Orlando Hooks

Consider a Home’s Curb Appeal

Orlando Hooks — Thu, 13 Jan 2011 17:18:34 +0000

Your home should reflect your lifestyle. Do you live a laid-back life? Then you might not want a formal Victorian or Tudor style home. Something simpler and more contemporary might be in order. Look at the exterior features. A brick home is easier to maintain, unless you live in an earthquake-prone area! Is the roof in good condition? Is the landscaping attractive and are the sidewalks leading to the home safe?

By Coral Nafie

Selling Your Home? Scope Out Other Homes for Sale

Orlando Hooks — Tue, 04 Jan 2011 17:49:10 +0000

Break through your ego and stubbornness by looking at the good deals that your neighbors are offering. “The most important thing is to really shop the competition on the market right now,” says Elizabeth Razzi, author of “The Fearless Home Buyer,” published in 2006, and of “The Fearless Home Seller.”

Put on your shopping shoes and look at everything from a buyer’s viewpoint. “Get out in the car and spend a weekend looking at everything you can,” Razzi says. “Visit some weekend open houses. Just get a feel for what your buyers are looking at.”

Visit newly built houses and find out which amenities and incentives builders are offering. Eavesdrop on other visitors to open houses to find out if there’s something in particular they’re looking for — something you should do to make your house more presentable.

By BankRate.com

Low Cost Way to Add Value: Paint the Interior

Orlando Hooks — Tue, 04 Jan 2011 17:14:57 +0000

If you haven’t painted in 10 years or more, your ceiling is probably looking dull and the colors on your walls are out of style.

Home owners have a tendency to use the same color throughout most of their house. That color is usually white, or another neutral color. You can increase the value of your home by choosing more contemporary colors, oftentimes selecting more vibrant colors for at least a few rooms in your home. Freshly painted ceilings will brighten your home.

By Home Insight

Situation Factors

Orlando Hooks — Sat, 25 Dec 2010 23:24:37 +0000

Beyo nd location, look at the particular site of the home. If the home is on a hill does it have a view, a walkout basement, or lots of stairs to climb? Do neighbors’ windows look directly into the home? Is the yard suitable for kids, pets, gardening, or other uses? Is access to the property safe regarding driveway elevation, stairs up to (or down to) the front door?

By Carol Nafie

Location, Location, Location!

Orlando Hooks — Sat, 25 Dec 2010 23:16:53 +0000

They say that the three most important things to think about when buying are home are location, location, location. You can live with almost any imperfection in a home if you love the neighborhood and your neighbors. You can change almost everything else. But, once bought, you cannot change your home’s location. When you go house hunting, consider any potential home’s proximity to your work, the charm of the neighborhood, how the home is situated on the lot, ease of access, noise from neighbors, traffic, or pets, and access to parks, shopping, schools, and public transportation.

By Coral Nafie

Understanding the Asking Price

Orlando Hooks — Wed, 22 Dec 2010 20:25:12 +0000

Many factors influence the price that a seller expects to get for their home. While only you can decide how much you feel comfortable offering for a property, we can gather critical information for you regarding the factors that impact how much you should consider paying for the home. These factors include:

How long the home has been on the market
If the price has been reduced
The prices for other comparable homes in the area
If there are multiple offers
Other items that might be included in the sale – furniture, hot tub, etc.
The “list to sale price ratio,” an indication of how competitive the market is for homes in this area.
Why the seller is selling
Whether the seller is offering an assumable loan or financing

By Orlando Hooks

Tips on Finding the Right Home

Orlando Hooks — Wed, 22 Dec 2010 20:11:49 +0000

Once the decision to buy a home has been made, take the time to prepare before you go on your home search. For example, much of the information on this Web Site should be very familiar to you before you go looking for homes. Yes, it is very tempting to rush out and actually look at houses, but to do so without full preparation can be both disastrous and expensive. If you review the checklist you will find that “house hunting” is about halfway down the list.

Get your financial house in order first! We can’t stress this enough–it will save you an enormous amount of time, aggravation and heartache.
Determine what your budget will comfortably allow and stick to it. Don’t spend yourself into a “house poor” situation.
Get preapproved for a mortgage. This will not only give you a clear idea of how much a lender will approve for you, it will make your homebuying process a great deal easier (and save a lot of time later).
Get familiar with the different housing types available to narrow your search.
Determine your minimum requirements as well as any desired additional features–your needs and wants.
Take note of any items that you don’t want in a house. This can be just as important as knowing what it is you want in a home.
Determine the desired location (schools, work, public transportation, etc.)
Familiarize yourself with the mortgage process.
Don’t just buy a home for your present needs. Make sure to take into account future considerations.
As you are looking, use a scorecard to compare homes. A scorecard is a great tool when it comes time for comparisons (and for remembering which home had which features!)
Get familiar with the inspection process–especially the personal inspection aspect, so that you can weed out unacceptable houses quickly
Maintain your perspective–and your cool! You may find an acceptable house on the first day–or the tenth. The important thing is to get the home that is best for you!

By OurFamilyPlace.com

Inexpensive Ways to Improve an Older Home’s Value

Orlando Hooks — Wed, 22 Dec 2010 18:47:50 +0000

Older homes often show the wear and tear of decades, or their maintenance may have been neglected by previous owners. If you own or buy an older home, however, there are ways to improve its appearance and efficiency – and thus increase its value – without putting a major dent in your finances.

Exterior

The all-important “curb-appeal” of an older home can be easily achieved, especially if you have an eye for detail. Pull or chemically spray weeds that are growing in sidewalk, driveway and walkway cracks. Also be sure to remove weeds growing in flowerbeds (used or unused) as well as those around the house. Keep the lawn mown at a reasonable level, and sow grass seed in bare patches.

If there are flowerbeds that remain unused, it’s possible to fill them in with a self-propagating ground cover, like ivy. Just be sure to avoid climbing ivy, as this can damage the exterior of the house. You can also fill in these areas with grass or buy sod to fill in any areas that don’t have plants growing. Nothing looks sadder on an older home’s exterior than empty garden plots. Give them something green and growing, and the house will look better immediately.

If the house is sided and the siding appears dirty, consider giving it a good washing. If the dirt has not had much time to accumulate, sometimes taking a regular garden hose to the siding will do the trick. Otherwise, a power washing may be in order – this can be rented for little cost from your local home improvement center. While you’re at it, make sure to wash down porches, patios, and decks, clean out gutters, and repair any downspouts that may have come loose or need replacement. Make sure storm windows and screens are clean and in good repair.

One way to increase value in an older home is to remove outdated elements from the exterior. Old awnings, ragged-looking fences, or an unused, rusty playset can be removed with only the cost of disposal. You may find that getting rid of these “extras” improves the look and feel of the exterior of your house more than any new addition would.

Interior

The interior of the house, whether or not you live or plan to live in it, requires special attention. Cleaning, maintenance, and updates are necessary to keep the house in livable condition.

For a small fee, you can rent carpet shampooers that will remove stains and odors from carpets. If the carpet proves to be unsalvageable, check to see if there are hardwood floors underneath the carpeting. (You can do this by lifting a corner of the carpet in a closet.) If there is, and it looks to be in decent condition, you may find that the wood floor provides a better surface than old (or even new) carpeting. If the floor seems a little worn, it may be possible to make repairs or resurface it yourself.

Are your baseboards, window frames, and doorframes painted? In many older homes, stripping years worth of paint means revealing glowing, golden wood frames and baseboards. Not only is natural wood a very desirable element to an older home, stripping the paint only requires manpower and dedication. You will need to purchase a stripping agent and appropriate safety wear (gloves and goggles), but the cost is minimal. You may consider doing the same thing for any painted doors or cabinetry.

You may have avoided the interior set of windows due to the potential high cost of replacement. However, you can do your older home a great service by making sure all windows are clean and in working order. Sticky windows may need stripped of old paint or sanded so that they glide smoothly within their frames. In addition, caulk around the windows to deter drafts. Make sure all latches or locks are in working order. Older windows may not be at peak efficiency, but you can extend their lives by properly maintaining them.

Utilities

Annual maintenance is a must, but it’s never too late to start. In addition, any preventative maintenance can stave off expensive repairs. For example, have plumbing snaked yearly to clear any debris from pipes – this will help with water pressure as well as solve drainage issues. Clean out dryer vents and replace furnace filters – efficient appliances use less energy and last longer.

If you have hard water, consider the cost effectiveness of a water softener. Hard water buildup can ruin pipes, dishwashers, washing machines, faucets, and sinks over time, not to mention clothing and tableware. The cost of this device may seem prohibitive at first, but when it comes to protecting the other items in your home, a water softener can save you hundreds of dollars.

Making cost-effective improvements to your older home makes it a nicer place for you – or someone else – to live. A more desirable house is a more valuable house. And a more valuable house is a better house to have!

By Dorothy Edison

Tax credit can be used as additional down payment

Orlando Hooks — Mon, 06 Jul 2009 04:25:35 +0000

Qualified, first-time home buyers using a Federal Housing Administration (FHA)-insured mortgage now can apply the $8,000 federal tax credit toward their down payments, the Dept. of Housing and Urban Development (HUD) announced today.

Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Previously, FHA-approved lenders were not allowed to monetize the tax credit as part of the 3.5 percent; however, under the new guidelines announced this afternoon, borrowers now can use the tax credit as additional down payment, or for other closing costs.

C.A.R. has been informed that no lenders in California are offering the monetization of the tax credit. C.A.R. will continue to follow this issue and work to convince lenders to make these products available to borrowers.

For more information, please visit: http://www.hud.gov/news/release.cfm?content=pr09-072.cfm

Tax Deduction vs. Tax Credit (turbotax.intuit.com)

Why Now Is A Good Time to Buy

Orlando Hooks — Tue, 30 Nov 1999 07:00:00 +0000

There are a lot of people who are able to buy today but are afraid to because they believe that prices will go lower. While this may be true, there are several reasons why the able buyer who has personal residence needs to satisfy should rethink their strategy.

Firstly, it is difficult to “time” the real estate market just like it is difficult to “time” the stock market. Usually, by the time the data comes out to reveal that the bottom of the market has been reached, prices are already on the rise. This alone is not so bad, but some of the other benefits of today’s market also become more elusive after the market “turns around”.

Secondly, inventory is at an all time high. This means you can take the time you need to compare and contrast your top candidate properties. Don’t take too long though; properly priced properties can receive multiple offers even in today’s market place. You will also be able to review and evaluate your inspection reports and negotiate for repairs or repair credits.

Comprehensive inspections performed by experts and thorough evaluation of the resulting reports is especially critical when purchasing “Fixer Uppers”. After the “turn around” inventory could drop rapidly leaving those on the sideline to be caught in the “post-turnaround” frenzy associated with the seller’s market multiple offer phase of the market cycle.

Thirdly, some sellers will credit back money to the buyer. This money can be used to cover all of the buyer’s closing costs or be used for repairs. REO (Real Estate Owned by the bank or other lender.) properties are especially attractive for this reason.

FHA purchase money loans are especially accommodating of this practice. The REO sellers becoming less generous with buyer credits may accompany the “post-turn around” phase of the market cycle.

Finally, interest rates are still at a historical all time low.