10 Home Buying Tips Every First-Time Homebuyer Should Follow 

1. Determine Your Budget 

Before you start shopping for a home, it is essential to determine your budget. This will help you narrow down your search and avoid wasting time looking at homes out of your price range. You can determine your budget by calculating your monthly income, expenses, and debts. You should also factor in the down payment— the National Association of Realtors lists 8% as the median down payment for homebuyers aged 23-31—closing costs, and other expenses associated with purchasing a home. 

2. Understand Your Needs vs Wants 

We’re not always honest with ourselves when it comes to what we need vs want in a home. Think through your priorities before looking at your options. What do you absolutely need? Maybe it’s extra bedrooms because you plan on having children, or a yard space for your dog to safely play in. Then, think about what would be nice to have in addition afterwards. It’s possible to get the best of both worlds, but establishing the difference between these two factors will help you find a home that realistically meets your criteria.  

3. Get Pre-Approved for a Mortgage 

Getting pre-approved for a mortgage makes the home buying process smoother. It will give you a clearer picture of how much you can afford as well as establish you as a serious buyer. According to Forbes Advisor, “Many real estate professionals won’t take on buyer clients if they haven’t already been pre-approved.” Thus, pre-approval is an important step and stepping-stone into the next part of the home buying process. 

4. Find a Real Estate Agent 

A real estate agent can help you navigate the home buying process and find the right home for your needs and budget. They can also provide you with valuable information about the local housing market, schools, and other amenities in the area. Remember, you can’t rely on the seller’s real estate agent to have your interests at heart. When choosing a real estate agent, make sure to do your research and find someone who is knowledgeable about the area you’re looking at. 

5. Research the Neighborhood 

When buying a home, research the neighborhood to ensure that it’s a good fit for you and your family. Consider factors such as the crime rate, schools, public transportation, and proximity to grocery stores and restaurants. You can also talk to neighbors and visit the area at different times of the day to get a better sense of what it’s like to live there. 

6. Attend Open House Tours 

Attending open house tours is an excellent way to get a feel for different homes. It will also give you an opportunity to ask questions and learn more about the homes you are interested in. When you go, make sure to take notes and ask the real estate agent any questions you may have. 

7. Get a Home Inspection 

No one wants to buy a home only to be caught by a nasty surprise. Getting a home inspection will help you identify any potential issues with the home before you make an offer. A home inspection can also give you leverage during price negotiations. 

8. Negotiate the Price 

Once you have found a home, it’s time to negotiate the price. Your real estate agent can help you with this process and ensure that you get the best deal possible. When negotiating price, consider factors such as the home’s condition, local housing market, and the seller’s motivation to sell. Try not to go over your budget if you must be competitive in your offer. You may love the home, but extending past your reach causes unwanted financial difficulties down the line. 

9. Buy Homeowner’s and Title Insurance 

These two things are must-haves if you want to protect your home from unforeseen issues. Your homeowner’s insurance is required by the lender and will pay for things that happen during ownership, such as repairing or rebuilding your house after a disaster. Title insurance protects you from things that happened before buying the property, such as failed property tax payments by the previous owner.  

10. Close the Deal 

Once you have agreed on the terms of the sale, it’s time to close the deal. This involves signing a contract and paying the down payment and closing costs. Carefully read through all the paperwork before signing to ensure you don’t agree to anything you aren’t aware of. Remember that your real estate agent can help explain any questions you may have during this process.

One Extra Tip: Enjoy Your New Home! 

Using these 10 home buying tips, you’ll be well on your way to finding the perfect place to call yours. At Perpetual Title, we’re here to support you through every step of the home buying journey, even the steps that come after closing. Continue your path to success by learning the dos and don’ts of what to do after closing. 

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Benefits of Staging Your Home

There are many benefits to staging your home for prospective buyers including: 

Increased Desirability.  

Staged photos can initiate the interest of the buyer in the home and push the homebuying process forward. 

Implements Buyer Urgency

A properly staged house can not only increase desirability but also shorten the length of time on the market. A study from the Real Estate Staging Association found that staged homes spend 72% less time on the market. Buyers are more likely to make a quick offer on a home they consider attractive and looks move-in ready.  

Buyer’s Expectations

Due to the oversaturation of home shows and real estate sites, buyers develop certain standards for what they want their home to look like. If your home is not staged, then it can leave buyers feeling underwhelmed and uninterested. However, if your home is staged, it can meet or possibly exceed the buyer’s expectations.  

Improved Visualization

Before you make a large investment, you want to make sure that it is the right decision for you. Staging gives buyers the chance to imagine living in your home.  

Increased Value in Home

Staging isn’t exactly cheap, but it can increase the dollar value by 1% -5% from buyers. This may not seem like a lot but 5% of a $500,000 home is $25,000.  

 Just by giving your kitchen a facelift it makes a huge difference

Staging Tips

Start with Curb Appeal

First impressions matter! Buyers first see your house’s exterior, so it’s extremely beneficial to give them a positive impression of your home before they even step foot inside. Try power washing the siding, cleaning the gutters, or pulling weeds! These small upgrades can make a dramatic difference.  

Give the Kitchen a Facelift

Kitchens can make or break a home. Consider changing out older, outdated appliances and décor with more modern options. Corroded faucets or hard water stains are significant turn-offs for buyers.  

Depersonalize and Remove Unnecessary Clutter 

Staging allows buyers to visualize them living in your home. However, they are not going to be living in YOUR home. Remove clutter and personalized items from all rooms to give a blank slate for prospective buyers to emotionally connect with. 

Rethink placement

Do not be afraid to move furniture around. Minor changes can make the space more inviting and visually appealing.  

Add potential office space.  

Today, more people are choosing to work from home or homeschool their children, so having a built-in workspace is a huge plus for buyers.  

Show off Storage

Storage always ranks high on a buyer’s wish list. Do yourself a favor and show off your decluttered closets and large kitchen cabinets. Buyers will definitely appreciate the extra space.  

Amp up the Lighting 

Great lighting is one of the easiest ways to make your home appear more warm and inviting. Increase the wattage in your light fixtures and aim for a total of 100 watts for every 50 square feet.  

Time to Fluff the Pillows!

Overall, staging your home can greatly benefit both buyers and sellers. Staging your home will highlight your home’s strong suits, downplay shortcomings, and ideally appeal to the largest possible pool of prospective buyers.

We hope that this blog was informative and helped in your home selling process. For more information regarding the home selling process, contact us today.

The post How Staging Your Home Can Lead to a Faster Sale first appeared on Perpetual Title.

Purchasing commercial real estate property comes with its own unique set of challenges. Complex legal descriptions, zoning challenges, building renovations, and multiple corporate owners prove that purchasing a commercial property can take some time. However, one way to alleviate some future headaches is by purchasing a commercial title insurance policy for your property. While most insurance policies protect you and your property from future circumstances, a title insurance policy protects you from what occurred long before the property was yours.

What is Commercial Title Insurance?

Title insurance is a type of insurance that protects the buyers from any issues associated with the property’s title. Title insurance is used in both residential and commercial transactions, however, because commercial properties involve much more capital, title insurance plays a crucial role in purchasing commercial properties. As previously mentioned, most insurance policies protect the policyholders from future situations whereas title insurance protects against situations that have occurred in the past such as unpaid taxes or liens against the property.

In title insurance, there are two forms of policies: owner’s and lender’s. An owner’s policy is purchased to protect the buyer if any defects arise, and a lender’s policy is used to protect the lender as long as they have interest in the property. Both owner’s and lender’s policies are one-time premiums that provide coverage for as long as there is interest in the title for the property. To learn more about the differences between the two, check out our blog, The Two Types of Title Insurance.

Conducting a Property Title Search

With every title insurance policy, the buyer will receive a title search. A title search is a thorough investigation of the property including previous deeds, mortgages, and easements. The process will also reveal any potential defects associated with the home’s title. From unpaid utility bills to encroachment notices, the title search will allow for any issues to be addressed before closing. Title insurance safeguards your investment by ensuring that it is protected from issues and claims now and in the future.

A title search will uncover any potential issues before contracts are finalized.

Commercial Title Insurance Coverage

When investing in a commercial property, protecting your investment is a top priority. With an owner’s commercial title insurance policy, you are protected against losses that may occur due to:

• Unknown title defects including title fraud, forged, unauthorized or improperly indexed deeds that prevent the buyer from possessing clear ownership of the property.
• Unrecorded liens such as unpaid utility bills, taxes, mortgages, and work orders.
• Encroachment issues and boundary descriptions inconsistent with the area being used.
• Inaccurate legal descriptions along with public record errors including title searches and inquiries

Protect Your investment with Millennial Title

Title insurance protects your commercial property from any financial loss due to unexpected issues with the title. With title insurance, you can rest assured that your investment is protected until you decide to sell the property. Perpetual Title provides commercial real estate title services across the country. With in-house attorneys and a team of real estate experts, we have the experience and knowledge to manage your next commercial transaction. To learn more about commercial title insurance, schedule a closing, or learn more about our offerings, contact a member of our team today.

The post Why Does My Property Need Commercial Title Insurance? first appeared on Perpetual Title.

While title insurance may be viewed as just another extra cost, it actually provides value to the homeowner. Title insurance is used to protect you from any past title defects associated with the home. There are two types of title insurance: owner’s and lenders. Purchasing both can provide you with peace of mind over the course of your life in the home. In addition to the two different types of title insurance, there are also different policy types. In this blog, we will discuss standard versus enhanced title insurance and its coverage. 

What is a Standard Title Insurance Policy?  

Understanding the differences between a standard and enhanced policy will allow you to make an educated decision on the amount of coverage that you need. A standard policy will cover the basics and will protect you the following:  

• Claims by other parties that they own the property 
• Defective recording of the documents 
• Mechanic liens and prior recorded liens not disclosed 
• Mistakes in the public record
• Improperly executed documents 
• Third-party claims 
• Previously unknown heirs claiming an interest in the property 
• Pre-policy fraud, forgery, and other malfeasance 

What does an Enhanced Policy Cover? 

An enhanced policy will cost more than the standard policy but includes more protection and reduces risk for the homeowner. In addition to the protection outlined in the standard policy, an enhanced policy coverage includes:  

• Insures heirs of the homeowner for the property 
• Increases coverage automatically as value increases 
• Supplemental tax assessments 
• Post policy forgery 
• Encroachment of structures onto your property or of your buildings onto a neighbor’s property 
• Losses due to permit violations and more 
• Liens against the property 
• Zoning and building permit issues, including covenant restrictions and corrections 
• Lack of access to the property 

Standard vs. Enhanced Title Insurance: Which is Right for You?  

Title insurance is used to provide protection for past defects and can provide a safety net for your future. Choosing a standard vs. enhanced policy depends on how far you would like to cast your safety net. After going through the benefits for both, many people choose the enhanced policy for extra coverage and protection into the future.  

The post Standard vs. Enhanced Title Insurance Explained first appeared on Perpetual Title.

Title Insurance is for Home Ownership Protection

Owning a home without title insurance is risky because the buyer is not protected from claims against ownership of the property and therefore could lose the investment. Title companies perform thorough title searches which are critical because more than one-third reveal an issue that title professionals will insist on fixing before the transaction closes. These issues can result in having to delay a scheduled closing until all of the title issues are resolved.

Practically everyone buys title searches and insurance to avoid nightmare scenarios such as hidden taxes, encumbrances, restrictions—basically anything that devalues the home or is inaccurately recorded in the deed. When buyers believe that they trust the seller, such as if purchasing from a family member, and do not purchase title insurance, they aren’t protected against unforeseeable issues that may arise later on down the road. This is why it’s critical to have a reputable title company perform the search and to buy a title insurance policy.

Title Insurance brings piece of mind that your home is protected from past defects.

Title Insurance is a Two-Part Transaction

In the first step, the title company performs the aforementioned comprehensive search of property records to ensure that there aren’t any clerical errors, mistakes in examining records, undisclosed heirs, omissions in deeds, unknown liens or fraud involving the deed. The purpose of this process is to verify that the seller is the true owner of the property and is therefore free to sell it.

In the second step, the title company engages an underwriting company to issue an insurance policy that would cover the cost of the expenses to defend the title should anyone challenge it. There are two policies typically required—an owner’s policy and a lender’s policy to protect each respective party properly.

Title Fees are Included in Closing Costs

The home purchase contract and any applicable government regulations determine who pays which closing costs. Sometimes this varies depending on the state or county in which the property is located-fees are negotiated on a by-contract basis. Contact us for a quote and clarification.

The post Three Things to Know About Title Insurance first appeared on Perpetual Title.