buyer: Bargain Property- A Home With a History
- 05/06/07 08:22 AM
A colorful history can add significantly to the value of a home. Researching the provenance of a property you are interested in buying can be both interesting and ultimately profitable. The market value of a home will be greater if it was designed by a notable architect, built by a company with a reputation for the finest construction, or lived in by a celebrity who hosted famous guests. Ask your real estate agent if there is any historical data of significance associated with the home, or if previous owners were VIPs. Note the names associated with the deed and title to … (0 comments)
buyer: Tenant Tips
- 05/05/07 06:50 PM
When you buy an investment property, finding and keeping a tenant is very important. It's been said that a little caution during the screening process can save a lot of headaches later on.You can rely on an intuitive sense of how a prospect feels to you. While this is an important aspect of a landlord's decision-making process, following up on your intuition by checking on the facts is definitely worthwhile. Have prospective tenants fill out an application giving employment references and the names and addresses of previous landlords. The application should also include written permission for you to run a credit … (0 comments)
buyer: Investment Property- Location And Value
- 05/05/07 06:31 PM
One of the most important factors that affect the value of property is obviously location. Wise investment philosophy suggests that you invest in a sound property in a more modest area that will increase in value in the future. Buying into an area that is being gentrified, or that is otherwise coming back, is one way to do this.Timing is everything, however! Most investors don't want to risk too much by being a pioneer, but want to get involved early enough so that there is still considerable room for appreciation in value. Being a pioneer is fine if you are a … (0 comments)
buyer: A Sparkling Kitchen
- 05/05/07 06:17 PM
There's no doubt about it--the kitchen is one of the most important rooms in the whole house for many prospective buyers. Smart sellers will take a close look at how they can make their kitchen a real asset when it is time to sell.Your kitchen doesn't need to be state-of-the-art to be attractive. The first step toward enhancing your kitchen's appeal is a thorough cleaning. This includes the walls, cabinets (inside and out), floors, and appliances. Keep the counter tops as clear as possible of small appliances and gadgets. Consider low-cost improvements which can make a big difference, such as a … (0 comments)
buyer: Retirement and the Second Home
- 05/05/07 03:06 PM
Buying a second home as rental property makes a great centerpiece to your retirement plan. It forces you to make regular savings in the form of mortgage payments that become your equity.You only need cash for the down payment, and you should make sure that your monthly rental payments will cover the mortgage and any additional expenses. This is a real possibility if you buy the right house at the right price because a good single-family house should always stay rented. Your investment money is subject to less income tax, and the interest and property taxes may be deductible.Housing has appreciated … (1 comments)
buyer: Trees Improve Energy Efficiency and Add Curb Appeal
- 05/05/07 02:51 PM
Mature trees add "curb appeal" to a property and can make a home more energy efficient. Planted at the edges of a building, a tree's broad canopy of leaves softens the hard lines of architecture and offers shade. Trees absorb light reflected from the roof and decrease the air temperature surrounding your home through evaporation of moisture. The positioning of trees and shrubs around your home has a significant effect on how much you'll be paying to heat and cool your house each month. According to the U.S. Department of Energy, even one strategically placed tree can reduce your heating and … (2 comments)
buyer: Closing Cost
- 05/05/07 12:26 PM
If you are in the process of buying a home, you have probably figured out how much you will need for the down payment, but don't forget about the closing costs associated with the purchase of any property. These additional costs can add up to a significant amount.Closing costs will vary, depending upon the costs of financing your home loan and the time of the month that you close. Your real estate agent will be able to give you an estimate of all these costs, including the points on your loan, private mortgage insurance (if required), the title search, title insurance, … (0 comments)
buyer: Defects Must Be Revealed!
- 05/05/07 11:42 AM
Disclosure laws make it important to reveal all material defects when you are selling a home. It is important to be absolutely candid with your agent and all buyers about the condition of the property. If there is anything wrong with the roof, the plumbing, the wiring or structure, it will probably not remain a "sleeping dog". The problem will probably wake up, snarl, growl and snap at your ankles at the precise moment your buyers feel their first stirring of buyers' remorse.It is unlikely that defects will go undetected, because most buyers get a home inspection before they are contractually … (0 comments)
buyer: The Inspection Report
- 05/05/07 06:34 AM
Are you looking for a home and becoming tired of house-hunting? If so, you may be tempted to buy a bargain-priced home "as is" and forego the home inspection. But without the inspection report, do you know what the "as it" refers to? Wouldn't it be better to know what condition the home is in before you buy it? The inspection contingency allows the buyer to enlist the services of a licensed home inspector within three to seven days after the purchase agreement is signed. The inspector will go over the property from top to bottom, evaluating the condition of all … (0 comments)
buyer: Refinancing Your Home
- 05/05/07 06:05 AM
Interest rates fluctuate as changes occur in the general economy. If you purchased your home when interest rates were higher, you may want to consider re-financing your loan at a lower rate.You will have to apply for the new mortgage and have your current income eligibility assessed. Depending on how long you have had your present loan, a current appraisal may be required. There are closing costs, such as attorney, title fees, recording and notary fees, and appraisal charges. The biggest factor in your decision should be the length of time you plan to remain in your home. If you will … (0 comments)
buyer: First Time Home Buyers- Credit Card Traps
- 05/02/07 06:05 PM
It is not unusual for first-time buyers to be free of debt. They have been saving for their first home for many months or even years. But after they move into their new home, the new homeowners are often deluged with pre-approved credit card applications from banks and stores offering credit lines. Before they realize what is happening, they can be overwhelmed with debt.The consumer credit agencies know that mortgage companies do thorough checks before approving a loan, and those who have passed through that process are considered good credit risks. They also know that new homeowners often need to make … (2 comments)
buyer: Relocation- Considering Locations
- 05/02/07 05:08 PM
The large, stately house that you drive by every morning on the way to work has had a "For Sale" sign sitting in the front yard for months. When you finally call for an appointment and see the house--you love it! And the price is lower than prices for similar houses on quieter side streets.Houses located on busy streets may represent excellent buys in terms of space and amenities for the price. Some buyers who are very sensitive to noise or concerned about small children or pets may automatically rule out houses that are located on busy residential streets. If you … (0 comments)
buyer: House Odors!
- 05/02/07 11:59 AM
What is "H.O."? You can probably guess--it means "home odors".Be careful of odors in your home. If your family room smells stuffy and stale, or if your cat or dog has left a distinctive odor in the hallway, take action by eliminating the source of the odor rather than merely treating the effects. Smells have a powerful effect on the way people react to a house, and no amount of room freshener or vanilla on the light bulbs can mask a serious odor problem. In fact, such remedies may draw attention to the problem. We have seen homes with an odor … (1 comments)
buyer: Do Not Over Improve!
- 05/02/07 11:17 AM
You have received some extra money! You want to remodel! If you are planning a major renovation, take a few sensible precautions before having plans drawn up and signing on the contractor's dotted line.Any time you do any significant remodeling, you run the risk of over-improving your home. Call or send an email if you are interested in a market analysis of what your home is currently worth. We can talk about neighborhood trends and discuss the recent sales of homes in your area.If your neighborhood is experiencing healthy appreciation, making major changes to your home might make sense. However, if … (3 comments)
buyer: Apraisals- Three Caballeros
- 05/01/07 03:57 PM
When you buy a house or refinance your present home, your lender will ask you to pay for an appraisal to help ensure that the sales price and mortgage amount is consistent with the property's market value. The appraiser will look for "three caballeros" or three "comparables" -- homes that are very similar to the one you are buying -- and will make adjustments to reflect the differences between the properties.Housing patterns tend to be homogenous, meaning that homes worth $300,000 are usually located in $300,000 neighborhoods. It is important for properties to be within the general pricing patterns of their … (1 comments)
buyer: Balloon Mortgages
- 05/01/07 10:58 AM
In loan terminology a "balloon" is the unpaid loan balance that must be paid in full on a specified due date. Federal savings and loan associations are permitted to make balloon mortgages with as little as five percent down and monthly payments that are smaller than the amount needed to fully amortize the debt. On the due date, which may be only a few years after the loan was made, the balance must be paid off or the loan must be renegotiated. Balloon borrowers must be cautious and plan carefully to avoid overlooking balloon payment obligations. It is easy to be … (1 comments)
buyer: About Termites
- 04/30/07 06:22 PM
Most real estate offers require an inspection by a licensed exterminator to determine that the house doesn't have termites or other wood boring insects. The inspector will look for two signs in deciding whether or not to pass a house--an active termite infestation and evidence of a past infestation. If your house does not pass the termite inspection, get a list of qualified exterminators from your real estate agent. Find out what treatment options they offer and what they charge for the service. Exterminators are usually quite competitive. If your home was treated for a past infestation, the company which performed … (1 comments)
buyer: Taking It With You
- 04/30/07 05:56 PM
Before you list your home for sale, take a careful look around. Are there some items you will want to take with you? There may be a dining room chandelier that has been in your family for three generations, a ceiling fan in the master bedroom, or the bookcases in the den that look built-in but are not.Normally all fixtures are conveyed to the new owners when a house is sold. This includes anything that is attached to walls or ceilings and, in some areas, all major appliances that are installed in the house. If you have fixtures that you don't … (0 comments)
buyer: ARMs
- 04/29/07 02:27 PM
Here is a tip for those who are shopping for Adjustable Rate Mortgages (ARMs): the "margin" is almost as important as the initial rate. The margin is the percentage point above the average yields for Treasury notes on which future rate adjustments will be calculated.Let's compare two hypothetical one-year ARMs. The first may have an initial interest rate of 7% with a 2.5 margin, while the second begins at 6 7/8% with a 2.75 margin. Both loans have rate caps of 2%. Suppose that at the end of the first year of the loan, the average of the one-year Treasury note … (1 comments)
buyer: Home Warranties
- 04/29/07 11:24 AM
You have just found a new home that you love and are planning to place your current home on the market. When the day arrives for your first open house, you begin to think of all of the things that could break down or go wrong. The air conditioner may stop working or your trusty old dishwasher might "bite the dust" the morning that the structural inspection is scheduled. Purchasing home warranty protection is one way to reduce these worries for you and your buyer.The most popular warranty plans cover the home from the time it is listed until one year … (0 comments)
A colorful history can add significantly to the value of a home. Researching the provenance of a property you are interested in buying can be both interesting and ultimately profitable. The market value of a home will be greater if it was designed by a notable architect, built by a company with a reputation for the finest construction, or lived in by a celebrity who hosted famous guests. Ask your real estate agent if there is any historical data of significance associated with the home, or if previous owners were VIPs. Note the names associated with the deed and title to … (0 comments)
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