6 Tips On How To Buy A Home Before Marriage

Is it a good idea to buy a home before marriage?

Buy A Home Before Marriage

I remember a time when couples got married first, then bought a home.

But, I’m older now and times have changed.

It has now become quite common for unmarried couples to buy a home together before marriage.

The 2010 U.S. Census reported that 7.5 million unmarried, opposite-sex couples were (gasp!) co-habiting, compared to 5.5 million in 2000, and 3.2 million in 1990.

A 2013 Coldwell Banker Real Estate survey revealed that 1 in 4 married millennials purchased a home together with their current spouse before marriage.

Unmarried partners considering buying a home should consider the following:

1) Put Everything In Writing

Have your attorney prepare a written agreement that covers all of the details and consequences if your relationship fails.

2) Get Pre-Approved For Your Financing

It’s likely that you and your partner may (probably?) have unequal incomes and credit scores.

Those two factors will affect qualifying and your interest rate.

Poor credit can cause one, or both, partners to not qualify for the loan.

Discuss your situation in detail with your lender.

Be certain that you both understand and agree on how to structure your financing.

3) Who Will Pay For Housing Expenses?

If your percentages of ownership are unequal, discuss and agree on who will pay for specific housing-related expenses.

It’s often a good idea to set up a separate checking account to pay for housing expenses.

4) How Will You Take Title?

How you take title to your home is a big deal!

Get some legal advice on the various ways you can take title to the property.

Learn how best to handle the possibilities of a partner’s death, rights of survivorship, and other important legal issues.

Take time to understand the differences between Joint Tenancy, Tenants In Common, and other options for taking title.

5) What If You Break Up?

Contrary to popular belief, love doesn’t conquer all and couples do break up.

Will you sell the home?

Will one partner buy out the other partner?

What if one partner stops paying their share of the housing expenses?

What are the tax and legal consequences if the property is lost through foreclosure?

Who will pay the mortgage payment until you sell the home?

6) Take Your Time

Slow down and think things through (pro and con) prior to buying a home before marriage.

You don’t need to own a home to solidify your relationship!

Buying a home before you marry will not necessarily strengthen your relationship.

Plan your (mutual) exit strategy in advance, just in case things don’t work out.

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Six Reasons Why Pre-Inspections Are A Good Idea

If you’re planning to sell your home, here’s why pre-inspections are a good idea!

Pre-Inspections Are A Good Idea

Especially, if your home resembles this home!

Here are six good reasons why you should consider having your home pre-inspected before you place it on the market.

  1. Pre-inspecting your home will identify potential problems upfront and avoid getting surprised by the results of an inspection that’s completed after accepting an offer.
  2. Negative inspection results found during escrow can raise doubts and cause a buyer to reconsider their purchase.
  3. The Idaho RE-10 Inspection Contingency Notice includes an option for the buyer to withdraw from the Purchase & Sale Agreement and get a full refund of their earnest money if they don’t like the results of an inspection.
  4. Pre-inspecting provides a seller with the opportunity to correct issues found in an inspection before listing this property for sale.
  5. Disclosing pre-inspection findings and providing proof of completed repairs provides a powerful marketing tool that demonstrates a seller’s integrity to a buyer.
  6. Pre-inspecting allows the seller to make needed repairs upfront and eliminate unnecessary anxiety over repair negotiations.

The cost of a home inspection in the Boise real estate market is usually between $350 to $450.

Over the past year or so, I’ve represented buyers in a couple of transactions with unexpected, serious issues found during inspections that were completed after going into escrow.

One of those buyers canceled their transaction due to doubts raised by the inspection results.

The simple solution is to have your home pre-inspected and make needed repairs before you list it.

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The Truth About Price Per Square Foot

What’s “in” the square feet is more important than the price per square foot!

Price Per Square Foot

Try to figure out the price per square foot of this home!

Realtors®and consumers often view price per sq. ft. as the ultimate way to determine a home’s value.

But, there’s much more to determining value than the price per square foot!

Thanks to the internet, there’s a lot of data available these days.

Price per square foot is just one of those internet data elements and it’s often misleading.

Here’s Why . . . .

Incorrect Square Footage

  • Sellers, and their listing agents, sometimes misstate a home’s square footage.
  • That can happen when agents, assessors, and/or appraisers measure a home while using different methods.
  • Some homes are purchased with unfinished square footage that the owner completes later.
  • Some sellers, and their listing agents, will include that extra unfinished square footage to achieve a lower, more attractive price per square foot in their listing.
  • And, some homes “grow” each time they’re sold because successive sellers convince their listing agent that the home included “X’ square feet when they bought it.
  • Listing agents often take the seller’s word for it without checking the public records for accurate info.

Construction Design

  • A single-story home will usually have a higher price per square foot because it has a bigger footprint, more roof area.
  • Single-level homes are often smaller than multi-level homes, resulting in the major construction elements being apportioned over fewer square feet.
  • That pushes single-level homes’ price per sq. ft. higher.
  • A multi-level home will usually have a lower price per square foot because it costs less to build than a single-level home.
  • It’s also common to see larger homes with unfinished living areas have a lower price per sq. ft.
  • In general, smaller homes often have a higher price per sq. ft.

Condition

  • A home in pristine condition will usually have a higher price per square foot than a comparable home in poor condition.
  • Homes that have the latest amenities and upgrades will almost always carry a higher price per square foot than a home that has laminate counters, golden oak cabinetry, and linoleum floors in the living areas.

The bottom line?

I view price per sq. ft. as just one piece of the puzzle.

Price per sq. ft., while somewhat useful, is not a reliable indicator of value by itself.

What’s “in” the square feet is far more important than the price per sq. ft.

FWIW: Appraisers ignore price per square foot when appraising homes.

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Phil’s Adventures With Crawlspace Mold

Crawlspace mold is usually a rare occurrence, but it sometimes becomes an issue in my real estate transactions.

Crawlspace Mold

Unfortunately, crawlspace mold became a personal issue for me in my own home recently.

Mold Discovered

While working on another issue, my plumber noticed moisture beneath one of my toilets while working in my crawlspace.

We decided to remove the toilet to see what was causing the toilet to leak.

When my plumber removed the toilet, we discovered that it had been improperly installed and had been slowly leaking for the past three years.

Suspecting possible crawlspace mold, I contacted Ness, LLC, the leading mold remediation company in our area, and asked them to assess the damage.

Ness, LLC’s technicians came to my home and confirmed the existence of black mold around the base of the toilet.

I gave them my approval to make the repairs and they were on the job the same day.

Mold Repairs

Prior to beginning the repairs, Ness, LLC sealed the entire bathroom with plastic sheeting and set up air evacuation systems to prevent any mold spores from escaping into the rest of my home.

Then, they removed the tile flooring and subfloor in the toilet closet area, replaced the damaged subfloor, and treated the surrounding area with mold killing chemicals.

They also installed additional framing beneath the subfloor at no extra charge.

Then, my plumber reset the toilet (properly!) and my tile contractor replaced the tile flooring.

These crawlspace mold repairs were completed within a few days at a cost of about $1,500.

Mold is a serious issue that must be remediated properly by a licensed professional.

Based on my personal experiences, I recommend you have someone check your crawlspace for plumbing leaks at least once a year to avoid crawlspace mold problems.

If you suspect crawlspace mold in your home, call Ness, LLC at (208)466-7594 for a free evaluation of your problem.

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Meridian Idaho Home Inspections

6 Common Results From Meridian Idaho Home Inspections!

Meridian Idaho Home Inspections

Over the years, I’ve noticed several commonly-found issues in Meridian Idaho home inspection reports, including:

1) HVAC Systems

Most Meridian Idaho home inspections recommend servicing the HVAC system.

You wouldn’t believe how many homes I see that have filthy/clogged furnace filters.

Based on my experiences, very few homeowners have their HVAC system serviced regularly.

2) Wet Crawlspaces

Many Treasure Valley areas have high water tables with a layer of clay soil a couple of feet under the surface.

That can lead to crawlspace moisture, and ultimately, mold if not remediated.

Common issues include missing, or misplaced vapor barrier, downspouts dumping roof runoff water alongside foundations, over-watering lawns, and improper lot grading.

3) Disconnected HVAC Ducts

Disconnected HVAC ducts are also common due to improper installation during construction, or damage caused afterward.

4) Damaged Roof Vent Jacks

Homes that are more than 20 years old often have roof vent jacks that have cracked or split over time.

Those roof jacks often need to be caulked or replaced by a licensed roofing contractor.

5) Fogged Windows

Many home inspection reports mention windows with failed seals that have a foggy appearance and condensation between the panes.

Low-quality windows are often the cause for fogged windows.

The solution is to repair or replace the windows.

6) Active Electrical Wires In The Crawlspace

After seeing numerous inspection reports mentioning dangling, hot electrical wires in crawlspaces, I finally figured out the cause for them.

When electricians wire new homes, they often include a “live” wire in the crawlspace in case the buyer wants to install a floor plug for lamps.

A hot electrical wire in a moist crawlspace is an obvious safety hazard for anyone who enters that crawlspace!

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