Feb 21, 2014 | Homebuyer Tips
If you enjoy history and fixing things, then it may be hard to drive by historic homes for sale without feeling the urge to buy one and fix it up.
Before you do, you need learn the three R’s of fixing up historic homes and the differences between them.
The three R’s of fixing up historic homes are restoration, renovation and repair. Some of the differences are minor, but they can make all the difference in cost, time and problems.
Restoration
“Restoration” literally means returning something to its original state.
Restoring historic homes for sale involve city and state programs. It’s essential that you check to see if the home is listed on the National Register of Historic Places (NRHP) or if it’s located in a historic district.
If either of these is the case, there is a specific set of rules that you must follow while renovating.
Cost: Restoration is not a cheap endeavor. For a home to keep its historic value, the materials used need to match the original materials, including furnishings. These can be very expensive due to their antique value.
Renovation
Renovating is less complicated than restoring, at least when talking about what you can and can’t do. However, with a renovation, you’re generally turning the home into a more modern living place, which lowers its historic value. Make sure it isn’t listed in the NRHP or located in a historic district.
Cost: Depending on the amount of renovations, i.e., modernizing, gutting or remodeling, this can also be expensive. However, it’s much easier to find deals on modern appliances than it is on antiques.
Repair
Repairs differ because they generally aren’t as in depth as the others. For restoration repairs, it’s important to use materials that fit the house, such as plaster walls and wooden floors. For renovation, original materials aren’t as important.
Cost: Again, the cost depends on the number of repairs, as well as, whether you’re keeping the historic value.
Whether restoring, renovating or repairing historic homes for sale, the key is cost. Don’t get so caught up in the possible that you miss the probable. Thinking of buying or selling an historic home? I can help! Call your trusted real estate professional today.
Feb 12, 2014 | Homebuyer Tips
Buying your first home is a major milestone in your life, similar to graduating high school or moving out of your parent’s house.
When you buy a property, you are making a long-term investment decision in your future and potentially taking the first step toward your future financial security.
However, buying a house before you are ready can actually be a negative move that puts a cramp in your plans.
It is important to assess where you are in life, so that you know whether or not it’s the right time to buy a house.
Some people buy their first home at 21, others at 30 and some might continue to rent for the rest of their lives – the decision depends on personal circumstances. But how can you determine for yourself whether you are ready?
You Have All Of Your Finances In Order
Is your credit score looking healthy? Have you paid off your credit card debt, student loans or personal loans?
If not, it is important to clean up your finances and pay down your debts before you start looking for a home, or you will be adding a mortgage on top of the debt before you are able to handle everything.
You Have Enough Savings For A Down Payment
Just because you can buy a home for as little as 3.5% down payment, doesn’t mean that you should. You will have your dream home, but your mortgage payments will be so high that you won’t have any money left over for repairs or improvements.
Also, you will end up paying thousands of dollars more in interest over the length of the loan. The bigger down payment you can save, creating equity in your home, the better.
You Are Earning Enough To Comfortably Afford The Mortgage Payment
Financial experts recommend that you never take a monthly payment that is more than 25% percent of your take home pay – including taxes and insurance.
Stretching yourself thinner will leave you little room for error and if your income drops for any reason – you will quickly find yourself in hot water.
You Are Happy To Settle In One Place
Could you see yourself settling in this location for the long term, or are you still considering moving elsewhere in the country or living abroad?
Buying a home is a long-term investment, so if you think that you might possibly move somewhere else in the next five years, you might want to think twice about buying a home and rent instead.
These are just a few of the signs that you are ready to purchase your first property. For more information, contact your trusted real estate professional.
Feb 5, 2014 | Homebuyer Tips
You’re ready to purchase a home, but you’ve looked at everything on the market and can’t find the perfect place. You’ve researched the school districts, neighborhoods and nearby amenities, and you know exactly in which area you want to live.
However, anything that comes on the market in that part of town gets snapped up immediately.
It’s time to get creative when it comes to buying a home. Start looking at places that are not currently for sale. You might have driven past your dream home, but you never thought of going the unconventional buying route.
Well, take a look at the tips below to see how you can close on a home without any other buyers knowing.
Look At Previously Listed Homes
Search homes that were on the market, but the owners took them off. Many homeowners let their listing expire and are waiting until the market improves. This is fortunate for you, because you know they are already interested in selling.
Research Online County Records
If you see your perfect home, but you don’t want to just walk up to the door and demand they sell their house, you can find their contact information online. Property records include the owners’ name, address, and, sometimes, their contact information. This will allow you to go through the proper channels of proposing an offer.
Consider A Real Estate Agent
A seller is more likely to take you seriously if a real estate agent brings the offer to them. Agents deal with sellers all the time and will be able to gage if the homeowners are interested.
They’ll also be able to tell you the right price to offer and how you should go about it. You’ll also have piece of mind that all the paperwork that comes with buying a home is completed correctly.
Write A Personal Letter
While all the guidelines say to keep personal feelings out of the home selling process, it’s practically impossible. A home is the place where you raise your children and make memories.
So write the homeowners a heartfelt letter about how you’d like to build a life in their current house. If they think you’ll care for their place as much as they do, they might entertain an offer.
Offer A Fair Price
Many homeowners are ready to upgrade, but hate the idea of getting their current residence ready to sell. They’d have to clean, clear clutter, stage and keep everything looking spotless until they close the deal — which can be quite a hassle.
So, make it convenient. Offer a price that won’t offend and will have them thinking how this could be a stress-free transition.
