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2017-05-10 19:38:39
First Time Home Buyers; How much House can I affor

To figure out how much home can you afford ask first how much money I can spend on a house? This depends on how much money, if any you have available to use as a down payment. Many first time home buyers need to know that your down payment can be 100% gifted! They also need to know how much you are allowed to pay from your income each month in mortgage payments (known as your 'debt to income' ratio). This is greatly influenced by the prevailing home interest rates.

One question that always comes up in Clairemont houses for sale is 'are there termites?' The answer is always the same! Yes, indeed! So rare are the houses that don't have termites in Southern California that lenders will almost always require a termite clearance before they fund the loan. So who pays to inspect for termites, who pays the cost of repairs, and when the house is tented, who pays for that?

Since a termite inspection and clearance is mandatory, as are most of the repairs it is important to know when and at what point the negotiation of these things occur during the offer process. When a first time home buyer makes an offer to purchase one of the items in the standard purchase agreement is to check a box saying who pays for these things. It is nearly always the seller who pays for the inspection, repairs, and tenting of the structure. After all they are his termites and normally the house can't be sold without the clearance.

Many questions come up about the actual tenting from both first time home buyers and sellers. One of the first questions is what actually happens under the tent? The answer is quite easy, unless you happen to be a termite. Nearly all termite companies use the same gas, Vikane. It is a deadly gas. It is deadly to termites , humans, and pets, which is pumped into the tent and left for between 2 and 72 hours before the termites are dead and the tent is removed. After that the house aired out. During the tenting time the gas must be turned off by the local gas company to prevent pilot lights from causing fires.

Once the tent is removed the gas quickly dissipates with proper ventilation and within a few hours the air inside the house is safe and the gas company can come and turn the gas back on.  The gas company requires a special notice from the tenting company to tell them it is safe to occupy the home before they turn the gas back on. That notice is usually posted on the gas meter.

So when a first time home buyer asks how much house can I afford they can feel comfortable that the home interest rates and the loan program that they pick are far more important than termites!

There are many questions that first time home buyers have before they buy a house. In particular the millennials have done lots of research on the internet and have a pretty good idea of what they are getting in to but they do need a very experienced agent like myself with over 40 years in the trenches, to guide them through the process.

The only stupid question is the one you don't ask. Feel free to email me or call me with any questions that you may have. I answer questions quickly by email and give lots of information so you can completely understand the process.

I can compete for your business and win. No problem!



Steve Innis, Broker/Owner

Clairemont Realty/Innis Realtors

A tradition of Trust Since 1982




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