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[N187]New Home In Chandler

by Reg Gustin, Reg

There's nothing like owning a new home, a home that's just been built. Of course, you know that the home should be free from problems, everything is brand-spanking new, and you often have a say in the features or options of the home. It's a completely different home buying experience from buying a resale home.

When you look for a resale home, there's an entire list of things you should check on carefully - the foundation of the home, windows, doors, dampness, termite infestation, condition of appliances, etc. With a new home community, you don't have to look as carefully at these items, but there is a whole other list of things you should be aware of. Here's some tips for getting the best new home in Chandler.

* Find a great real estate agent and mortgage agent. Look for a mortgage agent that can help you get preapproved and prequalified. This way you'll find out how much you can afford, and can narrow your home shopping to communities in Chandler that are priced accordingly. By the same token, when you work with an experienced, reliable real estate agent, you'll have someone who has experience working with the builders and can help you find the right Chandler community for you.

* Ask your realtor for recommendations for communities with the best quality of building for your price range. Your agent can give you information about the home construction, how warranties are offered, alternative financing, and explanation of differences in quality and lot selection.

* Check out the builder's reputation. Again, your real estate agent can give you information on which buyers have reputations for quality building, but don't hesitate to ask people in your circle of acquaintance. You'll be surprised at how many people are familiar with the builder. You should try to talk to the homeowner of a home in the builder's development so you get the perspective of someone who lives in the community after the glow of new ownership is over.

* Read through the contract for the community carefully. Many buyers overlook the contract for the community and realize later that there are many requirements for the community, including how you can paint, roof, and landscape the exterior of your home. You also want to be very clear on how much the homeowner's dues are - are they affordable?

Buying a brand-new home is exciting. Just make sure that you work with the experts in your area to get great advice on your home. Before you know it, you'll be relaxing in your elegant, new Chandler home.

It is unfortunate that many people applying for a new home mortgage see the loan only in terms of whether the payment on the home is less than the amount of disposable income for housing earmarked in the family budget. In truth, there are many other significant factors that should be considered before determining if owning a new home is the right answer. Further, the size and location of the home are factors that impact the price. Considering such factors will help you make the proper decision about the amount of house that is appropriate for your family situation.

The income level in your household used to be the determining factor of the amount of money you could borrow on a new home mortgage. Because the interest rate was fixed at a certain percentage, the lender had to be certain that the income was sufficient and likely to remain so during the life of the loan. Some assumptions about the income included that it was likely to increase over time, especially in a young borrower. The amount of the loan was often tied to the annual income, such as the price of the house could not be more than 2.5 times the household annual income. Today, this factor is given less importance than the amount and kind of credit history or credit score that you have attained.

Determining the amount of house you can afford for your new home mortgage should take into consideration two different kinds of debt. The first is that debt you already owe. If you have numerous credit cards some or most of them with available balances, you can more than likely be approved for a home loan that is larger than what you can honestly afford. Since your FICO score is based on credit rather than on income, this can be a very seductive danger. You will end up with a home with large payments and too many credit cards. The second type of debt is that added when you achieve the mortgage. Depending upon the type of mortgage, you may be totally at the mercy of rapidly increasing mortgage payments that are not covered by your income.

Stability

The stability needed to obtain the best size of house for you is related both to your stability as evidenced by employment history, credit history and other more intangible factors. In addition, when looking at a new home mortgage, you will want to consider the stability of the community in which you live. Is it a one-employer city or is the economy strong and vibrant?

Housing Market

Determining how much house you can afford on a new home mortgage depends on the general housing market in your community or neighborhood. If the housing market is strong and vibrant in the area, you can probably allow for a somewhat larger mortgage on a new home than otherwise. This statement assumes that you plan to live in the area for a period of at least 3 years.

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About Author

Both Reg Gustin & Julian Lim are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Reg Gustin has sinced written about articles on various topics from Buying and Selling Home, Sell Home and Home. Go to and get a free copy of our 2005 Housing Appreciation Report. Search the. Reg Gustin's top article generates over 14800 views. to your Favourites.

Julian Lim has sinced written about articles on various topics from Finances, Foreclosure Help and Refinance Home Loan. Helping you with the financial details of your or. Julian Lim's top article generates over 49500 views. to your Favourites.