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3 Mistakes First-Time Buyers Make (and How to Avoid Them)

Wednesday, April 24, 2024
by Tucker Robbins


There are a few mistakes that many first-time home buyers make. Here are three of the most common mistakes and how you can avoid them when purchasing your first home.

Mistake #1: Assuming your credit is good.

The information in your credit report determines whether you can get a loan — and how much interest you will have to pay – so it pays to be certain your credit reports are accurate.

Check your credit reports for free from all three credit reporting companies — Equifax, Experian, and TransUnion — to make sure everything is correct. If you find errors, contact both the credit reporting company and the information provider (the person, company or organization that provided information about you to a credit reporting company) involved in the errors and ask them to fix the credit report errors.

Mistake #2: Getting pre-qualified, not pre-approved, for a loan.

It’s far better to be pre-approved for a loan than to be pre-qualified. Here’s why…

With pre-qualification, your lender does a preliminary evaluation of your ability to pay for a home and gives an estimate of the mortgage amount they’ll give you. The lender does not verify the information you provide.

Mistake #3: Allowing emotions to influence your decisions.

Buying a home is an investment. It needs to be treated as any other investment. You don’t buy stocks because they are pretty and you shouldn’t pick your home that way either. Make sure the home you buy fits your needs and allows you room to grow over the next few years. As with any sound investment, time is the key to a good return.

If you are a first-time home buyer, we would be happy to help you find (and get the best price for) your first home.

Courtesy of New Castle County DE Realtor Tucker Robbins.   

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House Hunting Homework

Thursday, February 15, 2024
by Tucker Robbins


There is plenty to do to prepare for buying your new home, and once you’re actively touring homes or stopping into an open house, you can draw a blank when it comes time to ask specifics.  Have some questions ready to prepare yourself so you won’t forget! 

 

Open House and Walkthrough 

  • - How long has the house been on the market, and are there any current offers? The length of time it’s been for sale can mean savings for you, or you may not want to bother if there are already multiple offers. 
     

  • - Why is the current owner selling?  This may seem like prying, and you may not get the exact answer, but it can add flexibility to price negotiations if the owner is ready for a fast sale. 
     

  • - Ask for a seller’s disclosure before you think about making an offer. Check this list for your state’s info about what the seller must tell you before buying the house.
     

  • - How old is the roof? An older roof that has issues can either cost in the long run, or give you a discount on the sale price if it need replacing. 
     

  • - If it isn’t obvious, ask when the house was last updated.  With people living longer, some could have lived in the same home for fifty years and done nothing else besides redecorating. 
     

  • - Condition of the home’s systems are important, so inquire about the age of the water heater, electric, plumbing, security and climate control systems. 
     

  • - How is the home heated and insulated, including the attic?  You need to have a good idea of what your utilities will cost, and heating can be expensive, whether it’s propane, electric, or geothermal if the insulation needs improving. 
     

  • - Has the house been treated for pests on a regular basis?  This can keep a lot of headaches at bay in the long run. 
     

  • - What is included in the sale price, and are any warranties still active?  You don’t want to be surprised when you start moving in and find out you have to buy all new appliances. 
     

  • - You may be moving in the same general area, but a different city or county.  Property taxes vary per location, so make sure you know how much you will be paying if you eventually purchase the home. 
     

  • -If your prospective new home is in a historic district or homeowner’s association, there will be restrictions on how you renovate or build an addition, and fees for HOA.  Ask your realtor for these details. 

 

Pay Attention 

  • - While you’re on your walkthrough, pay attention to traffic and nearby surroundings.  Spend several minutes outside in the front and back yards and listen for any traffic noise, or a noisy possible neighbor. 
     

  • - Is your prospective new home on a busy shortcut street in the mornings and evenings?  Make time to discover for yourself and drive through on your way to or from work. 
     

  • - Look closely at fresh paint jobs for cracks or possible mold.  Sometimes, that new paint is covering up a problem. 
     

  • - Check your mobile phone for signal strength.  Different areas can be dead zones. 
     

  • - Drive through the area one evening after most people are home from work.  Is there plenty of parking available? 

 

Using these opportunities to find all the information you can about a potential new home is imperative when you know you’ll be looking at many different homes on the market.  Do your homework--keep a list of questions on your mobile phone’s notepad app so you won’t forget anything, or use a clipboard if you’re looking at multiple houses, keeping this information better organized. Since buying a home will most likely be your biggest investment, you want to be certain your money will be spent wisely. 

Courtesy of New Castle County DE Realtors Tucker Robbins.   

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Saving Money for Your New Home Down Payment

Wednesday, January 17, 2024
by Tucker Robbins

 

With the new year here, many people are thinking about resolutions.  If you’re seriously considering buying a new home, you’ll definitely need to be thinking about having your down payment ready when you find the perfect house.  Follow these ideas for saving as much as you possibly can. 

 

  • - First and foremost, know your house-purchasing budget, and estimate needing 20% of that budget. 

  • - Set up a hands-off down payment high-yield savings or money market account. 

  • - Start cutting out expenses, or find ways to make extra money.  Every little bit counts. 

  • - If you plan on getting an end-of-year bonus or income tax refund, set aside that money to begin your new nest’s egg. 

  • - Sign up with your employer to deposit a portion of your pay into a down payment savings account if you’re not great at putting money into savings.  Most of the time, if you don’t see it, you don’t miss it. 

  • - Receiving gifts from family members towards your down payment require documentation so your  lender, as well as the IRS, knows where the money is coming from, and that the money doesn’t require re-payment.  More information about down payment gifts are here from The Mortgage Reports website. 

  • - Start paying off your credit card debt by paying more than the minimum payment.  Lowering and/or eliminating your card balance also lowers your interest rates, so you can start taking what you’d normally pay on credit cards and depositing it towards your down payment fund. 

  • - If you have investments in stocks or bonds, plan on liquidating those assets when it’s time to purchase your house.  Make sure you document these sales. 

  • - A pay raise at work is great, but if you happen to get one, stay on your old budget, and have the extra pay direct deposited into your down payment account. 

  • - You can always borrow from your 401k or IRA, but make sure you’re not having to pay penalties.  Talk with your account holder before you make any withdrawals. 

 

A down payment, especially at twenty percent, can look daunting.  If it just looks impossible, do your research.  There are many first-time buyer programs available, as well as lower down payment options through the USDA, the VA and state-specific programs.  Zillow has a terrific guide on low down payment guidelines and opportunities. Planning ahead and keeping your eye on your goal will get you well on the way to home ownership. 

 

Courtesy of New Castle County DE Realtors Tucker Robbins.   

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Making an Offer is a Process

Wednesday, September 20, 2023
by Tucker Robbins


While you’re on the house hunt, every property you see just might be “the one.”  It’s a good idea to learn the different aspects of buying a house before you get into them.  Many discover that after they’ve made an offer of purchase, the process isn’t exactly as they’d envisioned! You’ll feel confident when you get to this step by following this guide: 

 

  • - The offer itself isn’t just a price you’re willing to pay for the property; closing date, closing cost contribution, contingencies, or the earnest money deposit are all things that are normally included when the offer is submitted to the seller. 
     

  • - Talk with your agent before you come to your initial price, because you don’t want to insult the seller with a very low offer, nor do you want to pay too much for the house. 
     

  • - Although you won’t always get a complete answer, knowing why the house is on the market can give you some leverage, so ask anyway. Some sellers are in a time crunch and are eager to sell and may take your first offer. 
     

  • - Keep in mind that there are legal aspects to writing a proposal.  Your Realtor will know all the aspects of this part of the process and will take you through each step. 
     

  • - It is very likely that the seller won’t accept your price if it’s less than what they’re asking.  If they want to sell and have no higher offers, they may choose to send a counteroffer.  The counteroffer step is nothing to worry about, if the negotiations are getting you somewhere.   
     

  • - Some sellers will counteroffer with their original asking price.  If this happens, you may have to walk away, as they have shown they’re not interested in moving away from what they want for the property.
     

  • - Don’t forget that you may not be the only buyers interested in the home!  Realtor.com® offers some advice on how sellers might handle multiple offers and some ideas on how to make your offer stand out. 

 

When your offer is accepted, it’s exciting, but there is still work to do!  Hopefully, you have pre-approval for a mortgage, making the buying process a much smoother one.  There are added costs associated with buying a home, so be sure you have your finances in order.  

 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

 

Photo credit: jetdirectmortgage.com

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A Few Things to Consider Before Purchasing a Condo

Wednesday, April 6, 2022
by Tucker Robbins

 

 

 

 

 

 

 

 



If owning your own home isn’t on your agenda and you would rather purchase a condo or townhome to make things a bit easier on yourself, you are not alone.  There are several things however that you should consider and think about before purchasing a condo and a few of those things are listed below. 

  1. One thing to consider when purchasing a condo   is who the manager is.  If you have a manager that is easy to deal with then you shouldn’t have any issues, but if you have a manager that doesn’t see eye to eye with you on things you may find yourself wishing you never would have purchased a condo. 
  2. There are fees associated with owning a condo.  You should definitely check into the fees associated with your particular condo before purchasing it.  These fees can range anywhere from $200 to $400 per month or year depending on how upscale the condo is you want to purchase. 
  3. Looking at the condo financial statements is a great way to see if you really want to purchase a condo or not.  For example if the condos financial statements do not include paying for repairs on a broken street light, you may end up seeing the repair costs tagged on to your bill.  Taking these types of things into consideration could sway your decision one way or the other regarding purchasing.  If you find that repairs on such things are not included in a particular condos financial statements you may want to search for a condo that does cover them. 
  4. Knowing the rules of condo living can make or break your decision of purchasing as well.  Some condos don’t allow holiday decorations while others just tell you where to park.  It’s up to you to decide what is most important to you and what rules simply do not matter that much, however knowing the rules is imperative. 
  5. Checking out the condos liability insurance to make sure there are no pending lawsuits against it is also a good idea. 

These things to consider before purchasing a condo are just the tip of the ice berg.  Do your due diligence, ask questions and find out all there is to know about condo living  before sinking your money into a one you are not happy with. If you do all of this and you are satisfied, you will likely enjoy condo living and all it has to offer.  

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

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Down Payment Savings Savviness

Wednesday, January 27, 2021
by Tucker Robbins


When you have started considering buying a new home, the first thing you will need to work on is a down payment. While many lenders offer different programs with variable down payment amounts, saving as much as you can is necessary.  Check out these tips and start saving now! 

 

  • It is important to know, realistically, how much house you can afford, and start shooting for a 20% down payment of that amount. 
     

  • Turn your $4.50-per-day cup of coffee into $90/month in the piggy bank. Add up similar purchases, decide what you can live without, and move that money (set up automatic transfers) every day from your checking to a hands-off savings account. 
     

  • Put your savings egg into a nest of high-yield savings or money market account. 
     

  • Sign up with your employer to deposit a portion of your pay into a down payment savings account.  Most of the time, if you do not see it, you do not miss it. 
     

  • If a pay raise comes your way, save that unexpected pay:  stay on your old budget, and have the difference in old and new pay direct deposited into your down payment account. 
     

  • When non-salary payments such as bonuses or even a tax refund come in, sock them away and give your savings a boost. 
     

  • Did you know that family members can gift money towards your down payment? Make certain you document these gifts correctly for your lender and the IRS.  Mortgage Reports shares more information about down payment gifts. 
     

  • A part-time job may provide enough each week to add to your down payment savings. Your well-being is important, however, so do not go into a second job unless you are certain it will be a benefit. 
     

  • If you have investments in stocks or bonds, plan on liquidating those assets when the time comes to purchase your house.  Make sure you document these sales. 
     

  • You can always borrow from your 401k or IRA, but make sure you will not have to pay penalties.  Talk with your account holder before making any withdrawals. 

 

Do not let that 20% ideal down payment stop you before you even get started. However, if it seems impossible for you, do your research.  There are many first-time buyer programs available, as well as lower-than-20% down payment options through the USDA, the VA, and state-specific programs.  Learn more about low down payment guidelines and opportunities to help you get started. Planning will help you keep your eyes on the prize of homeownership! 


Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins. 

Photo credit: Forbes

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What NOT To Do After Buying a New Home

Wednesday, December 23, 2020
by Tucker Robbins


There is always excitement in buying a new home! While the up-front expenses can be stressful, the visions new homeowners see for their house can cause them to forget about necessary situations that should take precedence.  Let these helpful tips keep you on the right track after becoming homeowners: 

 

  • - While your new house has had a thorough inspection, you may want to go through that list and begin planning for items the inspector may have noted would need repair soon. Get estimates for the fixes and begin saving now. 
     

  • - Assuming the former owner kept everything in tip-top shape and not performing your own monthly or seasonal inspection is never a good idea. Print this handy checklist, and use it for DIY inspection and maintenance so you stay a few steps ahead of a major repair need. 
     

  • - Beginning any major work as soon as the moving truck leaves the driveway may be too soon!  Live in the home for a while and learn its quirks and possible trouble spots before drawing plans and hiring a contractor.  Finding an unforeseen issue with the house after work has begun can cause more financial burden. 
     

  • - Renovation television shows make DIY tempting, to say the least.  If you have no experience in a major remodel, leave it to the pros.  Paying the right person to do the job could save you thousands in “mistake” money. 
     

  • - A total overhaul of your decor as soon as you move in can put a dent in your wallet. Personalizing your home is best done room-by-room or whatever is easiest on your budget. Living space furniture with new slipcovers, new stylish pillows, and a fresh coat of paint on the walls should satisfy anyone who is itching to make their home “theirs.” 
     

  • - Probably the furthest thing from new homeowners’ minds is their future tax returns, but not keeping receipts and all other financial forms related to your home purchase could hurt come tax time. Consider hiring an accountant or tax preparer when the time comes. 

 

Getting used to your new budget should be your priority.  Utility bills and other expenses may be more than you have ever experienced and getting behind at the beginning is not the way to start your home-owning journey.   

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins. 

Photo credit: ActWitty

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Who's Who When Buying a Home

Wednesday, July 1, 2020
by Tucker Robbins


Unless you’re paying cash for a new home, there will be more than just you, your real estate agent, the seller and their agent involved in the process. Appraisers, lenders, inspectors are just a few of the professionals you’ll come across, and it will relieve some stress on your part if you know ahead of time who they are and what part they’ll play during your house hunt. 

 

  • Mortgage lenders in order to be adequately prepared to begin looking for a new house, you should be pre-approved. It’s best if you look at a few different lenders in order to find the best loan, so before you go, see what the balance recommends for finding the right mortgage for you. 
     

  • Real Estate Agents The agent you choose to assist you on your new home search is extremely important, as they will be your resource and constant contact throughout the home-buying process. In most transactions, there will be a listing agent representing the sellers, but it’s unlikely you’ll be meeting them. 
     

  • Appraiser Your lender wants to be certain that the house you want to buy is worth what the seller is asking and will have a home appraisal done by a qualified person.  Learn more about what’s involved with the appraisal from realtor.com®. 
     

  • Home Inspector Once your offer has been accepted, it’s in your best interest to hire an inspector to go over your prospective new home.  You don’t want any surprises with structural issues or mold or insect infestation after you have the keys in hand. Call a few before you decide who to hire, and ask these important questions when you contact them. 
     

  • Homeowners Insurance Agent This agent should be familiar to you, as you already have auto or even renter’s insurance. Most insurance companies offer a discount for having more than one policy with them, and it may be an easy fit to go with your current company. Don’t let that stop you from shopping around for better rates, however. 
     

  • Real Estate Attorney Many states require you to hire an attorney, as they will go over all the documents, handle funds, and perform the title search, to name a few of their jobs during the home sale process. Find out why it’s always a good idea to have a real estate attorney, whether it’s the law or an option. 
     

  • Title Insurer  In case there are any questions about the sale of the home being legitimate (no liens, family feuds, etc.), you’ll need title insurance, and in most cases, the lender or attorney will already have that lined up. 
     

  • Mortgage Servicer Sometimes, a lender will sell your loan to a mortgage servicer, and you will be notified if that happens. Learn the difference between a lender and a servicer at Investopedia.  

 

Not all of these will be involved in your situation, and you may come across another professional or service during your experience.  Every one of them, however, is important for a smooth transaction, protecting you and your largest investment. 

 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

Photo credit: USAA

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Virtual Home Buying

Wednesday, April 22, 2020
by Tucker Robbins


For obvious reasons, you won’t be seeing any Open House ads or signs at new homes for sale nearby, and it’s highly unlikely you’ll be going to any showings with your buyer agent. Remote home-buying is nothing new, however, and for this time of staying safe at home, we can learn a few tricks of this type of home purchase, so you don’t have to put that on hold!

  • Get pre-approved now! Current interest rates are just one incentive for buying a new home.
  • With social distancing being the norm, for now, be prepared for a lot of phone conversations, emails, and texts between yourself and your real estate agent.
  • Call a few agents and request an over-the-phone interview to find the one that’s right for you. Be sure they are comfortable and knowledgeable about a virtual house-hunt.
  • You are probably already house-hunting online and saving your favorites. Don’t forget to look at those that may not catch your interest quickly--there are sometimes diamonds in the rough!
  • Type up a list of what you’ll need for a home, as well as extras you’d like to see, and have it ready to email to your agent so they can get to work on looking for houses you might be interested in. Share your online wish list of homes with them as well.
  • Once your  Realtor® has a list of homes for you to see, take a 3D or video tour or each, comb through the photos, and ask questions. Ask your agent if they can do a live video tour of the houses that you like the most so you can get a better feel of what the house is actually like.
  • With the exception of places where going to a property for a showing is barred, your agent will be certain that they take proper measures to protect you as well as themselves. Follow all CDC guidelines for slowing the spread of COVID-19.
  • On that note, be sure to understand if a homeowner refuses to show their home if they are still living there.  In case they’re allowing showings, don’t be offended by personal questions about your health. We all have to have some extra understanding and patience these days.

Don’t allow this period of flattening the curve discourage you from buying a new home. In some cases, it may take a little longer, and if there’s an urgent situation that you need to move quickly, share your concerns with your agent, and they’ll be with you every step of that way, even if the home-buying venture is a virtual one.

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

Photo credit: zillow

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Five Reasons You Need a Buyer Agent

Wednesday, March 4, 2020
by Tucker Robbins


When it’s time to start house-hunting, you know that going to an Open House is one way to get a good look at some homes on your own time. But when you’re ready to search for just what you need, the choices can be overwhelming, not to mention the thoughts of negotiating an offer, inspections, the closing--it’s not as simple as you may think. Do you need a buyer agent? 

 

  • - You know what you want in a new home because you know what kind of lifestyle your family lives.  A buyer agent will listen and learn about your needs, wants and don’t-wants, take that information, and you don’t have to do another thing but wait for them to find prospects for you to see! How easy is that?! 
     

  • - Hiring a buyer agent opens a whole world of real estate options of which you are likely unaware. REALTORS® not only have a network of other agents, but the tools and expertise that can connect you with the right house sooner than you can find on your own. 
     

  • - The experts a real estate agent has at the click of a mouse or tap on their smartphone will all work together to ensure your home-buying process goes smoothly! Real estate attorneys, tax experts, and inspectors are just a few of the people you may need during the home-buying process. 
     

  • - If problems arise, your buyer agent isn’t always a miracle worker, but they will use all their means to see that the issue is resolved.  They want your transaction to go as smoothly as you do. 
     

  • - In most cases, you will owe a buyer agent nothing when you buy your house. Fees are normally paid by the seller, so you’re getting an exclusive, personalized service free! 

 

 It’s also important that your buyer agent be part of the National Association of REALTORS® or the National Association of Exclusive Buyer Agents. Ask friends and family for referrals, create a list of your needs, and then write down some questions for the agents you plan on meeting.  Interviewing more than two will help you find the best fit, and carefully read over any contracts before you sign. You won’t be sorry you chose to hire a buyer agent! 

 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

 

Photo credit: mortgagereview

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Tucker Robbins
Berkshire Hathaway HomeServices
3838 Kennett Pike
Wilmington DE 19807
(302) 777-7744 (direct)
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