However, for all the benefits building a home can bring, there are still other factors individuals should consider that may influence their decision.

Cost

Consumers who buy an existing home sign on to a mortgage, purchase property insurance and cover closing costs and fees. When it comes to building a house, there are additional costs consumers should weigh, such as the price of purchasing the property the house will sit on. In addition, there may also be contractor fees and the costs of zoning permits, the news source explains. There are other costs that new homeowners will take on, such as purchasing appliances, furniture and making upgrades. In cases where consumers are considering purchasing a home, they may save money on appliances that are being left behind, such as refrigerators or ovens, and making small upgrades themselves.

Individuals should weigh the pros and cons of different costs to make sure they are staying within their budgets and making the right financial decision for their circumstances.

Size

Many individuals opt to build homes when they want a particular number of bedrooms or bonus rooms. However, it’s important not to overlook existing homes that have spaces that can be converted, such as basements and attics, especially if they are more affordable. In addition, bathrooms, kitchens and bedrooms can also be renovated for size.

Timing

Consumers who are going back and forth about buying an existing home or building a new one should also take time into account. The process to build a home may take longer than finding an existing home, so individuals should factor in their own timeline for moving. Consumers who are on a time crunch may also want to contact a real estate agent to look at homes in the area to see if any properties meet their needs. Buyers should also take the time it may take to renovate or make upgrades to an existing home into account. When on the fence about building or buying, exploring all available options can help consumers make more informed decisions.

Image via Flickr User Leyla. A

Selling your home is an arduous task and it’s hard to know where to get started. One of the first things you’ll want to tackle is making sure your home is staged and ready for those home shoppers. Any seasoned Coldwell Banker real estate professional can help you with this, but we understand sometimes you may want to get things prepped yourself.

The video above will give you some useful tips on how to stage your home for sale. The insights come from the experts at the Real Estate Staging Association who know how to get a home ready to sell.

Take a look at the video above and if you’ve sold your home before share any staging tips that you found useful in the comments.

What immediately strikes you about this dramatically beautiful home is its uncanny resemblance to the White House. No doubt, this $8.9 million home isn’t on Pennsylvania Avenue, but it’s every bit as luxurious and stunning as its D.C. counterpart.

The home features over 8,000 square feet of truly luxurious living space. From the retractable skylights to the meticulously manicured terrace and gardens, on over to the wine vault and museum-like u shaped gallery; you’d be hard pressed to ever want to leave this estate if you called it ‘home‘.

As per usual, my favorite part of this home would have to be the lower level theater with the projection screen and ultra comfortable seats. A close second would be the playroom located on the same level that could used as a home gym, arcade or basketball court!

Our newest ‘Home of the Week’ is so lovely that it sold within the week since we filmed this episode! We’re sure that plenty of memories will be made by whoever bought this beautiful home. Enjoy!

Tom Cruise is rumored to be selling his Greenwich Village townhouse in NYC.

KCM Blog has a really interesting infographic showing the economic impact of a home sale across the country.

Mortgage rates look to be trending upward.

Think owning a Frank Lloyd Wright home would be pretty great? The Wall Street Journal shares the pleasures and pitfalls of owning a home made by a legend.

This is pretty cool: Use an old bathtub to turn your backyard into a soothing oasis.

About.com has some tips on how to avoid home buyer’s remorse.

Here’s an interesting study on how age and personal finance affect your home preference.

Check out a map that show where home prices have increased since 2009.

And finally, if you missed out on our week’s worth of content dedicated to first time home buyers, click here to see our entire library of first time home buyer content.

Proof of the latter can be seen in the video above which comes to us from our friends over at NBC’s LXTV Open House who got a tour of the home Kim Kardashian and Kourtney Kardashian lived in during their recent stint in Miami while shooting their reality show.

Coldwell Banker Residential Real Estate superstar agent team, The Jills,have the listing for the $14.5 million home that boasts 8 bedrooms, 11 bathrooms and over 16,000 sq. ft. For me the best part of the home may be the setting it offers. Amazing views throughout and a spa-like outdoor pool/patio/lounge area.

Check out the video above and see what it’s like to live like a Kardashian.

Image courtesy of Flickr user Hollywood_PR

In the video above Diann Patton of Coldwell Banker Grass Roots Realty talks about why you want to make sure you are focused when it comes time to do your walk through on your new home.

You’ll likely be responsible for a variety of fees and expenses that you and the seller will have to pay at the time of closing. Your lender must provide a good-faith estimate of all settlement costs. The title company or other entity conducting the closing will tell you the required amount for:

• Down payment
• Loan origination
• Points, or loan discount fees, which you pay to receive a lower interest rate
• Home inspection
• Appraisal
• Credit report
• Private mortgage insurance premium
• Insurance escrow for homeowner’s insurance, if being paid as part of the mortgage
• Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
• Deed recording
• Underwriting and Doc preparation
• Land survey
• Notary fees
• Prorations for your share of costs, such as utility bills and property taxes

A Note About Prorations

Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.

Diann Patton of Coldwell Banker Grass Roots Realty gives you the lowdown on what to expect when it comes time to close on that first home.

Diann Patton of Coldwell Banker Grass Roots Realty explains just what happens after that offers is made.

While I’m about the furthest thing from a mathematician,  conventional wisdom has it that a $50K increase (in a home’s purchase price) would be more impactful on my finances than a $5K increase (in taxes). 50 > 5 after all, isn’t it? Well, the reason why this can be wrong and fly against typical math is that an increase in the cost I’m paying for a home is spread out over the life of my mortgage (usually 30 years) while what you pay in property taxes is a cost incurred every year and usually paid monthly.

I’ve crunched some numbers on our Coldwell Banker Mortgage calculator to get a really quick and dirty look at how property taxes impact the amount of home you can buy. Let’s take a look.

House A
Listing Price: $259,000 with 10% down and a 3.5% interest rate
Property Taxes: $8,000
Annual Insurance: $720
Annual Condo Association Fees: $3,600

Estimated Monthly Payment: $2,195

House B
Listing Price: $298,000 with 10% down and a 3.5% interest rate
Property Taxes: $2,536
Annual Insurance: $720
Annual Condo Association Fees: $3,336

Estimated Monthly Payment: $1,893

So for these two real listings I’ve found on coldwellbanker.com, I could conceivably end up purchasing a $39,000 more expensive home and still end up saving over $300 a month, which amounts to over $100K over the life of a 30 year mortgage. This isn’t exact science, and things get even muddier if you’re purchasing a single family home and aren’t burdened by condo fees, but clearly working hand in hand with your Realtor and a mortgage professional is a pivotal part of navigating this whole homebuying process and getting your dream home at a price you’re comfortable with.

Coldwell Banker Home Loans Mortgage Advisor Stephen Kulisek puts this into much better perspective for us:

“In this market every $10,000 borrowed may cost you only about $45 per month on a 30 year fixed mortgage while every $1,000 in real estate taxes per year will cost you about $83 per month. This means that from town-to-town and in some cases even street-to-street your Buying Power can change by almost $20,000 with every $1,000 spent on real estate taxes. Wow is right! This could mean the difference between that $380,000 home or the $400,000 home just a few miles away. The same logic applies to the requirement of monthly flood insurance in certain areas or mandatory homeowners association dues. So remember, Buying Power all comes down your total monthly housing payment and knowing the facts, staying informed, and doing your research are the keys to success in this home shopping season.”