Better Homes and Gardens Real Estate Life

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  • 5 Fantastic Destinations to Buy a Vacation Home

    There’s nothing like taking a deep breath and embracing the rest and relaxation of a weekend getaway. When you own your own vacation home, you can enjoy the convenience of always having a place to go when you need a quick break from the real world. Unlike a stuffy hotel room, your own home is where you can feel comfortable kicking back and unwinding during your stay.

    Finding the perfect escape is an important part of buying a vacation home. With so many great spots to choose from, you want to do some research to ensure that you’ll find the right destination for your family and personal preferences.  To start, here are five great picks for your vacation home search.

    Laguna Beach, California – One of the most desirable places to buy a home is nearby the waves of the ocean. In Laguna Beach, California, not only will you get all the urban amenities of a thriving city, you will also be nestled along the amazing shorelines of Southern California. From beachfront houses to luxurious condos spread out over just 8.8 square miles of land, residents of this city can make regular trips to the beach to enjoy the sun, sand, and surf. For those who want to be near the coast but would rather not invest in an ultra luxury property, there is a wide range of price points from which to choose when it comes to Laguna Beach’s vacation home real estate options.

    Naples, Florida – At the other end of the nation, Naples, Florida offers some of the most incredible vacation home real estate in the world. An idyllic beachfront community, Naples is a chosen vacation destination among snowbirds from all over the East Coast. With warm temperatures year-round, over 10 miles of sandy beaches, and world class amenities, Naples offers a luxurious hideaway to turn to whenever you need to escape the freezing cold.

    Jackson Hole, Wyoming – If you love national parks and the serene feel of being by the mountainside, turn your focus to Jackson Hole, Wyoming. The crisp air and scenic views of the Teton Range can help clear your mind of all the bustle from your everyday life. With Jackson Hole Airport, Wyoming’s largest commercial airport, located right inside the valley, your vacation home will be an easy flight away. Additionally, with Yellowstone National Park and Grand Teton National Park located nearby, you’ll be surrounded by some of the nation’s best outdoor activities. Also known as a tax haven, you can talk to your real estate agent about the many tax advantages of buying a vacation home in Wyoming.

    Lake Tahoe, California – If you love adventures, Lake Tahoe, which spans both California and Nevada is the place for you. With skiing in the winter and lake sports in the summer, you always have a reason to make your escape to a vacation home in this area. There are also a number of casinos and dining options in the area to keep you entertained once the sun goes down as well.

    Scottsdale, Arizona – Golf courses, sunshine, and luxury await you in a Scottsdale, Arizona. Boasting over 325 days of sunshine each year, Scottsdale is a wonderful year round vacation destination with an array of amenities ranging from hiking trails to luxury shopping and dining opportunities. What’s more, the cost of living in Arizona is relatively low compared to other housing markets in the nation. Offering some of the most affordable real estate options in the U.S., Scottsdale is an excellent place to invest in a vacation home.

    Your next vacation home should offer a relaxing change of pace from the daily grind. Regardless of whether you prefer the beachside, a mountain town, or the golf courses in the Southwest, these top spots are fantastic options for buying a vacation home.

  • Your house is underwater. Now what?

    What do you do if you need to sell a house that is underwater? The term underwater refers to a situation where the market value of a home drops below the amount you owe on the mortgage.   This can have detrimental effects on the financial standing of the home if the market does not improve. For instance, if the lender on the home’s mortgage does not receive a monthly payment, and you as the homeowner are either already in default on the loan, or if you are in danger of falling into default, then being underwater could leave you very limited choices when it comes time to sell a home. However, the good news is that there are ways for you to sell your home even if it’s underwater.

    Do a short sale on your home. If your house is underwater and you need to sell your home now, a short sale is likely the best choice. While this option has its downsides, like the possibility of it  reflecting negatively on your credit score, or leaving you with debt even after your home sells, it is often a better option than dealing with a negative mark of a foreclosure. If you do a short sale on your home the difference between what you owe on the mortgage and the amount it sells for is called a deficiency. The deficiency is sometimes waived if all parties agree to do so.

    Delay your home sale by earning rental income. Alternatively, if you don’t have to sell your home now, you could rent the house out to help alleviate some of the costs of having a mortgage. You would need to consider whether the rental income would be enough to cover the mortgage payments. If there is enough space in the property, there is also the option of staying in the home while renting out a spare room or two. If everything falls in line, then turning your home into a rental property is a viable way to get out from underneath your home’s mortgage.

    Refinance with HARP.  There is also the option of refinancing with a program like HARP (Home Affordable Refinance Program). If your loan is owned or guaranteed by Fannie Mae or Freddie Mac, the program allows you to refinance your home loan as long as you are not behind on your mortgage payments. There are usually refinancing fees that come with HARP if you qualify for the program. However, it is put in place to help people who are unable to refinance their mortgages through traditional means because their homes are underwater.  Refinancing your mortgage to make your monthly payments more affordable is an alternative to selling your home now.

    If you’re realizing that your options for selling your home are limited, reach out to a Better Homes and Gardens Real Estate agent to see if a short sale is the right choice for you.

  • Buying a Historic Property in Atlanta, GA

    When new homebuyers think about purchasing Atlanta, Georgia real estate, they often picture the city’s beautiful historic homes. There are plenty of historic properties among Atlanta real estate listings, but homebuyers should keep several considerations in mind before they go house hunting for an older home. Keep reading to find out what you should know about historic Atlanta, Georgia real estate.

    What Makes a Home Historic?
    Even if homeowners feel that their homes have significant historic value, they cannot independently designate their homes as a historic property. Instead, a property must be named a historic home by the National Register of Historic Places or by a local historic society. In order to be considered a historical home, the National Register of Historic Places usually requires that the house is more than fifty years old. However, in individual states, the age requirement for a house can vary drastically, so much so that even a 100 or 150 year old home may not qualify as historic. National and local regulators typically also consider a home’s architecture and structure, as well as whether the home is the site of a historically significant event or has ties to an important figure.

    What Regulations Should You Know About?
    Each state has a unique set of regulations and incentives for people who own historic homes. In many cases, once a home is designated as a historic property, the owners will be required to follow guidelines that states and organizations put in place to help preserve the integrity of those homes. If you plan to renovate your home in the near future, you will most likely need to get special permits in order to do so. Many restrictions require that you don’t add additional square footage to your home or change the nature of the home’s roof, windows and shutters.

    While these regulations can be somewhat restrictive, there are some perks to seeking out a historic home in the Atlanta real estate listings. In addition to enjoying the beauty of one of these houses, you may also be eligible for tax credits and loans that come with lower interest rates. These monetary incentives are provided to encourage homeowners to maintain these important properties and contribute to the value of the historic structures.

    What Kind of Historic Home Can You Find in Atlanta?
    Atlanta real estate listings are filled with historic houses that have been modernized so that residents can enjoy comfortable living. For example, a lovely home on 1217 Converse Drive NE was built in 1917 and features four bedrooms and three bathrooms. The home was first built as a camp building for orphans, but has been updated to fit with modern requirements and comforts. However, the home still has many of its original features, such as pine flooring and ceilings and walnut walls. With large porches, decks and a great deal of outdoor space that borders Peachtree Creek, this historic home is an ideal fit for anyone who loves having the great outdoors as their backdrop.

    While there are plenty of excellent options that will come up when you search for Atlanta, Georgia real estate, consider investing in a historic home. Not only do these properties come along with several perks, but they also have a great deal of beauty and historical value that is priceless.

  • What to Know Before Making an Offer on a Home

    A smart course of action before making an initial offer is to get to know the home of interest intimately. After all, you will be making one of your biggest commitments in your lifetime with the purchase of your new home. Remember, an offer is a starting point that, ideally will lead to a binding purchase contract. But, until both buyer and seller have agreed to all the terms, including a final price, each party has an opportunity to abandon of the deal.

    It is best to learn as much as you possibly can about a property before you submit a written offer. It is in your best interest to ask numerous questions, starting with your realtor. Other questions you will need to scope out on your own through your due diligence. Home inspections can provide information about inquiries you may have about the structure of a home. Most answers will be straight forward while others will be based on your personal perceptions. The answers you receive will help determine whether you are ready to make that next step of signing an offer.

    Forming an Opinion:

    The process of choosing your perfect home starts with knowing your financial limitations and seeking out properties within your budget range. It is also important to have a well-defined list of “must haves” and “unacceptable” criteria that will impact your enthusiasm towards a property.

    As you classify the various homes you view, consider the following:

    Price: Depending on market conditions, the length of time a house is on the market might indicate a problem or a sign that the seller is ready to make a deal.

    • Is the asking price reasonable?
      • What are the prices of comparable properties?
      • How long has the property been on the market?
    • How many days has it been on the market?

    Condition of the Property:

    • Does the price reflect the property’s condition?
    • Are you willing to make needed repairs?
    • If the property has been updated, are the changes and the quality acceptable?
    • Does the property appear clean, neat and well-kept?
    • Are the floor plan, size and features appropriate for your needs?
    • Revisit the home at different times of day if possible.

    Assess the Value: When you drive around do you get a positive feeling about the quality of life in the area?

    • Are there parks and recreational areas?
    • Is the age of the area apparent?
    • What are your neighborhood 1st impressions?

    Location, Amenities, Infrastructure: Visiting City Hall, County Offices or the Chamber of Commerce provides valuable insight about your potential neighborhood

    • Is there public transportation?
    • How is local traffic? How close are you to major freeways?
    • Are there convenient stores? Additional shopping?
    • Are medical facilities accessible?
    • Planned Developments or Zoning Changes expected?
    • Are taxes reasonable?

    Know the Details: Learn important details about the home and its condition.

    • Know about the heating, cooling, plumbing and electrical systems.
    • Has the roof been repaired or the appliances replaced, and if so, when?
    • Will any warranties transfer to new owners?
    • Has a home inspection been completed and can you gain access to it?

    The written offer is an exciting “next step” in the process of buying a home. But, it is the information you gained during the “getting to know you” phase that will remain with you long after you become an owner.

  • Ask a Pro Q&A: Using a Vision Board to Achieve Design Dreams

    Stuck in a decor nightmare? Wake up and envision your next home makeover! Dream Team member and interior design expert Jennifer Adams reveals how to make your design dreams come without the reality of rearranging! Find out how to create your own Decor Vision Board!

    Ask a Pro Q&A: Using a Vision Board to Achieve Design Dreams - bhgrelife.com

     

    Q. I always have a tough time deciding what kind of decor to purchase! I would love to create a welcoming space that my friends and family gush over, but it’s hard to figure out what goes together without actually seeing it in place. How can I create a visual layout without having to buy everything and possibly return it? Please help!

    -Jen B.

    A. First of all, I have to say you should always design your house so that you love it, not necessarily for your friends and family! You’re the one who spends the most time there. When you love your home, you will be happier and healthier, and that confidence will rub off on your friends.  Everyone will feel more comfortable in the welcoming space, including yourself.

    In order to toss around ideas, try creating a Vision Board to help keep you from being overwhelmed! I use this tool all the time. It will help you narrow your options and make it easy to track down the items you really want and colors you like before actually buying them.

    Start by collecting images from your computer or by cutting out pictures of things you like from magazines. Room pictures, individual items including furniture, art, accessories, whatever. Print out and physically place on a poster-sized piece of cardboard, or make a digital version on your computer. Add, then take away the less-strong pieces, and add more as you find them.

    Take pictures of the pieces you’re keeping, too. If you were lucky enough to find a picture of a room that is exactly what you love and says it all, put that at the very center of your Vision Board. It’s OK if you didn’t find a picture like that, keep your eyes out… it will eventually emerge through the other images.

    Do you see a common theme or color scheme? Look for shapes in common, such as boxy shaped furniture or curvy ones. Do your images include lots of fluffy pillows or a minimal amount? Dark wood tones or painted? This will be the start to defining your personal style, and an outline for when you shop for missing pieces.

    Good luck and let me know how it goes!

    -Jennifer A.

  • Have a Successful Garage Sale Before the Big Move

    Holding a successful garage sale prior to a big move can be a great way to get rid of unnecessary clutter and make your move much easier. A garage sale also offers a great way to earn extra cash to help pay for a moving company, moving truck rental, or other expensive aspects related to your move. Before you start sorting through your belongings and preparing for a garage sale, there are a few things you will want to do to increase your overall chances of success.

    Check Local Laws and Regulations

    Prior to making plans for your garage sale, make sure that your local laws and regulations permit you to hold it on your property. Depending on where you live, you may be required to obtain a permit to hold a garage sale. If you live in a condominium complex, you will want to check with your homeowner’s association regarding any special rules that you should know before having a garage sale.

    Take Advantage of Free Advertising

    Advertising is key to ensuring the largest possible turnout at your garage sale. There are many types of cheap and even free ways to alert the neighborhood about your garage sale including:

    • Post ads on Craigslist and other social media sites such as Craigslist, Facebook and
    • Place fliers or announcements up on local businesses bulletin boards.
    • Place plenty of signs around the neighborhood on the day of the garage sale so people can find your home.

    Keep Pets Inside During the Sale

    You may have the friendliest dog in the world, not everybody is a pet lover. A few of your shoppers may be allergic to your dog or other pets whereas others may be uncomfortable around them. It is best to play it safe by keeping your pets inside during the garage sale.

    Price Items Strategically        

    No matter how well you have taken care of your belongings, understand that they are still going to be purchased second-hand at your garage sale. Keep in mind the following when pricing your sale items:

    • Aim to receive no more than 25 to 30% of the original sale price of each item.
    • When pricing items, make sure the tag is easily visible and clearly labeled.
    • Round to whole dollar amounts to save you some hassle. It will make it a lot easier for you to provide change for an item that sells for $5 as opposed to one that sells for $4.65.

    Don’t Be Afraid to Haggle

    Finally, be prepared for buyers eager to negotiate with you about the sale price of certain items. In most cases, as long as they are not offering a price that is even remotely close to the asking price, it is probably not worth negotiating. After all, the goal of your garage sale is to get rid of unwanted items before the move.

    Follow this advice as you plan for your pre-move garage sale, and you will be ready for the big day. You might even have a little fun in the process!

  • Financing a Home Purchase with Bad Credit

    Financing a home purchase under favorable conditions may not be a problem; however, for millions of potential homebuyers who have been negatively affected by the recent financial crisis, securing home financing for your dream home may be challenging. “Challenging” however, does not mean “impossible.” Just because your credit score and/or credit history is less than perfect does not mean you have to give up your dream of owning a home. Less than perfect credit simply means that you will need to be more creative, and possibly more patient, when it comes to financing a home purchase.

    What Does Your Credit Score Mean?

    In the United States there are three major credit bureaus that gather information about you and assign you a credit score. When it comes to home financing, your credit score is a huge factor in determining whether or not you will qualify for a loan and what your interest rate will be for your mortgage loan. Credit scores typically range from around 400 to 900. Individual lenders will decide what they consider an exceptional score, an adequate score, and a poor score; however, most lenders will not offer the best rates to anyone with a credit score below around 700-750. Scores between 600 -700 may be considered acceptable, but not good enough for the best rates while scores lower than 600 are usually considered to be in the “poor” credit category.

    Conventional Loans

    When it comes to home financing, a borrower with excellent credit often has the option of qualifying for a conventional loan. These lenders will typically not consider a borrower with less than a credit score of around 700 or higher. Though a conventional loan requires a higher down payment, the interest rates are usually lower than other options. There are a variety of conventional loans to choose from, so it is recommended that you meet with a lender in order to get a better idea of what type of loan is the right fit for you.

    FHA Loans

    One option for a borrower with a credit score in the “acceptable” to “poor” categories is to apply for an FHA loan. Because these loans are underwritten by the Federal Housing Authority (FHA), the eligibility guidelines are a bit more flexible than those for a conventional loan. Currently, a credit score of 580 is needed to receive maximum financing. Those with a credit score in the 500-579 range may still be eligible but can only finance 90 percent of the home’s value. A score below 500 will not qualify you for financing through an FHA loan program. Along with being more forgiving with regard to your credit score, FHA loans also require much less of a down payment – 3.5 percent versus 20 percent for a conventional loan.

    VA Loan

    Like FHA loans, a VA loan is backed by the federal government – in this case the Veteran’s Administration (VA). Also like FHA loans, eligibility requirements for a VA loan are more borrower-friendly than those for a conventional loan. There is no set minimum credit score needed to qualify for a VA loan; however, most lenders want to see a score around 600 or higher. Before you get to your credit score though you must qualify as a veteran, the spouse of a veteran, or one of the other narrowly defined categories of people who qualify for a VA loan. As with an FHA loan, the down payment required for a VA loan is much less than a conventional mortgage loan – in some cases no down payment is required!

    Rent-to-Own

    Another option that is gaining in popularity is what is called a rent-to-own option. In essence this is a legal agreement whereby the owner of the property finances the purchase, or acts as the lender, for the borrower. Financing a home purchase through the use of a rent-to-own agreement can be an excellent solution for anyone who has bad credit and needs time to resolve their credit issues in order to qualify for a mortgage loan. Though these contracts can be written with a wide variety of terms in them, the basic concept is that the borrower will have possession of the property as well as legal rights to the property while paying an agreed upon purchase price to the seller through monthly payments. Generally, State statutes or precedential cases govern rent to own agreements and it is crucial that you understand how your state views these agreements in the event of a default on the part of the home buyer/home renter. A well drafted rent-to-own agreement can provide a buyer/renter with the ability to have possession of the home while working on credit issues; however, make sure that a seller does not take advantage of your desire to own a home and include only terms that are favorable to the seller in the contract – it’s definitely recommended that you reach out to a real estate professional for more information.

    Don’t let you dream of owning a home die just because your credit is less than perfect. Home financing is possible for people with bad credit—you just need to explore the options and find one that works for your situation.

  • Buying a Home in Phoenix – New v. Resale Homes

    If you are in the market to purchase a home in the Phoenix area, one of the many decisions you will need to make is whether to purchase a new construction home or a resale home. The Phoenix real estate market typically offers a wide variety of both options from which to choose. Taking some time to consider the pros and cons of both options may assist you in making the decision.
    Resale homes for sale in Phoenix offer a number of advantages beginning with an established neighborhood. When you purchase an existing home, there will be no surprises after you move in. Relevant crime statistics, school test scores and other demographic information should be readily available for an established neighborhood. In addition, purchasing a resale home dramatically decreases the possibility of a delay in the closing date or any last minute problems with the home being ready for occupancy. If your situation leaves no room for flexibility on the move in date then a resale home may be a better option. An existing home may also have more “character” and “charm” than a new construction. On the other hand, that “character” may also equate to costly repairs and upkeep if the home is more than a few years old.
    Phoenix also offers homebuyers the option to purchase a new construction home, which comes with advantages and disadvantages. A new home typically comes with a new home warranty, meaning that virtually everything in the home is under warranty when you move in to the property. Of course, the flip side to that is that there may be some “kinks” in the home that will have to be worked out after you move in as well. Another plus to purchasing a new construction home is that you will be able to choose things such as flooring, cabinets, and countertops. Even if you are not purchasing a custom home among the Phoenix homes for sale, you will still likely be able to opt for upgrades to the interior of your home such as granite countertops or high end fixtures if you elect to do so. Unless you can afford a completely custom built home, chances are that your home will look very much like your neighbors on the outside if you opt for new construction. If all goes as planned, a new home should appreciate significantly in the first few years as the neighborhood blooms and establishes itself. For this reason, you may have more appreciation in a new construction home than in a resale home in the first five years. This, however, does involve some risk because there is no guarantee that the neighborhood will flourish as expected.
    When considering the selection of Phoenix homes for sale, home buyers will need to decide whether to purchase an existing home or a new construction, and this decision often comes down to personal preference. Nonetheless, understanding some of the pros and cons should put you in a better position to make a decision that you won’t regret. A professional Arizona real estate agent who is experienced in servicing the Phoenix area can be a great resource for homebuyers who would like more guidance.

  • When Can You Move In After Closing?

    From the very first time that you see your future home and throughout the negotiating process, you are most likely daydreaming about the day you can move into it. You may be counting the seconds until closing day, planning the ways you will decorate it and how your family will settle into your new home. Be aware though, not everyone is lucky enough to receive the keys to their new home immediately after the closing.

    When is the Actual Move In Date? The offer will specify not only your closing date but also your occupancy date. When you write an offer on a home, the real estate agent will ask you to request a closing date as well as an occupancy date. The occupancy date will be the day that you move into your home. In some cases, the sellers may need more time in the home after closing while they finalize the purchase of their future home.

    The contract terms will determine when you can move in after closing. In some cases, it will be immediately after the closing appointment.  You will receive the keys and head straight to your new home. In other situations, the seller may request 30, 45 or even 60 days of occupancy after the closing of the home.

    Keep the following in mind as you approach your closing:

    • Compromise is important when determining your moving date. Buyers generally might be expected to give the sellers 7 to 10 days to vacate the home after the closing date. Sellers may want more time in the home, but they can compromise by securing a place to stay for the short-term while they finalize their own situation.
    • Your occupancy date cannot be changed once it is set. It is essential that the moving date is established in the contract terms. Once both parties have signed the purchase agreement, the moving date is finalized. A buyer or seller cannot come to the closing appointment and expect to change the date of occupancy in the home.
    • A lease back occurs if the sellers seek to occupy the home for a specific period after the closing. When this situation occurs, the sellers often will have to pay the buyers rent. The buyers are ultimately responsible for the finances of the home, which is why rent is expected from the sellers.

    The closing date is the most important part of the real estate transaction. This is the appointment where the sale of the home is finalized. After the closing is complete, the buyers are now the new owners of the home. Whether you receive the keys to your new home at the end of the appointment, or in a few more weeks, you will be excited and elated when the closing is complete.

  • Understanding the Importance of an Offer to Purchase Contract

    Purchasing real estate is an exciting and rewarding process, but it is not as simple as purchasing a bag of groceries. There are contracts involved, transfer of title, loans, financing, taxes, and much more involved than the average sale and purchase of goods. A real estate professional will be necessary to help guide you through the process when purchasing real estate.

    The first challenge one encounters when purchasing real estate is determining your buying power and the property that is best for you. It is essential to know your buying power, also known as how much you can afford to purchase in either cash or through financing. Viewing numerous properties and understanding buyer’s wants and needs will narrow your search to select the best property for you. You will want to determine these challenges prior to signing an offer to purchase contract so that you will not encounter future issues with the contract.

    There are some factors that go into preparing an offer to purchase contract:

    The objective of an offer to purchase contract is to reach an acceptable agreement between the buyer and seller so that the agreement is signed with the intention of moving the deal forward. A real estate professional skilled in explaining and drafting an offer agreement will be present to provide any explanations needed so that they are both in agreement about the terms of this written contract.

    The identification of the property and price are the two most important features of the agreement. The below information is found in records stored at your local property appraiser’s office or tax records office.

    • The exact address of the property
    • The property’s legal description
    • The owner of the record or title
    • The price, including the down payment
    • Any milestone payments as well

    The main terms of the deal are included, but not limited to, the time frame of the deal. For example, the time of the inspection, appraisal, and other time sensitive items should be outlined to provide the buyer and seller have an understanding as to the process of the real estate transaction. In many cases, these facts are more important than the actual purchase price. Many sellers have specific qualifications or contingencies a buyer must meet when presenting an offer.

    The times for an offer and acceptance are also a crucial part to the initial agreement. When presenting an offer to purchase, this is not an open-ended offer as it will expire. A buyer will typically place a reasonable time connected to the offer in order motivate the seller to agree and to control their offer liability in the event all the terms are accepted.

    An offer to purchase is an important contract that must be taken seriously. It is a contract between you and the seller that provides the steps and stipulations that will allow you to move forward and shortly, purchase your new home.