Buying a Vacation Home

Pretty often people returning from vacation trip start thinking about buying a vacation home rather
than paying for a hotel or a rental place. Unless you're fairly wealthy, you'll need to make sure
you can commit to buying a seasonal home before you start shopping around. Ask yourself the
following questions:

1. Can you afford to own a vacation home? If the answer to that question is yes, it is probably
wise to buy. Remember, the purchase price is only part of the cost of owning a vacation home.
You'll have to pay utility bills, maintenance fees and insurance premiums. And depending on
where your home is located, you could also be responsible for paying homeowners association
fees.

To decide whether you have enough money in the bank for a vacation home, ask yourself the
following questions:

• Do you have emergency savings (at least three to six months' worth of take-home pay)?
• Can you make a 20 percent down payment?
• If you have kids, have you already put aside enough money for a college fund?
• Can you still put away enough money for retirement?
• Does it fit in with your long-term investment strategy and financial goals? If you answered
• "Yes" to most of these questions vacation home is right for you!

2. While visiting an area that might become the location of your future home, do your research
and take the time to understand what the surrounding area has to offer. You'll also want to make
sure you visit during different parts of the year. So that you can get a feel for what it's like to live
there during different seasons. For example, when you retire, the amenities included in a vacation
home may take a backseat. Having access to a hospital and activities that improve your overall
health and well-being may be critical.

3.  Buying a seasonal home could be worth considering if you know how you're going to use it.
Maybe you view the home as an investment property that can serve as an additional source of income.
Maybe you've decided that you're going to find guests online through a website like Airbnb or Vacation
Rental by Owner (VRBO). If that is the plan, you'll probably need to hire someone to clean your home
and check for signs of damage and theft before new guests arrive. Keep in mind that rental income
will be taxed, and that you should be prepared to pay taxes.

For many people, the decision to purchase a vacation home is serious. If you decide to take that leap
of faith and you already have homeowners insurance, make sure you find out whether your current
policy will cover a second home. Also, if you intend to rent out the property, consider purchasing rent
loss insurance. It covers the loss of rental income following natural disasters and catastrophic incidents.

To search for homes visit https://homesalesneworleans.gardnerrealtors.com/

Choosing a Moving Company is Important

Personal belongings are important to you, and, as such, it is important to hire a moving team that will do what you expect. Here are questions to ask any company you're seeking to employ:

Do you have any references?

References or a link to online references are very informative, and will help you to form an opinion of how reliable the service will be.

What specific services do you offer?

Moving companies vary in terms of what they're willing to do for you. There are some companies that might refuse to move large items, such as grand pianos, and only provide the lifting and packing of smaller items. Or you might only want a company to do one or two things for you, such as load up a truck you've rented yourself.

Do you offer in-home estimates?

Knowing what needs to be moved is one thing, but understanding the cost of labor to get the job done is another.

Be sure to get everything in writing and secure the departure and arrival dates to avoid any potential hiccups.

What happens if something is damaged?

You've chosen a company you can trust and afford, but what will the company do if they accidentally break something of yours? Be sure to ask what the company's policy is on this subject.

Designing The Outdoors

We all love outdoor spaces, and if you have a large backyard, your possibilities may be endless. What happens when all you have is a balcony? Guess what: it can be transformed into a functional area! Here are a few tips:

Depending on the square footage of your outdoor area, consider what you will be using it for. Smaller spaces can be tricky, so try to find furniture that can double as storage, like a bench with space beneath or a table with drawers or an extra shelf. For larger spaces, consider separating areas by using potted plants to establish borders between the dining and lounging spaces.

Consider what your focal point will be to help determine your color scheme. If your outdoor space overlooks a beautiful landscape, then choosing neutral materials will create fewer distractions from the view. Alternatively, if you’re working with an urban setting, bring in a bit of color with potted plants and vibrant seat cushions or pillows.

Selecting the right outdoor furniture can be tough. If your space gets a lot of direct sunlight, metal furniture may not be your best choice as it can get hot and uncomfortable to touch. Additionally, if humidity is high it can be harsh on metal surfaces and require additional treatment and cleaning to maintain. Plastic, resin, or wicker furniture can be a bit lighter weight than other materials and easier to put away for the off season.

For smaller spaces, less can be much more. Bistro tables can be an excellent fit for city balconies and smaller patios as they don’t take up too much space and can be easily moved around. Forcing too much furniture into a small space will make it feel even smaller and may deter you from enjoying it.

Is your outdoor dining space for you and your spouse, or do you have a large family or entertain frequently? If you pride yourself as the host with the most, make sure your outdoor dining layout allows for a smooth cooking and entertaining experience. If your grill is the primary cooking space, make sure it is safely separated from the crowd, but also close enough that you can cook and entertain at the same time.

There are a million different ways to design an outdoor space and it really just boils down to your own personal style.

To search for properties go to http://www.homesalesneworleans.com/ 

Buying a Home Today is More Affordable Than Renting

If you are renting but have been thinking about buying a home for awhile, here is a great article published by RISMEDIA that might help you make the right choice:

http://rismedia.com/rrein/22267/1023666/5079737/84283?utm_source=newsletter&utm_medium=email

To search for homes in the Greater New Orleans Area 

go to

http://www.homesalesneworleans.com/

Ready to shop for a home? Know loan types!

Before you go mortgage shopping, know loan types.Conventional Loans:

Conventional mortgages are ideal for borrowers with good or excellent credit. Conventional mortgages follow fairly conservative guidelines for:

—Borrower credit scores.
—Minimum down payments.
—Debt-to-income ratios.

What is “Debt-to-Income Ratio”?

Percentage of monthly income that is spent on debt payments, including mortgages, student loans, auto loans, minimum credit card payments and child support.

Closing costs, down payments, mortgage insurance and points can mean that the conventional borrower has to show up at closing with a sizable sum of money out of pocket.

What’s good: Conventional mortgages generally pose fewer hurdles than Federal Housing Administration or Veterans Affairs mortgages, which may take longer to process.

What’s not as good: You’ll need excellent credit to qualify for the best interest rates.FHA Loans:
 

Federal Housing Administration mortgages have flexible lending standards to benefit:

—People whose house payments will be a big chunk of take-home pay.
—Borrowers with low credit scores.
—Homebuyers with small down payments.

The Federal Housing Administration does not lend money. It insures mortgages.

The FHA allows borrowers to spend up to 56 percent or 57 percent of their income on monthly debt obligations, such as mortgage, credit cards, student loans and car loans. In contrast, conventional mortgage guidelines tend to cap debt-to-income ratios at around 45 percent and sometimes less.

For many FHA borrowers, the minimum down payment is 3.5 percent. Borrowers can qualify for FHA loans with credit scores of 580 and even lower.

Cost: Each FHA loan has 2 mortgage insurance premiums:

—An annual premium that varies from a low of 0.45 percent to a high of 0.85 percent. This premium is rolled into the monthly mortgage payment for the life of the loan. See how the premiums vary by loan term and amount of equity.

—An upfront premium of 1.75 percent of the loan amount, paid at closing.

What’s good: FHA loans are often the only option for borrowers with high debt-to-income ratios and low credit scores.

What’s not as good: FHA mortgage insurance premiums usually are higher than premiums for private mortgage insurance. To get rid of FHA premiums, you must refinance the loan.
 VA Loans:

Who they’re for: Most active-duty military and veterans qualify for Veterans Affairs mortgages. Many reservists and National Guard members are eligible. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply.

How they work: No down payment is required from qualified borrowers buying primary residences. The VA does not lend money but guarantees loans made by private lenders.

Cost: The VA charges an upfront VA funding fee, which can be rolled into the loan or paid by the seller. The funding fee varies from 1.25 percent to 3.3 percent of the loan amount.

The VA allows sellers to pay closing costs but doesn’t require them to. So the buyer might need money for closing costs. Borrowers may also need money for the earnest-money deposit.

What’s good: VA borrowers can qualify for 100 percent financing. Veterans do not have to be first-time buyers and may reuse their benefit.

What’s not as good: There are limits on loan amounts. The limits vary by county.
 
For more useful information or To Search for Homes go to http://www.homesalesneworleans.com/ 

Curb Appeal When Selling a Home

Is the interior or the exterior more important when selling a house? Before buyers decide to go in, they will look at how appealing your home is by driving by. While the inside of a home is important, sellers make a big mistake when they neglect the exterior. Curb appeal is often a potential buyer’s first impression of a home. If you’re selling your home or about to, how can you quickly and effectively tackle the outdoor appeal? Here are some tips:

1. Start with the Front Door. A new entry door consistently ranks as one of the best projects in home repairs, yielding an increase in home value that’s greater than the costs to install one. To make the door especially captivating, consider painting it a bold, pleasing color that will grab attention and add charm.

2. Make Any Necessary Repairs. Is the window cracked or the front doorbell busted? Fix that! Buyers want turnkey, move-in-properties, and that means they want properties with repairs already done.

3. Landscaping. From mowing the lawn to pulling weeds, make sure you’re keeping up with your outdoor landscaping so that your home looks presentable and well cared for at all times. Landscape lighting can make all the difference in terms of how a home looks, so make an investment in attractive lighting options that illuminate and add interest to your property.

4. Touch Up Paint. Repaint the exterior or at least touch up problem areas. Another idea is to paint the trim a new color that creates either a nice complement or contrast to your home’s overall look.

5. Make Over the Mailbox. You might not think a mailbox matters much, but it’s yet another one of those little details that can add up together to make a strong impression on a buyer.

6. Add Outdoor Furniture. From rocking chairs on the front porch to an outdoor patio set on the back deck, outdoor furniture creates outdoor living spaces that expand your home’s appeal. Whether or not you include these pieces with the home sale, setting them up is a great way to stage your home for greater resale value.

The bottom line when it comes to curb appeal is that a little investment today can add up to big rewards tomorrow. 

For more tips visit http://findneworleansproperties.com/

Housing Prices Went Up Again in April

While spring is typically the setting for a strong market, low inventories and growing sales may be the culprit of rocketing prices. Home prices continued their upward climb in April, with a 2.7 percent monthly advance, moving the year-on-year gain up to 6.8 percent. This forward motion represents 38 months of consecutive year-over-year increases in home prices. 

Old-fashion supply and demand, fueled by historically low mortgage rates and improving consumer finances and confidence, continue to push home prices up. Including distressed sales, 30 states plus the District of Columbia were at or within 10 percent of their peak prices in April. Included among these states are Colorado, Alaska, Wyoming, Tennessee, Texas, Nebraska and New York. Selected markets such as the urban cores of Tampa and St. Petersburg; South Tampa; North East St.Pete; and the beaches, are extremely hot. All are at pre-recession levels with very low supplies.

For more information visit http://findneworleansproperties.gardnerrealtors.com/

Home Sales on the Rebound despite Affordability Concerns

Accordingly to Lawrence Yun, chief economist of the National Association of Realtors®, existing-home sales are expected to finish the year at their highest pace since 2006, but accelerating price growth and rising mortgage rates have the potential to slow sales. Existing-home sales are measurably higher than a year ago, and strengthened in March when more buyers entered the market as the spring buying season got underway. The sustained job growth and interest rates below 4 percent have been the catalyst behind the improvement in sales.

Yun expects home sales to steadily improve, ending up at a pace around 5.30 million (the highest since 2006) this year and 5.5 million in 2016. Yun also expects the national median existing-home price to rise to around 6 percent this year (5.7 percent in 2014) before moderating to 4 percent in 2016.
On the topic of home prices, Yun says increasing demand in recent months, without meaningful gains of new and existing-homes available for sale, is starting to negatively impact affordability and is pushing price growth to unhealthier levels.
Unlike the existing-home market, demand for single-family new home construction remains weak. Yun is forecasting housing starts to come in around 1.1 million this year and reach 1.4 million in 2016, which he says is still below the 1.5 million needed each year to keep up with the underlying demand. New-home sales are likely to total 570,000 this year, and increase to 720,000 next year.

For more information visit http://findneworleansproperties.com/

What Attracts Millennials When Buying a Home

Social spaces
Entertaining friends is very important to millennials, the more places in the home that are conducive to socializing, the more attractive it is to younger buyers. Put taller than usual table with bar chairs in the kitchen to give the impression of being a good place for a crowd to place their drinks during a cocktail party. If there is a balcony, try to fit a grill out there if it is allowed, it represents freedom and adulthood more than most other pieces of furniture.

Millennial-preferred amenities
Access to superior technology is important to this demographic, so take the time to research options available for those in your home. Millennials want a place to charge all of their gadgets, so build in shelves right next to electrical outlets as designated charging stations.

Showcase storage
Many millennials in urban areas don’t want to own a car, so their biggest burden is what to do with their bike. In small condos there isn't usually room to store them so they end up taking up space in the living room. One of the solutions is to mount a bike vertically in the wall space behind the entry door.

For more staging tips go to http://findneworleansproperties.gardnerrealtors.com/

Final Inspection When Buying a Home

Many buyers ask the same questions: “why do I need to do the final walk-through?', “what should I do at the walk through?”, “how important is the walk-through prior to closing?”.

It’s not uncommon for buyers to want to rush closing, but rather than speeding through the process during the walk-through (or dozing off), do your best to evaluate the home as thoroughly as possible. Examine both the exterior and interior for any issues that may have developed after the inspection – particularly if the seller has already vacated the home. This includes:

• Confirming all door and window locks can be opened and secured properly
• Opening and closing doors and windows
• Testing the HVAC system and all appliances
• Turning on and off all indoor and outdoor lights
• Checking temperature and water pressure for all faucets, noting any drips or leaks and flushing toilets
• Confirming any required repair work

Aside from that, it’s a good idea to bring the inspector with you, if any repairs were agreed upon on the inspection response. Inspector can make sure that repairs were done up to codes and specifications. And don’t leave without obtaining:

• Alarm codes (if applicable)
• Remote garage openers
• System and appliance manuals
• Receipts for any promised repairs
  
  
  Lastly, watch for any items left behind by the seller, unless they were included in the transaction.
• For more information go to http://findneworleansproperties.com/ 

How to Stage a Home Without Breaking the Bank

If you are selling or considering selling your home staging is what might help you to reach that desirable price tag that you feel is essential to accomplish your goals.

Many sellers think that they can't afford staging, that staging is absolutely cost prohibitive in their situation.That's not necessarily true, and to demonstate how it can be done without breaking the bank, I would like to share with you the recent publication by Rismedia Housecall /http://blog.rismedia.com/2015/golden-rules-home-staging/

For more helpful information go to http://findneworleansproperties.gardnerrealtors.com/

Home Buying Rules

What's good for a buyer in a real estate transaction:

1.If you made an appointment to see a property don't cancel it.
To prepare for a showing, a smart seller spends time clearing up clutter and making the home shine, then grabs the kids and/or pets and vacates for a few hours so buyers can tour in peace.
 Respect that.

2. Remember “house rules”: don't crank up the heat or air conditioning, or let your kids run wild, bounce on the furniture, and borrow toys. Sellers are allowed to set some ground rules ("no shoes" is a popular one), be respectful of that.

3. Never nitpick. Complaining about small issues, like carpet and paint colors, is not a good negotiating strategy, focus on the big-picture items, like location and light level instead. Sellers don't care why you're discounting the house. They're looking at that bottom-line number. Include a roll call of defects and the question becomes, "Why do you want this place?"

4. Requesting multiple “visits” before closing can compromize succesful sale. Buyers want to bring in decorators, architects, family, while the seller is getting repairs done, accommodating inspectors, packing and moving. Arranging to visit while the inspector is there will be the best solution.

5. Never try to renegotiate after striking a deal. There are buyers who agree on a price, only to repeatedly demand concessions and discounts. It's extremely awkward and insulting.

6. Don't rush the closing date. Even in the best of circumstances, it's hard to leave a home for good. The date should be comfortable for all parties.

For more good advise visit http://findneworleansproperties.gardnerrealtors.com/ 

10 Things to Avoid When Buying a Home

Here are 10 things to avoid while you’re buying a home:

1. Don’t change your job before applying for a home loan. Also, now is not the right time to become self-employed or to quit your job. You want to show lenders stability, which means you’ll be less likely to default on the loan.

2. Don’t change banks. As with your employment, you want your banking history to show stability.

3. Don’t buy a car that you have to finance. Buying a vehicle or any other form of transportation through a loan increases your debt-to-income ratio, and loan officers don’t want to see that.

4. Don’t buy furniture on credit before buying your house. Charging big-ticket items increases your debt-to-income ratio. Save your money for the down payment.

5. Don’t be late on your credit card payments or charge excessively. You need a track record of responsibility that shows you can manage your money.

6. Don’t make large deposits into your bank accounts. Lenders like it when the money for your down payment has been sitting in your account for at least two months – what they call ‘seasoning’ – so that the funds don’t just appear out of the ether.

7. Don’t lie on your loan application. Sounds simple, right? But don’t leave out any debts or liabilities or fudge your income. It’s fraud.

8. Don’t co-sign a loan for anyone. Even if you’re not making the payments on that loan, co-signing increases your debt-to-income ratio.

9. Don’t apply for new credit cards or prompt any other inquiries into your credit rating. Looking for new credit translates into higher risk for lenders. If your inquiries are related to your mortgage search, that usually doesn’t affect your credit score, because lenders assume that you’re rate-shopping. But opening credit accounts within a short period of time represents some risk, and your credit could take a hit. Inquiries are probably not a huge factor in calculating your ability to repay a loan, but why take a chance?

10. Don’t spend money you’ll need for closing costs. Part of the price of financing a loan is closing costs, and you’ll likely have some responsibility for paying them. Make sure you have enough for your share.

For more information visit http://findneworleansproperties.com/

This is What Buyers Want in a Home

Home builders across the United States are most likely to focus on “convenience, livability and energy efficiency” when constructing a typical single-family home today, according to a recent survey by the National Association of Home Builders.

Beyond those big three features, plenty of other “practical and functional” amenities were cited by the builders in the survey as key selling points, so I found examples of some of them.

For more ideas visit http://findneworleansproperties.com/

SHOULD YOU RENT OR BUY YOUR NEXT HOME?

Privacy, proximity to family and friends, ambiance, environment and a sense of community all contribute to the emotional side. Tax breaks, transportation, amenities, and the opportunity to build equity are also factors. But the number one reason people buy homes is the desire to own a home, with the desire for more space a close second.

For most households, renting is less of a financial stretch than buying a home. Even in the best of times, homeowners must come up with a substantial amount of cash to cover the downpayment and closing costs, as well as be prepared for upcoming repairs and maintenance. While renters typically have to pay a security deposit plus the last month's rent, the total outlay is usually more modest than the upfront costs of buying. Equally important, renters who want to move do not incur the steep costs associated with selling a home.

Renting also brings greater certainty to household budgeting because tenants do not have to cover the costs of unexpected but necessary home repairs. Owning a home, however, requires money, time, and skill to manage its upkeep. Renting transfers responsibility for maintenance to a landlord, reducing risk and worry for those who prefer to avoid these obligations.

Beginning in 2009, the edge began to move to homeownership. Due to still-low home prices and rising rents, The Center for Housing Policy predicted that home buyers who purchase can build equity within four years, about the same length of time it takes to recoup closing costs. The reason building equity is important is that you can take money out of the home when you leave, which is not possible for renters.

One of the disadvantages of renting is that rents can go up. If you get a fixed-rate mortgage, your costs will stay the same, although hazard insurance and property taxes can rise. However, rental insurance can rise, too.

Renting is a convenience and a great hedge when property prices are spiraling downward, but for long-term gain, tax benefits and equity is a better bet.

To search for homes for sale go to http://findneworleansproperties.com/

Privacy, proximity to family and friends, ambiance, environment and a sense of community all contribute to the emotional side. Tax breaks, transportation, amenities, and the opportunity to build equity are also factors. But the number one reason people buy homes is the desire to own a home, with the desire for more space a close second.

For most households, renting is less of a financial stretch than buying a home. Even in the best of times, homeowners must come up with a substantial amount of cash to cover the downpayment and closing costs, as well as be prepared for upcoming repairs and maintenance. While renters typically have to pay a security deposit plus the last month's rent, the total outlay is usually more modest than the upfront costs of buying. Equally important, renters who want to move do not incur the steep costs associated with selling a home.

Renting also brings greater certainty to household budgeting because tenants do not have to cover the costs of unexpected but necessary home repairs. Owning a home, however, requires money, time, and skill to manage its upkeep. Renting transfers responsibility for maintenance to a landlord, reducing risk and worry for those who prefer to avoid these obligations.

Beginning in 2009, the edge began to move to homeownership. Due to still-low home prices and rising rents, The Center for Housing Policy predicted that home buyers who purchase can build equity within four years, about the same length of time it takes 

Add Some Bling To Your Spaces

Grays have been catching on in more interiors this year and so has the color’s “flashier cousin” – silver, which is becoming a popular accent color in 2014. Silver is adding some sparkle to rooms, through shimmering fabrics and reflective glassware to even kitchen backsplashes and furniture.

Silver can be an attention-getting touch to liven up a space’s interior.

Metal tiles gained popularity in the past decade or so with the explosion of stainless steel kitchen appliances, and stainless steel tiles were [and still are] great harmonizers. However, they’ve also made their way out of the kitchen – and all that glitters isn’t always stainless steel. Tiles are available in different metals, including bronze, copper, and titanium, as well as different surfaces, such as brushed, polished, and textured.

Metallic finishes are everywhere from metal-toned lamp shades to the detailing in fabrics and throw pillows. Brass is also making a comeback in the metal arena. But you might want to still hold off on swapping out all those light fixtures for brass and keep the trend reserved to accessories, for now. The trend is evident, though, as more accessories take on a vintage gold look, such as in mirror frames to gold curtain rods.

Some gold and silver touches may just be the modern touch to bring a room more up-to-date.

For more ideas go to http://findneworleansproperties.com/ 

SELLER OPTIMISM GROWS

As prices continue to rise, more sellers are putting their homes on the market than this time last year. This movement is a sign of confidence in the gains sustained through the winter and an indication of a strong early beginning to the spring home buying season. Data from realtor.com® reveals the number of properties for sale in February rose 10.1 percent above February 2013 levels. The median list price at $199,000 increased 7.6 percent compared to the same month last year.

Overall these figures indicate a continued reinforcement of steady gains and market stabilization that we’ve been watching since late last summer.  This is the market these sellers have been waiting for.

Many have speculated that as homeowners gained equity across 2013, sellers otherwise prevented from making ‘life event’ associated housing changes, for various reasons such as births, children entering school, aging home owners downsizing to smaller residences and others, now are finally able to tap into the resources necessary to make those changes. The increase in inventory is even more noteworthy given the severe climate conditions that likely dampened a more typical month of listing activity across much of the nation.

If you are planning to sell or buy real estate visit http://findneworleansproperties.com/