You might still be figuring out how much money you will put in for your down payment for purchasing a home but remember that along the way you will have to manage certain expenses like the following:

Appraisal fee

You need to cover the appraisal fee out of your own pocket while your home loan is in process. The amount will depend on where you are and who will do the appraisal.

Home inspection

Typical inspection fees will range from $350 to around $800 but they can be higher based on the structure and age of the house. There will be additional costs for other inspections for termites and structural engineering.

Closing costs

The estimate your lender will give you for the purchase might close to accurate but you would not know the exact amount until a few days before closing the deal.

Repairs

Make sure you have some extra money to cover any repairs, renovations, or upgrades you need to do in your new home.

Moving

Of course take into account the fees for the van and the people who will help you move your things to your new home.

Appliances

If you are buying a new home, most likely it will not come furnished. Have a good budget to buy the basics like fridge, television, washers/dryers, kitchen appliances, and other things you will need to function comfortably.

Utilities

You need to allocate some funds so you will have electricity, phone, cable tv, internet, among other basic amenities you need and want.

Household items

Do not forget to include on your list trash cans, shower rods, blinds or curtains, lamps, mirrors, twol bars, and all the mundane stuff you might forget.

You want your home to have that feel, look, and condition of a well maintained property to avoid any lowball appraisals. Get you get an appraisals which is a bit too low, you might not be able to qualify for a refinancing since you do not have enough equity.

Here are some practical ways to keep your house in tip top shape:

Spruce the property up

Make the house look in its best condition as possible. Some dirty dishes will not hurt the appraisal but you do not want the appraiser to see cockroaches, rats, walls with a gazillion marks, out of control branches of trees, and things that may affect the valuation of your home. You do not need it picture perfect for a magazine shoot but broom clean will do.

What can be seen on the lawn may also affect the appraisal so trim the grass, hedges, and branches and make everything look neat. You do not want to have a property looking like those foreclosures nearby.

Have a list of all updates

If you have done several home improvements or a renovation, list down what had happened in the last 15 years. Better if you can itemize it and give an estimate of the cost. Put spotlight on the best feature of the house and you might want to point out any item which might be missed by the appraiser.

Location

Where you are really matters. You can mention to the appraisers any upgrades in the community like new parks, playgrounds, grocery, businesses, etc. You may also share if any part of the area has been declared a heritage site or a historical landmark.

Keep the pets in control

Appraisers do not want the homeowners following them around while they inspect the property. They are annoyed more if you have dogs growling at them. Be accommodating as possible to the the appraiser and make him or her comfortable.

In a tough and rough economy, cheap rentals are very in demand. Whether you are renting out your home or renting the place, there are some basic things that should not slip when it comes to safety of the place. We list some must haves for a rental.

Smoke detectors

Smoke detectors can be your best friend if you want to protect your property or if you want to be safe as a tenant. These are a must have. There may be different laws governing rentals but it must come as basic that owners should install working smoke detectors. If you are checking out a place, non-working detectors should be a red flag.

Ask the landlord when the batteries should be replaced just to make sure they will work when they should work. If the landlord will not provide any smoke detector, you can approach a local fire department which often has programs for this.

Exits

No matter how careful you are or how much smoke detectors you install, accidents can happen. There are untoward incidents which may put your life in danger. If you are living in multi unit homes, make sure that you have to choices where you can get out safely. Bedrooms must also have a provision for a safe exit.

When you check out an apartment, look for things and become a worrier. You better be doing it now than being sorry later.

Electrical Wiring

Electrical fire can really be scary because they can be triggered by anything which is beyond your control. Preventing it starts when you do a walk through before signing a contract to rent the place. Check the electrical outlets if they’re old and due for replacement, check the switches, check the circuit breakers, and the list goes on.

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Shopping for a foreclosed home can bring its own set of perks and challenges. On the one hand, when you know just when you should buy a foreclosed home, you can end up saving money. On the other, a hasty foreclosure bet might land you with a pile of expenses. Worse, you may end up buying a home in an unstable community, forcing you to resell and move out at a loss.

Unknown to most people, the foreclosure process is actually divided into three very distinct stages: pre-foreclosure, the sheriff’s auction, and repossession. According to Rick Sharga, the spokesperson of Realty Trac, said that the safest stage to buy is actually the repossession stage, or when the bank already owns the property. It might not give you the lowest property price, but you can be assured of a clear title this way.

Pre-foreclosure 

To expound, when the home is still in the pre-foreclosure stage, they’re still haven’t been sent to the auction houses. This means that the current owners are trying to “unload” them because they owe more on the home’s mortgage than the property’s actual worth. When you’re buying a home at this stage, you still have to make a deal with the lender and the current owner of the home. This stage is particularly slow and tedious.

On the plus side, you can inspect the home before you close the deal. This isn’t possible during the latter stages of foreclosure. Sharga warns, though, that the prices of foreclosed homes are high at this stage.

Sheriff’s Auction 

Buying a foreclosed home during the sheriff’s auction is highly risky. For one, you can get caught up in the heat of the bidding. Since you can’t inspect the home before you make your purchase, you may actually bid on a home that’s crying for repairs. Buying foreclosed homes during this stage should be left to the experts.

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Real estate expenses make up the bulk of most people’s personal investments. With such a big purchase, you should try your best to dodge these expensive and common home buying mistakes.

Ignoring your credit score 

You should never purchase a home without first checking your credit score. This will determine the quality of your home loan. After all, no one buys a home with cold cash. If you have poor credit rating, you may have to spend a lot of money on high interest rates. Worse, you might not be able to buy your dream home because your loan can get disapproved. To make sure that you get the best deal, improve your credit rating first before buying a home.

Skipping the inspection  

Home inspections can cost you money, but if you’re buying a foreclosed home or a house that’s being put up on short sale, you’ll need to do thorough inspections before you close the deal. Uninspected distressed homes can cost you money in the long run. You also have to make sure that the property doesn’t lie on a fault line or land that’s prone to natural gas leaks.

Buying without a lawyer  

Just like the property inspector, lawyers also cost a lot of money. However, if you purchase a home without the aid of a lawyer, you may be in for a lot of trouble. There will always be loopholes that untrained eyes are bound to miss out in the contract. You should definitely avail of the services of a good real estate lawyer especially if you’re buying a distressed home, or a property which is owned by more than one person.

A few years back, any remodeling you make to your home will surely add to its value. In a recent study, an upgrade you make may only have a return value of about 64% which is a big drop from 87% back in 2005.

Maximize your remodeling expenses and follow these tips:

Repairs offer the biggest returns

You might think that buyers will like a new kitchen or a Jacuzzi in your home, but today’s market will be more concerned of a broken door or a leaking roof. Simple issues turn off buyers. Nowadays, sellers pay for the repairs and buyers can go after you if you keep these problems a secret.

Quality over quantity

If you are thinking of separating your everyday family room from your formal living room, think again. Instead of adding on it will be better if you can make one room multipurpose. You can also find unused spaces and convert them into useful square footage. Friedesign always says: make sure to go for high-end stuff, not high-volume stuff.

Go Green

Going green is the name of the game today. Look everywhere from cars to appliances and even paints you apply on the wall. Governments of different countries are also giving tax credits or rebates for people who choose greener materials, appliances, and other stuff for their homes.

Tech Infrastructure

You need to prepare for whatever technology that is coming along. You need to spend a little money to prep up a room and install cablings or ports that maybe useful in the future.

There are only a few home modifications that can beat the benefits of green window replacements. Green windows aren’t just trendy gimmicks. While they’re a bit pricier than your conventional windows, green windows help you conserve energy, make your home more comfortable, and maybe even help you save money in the long run. The operative words here are “in the long run” though. If you’re just replacing your windows with greener ones for the sake of cutting down the electric bill, you might be disappointed.

However, if you have your family’s health and comfort in mind when you decide to replace your windows, you’re on the right track. Green windows help insulate the rooms of your home better. During wintertime, you can be sure that green windows can keep the cold out. Summertime heat won’t be as harsh with green windows installed on your home, too. Green windows can keep your home cool and won’t let those harmful UV rays pass through, either.

Did you know that upholstery and wallpaper fade faster when they’re exposed to harmful UV rays? You can preserve your furnishing better if you install green windows to your home. The installation expenses for conventional windows and green windows are the same, so if you’re building a new home, it might be better for you to install green windows right away.

Look for windows with multiple panes. Double, or even triple-paned windows don’t only keep the climate in your home stable, but they also insulate your home against noise. If you already have windows installed and you just want them to keep heat out, consider tinting or “landscaping” them. These don’t cost as much as complete window replacements.

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