Bud McHarg: November 2007 Archives

Lake Views & Upgraded to a TEE!- TURNKEY!

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Lakerights!! Located in a beautiful area this is one of the Best Valued Homes In Arrowhead Woods! Well cared for mountain home with a treehouse feeling and lush forest views from decks. Lake view, back yard with shed, sitting pretty on a 10000 sq ft. lot (county records)

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Sitting pretty on 2 lots! 2 Bedrooms, 1 bath mountain home 'up for adoption' nice layout, 3 car parking deck, unfinished basement with seperate entry, level parking. Back on Market at a reduced price for quick sale! CALL TODAY! for extended details of this mountain home opportunity. Price: $182,900

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Get Away From It All... Great little get-away or vacation rental, some work still in progress, view of the valley. Call Today! - for more details of this affordable home.. Potential galore! Price: $154,000

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Bank owned REO. Sold AS-IS. Large kitchen and living room with cozy wood burning fireplace. Bonus room. Full bath. Peaceful, quiet corner lot. Yard is gardener's delight. Great price! Price: $119,900

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WHAT is your stuff worth? That is a question the Insurance Information Institute, a Manhattan industry group, thinks everyone who has homeowner’s or renter’s insurance needs to answer.
 
"No home is immune from a potential catastrophe,” said Jeanne M. Salvatore, a senior vice president and spokeswoman for the institute. “That’s why a home inventory is so important.”

Robert Owens, president of the Owens Group, an insurance agency in Englewood Cliffs, N.J., said people needed to be realistic about the replacement value of their personal property.

Mr. Owens said people tended to undervalue their property. “Do a mini-inventory,” he said. “Look in your closets and try to figure out what it would really cost to replace all those suits and dresses.”

The best way to keep track of the value of your possessions, Mr. Owens said, is to keep copies of receipts in a location other than your home. “But you have to be pretty compulsive to make copies of every receipt and then store them in a secondary location,” he conceded.

Another way to get an accurate idea of what you have would be to go from closet to closet, room to room, and take digital pictures.

Mark L. Schussel, vice president and public relations manager for the Chubb Group of Insurance Companies in Warren, N.J., said it was important to take pictures of furniture, furnishings and even architectural improvements to the home.

A short list would include old or exotic moldings, columns, bannisters and other woodwork or plasterwork; fireplace mantels; unusual windows (like stained glass and skylights;) expensive chandeliers; built-in bookcases; billiard tables; bathroom counters and cabinetry; home theaters; wine cellars; and bars. (It is also wise to have things like antiques, artwork, rugs and expensive musical instruments appraised periodically.)

Michael H. Spain, owner of the Spain Agency in Mahopac, N.Y., said most homeowners’ policies provided “contents coverage” for 50 to 70 percent of the insured value of the home. “So there is usually plenty of coverage, as long as you can prove your loss,” he said.

For co-op, condo and rental policies, however, policyholders must determine how much insurance they need for their contents. “So you have to be accurate,” Mr. Spain said. “And everyone should insist they are insured for replacement cost coverage.”

But what do you do with all these pictures and records?

Experts recommend that such information be kept somewhere other than the home — at a relative’s house, at the office or in a safe-deposit box, for instance. The Insurance Information Institute, however, has made that easier and taken it one step further.

The institute’s free “Know Your Stuff — Home Inventory Software” (knowyourstuff.org) makes it possible to store records of your stuff by burning them onto a CD or printing out a room-by-room document that can be stored off the premises.

The latest version of the software offers an optional service known as Vault 24, which keeps your inventory list online. A basic account — at vault24.com — costs about $15 a year.
From the New York Times

1. Want to avoid surprises? Before signing on the dotted line, visit your prospective home at different times of the day to see if the property and neighborhood continue to match your first impression.  As part of your due diligence, make at least three trips—morning, noon, and night—to assess commute times, lighting, the general atmosphere of the community, or other characteristics that are important to you.
2. While adjustable-rate and interest-only mortgages may save you money initially, select these mortgage products only if you can comfortably make your mortgage payments should interest rates increase after the initial fixed or interest-only mortgage period expires.  From ARMs to balloons, understanding common mortgage lingo will help you have a knowledgeable conversation with your lender about the mortgage options available to you. 
3. No house is perfect. That’s why under the California Residential Purchase Agreement, there is a fixed time period designated for you to carefully examine the property and assess any areas of concern about your future home without the fear of losing your deposit money. Most home buyers hire a professional inspector to conduct a visual, noninvasive examination of the home, including the home's structure, construction and mechanical systems, and appliances, which may be transferred with the property. 
4. Before you start looking for your piece of California, determine how much you can afford by calculating 33 percent of your monthly gross income. This is the maximum amount most lenders suggest homeowners devote to “PITI”—principal, interest, taxes, and insurance—better known as the four components of your monthly mortgage payment. 
5. Carefully prepare for the “upfront fees” you will be expected to pay once you enter into a transaction. Among these fees are your escrow deposit and inspection fees. Generally, your escrow deposit should be substantial enough to demonstrate your “good faith” to the sellers—usually 1 to 5 percent of the sales price—and will be credited toward your down payment if the sale moves forward. In California, standard inspection fees range from $300 to $400.

1. Home staging can help your home stand out to buyers, resulting in a quicker sale and higher offers. Even small touches like removing family photos, diplomas, and other personal items make it easier for buyers to visualize themselves in your home. Before you put your home on the market, take an impartial look at your property, inside and out. Quick and inexpensive touch-ups that will give your house a polished look include fresh coats of neutral paint in the bedrooms; new cabinet knobs in the kitchen and bathrooms; and organized closets and cabinets.
2. To make sure you set the most realistic price for your home, learn all you can about your local housing market by carefully reviewing your REALTOR®’s Comparative Market Analysis (CMA). This valuable tool explains what consumers have paid for similar homes in your market, which homes failed to sell in recent months, and their corresponding list prices. While you will ultimately decide the final listing price for your home, your REALTOR® can help you analyze the information contained in the CMA and make an assessment of how other homes on the market compare to yours in terms of size, location, amenities, and condition.         
3. Keep in mind that as a home seller, you may qualify for the capital gains tax exclusion--up to $500,000 for married taxpayers filing jointly and $250,000 for single taxpayers. To qualify for this tax break, you must have used the home as your primary residence for at least two of the prior five years—and the two years don't have to be consecutive. Additionally, this exclusion is not a one-time benefit; you may take advantage of it once every two years as long as you meet the qualifications.
4. Worried about selling your home before you can identify and purchase a new one? It is not uncommon for sellers to add a contingency clause to the sales contract stating that the sale will only proceed if the sellers can purchase a replacement property. Contingency clauses stipulate conditions that must be fulfilled before a contract is binding. They typically provide for a set number of days after which the contingency must be removed from the contract or the parties must decide not to proceed with the sale. 
5. Plan for a smooth closing—that's the day ownership of your property is officially transferred to the buyers—by requesting a preliminary copy of the HUD-1 Settlement Statement, which lists estimates of all the settlement fees to be paid by the buyer and the seller. While your portion of the closing costs will be deducted from your earnings from the sale, it is still wise to carefully review the fees to ensure they match what has been negotiated in your sales contract.

Looking for the perfect vaction rental for your next getaway?

Have an income property that you are looking to book?

Contact High Country Property Management!

Toll-Free: (800) 575-5659 or visit: www.highcountryrents.com

Need more information on this property? Call Bud at (951) 314-1263 or send us an e-mail.

4,286 sq.ft Upslope Lot (Country Records) above road with view of north-west mountain, forest, trees, and high desert. Spring water at base of lot, located nearly to the end of Acacia. Call for details. (nice lot at an excellent price) Price: $15,900

Need more information on this property? Call Bud at (951) 314-1263 or send us an e-mail.

Gentle downslope lot in prime neighborhood. Distant mountain views. Call today! for further details of this wonderful building opportunity! Price: $34,000 

Need more information on this property? Call Bud at (951) 314-1263 or send us an e-mail.