In this Knoxville Insider Issue…

🌤️ Real Estate Edition - Termites...why should I be concerned?
 

Termites...why should I be concerned?

Termites can be a significant concern in East Tennessee due to our warm, humid climate, which creates an ideal environment for them to thrive. They live in large colonies underground and can cause serious structural damage to homes by feeding on wood and other cellulose materials.

Here’s why termites are a concern:

1. Structural Damage: Termites feed on wood, and they can cause extensive damage to the structural integrity of a building, including walls, floors, and foundations. Over time, this can lead to costly repairs or even make a home unsafe.

2. Hidden Infestations: Termites often go unnoticed because they live inside walls and underground. By the time a homeowner realizes they have termites, the infestation is often advanced and the damage substantial.

3. Costly Repairs: Termite damage can be expensive to fix. In the U.S., homeowners spend billions annually on termite control and repair costs.

4. Health Risks: Although termites don’t bite humans, mold or fungi associated with termite-infested wood can lead to respiratory issues.

The need for a termite (or wood-destroying organism) inspection often depends on a couple of factors when buying a home:

1. Lender Requirements: Some mortgage lenders, particularly FHA, VA, and USDA loans, may require a termite inspection to ensure the property is free of termite damage or infestation before approving the loan.

2. Buyer's Choice: Even if not required, buyers often opt for a termite inspection to ensure there is no hidden damage that could affect the home's structure or future costs for treatment and repairs.

Regular inspections and preventative treatments are advisable in our area to avoid potential damage caused by termites. If you're purchasing a home in East Tennessee, getting a professional termite inspection is recommended.

Ask a Realtor😀 

How much money do I need for a down payment on a home?

• This is a great questions for your lender! They will have the best information on this subject! The amount of money you need for a down payment on a home depends on the type of loan you're using and your financial situation.

  But here are some general guidelines:

  1. Conventional Loan: Typically requires 3% to 20% of the home's purchase price as a down payment. The higher the down payment, the lower your monthly mortgage payments.

  2. FHA Loan: Federal Housing Administration (FHA) loans require a down payment of as little as 3.5%, making them popular for first-time homebuyers.

  3. VA Loan: If you're a veteran or active military, a VA loan may allow you to buy a home with no down payment required.

  4. USDA Loan: Available for rural or suburban homes, these loans often don't require a down payment.

  In addition to the down payment, you’ll also need to budget for closing costs, which can be 2% to 5% of the home's purchase price. Don’t hesitate to contact your lender for details tailored to your specific circumstances.

The Real Estate Edition Issue brought to you by Barbara Newton. She can be reached at [email protected]

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