The Importance of Home Maintenance in Bryan College Station

                                                        

Many times a person will put their house on the market and never do much else to improve the home. Some will even leave repairs and cleaning up for the agent and buyer to deal with later. This is a horrible idea if you want to get top price for your house.

While you do not have to do major repairs to the house, you should keep up with regular maintenance and do small repairs. Often the neglect of those small things can turn off potential buyers, and it may lead to larger problems later on.

Repairing any holes in the walls or floors is a must. Smaller holes can be easily repaired in a day with a handful of supplies from your local hardware store. You may need to hire someone to repair larger holes. Make sure to put a fresh coat of paint on the walls after repairs are finished.

Replace caulking and seals around windows, drains, sinks, and bathtubs. This is normal routine maintenance for any home, and it will also make the home look cleaner and well kept. If you are just a little handy then you can get this done on your own in a day or two.

Keep up maintenance on the porch and any fencing. The outside of the house applies to curb appeal, and a porch in good repair looks better and safer than one that fallen into disrepair. After any needed repair a fresh coat of paint can help attract buyers.

Keep gutters clean and in good shape. The gutters on a house can clog up quickly if not maintained. Standing water in the gutter could attract pests that would detour potential buyers. It could also cause unattractive water erosion on the ground around the house.

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                                          Featured Home For Sale In Bryan College Station

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Your Bryan College Station RE/MAX realtor, Sarah Miller, can help you discover a lot of great tips for making a profitable and fast sell on your house.  She is one of the RE/MAX Bryan-College Station realtors that has a long list of the finest homes for sale in  Bryan College Station, Call her today at 979-255-1904.

Finding A Qualified Home Inspector

As you should already know, a home inspection is a key part of the real estate process. Of course, your home inspection is only as good as your home inspector. 

Finding a Qualified Home Inspector

If you are considering buying a property, you absolutely must get a home inspection. What most people don’t realize, however, is it can also be valuable to retain one before you sell a property to identify any problems before your accept an offer. Fixing such problems before hand makes a lot more sense than panicking in the middle of escrow.

Regardless of your particular position in the real estate process, the home inspection is only as good as the inspector. Frankly, some inspectors are less than credible when it comes to qualifications and their background. To bypass these individuals, the following organizations should be used as a resource. 

The American Society of Home Inspectors, Inc. is located in Des Plaines, Illinois. Known as ASHI, it was founded in 1976 to create a resource and quality control atmosphere for home inspections. You can get referrals to ASHI inspectors in your area by contacting the Society at 800-743-ASHI. In doing so, you will avoid hacks calling themselves inspectors. 

The National Association of Certified Home Inspectors is another credible organization. Located in Valley Forge, Pennsylvania, the Association maintains both a code of ethics and strict standards of practice for its members. With over 9,000 members in North America, you can find an inspector in your area by calling 1-877 FIND-INS.

Another organization that stands out in the home inspection industry is the National Association of Home Inspectors, Inc. Located in Minneapolis, Minnesota, the organization also requires members to abide by strict practice standards and a code of ethics, which should be comforting to you. You can contact it to find a home inspector in your area by calling 800-448-3942.

The old cliché is garbage in, garbage out. By using a credible home inspector, you can put this cliché out of your mind.

Sarah Miller offers real estate services in Bryan-College Station Real Estate. She is one of the RE/MAX Bryan-College Station realtors that has a long list of the finest real properties bryan tx, that any intending settler or buyer can choose from.

Concrete Homes - Your Fortress in a Natural Disaster

If the area you lived in was subject to earthquakes, insect infestation and wildfires, and you could live in a type of housing that could withstand all those perils, why wouldn't you? Concrete homes have an amazing resistance to all of the above and are commonly used in Florida and other hurricane ridden locations, but their popularity hasn't spread to the west coast. 

Due to their unique construction, a number of homes have survived the wildfires in California. Pat Callahan owns a concrete house outside Escondido that only suffered smoke damage during the October Witch Creek fire. Although the vinyl windows were melted, the house remained standing. 

Another success story was that of Lorraine Aledort and her 5,500 square-foot concrete house near Ramona. The upgrades in her home included:

Concrete roof tiles, glued-down to resist high winds.

Interior fire sprinklers (now a local building requirement).

Oversized wood beams to withstand exposure to heat longer than their smaller counterparts.

An emergency power generator.

A 10,000-gallon water tank to be used in a fire emergency. 

Commercial grade aluminum windows with extra thick tempered glass.

Exterior walls were one foot in thickness including reinforcing steel placed in the concrete forms for protection against earthquake damage. 

After spending 3 1/2 years building their home, Lorraine and her husband had only lived there a few weeks when the wildfires struck. The landscape was blackened, but the house withstood only minor smoke damage. The cost of building compared to a comparable wood home was about twenty percent higher; Lorraine considers this money well spent 

Structural engineer, George Easton describes concrete construction similar to assembling Lego blocks. "The “blocks” are polystyrene forms, called insulated concrete forms, into which the concrete is poured. The forms then are left in place to serve as insulation and the backing for stucco on the exterior or drywall on the interior."

The walls can provide up to an R-50 energy rating and require approximately 44 percent less energy to heat and 32 percent less energy to cool compared to a traditional wood home. 

If concrete houses are so effective against natural disasters, why aren't they widely used? Part of the problem is the lack of knowledge in the building industry regarding concrete construction. Even though concrete construction has national code approval, there are many inspectors with little knowledge of how to inspect the structures. 

Many builders feel that the future of widespread concrete housing requires a dominant player in the building industry to come forward and say "we can do this", and others will follow suit.

·         Sarah Miller offers real estate services in Bryan-College Station Real Estate. She is one of the RE/MAX Bryan-College Station realtors that has a long list of the finest real properties bryan tx, that any intending settler or buyer can choose from.

 

How to Invest in Superior Condominiums

Condo or condominium is a housing option that looks like an apartment complex. Condo ownership lets the owner to own the condo only not the land. Condo owners have to pay monthly fee for maintaining common areas. 

Generally the association of property owners manages condominiums. Owners of condominium can do anything inside the their unit but not the outside. You’ve to clear all related points that what you can do or not inside the condominium at the time of signing the contract. You should check that whether it satisfies your requirements or not. 

Condominium buying is just like purchasing single-family homes. Condominium offers a joint ownership of real estate and partners can use common recreational areas. Condo buying is the cheaper option as compared to real estate market. It offers great living opportunity in United States. It is the great option for the people who travel a lot. Several owners of real property offer condos with kitchens and private bedroom that enables residents of condominium to cook their food. They can save money by cooking their meal own. 

Condo buying offers ownership without maintenance harassment, repairs and security concerns. Condos are usually luxurious and cheap housing options and you can spend your holidays at beautiful locations. Before any type of purchase check parking spaces, bathrooms, fireplace, condos’ area, amenities such as pool, health club etc, area costs, and security arrangement.

Condos’ buying is an important financial investment. Before purchasing unique condominium answer yourself for some general questions like:

Which area of the city is best suitable to your lifestyle?

What type of condo do you want? 

How much you can pay for it?

How do you make purchase of condominium?

You should research for the builders’ reputation on Internet or personally before any type of agreement. Read purchase and sale agreement carefully and check all terms and conditions that will apply on the transaction. Be sure about all details of condo homeowner association that includes costs of monthly maintenance fee. The decision of buying condo should be based on social, legal and financial understanding. You should check whether the property is right for you and your family for a long period. Important documents such as the declaration, operating budget, management agreement and regulatory agreement should be reviewed at the time of buying a condominium. 

Condo buying is not the best option for all. People who don’t want to share certain areas, like pool etc, with other condos owner should go for single home ownership instead of condominium. Sometimes total price of condo is lower than single-unit home. Condos’ residents should be aware of condominium settings. They can share their problems in monthly meeting with the association. It is compulsory to attend meetings and discussions. You should be active in community events while living in condominium. 

You can talk to several professionals online to get all useful information about a particular area. They will provide significant information to make an easy condo buying. You should make your condos buying with complete understanding and awareness.

·         Sarah Miller offers real estate services in Bryan-College Station Real Estate. She is one of the RE/MAX Bryan-College Station realtors that has a long list of the finest real properties bryan tx, that any intending settler or buyer can choose from.

 

Creative Financing - Ten Ways

Do all the creative financing techniques you hear about really work? Yes, actually. They probably have all worked somewhere for someone at least once. The point isn't if they will all work for you. The point is to know what is possible, so you can find your own creative ways to invest in real estate. Here are ten methods to get you thinking.

 1. Hard money lenders. You can ask around or find these online. They specialize in short-term loans at high interest. You typically use this type of financing for a "fix and flip." You can often get the money fast, and if you make $30,000 on a project, who cares if you paid $10,000 interest in six months.

 2. No-doc and low-doc loans. No (or low) documentation of your income or credit required. Again, you can find banks that do these online now. The catch is that you will only be able to borrow up to 80% of the purchase price or property value. If you have 10% in cash, you might be able to borrow the other 10% from a friend or the seller.

 3. Seller-carried second mortgages. Sometimes a bank will loan you 90%, and allow the seller to take back a second mortgage from you for 5%, leaving you needing only 5% for a downpayment.

 4. Land contract. Called "contract for sale" or other names as well, this just means the seller lets you make payments, and delivers the title upon payment in full. I sold a rental this way for $1,000 down, because I wanted the 9% interest, and the higher price I got this way.

 5. Credit cards. If a seller will take $10,000 down on a fixer-upper that you expect to make $20,000 on, why not use credit cards? This is a true 0-down deal for you, and if you turn the project in six months, you will have paid $900 in interest on an 18% credit card. Don't let $900 get in the way of making $20,000.

 6. Retirement accounts. The laws get pretty complex in this area, but you can check with a tax attorney to see how you might borrow from your own retirement account to finance real estate investments.

 7. Friends and family. Keep it all business, if you use this source, but loaning you money at 7% isn't a gift if their money is getting 2% in the bank.

 8. Note buyers. The seller needs cash. He raises the price, and sells to you for $100,000 with no money down, taking back two mortgages from you for $90,000 and $10,000. He arranged (or you did) for a note buyer to pay him $80,000 cash for the first mortgage at closing, getting him the cash he wanted. You pay two payments now, one to each note holder.

 9. Get a loan on other property. Interestingly, if you take out a home equity loan for a vacation, and then forget to use it for that, you can use it for the downpayment on an investment  property, without violating the rules of the bank that gives you the primary mortgage. In other words, you got in with no cash of your own.

 10. Partnerships. For bigger projects, you could arrange for five investors to each put money into a partnership, with your share being the management responsibility instead of cash.

·         Sarah Miller offers real estate services in Bryan-College Station Real Estate. She is one of the RE/MAX Bryan-College Station realtors that has a long list of the finest real properties bryan tx, that any intending settler or buyer can choose from.

Making An Offer On Real Estate In A Recession

What should you look for when you are making an offer on a piece of real estate during a recession?  You naturally want to get the best deal possible, so you should be careful about doing your homework before you are ready to make an offer.  Here are some tips that can help you make a good offer during a real estate recession:

Discount anything the real estate agent tells you about the price.

Real estate agents are paid on commission.  It is not in their best interest to see you “get a deal” on a piece of property.  It is in your best interest, though.  Do your homework and take a look at the amount that other homes in the area have sold for, not for the amount that they are listed, but for how much they sold.  This is all public record.  Take a trip down to the county recorders office and you will find the information on any homes that have been sold in your area. 

Offer At Least 20 Percent Less Than The Listed Price

The rule of thumb used to be to offer 10 percent less than the listed price.  This was considered a low offer.  With the economy today, the rule of thumb is 20 percent less.  There are so many homes on the market today that you really have quite a choice when it comes to where you want to buy and how much you want to spend. 

Take A Look At How Long The Home Has Been On The Market

Be sure to look at how long the home has been listed.  Homes that are fresh on the market should be looked at as they are sometimes listed a lot lower than they should be by either an inexperienced or greedy real estate agent.  If the home has been on the market for less than a month, chances are that the owner has delusions of grandeur and refuses to believe that there is a recession.  You can offer less, but chances are that they are going to want to get other offers.

If the home has been on the market for a year or more, there is either something really wrong with the house or they are not budging on their price.  This is a good one to skip.  There have been houses that have remained on the market for several years, vacant. 

Be Pre Approved And Have Nothing To Sell

Although a seller will probably take any type of contract in this market, you are a lot more attractive as a buyer if you have nothing to sell and have been pre approved for the mortgage.  A pre approval letter is different than being pre qualified.  Someone who has been pre qualified has not gone through the gamut of giving in all the paperwork needed for the loan.  A pre approval letter means that you have gone through the entire mortgage approval process and are ready to close.

Follow these tips before you make any offer on real estate in the market today.  You can invest in real estate during a recession - you just have to understand how to go about making the right offer. 

·         Sarah Miller offers real estate services in Bryan-College Station Real Estate. She is one of the RE/MAX Bryan-College Station realtors that has a long list of the finest real properties bryan tx, that any intending settler or buyer can choose from.

 

Recession Real Estate Investing - The Short Sale

If you have been following the residential real estate market, you have probably already ascertained that the market has crashed.  Not  only crashed, but crashed and burned.  This is unfortunate for a lot of homeowners who can no longer afford to live in their homes.  Many are in the process of foreclosure because they cannot make the mortgage payments any longer. 

You can actually kill two birds with one stone by investing in these properties.  A home that is in foreclosure but not yet owned by the bank is called a short sale.  You can usually pick a home up like this for a fraction of the cost.  The owner, in most cases, just wants to be able to pay off the bank so that they do not have a foreclosure on their credit record.  A foreclosure can be devastating to credit and most people want to avoid this calamity. 

Finding short sale properties is not difficult in this economy.  You can either work with a real estate agent or you can do your own homework.  Foreclosures are a long process and is something that has to go through the court system.  A bank cannot just foreclose on an individual without getting a court order that gives them the title of the property.  Anything that goes through the court system is public record.  You can go up to your local county courthouse and find a list of properties that are in the process of foreclosure simply by looking on the court roll call.

Once you find a home in the process of foreclosure, you can then contact the owners and offer to buy the home.  You can find out how much the original mortgage was for the property through the county recorders office.  The mortgage and note are all recorded against the property.  This is a matter of public record.  If you have some knowledge of the real estate market as well and the current value of the properties in the area in which you are looking, you can find a real bargain.

You can find a home, for example, that is worth about $200,000 in which the owner is behind on a mortgage that is about $120,000.  You can offer to purchase the home for $130,000 and give the owner $10,000 in their pocket.  You can also offer to allow the original owner to stay in the house and rent it from you.  You will restructure the mortgage and make sure that you get a low rate.  You then have a home that is worth $200,000 for which you only owe a small portion and a renter who will, essentially, pay your mortgage. 

If the original owner buys the home back from you, they will have to do so under your terms.  You can then ask for the $200,000 when the market rebounds.  You have just made $70,000 profit in a few years, a much better yield than you can ever make in any other market investment. 

This may seem predatory, but you are really helping the original owner out.  If they are about to be evicted because they cannot pay their mortgage, you at the very least, buying them time and giving them a chance to get back on their feet.  If they cannot pay the rent to you, they will at least have had a bit more time to plan their move.  If they manage to buy the home back from you, it is a win win situation for everyone.

Sarah Miller offers real estate services in Bryan-College Station Real Estate. She is one of the RE/MAX Bryan-College Station realtors that has a long list of the finest real properties bryan tx, that any intending settler or buyer can choose from.

 

Tips On Making Money In Real Estate Today

If you are looking to get rich quick in the real estate market today, you are headed for disappointment.  The real estate market took a nosedive last year and has reached rock bottom.  Residential foreclosures are at an all time high and continue to grow. 

This does not mean that real estate investing is a poor idea.  To the contrary, now is the perfect time to invest in real estate.  Although the market is bad for sellers, it is excellent for buyers.  On top of that, the mortgage interest rates are lower than ever.  It is hard to imagine a better time than now to invest in real estate. 

Some tips on investing in real estate in the market today and how to make money are as follows:

Look for the long term investment.  Be prepared to hold onto the property for a few years until the market rebounds.

Look into renting property.  People always need a place to live.  You can rent your property to those who need a home and make money when you sell after the market regains its strength. 

Think about investing in commercial real estate.  Although residential markets are bad, the commercial market has remained stable.  You can invest in property such as strip malls and office buildings and still make money. 

Consider investing in vacant land.  Look for property in areas that are undeveloped.  You may find in a 10 years that your property is worth 10 times more than what it is today.  Think of the people who owned farmland in Orlando.  The property is now worth thousands of times more than original asking price.

Do not panic. This should be rule number one.  If you own a home, do not panic and sell.  This is how you lose money in real estate.  Hold onto your property and ride out the storm.  The market always rebounds. 

Consider new construction.  If you are able to act as a general contractor and build a home, there is money to be made.  New construction is always desired by most people as they like to be the first to live in a home.  If you are in the trades, consider building your own home.

Buy foreclosures.  Look at foreclosures that are on the market and that are owned by banks and mortgage lenders.  Put in a bid and do not be afraid to bid low.  There are thousands of foreclosures across the market, even in upscale neighborhoods.  This is where you can make some serious money if you buy low, hold onto the property for a while, and sell high.

Buying low and selling high is how you make a profit in any business and is no different in the real estate market.  The current market, however, does not make it possible to sell high.  There are more homes on the market than there are buyers.  Many of the buyers that are out there are foreign investors who can spot the opportunity of purchasing property in the United States at bargain basement rates.  Although this is not the market to sell high, it is definitely the market to buy low. 

 

6 Reasons Why You Should Buy Real Estate In December

December and New Year's Day give you the perfect occasion to buy real estate. Not only can you pick up a bargain property from a motivated seller, you can save on your purchase expenses. 

1.  Home shoppers put off looking for a home because of holiday decorating, shopping, and parties. Plus, the cold weather makes home buyers prefer to stay home; they wait for warm weather to buy real estate. Get the edge with little competition from other buyers. 

2.  Home sellers who didn't sell during the recent buying frenzy are worried that their home will not sell. Any seller offering their home for sale during the holiday season is motivated. 

3.  Real estate agents need to keep their momentum going and can't afford to take too much time off. When the agents aren't as busy, you get better service. Plus, they're more likely to take low offers seriously. Agents love investors ready to buy real estate during December. 

4.  Interest rates continue to creep up. Who knows what the rates will rise to next year? 

5.  Lenders threaten to tighten up qualifications next year. Last summer, loan officers were able to get through almost any loan. Today is your best shot to buy real estate and get a great rate with the easiest qualifications. 

6.  Appraisers need work. Too many individuals became real estate appraisers when there was too much work. It used to take a week or more to schedule an appraisal. We just ordered an appraisal and the appraiser wanted to come out the same afternoon! Also, appraisal fees cost less today than last month. 

Clear some time from your busy holiday schedule and go find a bargain house. Make many offers. You won't get this break for another year.

 Sarah Miller offers real estate services in Bryan-College Station Real Estate. She is one of the RE/MAX Bryan-College Station realtors that has a long list of the finest real properties bryan tx, that any intending settler or buyer can choose from.

5 Useful Tips In Buying A House

Buying a house is a very serious matter that comes in to people’s lives. It is very risky to invest your money in buying just any house you find. You must have some guidelines that can help you decide which house is the best for you. Here are some: 

1.         Determine your rights 

When you are ready to buy your own house, be sure you understand your rights as a homebuyer. Knowing the process of buying a house prevents you from getting scammed. You can personally do your home work or seek for a knowledgeable person like a real estate agent or a broker. Make sure that the agent you hire is licensed and have a wide knowledge regarding the area. 

2.         Make sure you can afford it 

Your budget is really a big deal in buying your own house. What you want is different from what you need, so be practical. You don’t really need a big house if you’re just one person that travels everyday, right? Make sure that you make the best for your money. Seek help or ask for suggestions especially for those who have knowledge in real estate prices. If you can’t stay for at least a year, buying a house is inappropriate for you. You may save a whole lot more of money if you sell it urgently. 

3.         Make sure it fits your lifestyle 

Make your house a home. Be sure it really fits your way of life and you are comfortable with it. A good example of this is if you’re working in an office, a good place to find is near or in the vicinity of your office. If you love nature, a good place to find is outside the city with clean air, near parks, has a mountain view or near at the beach. Your personality really matters in finding a good house. Make sure to look at its suburbs first and try to gather some information about the area and its surroundings. Try also to consider the kind of neighbors you will have. 

4.         Consider your future plan 

If you’re newly married, you might to consider how many kids you want to have. You can assume the number of rooms or the home space you need. If you can afford a house that is near to a good school, it is better. School districts are more important to home buyers, therefore, it will increase your property values. 

5.         Be organized 

It is very important to make your document files organized and safe. Because it will prove that you own the house. It will help you a lot especially when it comes in paying your house payments (taxes and amortization).

Sarah Miller offers real estate services in Bryan-College Station Real Estate. She is one of the RE/MAX Bryan-College Station realtors that has a long list of the finest real properties bryan tx, that any intending settler or buyer can choose from.

5 Major Reasons Why You Should Buy A Home Instead Of Rent

There are times when it is better for a person to rent, but most often home ownership has many more benefits and advantages.  

About 10 years ago I had a retired aunt and uncle who rented a condo in Las Vegas. Uncle Jim (not his real name) was a retired minister. Throughout his career he and his wife lived in parsonages, which are homes furnished by the congregation while they ministered there.  

He and his wife told me that the biggest mistake they ever made was not to invest in buying a home.  In their retirement years, when their other retired friends were living in homes that were almost paid off and had appreciated greatly, Uncle Jim and his wife were using a huge portion of their limited retirement money to make expensive condo rent payments. They strongly cautioned me not to make the same mistake they had. 

Recent studies are showing that there are many benefits for both the owners and the community for owning your own home, including increased education for children, lower teen-age pregnancy rate and a higher lifetime annual income for children. Besides these, listed below are some of the primary advantages for owning your own house. 

1) More Stable Housing Costs

Rent payments can be unpredictable and typically rise each year, but most mortgage payments remain unchanged for the entire loan period. If the taxes go up, the increase is usually gradual. This stable housing cost especially important in times of inflation, when renters lose money and owners make money. 

2) Tax Savings

Homeowners can be eligible for significant tax savings because you can deduct mortgage interest and property taxes from your federal income tax, as well as many states' income taxes. This can be a considerable amount of money at first, because the first few years of mortgage payments are made up mostly of interest and taxes. 

3) Debt Consolidation

If you need to, you can refinance a mortgage loan to consolidate other debts (an opportunity you don't have if you are renting.) And the interest on this is also tax deductable. 

4) Equity

Instead of payments disappearing into someone else’s pocket, home owners are building equity in their own home. This is often one of a person's biggest investment assets.  Each year that you own the home you pay more toward the principal, which is money you will get back when the home sells. It is like having a scheduled savings account that grows faster the longer you have it. If the property appreciates, and generally it does, it is like money in your pocket. And you are the one who gets to take advantage of that, not the landlord. You can then use this equity to plan for future goals like your child's education or your retirement. 

5) It is yours!

When you own a home you are in control. You the freedom to decorate it and landscape it any way you wish. You can have a pet or two. No one can pop in and inspect your home and threaten to evict you. 

Even young people, like college students out on their own, can often benefit from home ownership. It puts them ahead of other young people their age financially by helping with their credit and giving them what is often an excellent investment. Often a college student buying a home will rent the rooms out, and his or her roommates end up making the payments for the house. When the student is ready to move on, her or she can sell the home (hopefully making a profit) or keep it as an investment and continue to rent it. 

Buying a home is an important decision. It is often the largest purchase a person makes in his or her life. Home ownership also comes with some increased responsibilities, and isn't for everyone. There are some disadvantages to homeownership that you should take into account. 

1) Increased Expenses

Your monthly expenses may increase, depending on your situation. Even if the monthly payments are the same, home owners still have to pay property taxes, all the utilities, and all the maintenance and upkeep costs for the home.  Often you need to supply appliances that were furnished with a rental. 

2) Decreased Freedom of Mobility

Homeowners can't move as easily as a renter who just has to give notice to the landlord. Selling a house can be a complex and time consuming process.  

3) Risk of Depreciation

In some areas with overinflated prices, there may be a risk that the house will depreciate instead of increase in value, if the prices go down. If you then sell the house, you may not get enough money from the home to pay back your mortgage, and you will still owe the mortgage company money. 

4) Possibility of Foreclosure

If for some reason you are unable to make your payments, you risk having the lender foreclose on your property. This can result in the loss of your home, any equity you have earned, and the loss of your good credit rating. 

When considering home ownership, you need to weight the advantages and disadvantages for yourself.  If you are like most people, you will find that homeownership is worth the risks and disadvantages.

Sarah Miller offers real estate services in Bryan-College Station Real Estate. She is one of the RE/MAX Bryan-College Station realtors that has a long list of the finest real properties bryan tx, that any intending settler or buyer can choose from.

 

 

Budget For Closing Costs – Loan Origination Fees And PMI

Once you reach an agreement on the purchase of a home, things start moving quickly. In the chaos, it is important to remember to budget for closing costs. 

Budget for Closing Costs – Loan Origination Fees and PMI

Closing costs are fees associated with miscellaneous events associated with a home purchase, things such as property inspections. Even if you are purchasing a home for the first time, you are probably aware there are closing costs that have to be paid. Rarely, however, are you aware of just home much and how fast the can accumulate. If you have not budgeted for them, they can put a kink in the closing or even cause you to lose the home. 

A couple of closing costs to keep in mind are origination fees for home loans and private mortgage insurance. The mortgage related costs are only a small part of the overall closing costs you can face, but deserve a closer look.

Origination fees for home loans can be a shock to first time buyers. Few realize they are going to have to pay such things. Origination fees are costs charged by a lender for services used to determine if the lender should give you a loan in the first place. For example, a lender will charge you fees for obtaining a copy of your credit report, having an appraisal done for the property. Infuriatingly, the lender will also charge you fees for processing the loan and preparing the loan documents. You may also have to pay points, which represent a percentage of the total loan, often one or two percent. On a $300,000 loan, the origination fees can quickly add up to thousands of dollars. 

Private mortgage insurance, often called PMI, can also be a nasty little surprise. The magic number when considering PMI is 20 percent. If you make a down payment on the home that is less than this amount, you are almost certainly going to have to pay PMI. PMI is simply insurance that protects the lender should you default on the loan. The cost can add up to hundreds of dollars, so make sure you know what is expected of you. 

Closing costs are aggravating, particularly when you feel like you are being nickel and dimed to death. Budget for them up front, and you will feel less aggravation.

Sarah Miller offers real estate services in Bryan-College Station Real Estate. She is one of the RE/MAX Bryan-College Station realtors that has a long list of the finest real properties bryan tx, that any intending settler or buyer can choose from.

 

 

 

 

 

Budget For Closing Costs – Home Inspection And Title Fees

Purchasing a home is a euphoric event. Once escrow begins, the euphoria can change to frustration, particularly if you are not ready for the closing costs that quickly accumulate. 

Budget for Closing Costs – Home Inspection and Title Fees

Closing costs simply refer to the fees associated with various things associated with the escrow process in a real estate transaction. In the excitement of having an offer accepted for your dream home, you can easily lose track of the fact you are going to need to have some serious cash on hand to pay them. Many people make the mistake of only assuming they need the down payment money, and have to rush around town trying to come up with money for the closing fees. 

If you are buying a home, you need to get a professional home inspection. Doing so can reveal potential problems with the home that you wouldn’t otherwise notice. Problems can include things such as rot, termites, water leaks and a bevy of other issues. The time to do this is during escrow. Of course, that means you are also going to have to pay for the inspection. Depending on the size of the property, home inspections can run a few hundred dollars up to a few thousand. Make sure you have money set aside for the fees. 

Title insurance is something you absolutely must purchase when you buy any real property, a home, building, land or whatever. Title insurance protects both you and your lender. Title insurance is just what it sounds like. A title company will research the title of the home and essentially guarantee that the title is good. This means the seller actually owns the title and has the right to sell it to you. The title company will also make sure there aren’t any liens on the homes or other things that will cause you problems. Depending on the price of the home, title insurance can run you a couple of hundred dollars or up into the thousands. Again, it is important to find out the cost and budget for it.

Title insurance and a home inspection are two things you should absolutely have when purchasing a home. Just make sure you budget for them.

Sarah Miller offers real estate services in Bryan-College Station Real Estate. She is one of the RE/MAX Bryan-College Station realtors that has a long list of the finest real properties bryan tx, that any intending settler or buyer can choose from.

 

 

 

 

Being Comfortable With Your Home Purchase

Let's get down to brass tacks with the home buying process. You as a buyer are spending a lot of money and have the right to be comfortable and happy with your purchase right? Of course you do. So essentially the question is what needs to be done in order to ensure that this is so? Well, probably the most important things is communication. It's a good idea to remember that your realtor is there for more than simply helping with some contracts. Your realtor is your info source of information on anything that you might not know or be familiar with. The more you communicate with your realtor the smoother this process will be. 

Another way to ensure that you are completely happy with the home that you have bought is to never settle for anything less than what you need. This happens a lot when buyers are too eager to purchase quickly and in that quickness, things get overlooked. Remember that this is going to be your home, take the time to learn everything you can about the home in question. Does it have enough room for you and your family? Is there some extra room in case your family grows? Forward planning is an essential part of buying a home, and should never be overlooked. 

When everything is said and done you should be left feeling like you have made the most intelligent purchase of your life. You should also have a financial arrangement that fits your lifestyle and payment abilities. In order to make this happen you need to be in complete control of your financial life, you should have your credit completely sorted out and dealt with so that there are no bridges that have to be crossed in order to secure the necessary funds for the purchase. Follow the advice of your realtor and the process should be a lot more fun than it is stressful.

Sarah Miller offers real estate services in Bryan-College Station Real Estate. She is one of the RE/MAX Bryan-College Station realtors that has a long list of the finest real properties bryan tx, that any intending settler or buyer can choose from.

 

Before You Buy Your Apartment Complex…

Purchasing an apartment complex as an investment is a fantastic way to watch an asset single handedly generate thousands, even hundreds of thousands of dollars in a very short amount of time!

A popular investment strategy, especially for new investors, is to purchase a more run down, mismanaged apartment complex at high cap rates. The cap rate, or capitalization rate, is found by dividing the Net Operating Income by the Purchase Price. Properties that are low performing often sell their apartments at a higher cap rate because there is more of a risk associated with them.

These properties are in need of many changes in order to become a commercial property that is working at its maximum potential.

Before you purchase a large commercial apartment complex, you need to get certain information. This information is crucial to your assessment and evaluation of the property.

There are two states you need to understand regarding the property, the state it is in currently, and the state it will be in after you fix all the major problems.

When you first find or are introduced to a property, be sure to ask for the income and expense statements. A lot can be told from analyzing the numbers that are reported on a monthy, quarterly or yearly basis. You can even use them to see how the property has performed over time. You will be able to see gross rents, expenses, net operating income, and all the items in which income and expense fall under such as refrigerator rentals and pool maintenance, respectively. Use this tool as a way to project future income after raising rents, filling the vacancies, transferring all costs to the tenants, and making the community an overall enjoyable place to live.

You must know how many units are in the complex, and what condition they are in. You can see what condition they are in by checking a certain percentage of the total units and assume that most are in that condition. However, it is always better to check all the units so you know exactly what condition the apartments are in. This could be a basis for lowering the asking price if the units are in far worse condition than you originally thought.

The vacancy factor is an important one. When a property has many vacancies, like 20% and above, it is not performing well. If you can fill these vacancies, then your ability to turn the property around is much greater! You must view all working leases, and ask the current tenants to sign a paper to verify the leases that you were given by the owner or working manager. You would be surprised how many owners may try to decrease their vacancy factor by false leases, just to make their property more enticing. However, if you are fixing the property up, then the larger the vacancy, the more opportunity you have to increase value and find a profit!

In order to evaluate this property, you must divide the asking price by the number of units and see what the price is per unit. You can use this to compare other similar complexes in the area. You also want to know what they are charging as rent, and what type of leases the tenants have. If the rents are below market rents, then you have the ability to increase value there. If your tenants have a full service, or net-net lease, then you have an opportunity to change it to a triple net lease, where the tenants pay taxes, insurance and utilities. You can literally pass all the costs of running the apartment to the tenants. After all, they are the ones using the facilities. 

I am sure you can see the themes here. You want to identify areas where you can either increase or create value that was not there before. Be sure to get all the facts and numbers verified before you purchase your great investment. Be prepared to do some work to turn the place around. However, it will definitely pay off shortly when you use some simple tool, like increasing the rent and painting the exterior, making it a community where people want to live!

 Sarah Miller offers real estate services in Bryan-College Station Real Estate. She is one of the RE/MAX Bryan-College Station realtors that has a long list of the finest real properties bryan tx, that any intending settler or buyer can choose from.

 

Real Estate Sales – Should You Fix Up Your Home Before Listing It?

Yes, you should fix all of the obvious things you can.  When buyers visit homes, they look for the things they see that obviously need some fixing.  Most buyers would rather not see the repairs in front of them.  They want to buy a house that is in ‘perfect’ repair.
You should put yourself in the buyer’s shoes.  Think like a buyer.  Would you want to repair or fix up anything in your new home?  No, you would not.   While you are still in the buyer’s frame of mind, tour your house.  Make a list of all the things you see that need repair.
Here are eleven obvious things to look for and correction any defects:
1. Do your walls need a fresh coat of paint?
2. How about the trim?
3. Are all of your floors and carpets in good shape?  Do they need cleaning?
4. Are your windows and shades okay? Are the screens in good condition?
5. Do your appliances work properly?
6. Eliminate squeaks and cracks of all kinds.
7. Is your basement clean and organized?
8. Is your roof in good condition and non-leaking?
9. Check all faucets, fixtures and knobs.
10. Make your lights as bright as you can.
11. Clean the fireplace.
The time and effort you put into this list will save you money and aggravation in the sales process.  You can do these repairs yourself or hire someone else to do them for you.  The money you spend doing this will come back to you in savings.  Your house will show better and sell faster in tip-top shape.

   Sarah Miller offers real estate services in Bryan-College Station Real Estate. She is one of the RE/MAX Bryan-College Station realtors that has a long list of the finest real properties bryan tx, that any intending settler or buyer can choose from.

Real Estate Research By Talking

Real estate research might start with a look at the U.S. Census information about a town. It can include inspections of specific properties, too. There are many statical tools and information that can help, but don't forget one of the easiest and most useful research tools: talking. Let me explain with a true story.
My wife and I were on vacation, and stopped in Farmington, New Mexico for a few days. We were about to buy a house for a winter project. The plan was to fix it up and sell it in the spring for a profit.
Just prior to making an offer, we took a last walk-through. As the owner showed me around, my wife started to talk to the woman who was renting the home. She told Ana that half of the outlets in the home didn't work, as well as other useful information.
This got me thinking, and I went down to the basement for a second look at the wiring. Not only did the house likely need all new wiring, but I found a garden hose attached to a natural gas line. The owner shrugged and said, "You can just cut that off."
To this day, I don't know what that was about, but for these and other reasons, we didn't buy the house. It helps to talk to anyone you can when looking at a house or other real estate investment. Neighbors and renters are especially helpful.
Real Estate Research - Choosing a City
Talking to a lot of people isn't just useful for information on individual properties. It is also a great way to research a town. I once called the  Chamber of Commerce of Deming, New Mexico. The chairman's casually commented that the city was using up the water faster than the aquifer was being replenished. They had no back-up plan. This was enough for us to cross Deming off our list.
If you want to know about a town, use the phone first. Find any excuse to call anyone from a real estate agent to a random resident. Ask about crime, whether the local government welcomes new businesses, what the climate is like. Have houses been sitting for sale for a long time, or do they go fast? What are the good and bad things about the town?
Before we moved to Tucson, Arizona, part of our real estate research was to call people in potential towns to see if they owned a snow shovel. If so, we crossed the town off the list. Two places can both get 45 inches of snow per year, but in some it stays all winter, and in others it melts before noon. The snow shovel question told us the truth behind the statistics.
Once you're in a town, a good local bar can be a great place to do your research. After a beer, patrons will tell you what big employers are about to move in or out of the town, how fast homes are selling, whether there are gangs, and much more. Talking to people is a good way to do real estate research, but verify what you hear. People do sometimes exaggerate.

1.       Sarah Miller offers real estate services in Bryan-College Station Real Estate. She is one of the RE/MAX Bryan-College Station realtors that has a long list of the finest real properties bryan tx, that any intending settler or buyer can choose from.

Hire Your Own Agent To Buy A Home

Are you interested in buying a home? Is it about time that you move on from your current living situation? If so, you will be up against a tough market. Many buyers find it very difficult to find and buy a home for one reason or the next. If this happens to you, there is one thing that you should look into doing. Do you know what it is? Simply put, you should look into hiring a real estate agent to work on your behalf. Many people think that agents are only for sellers, but this is far from the truth. You can do yourself a lot of good buy hiring a real estate agent to work on your side.
The biggest benefit of working with a real estate agent when you are buying a home is that they are familiar with the market in a particular area. This means that they will be able to tell you when new homes open up, and also what you need to do in order to get the best deal. Generally speaking, a real estate agent can give you all of the help that you need. For many people who are not familiar with the real estate market this is a great idea.
Another benefit of hiring a real estate agent is that they can help you to negotiate the deal. Not only will you be able to ask them any questions that you have, but when you are ready to make an offer they can get in touch with the other agent in order to iron out the details. This sure beats having to do this on your own. When you leave things up to your real estate agent you can be rest assured that they know what they are doing, and are working on your behalf to get you a great deal.

As you can see, buyers can use real estate agents as well. You do not have to be selling your home in order to take advantage of what a real estate agent has to offer. So before you take on this process alone, look into what hiring a real estate agent can do for you. You may be surprised at all of the help you can get along the way.

Sarah Miller offers real estate services in Bryan-College Station Real Estate. She is one of theRE/MAX Bryan-College Station realtors that has a long list of the finest real properties bryan tx, that any intending settler or buyer can choose from.

Fixer Upper Or Not?

So you are in the market for a new home? With so many properties to choose from it is not always easy to decide on the one that will be best for you and your family. And to take this a step further, there are two types of homes that you could consider buying. You can either opt for a new home that is in good condition, or you can buy a fixer upper. Both of these options have pros and cons, and it is up to you to decide which one is best. The most important thing to remember is that you should not just into either purchase option unless you are 100 percent sure of yourself.
 The biggest benefit of a fixer upper is that you will be able to get a great deal on the home. When somebody is selling a fixer upper they never expect to get the full market value. They know that there is a lot of work to be done, and for this reason they are willing to cut you a good deal. If you are interested in saving money, or do not have a lot to spend, a fixer upper may be something that you want to considering. Saving money is not reason enough to buy a fixer upper, but it is a good place to start.
 One common mistake that a lot of people make is that they buy a fixer upper, but have no intentions on actually doing any work. This results in them living in a home that is in need of major repairs, but they do not actually want to help themselves in this capacity. If you are not totally committed to putting work into a home than a fixer upper is not right for you. You will need to make this decision from the start.
 Finally, when you buy a fixer upper you will be able to have full control over the repairs and renovations that you make to the home. A lot of people like this because it allows them to give the home a look and feel that they are comfortable with.  
 A home that is designated a fixer upper may or may not be right for you. Some people actively seek a home like this, whereas others do not want to touch a fixer upper with a ten foot pole. The choice is yours. Be sure to make it a good one!

Sarah Miller offers real estate services in Bryan-College Station Real Estate. She is one of the RE/MAX Bryan-College Station realtors that has a long list of the finest real properties bryan tx, that any intending settler or buyer can choose from.

Real Estate Investment in Buenos Aires: Buenos Aires, a one way trip

The city's charm adds to the convenient exchange rate that sets Buenos Aires as an ideal city for international tourism and furthermore, a mine for investment. The investment opportunities are multiple and the channels are open for independent developments: real estate, independent business, technology, importing, and many more.
An attractive road for foreign investors is within the real estate market. It is a realistic option both for small investors and big economic groups. The initial investment cost for a property is quite low and the return is surprisingly high, in short and long term basis. The cost of property and land is beginning to increase in Buenos Aires due to the high demand for permanent housing and short-term rental. There is in fact a deficit of apartments, what also explains the springing of loads of new developments that are.
The acquisition of a property carries along a series of implicit business opportunities apart from its personal use as a private residence: remodeling and resale, traditional rental, temporary rental, among others.
Short-term rentals is one of the most simple and feasible directions for small investors and most especially for those not currently residing in Buenos Aires. Alojargentina, other than selling properties and providing counseling in real estate, offers a full "Property Management" service. This consists in renting the property to tourists and companies following a short-term manner and in the property's maintenance according to each customer's particular needs.
Someone using this service from abroad, for example, can forget about taking care of the property since it can be left in the company's hands. It is a complete service that includes renting the apartment, the guest's full assistance, bills and taxes payment, property maintenance and coordination of any required repairs. The proposal anticipates the property owner's interest in being informed of what is going on with his/her apartment and this is why reports are sent regularly. Customers may choose between a full management or a temporary rent solely management.
Frequent visitors may have their property in Buenos Aires to enjoy during their trips and use it as an extra income source through temporary rent. So, purchasing an apartment in Buenos Aires is an opportunity for a double investment: generating short and long term profit added to having a vacation home in an evermore alluring destination as Buenos Aires.
The apartments apt to be offered for temporary rent have different characteristics but there are certain mandatory requirements such as full equipment, basic amenities and demanded location. The preferred neighborhoods are Recoleta, Downtown and Palermo, but guests often ask for Las Cañitas, Barrio Norte, Belgrano and Puerto Madero as well.
The Real Estate Sales area in Alojargentina specializes in this type of investment. The firm sells properties for personal use but mostly assists on temporary rent investment opportunities. It holds extensive experience in handling sales for foreign citizens and thus has the necessary know how in regards to processes, paperwork and requirements for non-resident buyers.

Contact or  refer to Sarah Miller’s page for more details.