Seven Tips for First Time Home Buyers
Source: The New York Times, Ron Lieber (09/12/2009)
A year after the financial collapse of 2008, the housing market is very different than it was before the foreclosure crisis.
Here are seven bits of wisdom from economists and financial planners for anyone contemplating a home purchase today:
- Old-fashioned basics are more important than ever. The safest way to purchase a home is to put down 20 percent on a fixed-rate, 30-year (or less) mortgage.
- Don’t become overconfident about income growth. Even though buyers in their 20s and 30s will likely see their incomes grow more quickly than previous generations, it is important to act sensibly when borrowing.
- Anyone contemplating adding children to the family should calculate whether they could live on one income because having both halves of a couple work may turn out to be impractical.
- Include a maintenance budget. Even new homes need upkeep and repairs.
- Buyers who can’t afford their dream home now should opt for a starter home where they can save money each month for what they really want.
- Consider a property that can be expanded and improved down the road when money is available.
- No two buyers are the same, but they should all feel confident with the loan they enter into, no matter the size of the mortgage.
Home Performance with ENERGY STAR
Filed under: Green News and Notes, Homeowner Information
Mark of Excellence Remodeling soon to offer:
Home Performance with ENERGY STAR
You can schedule now! INFO@MarkofExcellence.com
What is Home Performance with ENERGY STAR®?
Home Performance with ENERGY STAR, brought to you by Mark of Excellence Remodeling, the New Jersey Board of Public Utilities, and New Jersey’s Clean Energy Program, offers “whole house’ solutions to reduce both your energy costs and carbon footprint. Learn how to save up to 30% on energy costs and increase the comfort, safety, and durability of your home.
Specially trained and certified technicians will assess your home from top to bottom, testing:
- Heating and cooling equipment
- Insulation Levels
- Air sealing opportunities
- Windows and doors
- Appliances and lighting
The Home Performance with ENERGY STAR program is offering assessments to New Jersey homeowners for just $125* (a $300 value).
Your contractor will identify any potential health and safety issues during the initial assessment. They will need to be addressed before any energy efficiency improvements can be made through the program.
After the assessment, you will receive a report listing recommended measures, along with financial incentives available to help you pay for the recommended improvement work*.
“After our Home Performance with ENERGY STAR contractor insulated our home we’ve noticed increased comfort and less outside noise coming into the house. Plus our electric bills have gone down compared to last year”.
- Anita B., Home Performance with ENERGY STAR customer
For more information, or to get on our schedule for your home performance assessment, call us at 1-800-734-3737 or e-mail us at info@markofexcellence.com
Mark of Excellence Remodeling, Monmouth County, New Jersey
*Program details and incentives are subject to change.
