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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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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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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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Take Care of These Tasks Before Moving

Wednesday, December 9, 2020
by Tucker Robbins


Buying a home is so exciting, and unless your new home is brand new construction or newly renovated, there may be a few projects you have planned. If any of these plans are in the current budget, get them completed before moving: 

 

  • First things first, change all locks on the house, including the garage door and any outbuildings. 

  • Painting interior walls would be finished sooner if done before getting boxes and furniture in the house. 
     

  • Most sellers are required to leave the house and property clean as a whistle, but doing a deep clean on your own or hiring a pro to do the job will make you feel better, knowing it was done.  Have hard surfaces steam-cleaned to ensure that as much dirt, grease, and germs have been blasted away.  
     

  • Any flooring projects you would like done would go more smoothly if completed before living there.   
     

  • Have a look at electrical outlets in each room and add or move them as needed. Consider upgrading outlets to include USB plugs as well, making it more convenient to charge your gadgets. 
     

  • Call an HVAC repair person and have the AC unit thoroughly cleaned and ask if they offer a service plan so that you do not have to schedule this twice per year. 
     

  • If getting new toilets is not possible, at least purchase and install new seats.  In case the bolts are stubborn, The Family Handyman offers some help in getting the old seat off. 
     

  • The security system should be up and running before moving, so check any existing installations and decide to upgrade or not. Get the internet connection established so you can test everything so it will be ready when you bring your belongings. 

 

Any major renovations to the house would make life easier for you and your family if they are finished or nearly so by the time you are ready to move in.  Otherwise, stay a while before you decide if the remodel is exactly what you need.  Once the big things are done, enjoying your new home, and getting to know your neighbors will be the number one priority. 

 

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

 

Photo credit: Bob Vila

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Learn to Budget Like a Homeowner

Wednesday, October 14, 2020
by Tucker Robbins


If you are a renter, you know that rent costs are on the rise, and it may be getting more difficult for you to stop thinking that a home purchase cannot be easier on your wallet. Starting on buying a home can come a year in advance of your first house hunt and creating a homeowner budget is the first step.   

 

  • - Write a list of needs and wants for your future home, beginning with size, the number of rooms, type of neighborhood, size of the yard, garage, or no garage, etc. Be realistic, as there is only so much house you can afford. Set a price range, and stick to it. 
     

  • - Create an income/expenses list, or use this handy budget calculator so you may see exactly where your money is going.  If there is little left of your paycheck at the end of the equation, it is time to begin eliminating unnecessary purchases so you can start saving. 
     

  • - Start paying off any debt you currently have credit cards, car loans, or personal loans. Eliminating these balances will reduce your debt-to-income ratio, and will show lenders you’re serious about paying for a home. 
     

  • - Once you start paying off debt, start depositing the amount of those payments into a savings account. Not only do you need to save towards the payment, but you’ll also have other costs for buying a home: appraisal, home inspections, and other fees may or may not be added to the closing costs. 
     

  • - Some people that live on low incomes may feel like homeownership is a pipe dream, but that is not true. Many government-backed agencies will assist those with limited incomes buy a home: 

  • - Federal Housing Administration offers loans with low down payments (3.5%). 

  • - USDA  helps low-income families in rural areas with purchasing a home with no down payment. 

  • - VA loans assist veterans with home-buying, as well as home repair. 

 

No matter your income, homeownership is within reach if your credit report and score is within an acceptable range and may differ according to the lender.  Learning how to budget your income, paying your bills on time, and saving money are all possible, and it may take discipline on your part. The result, however--a home of your own--is worth all the time and effort it took to prepare for it! 


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

Photo credit: quicken loans 

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Before You Purchase a Foreclosure

Wednesday, September 2, 2020
by Tucker Robbins


Whether searching for a budget-priced home or an investment property, many people turn to the “Foreclosures” section of online house hunts or newspaper ads.  Sure, the price is a bargain, but there are some drawbacks to purchasing a home that is in foreclosure. Take these tips into consideration before you head to the auction: 

 

  • - Most foreclosures have been unoccupied for several months and will surely be affected by that. You will need to be willing to put in some work and some cash to bring it up to code/living conditions. 

  • - If the house is on the auction block, you will likely need the full purchase amount in cash, as the lender or bank is looking to recoup as much from the defaulted loan as they can. They do not allow time for financing to take place. 

  • - Some states allow redemption to the homeowner, and HUD defines this as “...a period after [the] home has already been sold at a foreclosure sale when [a homeowner] can still reclaim [their] home.”  

  • - Because a foreclosed property is sold “as is,” you will not receive any disclosures, meaning, a home inspection is a must!  Depending on who owns the property will make a difference in how much time you must complete the inspection.   

  • - On the other hand, if the property is REO (real estate owned), you will be able to go through the home-buying process in the usual way and have time to secure financing for your purchase. 

  • - An REO will be sold as-is just like an auctioned house, and all repairs will have to be done by the new owner--there are no repair requests or contingencies granted. 

  • - For buyers that are new to the foreclosure-purchase game, going through a bank to buy the property is your best bet versus auctions. Once you gain some experience in the process, try your hand at auctions. 

  • - For any distressed property, make sure you have a title search performed. Buying a foreclosure takes long enough, and you want to make certain you will not run into any roadblocks. 

For your foreclosure-hunting convenience, realtor.com® has a search page specifically for foreclosures!   Check with your municipality for notices on tax foreclosures, and if you have the funding, pre-foreclosures and short sales are other property bargains.  Remember to connect with a Realtor® that is experienced in distressed sales. Their knowledge and expertise can make a drawn-out process go smoothly! 

 

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

 

Photo credit: Robinson&CO

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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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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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