What Does “Good Bones” Mean?

September 30, 2022/in Blog /by Shauna Morris

Buying a home is stressful and can feel overwhelming if it’s your first home. Then throw in terms like “load bearing,” “roof truss,” and “subfloor,” and you’re not sure what you’re even looking at anymore! We’ve heard the term “good bones” used to describe a house, but what does “good bones” mean? How can you determine if the house you fall in love with has them?

Materials and Foundation

The main thing people refer to when they say “a house has good bones” is that its structure is sound and its foundation is solid. A house has a skeleton that gives it shape and supports the outer coverings. That support is called the frame, which is considered the house’s bones. The bones consist of wooden beams, floor joists, wall studs, roof rafters, and related components.

Wood frame houses built in the first half of the 20th century were made of higher quality wood than those built today. The lumber in an old house may be more robust and better able to withstand the elements. Other home materials generally considered to be “good bones” are brick and concrete.

Doors

Interior doors can be a good indicator of the quality of construction or whether or not the house has settled. While it’s not uncommon for homes to settle a little, if none of the interior doors stay open or close completely, that is a structural problem – bad bones.

Corners

A good indication of structural problems is diagonal cracking in the corners of windows, stairs, doors, and other openings.

Sizeable Rooms

While you can add square footage to a home, increasing the size of interior rooms may be more challenging. For this reason, a house that feels “roomy” with nicely sized spaces and high ceilings can be referred to as having “good bones.”

Sturdy Roof

A home needs to have a durable roof that’s in good shape. It is safe to assume that a house with a properly aligned, intact roof with minor if not zero, wear and tear has good bones.

Windows

Well-constructed windows with ample natural lighting are a significant plus when buying a home. If the home has sturdy double-hung windows that easily open and close, you can say that the house has good bones.

Floors

While damaged or low-quality floors aren’t necessarily a deal-breaker, they are considered to be part of the “bones” of the home. If you can restore a home’s floors to their former glory, you can consider the house to have good bones.

Knowing when a home has good bones (or not!) can mean the difference between a smart purchase and a money pit. Regardless of how great a house looks, have a licensed home inspector thoroughly check it before you invest. An inspector will dig beneath the surface and make sure those “bones” really are as good as you were hoping.

If you have questions about the Reno real estate market or are ready to find your home with good bones, contact the David Morris Group or call (775) 828-3292. We’re happy to be your helpful guide.

Questions to Ask Your Mortgage Broker

April 21, 2022/in Reality of Real Estate /by Shauna Morris

Mortgage brokers and mortgage lenders often get confused as the same entity; they are not. The mortgage lender is the financial institution that approves the amount of financing and lends funds with the expectation of repayment. It is wise to shop around before committing to a lender, which is where the mortgage broker comes in.

The mortgage broker is an advocate who acts as an intermediary between the borrower and various lenders. They shop around on the borrower’s behalf to minimize the hassle of going back and forth from one lender to another. The mortgage broker’s function is to educate you, advocate for you, and find the best loan option.

There are four questions your mortgage broker should answer explicitly:

Who pays the broker fee?
What is the best interest rate?
What are the down payment options?
What are the closing costs?

Who pays the broker fee?

It’s important to ask upfront who pays your mortgage broker’s fees. Many mortgage lenders will pay the broker fees, but that can create a conflict of interest. The broker might charge you directly for their fee. Ask exactly how much the broker’s commission is and who is responsible for payment.

What is the best interest rate?

Ask your broker about the best interest rate for your situation. Your rate will depend on your debt-to-income ratio, loan repayment history, factors surrounding the property you’re seeking, and credit factors. The mortgage balance, loan term, and interest rates for which you qualify will determine your monthly payment. Ask questions until you are absolutely positive you understand your exact APR, do not accept a guesstimate.

What are the down payment options?

The down payment is the cash you will need to pay upfront to purchase a property. While lenders prefer a 20 percent down payment, different loan types and programs are available to help lower the cost. Your broker should be willing and able to explain every option and scenario.

What are the closing costs?

There are multiple fees involved in the home-buying process. Each lender may charge different amounts, which will affect how much money you need to bring to closing. Ask your mortgage broker about fees for things like inspection reports, credit reports, origination fees, the appraisal, home inspection, and titling. The broker should compare fee structures between lenders to help you find the one that best meets your needs.

A mortgage loan is usually the most significant purchase in one’s life, and it’s essential to have an advocate that you can trust. The mortgage broker you choose should be your guide to navigate through the various lending scenarios and find you the best possible option. They should be knowledgeable, patient, and willing to work diligently on your behalf.

If you would like more information about buying a home, or if you’re looking for a great REALTOR® to show you around the Reno-Sparks area, contact the David Morris Group. We’re happy to be your helpful guide. Give us a call at (775) 828-3292.

The Reality of Real Estate: Resolutions That Will Help First-Time Homebuyers Purchase a Home in the New Year

With the new year almost here, now is the perfect time to start setting goals and creating plans for how to achieve those goals. 2021 could be your year to become a homeowner, and we have some resolutions that will help first-time homebuyers purchase a home in the new year.

Set a monthly savings goal and a down payment goal

Start off by looking at what you already have saved and how much money you would like to have that goes towards a down payment for your home. Then begin to look at your expenses each month, current wages, and calculate how much you can reasonably save each month to meet your goal. This can also help you see if you may need to find a side hustle or cut expenses to help you increase the savings you’re setting aside each month to meet your goal.

Avoid big purchases

Every penny you have should go towards paying for the things you need and saving for purchasing a home. Even if you’ve met your down payment goal, you’ll want to have money set aside to cover closing costs, home inspection fees, moving costs, home repair projects, HOA fees, home insurance costs, etc. The latest iPhone will still be there when you’re a homeowner. Sacrificing a big purchase now will pay off in the long run!

Begin reaching out and making connections with real estate professionals

You want to build relationships with people who can help you achieve your goal of purchasing a home. Create a list of potential real estate professionals you’d like to work with and interviewing them to see which one will be a good fit for you.

Begin meeting with lenders to talk about what kind of loan you qualify for

Meeting with lenders is a very important part of the homebuying process. You need to know how much house you can afford to buy as well as the interest rate to pay back the loan. If the interest rate is too high, it may have something to do with your debt-to-income ratio, and your lender may be able to give you advice on how to pay down your debt while saving for a home to score you a better deal on your mortgage!

Get your credit score checked and contest anything that’s wrong

Your credit score can also have an impact on the mortgage rates you’re offered, so be sure to get a detailed report and contest anything that is wrong or fraudulent to have it removed from your credit history.

2021 is your year to become a homeowner, but you’ll have to work hard to stick to your resolutions to make it happen. If you need more tips on how to become a homeowner in the new year, contact the David Morris Group at 775-828-3292!

The Reality of Real Estate: Question Everything – Important Questions to Ask Throughout the Homebuying Process

November 25, 2020/in Reality of Real Estate, Reno-Sparks Real Estate /by Shauna Morris

If there’s one piece of advice we could give everyone, it’s to be inquisitive and question everything. That advice is especially important in the real estate world. As a home buyer, you’re making one of the most important and biggest financial decisions of your life, and you don’t want to go through the process confused or unaware of what you’re getting yourself into. Below are some important questions to ask throughout the homebuying process.

Questions to Ask Your REALTOR® About the Community:

How good is the school district? How do the schools in this neighborhood stack up against other schools in the area?
How close are the nearest hospitals, grocery stores, businesses, etc.?
Is there anything that would be considered a nuisance going on regularly in the area — construction, trains, planes flying overhead, etc.?
Is there an HOA, and if so, what are there regulations, dues, etc.?
How does the resale value of homes in the area do year over year?

Questions to Ask the Home Inspector:

Is there insulation in the walls and ceiling, and is it sufficient for the home?
Are there any foundation or structural issues?
Is there anything in your report that you think I should have an expert inspect or repair?
Was everything you saw normal wear and tear, or are there problems with the home?
If you were in my shoes, would you feel like you were making a good investment in buying this home, or are there areas for concern?

Questions to Ask Your Lender:

Do you know of any mortgage programs that I qualify for and could lower my costs?
Will a higher down payment improve the interest rate you can offer?
What do my projected monthly mortgage, property taxes, and homeowners insurance costs look like?
How much should I expect closing costs to be?

There are no dumb questions, and it’s important to have everything laid out on the table when you’re buying a home. These are some important questions to ask throughout the homebuying process, but if you have more questions about buying or selling your home, contact the David Morris Group at 775-828-3292!

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