·:[ The Judy Niemeyer Team Blog ]:·
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Considering buying a newly built Mobile Eastern Shore home? Here are some things to think about.

ADVANTAGES:

• HOME WARRANTY: Generally this warranty is good for one year and covers heating, cooling, and electrical systems and plumbing. Some also cover appliances.

• INCENTIVE PROGRAM: Many builders use incentives, both large and small, to attract buyers. Examples include vacations or furnishing for your Mobile Eastern Shore home. Note: these incentives are often offered only if you use the builder’s lender.

• CUSTOM DESIGN: If you become involved with the builder early in the building process, you may have a say in the home’s construction–from customized features to flooring to colors.

• FASTER CLOSING. No titles to search.

• SAFETY/HEALTH: No worries about old wiring. lead paint, or asbestos.

• LESS MAINTENANCE: Materials used in the exterior of a new home do not require yearly painting.

• ENERGY EFFICIENCY: Less waste, and thus lower bills.

PRECAUTIONS:

• HIRE A BUYERS REAL ESTATE AGENT who is experienced in new home sales. A strong Realtor negotiating on your behalf can save you thousands!
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Given the current economic climate and slowed-down home sales, many homeowners who are thinking about selling their home are also considering improving it to raise its value and to appeal to more potential buyers. Recent surveys done by the National Association of Realtors, RIS Media, Natural Handyman, consumer groups, builders and contractors, and even paint companies have resulted in the identification and analysis of popular trends for 2010. Such publications cover topics raging from resale returns on specific projects (both interior and exterior), grades of quality of improvements, preferred floor plans, and energy efficiency.

Big Or Small

Improvements to your Mobile Eastern Shore] real estate can be as simple as changing your landscape to include a vegetable garden and more perennials to replacing current appliances with energy efficient ones.  The addition of crown moldings, special ceiling finishes, hardwood floors, and fresh coats of paint (earth colors are still popular) are other relatively easy but important projects.

More ambitious undertakings which will improve your Mobile Eastern Shore real estate include the replacement of your heating/cooling system, windows (and qualify for a tax credit!), and external doors with those which are guaranteed to benefit the environment and lower utility bills.  Other large-scale improvements encompass adding vinyl siding and a new roof, the addition of a deck, garage, or fireplace, the updating of your kitchen and bathrooms, and the conversion of an attic/basement space to an extra bedroom.

Monetary Return

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There may come a time when, after exploring all your real estate options for the future, you decide that you really don’t want to sell your Mobile Eastern Shore home and that you’d rather “age in place.” In that case, you should investigate applying for a reverse mortgage, also known as home equity conversion mortgage (HECM). As with any program or plan that is financially based, there are many pros and cons to be considered before you make a final decision.

Eligibility: you must be at least 62 years of age, own your own home (or have a very low balance that can be paid off), and be living in it as your primary residence. Your Mobile Eastern Shore home must meet FHA property standards, and you must provide on-going maintenance and pay property taxes, association dues, and insurance. In addition, you must also agree to attend an information counseling session

Amount: Factors used to determine the amount of your eligibility include your age, interest rates, and the value of your home. Most reverse mortgages provide you with a monthly payment. The are online websites that allow you to calculate/estimate the amount. Go to www.AARP.com, www.USAReverseMortgageAdvisor.com, or www.ReverseMortgageGuides.org for assistance.

Advantages: As stated in Gilbert’s Guide, a reverse mortgage includes these advantages:

• Reverse mortgages for seniors can be set up as a monthly payment, line of credit or a lump sum—whatever works best.
• No matter how the reverse mortgage is set up, the home owner does not make any monthly payments.
• No monthly payment is due from the home owner unless he or she dies, moves or sells the home. At that time, the loan is due in full, plus interest and fees.
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Just because you have purchased insurance for your Mobile Eastern Shore real estate, don’t think that your responsibility has ended there. It is important that you inventory your possessions and keep that list up to date, at least annually. In addition to making a list of items, it is wise to also photograph them–and even better, videotape entire rooms! (And do remember to keep the list, photos, and/or tape in a place where they can not be destroyed by fire, flood, etc. A bank safety deposit box would be ideal.)

Suggestions for making a Mobile Eastern Shore Real Estate inventory include:

• Organize it by room.

• Describe each item, including make and model, and where it was bought. Record the serial number, if the item has one.

• Attach sales receipts, purchase contracts, and appraisals to your list.

• For clothes, count each type of item, such as pants, shoes, shirts, coats, etc. Particularly note those that are valuable.

• Supplement your written list with photographs. Make sure you label the photos. *If you have a video camera, videotape each room. You can also add a narration as you tape.

• Don’t forget items that are in drawers, closets, attic, and basement.

• Use your computer. Make your list, scan in receipts, photos, and other papers. Keep these in a fireproof box. Make a copy of your inventory and photos and store them away from the house.

• Add valuable new items (such as a new entertainment system) to the inventory when you purchase them. Review and revise the list annually.

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For you, as for most Americans, your home is your largest and most important investment. Homeowners insurance, required by mortgage lenders, protects you from losing the value of your Mobile Eastern Shore real estate if disaster strikes and enables you to repair or rebuild the structure. It covers damage to your home (real property) and your personal belongings (personal property) for the hazards specified in your policy. It also covers your liability for any injuries and property damage that you or your family members (including pets) cause to other people.

Types of homeowners insurance:

• HO-1 is very basic coverage, insuring against fire or lightening damage

• HO-2, called “broad coverage,” also covers loss of or damage to property resulting from windstorm or hail, theft, explosion, smoke damage from vehicles and aircraft, glass breakage, removal of property endangered by covered peril such as fire, vandalism, malicious mischief, and riot or civil commotion. HO-2 also covers building collapse, freezing of or accidental discharge of water or steam from within plumbing, heating, or air-conditioning, falling objects, weight of snow, ice, or sleet, and rupture or bursting of steam or hot water heating system

• HO-3, called the “special” form, insures your home and detached structures against loss or damage from any peril except for those specifically excluded in the policy. This is the policy most homeowners purchase. It is important for you to read your policy carefully to see what is excluded—you may want to cover exclusions with special endorsements.

• HO-4 is a tenant’s policy and insures your household contents and personal belongings against the perils of the HO-2 policy. It also covers additional living expenses if needed, medical payments, and also liability protection.
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To sell or not to sell? That is a question with which many seniors are wrestling these days. One the one hand, older homeowners are faced with rising maintenance costs, personal physical constraints, a desire to live a more carefree and less complicated lifestyle, a realistic look at future needs, such as being near public transportation and/or quality health care, and living in a “too-large” home. On the other hand, they are reluctant to leave a neighborhood where they are known and respected, move further from friends and family, consider downsizing and parting with treasured items, and undertaking the seemingly overwhelming job of emptying one home and setting up another. In addition, they don’t want to give up the security or the memories tied to their current home.

A knowledgeable and understanding real estate agent who is familiar with the needs and desires of the 55+ set, combined with the services of an attorney who specializes in both real estate and estate planning and an accountant who deals with senior tax implications, can be invaluable to you in looking at all aspects of selling your Mobile Eastern Shore real estate and helping you determine what is best for you. Senior Expert Margie Behr also advises that you think about taking out a home equity loan before you put your house on the market and that you involve your whole family in the decision-making process.

Deciding to Sell

If you do decide to sell, BankRate.com cautions you to first get a written market analysis and a financial evaluation which will help you and your team of advisors address the realities of the market, your investments, and tax objectives.

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Judy Niemeyer of Ashurst and Niemeyer presents:

The Mobile Eastern Shore Real Estate Podcast

June 2010: This month’s edition covers Mobile Eastern Shore real estate market activity and then and we’ll promote the value and importance of home inspections as the summer selling season approaches. Features special guest Terri Murphy of US Learning. Program length: approximately 8 1/2 minutes

For you, as for most Americans, your home is your largest and most important investment. Homeowners insurance, required by mortgage lenders, protects you from losing the value of your Mobile Eastern Shore real estate if disaster strikes and enables you to repair or rebuild the structure. It covers damage to your home (real property) and your personal belongings (personal property) for the hazards specified in your policy. It also covers your liability for any injuries and property damage that you or your family members (including pets) cause to other people.

Types of homeowners insurance:

• HO-1 is very basic coverage, insuring against fire or lightening damage

• HO-2, called “broad coverage,” also covers loss of or damage to property resulting from windstorm or hail, theft, explosion, smoke damage from vehicles and aircraft, glass breakage, removal of property endangered by covered peril such as fire, vandalism, malicious mischief, and riot or civil commotion. HO-2 also covers building collapse, freezing of or accidental discharge of water or steam from within plumbing, heating, or air-conditioning, falling objects, weight of snow, ice, or sleet, and rupture or bursting of steam or hot water heating system

• HO-3, called the “special” form, insures your home and detached structures against loss or damage from any peril except for those specifically excluded in the policy. This is the policy most homeowners purchase. It is important for you to read your policy carefully to see what is excluded—you may want to cover exclusions with special endorsements.

• HO-4 is a tenant’s policy and insures your household contents and personal belongings against the perils of the HO-2 policy. It also covers additional living expenses if needed, medical payments, and also liability protection.
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Because of the current lower interest rates, many mortgage experts are advising Mobile Eastern Shore home owners to consider refinancing their existing mortgages as a way to

1. decrease the amount of their monthly mortgage payments
2. reduce the duration of their current loan, or
3. provide money for home improvements or other expenses. Interested? Read on…

Knowledge

Before you rush into refinancing your Mobile Eastern Shore real estate, be aware of two key strategies that will benefit you. The first is KNOWLEDGE. Carefully investigate the pros and cons of different refinancing features such as interest rate, closing costs and fees, and the term of the loan. Determine the purpose of your refinancing and the amount of savings and/or money you hope to gain from it. Examine your personal financial situation–now and in the future–to identify the best option for you.

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The prospect of relocating to a new place can be somewhat unsettling as you face emptying your present house and filling up your Mobile Eastern Shore home. Not only must you deal with the onus of packing and the logistics of your physical move, you also find yourself a bit anxious–and possible sad– about leaving a place where you’ve grown comfortable. No wonder so many people dread making a move!

There is, however, a painless way to lessen the angst and allow you to cope well (maybe even enjoy) the relocation process–and that is organization. While you may be proficient at researching and hiring a moving company and finding a reliable Realtor to sell your current residence and help you find the perfect Mobile Eastern Shore home, there are numerous “small” steps you can take to eliminate unpleasant surprises later on and to make the process go more smoothly.

FINANCES:
To alleviate any concerns you may have about the financial ramifications of living in a new city, you can compare the cost of living in two places by visiting HomeFair.com. This site will help you calculate how far your salary will go in your new location.

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