Gated Communities
The popularity of living in gated, or private communities has been rising in recent years. It used to be that gated communities were thought of as being only for the rich. But today they are becoming more and more popular with middle and upper middle class families. Security is usually given as the biggest reason for choosing to live in a gated community. Among the other reasons people are attracted to living in these communities are protecting property values and lifestyle.Many gated communities are designed with amenities built around a particular lifestyle, with golf courses, tennis, swimming pools, or equestrian facilities.Gated communities are usually located on some of the most desirable land in the area. Prime land, combined with careful planning and HOA rules create an environment where home values hold up extremely well.
Aside from the gates or walls, the second most defining characteristic of gated or private communities is the Homeowner’s Association (HOA).The HOA is made up of all the owners of the development. The HOA is responsible for collection of the Association fees and making and enforcing the “rules” of the community.It is often also responsible for maintaining the public aspects of the community, such as streets, security, parks, etc.
The rules set by the HOA can vary a great deal, depending on the individual development.Typically the HOA will have rules pertaining to upkeep and appearance of homes within the development, specifying the colors of paint on outside walls, types of fencing, guidelines for landscaping and storage of boats or recreational vehicles.
Gated communities aren't for everyone.But with strong protection of property values, increased security, less traffic and amenities for your specific lifestyle, they are appealing to more people each year.
If you are interested in purchasing please call me at 800-680-9133
Monday, June 9, 2008
Monday, June 2, 2008
Deciding if a Fixer upper is good for you
Be sure you are prepared for a Fixer-upper.
The oft heard phrase "Buyer Beware" is never more appropriate than when considering the purchase of a fixer-upper.You really need to know exactly what you’re getting into before buying.
It’s commonly believed that fixer-upper properties represent easy money that is ripe for the taking - that you can buy it, do a little work on it in your spare time, and then resell quickly for a large profit. Usually, this simply isn't the case. Although, with proper planning and foresight, good profits can be made by buying "distressed" properties at less than market value, making appropriate improvements and repairs, and then reselling. And for many first time buyers who intend to live in the house while working on it, buying a fixer-upper can be the very best option. It’s less risky buying a fixer-upper when you can live in the house while fixing it. And of course, by living in the house for at least 24 months you should be able to avoid paying regular income taxes on the profits.
The most important thing to know before making a decision on such a purchase is what needs to be fixed. Any time you are spending money on improving a home with the notion of selling it later, strive to spend your money on things that buyers can easily see. Things like new paint and removing trash from the property cost little but have instant impact on curb appeal. Houses that have only cosmetic problems like peeling paint, a trashy yard, bad carpet or wallpaper are the best bet. This is especially true for the first time buyer looking to live in the house for a while before reselling. Fixing and cleaning cosmetic issues is fairly easy and inexpensive. It virtually always gives gives a good return on investment, particularly when you can do the work yourself. Kitchen and bathroom remodeling usually pays a nice return. Don’t be afraid of buying a fixer-upper in need of this kind of repair. Properties with structural damage, or a floor plan that requires major work to remedy, usually can’t be "fixed up" at a profit.
Always have an inspection for hidden damage performed by a home inspector or construction professional before buying a fixer-upper. Make sure that satisfactory completion of such inspections are a condition of purchase in any contract you sign. Then be sure to negotiate to try and get the seller to pay for all or part of the cost of needed repairs uncovered by the inspection. Often, sellers will be willing to lower the sales price to sell the home "as is" instead of paying for the repairs.
Be careful that you don’t over pay. Especially if you plan to resell quickly, paying too much up front can doom your plans for quick profit. Research the market for reselling and have an exit plan for selling the house in place before making an offer.
The oft heard phrase "Buyer Beware" is never more appropriate than when considering the purchase of a fixer-upper.You really need to know exactly what you’re getting into before buying.
It’s commonly believed that fixer-upper properties represent easy money that is ripe for the taking - that you can buy it, do a little work on it in your spare time, and then resell quickly for a large profit. Usually, this simply isn't the case. Although, with proper planning and foresight, good profits can be made by buying "distressed" properties at less than market value, making appropriate improvements and repairs, and then reselling. And for many first time buyers who intend to live in the house while working on it, buying a fixer-upper can be the very best option. It’s less risky buying a fixer-upper when you can live in the house while fixing it. And of course, by living in the house for at least 24 months you should be able to avoid paying regular income taxes on the profits.
The most important thing to know before making a decision on such a purchase is what needs to be fixed. Any time you are spending money on improving a home with the notion of selling it later, strive to spend your money on things that buyers can easily see. Things like new paint and removing trash from the property cost little but have instant impact on curb appeal. Houses that have only cosmetic problems like peeling paint, a trashy yard, bad carpet or wallpaper are the best bet. This is especially true for the first time buyer looking to live in the house for a while before reselling. Fixing and cleaning cosmetic issues is fairly easy and inexpensive. It virtually always gives gives a good return on investment, particularly when you can do the work yourself. Kitchen and bathroom remodeling usually pays a nice return. Don’t be afraid of buying a fixer-upper in need of this kind of repair. Properties with structural damage, or a floor plan that requires major work to remedy, usually can’t be "fixed up" at a profit.
Always have an inspection for hidden damage performed by a home inspector or construction professional before buying a fixer-upper. Make sure that satisfactory completion of such inspections are a condition of purchase in any contract you sign. Then be sure to negotiate to try and get the seller to pay for all or part of the cost of needed repairs uncovered by the inspection. Often, sellers will be willing to lower the sales price to sell the home "as is" instead of paying for the repairs.
Be careful that you don’t over pay. Especially if you plan to resell quickly, paying too much up front can doom your plans for quick profit. Research the market for reselling and have an exit plan for selling the house in place before making an offer.
Wednesday, May 28, 2008
A tip for home Sellers
As a seller there are important elements to selling your home. Make sure your home is easy to show!
To get your home sold quickly, it’s important that other agents in the area show it to as many potential buyers as possible. The first thing a good agent will do when working with buyers is talk to the buyer and learn what kind of home they are looking for. Then the agent will search all the available homes for those most closely matching what the buyer wants. Next, the agent puts together a list of the best matches to go show to the buyer. When a busy agent is compiling a list of homes to show a buyer, the agent will naturally tend to show those houses that are easiest to gain access to first. Many homes on the market have “lock boxes” on them. The lock box is a device which holds a key to the home, that only qualified local agents can access. Homes that are listed as being “lock box, no appointment needed” will get shown more often than homes listed as “agent has key, call for appointment”. If at all possible, you should let your agent put a lock box on your home for easier showing.
If you can’t do a lock box, you need to be sure that you make it as convenient and easy as possible for other agents to show your home. If they call, do whatever you have to do to accommodate letting them show your home to buyers on their schedule. If you don’t, the agent will probably show the buyer other homes, and if that buyer makes an offer on one of them, you’ve just lost a great opportunity.
It’s best if you can leave when the agent and buyer arrive to see your home. Buyers won’t feel comfortable with you there, and it could sour an otherwise good impression.
If you are thinking of listing your home please call me today! 800-680-9133
To get your home sold quickly, it’s important that other agents in the area show it to as many potential buyers as possible. The first thing a good agent will do when working with buyers is talk to the buyer and learn what kind of home they are looking for. Then the agent will search all the available homes for those most closely matching what the buyer wants. Next, the agent puts together a list of the best matches to go show to the buyer. When a busy agent is compiling a list of homes to show a buyer, the agent will naturally tend to show those houses that are easiest to gain access to first. Many homes on the market have “lock boxes” on them. The lock box is a device which holds a key to the home, that only qualified local agents can access. Homes that are listed as being “lock box, no appointment needed” will get shown more often than homes listed as “agent has key, call for appointment”. If at all possible, you should let your agent put a lock box on your home for easier showing.
If you can’t do a lock box, you need to be sure that you make it as convenient and easy as possible for other agents to show your home. If they call, do whatever you have to do to accommodate letting them show your home to buyers on their schedule. If you don’t, the agent will probably show the buyer other homes, and if that buyer makes an offer on one of them, you’ve just lost a great opportunity.
It’s best if you can leave when the agent and buyer arrive to see your home. Buyers won’t feel comfortable with you there, and it could sour an otherwise good impression.
If you are thinking of listing your home please call me today! 800-680-9133
Monday, March 31, 2008
INSPECT NEW HOMES BEFORE CLOSE OF ESCROW!
In my travels around the real estate industry, I find that most buyers are aware that they should have a home inspection of a resale home that they purchase. Often, though, I find that people don't realize that they should inspect new construction before they close escrow. They wonder why they would need to when "everything is new." Always, always have a home inspection --- on ANYTHING that you purchase. It's just too big of a purchase not to be completely informed about!
Below, home inspector Mark Chaffee, owner of WIN Home Inspection answers some questions regarding home inspections on new construction.
"Why would I need to have an inspection on a brand new home?" I get asked this question a lot and the simple answer is: to protect your investment.
Buying a newly constructed home gives you the opportunity to customize details that make a house your own. But how can you be sure that the quality of your new home isn’t only skin deep? New construction inspections from WIN monitor the home building process at critical building stages. The inspection looks to verify that the construction is sound and will provide you with the information you need to make informed decisions about your new home.
Move-In Inspection: This home inspection is performed when construction is finished and ready for occupancy, but prior to the final walk through by the builder. You get critical information about your new home prior to closing and it gives the builder time to make any necessary corrections before the purchase is finalized.
One-Year Anniversary Inspection: This home inspection is performed approximately 30 days before the expiration of the builder's one-year new home warranty. It addresses any warranty-related concerns that you may want to bring to the builder's attention, and allows time for any necessary repairs before the warranty expires.
Mark’s vast experience and certification as a home inspector make him an expert in home maintenance. His contact info:
WIN Home Inspection
P.O. Box 235260
Encinitas, CA 92023
760.753.2669
www.wini.com/encinitas
Below, home inspector Mark Chaffee, owner of WIN Home Inspection answers some questions regarding home inspections on new construction.
"Why would I need to have an inspection on a brand new home?" I get asked this question a lot and the simple answer is: to protect your investment.
Buying a newly constructed home gives you the opportunity to customize details that make a house your own. But how can you be sure that the quality of your new home isn’t only skin deep? New construction inspections from WIN monitor the home building process at critical building stages. The inspection looks to verify that the construction is sound and will provide you with the information you need to make informed decisions about your new home.
Move-In Inspection: This home inspection is performed when construction is finished and ready for occupancy, but prior to the final walk through by the builder. You get critical information about your new home prior to closing and it gives the builder time to make any necessary corrections before the purchase is finalized.
One-Year Anniversary Inspection: This home inspection is performed approximately 30 days before the expiration of the builder's one-year new home warranty. It addresses any warranty-related concerns that you may want to bring to the builder's attention, and allows time for any necessary repairs before the warranty expires.
Mark’s vast experience and certification as a home inspector make him an expert in home maintenance. His contact info:
WIN Home Inspection
P.O. Box 235260
Encinitas, CA 92023
760.753.2669
www.wini.com/encinitas
WHEN WILL YOU RECEIVE YOUR TAX REBATE MONEY?
Last month, President Bush signed the Economic Stimulus Package into law - setting aside $168 billion in tax rebates and incentives to help boost the US economy. Those tax rebates are getting ready to hit the mail. So when should you expect yours? That depends on a few factors, including when you file your 2007 tax return, whether you choose direct deposit, and believe it or not...what your social security number is
Timing Is Everything! We all know the deadline for filing your 2007 taxes is quickly approaching. But you may want to be ahead of the curve if you want your tax rebate sooner, rather than later. That's because tax rebates will start going out on May 2... but only to taxpayers who have their returns "processed" - not just sent - by April 15. The closer it gets to mid-April, the more the IRS gets backed up to process the flood of returns--sometimes taking a couple of weeks to complete. E-filers will get their rebates more quickly, since electronic returns can be processed faster. However, even e-filers should have their returns in by April 10 to be safe.
Tax rebate checks will start going out on May 2. Here is how it will work... taxpayers who chose direct deposit will be first in line. According to the IRS, all direct deposit tax rebates will be wired between May 2 and May 16. Paper checks won't start going out until May 16, and aren't expected to be completed until mid-July.
Who goes first? The IRS needs some way to determine the order of distributions, so tax rebates will be distributed in order of the last two digits of your Social Security numberthe lower your number, the sooner you'll receive your payment. For a detailed breakdown of the order, take a look at the IRS's Stimulus Payment Schedule on their website.
About seven to ten days before your rebate is sent, the IRS will send you a notice informing you how much it will be. If you signed up for direct deposit, however, you'll probably receive that information in the mail about the same time your rebate is deposited into your account, since direct deposit transactions are processed so quickly. But you don't have to wait that long to determine approximately how much you'll receive. To calculate your approximate rebate, visit the new OnLine Stimulous Calculator on the IRS website.
Finally, it's important to remember that the rebate check will not be counted as taxable income and will not reduce your refund or increase the amount you owe when you file your 2008 return. However, if you owe back taxes, the IRS will apply your rebate to that bill and send you whatever is left over.
Timing Is Everything! We all know the deadline for filing your 2007 taxes is quickly approaching. But you may want to be ahead of the curve if you want your tax rebate sooner, rather than later. That's because tax rebates will start going out on May 2... but only to taxpayers who have their returns "processed" - not just sent - by April 15. The closer it gets to mid-April, the more the IRS gets backed up to process the flood of returns--sometimes taking a couple of weeks to complete. E-filers will get their rebates more quickly, since electronic returns can be processed faster. However, even e-filers should have their returns in by April 10 to be safe.
Tax rebate checks will start going out on May 2. Here is how it will work... taxpayers who chose direct deposit will be first in line. According to the IRS, all direct deposit tax rebates will be wired between May 2 and May 16. Paper checks won't start going out until May 16, and aren't expected to be completed until mid-July.
Who goes first? The IRS needs some way to determine the order of distributions, so tax rebates will be distributed in order of the last two digits of your Social Security numberthe lower your number, the sooner you'll receive your payment. For a detailed breakdown of the order, take a look at the IRS's Stimulus Payment Schedule on their website.
About seven to ten days before your rebate is sent, the IRS will send you a notice informing you how much it will be. If you signed up for direct deposit, however, you'll probably receive that information in the mail about the same time your rebate is deposited into your account, since direct deposit transactions are processed so quickly. But you don't have to wait that long to determine approximately how much you'll receive. To calculate your approximate rebate, visit the new OnLine Stimulous Calculator on the IRS website.
Finally, it's important to remember that the rebate check will not be counted as taxable income and will not reduce your refund or increase the amount you owe when you file your 2008 return. However, if you owe back taxes, the IRS will apply your rebate to that bill and send you whatever is left over.
Thursday, March 27, 2008
I Have Braggin' Rights!
This is a recent release in our local paper about "yours truly!" What an honor!
Patti Phillips Honored for Excellent Service
Patti Phillips, a broker associate with Prudential California Realty’s Encinitas office, will be among a small percentage of agents in San Diego to be recognized as a “FIVE STAR: Best in Client Satisfaction Real Estate Agent” in San Diego Magazine’s March 2008 issue. The awards are a result of a survey by the magazine, in which researchers polled over 30,000 recent home buyers, readers, mortgage lenders and title companies to identify exceptional real estate agents in San Diego County.
Dedicated to serving her community as well as her clientele, Phillips served as president of the North San Diego County Women’s Council of Realtors in 2007. Her most rewarding experience with a client involved helping a widow who found the real estate transaction process overwhelming. “By working with repairmen, contractors, termite people, and cleaning crews, I was able to make the experience stress-free and easy for her,” said Phillips.
A 20-year veteran of the real estate business, Phillips has earned the prestigious Seniors Real Estate Specialist (SRES) designation, and is an International Fine Homes Specialist. Her strategy for success involves treating others how she would like to be treated, and analyzing each situation to figure out the course of action that is in her client’s best interest.
“Patti is constantly improving her knowledge of the industry, and striving to find ways to better serve her clients,” said Nelson White, manager of Prudential California Realty’s Encinitas office. “Her enthusiasm for self-improvement is one of the reasons she is one of the top producing agents in my office.”
Patti Phillips can be contacted through Prudential California Realty’s Encinitas office, at 1-800-680-9133, or via email at patti@pattiphillipsrealestate.com.
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Patti Phillips Honored for Excellent Service
Patti Phillips, a broker associate with Prudential California Realty’s Encinitas office, will be among a small percentage of agents in San Diego to be recognized as a “FIVE STAR: Best in Client Satisfaction Real Estate Agent” in San Diego Magazine’s March 2008 issue. The awards are a result of a survey by the magazine, in which researchers polled over 30,000 recent home buyers, readers, mortgage lenders and title companies to identify exceptional real estate agents in San Diego County.
Dedicated to serving her community as well as her clientele, Phillips served as president of the North San Diego County Women’s Council of Realtors in 2007. Her most rewarding experience with a client involved helping a widow who found the real estate transaction process overwhelming. “By working with repairmen, contractors, termite people, and cleaning crews, I was able to make the experience stress-free and easy for her,” said Phillips.
A 20-year veteran of the real estate business, Phillips has earned the prestigious Seniors Real Estate Specialist (SRES) designation, and is an International Fine Homes Specialist. Her strategy for success involves treating others how she would like to be treated, and analyzing each situation to figure out the course of action that is in her client’s best interest.
“Patti is constantly improving her knowledge of the industry, and striving to find ways to better serve her clients,” said Nelson White, manager of Prudential California Realty’s Encinitas office. “Her enthusiasm for self-improvement is one of the reasons she is one of the top producing agents in my office.”
Patti Phillips can be contacted through Prudential California Realty’s Encinitas office, at 1-800-680-9133, or via email at patti@pattiphillipsrealestate.com.
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Saturday, March 22, 2008
Free Credit Reports Are Your Right! Don't Pay for One!
Credit Reports Are Your Right!
Don’t Pay For One!
Did you know that by law you are entitled to one free credit report each year from each of the three big credit bureaus? Those are Equifax, Experian and TransUnion. They are more than happy to provide you with it, and there is a web-site that will order them for you free! Just be certain that you go to the right place- because if you don’t you will be charged!
The site that you want is Annualcredreport.com. There you can order free reports from all three bureaus. There is also a free number you can call to request your credit reports: 877-322-8228. Be careful when you order, because there are many others that SOUND the same, they will attract you with the promise of a free report, and then lure you into other services, many that will cost you money every month. Even the credit bureaus will try to sell you packages. These services can vary from Identity Theft reporting to credit monitoring, at costs from $9.95 to over $30.00 per month.
Are the services worth buying? Monitoring does alert you to unusual activity on your credit report, but if you don’t like paying a monthly fee, you can use free reports to do a periodic checkup. How? Rather than order all 3 reports at once, order a free report from a different agency each 4 months. This will help you to monitor any unusual activity. It is important that you look for anything on your credit which is not 100% correct- as well as possible identity theft.
After you place an order at Annualcreditreport.com, the credit bureau you specified will mail you the report, or you may be able to download it. Be certain to check it carefully- a 2004 study by U.S. Federation of State Public Interest Research Groups found 25% of reports contained serious errors. I know that in my own personal credit reports I have found numerous errors over the years.
You want to make certain your report is clean and stays clean so that if you want to obtain a mortgage or other loan you aren’t paying a higher interest rate because of erroneous items on your report. If you find ANYTHING incorrect, be certain to document it in a letter, send any supporting documentation and send a copy of the report with the error highlighted to the agency, requesting it be removed immediately. Keep a copy of everything you send in a file, just in case it doesn’t get handled or it reappears in future reports.
Don’t Pay For One!
Did you know that by law you are entitled to one free credit report each year from each of the three big credit bureaus? Those are Equifax, Experian and TransUnion. They are more than happy to provide you with it, and there is a web-site that will order them for you free! Just be certain that you go to the right place- because if you don’t you will be charged!
The site that you want is Annualcredreport.com. There you can order free reports from all three bureaus. There is also a free number you can call to request your credit reports: 877-322-8228. Be careful when you order, because there are many others that SOUND the same, they will attract you with the promise of a free report, and then lure you into other services, many that will cost you money every month. Even the credit bureaus will try to sell you packages. These services can vary from Identity Theft reporting to credit monitoring, at costs from $9.95 to over $30.00 per month.
Are the services worth buying? Monitoring does alert you to unusual activity on your credit report, but if you don’t like paying a monthly fee, you can use free reports to do a periodic checkup. How? Rather than order all 3 reports at once, order a free report from a different agency each 4 months. This will help you to monitor any unusual activity. It is important that you look for anything on your credit which is not 100% correct- as well as possible identity theft.
After you place an order at Annualcreditreport.com, the credit bureau you specified will mail you the report, or you may be able to download it. Be certain to check it carefully- a 2004 study by U.S. Federation of State Public Interest Research Groups found 25% of reports contained serious errors. I know that in my own personal credit reports I have found numerous errors over the years.
You want to make certain your report is clean and stays clean so that if you want to obtain a mortgage or other loan you aren’t paying a higher interest rate because of erroneous items on your report. If you find ANYTHING incorrect, be certain to document it in a letter, send any supporting documentation and send a copy of the report with the error highlighted to the agency, requesting it be removed immediately. Keep a copy of everything you send in a file, just in case it doesn’t get handled or it reappears in future reports.
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