Considering Making a Move?
When you're thinking about making a move, the first steps in the home buying process are:
1. Deciding when you want to make your move
2. Considering how much money you would like to spend
3. Thinking about what type of home you would like
4. Deciding where you would like to live
The next step is usually finding out how much loan you can qualify for and deciding the type of financing will work best for you.
If you're in the "thinking about it" stage, you will want to speak with a lender about receiving pre-qualification. If you choose to become pre-qualified, the lender will determine how much you can borrow based on financial information you provide to the lender. Pre-qualification is useful for making preliminary decisions about how much home you can afford, but does not assess your creditworthiness.
You will need to fill out a loan application and go through the lender's loan approval process at a later date. When you decide to buy a home, you will want to become pre-approved for a loan prior to beginning your home search.
Please don't hesitate to call or email me for additional information about the buying process. Our goal is to provide you with practical information as you consider your next move. And, when you're ready to make your move, we'll help you find your dream home and handle all the details of the transaction, so all you need to do is pack
Tuesday, September 23, 2008
Tuesday, September 9, 2008
How to Make Rooms in Your Home Look Larger with Lighting!
A bright and well-lit home can dramatically change the mood of your home and help you feel relaxed and comfortable all year long. Here are some tips to lighten up your home and make the rooms look big and inviting:
* Choose different types of lighting to avoid the expense of installing windows or skylights. Lamps or other accent lighting can make a dull room appear elegant or small rooms seem larger.
* If you have a room with a dark wall or a narrow, dark hallway, hang a group of pictures and light them with adjustable halogen track lighting to create the effect of a photo gallery.
* Paint ceilings a light color to avoid making them seem lower than they are and give the room a cramped feel.
* Use color to add cheer to a room. Pink and green tones have a calming effect while darker colors, such as red, tend to cause agitation. Neutral wall tones create a harmonious environment. Bright colors should be used as accents in pillows, artwork or flowers.
* When selecting paint, tape large color chips together on a wall to get a better idea of the shades you like. When you’ve narrowed your choices down, buy a quart of 2 or 3 colors and paint 1 or 2 foot squares next to each other on both shaded and brightly lit walls. Choose the color that looks best in both kinds of light.
Call or send me an email if you’d like the names of decorators, contractors, or other service providers.
* Choose different types of lighting to avoid the expense of installing windows or skylights. Lamps or other accent lighting can make a dull room appear elegant or small rooms seem larger.
* If you have a room with a dark wall or a narrow, dark hallway, hang a group of pictures and light them with adjustable halogen track lighting to create the effect of a photo gallery.
* Paint ceilings a light color to avoid making them seem lower than they are and give the room a cramped feel.
* Use color to add cheer to a room. Pink and green tones have a calming effect while darker colors, such as red, tend to cause agitation. Neutral wall tones create a harmonious environment. Bright colors should be used as accents in pillows, artwork or flowers.
* When selecting paint, tape large color chips together on a wall to get a better idea of the shades you like. When you’ve narrowed your choices down, buy a quart of 2 or 3 colors and paint 1 or 2 foot squares next to each other on both shaded and brightly lit walls. Choose the color that looks best in both kinds of light.
Call or send me an email if you’d like the names of decorators, contractors, or other service providers.
First Time Home Buyer: Part 1 of 8
Why Buy Instead of Rent?
When you're thinking about buying your first home, it's essential for you to be confident in your decision to buy instead of rent. However, you may not know about the many great reasons to buy a home! Here are just a few of them:
Smart investment
When you invest in a home, it offers the possibility for appreciation in value. The equity becomes yours when you're still paying off your mortgage. You even get to live in it while your investment matures.
Tax advantages
Since both mortgage interest and property taxes are tax deductible, homeownership can save you significant amounts of money every year.
Planned housing costs
You decide how much you spend on your home, including repairs and improvements. Unlike renters, homeowners with a fixed-rate loan can lock in their monthly housing costs.
Improvements to your taste
You can choose which improvements to make your own property, such as a deck, kitchen remodel, or new paint, instead of needing permission from your landlord.
If you have more questions about making the decision to buy a home, please feel free to call (804-243-0605) or email (mmekhimar@remax.net)!
Warm regards,
Sunday, August 10, 2008
Real Estate Investor Series: Part 6 of 6!
Checklist for real estate investment property
Homeowners look for a set of criteria when buying - school district, curb appeal, low crime rate, proximity to job, number of bedrooms, right layout, perfect-sized yard. While location is still a primary factor when you invest in real estate, most investors also add these to their checklist:
1. New single-family construction
2. A neighborhood that is mostly a primary-home community (rather than renters)
3. Square footage between 1400 and 1600
4. 3 bedrooms, 2.5 baths with 2-car garage
5. Nice yard but no pool (too much of a liability)
6. Safe neighborhood with little or no graffiti on public structures, fences, etc.
Another factor to consider is close proximity to your own home. Especially when starting out, you may need to visit your rental properties frequently-to pick up a check, make minor repairs, etc. For these reasons, any property more than 45 minutes away becomes less desirable.
It is important to remember you are not purchasing for your own use but to attract a high quality renter. Savvy investors choose properties based on the criteria above rather than their personal preferences. Doing so lets them pick from a wider base of homes and find the better bargain.
If you have more questions on which properties would make the smartest buys for you as a real estate investor, please don't hesitate to call or send an email.
Warm regards,
Homeowners look for a set of criteria when buying - school district, curb appeal, low crime rate, proximity to job, number of bedrooms, right layout, perfect-sized yard. While location is still a primary factor when you invest in real estate, most investors also add these to their checklist:
1. New single-family construction
2. A neighborhood that is mostly a primary-home community (rather than renters)
3. Square footage between 1400 and 1600
4. 3 bedrooms, 2.5 baths with 2-car garage
5. Nice yard but no pool (too much of a liability)
6. Safe neighborhood with little or no graffiti on public structures, fences, etc.
Another factor to consider is close proximity to your own home. Especially when starting out, you may need to visit your rental properties frequently-to pick up a check, make minor repairs, etc. For these reasons, any property more than 45 minutes away becomes less desirable.
It is important to remember you are not purchasing for your own use but to attract a high quality renter. Savvy investors choose properties based on the criteria above rather than their personal preferences. Doing so lets them pick from a wider base of homes and find the better bargain.
If you have more questions on which properties would make the smartest buys for you as a real estate investor, please don't hesitate to call or send an email.
Warm regards,
Real Estate Investor Series: Part 5 of 6!
Building A Real Estate Investment Team 101
While serial investors (who buy additional rental properties without selling their current ones) are likely to invest with only the help of a real estate agent, other investors benefit from having a team of experts.
In addition to a real estate agent (and your tax advisor), some team members for you to consider are:
1. A builder or general contractor who can evaluate the structural integrity of a unit
2. A specialist in leases who is experienced in writing contracts
3. An attorney who practices in real estate law
4. A mortgage professional who can offer you different financing options
Having a team of investors gives you more knowledge as well as more financial resources as well. One word of caution: while friends or family may be interested in joining your real estate investment team, it is best to pick individuals based on the experience they offer.
Warm regards,
While serial investors (who buy additional rental properties without selling their current ones) are likely to invest with only the help of a real estate agent, other investors benefit from having a team of experts.
In addition to a real estate agent (and your tax advisor), some team members for you to consider are:
1. A builder or general contractor who can evaluate the structural integrity of a unit
2. A specialist in leases who is experienced in writing contracts
3. An attorney who practices in real estate law
4. A mortgage professional who can offer you different financing options
Having a team of investors gives you more knowledge as well as more financial resources as well. One word of caution: while friends or family may be interested in joining your real estate investment team, it is best to pick individuals based on the experience they offer.
Warm regards,
Real Estate Investor Series: Part 4 of 6!
Profiting from the Fixer-Upper
Many real estate investors earn a living out of renovating run-down properties and reselling them, or holding onto them for rentals. Commonly known as the fixer-upper, it offers you two paths to real estate investment.
Buy a Fixer-Upper and Sell Again
In addition to offering a handsome profit, fixer-uppers can offer a true sense of satisfaction as you transform a dilapidated property into one with true appeal. But before you take the plunge, ask yourself three questions:
1. Can I buy it far below market value?
2. Can I do much of the work myself (or contract it out at reasonable rates)?
3. Can I get the job done quickly?
Remember, every month you add to the project is costing you in lost rental income, taxes, insurance, utilities and more.
Buy, Raise the Rents, and Sell Again
Quite often the tenants in a rental property are paying below market rates simply because the landlord hasn't raised the rent in years, or perhaps the property is not maintained well.
Both scenarios present you a great opportunity to buy the building, raise the rents (making upgrades if necessary) and resell the apartment building at a higher price. This raises the GPI-the gross potential income-which is the maximum gross income generated from the rent if all the units were occupied.
If you would like more information on these types of investment properties in our area, please don't hesitate to give us a call or send an email.
Warm regards,
Many real estate investors earn a living out of renovating run-down properties and reselling them, or holding onto them for rentals. Commonly known as the fixer-upper, it offers you two paths to real estate investment.
Buy a Fixer-Upper and Sell Again
In addition to offering a handsome profit, fixer-uppers can offer a true sense of satisfaction as you transform a dilapidated property into one with true appeal. But before you take the plunge, ask yourself three questions:
1. Can I buy it far below market value?
2. Can I do much of the work myself (or contract it out at reasonable rates)?
3. Can I get the job done quickly?
Remember, every month you add to the project is costing you in lost rental income, taxes, insurance, utilities and more.
Buy, Raise the Rents, and Sell Again
Quite often the tenants in a rental property are paying below market rates simply because the landlord hasn't raised the rent in years, or perhaps the property is not maintained well.
Both scenarios present you a great opportunity to buy the building, raise the rents (making upgrades if necessary) and resell the apartment building at a higher price. This raises the GPI-the gross potential income-which is the maximum gross income generated from the rent if all the units were occupied.
If you would like more information on these types of investment properties in our area, please don't hesitate to give us a call or send an email.
Warm regards,
Real Estate Investor Series: Part 3 of 6!
6 ways to make a profit in real estate investment
Many homeowners get into real estate investing by buying a home and using this home as a rental when they upgrade to a larger home. Called "serial purchasers", they continue to buy (and hold onto) additional properties.
Other investors prefer to find a quicker path to real estate investment success through one of the following ways.
Buy and Flip
Flipping means selling the property you just bought for a higher price as soon (or in some cases before) you take title on the property. While flipping allows you to make money fast in a hot market (or on a property you purchased well below market value), you may need to pay capital gains (talk to your tax advisor).
Buy and Scrape
Scraping is tearing down an existing home and building a new home. To capitalize on this idea look for areas where home prices are rising, vacant lots are few, and there's an inventory of older homes. While there are many permits you need to obtain, scraping can be a very lucrative process.
Buy and Split
Just as you can buy one lot and split into two, you can also buy one house and subdivide into two homes right down the middle, or buy a larger house and develop each floor into several condominiums. Another variation is to buy a house with a large lot, subdivide the lot, rent out the house, and sell off the land.
Smart real estate investors look at existing properties with new uses in mind (and they check into all building and zoning regulations). We can help you by identifying potential rental properties in the Richmond area. Please call or email with any questions you have.
Warm regards,
Many homeowners get into real estate investing by buying a home and using this home as a rental when they upgrade to a larger home. Called "serial purchasers", they continue to buy (and hold onto) additional properties.
Other investors prefer to find a quicker path to real estate investment success through one of the following ways.
Buy and Flip
Flipping means selling the property you just bought for a higher price as soon (or in some cases before) you take title on the property. While flipping allows you to make money fast in a hot market (or on a property you purchased well below market value), you may need to pay capital gains (talk to your tax advisor).
Buy and Scrape
Scraping is tearing down an existing home and building a new home. To capitalize on this idea look for areas where home prices are rising, vacant lots are few, and there's an inventory of older homes. While there are many permits you need to obtain, scraping can be a very lucrative process.
Buy and Split
Just as you can buy one lot and split into two, you can also buy one house and subdivide into two homes right down the middle, or buy a larger house and develop each floor into several condominiums. Another variation is to buy a house with a large lot, subdivide the lot, rent out the house, and sell off the land.
Smart real estate investors look at existing properties with new uses in mind (and they check into all building and zoning regulations). We can help you by identifying potential rental properties in the Richmond area. Please call or email with any questions you have.
Warm regards,
Real Estate Investor Series: Part 2 of 6!
Market indicators tell you when to invest in real estate
Real estate prices cycle through highs and lows. Tracking the following market indicators will help you decide if it's a good time to invest in real estate in your area.
Job Growth
People go where the jobs are, and home prices follow jobs. A strong local job market is a sure sign of a healthy real estate market. While the Wall Street Journal gives you insight into the nation's overall economy, check the Wenatchee World and other local resources for North Central Washington specifics.
Housing Inventory
The housing inventory is the number of houses for sale at one time in the area. If there are more houses than buyers, prices tend to fall and if there are more buyers than houses, the opposite happens. Also look at the number of months or days it is taking to sell a home. If it's less than 60 days the market is typically considered hot.
Number of Repos on the Market
A repo is a house that has been taken over by the bank because the owner failed to meet the loan payment-in other words, it's a foreclosure. The more foreclosures in your area, the weaker the real estate market.
Number of Multiple Offers on Homes
Multiple offers are when two or more buyers "bid" at the same time for the same house. It's a sure sign of a hot market, usually resulting from a limited inventory creating the need for buyers to compete on price for the same property.
To learn about the local conditions in our market, please don't hesitate to call or send an email. We will be happy to get you the information you need.
Warm regards,
Real estate prices cycle through highs and lows. Tracking the following market indicators will help you decide if it's a good time to invest in real estate in your area.
Job Growth
People go where the jobs are, and home prices follow jobs. A strong local job market is a sure sign of a healthy real estate market. While the Wall Street Journal gives you insight into the nation's overall economy, check the Wenatchee World and other local resources for North Central Washington specifics.
Housing Inventory
The housing inventory is the number of houses for sale at one time in the area. If there are more houses than buyers, prices tend to fall and if there are more buyers than houses, the opposite happens. Also look at the number of months or days it is taking to sell a home. If it's less than 60 days the market is typically considered hot.
Number of Repos on the Market
A repo is a house that has been taken over by the bank because the owner failed to meet the loan payment-in other words, it's a foreclosure. The more foreclosures in your area, the weaker the real estate market.
Number of Multiple Offers on Homes
Multiple offers are when two or more buyers "bid" at the same time for the same house. It's a sure sign of a hot market, usually resulting from a limited inventory creating the need for buyers to compete on price for the same property.
To learn about the local conditions in our market, please don't hesitate to call or send an email. We will be happy to get you the information you need.
Warm regards,
Wednesday, August 6, 2008
Real Estate Investor Series: Part 1 of 6!
5 Reasons To Invest In Real Estate
According to the National Association of Realtors (NAR), second-home sales (for vacation homes and investment homes) accounted for four out of 10 homes sold. While vacation-home buyers purchase primarily for enjoyment, investment-home buyers are looking to generate income in the following five ways.
#1: Appreciation
Returns of 10 percent and more are not uncommon if you select good real estate properties and a solid market. It's a return rate you won't find on bank products or with most stocks.
#2: Cash Flow
More than half of all investment-home buyers rent out their properties. Month in and month out these properties create income from renters AND gain long-term appreciation.
#3: Less volatility
While real estate cycles through periods of highs and lows, it doesn't change dramatically day-to-day like stocks. Investing in real estate is viewed as being less speculative than stocks.
#4 Tax Advantages
Your real estate investments offer you two tax advantages: you can deduct property expenses and depreciation. Plus doing a 1031 exchange lets you avoid paying tax on profits from the sale of rental property if you roll it into another real estate investment property (talk to your tax advisor).
#5 Value-Added Improvements
The saying "buy it low and sell it high" applies to stocks and real estate. The advantage with real estate is you can buy inexpensive property, fix it up, then raise the rent or sell it for more money.
If real estate investing is a path you are interested in pursuing, please feel free to call or email with any questions you have.
Have an outstanding day!
According to the National Association of Realtors (NAR), second-home sales (for vacation homes and investment homes) accounted for four out of 10 homes sold. While vacation-home buyers purchase primarily for enjoyment, investment-home buyers are looking to generate income in the following five ways.
#1: Appreciation
Returns of 10 percent and more are not uncommon if you select good real estate properties and a solid market. It's a return rate you won't find on bank products or with most stocks.
#2: Cash Flow
More than half of all investment-home buyers rent out their properties. Month in and month out these properties create income from renters AND gain long-term appreciation.
#3: Less volatility
While real estate cycles through periods of highs and lows, it doesn't change dramatically day-to-day like stocks. Investing in real estate is viewed as being less speculative than stocks.
#4 Tax Advantages
Your real estate investments offer you two tax advantages: you can deduct property expenses and depreciation. Plus doing a 1031 exchange lets you avoid paying tax on profits from the sale of rental property if you roll it into another real estate investment property (talk to your tax advisor).
#5 Value-Added Improvements
The saying "buy it low and sell it high" applies to stocks and real estate. The advantage with real estate is you can buy inexpensive property, fix it up, then raise the rent or sell it for more money.
If real estate investing is a path you are interested in pursuing, please feel free to call or email with any questions you have.
Have an outstanding day!
2008 Top Ten Places For Business and Careers!
This year, Raleigh, N.C. is number one for the second year in a row due in part, to its strong job growth. For the third straight year, the Southeast is home to half of the top ten, however there is new blood near the top with Lexington, Atlanta and Richmond joining the ranks and Spokane and Fort Collins also jumping ahead. Rounding out the top ten is Knoxville, Tenn. where business costs are 14% below the national average.
Also, the Forbes ranking may have you rethinking Iowa as just "the corn state". Des Moines, ranked fourth, with its sports arena, art center and heated 3 mile sky-walk, now boasts an unemployment rate of 3.4% and business costs that are 10% below the national average.
2008 Top Ten Places For Business and Careers
1. Raleigh, North Carolina (#1, 2007)
2. Boise, Idaho (#3, 2007)
3. Fort Collins, Colorado (#28, 2007)
4. Des Moines, Iowa (#4, 2007)
5. Lexington, Kentucky ( #30, 2007)
6. Atlanta, Georgia (#25, 2007)
7. Richmond, Virginia (#14, 2007)
8. Olympia, Washington (#10, 2007)
9. Spokane, Washington (#20, 2007)
10. Knoxville, Tennessee (#5, 2007)
Also, the Forbes ranking may have you rethinking Iowa as just "the corn state". Des Moines, ranked fourth, with its sports arena, art center and heated 3 mile sky-walk, now boasts an unemployment rate of 3.4% and business costs that are 10% below the national average.
2008 Top Ten Places For Business and Careers
1. Raleigh, North Carolina (#1, 2007)
2. Boise, Idaho (#3, 2007)
3. Fort Collins, Colorado (#28, 2007)
4. Des Moines, Iowa (#4, 2007)
5. Lexington, Kentucky ( #30, 2007)
6. Atlanta, Georgia (#25, 2007)
7. Richmond, Virginia (#14, 2007)
8. Olympia, Washington (#10, 2007)
9. Spokane, Washington (#20, 2007)
10. Knoxville, Tennessee (#5, 2007)
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