Are Older Homes Better?
25/05/10 09:21 Filed in: Inspection
How many times have you heard “they don’t build ‘em like they used to”? Why do people say this? Is it true?
Absolutely NOT! Besides a FEW things that were better with older homes (no “finger jointed” studs or trim, better quality wood, no hollow doors or “pressboard”, better doorknobs and no computer controlled appliances), modern homes are much better in many ways.
Here’s a partial list:
Written By Bob Peterson Licensed inspector and Owner of Precision Inspection. If you would like to read more of what Bob has to say please visit the Precision Inspection website.
Here’s a partial list:
- Roofing/attic-shingles before 1982 lasted maybe 15 years. Now roofs last a minimum of 20 and some are hail resistant. Older homes had little or no insulation, newer homes have lots of it & much better attic ventilation.
- Foundations: pier and beam or early slabs have lots of problems. Modern slabs have NO problems if properly constructed.
- Wiring: before 1961 homes had ungrounded outlets (with cloth insulation before 1950!). Before 1978 there were no gfi outlets or smoke & CO detectors. Older homes had fewer circuits and fewer outlets per room; or even worse, aluminum wiring.
- Plumbing: homes built in the 1950s and earlier had steel waterlines prone to corrosion and internal scaling.(who thought of running water through steel pipes? That was dumb). The tub and sink fixtures had rubber washers which wore out & needed replacing. Newer homes have washerless fixtures. Older homes have cast iron (or felt paper!) sewer lines which crack, scale up, fall apart and corrode. Homes since the 1970s have pvc which is virtually indestructible. Drainlines are larger in diameter too. Water heater relief valves and flues are much better now than in the 1960s, which makes homes a lot safer. Septic systems are cheaper, smaller and better for the land + have no drain field to replace!
- HVAC: few homes even had central a/c till the 1960s. Remember window units and space heaters? They were awful. Newer a.c. and heating is very efficient, quiet and MUCH safer. The freon used now is better for the environment too…
- Appliances: homes before the 1960s rarely had a dishwasher or disposal and certainly no microwave (how did we exist without those?). Cooktops and ovens had pilot lights which stunk up the kitchen with gas fumes when they went out. Modern dishwashers are very quiet compared to older ones. Older homes often had vent-hoods which blew into the attic! (fire hazard anyone?). I do however prefer the old appliances for one reason, they didn’t have computer controls which are very expensive to repair compared to the older electromechanical controls of yesteryear. Countertop technology has progressed lightyears since the 1980s!
- Building codes are constantly changing for the better which make homes safer and more energy efficient. There were NO codes prior to the late 1940s and fire safety concerns didn’t even exist.
Written By Bob Peterson Licensed inspector and Owner of Precision Inspection. If you would like to read more of what Bob has to say please visit the Precision Inspection website.
Comments
6 Mistakes Tenants Make
Where you are leasing an apartment, condo, townhouse, duplex or single family home there are some things you do no want to do as a Tenant. From our experience we can tell you the things not to do when leasing. Avoiding these simple things can save you hundreds or thousands of dollars. Read More...
Austin, TX :: Residential Sales Report :: April 2010
13/05/10 13:11 Filed in: Market Data
The expiration of the tax credit clearly motivated buyers to take action in April. By month's end, there was an astounding 66.4 percent year- over-year increase in Pending Sales, bringing the total number of contracts written to 3,254 for the month. Closed Sales were also up year-over-year by 21.8 percent.
The number of New Listings was up as well—36.5 percent over last year—but because of the increased activity, the number of Total Active Listings held steady over last month at 12,500.
At $185,000, the Median Sales Price only experienced a slight 0.2 percent decrease year-over-year; however, Percent of Original List Price Received at Sale was up 2.0 percent over last year. This means that, on average, sellers can expect to receive 94.8 percent of their original list price after 67 days on the market.
A possible side effect of the tax credit is that it brought many buyers into the market who are now aware of the great prices and interest rates. For those buyers who have not yet found a home, they should continue to search, although maybe not with the same level of urgency.
PHILIPS UNVEILS WORLD’S FIRST LED REPLACEMENT FOR MOST COMMON HOUSEHOLD LIGHT BULB
12/05/10 12:29 Filed in: Green
Las Vegas, USA (May 12, 2010) – Royal Philips Electronics (AEX: PHI, NYSE: PHG) today unveiled its 12 watt EnduraLED light bulb, the industry’s first LED replacement for a 60 watt incandescent light bulb. Shown for the first time here at the Lightfair International tradeshow, it marks an important breakthrough in the use of LED lighting technology in everyday applications. Consumers will now have an LED alternative to the most commonly used incandescent bulb, which will deliver up to 80% energy savings and last 25 times longer than its century-old predecessor. Read More...
Real Estate or Fake Estate?
About once a week I get a call from a client who wants to see a house they found on craigslist. At first I am ecstatic! Is this is the house that they have been looking for? Is it everything and more then my client wants? All I have to do is show it to them and write the deal. What a good day this turned out to be. Then reality sets in.
The reality is that my clients found a ghost property. Ghost properties as I like to call them are properties that are advertised for sale or lease but do not really exist. These properties are often advertised well below market value. Realtors are using craigslist to drive traffic to their site by advertising deals that are too good to be true. Sounds like bait and switch if you ask me.
This is not the fault of Craigslist. This problem resides in the hands of the Realtors. Most Realtors advertise like they are desperate. Just yesterday I called on a house that was advertised on craigslist. The ad showed a nice 3 bedroom, 2 bath, blue house with white corinthian columns all for around $1650 a month, in west campus. Sounds to good to be true right? Well, it was. The agent who was advertising the property does not know where that nice blue house is. He told me about some other houses in the area at that price. None of which looked like the little blue house. I knew the little blue house was not really listed for that price. I had already done that search. I really just wanted to hear what the Realtor said.
I confronted the Realtor about what he was doing and pointed out that it sounds like a bait and switch. I have not heard from him since. Shady Realtors, like this guy are giving the rest of us a bad name.
So next time you find yourself on craigslist looking at property, there are a few things to look out for.
Craigslist is a great tool. I do suggest going to their site to look for property. However don’t be surprised when the property can’t be found. I know most of the listings on craigslist are not fraudulent but a few of them are. So protect yourself and don’t except a bait-and-switch.
If you can’t find what you are looking for on craigslist please feel free to search on my website. www.neuhausre.com You can search all you want and we will not contact you until you are ready. If you have any questions or comments please feel free to post them below.
The reality is that my clients found a ghost property. Ghost properties as I like to call them are properties that are advertised for sale or lease but do not really exist. These properties are often advertised well below market value. Realtors are using craigslist to drive traffic to their site by advertising deals that are too good to be true. Sounds like bait and switch if you ask me.
definition bait-and-switch
☆ bait·-and-switch (bāt′'n swic̸h′) adjectiveof, related to, or employing an illegal or unethical sales technique in which a seller lures customers by advertising an often nonexistent item at a bargain price and then attempts to switch their attention to more expensive items
This is not the fault of Craigslist. This problem resides in the hands of the Realtors. Most Realtors advertise like they are desperate. Just yesterday I called on a house that was advertised on craigslist. The ad showed a nice 3 bedroom, 2 bath, blue house with white corinthian columns all for around $1650 a month, in west campus. Sounds to good to be true right? Well, it was. The agent who was advertising the property does not know where that nice blue house is. He told me about some other houses in the area at that price. None of which looked like the little blue house. I knew the little blue house was not really listed for that price. I had already done that search. I really just wanted to hear what the Realtor said.
I confronted the Realtor about what he was doing and pointed out that it sounds like a bait and switch. I have not heard from him since. Shady Realtors, like this guy are giving the rest of us a bad name.
So next time you find yourself on craigslist looking at property, there are a few things to look out for.
- If the advertisement does not have an address for the property, it maybe a ghost property.
- If the property advertised is the best you have seen for the money, it maybe a ghost property.
- If the advertisement says anything about seeing all the listings in the MLS, the property maybe a ghost property.
Craigslist is a great tool. I do suggest going to their site to look for property. However don’t be surprised when the property can’t be found. I know most of the listings on craigslist are not fraudulent but a few of them are. So protect yourself and don’t except a bait-and-switch.
If you can’t find what you are looking for on craigslist please feel free to search on my website. www.neuhausre.com You can search all you want and we will not contact you until you are ready. If you have any questions or comments please feel free to post them below.
Kill A Watt
04/05/10 13:58 Filed in: Green
Have you ever wondered how much electricity something uses when it is off? Thats right electronics still use electricity when they are in sleep mode. Check out this handy device.
The Kill A Watt Electricity usage monitor
is a very cool tool for your home. This tool allows you to monitor electricity usage of devices that are in the “off” position. Most people would like to “Go Green” and this is one easy way todo it.
I used this product for a few months around my house. I found several ways to save electricity. For example, my cable box uses 95 watts of electricity when it is in the off mode. I simply put a timer on the cable box that turns it off when we are not using it. Like the middle of the night. There are 6 hours every night that I do not use the cable so why have it on. Now I think that only really saves me about $2 a month. Not a big deal. But if you live with two or three of these boxes which many people do that would add up quickly.
I would have never known that with out the the Kill A Watt. Other fun things you can do with the Kill A Watt include, measuring how much electricity is used to do certain tasks around the house. Ever wondered how much electricity it takes to vacuum the house or your wife to blow dry your hair? Men I do not suggest you try that.
So go check it out and let me know what you think about the Kill A Watt Electricity usage monitor
The Kill A Watt Electricity usage monitor
is a very cool tool for your home. This tool allows you to monitor electricity usage of devices that are in the “off” position. Most people would like to “Go Green” and this is one easy way todo it.I used this product for a few months around my house. I found several ways to save electricity. For example, my cable box uses 95 watts of electricity when it is in the off mode. I simply put a timer on the cable box that turns it off when we are not using it. Like the middle of the night. There are 6 hours every night that I do not use the cable so why have it on. Now I think that only really saves me about $2 a month. Not a big deal. But if you live with two or three of these boxes which many people do that would add up quickly.
I would have never known that with out the the Kill A Watt.
Other fun things you can do with the Kill A Watt include, measuring how much electricity is used to do certain tasks around the house. Ever wondered how much electricity it takes to vacuum the house or your wife to blow dry your hair? Men I do not suggest you try that.So go check it out and let me know what you think about the Kill A Watt Electricity usage monitor
What exactly is Replacement Cost?
30/04/10 11:02 Filed in: Insurance
Good Question!
In short simple terms, it means new for old, no depreciation of your asset at the time of loss. In other words the insurance company agrees to replace your old dwelling with a new dwelling. The same holds true for your personal property, new furniture to replace the old furniture. However, this does not mean the company will pay more then the stated limit of liability shown in the Declarations page. If your home is insured for $250,000 and is a total loss, under a replacement cost policy the maximum the carrier will pay is $250,000. So, if it now costs $275,000 to replace your home, you are on the hook for $25,000, or do with one less bedroom. Exception, some carriers offer or include extended replacement cost on the dwelling ranging from 110 – 125%. Buy it! Ask your agent about this option and understand your coverage. Most homeowner policies are replacement cost, however, with certain carriers the policy is actual cash value unless properly endorsed by the agent. This is especially true of secondary homes and investment properties. Typically under an actual cash value policy, the dwelling is depreciated 1% per year. For example, a dwelling built in 1990 would be depreciated 20% at the time of loss in 2010. That is a raw deal.
Be adequately insured, protect your biggest investments.
Written by: Barry LaRue CPCU, 512 284-6675, blarue@farmersagent.com
In short simple terms, it means new for old, no depreciation of your asset at the time of loss. In other words the insurance company agrees to replace your old dwelling with a new dwelling. The same holds true for your personal property, new furniture to replace the old furniture. However, this does not mean the company will pay more then the stated limit of liability shown in the Declarations page. If your home is insured for $250,000 and is a total loss, under a replacement cost policy the maximum the carrier will pay is $250,000. So, if it now costs $275,000 to replace your home, you are on the hook for $25,000, or do with one less bedroom. Exception, some carriers offer or include extended replacement cost on the dwelling ranging from 110 – 125%. Buy it! Ask your agent about this option and understand your coverage. Most homeowner policies are replacement cost, however, with certain carriers the policy is actual cash value unless properly endorsed by the agent. This is especially true of secondary homes and investment properties. Typically under an actual cash value policy, the dwelling is depreciated 1% per year. For example, a dwelling built in 1990 would be depreciated 20% at the time of loss in 2010. That is a raw deal.
Be adequately insured, protect your biggest investments.
Written by: Barry LaRue CPCU, 512 284-6675, blarue@farmersagent.com
Twinkle, Twinkle, Little Energy Star
25/04/10 11:06 Filed in: Green
How I wonder if my appliances qualify. If you have purchased a home appliance in the last ten years you probable have noticed the Energy Star label. The Energy Star label is one of the most recognizable labels in the world. Recently that label has fallen from the heavens. A recent Department of Energy Audit of the Energy Star label program revealed the label itself is tarnished.
Part of The American Recovery and Reinvestment Act (Recovery Act), authorized the rebates on Energy Star products to the tune of $300 million. Interestingly the DOE recently found that it is very easy to get an Energy Star label. In there test the DOE had several products submitted to the Energy Star program. One such product was a gasoline powered alarm clock. If the buzzer does not wake you up maybe the fumes will. Either way I am sure it should have failed the Energy Star test.
Turns out, there is not any test at all. The DOE's audit revealed that officials at the Energy Star program had failed to "Develop a formal quality assurance program to help ensure that product specifications were adhered to; Effectively monitor the use of the ENERGY STAR label to ensure that only qualifying products were labeled as compliant; and, Formalize procedures for establishing and revising product specifications and for documenting decisions regarding those specifications." One has to ask, if they failed to do all that, what were they doings? Maybe, they spent all there time on the logo.
In January 2010, Energy Star removed 21 LG Refrigerator models from there list of qualified products. One should ask how these products got on the list to start with. The "Energy Star" brand is pointless if the products with the label can't even qualify. Talk about government waste.
Since the DOE or the EPA can't figure out how do qualify and certify appliances and alarm clocks, what do you think they did to qualify or certify the 1 million Energy Star rated homes? This calls into question the ratings on all those homes. While we must assume that the builders tried to build homes to meet the Energy Star standards, we must also assume now that the tests used to qualify these homes could be useless.
I am and always will be an advocate of "green" building. If it (green building) can cut down on the amount of energy the home or building uses then that is positive. What is now harder to understand, is to what level are we building. I am sure that the Energy Star homes do meet a standard for energy use. But a 3500 sqft home uses a lot more energy then a 1600 sqft home.
So the point is, think twice when buying a energy star home.
Part of The American Recovery and Reinvestment Act (Recovery Act), authorized the rebates on Energy Star products to the tune of $300 million. Interestingly the DOE recently found that it is very easy to get an Energy Star label. In there test the DOE had several products submitted to the Energy Star program. One such product was a gasoline powered alarm clock. If the buzzer does not wake you up maybe the fumes will. Either way I am sure it should have failed the Energy Star test.
Turns out, there is not any test at all. The DOE's audit revealed that officials at the Energy Star program had failed to "Develop a formal quality assurance program to help ensure that product specifications were adhered to; Effectively monitor the use of the ENERGY STAR label to ensure that only qualifying products were labeled as compliant; and, Formalize procedures for establishing and revising product specifications and for documenting decisions regarding those specifications." One has to ask, if they failed to do all that, what were they doings? Maybe, they spent all there time on the logo.
In January 2010, Energy Star removed 21 LG Refrigerator models from there list of qualified products. One should ask how these products got on the list to start with. The "Energy Star" brand is pointless if the products with the label can't even qualify. Talk about government waste.
Since the DOE or the EPA can't figure out how do qualify and certify appliances and alarm clocks, what do you think they did to qualify or certify the 1 million Energy Star rated homes? This calls into question the ratings on all those homes. While we must assume that the builders tried to build homes to meet the Energy Star standards, we must also assume now that the tests used to qualify these homes could be useless.
I am and always will be an advocate of "green" building. If it (green building) can cut down on the amount of energy the home or building uses then that is positive. What is now harder to understand, is to what level are we building. I am sure that the Energy Star homes do meet a standard for energy use. But a 3500 sqft home uses a lot more energy then a 1600 sqft home.
So the point is, think twice when buying a energy star home.
Greywater recovery systems you can do yourself.
13/04/10 11:09 Filed in: Green
Sloan has a product on the market that allows a home owner to capture water from the sink and use it to flush the toilet. I think this is an easy way to do something a little green. The system which cost around $375 can be installed by anyone who knows a little about plumbing. As you can see from the picture, a tank sits under your sink and stores graywater to later be used by the toilet.
I know what you are thinking, who wants to see my tooth paste in the toilet. Well who cares, it will all be flushed in due time. Sloan, however does have ways to deal with that. I think it is better left for them to describe that.
Meanwhile Sloan says that it will save about 6000 gallons of water a year. If that is true then one of these units would save me $621 a year. (based on my last water bill from Austin Energy) It is a no brainier. The unit pays for itself in little more than half a year. I am going to get one and let you know how it goes.
If you would like more information on this product. Check out Sloan's web page here .
Ed Neuhaus and Neuhaus Realty Group does not endorse this product. I simply found it interesting. There maybe other better cheaper products on the market that do the same thing. Please do your own research before buying.
I know what you are thinking, who wants to see my tooth paste in the toilet. Well who cares, it will all be flushed in due time. Sloan, however does have ways to deal with that. I think it is better left for them to describe that.
Meanwhile Sloan says that it will save about 6000 gallons of water a year. If that is true then one of these units would save me $621 a year. (based on my last water bill from Austin Energy) It is a no brainier. The unit pays for itself in little more than half a year. I am going to get one and let you know how it goes.
If you would like more information on this product. Check out Sloan's web page here .
Ed Neuhaus and Neuhaus Realty Group does not endorse this product. I simply found it interesting. There maybe other better cheaper products on the market that do the same thing. Please do your own research before buying.
99K House Competition
12/04/10 11:13 Filed in: Green
My mom called me today. She started talking about the 99k house competition. I had never heard about this so I had her explain. Basically the competition was to design a house that could be built for 99k. Sounds nice, so I checked out the houses. The winning house had some really cool things. For one, rain water catchment system to flush the toilets. Grey water is filtered around the lot and garden before going down the storm drain. In places that need septic systems this would allow for smaller systems.
While these are smaller houses I think they gave big potential. The winning entry by Robert Humble, Joel Egan, Ben Spencer, Owen Richards, Tom Mulica, and Kate Cudney, with Hybrid / ORA, is only 1200 sqft. (I think). Can be converted from 1-4 bedrooms, or divided into two 600sqft duplexes. I like the idea of building a shell and a few walls that work and redefining spaces at will.
They are pretty cool. Check out the competition here....
While these are smaller houses I think they gave big potential. The winning entry by Robert Humble, Joel Egan, Ben Spencer, Owen Richards, Tom Mulica, and Kate Cudney, with Hybrid / ORA, is only 1200 sqft. (I think). Can be converted from 1-4 bedrooms, or divided into two 600sqft duplexes. I like the idea of building a shell and a few walls that work and redefining spaces at will.
They are pretty cool. Check out the competition here....
Austin, TX :: Residential Sales Report :: March 2010
12/04/10 11:11 Filed in: Market Data
Buyers in Austin were even more active in March than in February, with a whopping 24.8 percent year-over-year increase in closed sales to bring the figure to 1,873 for this month.
Home prices remain steady. The March median sales price of $178,000 was 0.8 percent lower than a year ago. Year-to-date, prices have declined 1.3 percent from the same time in 2009.
Percent of Original List Price Received also provides reason for cautious optimism as transactions slowly creep back toward the seller's favor. The 94.3 mark for March has consistently been inching upwards in 2010.
Low mortgage rates and the final days of the tax credit continue to create a favorable buying environment and affordability continues to soar. This may change; but we're on top of it.
Home prices remain steady. The March median sales price of $178,000 was 0.8 percent lower than a year ago. Year-to-date, prices have declined 1.3 percent from the same time in 2009.
Percent of Original List Price Received also provides reason for cautious optimism as transactions slowly creep back toward the seller's favor. The 94.3 mark for March has consistently been inching upwards in 2010.Low mortgage rates and the final days of the tax credit continue to create a favorable buying environment and affordability continues to soar. This may change; but we're on top of it.
Vacation Rentals
10/04/10 11:14 Filed in: Rentals
Many vacationers opt to rent a home in their vacation destination rather than staying in a hotel. For these vacationers, this is a worthwhile option because it gives the vacationer a more comfortable place to stay with features such as cooking facilities which are not typically offered in commercial hotels. Finding these vacation rentals can be significantly more difficult than simply making hotel reservations but many vacationers report this to be a worthwhile effort. However, some care should be taken when renting a vacation home to ensure the quality of the home meets the expectations of the vacationers.
Finding Vacation Rentals
Finding a vacation rental property can obviously be much more difficult than simply renting a hotel during the vacation. Of course some vacationers will be lucky and have a friend or family member who owns a home in a particular vacation destination and is willing to rent it out to others. Those who do not have this type of fortunate situation have other options for finding a vacation rental property.
Many homeowners in popular vacation destinations rent out their home during the peak season. These homeowners may allow a Realtor to handle the transactions. Contacting Realtors in the area of the vacation destination and inquiring about available rental properties in the area is one way to start the search. The Realtor will likely be able to assist you in finding a home for rent.
There are also many popular websites where homes for rent are listed directly by the owner of the home. Searching the Internet can lead you to a reliable source of homes for rent. These homes are usually divided into categories by region and will likely provide you instant access to available dates. It will likely give useful information such as whether or not pets are allowed, the number of bedrooms and bathrooms as well as the size of the home and the proximity to nearby attraction. The listing may also provide useful information regarding the furnishings of the home. Some rental properties may include items such as bedding and cookware while some may not.
Ask Questions before Renting a Vacation Home
Vacationers who wish to rent a vacation home as opposed to spending their vacation in a hotel should exercise a certain amount of caution in selecting a property to rent. Being cautious will not only enable the vacationer to ensure his rental property meets his expectations but will also help to avoid potentially dangerous situations. One way to avoid these potential problems is by asking a great deal of questions during the process.
Renting a vacation home through a rental agency is ideal for safety purposes. In these situations the agency handles the entire rental giving the renter the security of knowing they are not walking into a potentially dangerous situation. However, even in this situation the renter should ask some important questions. These questions will be explained in the subsequent paragraphs.
How old is the property? Potential renters should ask questions about the age of the property and whether or not appliances, plumbing and electricity have been updated. This is important because this type of information can mean the difference between a comfortable stay in the property and dealing with problems related to the age of the home.
What is included in the rental? While most rentals include the basic necessities, there are some rental agreements which only include the use of the house and furniture. Renters may be required to bring along bedding, towels and even cookware.
How often is the property rented and how is it maintained? These two questions are inter-related because properties which are rented often see significantly more wear and tear than properties which are only rented a couple of times per year. Properties which are rented often should employ a maid service to clean the property thoroughly between each rental and possibly during longer rental periods.
What is the exact location of the property? Asking this question will enable the vacationer to determine whether or not the property is ideally situated for the purposes of the vacation. For example a vacationer on a ski trip would want to be situated close to the mountains while a vacationer more interested in a cultural vacation might be interested in a downtown location which will likely be closer to museums and other locations of interest.
Finding Vacation Rentals
Finding a vacation rental property can obviously be much more difficult than simply renting a hotel during the vacation. Of course some vacationers will be lucky and have a friend or family member who owns a home in a particular vacation destination and is willing to rent it out to others. Those who do not have this type of fortunate situation have other options for finding a vacation rental property.
Many homeowners in popular vacation destinations rent out their home during the peak season. These homeowners may allow a Realtor to handle the transactions. Contacting Realtors in the area of the vacation destination and inquiring about available rental properties in the area is one way to start the search. The Realtor will likely be able to assist you in finding a home for rent.
There are also many popular websites where homes for rent are listed directly by the owner of the home. Searching the Internet can lead you to a reliable source of homes for rent. These homes are usually divided into categories by region and will likely provide you instant access to available dates. It will likely give useful information such as whether or not pets are allowed, the number of bedrooms and bathrooms as well as the size of the home and the proximity to nearby attraction. The listing may also provide useful information regarding the furnishings of the home. Some rental properties may include items such as bedding and cookware while some may not.
Ask Questions before Renting a Vacation Home
Vacationers who wish to rent a vacation home as opposed to spending their vacation in a hotel should exercise a certain amount of caution in selecting a property to rent. Being cautious will not only enable the vacationer to ensure his rental property meets his expectations but will also help to avoid potentially dangerous situations. One way to avoid these potential problems is by asking a great deal of questions during the process.
Renting a vacation home through a rental agency is ideal for safety purposes. In these situations the agency handles the entire rental giving the renter the security of knowing they are not walking into a potentially dangerous situation. However, even in this situation the renter should ask some important questions. These questions will be explained in the subsequent paragraphs.
How old is the property? Potential renters should ask questions about the age of the property and whether or not appliances, plumbing and electricity have been updated. This is important because this type of information can mean the difference between a comfortable stay in the property and dealing with problems related to the age of the home.
What is included in the rental? While most rentals include the basic necessities, there are some rental agreements which only include the use of the house and furniture. Renters may be required to bring along bedding, towels and even cookware.
How often is the property rented and how is it maintained? These two questions are inter-related because properties which are rented often see significantly more wear and tear than properties which are only rented a couple of times per year. Properties which are rented often should employ a maid service to clean the property thoroughly between each rental and possibly during longer rental periods.
What is the exact location of the property? Asking this question will enable the vacationer to determine whether or not the property is ideally situated for the purposes of the vacation. For example a vacationer on a ski trip would want to be situated close to the mountains while a vacationer more interested in a cultural vacation might be interested in a downtown location which will likely be closer to museums and other locations of interest.
Benefits of Renting
09/04/10 11:15 Filed in: Rentals
While there are some renters who view renting an apartment or a house as a failure, there are others who see the benefits there are to be gained from renting a property as opposed to purchasing a property. Some of the benefits of renting include the ability to save money while renting for the purpose of purchasing a home, few maintenance requirements and the inclusion of amenities which the renter would not likely be able to afford if they were to purchase a home instead of renting. Although there are some negative aspects to renting an apartment, this article will focus exclusively on the benefits of renting a property.
The Ability to Save Money
Being able to save up a great deal of money for the purpose of making a down payment on a dream home is just one of the many great advantages to renting a property. Many homeowners were able to realize their dream of home ownership only after living in a rental property for a certain amount of time. Although renting is often criticized as throwing money away because it does not result in equity, the ability to save money while renting is unparalleled
Rent for an apartment is usually considerably less expensive than the monthly mortgage on a home. The home is also typically much bigger than the rental property but in cases where the renter is renting for the sole purpose of saving money, the value of renting cannot be denied. Depending on how long the renter stays in the apartment, they may save hundreds or even thousands of dollars during the course of the rental agreement.
Another advantage to renting a property is there is typically little or no maintenance required by the renter. This is especially true in an apartment situation. The renter may be responsible for small items such as changing light bulbs but more extensive repairs such as leaks in plumbing or clogs in drains are typically handled by the maintenance staff of the rental property.
Additionally common areas such as grassy areas or gardens are maintained by the maintenance staff. The exception is usually when the renter rents a home as opposed to the apartment. In these cases the renter may still not be responsible for small repairs but might be obligated to take care of items such as maintaining the grass.
Worthwhile Amenities
Another advantage to apartment living is often the amenities offered to residence. Such amenities might include usage of the pool, an exercise room, meeting spaces and a theater room. In most cases these amenities are offered free of charge to resident and their guests. Many renters who might be able to purchase a home would not likely be able to purchase a home with amenities such as a pool, fully equipped exercise room and a home theater.
These items are often considered luxurious and are not available in the majority of homes which are on the market at any particular time. In fact searching for homes which specifically have these features may severely limit the number of search results and may result in no search results at all when these features are searched in conjunction with a typical price range. However, those who rent can enjoy access to these amenities. They may pay more in rent than those in a comparable apartment complex without these amenities but they are also still likely saving a considerable amount of money each month as long as they are budgeting wisely and have chosen a rental property within their price range.
The Ability to Save Money
Being able to save up a great deal of money for the purpose of making a down payment on a dream home is just one of the many great advantages to renting a property. Many homeowners were able to realize their dream of home ownership only after living in a rental property for a certain amount of time. Although renting is often criticized as throwing money away because it does not result in equity, the ability to save money while renting is unparalleled
Rent for an apartment is usually considerably less expensive than the monthly mortgage on a home. The home is also typically much bigger than the rental property but in cases where the renter is renting for the sole purpose of saving money, the value of renting cannot be denied. Depending on how long the renter stays in the apartment, they may save hundreds or even thousands of dollars during the course of the rental agreement.
Another advantage to renting a property is there is typically little or no maintenance required by the renter. This is especially true in an apartment situation. The renter may be responsible for small items such as changing light bulbs but more extensive repairs such as leaks in plumbing or clogs in drains are typically handled by the maintenance staff of the rental property.
Additionally common areas such as grassy areas or gardens are maintained by the maintenance staff. The exception is usually when the renter rents a home as opposed to the apartment. In these cases the renter may still not be responsible for small repairs but might be obligated to take care of items such as maintaining the grass.
Worthwhile Amenities
Another advantage to apartment living is often the amenities offered to residence. Such amenities might include usage of the pool, an exercise room, meeting spaces and a theater room. In most cases these amenities are offered free of charge to resident and their guests. Many renters who might be able to purchase a home would not likely be able to purchase a home with amenities such as a pool, fully equipped exercise room and a home theater.
These items are often considered luxurious and are not available in the majority of homes which are on the market at any particular time. In fact searching for homes which specifically have these features may severely limit the number of search results and may result in no search results at all when these features are searched in conjunction with a typical price range. However, those who rent can enjoy access to these amenities. They may pay more in rent than those in a comparable apartment complex without these amenities but they are also still likely saving a considerable amount of money each month as long as they are budgeting wisely and have chosen a rental property within their price range.
Avoid Home Buying Blues at Closing
08/04/10 11:21 Filed in: Buyers
I've just come from a settlement table at which a friend bought a new condo. It's beautiful, convenient and just what she wanted. However, at the settlement table she and a relative whom she clearly loves got into a tiff with each other. What should have been a happy occasion was almost spoiled. Thank heavens they got themselves together and the situation was saved, but arguments and hurt feelings are frequent at settlement tables and on moving day. It doesn't have to be that way.
The Trauma of Change
Changing one's home is right up there with the big changes in life - birth, death, divorce, and retirement. Most of us recognize the trauma of the first three. Many of us recognize the need to prepare mentally and emotionally for retirement. Few of us realize how badly buying and moving into a new home frays our nerves and shortens our tempers. It can have serious consequences. I've seen deals blow up, and almost blow up, because of it. (Sometimes the protagonists are the buyer and seller.)
Mitigating Moves
There are a number of things you can do to ensure that the day you buy or sell your home is calm, sane and happy. Let's consider some of them. Some are easy. Some harder. You're apt to think of some which will be unique to you and your family.
First of all, simply realizing that these are flash points and discussing it with family members is a good starting point. There are many decisions to be made and much work to be done. Life is about to change for everyone who is a party to the process. It helps to just acknowledge that you'll need to work together so that it's a good experience for everyone in the end. Remember the expression, "I need to take a deep breath and get my equilibrium back." Clue in family members when you feel the tension rise.
Get a good night's sleep the night before the settlement. Have a good, unrushed breakfast. Have someone you know well look after small children and pets until after settlement; you don't need distractions during a large financial transaction.
At settlement, ask questions about anything you don't understand. Use a quiet, neutral voice. Don't sound like you are accusing someone of something. Simply ask for information and clarity. Don't feel rushed. Take the time to understand. Many of the arguments I've seen at the settlement table happened because someone assumed something and didn't ask about it. They just pitched into an irritated tirade. Not a good idea.
What if your questions turn up an unexpected and unacceptable answer? Let it be known that you expected it to be handled another way and why. Listen to any explanation calmly. Evaluate it. Does the other person have a valid point? How much difference does it make to you? Remember, it isn't necessary to have everything exactly as you'd like in order to have the transaction go well for you. Keep the big picture in mind. You don't have to be right about everything, nor do you have to win every point in order to be pleased with the final outcome.
Whether you call it settlement or closing, the final meeting will be stressful even if absolutely everything goes perfectly. Make sure you get through it by minimizing the stress.
The Trauma of Change
Changing one's home is right up there with the big changes in life - birth, death, divorce, and retirement. Most of us recognize the trauma of the first three. Many of us recognize the need to prepare mentally and emotionally for retirement. Few of us realize how badly buying and moving into a new home frays our nerves and shortens our tempers. It can have serious consequences. I've seen deals blow up, and almost blow up, because of it. (Sometimes the protagonists are the buyer and seller.)
Mitigating Moves
There are a number of things you can do to ensure that the day you buy or sell your home is calm, sane and happy. Let's consider some of them. Some are easy. Some harder. You're apt to think of some which will be unique to you and your family.
First of all, simply realizing that these are flash points and discussing it with family members is a good starting point. There are many decisions to be made and much work to be done. Life is about to change for everyone who is a party to the process. It helps to just acknowledge that you'll need to work together so that it's a good experience for everyone in the end. Remember the expression, "I need to take a deep breath and get my equilibrium back." Clue in family members when you feel the tension rise.
Get a good night's sleep the night before the settlement. Have a good, unrushed breakfast. Have someone you know well look after small children and pets until after settlement; you don't need distractions during a large financial transaction.
At settlement, ask questions about anything you don't understand. Use a quiet, neutral voice. Don't sound like you are accusing someone of something. Simply ask for information and clarity. Don't feel rushed. Take the time to understand. Many of the arguments I've seen at the settlement table happened because someone assumed something and didn't ask about it. They just pitched into an irritated tirade. Not a good idea.
What if your questions turn up an unexpected and unacceptable answer? Let it be known that you expected it to be handled another way and why. Listen to any explanation calmly. Evaluate it. Does the other person have a valid point? How much difference does it make to you? Remember, it isn't necessary to have everything exactly as you'd like in order to have the transaction go well for you. Keep the big picture in mind. You don't have to be right about everything, nor do you have to win every point in order to be pleased with the final outcome.
Whether you call it settlement or closing, the final meeting will be stressful even if absolutely everything goes perfectly. Make sure you get through it by minimizing the stress.
Are You Considering Re-Financing?
06/04/10 13:01 Filed in: Finance
Homeowners who are considering re-financing their home may have a wealth of options available to them. However, these same homeowners may find themselves feeling overwhelmed by this wealth of options. This process doesn't have to be so difficult though. Homeowners can greatly assist themselves in the process by taking a few simple steps. First the homeowner should determine his refinancing goals. Next the homeowner should consult with a re-financing expert and finally the homeowner should be aware that re-financing is not always the best solution.
Determine Your Goals for Re-Financing
The first step in any re-financing process should be for the homeowner to determine his goals and why he is considering re-financing. There are many different answers to this question and none of the answers are necessarily right or wrong. The most important thing is that the homeowner is making a decision which helps him achieve his financial goals. While there are no right or wrong answer to why re-financing should be considered there are, however, certain reasons for re-financing which are very common. These reasons include:
* Reducing monthly mortgage payments
* Consolidating existing debts
* Reducing the amount of interest paid over the course of the loan
* Repaying the loan quicker
* Gaining equity quicker
Although the reasons listed above are not the only reason homeowners might consider re-financing, they are some of the most popular reasons. They are included in this article for the purpose of getting the reader thinking. The reader may find their mortgage re-financing strategy fits into one of the above goals or they may have a completely different reason for wanting to re-finance. The reason for wanting to re-finance is not as important as determining this reason. This is because a homeowner, or even a financial adviser, will have a difficult time determining the best re-financing option for a homeowner if he does not know the goals of the homeowner.
Consult with a Re-Financing Expert
Once a homeowner has figured out why they want to re-finance, the homeowner should consider meeting with a re-financing expert to determine the best refinancing strategy. This will likely be a strategy which is financially sound but is also still geared to meeting the needs of the homeowner.
Homeowners who feel as though they are particularly well versed in the subject of re-financing might consider skipping the option of consulting with a re-financing expert. However, this is not recommended because even the most educated homeowner may not be aware of the newest re-financing options being offered by lenders.
While not understanding all the options may not seem like a big deal, it can have a significant impact. Homeowners may not even be aware of mistakes they are making but they may here of friends who re-financed under similar conditions and receive more favorable terms. Hearing these scenarios can be quite disheartening for some homeowners especially if they could have saved considerably more while re-financing.
Consider Not Re-Financing as a Viable Option
Homeowners who are considering re-financing may realize the importance of evaluating a number of different re-financing options to determine which option is best but these same homeowners may not realize they should also carefully consider not re-financing as an option. This is often referred to as the "do nothing" option because it refers to the conditions which will exist if the homeowner does not make a change in their mortgage situation.
For each re-financing option considered, the homeowner should determine the estimated monthly payment, amount of interest paid during the course of the loan, year in which the loan will be fully repaid and the amount of time the homeowner will have to remain in the home to recoup closing costs associated with re-financing. Homeowners should also determine these values for the current mortgage. This can be very helpful for comparison purposes. Homeowners can compare these results and often the best option is quite clear from these numeric calculations. However, if the analysis does not yield a clear cut answer, the homeowner may have to evaluate secondary characteristics to make the best possible decision.
Determine Your Goals for Re-Financing
The first step in any re-financing process should be for the homeowner to determine his goals and why he is considering re-financing. There are many different answers to this question and none of the answers are necessarily right or wrong. The most important thing is that the homeowner is making a decision which helps him achieve his financial goals. While there are no right or wrong answer to why re-financing should be considered there are, however, certain reasons for re-financing which are very common. These reasons include:
* Reducing monthly mortgage payments
* Consolidating existing debts
* Reducing the amount of interest paid over the course of the loan
* Repaying the loan quicker
* Gaining equity quicker
Although the reasons listed above are not the only reason homeowners might consider re-financing, they are some of the most popular reasons. They are included in this article for the purpose of getting the reader thinking. The reader may find their mortgage re-financing strategy fits into one of the above goals or they may have a completely different reason for wanting to re-finance. The reason for wanting to re-finance is not as important as determining this reason. This is because a homeowner, or even a financial adviser, will have a difficult time determining the best re-financing option for a homeowner if he does not know the goals of the homeowner.
Consult with a Re-Financing Expert
Once a homeowner has figured out why they want to re-finance, the homeowner should consider meeting with a re-financing expert to determine the best refinancing strategy. This will likely be a strategy which is financially sound but is also still geared to meeting the needs of the homeowner.
Homeowners who feel as though they are particularly well versed in the subject of re-financing might consider skipping the option of consulting with a re-financing expert. However, this is not recommended because even the most educated homeowner may not be aware of the newest re-financing options being offered by lenders.
While not understanding all the options may not seem like a big deal, it can have a significant impact. Homeowners may not even be aware of mistakes they are making but they may here of friends who re-financed under similar conditions and receive more favorable terms. Hearing these scenarios can be quite disheartening for some homeowners especially if they could have saved considerably more while re-financing.
Consider Not Re-Financing as a Viable Option
Homeowners who are considering re-financing may realize the importance of evaluating a number of different re-financing options to determine which option is best but these same homeowners may not realize they should also carefully consider not re-financing as an option. This is often referred to as the "do nothing" option because it refers to the conditions which will exist if the homeowner does not make a change in their mortgage situation.
For each re-financing option considered, the homeowner should determine the estimated monthly payment, amount of interest paid during the course of the loan, year in which the loan will be fully repaid and the amount of time the homeowner will have to remain in the home to recoup closing costs associated with re-financing. Homeowners should also determine these values for the current mortgage. This can be very helpful for comparison purposes. Homeowners can compare these results and often the best option is quite clear from these numeric calculations. However, if the analysis does not yield a clear cut answer, the homeowner may have to evaluate secondary characteristics to make the best possible decision.
Keeping up with the Joneses not the Kardashians
05/04/10 13:02 Filed in: Opinion
In 1913 the New York World (a news paper) started running a comic strip call “Keeping up with the Joneses”. In the strip the “Joneses” are often spoken of but never seen. Who are the “Joneses”, and what do they really stand for today?
The idea of “keeping up with the Joneses” is simply an excuse for individuals and family to spend money in the hope that there neighbors or friends will think of them as equals. But who are the Joneses? I argue, we are all the Joneses. We are all responsible for creating this image of what we think we want. For example, I want to own a private plane, but I don’t know anyone who has one. Do you?
In the last ten years, houses have become the thing to have. Newer, bigger, better houses were the hot ticket. Everyone wanted a new home with granite counters, vaulted ceilings, and a double headed shower in the master bath. (sounds nice right?) Tubs with showers are not good enough anymore, we must have shower stalls separated from our jetted tubs. After all, the Joneses do.
The Joneses have helped us rewrite the idea of wealth. No longer is wealth measured by how much money you have, but by how much money you can spend. Fake it till you make it. Right, Mr. Jones? Maybe someday you will be able to afford to pay off all those things that you have bought.
Now, most of the Joneses have filed for foreclosure, bankruptcy or both. Maybe you should too. It is what’s popular. The Joneses should take pity on you, after all, they did it. This does not make it anymore acceptable. It is about time we stand up and tell the Joneses to get over themselves. Stop caring what kind of car they drive or how big there house is. Realize that conspicuous consumption is not going to make you happy.
We are no more keeping up with the Joneses than they are with us. Reconsider what’s important. Spending time with family and friends is more important then what car you drive or the clothes you wear. Working 100 plus hours a week to afford the life other expect of you, is no way to live. We are only making it harder on our selves.
Please do not think for one moment that am against the buying of houses. After all that is how I make my money. I do believe in responsible home ownership. People do not have the right to own a home. Owning a home is a privilege and a responsibility. A responsibility that many are not ready for. Just because the Joneses own a home does not mean you should as well.
The idea of “keeping up with the Joneses” is simply an excuse for individuals and family to spend money in the hope that there neighbors or friends will think of them as equals. But who are the Joneses? I argue, we are all the Joneses. We are all responsible for creating this image of what we think we want. For example, I want to own a private plane, but I don’t know anyone who has one. Do you?
In the last ten years, houses have become the thing to have. Newer, bigger, better houses were the hot ticket. Everyone wanted a new home with granite counters, vaulted ceilings, and a double headed shower in the master bath. (sounds nice right?) Tubs with showers are not good enough anymore, we must have shower stalls separated from our jetted tubs. After all, the Joneses do.
The Joneses have helped us rewrite the idea of wealth. No longer is wealth measured by how much money you have, but by how much money you can spend. Fake it till you make it. Right, Mr. Jones? Maybe someday you will be able to afford to pay off all those things that you have bought.
Now, most of the Joneses have filed for foreclosure, bankruptcy or both. Maybe you should too. It is what’s popular. The Joneses should take pity on you, after all, they did it. This does not make it anymore acceptable. It is about time we stand up and tell the Joneses to get over themselves. Stop caring what kind of car they drive or how big there house is. Realize that conspicuous consumption is not going to make you happy.
We are no more keeping up with the Joneses than they are with us. Reconsider what’s important. Spending time with family and friends is more important then what car you drive or the clothes you wear. Working 100 plus hours a week to afford the life other expect of you, is no way to live. We are only making it harder on our selves.
Please do not think for one moment that am against the buying of houses. After all that is how I make my money. I do believe in responsible home ownership. People do not have the right to own a home. Owning a home is a privilege and a responsibility. A responsibility that many are not ready for. Just because the Joneses own a home does not mean you should as well.
Home Staging: Making Your Home Sellable
02/04/10 13:04 Filed in: Selling your home
You've listed your home and the agent wants to start showing it to prospective buyers. Here's a few tips to help it look its best.
You may have already read the importance of clearing out clutter. Well, that's because it can't be stressed enough. It is one of the most important aspects of making your home appealing to buyers, for two reasons. First, not just papers and dishes, clutter includes decorations and furniture too. Too much of it can block a persons view of the house itself. If everywhere they look they see stuff, a buyer doesn't see your home. It is imperative that they have a clear view, or they won't want to buy. Second, all that clutter screams personality. Your personality. And this is not what a buyer wants to see. When someone is looking over a home, what they need to do in order to be motivated to buy is to imagine themselves living in that home. If the house is so full of the current owner, a potential buyer can't get past that and make the mental leap to visualizing themselves in the home. Read More...
You may have already read the importance of clearing out clutter. Well, that's because it can't be stressed enough. It is one of the most important aspects of making your home appealing to buyers, for two reasons. First, not just papers and dishes, clutter includes decorations and furniture too. Too much of it can block a persons view of the house itself. If everywhere they look they see stuff, a buyer doesn't see your home. It is imperative that they have a clear view, or they won't want to buy. Second, all that clutter screams personality. Your personality. And this is not what a buyer wants to see. When someone is looking over a home, what they need to do in order to be motivated to buy is to imagine themselves living in that home. If the house is so full of the current owner, a potential buyer can't get past that and make the mental leap to visualizing themselves in the home. Read More...
March Austin Median Home Prices
29/03/10 13:06 Filed in: Market Data
Austin's median home prices have held up well in the last few years. With most of the country showing large drops in home prices, Austin has not changed much.
This graph shows Jan-1990 to Jan-2010. 19 years of data form the Texas A&M Real Estate Center. I have added a 12 month moving average to the data so we can take out the seasonal fluctuation in price. When you look at the moving average things don't look that bad at all. The top of the market was in June 2008. Median home price topped out at $196,400 in Austin. The latest numbers I could find are for January 2010, the median price was $174,800. That is the lowest we have seen since January 2007. Read More...
This graph shows Jan-1990 to Jan-2010. 19 years of data form the Texas A&M Real Estate Center. I have added a 12 month moving average to the data so we can take out the seasonal fluctuation in price. When you look at the moving average things don't look that bad at all. The top of the market was in June 2008. Median home price topped out at $196,400 in Austin. The latest numbers I could find are for January 2010, the median price was $174,800. That is the lowest we have seen since January 2007. Read More...
HOA, good cop or bad cop?
29/03/10 13:05 Filed in: HOA
Ever had a problem with your Home Owners Association (HOA)? Most home owner have. At the time of your encounter it may not have been all that pleasant. Lets face it, people don't want anyone to tell them what they can and can't do with there homes. Not to mention the extra money you have to fork over each month to give them that power.
I am personally a huge fan of Home Owners Association. Why you may ask? Well simply because they do all the dirty work. They look out for the neighborhood as a whole. Keeping things uniformed and fair so you don't have to. Making sure everyone cuts there grass and keeps there house looking nice is a task you don't want.
Read More...
I am personally a huge fan of Home Owners Association. Why you may ask? Well simply because they do all the dirty work. They look out for the neighborhood as a whole. Keeping things uniformed and fair so you don't have to. Making sure everyone cuts there grass and keeps there house looking nice is a task you don't want.
Read More...
Buying Pre Foreclosures, Before The Bank Gets It
25/03/10 13:07 Filed in: Foreclosure
Pre foreclosures are known as properties that have reached the final stages before they get repossessed or taken back by the lender or bank. The owner is still in complete control of the property or home, although the bank or lender will repossess the home if the owner doesn't attempt to rectify the situation. Normally, if the owner makes things right with payment, the pre foreclosure will settle and things will go back to normal. Read More...
How Can A Short Sale Benefit The Seller?
23/03/10 13:15 Filed in: Selling your home
How would it feel to lose your dream home for no fault of your own? Financial problems characterize each of our lives and none of us really know what will affect us when. However, we cherish our dreams and make enormous efforts towards realizing them, oh which some of us come true, some do not, while some we lose reaching almost the threshold of acquiring. A breathing reality that is so much common in all of our lives is the threat of facing foreclosure and eventually losing home to some unwanted agency. Mortgages do have their benefits, but the slightest folly on your part can transform mortgages into deadly nightmares. Read More...
HUD Good Neighbor Next Door Program
22/03/10 13:16 Filed in: HUD
Ever wanted to get 50% off list price on a house in Austin? There is one way you can. HUD's (U.S. Department of housing and Urban Development) Good Neighbor Next Door program does just that. If you are employed as a law enforcement officers, pre-kindergarten through 12th grade teacher, or a firefighters/emergency medical technicians, you can qualify for half off the list price of a home. Read More...
NEW Federal Law regarding lead in homes
21/03/10 13:18 Filed in: Selling your home | Buyers
"Beginning in April 2010, federal law will require that contractors performing renovation, repair and painting projects that disturb lead-based paint in homes, child care facilities, and schools built before 1978 must be certified and follow specific work practices to prevent lead contamination." Source EPA
This new law sets standards and practices for lead abatement for homes build before 1978. This law does not require anything to be done unless the property is being renovated. Activities that are subject to LEAD PRE include but are not limited to remodeling and repair, plumbing, carpentry, electrical work, painting, and window replacement. Emergency renovations and repairs are excluded from the LEAD PRE rules. Contractors are required to provide some educational material before work can start. See the rules here
Contractors will be required as of April 2010 to be certified by the EPA to work around lead. Click here for handbook. All contractors should follow these three simple procedures:
I am not sure what kind of effect this will have on the real estate market. Will this start another asbestos like issue in the real estate business? Remember that asbestos was fine as long as it is not disturbed. Moving, working on or near the product, causing the product to become airborne is where the problem started. We all know how much money that cost home owners.
Now the EPA is worried about lead dust. Remodeling or renovating in areas that contained lead, or lead based paint now require containment and clean up. Although I do not think the EPA wants contractors to wear space suits to work in older homes. I do expect we will see containment areas set up and materials bagged and tagged for disposal.
Are sellers now going to be required to test for lead dust in the air of there home? Are buyers going to require complete lead abatement before buying? I sure hope not. Just think back to everything that happened with asbestos in the real estate market and I am sure you will understand the possibilities of what is to come.
For more information from the EPA on the LEAD PRE laws check out the EPA's site.
Sign up for our Newsletter and stay informed on the Austin real estate market.
This new law sets standards and practices for lead abatement for homes build before 1978. This law does not require anything to be done unless the property is being renovated. Activities that are subject to LEAD PRE include but are not limited to remodeling and repair, plumbing, carpentry, electrical work, painting, and window replacement. Emergency renovations and repairs are excluded from the LEAD PRE rules. Contractors are required to provide some educational material before work can start. See the rules here
Contractors will be required as of April 2010 to be certified by the EPA to work around lead. Click here for handbook. All contractors should follow these three simple procedures:
- Contain the work area.
- Minimize dust.
- Clean up thoroughly.
I am not sure what kind of effect this will have on the real estate market. Will this start another asbestos like issue in the real estate business? Remember that asbestos was fine as long as it is not disturbed. Moving, working on or near the product, causing the product to become airborne is where the problem started. We all know how much money that cost home owners.
Now the EPA is worried about lead dust. Remodeling or renovating in areas that contained lead, or lead based paint now require containment and clean up. Although I do not think the EPA wants contractors to wear space suits to work in older homes. I do expect we will see containment areas set up and materials bagged and tagged for disposal.
Are sellers now going to be required to test for lead dust in the air of there home? Are buyers going to require complete lead abatement before buying? I sure hope not. Just think back to everything that happened with asbestos in the real estate market and I am sure you will understand the possibilities of what is to come.
For more information from the EPA on the LEAD PRE laws check out the EPA's site.
Sign up for our Newsletter and stay informed on the Austin real estate market.
Banks Profit, Real Estate Value Slide
20/03/10 13:19 Filed in: Finance | Investment Property
Everyone is aware now of the slow housing market and the fact that many people are losing their homes. There is, however, another segment of the housing market that is seldom spoken of, but which is also being hard-hit by the current situation. And the banks - who started the whole "tumble" - and who "profited greatly" in creating the "tumble" - are still profiting BIG ! Read More...
Austin, TX :: Residential Sales Report :: February 2010
16/03/10 13:22 Filed in: Market Data
"Buyers in the Austin region were very active during February. There were 1,975 purchase agreements signed during the month, an increase of 41.4 percent from a year ago.
Home prices have shown early signs of stabilizing, but remain relatively soft. The February median sales price of $181,700 was a decrease from a year ago of 3.3 percent. Read More...
Home prices have shown early signs of stabilizing, but remain relatively soft. The February median sales price of $181,700 was a decrease from a year ago of 3.3 percent. Read More...
Austin Real Estate :: Monthly Inventory Data :: March 2010
16/03/10 13:21 Filed in: Market Data
Recently I have been looking at historical inventory data of Austin real estate. While inventory of homes on the market is not that bad now I think we are in for a shock in last spring early summer. If you look at the graph you will notice that inventory for last year seemed to rise and fall dramatically. This is a pattern we see every year. Read More...
Before You Buy Your Apartment Complex
16/03/10 13:20 Filed in: Investment Property
Purchasing an apartment complex as an investment is a fantastic way to watch an asset generate thousands, even hundreds of thousands of dollars in a very short amount of time!
A popular investment strategy, especially for new investors, is to purchase a more run down, mismanaged apartment complex at high cap rates. The cap rate, or capitalization rate, is found by dividing the Net Operating Income by the Purchase Price. Properties that are low performing often sell their apartments at a higher cap rate because there is more of a risk associated with them. Read More...
A popular investment strategy, especially for new investors, is to purchase a more run down, mismanaged apartment complex at high cap rates. The cap rate, or capitalization rate, is found by dividing the Net Operating Income by the Purchase Price. Properties that are low performing often sell their apartments at a higher cap rate because there is more of a risk associated with them. Read More...
Dear Real Estate Agents,
12/03/10 13:23 Filed in: Opinion
Recently I have come across a rash of advertisements for properties that don't really exist. My client handed me a list of five homes she would like to see. All five of them had already leased. Not by days or weeks, but by months. I got an email from a client yesterday, she wants to see a house that was last on the market in 2008, well at least that is what the Austin Board of Realtors, MLS data showed. I called the agent and it has leased again, I assume they advertised it with the old MLS number. Read More...
Does your Landlord Policy protect you for WRONGFUL EVICTION?
10/03/10 13:24 Filed in: Insurance
Texas renters have rights! Take time to review Section 92.0081 of the Texas Property Code. Make sure you have taken the appropriate steps and provided written notices to your tenant in an eviction. There have been numerous cases over the years involving eviction suits. In Kennedy v. Andover Place Apartments the tenant won as the Court ruled the landlord failed to comply with the notice of provision of the statute. Read More...
Austin, Tx :: Residential Sales Report :: January 2010
15/02/10 13:24 Filed in: Market Data
"Home sales in the Austin region were once again strong in January at 1,646 purchase agreements signed. That's the sixth consecutive month where the change compared to a year ago was even or positive.
The increase in sales has led to stabilizing home prices. January's median sales price of $175,000 was 0.6 percent higher than a year ago. Yes, rising prices are ordinarily a pretty ho-hum and normal thing, but in light of the drop in prices that most parts of the country have seen over the last several years, "ho-hum" is a welcome phrase these days. Read More...
The increase in sales has led to stabilizing home prices. January's median sales price of $175,000 was 0.6 percent higher than a year ago. Yes, rising prices are ordinarily a pretty ho-hum and normal thing, but in light of the drop in prices that most parts of the country have seen over the last several years, "ho-hum" is a welcome phrase these days. Read More...
What a Home Inspection Should Cover
Home inspections will vary depending on the type of property you are purchasing. A large historic home, for example, will require a more specialized inspection than a small condominium. However, the following are the basic elements that a home inspector will check. You can also use this list to help you evaluate properties you might purchase.
For more information, try the virtual home inspection at www.ASHI.org, the Web site of the American Society of Home Inspectors. Read More...
For more information, try the virtual home inspection at www.ASHI.org, the Web site of the American Society of Home Inspectors. Read More...
Simple Tips for Better Home Showings
11/02/10 13:27 Filed in: Selling your home
Simple steps to take when selling your home. Showing your home is important and knowing what todo to make your home show well is important. Check out our simple steps to make your home show better. Read More...
Understanding Capital Gains in Real Estate
11/02/10 13:25 Filed in: Selling your home
When you sell a stock, you owe taxes on your gain — the difference between what you paid for the stock and what you sold it for. The same holds true when selling a home (or a second home), but there are some special considerations. Read More...
10 Questions to Ask the Condo Board
10/02/10 13:32 Filed in: Buyers
Before you buy, contact the condo board with the following questions. In the process, you’ll learn how responsive — and organized — its members are. You’ll also be alerted to potential problems with the property. Read More...
Pros and Cons of Going Condo
10/02/10 13:32 Filed in: Buyers
Condominiums and townhouses offer an affordable option to single-family homes in many markets, and they’re ideal for those who appreciate a maintenance-free lifestyle. But before you buy, make sure you do your legwork. These are some of the important elements to consider: Read More...
Questions to Ask When Choosing a REALTOR®
10/02/10 13:30 Filed in: Buyers | Selling your home
Things you should ask your Realtor before you hire them. Read More...
Specialty Mortgages: Risks and Rewards
09/02/10 13:36 Filed in: Finance
In high-priced housing markets, it can be difficult to afford a home. That’s why a growing number of home buyers are forgoing traditional fixed-rate mortgages and standard adjustable-rate mortgages and instead opting for a specialty mortgage that lets them “stretch” their income so they can qualify for a larger loan. Read More...
Get Your Finances in Order: To-Do List
09/02/10 13:35 Filed in: Finance
Todo list for your Finances before you start looking at houses. Read More...
Home Buyers Tax Credit, Get in on the Act!
08/02/10 13:37 Filed in: Buyers
If you have been thinking about buying a new home, why not do it now? The federal government is giving away money for those who want to buy a home. Many people mistakenly think this only applies to first time buyers. Not true, now everyone can get in on the act. The move-up, move-down, or move-over buyer can get a tax break of $6500. There are lots of reasons why you should consider buying a new home this spring. With low interest rates, now is a great time to make a change. Find some new, find something different, find something bigger or smaller. If you can't find it I will find it for you. Lets look at a few things to consider about the tax cut before we get a head of our selves. Read More...
10 Questions to Ask Home Inspectors
08/02/10 13:33 Filed in: Inspection | Buyers
Before you make your final buying or selling decision, you should have the home inspected by a professional. An inspection can alert you to potential problems with a property and allow you to make an informed decision. Ask these questions to prospective home inspectors: Read More...
Austin, Tx :: Residential Sales Report :: December 2009
15/01/10 13:38 Filed in: Market Data
"Home sales in the Austin region continued their recent hot streak once again in December. There were 1,250 pending sales during the month, up 12.3 percent from last December. That means the region finished 2009 with 21,435 sales—down 4.3 percent from 2008. Read More...
Austin, Tx :: Residential Sales Report :: November 2009
15/12/09 13:45 Filed in: Market Data
"The passing of the home-buyer tax credit's initial expiration date hasn't yet slowed the urgency of home buyers in the Austin region, as November saw a continuation of the strong sales we've seen in previous months. Read More...
Krimelabb - Austin, Tx crime map
08/12/09 13:46 Filed in: Market Data
Have you ever wondered about crime in a neighborhood? Or wished there was a way to see what kind of crime happens around a specific address? Well, I now have a tool to show you that information. I have partnered with Krimelabb.com to bring this type of reporting to our clients. We can show you on a Google map where the crime is happening and what kind of crime it is. The information comes directly from the Austin Police Department and is updated daily. So go check it out. If you live in the Austin area you can check out the crime report for your neighborhood here. Just another way Neuhaus Realty Group can help you find the best place to live. Read More...
1 Millionth Energy Star Home
18/11/09 13:47 Filed in: Green
"More than 1 million ENERGY STAR® homes have been built in the United States since the program first began labeling homes in 1995. Thanks to the dedication of our partners, families living in ENERGY STAR qualified homes will save more than $270 million this year on their utility bills Read More...
Austin, Tx :: Residential Sales Report :: October 2009
15/11/09 13:49 Filed in: Market Data
Home sales in the Austin region continue to post extremely robust numbers. October saw 2,029 signed purchase agreements, up 62.7 percent from a year ago.
With the home buyer tax credit extended and expanded, we can expect that first-time home buyer activity will remain strong, but don't bank on the same blockbuster numbers we saw this year. If you were a potential first-time home buyer who was qualified to purchase in 2009, odds are good that you already bought. The fact that the income limits have been raised for eligibility does help since it widens the credit's availability. Read More...
With the home buyer tax credit extended and expanded, we can expect that first-time home buyer activity will remain strong, but don't bank on the same blockbuster numbers we saw this year. If you were a potential first-time home buyer who was qualified to purchase in 2009, odds are good that you already bought. The fact that the income limits have been raised for eligibility does help since it widens the credit's availability. Read More...
Real Estate Blogs
04/11/09 13:51 Filed in: Opinion
I have been looking around the web at other agents sites. Mostly to get ideas for my own site. I have noticed several things. There are good sites and really bad ones. Does every agent need a website? We all say the same thing right? Well yes it turns out that we do. I noticed that several sites had the same blog content. Either there is a lot of plagiarism going on or all these agent are buying content form the same source. Now there is nothing really wrong with paying a service to provide content. Agents know that client want the most experienced and knowledgeable agent they can find. So buying content not only makes our web scores go up it also makes us look very in touch with what is going on in the market. It works most of the time. I came a cross one such article that can only be described at a blooper. The agent has not read this article. If he had he would have seen the tag to insert "city" name. The tag which shows up as "[city]" needs to be replaced so the end reader thinks it is original and local material. The agent did not read the whole article. He found the first "[city]" but did not read far enough to find the next one. Kind of funny when you think about it.
Read More...
Read More...
Vote Tomorrow!
03/11/09 15:58 Filed in: Local Austin
Everyone need to go vote November 3rd. especially those here in Texas. There are a lot of issues all over the state but a few effect everyone. Lets talk about those effecting Texas real estate. There are four measures on the ballet that effect home owners and renters in the state. Read More...
Austin, Tx :: Residential Sales Report :: September 2009
22/10/09 16:01 Filed in: Market Data
"The final days of the tax credit for first-time buyers are spurring buying activity in the Austin region. Signed purchase agreements (pending sales) in September were up a whopping 35.9 percent over a year ago. That's also an increase from August, which is quite remarkable considering that September typically means a drop-off in sales as the school year begins. Read More...
Market Update - October
22/10/09 15:59 Filed in: Market Data
The Austin housing market for September 2009 showed some very positive signs. With interest rates hovering at next to nothing, home sales jumped dramatically. Homes sold in the month of September increased 35.9% over the same time a year ago. This is a good sign considering homes sales year to date are down 16.4%. Which has lead to a glut of inventory homes sitting on the market. With strong September home sales number we have seen inventory drop to a 8.2 months supply. If we look at just single family homes that working people can afford the inventory number gets better. For homes between $175,000 to $250,000 the inventory is only 6.6 months. This is in stark contrast to the 31.9 month it would take to sell all the homes listed for over $750,000.
Read More...
Read More...
10 Ways to Prepare for Homeownership
20/10/09 16:01 Filed in: Buyers
There are many things to think about before you buy a home. Check out our quick list. Read More...
Market Versus Appraised Value
08/10/09 16:02
The appraised value of a property is a professional estimate of a property’s market value. It’s based on the recent sales of similar properties, square footage, location, construction quality, and more. An appraisal varies in cost depending on the price and size of the home. Most lenders require appraisals as part of the loan application process. Read More...