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Assisted Living in North Carolina - Get the Insight You Need

9/24/2019

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                                                                                                                                                 Photo Credit: Cristina Gottardi
When it comes to assisted living community choices, the options are plentiful. It is estimated that there are more than 30,000 assisted living communities serving seniors across the United States with over 561 of those facilities in North Carolina. The state is also home to a rapidly growing number of senior citizens, with adults over 65 making up an estimated 15.9 percent of the population.

As of 2019, a resident in an assisted living community in North Carolina will pay $3,250 per month on average. When estimating the cost of assisted living, it's important to know that average prices can differ significantly between various parts of North Carolina. For example, assisted living rates in areas such as Wilmington are at least $1,700 more than the state average of $3,803, but in areas like Burlington, you're saving on average $900. The most affordable region in North Carolina for assisted living is Goldsboro at $2,832.


Caring.com is the leading online destination for caregivers seeking information and support as they care for aging parents, spouses, and other loved ones. They offer thousands of original articles, helpful tools, advice from more than 50 leading experts, a community of caregivers, and a comprehensive directory of caregiving services. Get started here: www.caring.com/senior-living/assisted-living/north-carolina.
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CREATE AN EVACUATION PLAN FOR YOUR PETS

8/31/2019

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​An evacuation plan is a necessity for every home, especially if you live in an area where fires, earthquakes, hurricanes, flooding, and other disasters are a possibility. Many homeowners create evacuation plans for their homes and practice them with their kids, but far fewer have considered one for their pets. Take these steps to add your pets to your evacuation plan.

Assign pet evacuation to an adult. Everyone should know how to act during an evacuation, and that includes assigning one parent or adult to the pets. This allows the other parent and the children to focus on their part of the evacuation plan, so there’s no confusion during a high-stress moment when time is of the essence.
Keep evacuation maps and pet carriers readily accessible. If you need to evacuate, you should know exactly where every important item is. If you pets require carriers, keep them in a place that you can access easily.

Practice your plan. Include your pets in your home evacuation drills. It’ll help you see how they will respond and make changes to your plan if necessary. Getting your dog out of a window may not be as simple as you think!
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Be prepared in case you get separated from your pets. No matter how much you drill your evacuation plan, it’s possible that a dog or cat will run off while you’re focusing on keeping your family safe. A microchip or a GPS-compatible tag can help you find your pets once it’s safe to return to the area.
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7 Important Repairs to Make Before Selling A House

1/9/2019

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​As a smart seller, you'll want your home in tip-top shape — but you don’t want to eat into your profits by overspending on home improvements. You won’t be around to enjoy them anyway. The key is to focus on the most important repairs to make before selling a house to ensure every dollar you spend supports a higher asking price.

“Smaller and less expensive updates in combination with good staging will have a great return,” says Colorado Springs agent Susanna Haynie. But how do you know what things to do before putting your house on the market? Prioritize these updates — and consider letting the rest go.


#1 The Most Important Repair to Make Before Selling: Fix Damaged Flooring

Scratched-up wood flooring; ratty, outdated carpeting; and tired linoleum make your home feel sad. Buyers might take one step inside and scratch the property from their list. Want to know how to increase the value of your home? Install new flooring.
“Replace what’s worn out,” says Haynie. “Buyers don’t want to deal with replacing carpet, and giving an allowance is generally not attractive enough. Spring for new, neutral carpeting or flooring.”

If your home already has hardwood floors refinishing does the job. Expect to spend about $3,000 on the project — and recoup 100% of the cost, according to the “National Association of REALTORS® Remodeling Impact Report.”  

Consider swapping any old flooring for new hardwood. This project costs more at around $5,500, but you could recoup more than 90% of that at resale.  If that’s not in the budget, any flooring update makes an enormous difference.


#2 Fix Water Stains

You’ve learned to live with the results of a long-fixed plumbing snafu, but for buyers, a water stain suggests there could be a dozen pesky problems hidden beneath the surface. That’s why this is one of the things to do before putting your house on the market.  “No buyer wants to buy a money pit,” says Haynie.

First, make sure the problem is fixed: Bring in a plumber to look for leaky piping or poor yard drainage if your basement is damp. Diverting rainwater from your foundation may cost as little as $800, and repairing a leaking pipe costs approximately $300. 

As for the repair work, replacing a water-stained ceiling runs about $670, and drywall costs around $1.50 per square foot. 

All are cheaper than a lost sale.


#3 Repair Torn Window Screens

So super inexpensive — and even DIY-able. You can purchase a window screen frame repair kit from a home improvement store for $10 to $15.

Considering the simplicity of this repair, making the fix is always worth it — and so are other small but highly visible issues. When you’re debating how to increase the value of your home, nix any small problems, snags, or ugly spots that might make buyers scrunch up their brows.


#4 Update Grout

Is your grout yellowing or cracked? Buyers will notice. New grout, on the other hand, can make old floors look like they came straight from the showroom.

“The best return-on-investment projects before selling a home involve making a home look like new,” says Malibu, Calif.-based agent Shelton Wilder. She recently sold a home above asking price after a complete re-grout.

This is another small fix with a big impact: Simple bathroom re-grouting may cost just $1 to $2 per square foot, increasing to $10 per square foot for more complicated jobs. And if you’re handy, you can save even more DIY-ing it.


#5 Resuscitate a Dying Lawn

Nothing says, “This one’s gonna take some work” like a brown, patchy, weedy lawn.
Fixing the problem doesn’t cost a ton of money — and you’ll get it all back (and then some!) once you sell. Hiring a lawn care service to apply fertilizer and weed control will cost about $375. Once you sell the home, that comparatively cheap fix could recoup $1,000. That’s an unbeatable 267% return on investment.


#6 Erase Pet Damage

Did your (sort of) darling kitten scratch your bedroom door? Fix the damage before listing your home. Otherwise, buyers may consider the scuffs a canary in the coal mine.

”If you have pet damage, buyers will [then] look for pet stains on the floor,” says Haynie.

Refinishing a door costs between $100 and $215 (or less, if you’re willing to DIY). Replacing pet-damaged carpeting or hardwood may be a bigger job than buffing out some scuffs — but it’s worth the cash.


#7 Revive an Outdated Kitchen

A full kitchen renovation is rarely worth it when it comes time to sell — even though buyers love a fresh look. “Kitchens are still one of the most important features for buyers,” says Haynie.

The problem is, this $65,000 upgrade isn’t something that buyers will pay you back for. Sellers recoup about 62% of a full-on kitchen renovation. If you’re updating the space just for your sale, focus on low-cost, high-impact projects instead.

“Updating the kitchen doesn’t need to be expensive,” says Wilder. “Painting wood cabinets, updating hardware, or installing new countertops or appliances could be enough.”
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Setting up your home for selling success doesn’t have to be expensive. Focus on the most important repairs to make before selling a house by picking projects that do more than look pretty. Choose updates that get your home in selling shape and justify a higher asking price.

By JAMIE WIEBE, writer and editor with a focus on home improvement and design. Previously, she worked as a web editor for “House Beautiful,” “ELLE Decor,” and “Veranda.”

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Top 4 Deal Killers for Homebuyers

5/30/2018

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Falling in love is exhilarating. It can also be a bit scary, especially when a home has captured your heart. What if something goes wrong and you end up not spending the rest of your life with this stack of brick and mortar you're lusting after? 

No matter how careful you are, some deal killers are unavoidable. Others, however, are preventable, so pay heed if you hope to keep your deal alive.
 

1. Don't Mess with Your Mortgage Preapproval 
A common reason for a real estate deal to fall apart is that many homebuyers don't fully understand the mortgage process. Sure, you may get a loan preapproval, but don't think for one minute that this guarantees you will get the loan. It doesn't. 

Here's what happens after you receive your preapproval letter and decide to move forward with the purchase. The lender will start your file, give you a list of paperwork required, order an appraisal and credit reports, verify your employment and income, and more. 

The file is then sent to the processor who will review all of your information as well as the appraisal. He or she will then put together a package of all pertinent information to be sent to the underwriter. 

The underwriter is the person who ultimately determines whether or not you are an acceptable credit risk. He or she will assess your ability to repay the loan, your credit, and the collateral used to secure the mortgage - in this case the collateral is the home. Then, just before funding the loan, the underwriter will perform what is known as a "soft pull" of your credit information to see if anything has changed. 

This is the point where many borrowers run afoul. If you hope to keep your purchase alive, don't do anything - from application to closing - that might change your financial picture and sabotage your final approval. This means no shopping on credit for appliances, furniture or anything else. Don't switch jobs, fall behind on your bills, co-sign a loan for anyone, or in any way reduce the income stated on your application.
 

2. Read Homeowners Association Documents Carefully 
When you purchase a home in a managed community governed by a homeowners association (HOA), you'll be given a mountain of paperwork to read and approve. Because there may be deal killers included in the fine print, it's important to get to this task immediately upon receipt of the documents. 

Look for any information about liens against the property; current litigation against the HOA, the builder, or the developer; and any red flags in the HOA budget. Since these documents aren't easy to read and understand, it is worth the money you'll spend to have your attorney look them over and advise you of any potential deal killers lurking within. 

While the aforementioned HOA problems could potentially derail the deal, it's better to have it happen upfront rather than when you're further along in the process.
 

3. Home Inspection Problems 
All homes - even newly constructed ones - may have problems. Going into the process not fully understanding this can set you up for a failed real estate deal. Sure, you ideally want to find a home that was owned by Mr. or Mrs. Clean who conscientiously took care of it during their entire ownership, but those are few and far between, and seeking them out is unrealistic. 

Set your sites on finding a home that has small, easy-to-fix problems, and don't freak out if some are worse than others. In other words, when considering making an offer, laugh at the loose doorknob but negotiate when it comes to water damage or worse. 

The nitpicky homebuyer, who plans on nickel and diming the homeowner into replacing missing switch plates and dripping faucets, is the picture of a deal-breaker-in-the-making. Sure, in a buyer's market you may get away with minor demands. In a seller's market, however, there is always a cleaner offer right behind yours.
 

4. Budgeting Blunders 
The real estate industry does a bang-up job of reminding homebuyers that they'll need a down payment - typically from 3 percent to 20 percent of the total loan amount - when they purchase a home. What they often fail to inform real estate consumers about are the loan's closing costs - the money you will be required to pay before the house is yours. This is most likely because closing costs are a little harder to pin down. They vary wildly and depend on the type of loan, the amount of the down payment, and a host of other factors. 

Unfortunately, this lack of information frequently causes real estate deals to disintegrate. To avoid this particular problem, pay attention to all communications from your lender. 

First, you will receive a form called a Loan Estimate. Look this over carefully to ensure that everything your lender agreed to is included. Pay close attention to the "Calculating Cash to Close" section, which concludes with an estimated cost to close the loan. Remember, this is an estimate and the amount may go higher or lower in the end. Speak with the lender if you find any problems here, especially if it will be impossible for you to come up with this money. 

Just before closing you will receive the "Closing Disclosure," which is quite similar to the estimate, but these figures are final. Again, review the "Cash to Close" figure. 

By and large, real estate deals conclude successfully. Typically, it all comes down to the experience of your agent. Choose wisely and you'll avoid the common pitfalls that can derail transactions. For a smooth, low-stress real estate transaction, slow down, keep your expectations realistic and heed the advice of your real estate agent or attorney.
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8 Ways to Boost Your Home Value

1/20/2016

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Follow these rules to increase your selling price by 35 percent.

When Alec and Jennifer Harmes spent $264,900 for their first home in 2011—a 1,500-square-foot ranch fixer-­upper in Austin, Texas—they assumed they would be living there for many years. So the couple, millennials in their early 30s, embarked on a series of home improvements to make it suit their tastes and needs. They refinished the kitchen cabinets, and installed new stainless-steel appliances and LED lighting. New engineered wood floors replaced the mishmash of linoleum tiles and musty, high-maintenance carpeting.

Outside, they removed the asbestos siding and installed durable, no-paint fiber cement. They also used that moment to rewrap the house in rigid insulation, improving its overall energy efficiency. Though the Harmeses saved big by doing most of the work themselves (he works in construction management, she oversaw design), the total investment was close to $65,000. They were even planning to build a separate mother-in-law apartment on the property to help lure family to Austin. But their folks didn’t want to relocate, so they made the tough decision to move back to Florida to be close to them. “If we could have picked up that house and brought it with us, we would have,” Jennifer says.

Lorella Martin of Redfin, an online real estate brokerage, was the Harmeses’ listing agent; she set the asking price at $450,000. The first open house was like a feeding frenzy, attracting many young professionals eager to move into the popular Austin neighborhood, she says. And it wasn’t hard to figure out why. “When a home is move-in ready and buyers know they can be cooking in the kitchen from day one and entertaining in the backyard that very weekend, you know you’ve got a winner,” she says.

The house sold for $472,000.

Granted, some of the roughly $200,000 increase in home value had to do with the Austin market’s 20 percent appreciation in the Harmeses’ 3½ years of stewardship. But it’s also a testament to the couple’s savvy instincts about what today’s buyers are looking for, especially now that millennials, 75 million strong, have become the leading cohort of buyers, purchasing 32 percent of homes in 2014.

So let the following renovation rules, driven by shifts in the current housing market and informed by Consumer Reports’ nationally representative survey of 1,573 millennials, inform your decisions on improving your home and its value.

1: The Kitchen Is Still King - Buyers of all kinds have long focused on the kitchen, but it holds particular sway over the newest wave of first-time homeowners. A “modern/updated kitchen” topped the list of ideal home features in our survey of millennials, registering as most important to more than a third of respondents. If you plan to sell, don’t rip your kitchen down to the studs; a smaller investment can have serious impact. For as little as $5,000, you should be able to add a new suite of appliances, as well as a new countertop and flooring, resulting in a fresh, coordinated look. Applying a fresh coat of paint to the walls or cabinets, and updating the hardware, can also breath new life into the space. 

Value-Added Buzzwords
Stainless steel. 
Though it has been around for decades, this appliance finish conveys clean, contemporary design, so it will signal “updated” in the mind of the buyer. For the latest spin on stainless, look for new versions of black stainless steel from KitchenAid, LG, and Samsung, each with a softer, less reflective finish but the same cachet as the original.
Quartz countertops. Engineered from stone chips, resins, and pigments, quartz has started to challenge granite and marble as the go-to material in higher-end kitchens. It shrugged off heat, scratches, cuts, and stains in our tests, and it requires none of the upkeep of comparably priced natural stones. Expect to spend $40 to $100 per square foot, installed.

Potential bump in sale price: 3 to 7 percent

2: Make Floor Plans Work Harder - Bigger isn’t necessarily better in today’s market, but strategically increasing the amount of living space is sure to boost home value. An “open floor plan with flexible living space” was second only to an updated kitchen on millennials’ list of most desired features.

Finishing a basement is the most common way to add usable square footage to a home. Most homeowners spend between about $10,000 and roughly $27,000 converting a basement, depending on the size of the space, according to estimates from HomeAdvisor, a website that connects homeowners with prescreened service professionals. Attic conversions are another option. The average attic remodel in 2014 cost $50,000.

Many younger buyers will envision the additional living spaces as a dedicated office, especially if they work from home. And at the other end of the spectrum, “a lot of my boomer clients are daytime caretakers for their grandkids,” says David Pekel, who owns a remodeling company in Wauwatosa, Wis. “They want a playroom that they can close the door to after the kids leave, so they’re not dealing with toys underfoot.”

Value-Added Buzzwords
Flex rooms.
 Also known as double-duty rooms, you’ll see flex rooms advertised as an additional living area that can serve a variety of purposes, from a guest bedroom to a game room to an exercise room to a study room for the kids.
Mother-in-law apartment. These spaces go by many names, including “granny flats,” “casitas,” and the technical sounding “accessory dwelling unit,” or ADU. They can house an additional family member or provide rental income—­allowing baby boomers to afford their house once they retire or helping millennials pay the mortgage. More municipalities, particularly in Western cities, are amending zoning laws to allow for ADUs.
Upstairs laundry rooms. Younger buyers in particular say they want a dedicated laundry room, perhaps off the kitchen or even near second-floor bedrooms. Manufacturers are obliging with washer/dryer sets with a matching fit and finish that neatly integrate into the living space. 
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Potential bump: 4 to 6 percent
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3: Don’t Let Your Home Be an Energy Hog - Lowering your home’s energy costs will save you money for as long as you live there and is expected to be a major selling point down the line. Indeed, “energy-­efficient” was second only to “safe community” on the list of attributes that would most influence a purchase decision, according to a 2015 survey by the National Association of Home Builders.

Older homeowners who have felt the sting of escalating energy costs tend to be driving the interest. But there are some early adopters among younger buyers, too, especially in regions of the country with more extreme weather. “My millennial buyers usually ask for two years’ worth of utility payments,” says Joe Rivellino, a real estate professional in the Buffalo, N.Y., area. “They want to know the R-Value on the insulation and whether the windows have low-E coatings,” he says, referring to two important efficiency measures.

And don’t forget about water heating, which accounts for 16 percent of energy costs in the typical home. Spending $1,800 to $2,400 on a new unit is another way to impress efficiency-minded buyers.

Value-Added Buzzwords
High-efficiency windows.
 Energy Star certified windows can lower your home’s energy bills by 7 to 15 percent.
That will be a selling point with buyers, though replacing every window in a home costs anywhere from $8,000 to $24,000, so you probably won’t recoup the entire investment if you plan to sell right away.
LED lights. Some listings emphasize their “green” credentials by mentioning the presence of LED lighting. Choose the Feit Electric 60 Watt Replacement 9.5W LED, a $7 bulb that delivers superb light quality and has a 23-year life expectancy.

Potential bump: 1 to 3 percent

4: Keep It Simple and Stress-Free - Stain-prone stone counter tops, grime-­collecting ornate cabinets, and dust-­catching wall-to-wall carpet used to be symbols of luxury, but today’s home buyers are more likely to equate them with extra work. “We call it stress-free living,” says Miguel Berger, a real estate professional in Albany, N.Y. “The younger generation in particular would much rather spend their time entertaining at home than fussing over it.” It’s safe to assume boomers feel the same.

Beyond a home’s cosmetic finishes, it’s important to keep the major mechanical systems in working order. Many first-time buyers will have used up much of their savings on the down payment, so they want to know that the heating system, plumbing, and electricity have been recently updated. Central air conditioning is also in demand because it eliminates the need to switch window units in and out. ­HomeAdvisor puts the average cost nationwide at just more than $5,000.

Value-Added Buzzwords
Updated systems.
 In addition to including the age of the system, it helps if you can also point to its reliability. For example, Consumer Reports surveys have found American Standard and Trane to be among the least repair-prone manufacturers of gas furnaces.
New roof. This will help assuage fears of water damage, ice dams, squirrel infestation, and other home disasters that can result from an old, shoddy roof. For a typical 2,300-square-foot house, you might be able to put on a new asphalt shingle roof for as little as $6,000.
Hardwood floors. More carpets are being replaced with long-wearing hardwood flooring with a durable factory finish. Engineered wood flooring, which uses a thin veneer of real wood or bamboo over structural plywood, tends not to wear as well as the solid stuff, though it has the same look and tends to cost less, making it a good choice if you plan to sell soon.

Potential bump: 3 to 5 percent

5: Build a Home for ‘the Ages’ - By 2040, there are expected to be almost 80 million seniors accounting for 21 percent of the population. The existing housing stock isn’t equipped to safely accommodate that many older people—too many steep staircases, narrow walker-­unfriendly doorways, and slippery step-in bathtubs and showers. Forward-thinking homeowners are making necessary improvements to their home now—and those changes will benefit people of all ages, not just seniors. According to a 2015 survey by ­HomeAdvisor, 56 percent of homeowners who hired a pro for aging-related projects were younger than 65, and 10 percent were younger than 50.

Value-Added Buzzwords
Walk-in shower. 
“People in the 50-plus age range don’t want to step over the tub to take a shower,” Pekel says. Curbless showers eliminate the threshold between the shower and surrounding bathroom, making them wheelchair accessible, not to mention sleek and streamlined.
Master on main. A floor plan in which the master bedroom is on the first floor reduces the need to climb stairs. “It’s probably the most desired feature among boomers,” says JP Endres, a real estate professional based in Westchester county, north of New York City. Creating a truly functional master-on-main suite usually involves a multiroom renovation, which can cost upward of $35,000.
Comfort-height toilets. These toilets are a few inches taller, which makes getting on and off easier. Most top flushers in our tests are comfort height, including the Glacier Bay N2428E two-piece toilet, which sells at Home Depot for $100.

Potential bump: 1 to 2 percent

6: Paint Is Still a Potent Upgrade - Paint keeps your home looking its best while also defending its surfaces from wear, tear, and the elements. If you’re getting ready to sell, don’t blow thousands having every square inch repainted. Instead, focus on high-traffic areas, including the kitchen and bathrooms. “Your home has to look better on the day of the open house than it’s ever looked before,” says Steve Clark, a real estate professional in Los Angeles. “If the back door is covered in scratch marks from the dog, you have to fix that.” Do the job yourself for about $100 in material costs or pay a professional $1,000 or so, which should cover multiple rooms.

Value-Added Buzzwords
Neutral color scheme.
 Whites and off-whites remain the top-selling interior colors and will appeal to most homebuyers, allowing them to envision the space as their own. Neutrals appeal to all generations of buyers, according to Jule Eller, trend and style director at Lowe’s.
High-quality paints. Home Depot’s Behr Marquee, $43 per gallon, is our top-rated interior paint. For outdoor projects, Behr Premium Plus Ultra Exterior, $39 per gallon, and Clark+Kensington Exterior from Ace Hardware, $35 per gallon, offered the best protection.

Potential bump: 1 to 2 percent

7: Remember the Great Outdoors - Your home’s property is another opportunity to expand its living space. Adding a deck or patio, with room for seating and a built-in or freestanding grill, is a way to create a defined space for outdoor living on a large or small scale.

But remember the rule of low upkeep, especially if your future buyer is likely to be a millennial. “They love outdoor spaces, but whereas prior generations might have gone for the pool, Gen Yers recognize the maintenance costs associated with it,” Berger says. “They’d much rather see an outdoor fire pit surrounded by a simple seating arrangement.” Don’t go for overly lush landscapes, especially in drought-stricken regions with high water costs. 

Value-Added Buzzwords
Curb appeal.
 Trimming overgrown shrubs and making minor repairs to the façade, including painting the front door, can deliver quick results. Replacing worn-out siding is a major undertaking, costing $12,000 on average, but it can give your home a complete facelift.
Water-smart yard. Replacing a section of turfgrass with native ground covers or pea gravel will reduce the maintenance costs while adding visual interest.

Potential bump: 3 to 5 percent

8: Make Sure Your New Technology Is Smart - High-tech features offer notoriously bad returns on investment because technologies tend to evolve quickly. “One of the biggest losers in recent years is the fully wired audiovisual system,” says Duo Dickinson, an architect based in the New Haven, Conn., area. “They’ve probably lost 80 percent of their value since everything went wireless.”

But certain smart devices add to home value and interest, including programmable thermostats. “I’ll often install a Nest thermostat in a home that doesn’t have one because it creates the impression that this is a high-tech home,” Berger says.

We’re seeing the same benefit with a range of products, such as lights, door locks, and security systems. Those smart features have broad appeal with millennials, “who grew up on smartphones, so they’re used to being able to control things at their fingertips,” Endres says. “And they’ll pay 3 to 5 percent more for a home with the right amenities.”

Value-Added Buzzwords
Programmable thermostat. The Nest is widely recognized, but the Honeywell RTH9590WF, $300, proved easier to use in our tests. Both models can be controlled from a smartphone or computer.
Whole-house generator. Power failures are a reality for more homeowners. Stationary generators can usually power the entire property. A professionally installed unit can range from $7,000 to $15,000, according to Porch, a website connecting consumers with home service pros. The Generac 6241, $3,500, excluding installation, is a top pick.

Potential bump: 3 to 5 percent


By Daniel DiClerico
Editor's Note: This article also appeared in the March 2016 issue of Consumer Reports
magazine.

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6 Stellar Reasons to Buy a Home in 2016!

1/9/2016

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​Is it really 2016 already?  For those of you who happen to be planning on buying a home in the new year—or even just trying to—there’s a whole lot to celebrate. Why? A variety of financial vectors have dovetailed to make this the perfect storm for home buyers to get out there and make an (winning) offer. Here are six home-buying reasons to be thankful while ringing in the new year:

Reason No. 1: Interest rates are still at record lowsEven though they may creep up at any moment, it’s nonetheless a fact that interest rates on home loans are at historic lows, with a 30-year fixed-rate home loan still hovering around 4%.  “Remember 18.5% in the ’80s?” asks Tom Postilio, a real estate broker with Douglas Elliman Real Estate and a star of HGTV’s “Selling New York.”“It is likely that we’ll never see interest rates this low again. So while prices are high in some markets, the savings in interest payments could easily amount to hundreds of thousands of dollars over the life of the mortgage.”
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Reason No. 2: Rents have skyrocketedAnother reason home buyers are lucky is that rents are going up, up, up! (This, on the other hand, is a reason not to be thankful if you’re a renter.) In fact, rents outpaced home values in 20 of the 35 biggest housing markets in 2015. What’s more, according to the2015 Rent.com Rental Market Report, 88% of property managers raised their rent in the past 12 months, and an 8% hike is predicted for 2016.  “In most metropolitan cities, monthly rent is comparable to that of a monthly mortgage payment, sometimes more,” says Heather Garriock, mortgage agent for The Mortgage Group. “Doesn’t it make more sense to put those monthly chunks of money into your own appreciating asset rather than handing it over to your landlord and saying goodbye to it forever?”

Reason No. 3: Home prices are stabilizingFor the first time in years, prices that have been climbing steadily upward are stabilizing, restoring a level playing field that helps buyers drive a harder bargain with sellers, even in heated markets.
“Local markets vary, but generally we are experiencing a cooling period,” says Postilio. “At this moment, buyers have the opportunity to capitalize on this.”

Reason No. 4: Down payments don’t need to break the bankProbably the biggest obstacle that prevents renters from becoming homeowners is pulling together a down payment. But today, that chunk of change can be smaller, thanks to a variety of programs to help home buyers. For instance, the new Fannie Mae and Freddie Mac Home Possible Advantage Program allows for a 3% down payment for credit scores as low as 620.

Reason No. 5: Mortgage insurance is a deal, tooIf you do decide to put less than 20% down on a home, you are then required to have mortgage insurance (basically in case you default). A workaround to handle this, however, is to take out a loan from the Federal Housing Administration—a government mortgage insurer that backs loans with down payments as low as 3.5% and credit scores as low as 580. The fees are way down from 1.35% to 0.85% of the mortgage balance, meaning your monthly mortgage total will be significantly lower if you fund it this way. In fact, the FHA predicts this 37% annual premium cut will bring 250,000 first-time buyers into the market. Why not be one of them?
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Reason No. 6: You’ll reap major tax breaksTax laws continue to favor homeowners, so you’re not just buying a place to live—you’re getting a tax break! The biggest one is that unless your home loan is more than $1 million, you can deduct all the monthly interest you are paying on that loan. Homeowners may also deduct certain home-related expenses and home property taxes.

#RealEstateQCNC #AmberExtonRealtor #CharlotteRealEstate

By: Kimberly Dawn Neumann
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