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Real Estate & Finance News That Affects Your Home                                                                            Page  1 2 3 4

September 2009 - PAGE 4

PRIORITIES Buying Smart Now With A Plan To Get It All Later Whether you are a first-time home buyer or you're ready to move up to your next home, you'll want to get as many of the "must-haves" on your list as possible. But what if you can't afford them all? And what about all those "sure-would-likes" that you're looking forward to? The key to maximizing your home investment today is distinguishing between the types of amenities you're better off buying as part of the property, and those you could add later without too much trouble and expense. Here's some information to help you focus. Location: It's the one thing you can't change about a property. Location is about being in a desirable neighborhood and close to (but not necessarily next to) valued amenities or planned ones -- employment opportunities, good schools, shopping, public transportation, major thoroughfares, parks and recreation, cultural activities, etc. A good location is also about not being on a high-traffic street, near noise, next to run-down properties, in a flood plain, etc. Structural integrity: Make sure the home you buy doesn't come with a cracked foundation, pest infestation, drainage issues, mold or other problems that may be difficult and expensive to correct. Size: The size of a home is important, especially if you're just starting to raise a family. It's easier and less expensive to reconfigure existing space (turning a basement into a family room or a garage into a bedroom, for example) than to build an addition. And, you can only add that addition if yard size and zoning restrictions allow. Bathrooms: Again, it's significantly less expensive to remodel a bathroom than to add one, so look for a home that has the number of bathrooms you really want. Bedrooms: Find a home with at least the minimum number of bedrooms you require, but with space (perhaps an attic or enclosed porch) that could eventually be converted to a bedroom should you need another one in the future. Cosmetics: Although a neon pink bathroom might make you cringe, that's exactly the type of problem you can easily and inexpensively correct. You could repaint it yourself for around $100, or hire someone else to do it for a few hundred more. Other items you can change -- or add -- over time without too much effort or cost: carpeting, landscaping, appliances, hardware and fixtures, lighting, countertops, cabinets, upgraded doors, vanities, closet space, siding, windows and lots more. To sum up: Buy a home with "good bones" in a good location and you're likely to enjoy living there for many years to come -- improving as you go. When you get ready to sell, you'll have exactly what other buyers are looking for! SCAM ALERT Avoid Getting Fleeced By Foreclosure Related Fraud   There are lots of people out there willing to victimize people in financial difficulty -- especially when their troubles become part of public record. Beware of offers asking you to sign over your deed to someone else who promises to sell your home for you -- whether they do or not, you'll still be responsible for the mortgage. Also, investigate people who offer to buy your property so you can avoid foreclosure. They may be legitimate but, to be on the safe side, check them out by contacting your state Attorney General, the state Real Estate Commission or the local District Attorney's consumer fraud unit. Consider carefully any "counseling agencies" offering foreclosure-mitigation services or government-modification programs for a fee. In many cases, they offer services you can perform yourself, such as negotiating a workout plan with your lender. The Office of the Comptroller of the Currency (OCC) has issued a Consumer Advisory detailing the types of housing-related scams you should be aware of and how to avoid them. See the advice online or call the OCC's Customer Assistance Group at (800) 613-6743. If you decide to conduct a pre-foreclosure sale or a short sale, give us a call. We'll work with you to make sure your interests are protected in the transaction.                                                                                                                                                                                                                               Page  1 2 3 4