A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

W

Waiver	The relinquishing of a right
Warranty	A guarantee provided to the purchases regarding the quality of appliances or fixtures sold Also a promise by the grantor of a piece of property that he or she is responsible to the buyer if the title of ownership is defect in any way
Warranty deed	A document conveying ownership of a property that guarantees a clear, clean title
Will	A written document stating how an individual chooses to have his or her property distributed after his or her death
Wraparound loan or Wraparound mortgage	A method of refinancing which covers the remaining balance on an existing first mortgage as well as the additional amount of loan being requested by the mortgagor; full payments covering both mortgages are made to the Wraparound mortgagee, who then forwards on the portion of payment due to the first mortgagee

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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Real Estate Tips

Buying Land and New Construction >Buying New or Buying Old

New homes typically have a higher sales price than comparable existing homes, and buyers are usually willing to spend more on a new home because of lower maintenance costs. Builders' warranties on new homes, when combined with a new roof, appliances, and major systems, usually make major repairs unnecessary and help to counter a slower initial rate of appreciation.

Census Bureau Housing Surveys suggests that operating costs are lowest for brand new homes and slightly higher for relatively new existing homes. Operating costs per square foot of living space are consistently higher for progressively older existing homes. Utility costs represent the largest factor in operating costs. Energy consumption per square foot depends on the size of the home, the insulation and quality of the windows, air leakage and the efficiency of the furnace.

New homes require fewer expenditures for routine maintenance. The cost of maintenance first increases with age, then declines, so you will generally spend less maintaining a home built before 1960 than for a home built between 1970 and 1975.

	See All Tips In The "Buying Land and New Construction" Category >
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Real Estate Trivia

Q	In what 2003 comedy does a very large family move to a new house on Forest Avenue in Evenston, Illinois?
A	"Cheaper by the Dozen", starring Steve Martin, was actually filmed in a house in Los Angeles near the Farmer's Market.
See More Real Estate Trivia >

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