Condominium units can be good options for first-time home buyers, for those who want a vacation getaway, investors, and those who want to downsize their living space. These housing units are usually less expensive than a single family home and can include attractive amenities.

In recent years, speculators entered into the picture, hoping to make a financial killing by buying low and flipping to a third party even before the units were ready for sale. Others wanted to buy solely to be able to rent the units.

As a result, many developers started to impose rental and resale restrictions. The most common were requirements built into the purchase and sales contract that limited a purchaser from renting the unit out for at least one year. Other provisions in the contract either prohibited a purchaser from flipping the contract, or if that purchaser really wanted to sell within a period of time (usually one year) the developer had the right of first refusal at the original purchase price. (more…)

search for : Condominium, flipping

Owners of primary residents or vacation condominiums have special needs to onsider when purchasing insurance protection. Condo owners need two policies to protect their investment, according to the Insurance Institute.

Personally, the condo owner needs an individual policy to protect dwelling contents, as well as structural improvements on the interior of the unit and coverage for fire, theft or other disasters covered in the policy.

Collectively, the condominium association should have a master policy that covers the common areas the condo dweller shares with fellow owners. This would cover the the roof, common walls, pool, and areas like sidewalks, walking trails, landscaping and parking. (more…)

search for : vacation condominium, condominium association

It’s easy for economic pundits to write that the best time to create strategies for thriving in a recession is during the boom that precedes it. Armed with the hindsight derived from watching the time line of economic decay over the past few months, one might be tough on consumers that have continued to add debt and spend beyond their means.

But, putting all that behind us, adopting a proactive approach, right now, will strengthen your ability to take advantage of opportunities for growth at a time when others with reactive strategies are scrambling to recover. Financial literacy is the place to start since what you do know and what you do not know about real estate and finances will respectively represent your strengths and weaknesses. (more…)

search for : recession, Financial literacy

The White House (with a cooperative Congress) has agreed upon an economic stimulus package that would put $150 billion into the hands of consumers and businesses. Hopefully, this “printing of money” will revive the market for large mortgages and increase real estate sales. All the while, a trickle down effect should occur, with sales for moderate priced homes as consumers find more spendable and discretionary income.

Economists say the measures, coming as the risk of a downturn rises, could boost growth this year by between three-quarters of a percentage point and a full point. One important provision temporarily raises the dollar limit on mortgages that can be bought or guaranteed by government-sponsored mortgage giants Fannie Mae and Freddie Mac. (more…)

search for : economic stimulus package, large mortgages

It’s rare for any one residential homeowner to hire an architect more than once or twice in their lives. Picking the right architect is somewhat to finding and selecting just the right financial planner. Experts suggest that a homeowner, select an architect who has designed projects that are similar in style and scope to theirs.

While there is no substitute for experience, designing a home is such a personal project, it’s important that the prospective homeowner feels able to communicate with the architect and his/her staff. A flat fee may be appropriate for projects whose scope is very defined. But construction projects often include unforeseen challenges. For that reason most architects prefer to charge by the hour or by a percentage of building costs. (more…)

search for : hire an architect, architect

This one-of-a-kind lakefront lot is truly unique within the Malone Bay community. It is one of the most desirable, if not the most desirable lot among the few remaining properties with waterfront access to W. Kerr Scott Lake.

Malone Bay features 18 lots at W. Kerr Scott Dam & Reservoir. 14 are Lakefront and meet private dock requirements. This is a gated community with Lots ranging from 2.3+- acres to 6.8+- acres On the Hwy 421 side of the lake just off South Minton Road, Wilkesboro, NC 28697

Main Channel Views.
300 feet of waterfront.
Dock with boat slip and 2 jet ski slips.

2.86 acres.

MLS Number: 51155
List Price: $359,000
Lot Size: 2.86 ac.
Apx Acreage: 2.86
Type: Waterfront
Area: Area 2
Suitable Use: Residential

Topography: Rolling
Utilities: Underground Utilities
Road Frontage: Private Road
Restrictions: yes
Water/Sewer: Public Water
Miscellaneous: 1-5 Acres
Location: Malone Way

click here for more information

search for : Malone Bay, W. Kerr Scott Lake, W. Kerr Scott Dam

Selling a home in today’s miserable real estate marketplace is certainly a chore. More than ever, we need to be smart when planning on the sale, even before listing the home with an agent, broker, or doing a “for sale by owner”.

First impressions are everything to a potential buyer. The loveliest home doesn’t have a chance with poor photography. Whether the listing occurs in the newspaper, real estate flyer, or on-line, photos are the first impression of your home for many buyers. With so many listings posted in some areas, trying to make out details in dark, blurry photos when there are a lot of other listings to look at could have a very negative effect.

Once you have enticed the prospect to a “walk through”, consider just how clean and presentable is your curb? Does it need to have sand, dirt or pebbles swept clean? Does it need to have leaves, cigarette butts or other debris cleaned up? Are there weeds or grass growing in the cracks and crevices of your curbs and sidewalks? Concrete curbs, sidewalks and driveways that are badly cracked or broken should be replaced. (more…)

Thinking of selling your home, condo or building lot? The more you know about the real estate market in your locale, the better your chance will be for getting the best possible price for your sale.

Making a smart deal and getting the best price always has meant studying the market and being an educated seller. But these days, with so much inventory on the market, selling “smarter” is even more important.

Strange as it may seem, home prices in some markets have actually gone up from last year. Plus, demand will change depending on the price range and even the neighborhood. So, it’s vitally important that you know the demand for a house, condo or building lot like yours in your area? (more…)

search for : selling your home

One of the fastest growing industries among the home trades is the energy audit. Although energy audits have been available for many years, this new crop of analysts is seen to be wielding high-tech tools such as infrared cameras. Armed with this recently affordable technology, these men and women can produce comprehensive reports on a home’s energy efficiency, along with suggested fixes and contractors.

To pay for these expensive tools, the information produced can’t cheap. The reports typically cost $300 to $700, though aid often is available for low-income homeowners. Some utilities provide audits free. Anyone can call himself an “energy auditor,” making it tough to know who is legit. Some suggest products and services to fix energy flaws, but don’t always disclose that they have ties to the products’ makers or sellers. (more…)

search for : energy audit, energy auditor

It’s time to start thinking about how to make your home stand shoulders above the rest if you are planning to sell in 2008. However, don’t make unneeded repairs for which you won’t be able to recoup the improvement costs. The most important concepts of making your home salable are to give the appearance of being neat, clean and spacious.

Remodeling magazine found that homeowners could recover 83% of the cost of a minor kitchen remodel at resale compared with 78% of a major kitchen remodeling. Therefore, logic suggests that you replace a countertop if it’s crumbling but not if its only fault is having an outdated appearance. And, there’s no need to update to granite unless the competition has granite countertops as well. (more…)

search for : Remodeling