Buying a home for the first time requires an alignment of a lot of moving parts. Even seasoned homebuyers can find the process to be overwhelming. Knowing the basic terminology and vocabulary can greatly help ease the anxiousness of first-time buyers. Here’s a helpful glossary of terms to reference:
- Annual Percentage Rate. An APR is a standarized method of showing you the total cost of borrowing money and a combination of the interest rate charged by your creditor.
- Appraisal. An appraisal is a document that contains the estimated market value of a home.
- Conventional Loan. A conventional loan will typically require a 3 percent down payment, typically not advisable for people with low credit scores.
- Credit Score. A credit score helps potential loan officers determine the risk level of providing a mortgage to a potential client.
- Closing Costs. These varied fees include insurance fees and survey fees. Be mindful before putting an offer on a home, to ensure you have the extra funds.
- Down Payment. A down payment is a portion of the sales price you will be required to pay the seller in order to close a sale.
- Home Inspection. A home inspection is a close physical examination of a property. Home inspections occur before the purchase of a home if finalized.
- Lender. A lender is the financial institution or private agency that is responsible for your loan.
- Mortgage Broker. A mortgage broker is a loan provider who serves as a liaison between the borrower and the lender. Hiring a broker can help ease most of the anxiety!
- Net Income. Your net income helps determine your financial standing when applying for a mortgage. Net income is your after-tax pay and the money you receive after all tax withholdings have been deducted from gross income.
- Offer. An offer is your bid on a home that you are interested in purchasing. Once you place an offer, depending on the value, you may enter a negotiation process with the seller.
- Pre-Approval vs. Pre-Qualification. Pre-Qualification is essentially a less formal version of a pre-approval process. Pre-qual asks for estimated information that you will give to your mortgage broker, that helps them determine if you are a viable candidate.
Tips of the Trade
Fall is truly the best time to do a purge to your entire home! Why? With kids in school, all of the clutter can cause stress, lack of focus, and increased distraction. If you’re like us, we prefer a calm, peaceful sanctuary where you can relax at the end of the day. Plus, the added benefits of functionality for a better lifestyle. It’s time to block off a few days and get to purging! Matt with Ace Elite Pros gave us a few tips to help you on this cleaning journey.
- Before renting a dumpster, it’s important to sort through your items, ensuring you know what you are disposing of. One you determine the  type of materials you are purging, consult your dumpster rental company about the size you will need.Â
- Fall is not as busy as spring and summer when people are tackling home renovations and landscaping projects.
- Estimating the number of days can depend on volume and type of project. Most rental companies offer standard rental periods of a weekend to 7 days, but you can request an extension if needed. It’s a good idea to assess your project scope and consult with the rental company for their recommendations.
- Local regulations may require a permit to place a dumpster! Depending on local regulations, you may need a permit to place a dumpster on a public street or sidewalk. Check with your local municipality or zoning office to determine if a permit is required and how to obtain it.
- Hazardous materials such as chemicals, batteries, paint, asbestos, and electronics should not be disposed of in regular dumpsters. Many companies offer specialized dumpsters for specific materials, like construction debris or yard waste. Always check with the rental company for a list of prohibited items.
Most common rooms or items to purge in the fall
Appliances: It might be time for an upgrade!
Carpet: Replacing with hardwood adds value!
Outdoor Furniture: Summer months of wear and tear can wreak havoc on them.
Closets and pantry: Oh the stuff! It can add up quickly, time to part ways!
Not-So-Chore List
October’s here and before you go hog wild with the Halloween decorations, settle in for that horror movie, or running out the door for that hot-n-fresh pumpkin spice donut, take some time to prep your home for winter’s invasion.
Thankfully, we’re here to make it easy peasy with a quick checklist for fall home cleanup.
Clean dryer vents to avoid risk of fire
Prevent buildup from the get-go by emptying your lint trap every single time you use your dryer. If possible, move your dryer closer to an exterior wall; if your vent pipe is particularly long or has to snake around corners, you’re at a greater risk of a clog. Take this one seriously!
PRO-TIP: Looking for a dryer technician? You’ll spend anywhere from $100 – $200.
Stow the hose and store outdoor furniture
It’s a good idea to drain and store your garden hose before temps drop. Shut off the water supply to your external faucets and drain the hose completely.
Store grills, deck chairs, and outdoor sets in a shed or garage, if possible. If you don’t have storage space to do so, invest in durable covers to protect them from snow, rain, and the dreaded Kansas City ice storms!
PRO-TIP: Leaking faucet or damage? Call in a pro to repair or replace it before winter. You’ll spend anywhere from $150 – $300.
Inspect gutters and downspouts
Gutter maintenance is crucial this time of year. When these areas are clear of debris, leaves, and twigs, water is directed away from your home and can go a long way toward preventing catastrophic roof leaks or problems.
PRO-TIP: Afraid of heights? Call in a pro for a thorough inspection. You’ll spend around $200.
Feed your lawn
The long, hot Kansas City summer wreaked havoc on our lawns and a little extra TLC is needed! Seeding is proven to be extremely effective to repair the damage that’s been done. Seeding during autumn allows seeds to take root in the soil and get a jump on spring growth.
PRO-TIP: Not a green thumb? Call in a professional landscaper. You’ll spend between $250 – $1,300.
Welcome to the Team, Michael Van Horn
With over a decade of experience as a top-performing realtor with ReeceNichols, Michael is passionate about helping families find a home, not just a house. In his free time, Michael loves to scuba dive and is going to school for Biology, Ecology, Conservation, and Geology.
Join us in welcoming Michael!
”We met Michael Van Horn while searching for a second home. He was patient and knowledgeable. Ultimately, he found us a perfect new home. We looked at a lot of different homes in a lot of areas, and Mick was always accommodating and helpful. I appreciate his attention to detail and will happily work with him in the future.
Joseph and Amanda Martinez
What’s going on in the Market
Take care of your fragrant fall candles
- Trim the wick to 1/4 inch to keep the candle burning longer, cleaner, and more safely.
- Burn the candle for about two hours the first time you use it so the top layer liquifies and doesn’t leave a ring of wax.
- Extinguish with a snuffer to avoid splattering hot wax.
- Position the candle away from drafts, fans, or vents to keep it from blowing out or burning too quickly.
- Clean out soot or debris that builds up on or around the candle to keep them looking tidy and burning safely.
- Store with the lid on when not in use to maintain the scent and keep them fresh for as long as possible.
Family Fun in Kansas City this Fall
Gather together friends and family for seasonal fun and these pumpkin patches and corn mazes in the Kansas City area.