Relocating often presents some rather unique challenges. We’re experts on how to make your new move as stress-free as possible. Complete the form below and we’ll do our part to help make your relocation a positive and seamless experience. Please feel free to contact us for specific concerns.
Buying a home may well be the largest financial investment you will ever make. Naturally you will want to know as much as possible about the property before you finalize the purchase at closing.
It’s important to hire a knowledgeable, independent home inspector for advise on the overall condition of the property. The purchase contract usually requires specific time periods for each inspection, and it’s critical that these time frames be met. Usually the cost for any and all inspections and re-inspections are paid by the Buyer. Prices can range from $350 to $500 for whole-house inspections.
Some examples of common inspections are:
- Structural – Defects caused by poor construction, soil movement, water or drainage conditions, settlement, fire, etc.
- Environmental Hazards – Including asbestos, lead-based paint, radon gas or any other toxic material.
- Roof – Can include framing members, decking and shingle condition.
- EMP – Electrical, Mechanical and Plumbing – Should include electrical and plumbing systems, built-in appliances, heating and cooling systems, swimming pool/spas, sprinkler systems and security systems.
- Termite – Report would show any visible infestation or visible damage caused by and wood destroying organism (termites, water damage, wood rot).
Many companies specialize in only one area of inspection, and others will group several together and offer a package price. Whichever route you go, assure yourself your getting the inspections you need. Many can be found in the yellow pages or your Broker can provide a list of several of each to choose from.
How Much Do I Qualify For
When buying a home, it is helpful to determine the type of home you’ll like and how much you can afford before beginning your search. Most lenders allocate approximately 28% of your GROSS MONTHLY INCOME to housing expense. Housing expense includes principal, interest, taxes and insurance (PITI). To get an idea of how much you can afford to pay each month for a home, multiply your gross monthly income by 28%.
When coupled with current outstanding loans, the total for your debt service should not exceed 36% of your gross monthly income. Some lenders may have slightly more liberal requirements or loan interest rates which may increase your purchasing power.
Mortgage interest, property taxes, loan fees or “points” are currently tax deductible (up to allowable limits). Points are generally deductible in the year paid. A point equals 1% of the mortgage amount. If you are in the 28% tax bracket, this is equivalent to receiving a 28% discount on your mortgage interest and property taxes. During the first years of the mortgage your tax savings are especially high because most of your monthly payment goes toward loan interest.
11400 Concord Village Ave. Ste G
St. Louis MO 63123
Office: (314) 756-4070
Fax: (314) 756-4077
910 W 14th Street, Ste 230
Washington MO 63090
Office: (636) 239-4742
Fax: (636) 239-1622