NH Realty Group of New England, LLC
Residential & Commercial Brokerage
224 Main Street Suite 3E, Po Box 1441, Salem, NH 03079
603-505-4030 | homes@nhrealtygroup.com
Experience, Service, Results!

Posted by NH Realty Group of New England, LLC on 3/26/2020

There are a number of steps involved in buying a home. One of the many important things you should do before closing on a new home is to get the house properly inspected.

Buyers sometimes avoid getting a professional inspection for a number of reasons. Some are on a tight budget and want to save a few dollars. Others have time constraints and want to close as soon as possible. And, many buyers believe that omitting an inspection is a way to show trust in the previous owner.

In this article, we’ll talk about why getting a home inspection is such an important part before closing on a real estate deal.

Inspection costs

Closing on a home comes with a number of expenses. Application fees, origination fees, underwriting fees… the list goes on. If you’re buying a home, you might be tempted to opt out of getting the property inspected to save money.

The cost of an inspection ranges anywhere from $200 for smaller homes, to $400 or more for large homes. However, the cost of not getting your home inspected can be much greater. Even if you’re knowledgeable when it comes to houses, there are a number of things that only the experts can diagnose.

Having a professional inspect the home is the only way to ensure that there aren’t any issues that will come back to haunt you (and your wallet) in the months and years to come.

Saving time

Many buyers are eager to close the deal and begin moving into their new home as soon as possible. Sometimes buyers need to vacate their old home before a certain date, others try to time their move around holidays or school vacations.

There are other ways, however, to make sure you get the house inspected in time. First, make sure you’ve included a home inspection in your purchase agreement. This will avoid wasted times debating whether or not you are entitled to inspect the home.

Next, call multiple inspectors in your area for quotes and availability. Delaying this step can make you lose time, and inspectors might charge you more if they have to squeeze you into their schedule.

The best time to schedule an inspection is as soon as your offer is accepted.

Maintaining a good relationship with the seller

It may seem like an act of diplomacy to waive a home inspection. In reality, however, nearly all sellers will understand that you are simply doing due diligence to make sure the process runs smoothly for both of you.

Sellers might sometimes offer you the findings of a previous inspection that they had done. In this case, it’s still important to have your own inspection done so that you can walk through the home with the inspector and listen to their feedback. You can’t be sure of the accuracy of any old reports, and the previous inspector is only accountable to the seller.

Having a home professionally inspected is almost always a good idea. It can save you time and money in repairs that could have been avoided.

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Posted by NH Realty Group of New England, LLC on 3/19/2020

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(603) 505-4030

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Posted by NH Realty Group of New England, LLC on 3/19/2020

Image by Precondo CA from Unsplash

Buying your first home can be stressful enough without worrying about whether or not your mortgage loan pre-approval is going to go through. You may not be prepared for the mountains of paperwork that you'll need to submit before a lender gives you the thumbs' up. That's why it's such a good idea to know the requirements before you narrow down your home search.

Here are the top items your mortgage broker or lender will need in order to pre-approve you for a loan.

1. Proof of Income

W2 employees will need paystubs, IRS 1040 forms, and copies of their W2 form for the last two years.

For self-employed individuals, and small business owners, the burden of proof is higher. In additon to 1099 MISC forms, you may need to submit a letter from your accountant stating that your business is still active and a profit and loss sheet. 

2. Asset Information

In addition to the regular taxable income you are bringing in, the lender will want to see proof of other assets, including savings, investment accounts, and written documentation of a family member's intent to gift you money.

These assets will let the lender know if you can afford a down payment, pay for the closing costs on the loan, and have enough cash reserves to afford the transition into homeownership.

3. Employment Verification

Lenders want to know not just that you are employed but also that you are stably employed. Thus, they request a letter from your employer to verify your employment status and the salary you're earning.

Self-employed individuals will need to submit at least two years of their complete 1040 forms in lieu of this verification process. 

4. Credit Information

Before they will pre-approve a loan, the lender makes a hard inquiry into your credit. You will need a credit score of at least 620 to qualify for a conventional mortgage loan or a Federal Housing Administration Loan with zero percent down. The government may approve borrowers for an FHA loan with a score between 580 and 620 if they are able to make a sizable down payment.

In order to qualify for the lowest interest rates available — typically the ones you see advertised — you must have a credit score of at least 760. In some cases, it is worthwhile to defer applying for pre-approval until you can raise your credit score. Why? A lower interest rate can save you tens of thousands of dollars over the life of the mortgage.

5. Personal Information

Finally, the lender will want to verify your identity by requesting copies of your driver's license, social security number, and signature.

Posted by NH Realty Group of New England, LLC on 3/17/2020

Let us show you how we can help you in the buying/selling process.
Call or email us today for a FREE comparative analysis!
(603) 505-4030


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Posted by NH Realty Group of New England, LLC on 3/12/2020

Photo by Vivint Solar on Unsplash

There’s little doubt that we all want to do our part to protect the environment and solar energy gives us an opportunity to get off fossil fuels. In a perfect world, we would all promptly discard our furnaces and adorn our roofs with solar panels. But if we lift up our eyes for just a moment, only a small percentage of homes have taken the initiative.

That’s largely because we do not live in a perfect world and converting to solar must be cost-effective for the average homeowner. There are a variety of factors that everyday people can weigh to determine if solar panels are worth the investment in 2020.

Calculate Your Annual Electricity Usage & Cost

Understanding energy costs tends to be complicated in the U.S. According to the Energy Information Administration (EIA), the average monthly electric bill was $117.65 in 2018 with the average price per kWh coming in at 12.87 cents. But costs around the country can differ dramatically. The EIA’s 2018 regional calculations highlight precisely those differences.

  • New England: $129.49 at 20.60 cents per kWh
  • Middle Atlantic: $113.39 at 15.97 cents per kWh
  • East North Central: $106.03 at 13.25 cents per kWh
  • West North Central: $115.68 at 12 cents per kWh
  • South Atlantic: $130.51 at 11.70 cents per kWh
  • East South Central: $137.80 at 11.14 cents per kWh
  • West South Central: $127.42 at 10.77 cents per kWh
  • Mountain: $101.55 at 11.94 cents per kWh
  • Pacific Contiguous: $100.93 at 15.56 cents per kWh
  • Pacific Noncontiguous: $151.22 at 28.03 cents per kWh
  • As you can see, energy costs around the nation complicate decision-making. Places such as New England have far fewer sunny days to power systems yet struggle with the second-highest utility bills. In the Noncontiguous Pacific category, Hawaii leads the nation in high energy bills at $168.13 per month. Given the high number of sunny days the islands enjoy, solar panels would seem to be a viable option in terms of savings and environmental protection.

    Solar Panel Tax Credits are Available

    Although much of the conversation revolves around the “average” cost of a system and the range of kWh savings, it’s safe to say that all solar is local. Deciding on a system in your state will be a matter of calculating how much energy it can generate based on sunlight and how many panels you will need.

    The good news is that the federal government continues to offer the investment tax credit (ITC), which allows homeowners to deduct up to 26 percent of installation costs. Some states and local municipalities may offer additional benefits. But based on the ITC, the average 2 kW system is expected to be discounted from $5,920 to $4,381. Higher producing solar systems such as a 10 kW system enjoy reductions from $29,600 to $21,904. Still, all this data doesn’t answer the question of whether solar panels are cost-effective in 2020.

    How to Know if Solar Panels Fit into Your Budget

    Doing “solar math” involves figuring out your average monthly electricity cost. Take into consideration how much that utility bill has increased during the previous 10-20 years. Now calculate the size of the system needed to power your home. If you live in low-sun northern states, you will likely need a large system. The next step is to look at your investment.

    Most homeowners finance solar systems with a common goal of the monthly payment being equal or less than your current utility bill. If you can power the home and get even close to current grid costs, it’s entirely likely this is a prudent move. As you can see from the past decade or two of electric bills, they keep increasing. The sun doesn’t charge extra year-over-year.

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