Carmel Indiana Real Estate News & Listings Presented By RE/MAX Ability Plus

Measuring the Return on Your Home Improvements

Thu, 02 Feb 2012 03:00:00 GMT

Measuring the Return on Your Home Improvements

The type of return you may see on a home improvement will vary depending on the type of work that is done. Remodeling magazine publishes an annual "Cost vs. Value Report" that can provide more details, based on the top 15 home improvements. A recent study it conducted says the highest remodeling paybacks have come from siding and window replacements, major kitchen remodeling, bathroom and family room additions, and mid-range master bedroom suites.

An important point to remember is that remodeling not only improves a home's livability, it also enhances its curb appeal with future buyers. For more information call me at 317-324-8087

Home Improvement Programs and the Federal Government

Wed, 25 Jan 2012 03:00:00 GMT

Home Improvement Programs and the Federal Government

The federal government offers some home improvement programs, including:

* Title 1 Home Improvement Loan: HUD insures the loan up to $25,000 for a single- family home and lenders make loans for basic livability improvements, such as additions and new roofs, to eligible borrowers.

* Section 203(k) Program: HUD helps finance the major rehabilitation and repair of one- to four-family residential properties, excluding condos. Owner-occupants may use a combination loan to purchase a fixer-upper "as is" and rehabilitate it, or refinance a property plus include in the loan the cost of making the improvements. They also may use the loan solely to finance the rehabilitation.

* VA loans: Veterans can obtain loans from the Department of Veterans Affairs to buy, build, or improve a home, as well as refinance an existing loan at interest rates that are usually lower than that on conventional loans.

* Rural Housing Repair and Rehabilitation Loans: Funded by the Agriculture Department, these low-rate loans are available to low-income rural residents who own and occupy a home in need of repairs. Funds are available to improve or modernize a home or to remove health and safety hazards. Call me with any questions at 317-324-8087.

Financing Improvements on a Fixer-Upper

Wed, 18 Jan 2012 03:00:00 GMT

According to the Millennial Housing Commission created by Congress, few lenders are willing to administer home improvement loans. Most prefer to make home equity loans or unsecured consumer loans because they are easier to manage. Home improvement loans usually require inspections and irregular draws on the loan amount as work is completed, which requires regional or national lenders to find local partners to provide oversight.

Financing repairs and improvements with home equity is okay for most homeowners. However, it is difficult for many first-time buyers who have lower incomes, smaller savings, and have made lower down payments on their homes than first-time buyers a decade ago. They have little equity to borrow against. Unfortunately, it is often lower cost older homes purchased by first-time buyers that need the most work.

Unless you have a cash reserve, you will have to shop around for the best borrowing terms. In addition to the options listed above, you can ask relatives for a loan, borrow against your whole life insurance policy, refinance your existing mortgage, get a second mortgage, or contact the government about home improvement programs. And, as a last resort, you can borrow from a finance agency, which generally tend to charge high rates.

Determining the Value of a Distressed Property

Wed, 11 Jan 2012 03:00:00 GMT

Determining the Value of a Distressed Property

One of the best ways to determine the value of a distressed property is to review comparable market analyses. In doing so, you can see what price similar properties have sold for in the past and find out the listing price of others currently on the market.

It is important to examine the fixer-upper carefully and figure out how much it will cost to fix any defects or repairs. If you are unable to enter the home, speak with nearby neighbors about the home's condition.

You can also do your own cost comparison by researching comparable properties recorded at the local county recorder's and assessor's offices, or at Internet sites specializing in property records. If the property is in foreclosure, you should get as much information as possible from the lender. If you are interested in learning more about how to buy a distressed property call me 317-324-8087

Looking for a Fixer-Upper ?

Wed, 04 Jan 2012 03:00:00 GMT

Looking for a Fixer-Upper

Finding a fixer-upper can be quite easy and they can be found everywhere, even in wealthy enclaves. What sets a fixer-upper apart is the price. They have lower market value than other houses in the immediate area because they have either been poorly maintained or have been abandoned.

Determining if a property that interests you is a wise investment will require a substantial effort. You will need to figure out what the average home in the area sells for, as well as the cost of the most desirable ones.

Experts suggest that novices avoid run-down properties needing extensive work. Instead, they recommend starting with a property that only needs minor cosmetic work - one that can be completely refurbished with paint, wallpaper, new floor and window coverings, landscaping, and new appliances. Also, keep in mind that a home price that looks too good to be true probably is. Find out why before pouring your hard-earned money into it.

When looking for a fixer-upper, some experts suggest you follow this basis strategy: find the least desirable home in the most desirable neighborhood. Then decide if the expense that is needed to repair the property is within your budget. For more information about 203K rehab loans call me. 317-324-8087

12070 ABNEY RUN Drive, Zionsville 46077

Sun, 01 Jan 2012 20:38:31 GMT

BRAND NEW CUSTOM HOME in Abney Glen! Beautiful and Spacious 4 BR Luxury Home on over 1/2 Acre lot. 5-Car Garage, HUGE Walkout Basement, Unbelieveable Master BR Suite on main level is light and bright with an abundance of windows. Double walk-in closets, double vanities and walk-in shower in lovely Master Bath. Cozy Loft, a Home Office, Big Rec Rm, Exquisite hardwood flooring... this home is a Showcase!

1797 N CREEKWATER PASS, GREENFIELD 46140

Sat, 31 Dec 2011 20:40:46 GMT

Incredible BRAND NEW 3 BR, 2 BA, 2-Car Garage home ready to move in! As you enter the home, you are greeted by a large Kitchen w/Breakfast Nook & pantry. Kitchen naturally flows into huge Great Rm w/ nearby split concept 2nd & 3rd Bedrooms featuring large closets & private bath. Master Suite w/ garden tub & walk-in closets on other side of home.

1793 N CREEKWATER PASS, GREENFIELD 46140

Sat, 31 Dec 2011 20:40:46 GMT

Beautiful BRAND NEW 4 BR 2-Story Home built by Shoopman Homes. Large Great Rm, Attractive Kitchen offers all appliances, lots of pretty cabinets and well lighted Dining area. Master Suite features tray ceiling, walk-in closets & Master Bath. Laundry Rm is conveniently located upstairs. Move right in - Immediate Possession.

Move in Ready Builder Speck Home Built by Paul Shoopman !! T

Fri, 30 Dec 2011 22:15:03 GMT

MAIN FLOOR IS HOME TO A SPACIOUS LIV RM, BEAUTIFUL KITCHEN, BREADFAST NOOK & 1/2 BATH. UPSTAIRS YOU'LL FIND THE MASTER SUITE WITH WALK-IN CLOSET & FULL BATH ALONG WITH 2 ADD'L BEDROOMS WITH WALK-IN CLOSETS THAT SHARE A BATH & A CONVENIENT UPSTAIRS LAUNDRY.

2860 W BUCKEYE Drive, GREENFIELD 46140

Thu, 28 Apr 2011 19:39:42 GMT

Lovely all brk home in prestigious Sugar Creek Valley Estates. On 1 AC landscaped w/open lawn & wooded area. Easy access to downtown Greenfield as well as just minutes from I-70. Entry w/leaded glass door, tiled flr, cath clg opening to LR w/beautiful FP & French doors leading to patio. Formal DR. Split BR plan offers privacy. Spacious Mstr Suite offers lrg W/I closet & prvt bath. Top-of-line Appls in Chef's delight Kit. Open Stairway to Loft/Fam Rm w/full BA, Arched Wndw. Unique Neighborhood.

Should I Buy a Home Now?

Fri, 14 Aug 2009 18:17:00 GMT

I’m often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don’t know where the bottom is until you see it in the rear view mirror, meaning until you’ve missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It’s important to live in a home that reflects your taste and values, yet is within your financial “comfort zone.” To that end, it may be more important to lock in today’s relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today’s market.