Provided By Realty Times
For many, homeownership is still a dream. Moving from renting can seem like it’s an impossible mission. But if you plan ahead and carefully budget, the goal of homeownership can be yours.
When budgeting how much home you can afford, it’s important to understand and anticipate the costs of owning and maintaining a home. Here are a few things that some first-time buyers forget to include.
Private Mortgage Insurance
This is added on to your mortgage when the down payment is less than 20 percent. You can buy a home with less money but you’ll pay the PMI which covers the lender should a homebuyer default on the loan. As you build up equity, your PMI drops off.
Taxes
Property taxes generate revenue for municipalities, counties, and schools. It’s an expense that can vary across the U.S. However, on average, it’s 1.38 percent of the home’s value. Back East tends to have the highest property taxes.
HOA Fees
Homeowners’ Association fees (HOA) can add several hundred dollars to your monthly household expenses. These HOAs help to maintain common areas, typically within condominium complexes. They also govern what can be done to the unit and the surrounding area. While there is an up side to HOAs, some buyers prefer to have more freedom over their property, perhaps, until the neighbor paints his house turquoise with red accents.
Homeowner’s insurance
Lenders require homeowner’s insurance on your property. The amount you’ll pay depends on many variables including: where you live, the age, type, size of your home. For example, older homes can cost more to insure due to the fact that they may require more repairs than newer homes. Also, high-hazard areas can cost more to insure and some insurance companies may not offer an insurance policy for your home, if you’re in a high-risk area.
Utilities and appliances
These areas can be overlooked because, often, when people are renting the appliances are taken care of. When you own your own home, be sure to consider expenses such as the water heater or dishwasher breaking down. While, you can’t exactly figure out when an appliance is going to quit working, you can set a monthly allowance aside to start establishing a household repair fund. Just don’t touch the account or when you really need it, you’ll find it’s not there for you.
Inspections, appraisals, and closing costs
Many buyers understand they will have closing costs but they fail to budget for other items such as a home inspection. Sometimes inspections are paid for by the seller but it’s usually the buyer who pays for the inspection. And, even if the homeowner recently had a home inspection and has the report, a buyer still might want to pay for an inspector to have another look to compare the findings.
Depending on the home, there may also be other inspections such as for lead paint, pests or radon gas.
While the extra expenses do add up quickly, if you carefully budget and plan ahead, the goal of homeownership is achievable and very satisfying.
Monday, February 13, 2012
Wednesday, February 8, 2012
The Selling Power of Closets
Provided By Realty Times
At first glance your closets may seem like insignificant or unassuming rooms in your home. The truth is, however, that closets can be real selling features. Homes must have storage. From clothes to food to cleaning supplies, closets are the heart of every clean house.
The first order of business in revamping your closets is to get rid of the clutter! We all are a little guilty of holding onto clothes and other "valuables" that we no longer need. These superfluous items can make closets burst at the seems and can turn a ready and willing buyer off.
Downsize these items by holding a yard sale, giving them to charity, or gifting them to family and friends. Chances are you’ll never miss the items you give away, but your closets will breathe a sign of relief!
With all that extra clutter out of the way it’s now time to get organized. Even cheap fixes can make a real difference.
First, organize your closet by color blocking your clothes, grouping like items, and sorting smaller items into storage totes or even labeled shoe boxes. You can also store away winter/summer items in the garage in the off season.
Tame your shoes with shoe racks. You should always be able to see the floor of your closet!
Are you needing to organize your pantry? Use the same principles as with your bedroom closets. Remove unnecessary items, get storage totes for small and miscellaneous items, and them group like items together.
Every closet needs shelving and racks. Depending on your budget and your housing market there’s a wide range of choices. Simple and inexpensive Rubbermaid shelving can be configured in a myriad of patterns and can be installed with nothing more than a drill or screwdriver.
If your budget allows, however, custom built-in units can wow your potential buyers and put your home at the top of their list. Taking it one step further if you have a walk-in closet. Walk-ins are super selling points in a home, so it’s time to maximize the potential of this space.
The main key with closets is to allow buyers to see the true size and functionality of the space. You don’t want them to be overwhelmed by your junk the minute they open a door and yes, they will open the closets! Instead, let them be inspired by your organization!
At first glance your closets may seem like insignificant or unassuming rooms in your home. The truth is, however, that closets can be real selling features. Homes must have storage. From clothes to food to cleaning supplies, closets are the heart of every clean house.
The first order of business in revamping your closets is to get rid of the clutter! We all are a little guilty of holding onto clothes and other "valuables" that we no longer need. These superfluous items can make closets burst at the seems and can turn a ready and willing buyer off.
Downsize these items by holding a yard sale, giving them to charity, or gifting them to family and friends. Chances are you’ll never miss the items you give away, but your closets will breathe a sign of relief!
With all that extra clutter out of the way it’s now time to get organized. Even cheap fixes can make a real difference.
First, organize your closet by color blocking your clothes, grouping like items, and sorting smaller items into storage totes or even labeled shoe boxes. You can also store away winter/summer items in the garage in the off season.
Tame your shoes with shoe racks. You should always be able to see the floor of your closet!
Are you needing to organize your pantry? Use the same principles as with your bedroom closets. Remove unnecessary items, get storage totes for small and miscellaneous items, and them group like items together.
Every closet needs shelving and racks. Depending on your budget and your housing market there’s a wide range of choices. Simple and inexpensive Rubbermaid shelving can be configured in a myriad of patterns and can be installed with nothing more than a drill or screwdriver.
If your budget allows, however, custom built-in units can wow your potential buyers and put your home at the top of their list. Taking it one step further if you have a walk-in closet. Walk-ins are super selling points in a home, so it’s time to maximize the potential of this space.
The main key with closets is to allow buyers to see the true size and functionality of the space. You don’t want them to be overwhelmed by your junk the minute they open a door and yes, they will open the closets! Instead, let them be inspired by your organization!
Monday, February 6, 2012
Green Living: Tips for the New Year
Provided By Realty Times
The new year is prime time to develop some new household habits. Many households shy away from adopting green living habits for fear that they’ll be too hard, time-consuming, or expensive.
In reality, there are many green habits that can fit easily into your daily routine. To start out consider the old adage of "reduce, reuse, recycle."
Reducing your consumption means being a conscious consumer. Choose packaging that easily biodegrades, such as cardboard or paper. Avoid plastic when possible and only use plastic when it’s the kind that can be recycled.
Use your own grocery bags when shopping to reduce the amount of plastic bags you consume.
For young families, make the earth-friendly and cost-effective switch to cloth diapers. From birth to potty training the average child’s diapers cost $2,000 - $3,000. Cloth diapers on the other hand cost around $450 and can be reused for other children.
Next, reuse products when possible. Do you have the have the new "x" or is the old one still in good working order? Do you have jars, jugs, and containers that you can give new life to? Find creative ways to continue using products instead of sending them to the landfill.
Finally, recycle whenever you can! The best way to stick to a new recycling habit is to set up separate bins or storage containers in your pantry, kitchen, or garage. When you empty jugs, bottles, and jars, give them a quick rinse and then sort them into their appropriate containers.
Depending on your household usage, you’ll most likely end up having four separate containers. According to the EPA, "Paper accounts for more than a third of all recyclables collected in the US, by weight. Nearly forty-five million tons of paper and paperboard were recovered in 2010 -- a recycling rate of over 63 percent." Your paper bin can be used for newspaper, cardboard to name a view.
You’ll also have a metal bin for empty vegetable and soda cans, one for glass, and a bin for all your household plastics.
You can also recycle by making sure your old clothes and furniture are donated to those in need. What is old to you is new to someone else.
Finally, contact your local city offices to find out where you can take your recycling good or if there is weekly or monthly recycling pickup in your area!
Reduce, reuse, recycle is a simple way of changing how your family thinks about living green. Post this motto on your family fridge to turn this new goal into daily habit.
The new year is prime time to develop some new household habits. Many households shy away from adopting green living habits for fear that they’ll be too hard, time-consuming, or expensive.
In reality, there are many green habits that can fit easily into your daily routine. To start out consider the old adage of "reduce, reuse, recycle."
Reducing your consumption means being a conscious consumer. Choose packaging that easily biodegrades, such as cardboard or paper. Avoid plastic when possible and only use plastic when it’s the kind that can be recycled.
Use your own grocery bags when shopping to reduce the amount of plastic bags you consume.
For young families, make the earth-friendly and cost-effective switch to cloth diapers. From birth to potty training the average child’s diapers cost $2,000 - $3,000. Cloth diapers on the other hand cost around $450 and can be reused for other children.
Next, reuse products when possible. Do you have the have the new "x" or is the old one still in good working order? Do you have jars, jugs, and containers that you can give new life to? Find creative ways to continue using products instead of sending them to the landfill.
Finally, recycle whenever you can! The best way to stick to a new recycling habit is to set up separate bins or storage containers in your pantry, kitchen, or garage. When you empty jugs, bottles, and jars, give them a quick rinse and then sort them into their appropriate containers.
Depending on your household usage, you’ll most likely end up having four separate containers. According to the EPA, "Paper accounts for more than a third of all recyclables collected in the US, by weight. Nearly forty-five million tons of paper and paperboard were recovered in 2010 -- a recycling rate of over 63 percent." Your paper bin can be used for newspaper, cardboard to name a view.
You’ll also have a metal bin for empty vegetable and soda cans, one for glass, and a bin for all your household plastics.
You can also recycle by making sure your old clothes and furniture are donated to those in need. What is old to you is new to someone else.
Finally, contact your local city offices to find out where you can take your recycling good or if there is weekly or monthly recycling pickup in your area!
Reduce, reuse, recycle is a simple way of changing how your family thinks about living green. Post this motto on your family fridge to turn this new goal into daily habit.
Friday, February 3, 2012
Kitchens Sell a House
Provided By Realty Times
It's a tool used by house flippers all across the nation. Stagers know its power. Real estate agents push its importance. What is this not-so-well-kept secret of real estate? A kitchen can sell a house.
A kitchen is the heart of a home. This is true all across the globe. The old saying that the "stomach is the way to the heart" carries a lot of truth. Kitchens are where we spend much of our time and most of that is with our families. It's the room where we nourish our bodies and our spirits.
Kitchens are integral to entertaining and in today's age of open floor plans, they're a focal piece of many family rooms. It's because of this that kitchens play such an important role in the buying and selling process.
This one room is the showpiece of the house. You'll see it every day and your guests will see it during most visits. This means buyers want homes with up-to-date kitchens.
Kitchens, however, can be one of the most expensive rooms to renovate. These projects can also be the most labor and time intensive of all home renovations. It's not just a new layer of paint.
Instead you find a complicated array of flooring, tiling, cabinets, and counters. This means buyers may want a home with an up-to-date kitchen but they aren't willing to tackle this problem themselves. Most buyers want a kitchen that is ready to use the day they move in.
What do buyers look for in up-to-date kitchens? A lot of this depends on what price range your home is in.
The main thing to remember as a seller is to not price yourself out of your market. If homes in your neighborhood are selling for $100,000 with tidy, but not luxury kitchens, then this is no time to upgrade to granite, travertine, and marble at the price tag of $40,000+. You simply won't find a buyer.
Scope out the competition. Use open houses in your area or MLS listings to find out what your competitions' kitchens look like.
Do area homes have new solid wood cabinets and granite counters in today's designer colors? You'll be wise to consider making the same move. Are they including new stainless steel appliances and add-ons like dishwashers, wine-coolers, and trash compactors?
Are you in a higher-end neighborhood? It's time to think high-end. Your older home may have a highly functional kitchen, but a buyer will take one look at your formica counters and white appliances and become lost in the stress of how much money and time it would take to remodel. If you don't want to put in the time yourself to make upgrades then you'll have to make concessions in the price.
Don't become overwhelmed, though. Sometimes a kitchen update can mean doing just a few minor changes. Change the paint color to a warm, neutral tone. Get rid of any clutter. Update your appliances, paint your cabinets, change the pulls, or get a high-end looking counter for a fraction of the cost (faux-granite or lower end granite). You might even save a bundle by doing much of the work yourself.
The bottom line is a kitchen can sell a home. Do a little research and find out what your kitchen needs to make it competitive with area listings.
Would you like to learn how to sell your home faster? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
It's a tool used by house flippers all across the nation. Stagers know its power. Real estate agents push its importance. What is this not-so-well-kept secret of real estate? A kitchen can sell a house.
A kitchen is the heart of a home. This is true all across the globe. The old saying that the "stomach is the way to the heart" carries a lot of truth. Kitchens are where we spend much of our time and most of that is with our families. It's the room where we nourish our bodies and our spirits.
Kitchens are integral to entertaining and in today's age of open floor plans, they're a focal piece of many family rooms. It's because of this that kitchens play such an important role in the buying and selling process.
This one room is the showpiece of the house. You'll see it every day and your guests will see it during most visits. This means buyers want homes with up-to-date kitchens.
Kitchens, however, can be one of the most expensive rooms to renovate. These projects can also be the most labor and time intensive of all home renovations. It's not just a new layer of paint.
Instead you find a complicated array of flooring, tiling, cabinets, and counters. This means buyers may want a home with an up-to-date kitchen but they aren't willing to tackle this problem themselves. Most buyers want a kitchen that is ready to use the day they move in.
What do buyers look for in up-to-date kitchens? A lot of this depends on what price range your home is in.
The main thing to remember as a seller is to not price yourself out of your market. If homes in your neighborhood are selling for $100,000 with tidy, but not luxury kitchens, then this is no time to upgrade to granite, travertine, and marble at the price tag of $40,000+. You simply won't find a buyer.
Scope out the competition. Use open houses in your area or MLS listings to find out what your competitions' kitchens look like.
Do area homes have new solid wood cabinets and granite counters in today's designer colors? You'll be wise to consider making the same move. Are they including new stainless steel appliances and add-ons like dishwashers, wine-coolers, and trash compactors?
Are you in a higher-end neighborhood? It's time to think high-end. Your older home may have a highly functional kitchen, but a buyer will take one look at your formica counters and white appliances and become lost in the stress of how much money and time it would take to remodel. If you don't want to put in the time yourself to make upgrades then you'll have to make concessions in the price.
Don't become overwhelmed, though. Sometimes a kitchen update can mean doing just a few minor changes. Change the paint color to a warm, neutral tone. Get rid of any clutter. Update your appliances, paint your cabinets, change the pulls, or get a high-end looking counter for a fraction of the cost (faux-granite or lower end granite). You might even save a bundle by doing much of the work yourself.
The bottom line is a kitchen can sell a home. Do a little research and find out what your kitchen needs to make it competitive with area listings.
Would you like to learn how to sell your home faster? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Wednesday, February 1, 2012
5 Ways to Make Your Home Safer
Provided By Yahoo! Real Estate
For anyone who has seen those World's Dumbest Criminals clip shows on late-night TV, it may come as no surprise that burglars aren't always the smartest tools in the shed. But sometimes they don't even have to be.
Burglars most often enter a place through an unlocked door, says Craig L'Esperance, a detective for a Midwest law enforcement agency. Other times the home owners have a burglar alarm, but forget to set it when leaving the house, even for just a short amount of time.
Those problems are easy enough to remedy, but what about the criminals who aren't deterred by locks or alarms? L'Esperance is also the author of the thriller Terror from Within, which concerns a burglary crew that commits residential and commercial burglaries and describes how and why they pick their targets, and he and other experts weighed in on how homeowners can safeguard their possessions.
Lock It Up
Standard exterior doors should contain a good quality deadbolt lock, says Robert A. Gardner, a certified security and crime prevention consultant with offices in California, Arizona and Nevada. That bolt should have a hardened steel insert and a minimum throw of one inch, so check the packaging if you're thinking of installing a new one. Double exterior doors should be equipped with a vertical throw deadbolt and all locks should have a five-pin (or more) tumbler, he says.
Sliding doors also need a lock system that prevents the door from being pried open or lifted off of its track.
In general locks should be changed when moving into a new residence or whenever a key is lost. Make sure the locksmith has the necessary licenses and is bonded and insured, and get recommendations from friends or business rating agencies if you can, Gardner says.
Gardner also offers a home security test on his website, so you can see how well your home is protected.
Know Your Neighbors
If you're not already acquainted with the neighbors on either side of you, get to know them now, says Todd Morris, CEO of BrickHouse Security in New York City.
"Get their cellphone numbers and give them yours," Morris says. "Then if you see something awry, like a package left out in the rain or a strange car at their home, you can text message them and ask that they do the same for you."
But Morris doesn't recommend giving these neighbors – or anyone else for that matter – a key to your house. Use a fingerprint scanner lock instead, he says, or a lock you have to punch a code into to open. Non-key access with an audit trail is the best, he says. That way you'll know when the dog walker, house cleaner or anyone else enters and leaves your house.
Beware of Dog
You don't actually have to own a canine to scare a burglar into thinking you do. Post a sign in your yard that says, "Attack Dogs Trained and Sold Here," says Susan Bartelstone, host of the radio show Crime Prevention 101 in New York. "Extremely Vicious Doberman" works too, she says.
"Then get a recording of a fierce-sounding barking dog and set it on a timer to go off periodically when you aren't home," Bartelstone says.
To give a burglar pause, leave a large dog bowl by the front door with the name "Cujo" or "Killer."
Make It Look Used
If you are planning a vacation, L'Esperance advises, either put a hold on your newspapers or mail or stop them altogether. Nothing says, "Come in and take what you want," like a pile of old newspapers on your porch.
Also have your home phone forwarded to your cellphone so people who hear the phone ring will think you're home, says L'Esperance.
There are some other important ways to deter thieves no matter if you're there or not, like making sure the grass is cut, the snow is shoveled off the driveway in the winter, and there are no ladders lying about in the yard or against the side of the house. Most burglars know people don't usually lock second-story windows, L'Esperance says, so a ladder is basically an invitation.
If you have a garage, make sure to protect that as well. Lock your car so nobody can get to your garage door opener and enter your home through the garage or just steal what's inside the garage.
For the most authentic lived-in look, make it appear you're home by leaving the TV or a radio on and add a timer to your lights so they turn on at different times of the day and night.
Go Hi-Tech
Senior real estate specialist Chantay Bridges, who works for Clear Choice Realty & Associates in Los Angeles, has seen vacant homes vandalized, with squatters taking up residence in houses for sale and then taking all the appliances, furniture, and fixtures when asked to leave.
Bridges suggests installing a home security system, but using one that has apps for your smartphone so that you can monitor the system from anywhere. Alarm.com lets you send commands from your phone to arm or disarm your system remotely. You can also watch live video from your security cameras to see what’s going on when you’re not there.
For anyone who has seen those World's Dumbest Criminals clip shows on late-night TV, it may come as no surprise that burglars aren't always the smartest tools in the shed. But sometimes they don't even have to be.
Burglars most often enter a place through an unlocked door, says Craig L'Esperance, a detective for a Midwest law enforcement agency. Other times the home owners have a burglar alarm, but forget to set it when leaving the house, even for just a short amount of time.
Those problems are easy enough to remedy, but what about the criminals who aren't deterred by locks or alarms? L'Esperance is also the author of the thriller Terror from Within, which concerns a burglary crew that commits residential and commercial burglaries and describes how and why they pick their targets, and he and other experts weighed in on how homeowners can safeguard their possessions.
Lock It Up
Standard exterior doors should contain a good quality deadbolt lock, says Robert A. Gardner, a certified security and crime prevention consultant with offices in California, Arizona and Nevada. That bolt should have a hardened steel insert and a minimum throw of one inch, so check the packaging if you're thinking of installing a new one. Double exterior doors should be equipped with a vertical throw deadbolt and all locks should have a five-pin (or more) tumbler, he says.
Sliding doors also need a lock system that prevents the door from being pried open or lifted off of its track.
In general locks should be changed when moving into a new residence or whenever a key is lost. Make sure the locksmith has the necessary licenses and is bonded and insured, and get recommendations from friends or business rating agencies if you can, Gardner says.
Gardner also offers a home security test on his website, so you can see how well your home is protected.
Know Your Neighbors
If you're not already acquainted with the neighbors on either side of you, get to know them now, says Todd Morris, CEO of BrickHouse Security in New York City.
"Get their cellphone numbers and give them yours," Morris says. "Then if you see something awry, like a package left out in the rain or a strange car at their home, you can text message them and ask that they do the same for you."
But Morris doesn't recommend giving these neighbors – or anyone else for that matter – a key to your house. Use a fingerprint scanner lock instead, he says, or a lock you have to punch a code into to open. Non-key access with an audit trail is the best, he says. That way you'll know when the dog walker, house cleaner or anyone else enters and leaves your house.
Beware of Dog
You don't actually have to own a canine to scare a burglar into thinking you do. Post a sign in your yard that says, "Attack Dogs Trained and Sold Here," says Susan Bartelstone, host of the radio show Crime Prevention 101 in New York. "Extremely Vicious Doberman" works too, she says.
"Then get a recording of a fierce-sounding barking dog and set it on a timer to go off periodically when you aren't home," Bartelstone says.
To give a burglar pause, leave a large dog bowl by the front door with the name "Cujo" or "Killer."
Make It Look Used
If you are planning a vacation, L'Esperance advises, either put a hold on your newspapers or mail or stop them altogether. Nothing says, "Come in and take what you want," like a pile of old newspapers on your porch.
Also have your home phone forwarded to your cellphone so people who hear the phone ring will think you're home, says L'Esperance.
There are some other important ways to deter thieves no matter if you're there or not, like making sure the grass is cut, the snow is shoveled off the driveway in the winter, and there are no ladders lying about in the yard or against the side of the house. Most burglars know people don't usually lock second-story windows, L'Esperance says, so a ladder is basically an invitation.
If you have a garage, make sure to protect that as well. Lock your car so nobody can get to your garage door opener and enter your home through the garage or just steal what's inside the garage.
For the most authentic lived-in look, make it appear you're home by leaving the TV or a radio on and add a timer to your lights so they turn on at different times of the day and night.
Go Hi-Tech
Senior real estate specialist Chantay Bridges, who works for Clear Choice Realty & Associates in Los Angeles, has seen vacant homes vandalized, with squatters taking up residence in houses for sale and then taking all the appliances, furniture, and fixtures when asked to leave.
Bridges suggests installing a home security system, but using one that has apps for your smartphone so that you can monitor the system from anywhere. Alarm.com lets you send commands from your phone to arm or disarm your system remotely. You can also watch live video from your security cameras to see what’s going on when you’re not there.
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