If you are looking for a condo to buy in Tempe, Scottsdale and Phoenix, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/

Family-Friendly Fare in Phoenix and Scottsdale

Scottsdale and Phoenix are extremely family-oriented cities with many of their attractions and restaurants aimed to please children as well as discriminating adults. Whether you live locally or are visiting, here are some suggestions for your family entertainment pleasure.

McCormick-Stillman Railroad Park

7301 E Indian Bend Road, Scottsdale

This 30-acre amusement park has a 10,000 square foot Exhibition Hall that is filled with electric trains, toy trains, model sets, and train memorabilia, Admission is free, but there is a donation box if you’d like to help to build new displays. The Railroad Museum features a Pullman dining car that is fully restored with vintage decorations to give you an idea of what it actually looked like.

A special Train was donated by Guy Stillman, who had a chance to sell it to Walt Disney but kept it in Scottsdale. It runs an approximate eight-minute ride around the park and even has a Cattle Car that kids love cramming into. You can also ride on a historic 1950s Carousel. There is a traditional playground and another designed to look like an Old Western Town with a Bank, a Jail, a Stagecoach and a Gold Mine.

MacDonald's Ranch

26540 North Scottsdale Road, Scottsdale

This is FREE and offers pony rides around the grounds for the children, a petting zoo with miniature horses and other animals, cowboy cookouts, learning to lasso, play horseshoes and ring toss, and photo ops that can be taken in front of a Saloon and General Store.

CrackerJax Family Fun & Sports Park

16001 N. Scottsdale Road, Scottsdale

This is 28 acres of fun and excitement. You can get a wristband that entitles the wearer to four hours of unlimited rides, go carts, bumper boats, laser tag games, and miniature golf. There is an extra charge for the batting cage, driving range, and bungee dome.

Phoenix Children's Museum

215 N. 7th Street, Phoenix

In the Art Studio, children can create art projects and paint a castle, the Book Loft is for reading books, the Building Big space is for building houses and forts, the three-story Playscape is for climbing, tricycles can be ridden through a car wash, there is a play market and kitchens, and Desert Delights displays Arizona painters.

Beckett's Table

3717 E Indian School Road, Phoenix

The restaurant has a special kids menu of sliders, mac and cheese, pasta with red sauce or butter, grilled chicken skewers, PBJ with no crust, a hot dog, or a quesadilla. Kids plates come with fruit or fries, a beverage and a cookie.

The s'mores plate has squares of perfectly roasted marshmallows, small squares of graham crackers, an artistic swirl of creamy peanut butter, and chocolate covered bacon!

Chelsea's Kitchen

5040 N 40th St., Phoenix

A kid's menu features grilled cheese, mac and cheese, a fish plate, chicken tacos, and special creations like "Little Monkey" pancakes and PB&J sushi rolls. They give everyone free chocolate chip cookies with sea salt on the way out!

If you reside in downtown Scottsdale, perhaps in one of the stylish Scottsdale high rise condos, and you have guests with children that want to be entertained, you have an excellent selection of activities and restaurants to present to them. Have fun!

If you are looking for a condo to buy in Tempe, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/

A Guide to Premier Phoenix Antiquing for Vintage Enthusiasts

Vintage enthusiasts will find that antiquing in Scottsdale or Phoenix is an excellent and intriguing pastime with many treasures to be discovered. Our area has vintage shops for just about any collectible whether it is “antique” and over 100 years old or just tons of “vintage” items that are somewhat newer and bring back fond memories.

Antique Trove

2020 N Scottsdale Road, Scottsdale

Be greeted with 1950s and 1960s oldies music playing on the overhead speakers in this huge store with individual dealer showcases and displays. You will find furniture, jewelry, sports memorabilia, Disney items, Christmas ornaments, turn of the century rare finds, and so much more. It is a wonderland of timeless pieces that will excite any collector.

Best for Vintage Dishware - Flo's on 7th

4116 N 7th Ave, Phoenix

Dishes and serving pieces including vintage Italian dishware will often be tagged with the set's current eBay value! There is jewelry, furniture, Jimmy Choo, Prada, books, purses, Disney movie stills, high-quality nicely arranged used and vintage clothing, electronics, appliances, and so much more. All blue tag items are only a whopping dollar!

The best part is that all of the money raised by this store goes to Florence Crittenton of Arizona, a non-profit organization that has served Arizona's youth and their families for over a century. Its mission is to mainly help at-risk girls from ages 12 to 21 overcome behavioral and/or mental health problems, neglect, abuse, teen pregnancy, teen parenting, and education. Safe environments are created for young adults and families to discover the support of a caring community and the possibility of a new and brighter future.

Best Vintage Christmas and Other Stuff: Zinnias on Melrose

724 W Indian School Road, Phoenix

In addition to Christmas holiday items, there is art, lamps, furniture, toys, mirrors, light fixtures, old photographs, and tons of beautiful pieces in many retro, shabby chic, handmade, contemporary, novelty and some antique articles. There are more than 30 vendors, all with different styles, tastes and offerings. Be sure to shop upstairs, also.

Best Place to Buy Vintage Clothing: Antique Sugar at Zinnia's

724 W Indian School Road, Phoenix

This is inside and connected to the Zinnia’s antique store above. It is a great vintage shop specializing in well-kept and unique 1920s through 1980s clothing in excellent condition as well as a wide selection of jewelry and other vintage accessories. They even have big girl clothes on one rack for curvier gals, a nice mens section, and cute vintage kids clothes,

Best Vintage Lighting Fixtures - Stuff Antiques

4206 N Central Ave., Phoenix

This place is filled to the rafters with a treasure trove of period lighting with stunning exceptional examples of Antique, Art Deco, Victorian, Arts and Crafts and Mid-century Modern pieces. Look overhead to see fabulous ceiling fixtures that make this feel more like a museum of exceptional lighting and a lighting fantasy land rather than just a shop.

There is also antique furniture, display cabinets, stained glass windows, slot machines, gumball machines as well as repair, restoration, and preservation work being done on antiques.

If you are fortunate to be living in one of the Scottsdale high rise condos in downtown Scottsdale, you are close enough to enjoy the local and Phoenix antiquing for exciting purchases or just to browse.

If you are looking for a condo to buy in Tempe, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/

Everything You Need to Know About Title Insurance

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If you’re looking at downtown Phoenix condos, you may want to become educated on the basics of title insurance. Purchase of a policy at Scottsdale condos closings can save you from a multitude of potential legal and financial issues that problems with the title search to your property could cause.

What Is Title Insurance?

Anyone purchasing Phoenix condos should have a title search performed before closing, as more than one-third of all title searches uncover a problem that can and should be resolved before purchase is completed.

After your sales contract has been accepted, a title researcher will examine public records to scout out any problems with the title, a process which involves reviewing several years of real estate records. This search is intended to make sure the property actually belongs to the seller, that he is free to sell it and that it can be transferred to you at the time of closing free and clear of any other liens. However, title searches may miss serious problems, so homeowners should take the step of buying an owner’s title insurance policy.

Potential Problems With Property Titles

Title problems range from fairly minor to potentially disastrous. A title search may reveal, for example, that the previous owner had failed to pay property taxes or had minor repairs done and had not paid the contractor. It may even be found that the seller doesn’t really own the property, that the home is part of a conflicting will or actually belongs to undisclosed heirs.

Why Buy Title Insurance?

Although a title search should technically uncover any problems with the title, there are cases in which a problem is accidentally missed or is not in the public records. Purchasing an owner’s policy of title insurance will help protect your purchase from the fallout of these unforeseen problems. The policy is purchased at closing for the amount of the real estate purchase and is in effect for as long as you or your heirs own the property.

What Kinds of Issues are Covered?

Owner’s title insurance covers a broad range of potential problems, ensuring that your title company will stand behind you, even covering legal defense if necessary, if a title problem arises after the title search is done and you have bought your home. Common issues include forgery, undisclosed heirs, omissions/errors in deeds or mistakes in examining records during the title search. If you’re in the market for Phoenix condos, check on how this insurance is requested and how it is paid for in your area, as it is not an automatic part of the closing process.

Title Insurance and Refinancing

Refinancing of downtown Phoenix condos is considered a new loan and involves a new title search to ensure full protection of your real estate investment. However, if you bought owner's title insurance at your original closing, the policy should still be in effect for as long as you or your heirs own the property.

Title Insurance and New Homes

Even if you build a new home, you are unlikely to be the first owner of the undeveloped land. There could be many prior owners, and could possibly be liens against the property. Any prior builder or subcontractor who was not paid could place a lien, and purchasing an owner’s title insurance policy will cover any possible problems and associated legal fees.

If you are looking for a condo to buy in Tempe, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/

Shopping for Homes in Every Season

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There is much debate as to whether any particular season is better for purchasing a home. Potential buyers in the market for downtown Phoenix condos might want keep a couple of things in mind as they browse the tempting array of Scottsdale condos currently for sale throughout the seasons.

Generally, the housing market wakes up as winter ends and along with it the annual sales and inventory lows of December and January. People start looking seriously in throughout the end of winter and early spring, with peaks of search activity in March and April, slight dips in May and peaks in June and July.

Winter

For buyers, winter can be a great month to purchase a new home. During the holiday season, far fewer people are out looking, giving you a better chance to snag one of the Scottsdale condos of your dreams. With less buyers to deal with, realtors can be more flexible with their schedules and have the time to really get to know you and understand exactly what you’re looking for. Incredibly, the best day of the year to buy a home is actually Christmas day: sellers are more inclined to be feeling generous, fewer other buyers are out looking and home prices are at their 12-month December low.

Spring

In spring, flowers push up towards the sun and the housing market blooms with scores of new listings and for- sale signs. This could be the perfect time to scout around for downtown Scottsdale condos. Everyone is looking for a deal, and the market is flooded with inventory, more than at any other time of year. Spring brings a lot of activity because both buyers and realtors are glad to be back out after the long winter, and a purchase in spring can mean a timely move after school is over. Amazingly, Easter Sunday is the second best day of the year to buy a house. However, spring isn’t always the best month for buyers, as the competition for properties is high, meaning multiple offers may cause you to pay more than you planned for Phoenix condos.

Summer

The housing market continues to be strong throughout the summer, with listings tailing off a bit towards the end of the season. Often, people who are relocating want to be sure they’ve sealed the deal and closed on the home in time to move and get their kids settled before starting a new school in September. There’s plenty of inventory, but, as in spring, prices tend to be higher and there’s lots of competition for desirable properties, which could mean a stressful bidding war. Homes look their summer time best, with colorful shrubs and flowers and plenty of friendly neighborhood bustle.

Fall

Autumn brings falling leaves and falling inventory, particularly toward late November, but early fall is the busiest season next to springtime for home sales. Buyers are often looking toward tempting autumnal benefits. Property taxes and mortgage interest are both deductible from gross income, providing tempting year-end tax breaks, and the season’s temperate weather is perfect for moving. Many realtors have found that autumn’s buyers and sellers tend to be more serious and motivated, unlike the “window shoppers” of spring.

Whatever season brings you within reach of your ideal home, always remember to stick to your budget and only make an offer that you can reasonably afford. Getting prequalified for a mortgage will enable you to act quickly if you find the Scottsdale condo of your dreams.

If you are looking for a condo to buy in Tempe, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/