Home buyers are told time and time again to get a home inspection. Even buyers who purchase a brand new home should get a home inspection because builders can make mistakes.

What Is a Home Inspection Report?

Home inspection report is used in purchase contracts and in buyer and broker agreement. What does home inspection disclose? A lot of people are clueless as to what the report means and whether defects reported are serious. Here is what you need to know.

Check the Home Inspector’s License

Home Inspectors are not required to be licensed in many states, however inspectors can be certified by a home trade association. That means you need to take special precautions and make sure that you protect yourself. The easiest way to do that is to ask for a sample report. If the report is three or four pages long, it is quite likely that the home inspector is unqualified.

Look for a Toxic and Pest License

There is specific license required to identify pests like rodents and mold, and toxic elements in your house such as asbestos, lead, radiation.

Inspecting Structural Elements

Home inspection includes identification of structural elements such as walls, roof and foundation. An inspector completes an exterior evaluation of sidewalks, landscaping, fences and lighting systems.

All components of plumbing, electrical and heating, ventilation and central air units are checked.

In the kitchen, a home inspector checks the appliances, garbage disposal and, of course, the garbage.

Review the Service Report

Home inspection should be able to tell you the items you need to service. That would include a roof with short life expectancy, foundation problems or AC malfunctions. While home inspection gives you an evaluation of items, it does not list the price of the repair. For that, you need to consult and hire your own contractor and make sure your repairs are done properly.

Remember, no home is in perfect condition and all homes, regardless of how well they have been maintained, will have defects. It pays to find out which are costly repairs and which are not. Reward yourself for doing a home inspection.  Find more information like this in our First Time Homebuyer course or feel free to ask one of our associates for more information about Home Inspections!

For all the homeowners who are upside down and can no longer make their mortgage payment (because of either a job loss, divorce, or an option ARM that’s resetting higher), up to now the only option was, well, letting the bank foreclose. That’s not a good option since a foreclosure sticks on your credit record for at least 10 years. But some experts are now advocating a “short sale.” This is a case of a distinction with a difference: If your bank agrees to a short sale, you then hire an agent to find a buyer for the house, you sell the house for a loss, and with the bank’s blessing, they agree to eat the loss (although they could still demand the homeowner make some kind of payment or share the loss).

The experts say you’ll probably need to find a real estate agent willing to work for a smaller commission (which makes the bank a little more willing to absorb the loss), and you’ll also need to scale back your own spending. Putting expensive jewelry on your credit card will make a bank less inclined to do you any favors on the sale of your home. And be prepared that if your bank does absorb the loss, the IRS might treat that as taxable income and you’ll have to come up with the cash to cover the taxes.

Of course, the better option is to find some way to stay in the house or rent the home—by first, seeing if the lender is willing to restructure the loan, or forgo a couple of monthly payments to help you get back on your feet. Apparently, more and more lenders are attempting to make accommodations to avoid taking the property back but it can often take months for the vank to approve a short sale. Banks hate to take over homes, especially in a declining market, so you shouldn’t underestimate the willingness of a bank to make concessions.

Greenpoint Realty’s unique Own my rental program can place a tenant in your property to eliminate the need for a short sale. Give a Greenpoint Realty a call or visit the “Own My Rental” 4-Step Program for Sellers in our Home Owners section to see if this is a good option in your situation.

Many landlords love the income they get from their rentals but hate the business of managing their properties. Meanwhile, other people are interested in becoming a landlord but are concerned that it’s too much work.For many landlords, the logical solution is to hire a property management company to oversee their rental property. But is this the right decision for you? Here are several issues to consider.

1. Do you have what it takes to run a rental property? If this is your first foray into property management, you could find yourself in over your head. Collecting rent may sound easy, but in reality, it can be more like a painful extraction. If you are not familiar with rent collection, you can quickly find that your tenants are taking advantage of your inexperience.In addition to rent collection, day-to-day maintenance of a rental property can be tiring. If you are not operating your property as a full-time job, you may not have the time to address tenant concerns and repairs in a timely manner. This may make hiring a property management company an excellent choice.
2. Where is your rental property located? If you have purchased a rental property near your home or place of business, you’ll be able to keep an eye on the property. However, if your rental property is far away, you’ll be loath to travel to it to deal with the inevitable problems that arise. If you’re unable to check on the property on a regular basis and handle any issues that may arise, finding a local property management company can mitigate these concerns.
3. Does the property need frequent visits, repairs, or attention? If your rental property is a veritable money pit, you can find yourself spending more time there than at your regular job. If you’re getting constant requests for repairs to a property, having someone who can devote the majority of their time to your property is very helpful. The more units you have, the more you can benefit from a professional maintenance worker or property management company.
4. Is a Good Property Manager needed?- You will be relying on this company to collect rent and represent you and you interests. Check references and talk to other landlords who have worked with this company. Make sure the representative of the property management company is level-headed and diplomatic. Just one bad interaction between tenant and rent collector can destroy goodwill that can take years to restore.

Hiring a property management company should result in more free time and less worry for you. If you hire a property management company and find that you are still constantly worrying about your property, you may need to restructure your schedule to spend more time at the property, or have more frequent communication with the property management company.

Visit our Property Management section to see how Greenpoint Realty can help manage your important investment property for an affordable rate!

Home ownership is the cornerstone of the American Dream. But before you start looking, there are a number of things you need to consider. First, you should determine what your needs are and whether owning your own home will meet those needs. Do you picture yourself mowing the lawn on Saturday, or leaving your urban condo for the beach? The best advice is to look at buying a home as a lifestyle investment, and only secondly as a financial investment.

Even if housing prices don’t continue to increase at the rapid pace seen in recent years in many areas, buying a home can be a good financial investment. Making mortgage payments forces you to save, and after 15 to 30 years you will own a substantial asset that can be converted into cash to help fund retirement or a child’s education. There are also tax benefits.

Like many other investments, however, real estate prices can fluctuate considerably. If you aren’t ready to settle down in one spot for a few years, you probably should defer buying a home until you are. If you are ready to take the plunge, you’ll need to determine how much you can spend and where you want to live. In short. If you are looking to stay put for the long term, it is worth it to invest in your first home. To learn more, Visit our First Time Home Buyer Course section where we discuss Buying your first home, mortgage qualification, benefits of homeownership. and much more!!!