DAILY NEWS NORFOLK
Friday, May 20, 2011
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NORFOLK DAILY NEWS, Friday, May 20, 2011
1 REASON NO.
FIRST-TIME HOMEBUYER
TIPS
Slash your tax bill Buyers can get big tax breaks from Uncle Sam
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or years, the federal FIND YOURSELF government A GOOD AGENT has considered it A good real estate agent makes a big difference with important for any home purchase, but Americans to own especially for a first-time homebuyer. houses. Home Look for an agent who is ownership helps not only well qualified and knowledgeable about the families build area you want to live in, but also one who is patient wealth, gives them a and takes the time to really safe and stable place get to know your needs. After all, an important role to stay, and creates of an agent — especially communities of for inexperienced buyers — is that of a teacher. stakeholders who pull together to REAL ESTATE meet each other’s GLOSSARY needs. BIWEEKLY MORTGAGE — A home loan that lets you make payments every two weeks, which can help you pay off your home faster over time. SURVEY — A map or drawing that shows the exact legal dimensions of a property. COLLATERAL — Property used to secure a loan. In the case of a mortgage, the home itself is the collateral.
Home ownership is so important, in fact, that the government does something exceptional to encourage people to own a house. It gives a big tax break. Generally, the interest someone pays on their home loan is deducted on their federal income tax filings. Depending on a person’s income and how much they deduct, the savings can be substantial. It’s another reason why owning a home is one of the greatest wealth-building tools a person can have.
COLOURS PHOTOGRAPHY
One advantage of purchasing a home is that the federal government allows most people to deduct the cost of home loan financing from their income, which can result in a big tax break.
TAX DEDUCTIONS
example, and pay $5,000 in mortgage interest, they would The United States Tax Code only pay taxes on $45,000 of uses a lot of big words — it’s one income. of the most complicated parts of That example may be overly our legal system, after all — but simplified, and you should conthe logic behind the mortgage sult a tax professional to see interest deduction is simple: If how it would impact your speyou’re working to pay off a cific situation. But’s safe to say home, the government wants to the mortgage interest tax deducgive you a financial break. tion is used by millions of For most people, interest paid Americans to reduce the on a home mortgage loan is amount of money they pay to deducted from their income so the IRS. It’s a powerful incentive that they pay taxes as if they to buy a home and one that earned less money. If someone first-time homebuyers need to makes $50,000 per year, for know about.
TAX FACTS:
• 42 million taxpayers in the United States claimed a deduction for real estate taxes in 2008, deducting a total of $172 billion. • The average taxpayer claiming the real estate tax deduction subtracted $4,090 from taxable income in 2008. • Therefore the average taxpayer saved $1,020 in taxes as a result of the real estate tax deduction.. • The total savings from the real estate tax deduction in the United States in 2008 was $43 billion.
SOURCE: REALTOR.COM
NORFOLK DAILY NEWS, Friday, May 20, 2011
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Get the best price when selling a home T
he housing market has not yet rebounded to prerecession prices, when buyers seemed to be stepping over one another to bid up the price of homes. Today’s sellers may be lucky to get asking price, with the reality being a certain percentage below. However, that doesn’t mean sellers should accept bottom-of-the-barrel offers. There are still ways to get the best price possible on an offered home. With sellers hoping to get the most possible for a home and buyers interested in spending the least, it’s sometimes a battle of wills when it comes to hashing out a confirmed price in the world of real estate. Sellers who wonder whether they’ll struggle to get a good offer can hedge their bets in the right direction by employing a few strategies. * What you see is what you get: It’s difficult to change first impressions. If a potential buyer pulls up to a home that doesn’t give them “warm and fuzzy” feelings immediately, it may be hard to eventually sway opinion of the home -- even if it’s pristine on the inside. Individuals do judge a book by its cover, which means that effort should be put into making a home’s exterior as appealing as possible. Landscaping should be neat and lush. There shouldn’t be any obstacles leading to the front of the home. Items that look in disrepair should be mended. Curb appeal does matter. * Use a real estate agent: Many people forgo this step, thinking they can sell their home just as well without an agent and not have to
buyers out there are not looking for “handyman specials.” They want a relatively turn-key property. Home shoppers may be more inclined to go closer to asking price if some of the bigger-ticket items are already completed. * Don’t be an open book: If a buyer knows that time is of the essence or the home is “priced to sell,” he or she may sense that desperation, almost guaranteeing a low-ball offer. Sellers shouldn’t let on too much about their reasons for selling or make it seem like they’ll be in dire straights if the home doesn’t sell quickly. Selling a home under duress is not likely to cause prospective buyers to pony up. * Don’t be afraid to counter-offer: A seller who is excited to get an offer Curb appeal is one factor that can help a home sell faster and for more money. on a home in a slow market, but feels the neighborhood, it may be seen as the offer is below value, should pay commission in the process. A definitely counter-offer. While the a red flag that’s best avoided. real estate agent is schooled in the buyer may not accept the counter, he * Give people what they want: process of negotiating the price of or she may make another offer that an offered home. In fact, the more a Buyers often prefer updated kitchens and bathrooms. Most is more to the seller’s liking. home’s selling price, the higher the agent’s profit. That’s incentive right there. Furthermore, agents know the average prices of similar homes and can help a seller price and market a property correctly. That may add up to a faster sale (and a better offer). * Price it competitively: Some sellers think the higher they price their home the more money they’ll get for it. The fact is, the longer an overpriced home sits on the market, the less appealing it will appear to buyers. Individuals looking for a home may repeatedly see the listing and wonder what’s wrong with the home. Even if it’s the best home in Chris Brummels Chris Sukup Brian Ickler Ben Loseke
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NORFOLK DAILY NEWS, Friday, May 20, 2011
2 REASON NO.
Pride of ownership
FIRST-TIME HOMEBUYER
TIPS MAKE SOME CHECKLISTS
Buying a home for the first time can be intimidating, but it’s much easier if you break it down into small parts. When shopping for a home, make a list of all the features you’re looking for. You can mark them off and keep track your favorite parts of all the different houses you see. And after you make an offer, work with your agent to make a checklist of all the steps you need to take before closing. Not only will it help you stay organized, but it also makes the whole process feel more doable.
REAL ESTATE
GLOSSARY PITI — Principal, interest, taxes and insurance. This refers to the entire house payment, which includes more than just the loan payment. EARNEST MONEY — A deposit made by the home buyer to prove they have serious interest in buying the home.
COLOURS PHOTOGRAPHY
Home feels better when it’s actually yours
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hey’re just three words, but they carry a lot of swagger. “It’s my house.”
own personal sanctuary, an oasis where they can let life’s troubles melt away. Any home can feel good, but it’s a far better feeling when the home actually belongs to you.
That simple phrase has come to mean so much more as Americans have adopted home ownership as a national dream. It’s what we strive for and how we set our goals, giving us a tremendous sense of accomplishment when we’re handed the keys to our very own home. We know it’s not just a piece of property. When someone buys a home, it becomes their
You can tell when you’re driving through a neighborhood with a lot of owner-occupied homes. They’re generally kept up better than neighborhoods with more rentals because people take pride in the property they own as opposed to property they’re temporarily leasing. Homeowners do simple repairs as they’re needed, not
THE PRIDE SHOWS
letting unsightly problems go long without being fixed. They keep their property neat and clean because it belongs to them and they have their own personal money at stake. They keep their lawn and landscaping in good shape so their home will leave a positive impression. That all helps a home’s value, but there’s also a deeper reason for it. It’s the intrinsic value people find in owning their own piece of America.
LIVING THE DREAM
Home ownership is as much about fulfilling dreams as it is about having a comfortable
place to spend time. When someone buys a home, they’re making real their hopes and aspirations. Whether someone wants to buy a simple, humble home for the first time, move into a nicer neighborhood or live in a palatial castle, buying a home represents a dream fulfilled. That’s another reason buying a home is so appealing. From first-time home buyers to people who want to simply upgrade to the home they’ve always wanted, one thing will always be the same: It’s a dream come true. And now is a great time to see your dreams become reality.
NORFOLK DAILY NEWS, Friday, May 20, 2011
Downsizing a home W
hen a person comes to a certain age and the children move out and on with their own lives, a home may become too big for its occupants. At this point, residents may feel it’s time to downsize to a smaller home. Downsizing can be exciting and challenging at the same time. Going through and packing belongings can be a trip down memory lane. But chances are a smaller space will mean that a person will have to part with a number of his belongings collected over time. To make the process easier, first assess how much space there will be in the new home. Many times floor plans or room dimensions are available. First measure large items, such as furniture, to be sure it will fit in the rooms. Then think about storage possibilities. Next, make a running list of what items can be discarded and where those items will go. Some belongings
can be donated to charity, while others may be given to family and friends. Many other things could end up in the trash or recycling bins. Knowing where things will go will make them easier to sort. For those doing a major clean-out of the home, it could be efficient to hire a dumpster to be placed on-site. This way, larger bulk items can simply be tossed inside. Some municipalities restrict what can be placed in the regular trash or how much garbage can be collected, so this alleviates the stress of dealing with excess trash. When actually beginning to get rid of things, start with the areas that receive the least amount of use. Belongings stored in the attic or basement may be simply taking up space and hold less sentimental value. People can then work their way toward items that are used on a regular basis. Duplicates of things can be donated. It can be cathartic
A bulk dumpster can be convenient when thinning out belongings due to downsizing.
to clear out clutter and get ready to start anew. Some people find they have to downsize because of financial reasons. In these cases, thinning out
belongings can also be a way to earn a few extra bucks. Selling or auctioning off seldom used items may produce a little extra cash that can help finance moving expenses or even bills.
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NORFOLK DAILY NEWS, Friday, May 20, 2011
3 REASON NO.
Make it your own Owning a home gives you freedom
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o matter what your lifestyle or what you do for a living, your life ultimately revolves around your home. It’s the place you wake up in the morning and the place you go to bed at night. It’s where you make memories, have fun with your hobbies, eat meals, relax with friends and can simply be yourself.
FIRST-TIME HOMEBUYER
TIPS PRE-QUALIFY FOR A LOAN
Before you start shopping for houses, it’s a good idea to pre-qualify for a loan. This will let you know what price range you should shop in, and it tells sellers that you’re serious about your offer. It can also help speed up the process once you decide to buy a home.
That’s why it’s so important to make your home a reflection of yourself, both in function and style. There are as many homes as there are people, and finding the right home — then customizing it to meet your own personal needs — is one of the best ways to improve the way you live.
REAL ESTATE
GLOSSARY DISCOUNT POINTS — Essentially this is pre-paid interest, allowing the borrower to obtain a lower interest rate by paying an up-front fee. Often shortened to “points.”
FIND YOUR STYLE
PMI — Private mortgage insurance. It protects lenders if a borrower defaults on their loan. APPRAISAL — Written proof of how much your home is worth. It’s generally based on what similar homes are selling for in nearby areas. TITLE — The legal document that shows who owns a property. COLOURS PHOTOGRAPHY
A home isn’t just a few walls and a ceiling. It’s a unique reflection of who you are as a human. It can vary from wild and ostentatious to humble and cozy, and decorating your house to fit your personality is a great way to let yourself shine. It tells people who you are and how you like to live, from simple to extravagant. When you own a home, you have a lot more flexibility with how it looks. You don’t have to ask a landlord for permission to change the wall color, for example. You just pick up a paintbrush and paint your dining room red. Or orange.
Or beige. Or, really, whatever the heck you want. It’s your house, and it can be designed to match who you are.
ON YOUR TERMS
Not only does buying a house give you more control over the decorations and style, but it also lets you find the perfect size, location and layout to meet your lifestyle. Have a big family? You can buy a home with lots of bedrooms and a big back yard. Love big-city living? You can find a modern loft close to the city center, near all the action. Like quiet and solitude? You can find a country cottage at the end of a gravel road. However you like to live, you can buy a house that fits your needs. And with more houses on the market at better prices today, you can be sure to find the place that makes spending time at home more enjoyable than ever before.
NORFOLK DAILY NEWS, Friday, May 20, 2011
4 REASON NO.
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Paying yourself It’s a big piggy bank
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here are a lot of reasons someone might want to become a landlord — they would rather own real estate than stocks, or they know how to do handyman work — but at the top of the list is always making a profit.
FIRST-TIME HOMEBUYER
TIPS CHECK YOUR CREDIT SCORE
Your credit score can make a big difference in what kind of interest rate you’ll pay on your home loan — or if you can qualify for a loan at all.
That’s not a bad thing, but it does rely on renters to help pay for that profit. The landlord doesn’t just have to make enough money to cover the property, repairs, and any loans to pay for it, but also make enough profit from collecting rent to make it worth their trouble. Still, renters don’t always have to help their landlord get rich. When someone buys their own house, they’re helping themselves profit instead of helping a landlord.
It’s important to know your credit score up front. Not only will it help you know what to expect when shopping for a mortgage, it can also alert you to potential problems. Credit reports aren’t always accurate, so getting a copy of your report early in the buying process will give you time to iron out any issues that you might uncover along the way.
GLOSSARY LOCK IN — An agreement for a lender to offer an interest rate for a certain period of time. Buyers can pay lenders a fee to lock in a rate that they see as favorable. CLEAR TITLE — A title that is free of legal questions or liens on the property. COLOURS PHOTOGRAPHY
GET CASH OUT
Sometimes emergencies arise that force people to dip into their savings. If someone has built up equity in their house, that’s one more place they can turn for the money without raiding their retirement fund. In most states, home equity loans help people who need to tap into that money, so making extra Equity is the difference between what you owe on a principal payments on a property and what it is actu- home can actually build a financial safety net. It’s defially worth. Over time, as nitely a savings incentive — homeowners make their it won’t be as easy to spend house payments and build and waste as money sitting up equity, that can amount in a checking account — but to a sizable pile of cash. it will be there if you ever They owe less and less on a need it down the road. house that is worth more If you haven’t already and more. For some people, building started building equity by owning a home, now is the equity in a house is an time to begin. The earlier important part of their you start, the more equity retirement plan. They may you can build up over time. choose to pay off the house As they say, time is entirely, or they may sell it and use the proceeds to help money.
BUILD UP EQUITY
REAL ESTATE
fund their golden years. In any case, financial planners say buying a house is a smart idea for people who want to build wealth over the long run.
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NORFOLK DAILY NEWS, Friday, May 20, 2011
5 REASON NO.
Low interest rates
FIRST-TIME HOMEBUYER
TIPS FIND A GREAT INSPECTOR
Every home someone purchases — even one that’s brand new — ought to be inspected by a qualified, experienced home inspector. The best inspectors are extremely thorough. They’ll find every little problem with the home, which is vital to know up front. Buyers need to be aware of these things before making their final decision. A good inspection will let you know exactly what to expect down the road. It’s money well spent.
REAL ESTATE
GLOSSARY AMORTIZATION SCHEDULE — A table that shows how your loan balance changes over the life of your mortgage. If you want to know what you’ll owe on the home after 10 years of making payments, the amortization schedule will show you. ESCROW — An account that can be used to pay property taxes and insurance premiums.
COLOURS PHOTOGRAPHY
U.S. keeping rates low to spur home buying
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fraction of a percent may not sound like a lot, but when you’re financing a home over 30 years — and sometimes longer — that change in interest rates can have a huge impact on how much you pay for the home over time. That’s why today’s interest rates make buying a home so attractive.
Years ago, it wasn’t uncommon for people to pay doubledigit interest on their home loans, which pushed their monthly payments higher and made it harder for many people to afford a home. Those high rates also meant buyers would pay a fortune in interest fees over the life of the loan.
GOVERNMENT PUSH
One reason today’s interest rates are so low is that Uncle Sam wants it that way. The United States government believes keeping mortgage rates low will encourage more people to buy homes and help drive economic growth. With that in mind, the Federal Reserve began purchasing U.S. treasuries to keep
mortgage rates at historic lows. It was an unusual step that may sound complicated, but the end result is simple: It’s cheaper for you to borrow money to buy a house today. No one knows how long the government will keep intervening to keep rates artificially low, though. That’s another reason why now is the perfect time for people to buy a home.
major bargain compared to the historically high rates of the past. Interest can also make a major difference in how much you’ll pay over the life of your loan. Think of it this way: If you borrow $200,000 on a 30-year loan, you’ll pay nearly $150,000 less in interest payments with a 6-percent loan than with a 9percent loan. That 3-percent difference may not sound like much, but it sure changes how much you’ll pay to the bank over the whole 30 years. Interest rates constantly flucIf you want to see the differtuate, sometimes changing sev- ence for yourself, search for eral times in just one day. But “loan amortization calculator” when you look at it over the on the Internet. You’ll find lots long term, today’s interest rates of Web sites that can help you are near record-low levels that crunch the numbers for your simply can’t be ignored. Buyers situation, and you’d be amazed who lock in mortgage rates at what a difference that interest today’s levels are getting a figure can make.
LONG-TERM PERSPECTIVE
NORFOLK DAILY NEWS, Friday, May 20, 2011
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How to Find the Right Real Estate Agent B
uying a home is often a difficult thing to do. The stress of making such a big financial commitment is a struggle for many home buyers, whether they have purchased a home in the past or are doing so for the first time. One way to make the process a lot less anxiety-ridden is to work with a real estate agent you can trust. Those who have previously purchased a home might already have a strong relationship with a real estate agent. But for those moving out of their current location or buying for the first time, finding the right real estate agent requires some effort. Those in the market for an agent to help navigate the home buying process should consider the following tips. * Find a buyer’s agent. Real estate agents are often affiliated with sellers instead of buyer’s. This means their primary goal is to help the seller and not the buyer. When shopping around for a real estate agent, ask companies about their buyer’s agents. Buyers should always have someone with their interests in mind, and not the interests of the sellers. * Find an agent first, then a property. Many times homes remain listed online or in “home for sale” brochures even if they are under contract or sold. These homes are often luxurious and appealing to a wide array of prospective buyers, and some agencies use them to attract customers. While this isn’t a typical bait and switch, it is a way real estate agencies get customers in the
door. It is important to find a real estate agent before looking through home listings. This allows the buyer to choose their agent based on merit and not due to the potentially glitzy houses he or she may have listed previously. * Find someone with a track record. Real estate can be an exciting and financially rewarding industry in which to work. As a result, lots of people want to be real estate agents, even though few succeed and last a long time. When interviewing real estate agents, inquire about their history in the business. A more experienced agent will make things far less stressful and easier, and a long career indicates they are good at what they do. A real estate agent with a long history in the business will likely be a full-time agent as well. Prospective buyers should look for a fulltime agent, which is not as common as some buyers might think. Many agents work part-time, and buyers could receive less attention as a result. * Don’t place too much emphasis on agency size. Real estate agencies come in all shapes and sizes. When it comes to ability, the size of the agency should not factor in. A smaller independent agency can be just as qualified and reliable as one of the major franchise agencies. Buyers who find someone they trust should go with that person, regardless of how big or small their
Finding a trustworthy and experienced real estate agent can help make the process of buying a home much less stressful.
agency is. * Get a referral. Friends and family members who have been through the buying process before might be great resources. Buyers looking in “Town X” who have friends or family already living there should consult those friends
or family and ask for any agent referrals. Those relocating because of work should ask their company to refer an agent. Chances are companies have relocated employees in the past and might have a strong relationship with an agency in town
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NORFOLK DAILY NEWS, Friday, May 20, 2011
6 REASON NO.
FIRST-TIME HOMEBUYER
TIPS WHAT YOU CAN AFFORD?
This is a decision that needs to be made up front, and there’s no easy answer. Mortgage companies can tell you what kind of loan you qualify for, but that’s only part of the decision. You also need to look at your personal budget and what kind of lifestyle you want to live. Be sure you include expenses like homeowner’s insurance and property taxes in the planning process.
REAL ESTATE
GLOSSARY REALTOR — A member of the National Association of REALTORS. Not all real estate agents are REALTORS. PROMISSORY NOTE — A written promise to repay a loan over a certain period of time. Often shortened to “note.” JUMBO LOAN — Any loan over $227,150, which is the top limit for Fannie Mae and Freddie Mac loans. Sometimes called a nonconforming loan.
Putting down roots Owning a home provides a sense of stability
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enting can work for some people, like those who move around frequently from place to place.
But when you’re ready to settle down, whether to raise a family or just have a nice place you can call home, nothing beats owning a house. There’s a sense of permanence you get when you own a home, one you just can’t find in an apartment or duplex, where moving trucks mark the coming and going of neighbors on a regular basis.
RAISING A FAMILY
It’s important for children to have a place of their own — complete with room to explore as they learn and grow — and the best way to provide that kind of longterm stability is to purchase a home that meets your family’s wants and needs. A home isn’t just a place to keep you warm and dry. It’s the place your children will make most of their memories as they grow up, enjoying the holidays and spending time together as a family. It’s a place they’ll always remember. And because today’s real estate market offers more homes at lower prices, now is the perfect time for young families to buy their piece of the American dream.
COLOURS PHOTOGRAPHY
KNOWING YOUR NEIGHBORS
those neighborhood bonds when your neighbors are always moving? If you own a house in a safe, Hosting a neighborhood barstable neighborhood, you becue is a right of passage for develop close bonds with the many American families. The people who live around you, sound of laughter, the smoky the folks who share your intersmell of meat on the grill, and ests and are always happy to the warm smile of a longtime help you out when needed. friend can make your backyard Putting down roots is a great feel like heaven. way to forge friendships that But how can you develop
last a lifetime. It would be heartbreaking to lose those close connections if you’re forced to move at the whim of a landlord, or your rent is raised so much that your home is no longer affordable over the long term. It’s another reason that finding the right house in the perfect neighborhood is a smart idea right now.
NORFOLK DAILY NEWS, Friday, May 20, 2011
7 REASON NO.
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It’s a buyer’s market
FIRST-TIME HOMEBUYER
TIPS EDUCATE YOURSELF
Before you start the home-buying process — and as you’re going though it — it’s important to do your homework. You need to know a lot of different things, like what types of loans are available, what to look for in potential neighborhoods, and the definition of lots of real estate terms. The Internet has both solid information and some misleading Web sites, but a good agent can help you shorten the learning curve.
REAL ESTATE
GLOSSARY HUD-1 STATEMENT — A document that provides an itemized list of all the funds that are paid at closing. It’s a standard form that spells out exactly what you’re paying for at the closing table. PREPAYMENT — Money paid to reduce the balance on a loan before it’s due. This can save you a lot of money over the long haul, but you need to know whether your loan has a “prepayment penalty.”
COLOURS PHOTOGRAPHY
More choices, better deals to be found
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t’s no secret that the real estate market has slowed down in recent years. Houses aren’t selling as quickly as they did in the white-hot market several years ago, which means people who are selling their houses today have to work harder than ever to make a deal.
And that’s a great thing for buyers. Overheated real estate markets, like we saw a few years ago, result in too many people shopping for too few houses. That drives up prices as multiple buyers make bids on homes and sellers hold out for the very top dollar. In today’s market, though, there are a lot more bargains to be found. Sellers have to price their homes more aggressively, making now the perfect time for smart buyers to get a great deal.
BUY LOW, SELL HIGH
When someone invests in the stock market, they’re advised to “buy low and sell high.” This means to buy
stocks when their prices are depressed and sell when their prices have risen, and the same advice could apply to purchasing a house. To be clear, housing hasn’t been as historically risky as the stock market over the long run, and there are a lot of reasons to buy a house other than to make money when you sell. A home is truly a home, not just a line on your investment sheet. But if you want to make money on your home over time, it makes sense to buy at a time when the prices have decreased rather than when they’re at their peak.
MORE CHOICES TO PICK FROM
If you tried to buy a home
several years ago but struggled to find the perfect place — or couldn’t afford what you really wanted — you might be pleasantly surprised by today’s market. There are more homes for sale at better prices today, making it the perfect time for picky buyers. If your dream home was just out of your price range a few years ago, for example, you might find it’s become affordable for you today. Neighborhoods that were out of reach could actually be attainable now. That’s the great thing about shopping in a buyer’s market. Sellers are more willing to negotiate, and buyers have more options to pick from. And in real estate, like so many other things in life, timing is everything.
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NORFOLK DAILY NEWS, Friday, May 20, 2011
Learn the Basics of Home Warranties B
and structure from top to bottom before signing on the dotted line, a home inspector cannot foresee everything that may crop up after a person moves into a home. “When my home inspector reviewed the property he found only minor things that needed attention,” says Jeannine in New Jersey. “After I moved in, we shortly learned that the crawl space had flooding issues that would require a lot of money to fix
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uying a home is arguably one of the largest purchases a person will make. It can also be one of the most stressful. Individuals take quite a financial leap when buying a home. Even after careful consideration of funds and budgeting, it’s easy to become overextended. A home warranty can take some of the bite out of unexpected expenses. Although home buyers are urged to hire an inspector and check a property
marcinelson@fnni.com | 402.371.1500 | 1500 MARKET LANE • NORFOLK
Member FDIC
properly.” Home warranties can be a smart investment that take some of the financial pressure off of new homeowners. They can also be negotiated into the sale terms of the home so that the seller is responsible for providing the warranty to the new buyer. Home warranties do not negate the need for homeowner’s insurance, but they can add protection against large monetary pay-outs to repair many items around the house. Policies may differ as to specific coverage, but most home warranties will cover major systems of the home, such as heating/ cooling, plumbing, electrical, as well as certain appliances. To decide if a warranty is the right investment, home buyers should consider the following: * Home warranties are only as good as the company backing them. Careful investigation into the trustworthiness of the warranty company and its track record should be completed. * Read the fine print of the warranty. Learn what exclusions exist,
which may not make the warranty practical. * Keep in mind that the warranty company reserves the right to determine if a repair or replacement is adequate in a claim situation. * In general, warranty companies work with their own set of contractors. This means a homeowner may not be able to hire his or her own preferred contractors to do work. * There may be a deductible or a fee charged prior to having a technician assess a repair situation. * The warranty company may require inspection of the house to be sure items are in good working order before offering a plan. * If a warranty is offered through a home seller, there may be no negotiation on the coverage or company used. Home buyers should keep in mind that there are many unforseen expenses that can arise when purchasing a new home. Having some additional protection, such as a home warranty, could mean saving money on repairs.
7.
#1 Realtor at Coldwell Banker Dover Realtors for 2009 & 2010
6.
2011 International President’s Elite member of Coldwell Banker, the top 1% of all Coldwell Banker a gent s worldwide.
5. Consistently in the top 5 Coldwell Banker sales associates in the state of Nebraska.
4. Premier real estate website for the Norfolk area. The first local website to include an interactive map of all MLS listings. www.SteveOsbornRealtor.com
3. Over 400 buyers and sellers helped in the past few years. 2. Multi-million dollar producer for 5 years, associate broker and accredited buyer’s representative. OF THAT MATTERS! The most important reason is the assurance 1. NONE of working with a Realtor who will help YOU with buying or selling
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your home in an honest, trustworthy and professional manner. Let’s Get Started. Call me today.
STEVE OSBORN , Associate Broker, ABR
402-750-0717
DOVER REALTORS®
www.SteveOsbornRealtor.com
76087