We all want our homes to look appealing to make visitors take a second look; but where do you spend your money to increase value And look good And stand out?
1.An updated kitchen. Kitchens are critical because people want lots of workspace to cook and socialize. Buyers look for solid surface counters, updated appliances and high-quality flooring, such as wood, laminate, tile or stone. It also doesn't hurt if it opens onto another room; families are looking for openness to communicate. It won't hurt if you have a picturesque window or several windows to allow light in. Will it sell faster, Yes!
2.Natural materials. People are looking for ceramic tile, hardwood floors, and granite. In floor coverings -- especially bathrooms or kitchens -- look for ceramic tile or wood rather than linoleum, which can become worn and tear. In the rest of the house choose wood or laminate products over wall-to-wall carpeting.
3.Curb appeal. First impressions are everything. There is nothing better than pulling up to a home with a manicured lawn and a splash of color. A house that appears tidy and well-cared-for will sell more quickly and for more money. A good first appearance can add as much as 10 percent to the value of the home.
4.Basement. A finished basement adds more value simply because of the space. People love the fact that they can "go somewhere and hide" or have that man-cave; and many parents love a place where teenagers can be in another part of the home, not seen or heard!
5.Lots of storage. Nothing beats an oversized garage, some attic space and plenty of closets. If you have a two-car garage you are in the forefront for "SOLD"; do you have extra space for those things we all have -- bicycles, lawn mower, snow blower and just extra junk? No matter if you're single or married, Space is important.
Now on the flip side, contrary to what many people believe there are things that can alter your property value;
* A pool. Pools in most parts of the country don't automatically raise the value of your home; It's constant upkeep, they get cracks, when the equipment goes down it's expensive to replace and the liability is high
* Outdated appliances or systems. Who wants an electrical system or plumbing system incapable of handling modern conveniences?
* Stale or overly personal decor. Sure, red is a hot wall color right now but a complete red room? It won't appeal to everyone. Most home sellers will change the colors to something muted but then you have those who want to remain purple and electric green for the sake of individual design.
I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont
Saturday, September 10, 2011
The Biggest Mortgage Blunders That Can Derail Your Game Plan
So you want a mortgage loan but you don’t have a plan? One of the first blunders that are damaging to everyone is not thinking about your future plans. The things you do today could have a great impact on acquiring a mortgage loan next year or even 5 years down the road. Here is a list of some common mortgage blunders that could derail your game plan.
1.Co-signing On Someone Else's Loan
You could become a great friend or even a hero to someone by doing this. Before you do, ask yourself. Are you willing to assume that liability? Are you willing to forego getting your own home to co-sign? Those could be the ramifications.
2.Making Late Payments
Late payments tell a story to the next creditor; will you pay their loan on time? It’s very difficult to qualify for the best terms and rates if you have late payments. It may even keep you from qualifying at all. It might seem unnecessary to say, but always pay on time and when you can’t, call to ask for extra time.
3.Over Using Credit Cards
Yes credit cards are convenient, but if the balances are not kept low or paid off it may make getting the best rates and terms on your loan more difficult. And if you’re thinking about applying for a loan soon, do not take on new debt. Whenever you apply for new credit, you're seen as a greater credit risk, at least initially. If you happen to apply for a credit card or auto loan around the same time you apply for a mortgage, your credit score might get dinged enough to kill your eligibility or bump up your interest rate.
4.Underestimating Your Total Housing Payment
A mortgage payment consists of principal, interest, taxes, and insurance (The PITI). A common mistake made by prospective home buyers is not factoring in the property taxes, HOA fees and insurance premium into the overall mortgage budget.
5.Not Shopping Around
Just because you're pre-approved with one bank doesn't mean you need to obtain financing from them. Be sure to shop around with multiple banks and lenders and even consider a mortgage broker. A broker can shop your rate with a number of banks concurrently and find you the lowest rate with the best terms. Comparison shop just like you would for anything else you buy.
6.Choosing a Lender Based on Their Low Rate
Your mortgage rate is an important factor with your loan. Remember that it is only one of several factors. You also need to keep in mind the APR and the fees.
There are many factors to consider when applying for a mortgage. Take your time and seek the best advice possible from both your realtor and loan officer.
Thursday, September 8, 2011
Are You Ready To Buy A Foreclosure?
Buying a foreclosure can become a dream bargain or a money pit but how do you really know you’re getting a good deal? Before buying any foreclosed property you should always have the property inspected. Keep in mind; the potential financial rewards of buying a foreclosure don't come without their share of hard work and headaches.
You’re probably going to encounter some difficulties with a foreclosure, but if you’re prepared and know what you’re about to deal with you’ll be in a better position to conquer with ease.
Common Problems with the Property
In most cases you’ll find the house is often poorly maintained - after all, if the owner can't make the payments, he or she is likely falling behind on paying for regular upkeep as well.
In addition, some people who are forced into foreclosure are embittered by their situations and take out their frustrations on their home before the bank repossesses. This often involves removing appliances and fixtures, and sometimes even outright vandalism.
After the homeowners leave, foreclosures sit abandoned for a long while, often inviting criminal activity and more damage to the home.
Compounded Problems
Are there any leaks that seem like an easy fix? Well a small leak under the kitchen sink or in the roof can lead to a mold problem and significant water damage. With no one around to take care of those small problems, they become big problems and as time goes by, they become disasters.
Foreclosed properties are notoriously dirty because of the time the home remained empty and dusty. When the place is locked up with no air circulating for months, built-up dirt can cause the entire home to smell.
Depending on the climate where the home is located, the lawn and landscaping has probably become totally dead and extremely overgrown; this can lead to snakes and rodents, whom love to live in overgrown brush.
The bottom line is there is always money to be made with foreclosures. But you must look at the fundamentals first to see if it’s worth your time; remember what I said about the hard work and headaches? This is a given but for those buyers with clear objectives and goals, the rewards are paved in dollars and cents.
I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont
Tuesday, September 6, 2011
TIPS ON HOW TO KEEP YOUR CREDIT REPORT SCORE HIGH
Were you aware that your credit report score is what will either make you or break you when you apply for a loan or credit card? And this is just a plain fact. The fact is the majority of companies that give credit use it to determine if you get your loan or not.
These tips contained in this article will give you a good idea of how your credit score can work for you or against you.
When you are first starting out in the world of credit it can be a Catch 22 for you. If you have no credit history your credit score will be low. Therefore when you first apply for a loan the chances are you may be turned down.
However, there is a way to build up your credit score. Once you have gainful employment you can go to a consumer store and purchase a low dollar ticket item of several hundred dollars. Your monthly terms will be low but take the time to make your payments on time over 6 to 8 months.
By doing so this will factor into your credit report score when you go back to apply for a larger dollar amount on credit. Once you show you have been on the job and made your payments on time your overall credit report score will move up.
What can cause your credit score to go down?
1. Debt To Income Ratio
This means you have obligated yourself to pay back a high amount of your salary to monthly obligations. Let's say your monthly income is $2000 and your monthly pay out is $1700 in obligated debt. Your debt percentage is 70% of your income. Not a good idea!
2. Slow Payments
Once your payment becomes 30 days late it is reported to the credit bureau. Even one late payment will lower your score.
Where this really becomes a threat to your credit score is when you don't catch up the payment. The only way you can do that is to pay the late one and the very next one on time.
If you don't do this the 30 day late payment will increase in number and each time it shows late it lowers your score.
3. Repossessions and Foreclosures
If you have a car, furniture or any other item foreclosed on this will go on your credit report for 7 years. It will continue to keep your score lower because of them.
This list could go on and on, but let's look how you can keep your score up.
It is important for you make your payments on time. A continuous record of on time payments will continue to drive your score up. The longer you have a good record the higher your credit report score will be.
The higher your score, the more likely the chances of you being able to buy a good home, a high priced car and other toys on credit. However, just because you have the ability to do so does not mean it's a good idea to rush out there and do so.
To be straight forward about it there are many things which factor into your credit score being high or low. However, when you apply common sense to your credit worthiness you have an excellent chance of keep your credit report score high.
Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont
Saturday, September 3, 2011
Are You Sure You Want To Do A Debt Loan Consolidation?
Do you have more than $10,000 in unsecured credit card debt? Perhaps you also have more than $ 30,000 to $50,000 in secured debt such as cars, boats, recreational vehicle to name just a few. On top of that you have your mortgage payment and student loans. Are you thinking it's time to do a debt consolidation loan? This article will give you some ideas which may help you make your decision.
One of the most stressful events in your life and your family's life is finding yourself buried in debt. Recent studies have shown that more than 60% of divorces filed are caused by a crippling debt situation. In many of the cases the stress has led to domestic violence or worse.
Because of these financial problems many marriage councilors have referring their clients to professional financial debt consolidation councilors. Hopefully, by doing so those couples will have a cooling off period before the final decision is made on a divorce.
One of the things a professional debt councilor will do is compile a complete analysis on every bit of your financial obligations. Your responsibility will be to ensure you provide them with every single detail about the money you owe. There is a good chance they will even want a complete breakdown of every penny you spend and where.
Don't be surprised when your councilor keeps digging and digging until they have every scrap of information they can drag from you. Once your debt loan consolidation councilor has that, they will then do a calculation of the total debt with interest. Finally they will compare what your total repayment will be; verses a consolidation loan of all the money you owe.
In certain cases after the full evaluation of your debt problems your advisor may determine that a consolidation loan won’t do you any good. This involves taking into consideration your ability to repay all your debts, plus the accumulated interest.
This being the case your councilor may well recommend bankruptcy in lieu of loan consolidation.
However, in the event they feel you are candidates for a complete consolidation of your cash obligations, that that is when the real work starts. Either you or your councilor will contact all of your debtors to determine what the pay off amount and how long they are going to allow to you to pay it off. By doing this you will know to the penny how much of a loan you will need.
Don't be surprised if the credit card companies offer to lower your interest rate. It’s much better for them if you don’t repay the bill in full. It also will give you a bit of an opportunity, to be able to keep the credit card, at a much lower interest rate.
If you should decide to work with the credit card companies, in lieu of consolidating your money problems, you need to do your due diligence. Make certain you have the deal they offer you in writing and you know precisely what it means. If not you could be in worse trouble than when you started.
As you can see there is much to be considered before you make the final decision about how you are going to solve your current money obligations. A debt loan consolidation may take care of it now, but what happens down the road if you haven’t learned how to control your debt responsibly.
I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont
Master-Planned Communities For Active Adults-Not Your Typical Subdivision Anymore
Retirement living is changing drastically – these days you're more likely to see residents zooming by on motorized golf carts and jogging that 3rd mile, than chugging along in a push wheelchair. This is not your grandmother’s retirement community.
Many of these master planned retirement communities are age-restricted and often located near metropolitan areas or nearby suburbs. The minimum age is typically 55, with one member of the household qualifying. Some communities restrict ownership to those who are age 62 and older, and all occupants must be at least 62. Many are gated and private.
Living in Style - Amenities
How do you know if you're in a Master-Planned Community or simply a typical subdivision? Generally, they are distinguished by the tremendous number of amenities and conveniences;
• Club House
• 18-Hole Golf Courses
• Libraries
• Fitness Centers
• Swimming Pools and Spas
• Arts & Crafts Centers
• Billiards and Card Rooms
• Tennis Courts
• Basketball Courts
• Continuing Education Classrooms
• Hiking & Biking Trails
• High-Tech Media Centers
• Banquet and Ballrooms
The list is endless; it’s like an on-going vacation that never ends.
So why would you move out of a perfectly comfortable home that has served you well and into a retirement community filled with strangers? Just think of all the benefits waiting for you.
• Single-story living.
One level means those facing troubled knees or aching bones aren't forced to climb stairs.
• Birds of a feather.
Your neighbors are unlikely to be screaming teenagers on skateboards; they are people just like you.
• Little or no yard maintenance.
The homeowner association mows lawns, waters gardens, trims trees, sweeps walks and, in areas where it's needed, provides snow and ice removal.
• Resort living.
Fun-filled activities are located within walking distance or an easy commute. All fees are included.
• Mix work with play.
Many of today's seniors are not ready to live a life of 100% leisure and want to continue working or perhaps start a new career. Homes in retirement communities generally include an office, den or separate workspace.
It's also all the intangibles like human services, religious diversity, community spirit, healthcare and lifelong learning that are the cornerstones of these master planned retirement communities.
When choosing where you will retire, ask yourself, what type of life do I envision?
I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont
Thursday, September 1, 2011
Qualifying For A Mortgage With Unconventional Income
Not everyone makes money the conventional way. Some people have sporadic sources of income but which sources of income will a lender use to qualify you for a mortgage?
Lenders will review all sources of income, but typically use only sources that are expected to continue on a steady basis.
They will distinguish between sporadic or occasional sources of income, and stable, regularly scheduled income. Borrowers can document supplemental sources of income by providing copies of bank statements showing deposits of amounts claimed, tax returns, and payroll/deposit stubs from employers.
There are special rules that apply to certain types of income, and these exceptions are reviewed case by case;
• Trust Income. If the trust is irrevocable and guarantees a payout for three years after closing, the income may be used. The borrower must provide a copy of the trust agreement and proof of two years of continuous payments.
• Social Security, disability and public assistance. This income must be verified as nontaxable. You’ll be required to provide documentation and tax returns. The borrower must also show proof that these payments are likely to continue.
• Unemployment income. Some lenders will allow this income to be used, if you can show you’re a seasonal worker. You’ll have to show that you have been receiving this type of income for the past two years. Proof is imperative, so you’ll have to show records of payments received.
• Notes receivable. If you hold a note and are collecting interest for a minimum of two years previous and will continue to collect this interest going forward, the interest may be added in as income. This doesn’t include a personal loan where your sister, for example, owes you $10,000 and pays you $100 per month.
• Rental income. You will have to show the lease that the tenant has signed as well as documented proof of the rental income, such as bank statements. Only 75% of rental income can be used towards qualifying a borrower for a mortgage.
The key factor for lenders to determine your income eligible for use in prequalifying you is continuity. Do you have continuous and reliable income that can be used to repay your mortgage? You can also include salary and/or wages from full and part time permanent jobs and employer paid bonuses that are paid on a predictable, periodic basis.
Those borrowers who are qualifying for a mortgage loan should pay special attention to the sources of income you use because it can help you understand how much you can really afford to pay for a home.
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