November 16, 2011
Moving into a new home can be frustrating, but it is also an exciting time. You are about to embark on a great adventure and hopefully make friends with new neighbors and come to call a new part of the city, state, or country home. Whether the move comes from
necessity (e.g. a job transfer) or from a desire to start a new life, you have so many housing options that it may take some time to decide which is right for you. For instance, is buying a house or a condo the best move for you right now?
Each has advantages – comfortable living, specific amenities and
space, but condo living can differ greatly from owning a house. Let’s take a look at some of the more obvious comparisons:
Property: When you buy a house, it’s yours. You are free to paint a wall any color you choose, knock it down to make a room bigger, or have an addition built on the property. When you buy a condo, you are typically bound to a covenant which may restrict what can and cannot be done to your home. If you live in a complex you might be
able to paint walls, but additions would be out of the question. Major changes to your condo, too, could be subject to approval by your condo board.
Fees: Homeowners usually have a mortgage payment to look forward to each month. Condo owners will make payments on their homes, plus any additional monthly fees that cover on-site amenities and maintenance. If your condo community undergoes an assessment for overall repairs, too, you may have to cover more
expenses.
Recreation: If you own a home and want to have a swimming pool installed, it’s up to you to have it done. You will hire the builders and buy all the equipment. If you live in a condominium community with a swimming pool, you have access when it’s open. Your condo fee will cover its maintenance.
Proximity: Home ownership may offer you distance from your neighbors and privacy. You can put up a fence around your yard if you wish. Condo living, however, tends to keep people rather close together. Even if you live in a community with detached homes, you may not have much of a lot line as far as outdoor property is concerned.
Should you buy a home or a co
ndo? Only you can make this decision, and you will need to weigh the advantages and disadvantages of both before you make a commitment to buy. Think about your needs, the size of your family, and the conveniences you feel are necessary for you where living in a home is concerned. Whichever you choose, you can truly make a house or a condo your real home.
Kathryn Lively is a freelan
ce
writer specializing in articles on downtown Norfolk condos and Virginia Beach condos.
Article Source: http://EzineArticles.com/?expert=Kathryn_Lively
Technorati Tags: buying a home, buying a house, condo community, condo living
October 18, 2011
Myth 1: There is no real difference among home inspectors
The Truth: Experience, knowledge and thoroughness vary from inspector to inspector. A person is not qualified as a home inspector just because he or she claims the title-or even if they’re certified; in fact, some states don’t even require that an inspector have a license. Therefore, it is important to do your homework when evaluating home inspectors. Be sure to visit their website and also give them a call to talk. Ask about what services they provide and how much experience they have in the industry. Check their website for a sample report so that you can know what kind of report to expect. Not all home inspectors are created equal and it is up to the client to do their research and find a good one.
Myth 2: A home inspector is only looking out for the seller or Realtor
The Truth: A home inspector’s primary responsibility is to look out for their client. An inspector’s job is to inform the client of the condition of the home with facts. Some people may be uncomfortable with using a home inspector that has been recommended by their Realtor, especially if they do not know their Realtor very well. This is understandable and why everyone should do their own research to find the best home inspector possible for their inspection. It may turn out that the inspector recommended by the Realtor is the best option, or they may find one they feel more comfortable with. Ultimately the choice comes down to the client and it is up to them to make the right choice.
Myth 3: My home is brand new and doesn’t need a home inspection
The Truth: Home builders have to meet the minimum requirements of the building code in existence at the time the home is built, but those are minimum requirements and may not reflect the manufacturer’s recommendations. There are also many times home builders take short cuts to save money or speed up a project. Having an inspection completed by a home inspector before closing can help uncover issues that may exist, and provide a homeowner with peace of mind. It is also recommended that an inspection is completed by a third party inspector throughout the construction process, such as before the drywall goes up. This provides an opportunity for the inspector to inspect things that they would normally not be able to inspect once the drywall is up. Furthermore, like everyone else, home builder make mistakes, and some of these can be very costly for the home owner in the long run.
Myth 4: Having my home inspected means that I will not have any 
repair needs or maintenance expenses right away
The Truth: The purpose of a home inspection is not to report on every minor imperfection in the home or guarantee that no repairs will be needed. As a visual assessment of the condition of the major components of the home, it is beyond the scope of the home inspector to foresee every potential malfunction. However, major defects will be found and the home buyer will be informed of these findings. A home inspection saves the home buyer from buying a home with major defects that can affect the value and even the safety of the home.
Myth 5: Every inch of a home is inspected
The Truth: The inspection is a limited visual inspection of major components. It is not a forensic inspection, so home inspectors will not dismantle the systems in order to inspect their inner workings. At times they will remove covers and access panels, but obviously, they cannot see within walls or beneath concrete slabs. There are literally thousands of components and materials used in constructing a home, so they focus on the most essential and highest risk areas.
By learning the truth regarding these and other home inspection myths, potential home inspection clients are in a better position to understand the process and get more out of it. Furthermore, the home inspector’s job is made easier when the client has a good idea of what to expect from the inspection.
To get started with Palm-Tech Home Inspection Software visit Palm-Tech.com for a free demo. Palm-Tech Home Inspection Software is the perfect software for any home inspector looking for something Fast, Flexible, and Easy!
Article Source: http://EzineArticles.com/?expert=B_Allen
Technorati Tags: home inspection, home inspection software, home inspector, home inspectors, myths
September 19, 2011
If you’ve experienced the process of selling a home within the past year, you are more than likely trying to figure out how you can get that year of your life back. Today’s marketplace has presented home sellers with an interesting set of challenges that can make selling a home quite the stressful situation.
The reality is that many lenders are cranking up their requirements for obtaining financing, and there is still a large inventory of homes left sitting on the market. In other words, potential home buyers are having trouble getting the loan to buy a house, and home sellers are competing with several others who are also looking to sell.
So if you are a homeowner looking to sell, your house better be in tip-top shape to attract the shrinking pool of qualified buyers. Otherwise, you’ll be stuck singing a trillion bottles of beer on the wall waiting for a legitimate buyer. Here are some small pointers that you can use to get your home sold faster:
1. Treat your home like a product
One of the hardest parts of the selling process as a homeowner is detaching one’s emotion from the home. A home can be extension of who we are complete with our personal memorabilia, religious relics, large family photos and other personal items to remind us of all the memories. When selling a home however, success usually depends on creating an environment that is appealing to the broadest range of potential buyers. It is important to keep emotion aside and treat your home as a product in which you need to create demand for.
2. Take a Feng Shui approach
Feng Shui is a Chinese system that draws a connection between our dwelling place and our inner energy. According to the philosophy, the less cluttered our habitat the less cluttered our inner being and the more positive our spiritual energies. Whether you believe this to be true or not, there is still some great advice to be learned. De-cluttering a space is extremely important to selling a home because it makes the home look bigger and buyers can then visualize living in it themselves. Not only with this tip bring in offers, but you’ll also save packing time later on when you’re finally ready to move.
3. Dress to Impress
Staging is like renting a tuxedo for prom night. You don’t actually own the tuxedo but you sure look good wearing it for a short time. Staging a house is a commonly used practice that “dresses” the home up with furniture and accessories in order to make it more appealing to buyers. You can hire a professional to do this for you but my recommendation is to try it yourself to save a few bucks. All you need are a couple of decorations to spruce up the house to make it look more homely. Go to Walmart and get items that are inexpensive and strategically place them around the house. You can also check out online sites like Craigslist and the eBay Classifieds where you can find some great pieces. Remember, it’s usually the smallest details that make the biggest difference and buyers do notice.
Good luck on your selling adventures!
Author: Jonathan Faccone is the founder of Halo Homebuyers L.L.C., a company dedicated to helping homeowners sell their homes fast.
Website: http://www.halohomebuyers.com
Phone: 908.547.0404
To learn how to sell your home for full retail value, please visit:
http://www.sell4retailnj.com/
Article Source: http://EzineArticles.com/?expert=Jonathan_Michael_Faccone
Technorati Tags: feng shui, home fast, home sellers, make selling, sell home fast, selling process
June 7, 2011
It can be argued that the premise of buying a home as a Rent to Own is a scam or scheme. This is in fact not the case.
Whilst we do not deny that for some people a Rent to Own home does not work, for many people buying their home as a Rent to Own is a great opportunity. When a Rent to Own opportunity does not work it is easy to call it a scheme or a scam, but first we need to identify some of the reasons behind why it may not have worked for these people:
(i) Did they make payments on time during the Rent to Own timeframe to ensure they had a great payment ledger to present to the financier?
(ii) Did they borrow additional funds too close to the time of going for finance when the Rent to Own timeframe was nearly up, thereby increasing their level of debt & reducing the amount they were capable of borrowing for their home loan?
(iii) Did they ensure that they provided the financier with regular savings in an account over & above the accrued credit for their Rent to Own home to be used as further deposit?
(iv) Did they receive further negative action on their credit history after entering into the Rent to Own purchase which was unable to be removed prior to going for finance at the end of the Rent to Own timeframe?
Unfortunately if a person buying their home as a Rent to Own does any of the above the likelihood of attaining finance becomes harder.
In order to ascertain that a person buying a Rent to Own home from us in Mackay will be able to gain finance at the end of a Rent to Own timeframe we perform the following steps:
1) An Application Form needs to be completed by the prospective buyer
2) We ask you to do a Credit History check on yourself & provide this to us
By doing the above steps we are able to tell if the home the person wants to buy as a Rent to Own home a) is affordable based on their existing income & their existing debt and b) we know upfront if they have anything on their credit history stopping finance now & we can work with them to either get this removed OR see in what timeframe the default will “drop off”.
If you think you are falling victim to a Rent to Own scam there are a few things you can ask the person you are buying your Rent to Own home from to verify:
1) References – these can be written but you can also ask for the name & phone number of someone to talk to who has worked with this person before. This way you can ask all the questions you need satisfied to assure you that this is not a scam or scheme.
2) Can they confirm they have the appropriate licensing to sell a home as a Rent to Own?
3) Ask them how they have put their documentation together to protect you the buyer under a Rent to Own purchase and what this documentation is.
Once you are satisfied that you are not entering into a Rent to Own scam or scheme if you choose to continue with the Rent to Own purchase seek independent legal advice prior to signing any documentation.
Posted by Caroline Edson to outline how to avoid a Rent to Own Scam
Article Source: http://EzineArticles.com/?expert=Caroline_Edson
Technorati Tags: buying a home, buying a rent to own home, Grand Tower Real Estate Market
November 9, 2010
There are a lot of reasons why we sell our house. For one, it may be simply because you want to move in to a bigger house, and you want to sell your old home to help you finance the new house. Two, it may be because you are moving to another state, and you have no choice but to sell your old home in Grand Tower. Three, it may also be because you owe debts, and selling your house is one way of paying off the debts you owe. Whatever your reason for selling your house is, the important thing is that you have to prepare your house properly so that it gets sold quickly at a very good price. For this reason, here are some simple tips that you can do to prepare your property.
The most important thing that you first have to do is to take a step back, look at your house, and imagine yourself as the buyer. In short, you have to disassociate yourself from your property and try to remove any emotional attachment to your old home. Once you do this, you can then see what you need to do to make your property more attractive to potential buyers. This includes painting the rooms to make them livelier or other small home improvements such as installing new carpets or fixing doors or leaky faucets to, as stated before, make it beautiful and buyable.
Secondly, if you want a more buyable property, be sure to remove any personal belongings such as photo frames and pictures. This way, the potential buyers will not be distracted by your personal artifacts. Remember, you want your buyers to imagine your place as theirs, and if you have personal belongings still adorning your home, then it would seem to say that you cannot let go of your hold home.
Thirdly, remove any clutters and unnecessary things in your old home. This includes removing your favorite books from the bookcases, removing old photographs and picture frames from mantels and corner tables, or removing kitchen utensils and cutleries from the kitchen cabinets and such. A clean, simple, and clutter-free house for sale is much more attractive to potential buyers than those that are cluttered and filled with the old personal belongings of the owner.
Lastly, clean the house. This includes not only cleaning the floors and the walls, but it also means that you have to clean the windows as well as the doors. If you have carpet, you should also vacuum it, and if you have a bathtub, then give it a thorough cleaning. Really, a very clean, spotless, and odorless house for sale means that it will easily attract your buyers and make them want to purchase your old property.
Technorati Tags: selling your house
July 21, 2010
What is the difference between rich and wealthy? The difference could be described as either working for a living or your money working for your living. In other words, when you are wealthy, your money works for you such as real estate property providing a cash flow so you do not have to work an 8 to 5 job. That is being wealthy.
It stands to reason that the purchase of a rental property today can make your retirement comfortable because the added income is a positive cash flow. Achieving financial wealth through real estate investments is long term, and can be risky if you don’t do your homework.
There are so many get rich quick scams out there, and some of them are get rich quick using real estate investments. Some of those infomercials are really so much hot air. They have the right idea but the wrong way to achieve it. That is why it is crucial to work with your tax advisor and a knowledgeable real estate professional rather than taking advice from an infomercial at one o’clock in the morning.
The problem most people face at retirement is that the cost of living has gone up faster than the increase in their 401K. Investment property can make a huge difference at not only what you can do when retired but also when you can retire. Working an 8 to 5 job generally does not allow you to save enough out of each pay check to acquire real wealth. Even those high paid executives can fall into a security trap thinking their income is assured, so therefore their retirement is assured. We don’t have to look any further than Enron or Worldcom to know that nothing is totally assured in this life; which is why you need to take control of your life and your retirement.
If you were to take $50,000 and use it as a 10% down payment on a $500,000 investment property, assuming: a breakeven cash flow and not including any tax credits or tax breaks, the value of the property appreciating over 20 years, the value of the property would be three times as much as when first purchased. That means that your initial investment of $50,000 has equity of over $1,400,000.
Take that same investment of $50,000 to a market fund or other bond-type, non-risk investment, and you can expect an 8% to 10% increase on average. After 20 years, you would realize $266,000 to $366,000.
When you put it into perspective in a real life type of comparison like this, you can see that real estate investment can provide a very lucrative retirement with little or no risk to you. The added benefit is that you are able to leave a nice legacy to your loved ones which is priceless.
Alex Anderson
http://www.articlesbase.com/advertising-articles/buying-real-estate-investment-property-for-retirement-67558.html
Technorati Tags: real estate investment, real estate property
July 10, 2010
Some of the greatest returns on real estate investments are earned by purchasing foreclosed or distressed properties. By investing money in foreclosed properties, savvy real estate investors have learned that they can purchase real estate property significantly under value. You can too if you do your research and avoid common pitfalls.
With every type of investment, there is risk. In most cases the higher amount of risk that you are willing to take results in larger returns on your investment. The same is true in real estate investing. This means that the properties that stand to make you the most money also present the most challenges.
While there are three stages of the foreclosure process where it is possible to purchase the distressed property, only one offers the greatest return. This is the Sheriffs sale or auction phase. If you are able to purchase a property at this time you could realistically take ownership of the property for as much as 45 percent under the listing price of the home. But with this reward comes great risk.
The greatest way to minimize risk when investing in real estate is to do your homework. Heres a checklist to help you out:
Find out how much of a cash deposit you will need at auction. In many cases this is 10 percent with the remaining balance due within months, weeks, days, or hours. Make sure that you know the laws in your state and county.
Try your best to inspect the property before the auction. If you can not inspect the property, strive to build up a relationship with the homeowner so that you can learn about any costly repairs that need to be done and calculate them into your bid price.
Verify that there are no other liens on the property through a title search. If you purchase the property at auction, these will become your responsibility.
Know your competition. Since the original lender for the property wins at auction 80 percent of the time, forming a relationship with the lender is a good idea.
Set a bid price and stick with it. Avoid becoming emotionally involved in the bidding process and over bidding. Have a solid idea of what you are investing in, how much you are willing to pay for it, and what type of return you expect.
Remember; the goal of investing is to minimize risk and maximize profit. By doing your homework before the auction, you will be sure to do both. Never buy a property blindly. Doing so only sets you up for failures that will cut into your profit margin.
James Klobasa
http://www.articlesbase.com/non-fiction-articles/how-to-minimize-risk-when-buying-at-real-estate-auction-91664.html
Technorati Tags: real estate auction, real estate investments, real estate property
June 30, 2010
Want to get into real estate and achieve that financial goal that you’re shooting? Then you’re on one of the best vehicles to achieve financial freedom. Countless millionaires as have always proved Real Estate: The source of their riches or where they park they riches.
Although that its true that there are many millionaires walking that are grateful to the investment vehicle called Real Estate, but don’t think that you can get away rich without learning anything. Investing in real estate is just like any other type of investment, do your research to avoid mistakes.
Here are the 3 common pitfalls when investing in real estate.
I. Don’t jump on the first house you see.
While the saying is very true “You don’t have to get it right, you just have to get it going” but don’t be too quickly to jump on the first house you see because you just want to get started. Some of this is due to over excitement, some due to laziness (not wanting to look any more) and some due to fear – that there won’t be other deals. There are always deals to be made in the real estate market. It’s the same thing with shopping. Look around and compare until you find that what you’re looking for at a low price.
II. Don’t pay a dime more than you have to.
The best tip anyone that gave me when it comes to investing is “You make money when you buy, not when you sell”. This means that you buy real estate at lower price than the market average. Real estate investing is not like purchasing a home to live in. It is strictly a business transaction. Don’t make the mistake of offering more than the numbers say will work just because you really like the house. This also means that instead of wanting to pay more you ought to be thinking of how you can get it cheaper.
III. Not doing your homework on property inspection.
Investment schools call this “due diligence”. You might found a cheap property and you could be thinking of “Jackpot”. But mind you, few properties are cheap for a reason – they need a lot of work. You need to have a thorough inspection done on the property so there are no surprises when you start to work on it. Every day that you are having to add to your timeline to fix items is a day that you are losing money. Doing also due diligence on property inspection might uncover some unpleasant things about the property. Then you can use that information as a negotiation chip to get the property for a lower price.
Although its true that you will learn by your mistakes. But its wise that you learn from the mistake of others. Along the way of your real estate investment road there are always be mistakes. At least you learn in advance and avoid them and make mistakes in other areas.
Jed Baguio
http://www.articlesbase.com/advertising-articles/3-common-pitfalls-you-should-avoid-when-buying-real-estate-investment-53588.html
Technorati Tags: real estate investment
June 22, 2010
If you have the knowledge there are many ways you can get some money back from the seller when
buying real estate. One of these ways is to get the seller to pay for the closing cost. The closing cost may not be a lot of money compared to the price of the property so it is a good thing to negotiate. If a
seller is eager to sell a small thing like closing cost will not let him or her leave the bargaining table.
Another way you can get some money back from the seller when buying real estate is getting the seller to pay for the taxes for the rest of the year in witch you are buying the property. Again this will not be a lot of money compared to the property witch makes it a good thing to put on the bargaining table. One last way to get some money back from the seller when buying real estate is getting the seller to pay for the things that need to be repaired or replaced. This can be a lot or a little, it all depends on the shape the property is in. This is harder the get a seller to agree to than the first two, but it is not impossible to find a seller that will. If the property needs a lot of work it is good idea to see if you can get the seller to pay for half or more of the repair cost.
All ways make sure that if you do get the seller to agree to give you back any money for any reason that you get it in writing. It is a good way to make sure every one is on the same page. Getting money back when buying real estate is not an easy thing to ask for, but if you know what to ask for it can make the process a whole lot easer. This is a good way to help you to save a lot of your hard earn money.
A good web site where you can see more information on topics like this is Real Estate Facts which is highly recommended. Thank you and enjoy.
Kevin Cox
http://www.articlesbase.com/real-estate-articles/how-to-get-money-back-when-buying-real-estate-111346.html
Technorati Tags: real estate
April 15, 2010
This is actually not a secret. In fact, this is a fairly sensible thing to do if you want to sell your home fast. Aside from the fact that you should do your homework and look for a great agent amongst many Grand Tower real estate agents, you also need to make sure that you prepare your home for buyers’ inspection. It has to be in its best condition; otherwise, you would have difficulty selling it to any sensible buyer.
Figure Out What Needs to Be Done
There is no getting around it. If you want to make sure that you have your home prepared for a potential buyer, you have to figure out what needs to be done. Inspect your home and take note of the repairs that need to be done and corrections that need to be taken care of before you actual you open your home to potential buyers.
Hiring a good Grand Tower real estate agent will not suffice. You also need to learn how to prepare your home for sale. Seeing a clean and well-maintained property will assure all potential buyers that there are no bad surprises awaiting them if they do decide to purchase your house.
All potential buyers will negotiate for the price and usually, negotiations will be based on what they see after property inspection. It is a good idea to make sure that they will not find any reason to negotiate for a lower price. Make sure that they would leave your home completely agreeable to the price. Doing your own inspection and taking care of repairs will make sure that your buyers will find no reason to re-negotiate.
Spruce Up Inside Out
Properties in good – prime – condition are easy to sell. Grand Tower real estate agents take real pleasure in showing them around because they are easier to sell and they demand a good price. So, if you want to learn how to prepare your home for sale, here are some things that you have to take note of:
- Make sure everything looks great from the outside. First impression lasts and it makes a huge difference in potential buyers’ decision. So, water blast peeling paint and repaint the outside. Take note of everything that needs to be repainted and repaired and get right on to repairing and repainting them. Replace and repaint all woodwork including your front door if necessary. Replace doorbells if they are not working. Make sure everything is clean and nothing looks unsightly including your yard, driveway, garage, carport, patio and swimming pool.
- Make sure you cover the basics. This means that windows and draperies should be replaced or repaired, doors should be fixed, walls should be repainted, wallpapers should be replaced if necessary, and carpet should be steam cleaned. Chipped, stained or leaky plumbing should be fixed or replaced.
There are still so many things that you can do in order to entice buyers to offer for your home. It is a good idea though to keep the colors neutral if you are going to repaint your home. Take your personality out of your home, so your buyers will be able to easily imagine themselves redecorating the property and making it their own home. Keep your property spacious. This gives your house a much bigger appearance. These things are necessary to selling your home. A good Grand Tower real estate agent can definitely help you with these things.
Technorati Tags: Grand Tower Real Estate Agents
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