IDAHO

HOME BUYER’S GUIDE

CYNTHIA CHUGG REALTOR®

208.316.5827

cynthiachugg@gmail.com

CYNTHIACHUGG.SILVERCREEKRE.COM

02

TABLE OF CONTENTS

Tips for Your HomeSearch

Choosing the Ideal Neighborhood

11

12

Why You Should Work ​with a REALTOR®

Not all real estate agents are REALTORS®. The term REALTORS® is a registered trademark ​that identifies a real estate professional who is a member of the National Association of ​REALTORS® and subscribes to its strict Code of Ethics. Here are nine reasons why it pays

to work with a REALTOR®.

1.Expert Guidance: Home transactions involve intricate paperwork and legalities. A licensed

REALTOR® is well-versed in the process, ensuring a seamless deal while preventing costly

mistakes or delays.

2.Objective Insights: REALTORS® provide local insights on communities, schools, zoning, and

more. Their expertise helps answer crucial questions about a property's suitability and future

resale value.

3.Access to Hidden Properties: Sometimes, the ideal property isn't actively advertised.

REALTORS® leverage their networks to uncover hidden gems, expanding your options.

4.Negotiation Skills: From price to terms and property inspections, REALTORS® bring invaluable

negotiation experience to the table, ensuring favorable outcomes for you.

5.Marketing Power: REALTORS® utilize their networks and contacts, not just advertising, to sell ​properties. This approach ensures qualified prospects and minimizes strangers entering your

home.

6.Industry Fluency: Real estate jargon can be complex. A professional REALTOR®, fluent in the

industry's language, translates complex terms into understandable information for you.

7.Extensive Experience: REALTORS® handle numerous transactions, staying updated on

changing laws and regulations. Their experience ensures a smoother process for you.

8.Emotional Support: Buying or selling a home is emotional. A REALTOR® acts as an objective

guide, offering support while focusing on both your emotional and financial needs.

9.Ethical Standards: REALTORS® adhere to a strict Code of Ethics by the National Association of

REALTOR®, ensuring honest and ethical treatment throughout your transaction.

Partnering with a licensed REALTOR® means gaining a knowledgeable ally committed to your best ​interests while navigating the complexities of real estate transactions.

04

05

THE BUYER’S ROADMAP

WORKING WITH A REALTOR® ​When you enter representation with ​a licensed REALTOR®, your best

interest is met and you have

professional and ethical guidance ​through your purchase.

PREPARING FOR CLOSING You will ​be finalizing your loan, reviewing ​documents, and discussing the

findings from the inspection. Your ​agent will be managing this entire ​process for you.

CONGRATULATIONS!

YOU ARE A NEW HOMEOWNER!

ADVANCED SEARCH

Not all real estate websites are ​the same. Your real estate ​professional has tools and ​systems to ensure you see

every available home that

meets your criteria.

THE CONTRACT

In most cases the contract

provides you with a timeline to ​obtain financing, as well as time ​to inspect the physical condition ​of the home. Your REALTOR®

will inform you of all your rights ​and responsibilities related to

the contract.

07

Compelling Reasons to ​Own Your Home

Tax Benefits: Enjoy deductions on mortgage interest, property taxes, and some home-buying

expenses, as allowed by the U.S. Tax Code.

Appreciation Potential: Real estate tends to show stable, long-term growth in value. Over the years, ​median existing-home prices have increased consistently, reflecting a strong investment opportunity. ​Equity Building: Unlike rent payments, mortgage payments contribute to building equity, allowing

you to own a share of your home gradually.

Savings Opportunity: Your home serves as a built-in savings plan. When you sell, you might be

eligible to take a considerable gain tax-free (up to $250,000 for an individual, $500,000 for a married ​couple).

Cost Predictability: Fixed-mortgage payments remain constant over time, potentially reducing

housing costs as you hold onto your home. However, anticipate possible increases in property taxes ​and insurance.

Personal Freedom: As a homeowner, you have the liberty to personalize and decorate your space to ​your liking, benefiting from your investment throughout your ownership.

Stability and Community: Long-term residence in a neighborhood allows for active participation in ​community life, fostering enduring relationships and providing educational continuity for your family.

08

Eliminate Home Buying Stress

Purchasing a home ought to be an enjoyable experience, not a stressful one. When

seeking your dream home, consider these tips to ensure a tranquil and smooth process.

Here are steps to streamline your home buying journey and minimize stress:

Negotiate Wisely: Negotiation is

crucial but avoid trying to dominate. It's

about finding common ground rather

than winning. Pushing too hard might

cost you your dream home.

Consider Surroundings: Look beyond

the physical aspects. Consider noise

levels, amenities, and location, as they

profoundly impact your quality of life.

Plan Ahead: Get mortgage approval,

explore home insurance, and plan your

moving schedule beforehand. A solid

offer without unresolved issues attracts

sellers.

Account for Maintenance Costs:

Budget for maintenance and repairs

post-purchase. Even new homes incur

expenses. Prepare to maintain your

property adequately.

Embrace Buyer's Remorse: Feeling

uncertain after a purchase is natural.

Remember why you chose

homeownership and focus on the

benefits.

Prioritize Love Over Appreciation:

While home appreciation matters,

prioritize a property that suits your

lifestyle and needs over its potential

market value.

Navigating the home buying process can be ​smoother when approached with a

balanced perspective and guidance from

the right REALTOR®.

Connect with the Right Agent:

Choosing a REALTOR® you connect

with both professionally and personally

is vital. Find someone skilled who ​resonates with your needs.

Timing Matters Less Than You Think: ​Don't wait for an ideal moment. If you ​find your dream home, seize the

opportunity without overthinking

market fluctuations or interest rates.

Limit Opinions: While advice is

valuable, too many opinions can cloud ​decision-making. Focus on the

preferences of your immediate family

to ease the decision process.

Prioritize and Compromise: No home is ​flawless. Identify your top priorities and ​be flexible about minor imperfections to ​find a suitable match.

09

Avoid These ​Common ​Mistakes as a ​First-Time ​Home Buyer

Inadequate Inquiry: Failing to ask thorough ​questions of your lender can lead to missing ​out on the most favorable deals available. ​Hesitation Costs: Delaying decisions might ​result in losing out on a desired property to ​another buyer who acts promptly.

Agent Fit Matters: Not finding the right

agent who is committed to guiding you ​through the home buying process can

create unnecessary hurdles.

Offer Presentation: Insufficient efforts in ​crafting an appealing offer may impact its ​attractiveness to sellers, potentially

affecting your chances.

Resale Consideration: Overlooking the

resale aspect before purchase could be ​detrimental. On average, first-time buyers ​only stay in a home for about four years.

10

Essential Tips for Your Home Search

1.Prioritize Your Must-Haves: Research and decide on key home features, preferred

neighborhoods, and your monthly housing budget before you start your search.

2.Be Realistic: While it's okay to have preferences, remember there's no perfect home. Use your

priority list to evaluate properties realistically.

3.Prepare Financially: Review your credit report, ensure funds for down payments and closing

costs, and get prequalified for a mortgage to avoid falling for homes beyond your budget.

4.Seek Limited Opinions: Avoid overwhelming yourself with opinions. Select a couple of trusted

individuals for a second opinion, but be ready to make the final decision yourself.

5.Plan Your Move: Determine your moving timeline based on lease expiration, sublet options, and

local rental market conditions to schedule your move efficiently.

6.Consider Long-Term Goals: Decide if you're aiming for a starter home or a more permanent

residence; this guides both your home choice and the ideal mortgage terms.

7.Insist on Inspection: Prioritize a thorough home inspection and consider negotiating a warranty

with the seller covering defects for at least a year.

8.Engage a REALTOR®: Enlist a buyer's agent, dedicated solely to your interests, to navigate the

market. They work exclusively for you and bring the calm to a big transaction.

11

Choosing the Ideal ​Neighborhood

Your neighborhood significantly shapes your lifestyle. Follow these steps to ​discover the perfect community for your new home:

Proximity to Your Necessities: List your frequent activities and preferred stores. Check the

distance from each neighborhood to these places to gauge convenience.

Evaluate School Districts: Assess school quality and its impact on property value. Research ​educational statistics such as test scores, class sizes, and special programs. Visiting schools in ​prospective neighborhoods can provide deeper insights.

Assess Safety: Contact the local police department for crime statistics. Consider not only the ​frequency but also the type and trend of crimes. Identify any concentrated crime areas within the ​neighborhood.

Economic Stability Check: Investigate the neighborhood's economic stability. Look into income ​trends and property values. Evaluate the ratio of homes to apartments and observe any vacant ​properties or long-standing listings.

Future Investment Potential: Gather data on price appreciation in the area. While past

performance doesn't guarantee future outcomes, it offers insights into potential investment

returns. Learn about upcoming developments or changes that could impact property value.

Personal Observations: Visit your shortlisted neighborhoods. Assess the overall upkeep of

homes, street ambiance, and community atmosphere. Engage with locals to gather personal

insights about the neighborhood vibe.

12

Tips for ​Buying in a ​Tight Market

Strategies for Securing ​Your Dream Home in a ​Competitive Market

13

LENDER CHECKLIST: ​GET A MORTGAGE

When it comes to preparing paperwork for your lending appointment ​there is a bit of a grey area because different banks (or alternative ​lending institutions) may require different things. However, there are ​some key items that usually required when you apply.

W-2 forms or business tax return ​forms if you're self-employed — ​for the last two or three years for ​every person signing the loan. ​Copies of at least one pay stub

for each person signing the loan. ​Account numbers of all your

credit cards and the amounts for ​any outstanding balances.

Copies of two to four months of ​bank or credit union statements ​for both checking and savings ​accounts.

Lender, loan number, and amount ​owed on other installment loans, ​such as student loans and car

loans.

Addresses where you’ve lived for ​the last five to seven years, with ​names of landlords if appropriate. ​Copies of brokerage account ​statements for two to four

months, as well as a list of any ​other major assets of value, such ​as a boat, RV, or stocks or bonds ​not held in a brokerage account.

Copies of your most recent 401(k) ​or other retirement account

statement.

Documentation to verify additional ​income, such as child support or a ​pension.

Copies of personal tax forms for

the last two to three years.

16

Key Questions ​for Your Lender

Mortgage Options: Which ​mortgages are commonly

offered? What makes them

popular?

Tailored Mortgage Plan: What ​mortgage plan suits my situation ​best? Why this

recommendation?

Flexibility on Terms: Are rates, ​terms, fees, and closing costs ​negotiable?

Private Mortgage Insurance

(PMI): Will I need PMI? Cost

and duration specifics?

Loan Servicing: Will the loan be ​serviced in-house or by another ​company?

Escrow Details: What are the escrow ​requirements associated with the

loan?

Lock-In Period: How long is the

interest rate locked in? Can it be

adjusted if rates drop?

Approval Timeline: What's the

expected duration for loan approval? ​Closing Timeframe: How long does ​the loan closing process usually take? ​Prepayment Conditions: Are there ​charges or penalties for early loan ​repayment?

17

Boost Your ​Credit for ​Better Home ​Loan Terms

Your credit score significantly ​impacts loan approval and

terms. Maintain a high score by:

18

19

Understanding ​Homeowner’s ​Insurance

1.Exclusions in Coverage: Be aware that standard

policies often exclude certain damages like

floods or earthquakes. Consider separate

coverage for such risks.

2.Claim Limitations: Even when covered, policies

might have claim limits. For instance, there could

be capped reimbursements for certain items like

jewelry unless specifically insured.

3.Replacement Cost vs. Coverage: Understand

your policy's maximum coverage for home

replacement. Ensure your coverage matches the

actual replacement cost to avoid gaps in

compensation.

4.Actual Cash Value: If not opting for home

replacement after destruction, you'll receive the ​replacement cost minus depreciation—known as

actual cash value.

5.Liability Coverage: Homeowner’s insurance

typically covers accidents on your property for

others' injuries or damages. Confirm the

coverage limit to align with your assets.

20

Essential Home ​Inspection ​Checklist

A home inspection varies based on the ​property type; however, these fundamental ​elements should be examined by a home ​inspector. Use this list to assess potential ​properties you're considering:

STRUCTURE: Evaluate the foundation and ​framing as they define the home's resilience ​against weather and gravity.

EXTERIOR: Assess sidewalks, driveways, ​windows, doors, siding, trim, and surface ​drainage for any concerns.

ROOFING: Note the roof's age, flashing ​condition, drainage systems, shingles,

gutters, downspouts, skylights, and

chimneys.

PLUMBING: Inspect water supply, drainage ​systems, water heating, fuel storage,

drainage pumps, and sump pumps for issues ​like poor pressure, corrosion, or banging

pipes.

ELECTRICAL: Check the condition of

wiring, service entrance wires, panels, ​breakers, fuses, and the number of outlets

in each room.

HEATING: Examine the heating system's ​condition, venting, flues, chimneys, water ​heater age, adequacy, speed of recovery,

and energy efficiency.

AIR CONDITIONING: Review the cooling system's ​energy source, central, and through-wall

equipment, considering its age and energy rating.

INTERIORS: Detect plumbing leaks, insect damage, ​rot, and construction flaws by assessing walls,

ceilings, floors, stairs, railings, countertops, cabinets, ​and garage doors.

VENTILATION/INSULATION: Inspect insulation

and ventilation in attics, crawlspaces, and walls for ​energy efficiency and to prevent moisture buildup.

FIREPLACES: Examine proper installation of

fireplaces, including the vent, flue, and solid fuel- ​burning appliances for safety.

For information contact your Silvercreek® Realty ​Group agent for additional recommendations on ​home inspections.

22

Final Walk-Through Checklist: ​Must-Check Items

Before the excitement of closing day, reserve time for a final walk- ​through, a crucial step to ensure your new home meets your ​expectations. Here's a list to cover during this critical inspection:

REPAIR VERIFICATION:

Confirm that all requested repairs have been ​completed. Obtain copies of paid bills and ​warranties for reference.

PROPERTY INTEGRITY:

Check for any major alterations to the property ​since your last viewing.

INCLUDED ITEMS:

Ensure items agreed upon in the sale, such as ​draperies, lighting fixtures, etc., are intact and ​present.

EXTERIOR CONSIDERATIONS:

Confirm screens and storm windows are in

place or properly stored.

Verify that no plants or shrubs have been

removed from the yard.

APPLIANCE FUNCTIONALITY:

Test all appliances—dishwasher, washer, dryer, ​oven, etc.—to ensure they are fully operational.

HOME SYSTEMS:

Review the home systems with the seller

Ensure the intercom, doorbell, and alarm

systems are functioning.

Verify the hot water heater is in working

condition.

Check the functionality of the heating and air

conditioning systems.

GARAGE AND REMOTES:

Ensure the garage door opener and all

related remotes are available and functional.

DOCUMENTATION AND CLEANLINESS:

Verify the availability of instruction

books and warranties for appliances and

fixtures.

Confirm the removal of all personal items

and debris from the property, including

the basement, attic, every room, closet,

and crawlspace.

The final walk-through serves as your last ​opportunity to ensure the home is in the ​expected condition before closing. Prioritize ​these checks to avoid any surprises post- ​purchase.

23

24

MOVING ​CHECKLIST

TWO MONTHS ​BEFORE

Go through every room of your house ​and decide what you would like to keep ​and what you can get rid of.

Get appraisals on your expensive items, ​like antiques, so you can insure them ​before your move.

Start investigating moving options. Get ​estimates from professional movers or ​truck rental companies. Do not rely on

a quote over the phone from a moving ​company; request an on-site estimate. ​Get an estimate in writing from each ​company and hire/book one as soon as ​you have your moving date. Movers

and trucks can book up fast during

certain times of year.

Create a moving folder or booklet. Use this

binder to keep track of everything—all your ​estimates, your receipts, and an inventory of all ​the items. Take photos and make videos of your ​possessions before you start packing.

Go to your children’s school and arrange for

their records to be transferred to their new

school district.

Determine what packing supplies you will need

if you are packing your own items and start ​purchasing/ordering them.

Research banks in the area you will be moving

to if you must switch banks and establish new ​accounts.

Get routine check-ups from your current

doctor, dentist, &/or eye doctor.

Schedule upcoming pet exams and vaccinations ​to happen before the move and get ​recommendations for veterinarians in your new ​town so that your pets’ records can be

transferred.

Use up things that will be difficult to move like ​frozen food and pantry items.

25

ONE MONTH BEFORE

Alert the following of your move: banks, ​brokerage firms, your employer’s human ​resources department, magazine and ​newspapers you subscribe to, and credit ​card, insurance, and utility companies. ​Discuss tax-deductible moving expenses ​with your accountant and begin keeping ​accurate records.

Arrange for medical records to be sent to ​any new health-care providers or obtain ​copies of them yourself. Don’t forget your ​pets too!

Make sure your car is ready for the trip to ​your new home. Make sure to get an oil ​change and check tires before the move or ​arrange a car carrier service to transport ​your car if you need one.

If you haven’t already booked a mover, ​select a company and get written

confirmation of your moving date, costs, ​and other details.

Start packing the things that you won’t

need before the move like seasonal ​decorations or infrequently used items. ​Clearly label and number each box with its ​contents and the room it’s destined for.

This will help you to keep an inventory of ​your belongings. Pack and label “essential” ​boxes of items that you’ll need right away. ​Add items such as jewelry and important ​files to a safe box that you’ll personally ​transport to your new home. Make sure to ​put the mover’s estimate in this box. You’ll ​need it for reference on moving day.

Go to your local post office and fill out a ​change-of-address form, or do it online at ​usps.gov.

26

TWO WEEKS ​BEFORE

Hold a yard sale to get rid of any items that

you don’t want to move. Arrange for a charity ​pick-up of any items that are not sold.

Notify your employer of your moving date

and arrange to have the day off. Remember

to include the day when your mover will

arrive at your current home and the day that ​the mover will deliver to your new home.

27

ONE WEEK BEFORE

Finish up packing any items that have not been packed yet.

Book a professional cleaning company to clean your home after you move.

Stock up on prescriptions you’ll need for the next 2-3 weeks.

Pack suitcases for everyone in the family with clothing and toiletries for a week.

Gather all keys, alarm codes, garage door openers, and warranties and place them in a drawer or ​cabinet with your contact information so you can give them to the new owner.

Pack a 1st Day box of items you will need before other boxes are unpacked. Include items like ​scissors, pens, paper towels, garbage bags, toilet paper, soap, etc.

28

29