I just came back from my walk this morning and I am seeing something that I haven’t seen in a while, new construction.

First, this is a good sign that real estate is making a comeback finally. We were one of the hardest hit areas and it surely is a welcome sight.

Second, did you know you could have a new home built in about the same time as buying a short sale? Also, you are not getting all the unknown problems of a home that has been sitting vacant for who knows how long.

Homes in Sugar Mill Lakes in Palmetto can be built in about 4-5 months from ground breaking to closing. It can take longer to buy a short sale!

So when buying a home, look at all the options and feel free to ask us any questions along the way.

Good news, if you had a home under contract by the end of April and still haven’t closed yet, Obama signed the bill today to extend the tax credit to the end of September.

They haven’t put a bill on the table yet to give the tax credit for any new deals but this helps those who are in the process of buying right now and didn’t close by the end of June.

Who knows what they will offer next, if anything but at least those that are under contract will find this welcome news.

I just received this question from a reader and thought I would pass it along since I do get this question often.

What does the home owners insurance cost??

The insurance will depend on the house. How much it is worth and how much you want to insure it for. In Braden Castle you will also need flood insurance. I would suggest to contact your insurance company and give them the address of the house you are interested in. They will be able to tell you exactly what the cost would be for that particular home.

If you don’t have an insurance agent, may I suggest the following:
Hughes Insurance
5415 26th St W
Bradenton FL 34207

941-756-7400

Don’t worry if you don’t live in the immediate area, they took care of my mom’s insurance and she never left her house in Hillsborough County.

The decision to purchase a home is exciting and a major investment for your future. Because there is only so much of it to go around, real estate is the top choice for many investors and the desire for most families. This article is designed to highlight some of the many benefits of home ownership and how buying a home can often turn the American Dream into a reality.

One of the most profitable markets in real estate is rentals, which means that many families are paying to live in a home that isn’t their own. In some cases, renting a home is necessary. For all others, the money that would be spent on rent could instead be used to pay a mortgage. In fact, monthly rent payments often exceed that of a typical mortgage payment. One of the greatest benefits of home ownership is putting money into something that you can call your own and knowing that the monthly payments are going toward your home’s equity.

Speaking of equity, many properties experience a growth in value as more development moves into the area or the economy strengthens through an increase in job opportunities. If this happens, home values soar and owners can bask in the glory of their newfound profit. When you purchase a new car, it depreciates the moment that you drive off the lot. When you buy a home, however, it has the potential to appreciate year after year. There are few things in life that can offer you a return above and beyond your original purchase price, but a home can.

When you own a home, you will enjoy the freedom of decorating and making any changes that you choose without needing the permission of a landlord or property owner. In addition, you may even be able to use your home’s equity to finance some needed improvements and/or repairs. In some cases, these changes may even increase the value of your home. An upgraded kitchen or bathroom, hardwood flooring or an additional room are examples of changes that could result in added value.

Another advantage of home ownership is the tax benefits that are available. The interest paid on a home mortgage as well as most property taxes paid are tax deductible. For additional information on deducting mortgage interest and property tax, consult the IRS or a tax professional.

In addition to providing yourself and your family with a feeling of stability and permanence, home ownership can also help stregthen your credit profile through timely mortgage payments and a steady financial history.

Whether you’re buying or selling, reading real estate ads can be confusing. Here are explanations of more style terms used in real estate ads.

“Split Foyer” style

A home entered by a foyer with a half flight of stairs up to the upper level (where the living spaces and one or more bedrooms are usually located) and a half flight of stairs to the lower level (typically housing the family room and additional bedrooms).

“Tri-Level” style

A home with three levels. It is typically entered on the middle level and has half flights of stairs to the highest and lowest levels. The living room, dining room, and kitchen are usually on the middle level. The bedrooms are usually on the highest level. The lowest level may be unfinished or have family room, laundry, and perhaps a garage located there.

“Contemporary” style

These vary greatly, but none looks as if it could have been built prior to 1900. Some are almost entirely of glass. Some are almost entirely under ground. Roofs can be gable (slants down on each side of a ridge line creating triangles of space at each end), shed (slants in one direction only from high on one side to low on the other), flat, or sod (grass covered) for that matter. Often several roof styles are incorporated in one home. Energy saving or indoor-outdoor connectedness tend to be designing motives. Simplicity, straight lines, and open spaces are hallmarks. Decks, patios, and terraces are frequently featured and are often constructed of the same materials used indoors.

“Victorian” style

This style is based on houses built during Queen Victoria’s reign and for a while afterwards. They are usually at least two stories tall and maybe more. They are embellished with a variety of things including porches, turrets, towers with conical roofs, pediments with fanciful shapes over doors and windows, windows to the floor with perhaps only one sheet of glass per sash. And do think “gingerbread” or wood fashioned into intricate shapes for gable ends, places where porch posts reach the ceiling, at stair landings, and so on. Modern builders usually pare this style down because of the expense, but even the most recently built examples can be rather fanciful.

Summary

When looking at homes, you’ll find particular styles appeal to you. Once you identify the styles, you can narrow your search for the perfect home.

In modern America, many neighborhoods are organized as developments. Such developments often have rules and regulations that can be surprisingly restrictive.

Read Those Regulations Before Making An Offer On A Property

Planned developments are all the rage these days in real estate. A developer doesn’t just build a bunch of homes any more. Now, they build an image of a particular type of living style. To maintain this image, the developments come with rules and regulations that can be very overbearing. If you fail to read them thoroughly before making an offer on a home, you may be in for a nasty surprise when you move in.

Rules and regulations for developments, known as homeowner association regulations, set out the specific things that can and cannot happen in a development. Issues covered range from changes that can be made to properties to issues such as landscaping. To the surprise of many homebuyers, these regulations can be incredibly restrictive.

Assume you have a hobby of growing roses. In fact, you have become an expert in growing them and who could really object to beautiful roses being grown in a yard? Well, you might be in for a surprise. Assume you move into a Spanish themed development. The roses do not really mesh with the Spanish theme. If you are unlucky, you may find that the regulations detail very specifically the type of plants that can be grown. If roses are not included in that list, you may be barred from growing yours. If you persist in doing so, you may actually be fined or have a court order entered against you!

On a more practical level, are you aware that many developments have severe restrictions regarding pets? If you own a pet, say a dog, that is a bit noisy, you may be in for a heartbreaking surprise. Many developments have clauses in their regulations that require residents to remove noisy pets from the development, to wit, you have to give fido away. Talk about an ugly surprise!

Many people like developments because they contain regulations designed to keep the neighborhood from falling apart or changing dramatically. While that is a noble goal, it is important to make sure the regulations will not actually keep you from being able to live comfortably in your home.

House hunting can be a brutal affair, particularly if you don’t know what you can afford before hand. No your price range in advance and you can avoid looking at really nice homes you’ll never get. .

Mortgage – Monthly Payments

The biggest costs associated with owning a home is the mortgage. Unless you are filthy rich, you are committing to apportioning a significant amount of your monthly income to that dream home. In evaluating whether you can afford the mortgage, you need to consider the difference between the mortgage payment and what you are currently paying.

If it is a significant step up, will you be able to pay it now and in a few years? Under no condition should you assume you will be making more money in the future. Base everything on what you are making now.

When considering monthly mortgage payments, you also need to factor in the type of mortgage. Interest rates have been at historical lows for some time, but are starting to creep up. If you are taking the plunge on an adjustable mortgage, will you be able to make the payments if the interest rates increase over the next few years? In coming to a conclusion on this, you should assume the rates going up to the caps indicated in the mortgage for the relevant period of time. Again, you don’t want to get stuck in a financial bind because you let your eyes overrule you brains when selecting a home.

Other Expenses

The pride of homeownership comes with a few extra costs. In gauging affordability, many homebuyers fail to take into account the twin evils of property taxes and homeowner’s insurance. The expenses associated with each of these necessary items can be surprisingly high. In some states, property taxes can be an ugly surprise the first year of homeownership. Much like taxes, they are collected in a lump sum and can be thousands of dollars. If you fail to plan for them, your finances can become unbelievably strained.

Buying a home is absolutely the best move you can make if you’re renting. Just make sure you can meet those payments without losing sleep.

That seems to be the question everyone is asking these days. The answer, we haven’t heard any news that would indicate there is going to be another tax credit for those who buy homes.

I know a lot of people are waiting to see if there will be one or not and holding off buying a home until they hear. My advice, if you find a great deal out there don’t sit around and wait because you just might miss out on the perfect home for you.

Prices are very low right now and I don’t think they will stay that way for long. I believe we are at the bottom and the prices will start to go back up again. I have already seen this happen in a couple of neighborhoods and I think it is the beginning of a rise in the market.

I know the tax credit sounds like a great deal but in the whole scheme of things 8k doesn’t even make a difference in your house payment. Just be sure that isn’t the item that makes you decide whether or not to buy right now.

See 5 $300,000 homes in Bradenton on Saturday May 15, 2010 at 10 AM

Only takes 90 minutes. Ask your questions about the market as it stands today.

Not sure about buying a short sale or bank owned property? We will be happy to answer your questions.

This home tour will give you an idea what is available in this price range.

Just click on the link below to sign up.

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