Newspapers / Winston-Salem Chronicle (Winston-Salem, N.C.) / June 25, 1992, edition 1 / Page 36
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You should know the ? ? ? ? . 1 By MARK SUTTER Reprinted with permission from the Greensboro Newt end Record. A is for associations. Home owners' associa tions, usually requiring monthly dues, are becoming more common in Triad subdivi sions. An association may have the power to approve major exterior remodeling, vehicle or boat storage and the like. Although such powers are intended to keep a subdi vision visually pleasing, if s a good idea to read the by-laws before signing a sales contract, so you'll understand the rules youH have to live by. Ask also to examine the group's budget and powers for raising dues. Bis for building new or buying resale. This is a basic choice any house hunter must face. Among the advantages of building a new home are: options of colors, carpeting, wall paper and the like; moat everything in the house is new and under warranty; and new homes often have superior energy efficiency compared to older homes. Advantages of resales include: an established neigh borhood without a lot of construction and the dirt and dust associated with it; established landscaping; and often a little more "old time" ambiance and craftsman ship. Cis for comparables. As a representative of a seller, a real estate agent cant tell a buyer what to bid for a house or what the seller's "absolute bottom-line" price is. Am agent can and will, however, provide information on comparable homes that sold in die area during recent months, including sale prices, so the buyer can make an educated offer. Dis for debt Because a mortgage loan under writer examines an applicant's debt-to-in come ratio closely, one of the best preliminary steps to buying a first home is whittling down long-term debt (including large credit card balances) in the months prior to applying for a mortgage. Lenders say that showing a pattern of progressively reducing old debt, without adding new debt, is more impressive than simply paying off old debt in one lump sum just prior to applying for a mortgage. E is for emotions. Keep them in check. If you think you can't live without a home, there is a good chance you will pay too much. Be pre pared to walk away from a deal if the price or terms arent right Fis for fair housing. Federal and state laws prohibit a seller from discriminating against a buyer for reasons of race, religion, age, color, national origin, sex or marital status. Buyers who suspect that they may have been denied fair treatment can find relief by calling the local office of the U.S. Department of Housing and Urban Devel opment or the N.C. Real Estate Commission in Ra leigh. . i : L ? Z. Gis for gift A buyer without a sufficient downpayment can obtain a gift-letter from a parent A gift-letter states that the parent will give the buyer money that need not be repaid. Parents and children can, of course, have a tacit understanding that the money will eventu ally be returned. His for home builder. Especially when buying from a larger home builder, a buyer proba bly will deal directly with a sales represen tative. Before signing a contract, however, the buyer should ask to meet the builder or superintendent who will actually be hTcharge of construction of the home. I is for inspection. Definitely get one. Contracts are commonly written nowadays with provisions that allow buyers to get a home inspection within a certain time period. If major problems turn up in the inspection, the buyer can negotiate with the seller regarding its repair. Or terminate the deal if an agreement can't be worked out The cost-to the buyer is usually in the range of $125 to $350. If s an added plus if the buyer can accompany the inspector on the tour. That offers the opportunity for familiarization with the house and its maintenance needs. J Is for journal. Most bouse seeing so many homes, aft* "maybes" seem to blur toge To help keep the homes s idea to keep a record of what ! what you liked and didn't like. Real estate books at the library at (that can be photocopied) to help si of the features in each home visited condition of appttanccaTftcor and the like. Taking a Poloroid camei hunting excursions can also help j on. Kis for kids. If s common p to put off home-purchasin summer so as not to disi their school and friends. Many experts, howevei moves be made during the schoo children can meet and be involved their new environment more quick! long, lonely summer. Lis for low. To ensure a good if s a good idea to search foi be the most expensive in subdivision. Higher-priced the prices of those nearby i of homes in lower ranges tend to pi downward. For instance, if a buyer is thinl SISOjQOO home in a subdivision i $100,000 to $130,000, it might be a b subdivision with homes priced $14
Winston-Salem Chronicle (Winston-Salem, N.C.)
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June 25, 1992, edition 1
36
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