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home buying: How do I know how much I should spend to buy a home? - 05/11/12 09:30 PM
Here are some tips to keep you on track.Know your financial situation: Prepare a budget before you start house hunting. In general, spend no more than 32% of your gross monthly income on housing. Remember, this includes utilities and property taxes. And your entire debt load shouldn't exceed 40% of your monthly gross income. Debt load includes car loans as well as credit card and line-of-credit payments.The lowest interest rate isn't always the best solution. Consider your individual situation, talk to two or three lenders, and be sure to read the fine print. Make sure you plan for closing costs.If you're … (1 comments)

home buying: When Does a More Expensive Home Cost Less? - 05/11/12 06:57 PM
While it may seem counterintuitive, it's true; purchasing a more expensive home in an urban neighborhood could actually wind up costing you less than a home with a smaller price tag in the suburbs.In more ways than one...That's largely because of the high cost of transportation. When shopping for a home, many people who choose to live far from the core and commute to city jobs often neglect to factor in transportation costs.The ever-increasing price of gas is not the only consideration. Regular maintenance, higher car insurance rates due to the longer drive, simple wear and tear, and vehicle replacement costs … (0 comments)

home buying: What are my options as an empty nester? - 04/26/12 04:54 PM
Your children have left home. You and your spouse are home alone, likely in a big house that may be becoming too much to handle. You want to spend more of your time traveling and the idea of mowing lawns no longer appeals. Your lifestyle is changing but your living situation has not. What can you do? Downsize. Here's how: 1. Condominiums. Secure buildings that can offer of variety of amenities to suit any lifestyle. A monthly fee takes care of the maintenance. 2. Buy a smaller house. You may still want that garden. 3. Adult lifestyle community. Interact with like-minded … (2 comments)

home buying: For Today's Homebuyer Small Is Beautiful - 04/18/12 06:30 PM
Is the sprawling luxury home the pinnacle of real estate in the North American market? As baby boomers look to downsize and homeowners trade luxury for function, there is renewed interest in smaller homes. Eighty percent of 1,300-plus real estate agents surveyed in 2011 said that baby- boomer clients aged 54 to 64 are interested in smaller homes. Saving money and living more simply were among the reasons for the interest. A recent study by the U.S. National Association of Home Builders showed that the economic downturn has altered the landscape of housing. The study predicted that by 2015, homes will … (0 comments)

home buying: How to Profit by Investing in Cheap Properties - 04/16/12 06:56 PM

With the right information any investor can profit by investing in cheap properties. But remember you are making a long-term investment. Property values tend to increase over the long term, and acquiring tenants to help pay down your mortgage while you wait to sell makes this a valuable investment vehicle for the future. Know your home inspector Home inspectors know the building codes for your area and can offer invaluable advice about the integrity of your property's structure. Not all home inspectors are created equal. Some are qualified to perform WETT certification for wood-burning fireplaces, others have the training and … (1 comments)

home buying: Buy in the Right Location to Ensure Your Home's Value - 04/15/12 09:06 AM
True, the phrase, "location, location, location", is a cliché. But smart homebuyers have come to realize that the location of their new home not only determines how happy they'll be with their purchase but also dictates its resale value. Following is a primer to help you find the right home in the right location: Don't be tempted to buy a great house in a bad neighborhood unless you can see signs that the neighborhood is changing for the better. Future buyers will not be willing to pay top dollar for a house surrounded by fixer-uppers. Decide what you want in a … (0 comments)

home buying: No Granite? Don't Let That Be a Deal-Breaker - 03/17/12 04:41 AM
If you're looking for the perfect house, that huge wish list you're carrying around may be holding you back - and ultimately could cost you your dream home.Even the casual HGTV watcher will be familiar with "granite obsession." Picture this: A real estate agent is showing a couple a house that has great curb appeal in their chosen neighborhood, at a price they can afford. It's perfect. Or is it?"Hate that fixture," the husband says, as the couple checks out the dining room.They pause in the kitchen."This has to be completely redone," he says. "No granite countertops."She agrees. The husband and … (73 comments)

home buying: Tips for Buying That First-Ever Income Property - 03/15/12 08:06 PM

First-time investors with limited income or reservations about real estate investment often start with an income property that can serve as both their residence and a source of income. This is an asset for first-time buyers with limited income as well as an opportunity for new investors to jump into the real estate market. Following are a few tips that first-time investors need to be aware of when buying a home with rental income:Research the Neighborhood: Areas where there is substantial investment being made usually indicates that a neighborhood is on the upswing. The potential for appreciation over time is as … (4 comments)

home buying: How to Prepare for the Spring Housing Market - 02/15/12 08:09 PM
Spring is just around the corner. It is the time of year when sellers and buyers gird up for what has traditionally been the most important season for buying or selling a home. The following are some ways to prepare:
Sellers
Sellers should be aware that there's a lot of competition for buyers in the spring. That means sellers should do everything possible to differentiate their home from others, including the following:
Polish windows and floors, rake the yard, mow the lawn, and add flowers in containers. Wash blinds and curtains and have carpeting cleaned. If a seller has spent the … (0 comments)

home buying: How to Leap Those First-Time Buyer's Hurdles - 01/15/12 11:30 AM
First-time home buyers have plenty of obstacles to overcome. There is an intricate maze of details that need to be carefully navigated. Following are five obstacles that first-time buyers have to overcome when looking to buy a home: Down Payment: Saving enough for the down payment may not be sufficient. Closing costs must also be considered. Closing costs are additional fees such as the lawyer's fees, escrow charges, appraisal fees, financing fees and utility adjustments. A good rule of thumb is 2% of the purchase price will cover the closing costs. So for a $200,000 home with a 5% down payment, you … (0 comments)

home buying: 5 Ways to Take Advantage of the Current Market - 12/15/11 11:46 AM

Real estate remains a bargain in much of the United States. For many home buyers this is the ideal time to jump into the housing market with a long-term investment strategy. Following are five tips to help you take advantage of a down market. Use a Buyer's Agent: A buyer's agent can help you navigate a rapidly changing marketplace and let you know how to maximize your real estate dollar. Get Preapproved for a Mortgage: Sitting down with a mortgage professional before you begin your search will help refine what you are looking for. This will allow you to set your budgets … (0 comments)

home buying: Why it Pays to Use a Buyer's Agent - 11/22/11 09:38 AM
These days, a click of the mouse can open a world of dream homes to you. But when you're facing down a determined seller or trying to figure out what to offer, it literally pays to have a buyer's agent on your side. Real estate is all about negotiation. On one side there's the seller and his or her listing agent, who is bound by a legal agreement to represent the seller's interest. On the other side is the buyer - you - who wants to walk out a winner, having paid a price you're comfortable with for a home you love. … (0 comments)

home buying: What You Should Know About FHA Rehab Loans - 11/12/11 10:20 PM
The Federal Housing Administration’s (FHA’s) 203K loan for repair and rehabilitation of houses is a great program for both real estate agents and buyers.
A 203K FHA loan helps clients purchase homes that are often in need of major repairs to the structure, windows and even major components such as furnaces.
The loan enables clients to roll both the price and repairs into one mortgage.
This product is unique in that many properties that are eligible for this program would have no chance of ever being able to be financed by either a conventional or traditional FHA mortgage.
Understanding this fact … (2 comments)

home buying: How Do They Figure Out the Value of a Home? - 11/04/11 11:04 PM
An appraiser will use a variety of methods to determine the fair market value of a property.
The definition of market value is the highest price reasonably expected at any given time when an interest in land is sold by a willing seller to a willing buyer after adequate time and exposure to the market.
A real estate appraisal offers an independent, impartial opinion of a home’s value based on selective market research.
Appraisers are specifically trained and have sufficient experience to develop a realistic opinion of the value of a property. When trying to determine the value of your home, … (1 comments)

home buying: Why Smart Buyers Get Pre-approved for a Mortgage - 11/03/11 08:04 PM
It’s a smart idea to get pre-approved for a mortgage before you begin shopping. Often, a real estate agent will ask if you’ve been pre-approved. A pre-approval and pre-qualification indicates how much money you can afford to borrow to buy a home.   Pre-qualified and pre-approved mortgages can be obtained with no obligation, and that means you won’t have to purchase a property nor is it necessary to use the lender who gave you the pre-approval.   The terms pre-approval and pre-qualification are sometimes used interchangeably, however they do refer to different services. Pre-qualified mortgages are based solely on information you … (2 comments)

home buying: How to Bargain for a Lender-Owned Property - 10/24/11 08:11 PM
There are bargains to be had in today's depressed housing market. When buying a lender-owned property, though, you need to be especially savvy to come up with an offer that will satisfy the beneficiary bank or agency.First, be aware that lenders are anxious to sell what is now a nonperforming asset. They also don't want to lose much on the deal. That means you'll have to submit a particularly well-thought-out offer on a real-estate-owned home. Following are strategies to consider:
Ask your buyers' agent to find out the bank's purchase price for the property. Offer an amount that is between the … (3 comments)

home buying: Should You Make Those Repairs Before Selling Your Home? - 10/15/11 11:28 PM
Just how much should you invest in repairs to sell your home?It comes down to how desperate you are to sell and what changes are needed.Significant structural problems or major electrical or plumbing repairs must be disclosed to potential buyers. If you are unaware of these problems and they are discovered during the home inspection, they will have to be fixed at your expense or you'll have to hand over an equivalent amount to allow the buyers to fix them themselves.So if you are aware of significant repairs that need to be made, why not avoid the hassles and fix them … (7 comments)

home buying: Thinking of Buying a Rural Getaway? Three Vital Tips - 10/12/11 07:33 PM
For many, the dream of owning a rural “home away from home” is something that began in childhood.
Before you buy, however, you might want to answer the following questions:
How Far Away Is It? If you must travel two days by rail, then take a four-hour hike through the woods with a toddler strapped to your back, you may want to seriously reconsider the purchase. Ideally, you should be within a few hours of your home. If electricity is a serious consideration, you should make it clear to your real estate agent that you are not interested in properties off the … (0 comments)

home buying: Proper Real Estate Investing Starts with a Plan - 10/05/11 08:50 PM
 
Whether you’re a seasoned investor or just exploring investment opportunities, you won’t get very far without a plan.
Successful investing starts with thinking about a goal, then mapping out a route to get there, leaving room for the inevitable obstacles that get in the way. 
Your Plan
Ask yourself why you want to invest in real estate? Is it passive income? Do you want to be a full-time real estate investor?
One way to get clear about your wants is to visualize your future and write out what it looks like. Following are a few things to think about:
 
… (1 comments)

home buying: How is your real estate agent paid? - 09/19/11 08:23 PM
As a seller, you list your home through your agent's broker, and the agreed-upon commission goes directly to the broker. It's usually a percentage of the sale price but can be a flat fee.Your real estate agent incurs all the expenses, which ultimately he or she will recoup through the commission.Typically, your buyer will have an agent, and the commission will be split between that agent's broker and yours.It's not always 50/50. Both the seller's and buyer's agents will receive their commissions from their respective brokers.Their cut can vary.Your agent might list and sell your home, in which case he or … (0 comments)

 
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David Hill PhD,ePro,SFR,CIAS,BPOR,CNE Chicago Real Estate Agent

Gurnee, IL

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Midwest Premier Realty, Gurnee IL 224-321-0699

Address: Gurnee, IL, 60031

Office Phone: (224) 321-0699

Cell Phone: (224) 321-0699

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Looking for assistance in buying or selling your home? I can help! Contact me now!
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David Hill, Real Estate Broker

 
 

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