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There are now new energy and water ordinances in San Francisco that require all residential properties to be inspected, certified and, if necessary, retrofitted upon resale. The San Francisco Energy and Water Conservation Ordinances are expected to save San Francisco up to 4 million gallons of water a day by 2017. Of course this is great for conservation but it is also one more thing that needs to be taken care of prior to close of escrow, if you are a homeowner in San Francisco. If you do have fixtures that are not up to code or may be leaking this would be a good time to get them repaired or replaced, and you are better off doing it now. Otherwise, upon the sale of your home, 1% of your home’s value could be held back in escrow until the work is completed. I think this update on San Francisco ordinances is definitely “newsworthy” and I hope it is beneficial to all who live or consider living in “The City” by the bay.

Now, I usually don’t send out all the chain letter e-mails, but I thought this one was short and cute. So I am sharing it with my Baywood Blog Readers!

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Ronda’s Home Buying Tips:

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop your home wish list. Then, prioritize the features on your list.

3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.

5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.

7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.