Buyers ... Stay Informed on the Local Market

What Does A Property Investor Do by real estate expert Beverly J. Stewart

Are you getting ready to start investing in different properties in ? Do you know what you must do to be successful at this endeavor? If not, then you are definitely going to want to read our discussion today.

One of the first things that you must learn to do as a successful investor is to be very discerning. By that I mean that you must be able to determine whether the property in Indianapolis    that you are considering is going to be profitable. Some distinguishing points that will lead you to the correct decision are the location and the neighborhood that your property resides in.

If it is a piece of property in Indianapolis that you may want to rehab, then you must consider how much you are going to have to spend to get it up to par to resell. If this can be done fairly quickly, then it might be a piece of property in  Indianapolis   that you might be interested in. Just make sure that you have plugged in all of the numbers and that the results come back positive.

Something else that a lot of investors do is to buy homes and then turn around and sell these homes at a profit. This process is known as flipping a house. In order to do this, it is a good idea to make other investors and real estate agents like Beverly J. Stewart as your friends. If you grow to the point that you have several houses that you might consider flipping, then these people might be leads themselves or know of other people who may be interested in your property.  Also, check state laws, fannie  and freddie mac for up to date guidelines on flipping.  You may have to hold on to your property for 6 months to a year before flipping.

You may also spend some of your time finding ways to finance your various projects. It is a good idea to find several sources to fund your different properties. Again talking to other investors will be a good way to find other funding sources. Don’t forget to talk to your agent, Beverly J. Stewart as that agent will also be able to help you out.

There is a lot of free information available to you about buying, selling or investing in Indianapolis real estate. For complete information about the  Indianapolis   real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Indianapolis real estate at www.indyhomeliving.com. Please feel free to contact me with any of your real estate or mortgage related questions and I would be more than glad to answer your questions. Call me, Beverly Stewart  on my cell at 317-514-9998 or email me at indyhome4u@ameritech.net.

It’s a smart move to hire a home inspector to examine your potential home. But, wait. Before you sign that contract and pay the home inspector to inspect your dream house, perhaps you should consider a few things first?

One thing you should know about home inspectors is that their professional standards of practice tell them that their job is only to make an objective and independent VISUAL assessment of a home. That means they are not even allowed to move any personal belongings of the home owner or rearrange furniture in order to gain access to hard-to-reach places, like the attic or the garage. And, of course, if they cannot enter those places, then they wouldn’t be able to inspect them and just satisfy themselves by writing on the home inspector’s report that they “were not able to assess the attic because of personal belongings blocking the way.”

The major components of your house are all important. If something’s wrong with any of them, it is you who’d end up spending a lot of money for repairs. Getting a home inspector to point out the problems and their symptoms before they get out of hand is one way of saving you from unwarranted expenses on a house you only recently purchased.

Therefore, your home inspector has his role to play. And you have your own part to accomplish.

Keep an Eye Out for Yourself

Even before the contract is signed, it pays to keep a keen eye out for potential problems yourself. It isn’t enough that you depend on your home inspector for everything. In fact, that’s even the reason why it’s much more preferable if you join your home inspector during the walk-through.

So below are some tips that you can use as you make the initial walk-through of your potential home:

From A Distance

A good place to start your own inspection is from the side of the road. home inspectors have their own methods of assessing the visual components of a house, but usually, they start with the whole picture before moving in to look at the details. As for yourself, take a look first at how the house is situated. If the land slopes toward the house, find out if there is adequate drainage, in case of flooding. Then, check for straight roof lines. A roof in good shape is one without odd-looking dips, bumps, or bubbles, unless this is all part of the overall design.

Up Close

Now, step closer and examine the house’s exterior. This is the second part of a home inspector’s examination. Pay attention to the siding and trim and see if it is painted. If it is, is there any bubbling or major peeling? Also, find if the earth around the house come in contact with siding or trim details. Look at the windows and doors and see if they are in good condition. Especially, notice if the storm windows are intact or if its screens and glass panels are in place.

Inside the House

Check the ceilings and walls for signs of water damage, such as stains or evidence of mold. Is there loose plaster or peeling paint?

These are only some of the things you need to pay attention to as you do a pre-inspection before a home inspector arrives.

There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the , Indianapolis, and other area real estate markets including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your queries. Call me, Beverly Stewart,  on my cell at 317-514-9998 or email me at indyhome4u@ameritech.net.

Is a Home Warranty a Necessity When Buying a Home in ? Beverly J. Stewart Answers that Question

  home buyers have many questions during the process of purchasing their property. For instance, they often wonder if they should get a home inspection, work with a particular lender or choose a certain kind of loan program. One question that many buyers forget to ask is whether or not they should get a home warranty. This is perhaps one of the most important questions that should be asked before purchasing a home.

 Not all warranty programs are created equally. Some companies are certainly better than others, so it's important to really read the fine print when it comes to what the warranty covers. In addition, you should ask your real estate professional what your options are when it comes to getting a home warranty on the property, according to real estate agent Beverly Stewart.

When making their initial offer on the property, many buyers decide to put a special stipulation into the contract asking the seller to purchase a one-year home warranty. This is often a sign of good faith on the part of the seller. In other words, they are giving the buyer something that will assist them if anything goes wrong with the property for up to one year after they purchase the home. Most warranty companies will also let the buyer go ahead and extend the warranty year after year if they so choose. Of course, there is a nominal fee involved in this.

A home warranty will cover a number of different things happening to the home after closing. There are usually many different levels to choose from with the home warranty company. Depending upon the service call charge, certain items may or may not be covered. For instance, if there is a swimming pool on the property, you may have to buy additional coverage for that item. Certain items, such as roofing, may require different coverages as well.

 If you would like a list of home warranty companies in , give me a call at me Beverly Stewart at:  317-514-9998 or visit my website at [Profile.website], and I will be glad to provide you with this information.

Choosing a builder can be tricky. You want to find someone who’s experienced and reputable. Not only that, you want to find someone who you can work with, as you’re entrusting this person with your house. In this article, we’ll go over several strategies to ensure you can find the best builder that works for you.

The first step to finding a good builder is to look for a builder who has expertise in your area. Not all builders are the same and it’s best to work with someone who has experience with similar projects.

Don’t just jump on the first builder you find. Get at least three quotes from various builders to ensure you get the best possible deal. Be very specific about what you want so there can be no misunderstanding.

Once you’ve found a builder you want to work with, do some research:

1)  Ask them for references.  If they’re an established builder, they’ll be more than happy to provide references for you.

2)  Look them up in the Better Business Bureau.  Are there any complaints against this builder?

3)  Go to your county office and look up their license. Check to see their liens history. You want to work with someone who doesn’t just place lien after lien   indiscriminately on their clients.

There are two red flags you should be aware of when you’re considering a builder.

If they won’t sign a written contract with you, that’s an absolute red flag and you should drop that builder immediately.

 
If your builder won’t give you a LAN line phone number to either their office or home phone and insist on just giving you a cell phone number, that’s also a big red flag.

Once you’ve looked around, gotten several quotes and done your research on your builder, you’re ready to begin your project. The due diligence you did upfront will save you tons of headaches down the line.

For more advice on finding a good builder, it’s best to talk to a professional. To learn more, feel free to give me a call at 317-514-9998 or send me an email at indyhome4u@ameritech.net.

You need to interview multiple brokers rather than just using the first one you come across. You should approach choosing a Profile.market real estate agent just like you would hiring an attorney, doctor or insurance agent. Look at several resources in the a place where you will have access to meet your financial necessity.

When it comes to getting loans for handyman's dream properties, getting financing is more difficult than for traditional home purchases.

When working on fixers you may want to consider seeking a hard money lender for financing rather than a traditional mortgage broker.

Read the local paper in the Profile.market area, and you can find financing options and alternative mortgages here as well as through your real estate agent and via investment property finance firms.

Hard money lenders are much more flexible. For example, while most banks look at the current estimated value to determine how much money they will loan, hard money lenders will look at the projected value after repairs to determine the amount of money they will loan.

It might be a local mortgage banker in that knows the procedures to follow and how to find the right people to assist you in obtaining acceptable financing for your investment property.

It costs a lot more to get a hard money loan than it does to finance traditionally. Typically interest rates range from 12-16%. Please note that you may be required to pay 3 to 5 points upfront as well.

The reason people go this route is they can get money Beyond the actual purchase of the property which is generally unheard of in traditional financing. This money can then be used to make repairs to increase the value of the property.

Make sure you include them in your purchase and holding costs so that you end up with the profits you are looking for on the property after all is said and done and you simply look at the costs of hard money loans as a cost of doing business.

In order to qualify for your very first loan in Profile.market is your toughest. Once you do it once or twice it will become much easier.

Which Neighborhood Is Best For You: Tips from Real Estate Agent Beverly J. Stewart

     Buying a home is a big decision, but where to buy it should be just as important. Not researching where an interesting home is located can not only spell trouble for you, but it could end up costing you big money. According to real estate expert Beverly J. Stewart, doing your area research is a big deal.

     While searching for homes many people will be influenced by their commute to work. Even though this is a legitimate concern it is not the only criteria for location. There are many other things to look at before you make such a large decision.

     You should always consider the schools in a selection. Even if you don't have children one day you may want to sell and chances are the potential buyers will have them. Schools are an important part for many buyers and often ecome the deciding factor when making the final decision.

     If you are unfamiliar with a school zone then you can do some research and find out their test score averages to help you out. These are posted in any number of locations, or you can simply log on and pull test scores up by the school's name.

     If you find a desirable In neighborhood take the time to check out what surrounds it. The adjacent neighborhoods will tell a lot about the area. Also, look into how far you are from shopping, hospitals, doctors, etc. Having a long commute every time you need to run an errand will get old very quickly.

      Have your real estate agent pull up the history of the neighborhood. This can tell you many things such as what the average asking price is, the average sold price and what the difference between the two is. You can also see how many homes are on the market and how long they typically take to sell. There is also information on property values in the neighborhood and how they have held up or dropped.

     Lastly, when you find a potential neighborhood take some time and drive through it to see how it is being maintained. If other homeowners look as if they don't care about their yards or homes chances are your property value will suffer as well.

     For more tips on choosing the right home for your needs, contact , Washington, Pike, Warren Townships,  Fishers and Carmel, a real estate expert Beverly J. Stewart at 317-514-9998 today!

Things To Do After Closing: A Checklist From Real Estate Expert Beverly J. Stewart

 When you walk out of the closing as a new homeowner, a flood of emotions is running through you. Your main concern is making sure that you do everything to protect your new investment. So how do you do that?

 The first thing you will want to consider is changing the door locks. Even if it is a new home you won't have any idea who may have a key. It is best to make the home secure and have them all changed at the same time. You can even have all of the locks keyed to one master key for convenience.

The mountains of papers that you received at closing are extremely important. Make sure that you keep them in a safe place where you can put your hands on if they are needed. Countless times there is a document issue that needs resolving or a question that requires answering. Putting your hands on them easily may avoid headaches down the road.

 About two to three weeks after closing contact the county records office to confirm that the title has indeed been recorded. Sometimes, depending on their workload, it may take longer. Regardless, keep in touch until you have verification.

 Make sure that you have verified having the utilities worked out. If you are purchasing from someone it is best to have them transferred instead of disconnected and reconnected. This will avoid a delay in service. Some companies will even waive the connection fee if they do not have to send someone out to the home twice. Builders can even make this arrangement if you let them know before closing.

 It is highly recommended that you chronicle your possessions after you have moved in. The best way to do this is to videotape everything in the home as well as the home itself. This will serve as an invaluable tool in the unfortunate event that something happens. Your memory will never be able to take the place of live footage and you will encounter less resistance from your insurance company if you have to prove something was present. Also, make a detailed written list, too. Keep a copy of both in at least one location outside of the home, such as a safety deposit box.

 For more tips on having a smooth closing, contact real estate expert Beverly J. Stewart with CityWise Real Estate Service, LLC at 317-514-9998.

It’s Time To Purchase A New Home by real estate agent

You’ve been pre-approved by the bank in to receive a mortgage. You’ve made the decision to purchase a new home. Now what do you do? Where do you look? Who do you talk to? In our discussion today, we will pinpoint three resources that will get you started on your way to your first purchase.

The first and probably the most popular place to start is your local real estate agent such as Beverly J. Stewart. When you use the services of a real estate agent like Beverly J. Stewart, you will get a person that has knowledge and information about this subject and will be able to help you through the various paths that you will have to take to get into a new home. You will be getting an expert in the industry. In our discussion today, we won’t talk about how to find an agent, but just know that a real estate agent is a great source. They will know what houses are for sale. They will know about the various neighborhoods in .

The next source is Google, Yahoo or MSN. One of the best places to look for homes nowadays is to go to the Internet. You can find thousands of properties and view the inside and outside of a particular property in before you even step foot out of your current residence. You will be able to find a lot of for sale by owner properties in . One of the best ways to use the Internet is to get your list of properties that you want to visit before you contact your real estate agent, Beverly J. Stewart. You can then take your list to your agent and get more information about the properties that you are interested in. One other great site is www.BevStewart.com  to fine up to date homes and great real estate information.

Another great source is your local print media. You can find homes in your local newspaper, in your local advertisers such as the penny saver and your local magazines. One of the favorite features of the Sunday newspaper is the real estate section, which advertises homes throughout .

With these resources, you should have no trouble finding properties that may be interested in living in. So if you are ready to purchase your next home, now is the time to get started.

There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate at www.indyhomeliving.com , and www.BevStewart.com  

Please feel free to contact me with any of your real estate or mortgage related questions and I would be more than glad to answer your questions. Call me on my cell at 317-514-9998 or email me at indyhome4u@ameritech.net.

Things To Do After Closing: A Checklist From Real Estate Expert Beverly J. Stewart

 When you walk out of the closing as a new homeowner, a flood of emotions is running through you. Your main concern is making sure that you do everything to protect your new investment. So how do you do that?

 The first thing you will want to consider is changing the door locks. Even if it is a new home you won't have any idea who may have a key. It is best to make the home secure and have them all changed at the same time. You can even have all of the locks keyed to one master key for convenience.

 The mountains of papers that you received at closing are extremely important. Make sure that you keep them in a safe place where you can put your hands on if they are needed. Countless times there is a document issue that needs resolving or a question that requires answering. Putting your hands on them easily may avoid headaches down the road.

 About two to three weeks after closing contact the county records office to confirm that the title has indeed been recorded. Sometimes, depending on their workload, it may take longer. Regardless, keep in touch until you have verification.

 Make sure that you have verified having the utilities worked out. If you are purchasing from someone it is best to have them transferred instead of disconnected and reconnected. This will avoid a delay in service. Some companies will even waive the connection fee if they do not have to send someone out to the home twice. Builders can even make this arrangement if you let them know before closing.

 It is highly recommended that you chronicle your possessions after you have moved in. The best way to do this is to videotape everything in the home as well as the home itself. This will serve as an invaluable tool in the unfortunate event that something happens. Your memory will never be able to take the place of live footage and you will encounter less resistance from your insurance company if you have to prove something was present. Also, make a detailed written list, too. Keep a copy of both in at least one location outside of the home, such as a safety deposit box.

 For more tips on having a smooth closing, contact real estate expert Beverly J. Stewart with CityWise Real Estate Service, LLC at 317-514-9998.

Solid Advice on Buying a Home in From Real Estate Agent Beverly J. Stewart

When buyers are looking for a new home, it can be a very exciting time. However, there is a right way and a wrong way to start searching for new property. Unfortunately, many buyers go about this process in completely the wrong way. Here are some common mistakes that buyers make:

1.Going at it alone: It is very tempting for buyers to go out and pick up real estate magazines around looking for their new property. It seems like it would be very simple to purchase your own home without the use of a real estate agent. However, this is one of the most dangerous mistakes that buyers make because the real estate process in In is a complicated one. There are many regulations and laws that are vitally important during the process. Using an experienced, qualified agent is important to protect the buyer.

2.Not getting pre-qualified: In all of the excitement of looking for their new property, many buyers start looking before they get pre-qualified with a mortgage lender. This is not a good thing to do because of several reasons. First of all, the seller is going to want to see some kind of documentation from a lender that the buyer can qualify. Secondly, buyers often find themselves very disheartened when they start looking at properties that turn out to be above their price range. It's very hard to go down in price range once you've looked at houses that are above what you can afford.

3.Not pinpointing specific search criteria: It's very important to pinpoint exactly what you want in a property before you start looking. This will help you avoid settling for a property that doesn't really meet your needs. It will also help the real estate agent that is assisting you to narrow in on the perfect home for you.

For more free information on buying a new home in Indianapolis, In and , visit my website at www.BevStewart.com, and  www.indyhomeliving.com. You can find free tips and tricks about buying homes in as well as information on properties that have recently sold. You can also call me directly at 317-514-9998 anytime.

Real Estate Professional Beverly J. Stewart Discusses The Top 3 Tips For Negotiating With Home Sellers The Right Way!

 Many have succeeded at negotiating with   , and Indianapolis, Indiana and surrounding area home sellers the right way while many others have failed. The difference between great results and poor results is often in the way the person doing it approaches the problem. Listed here are 3 tips to help you be one of the winners, as one that succeeds. Follow these tips and you can be sure of good results!

First, you want to remember that many sellers are emotional about their home. It really is most important that you respect their emotional attachment to the home and do this adequately. In other words, you must remember that they have had many good memories in this home and expect that you will love it as much as they did. If you neglect to treat them with respect during negotiations you risk the seller shutting down and rejecting all offers you make. If you do it wrong by being hard headed and fighting with the seller then you might have a problem with buying a home and getting a decent deal

Second, you should be objective when you make your offers. This is critical and is going to be crucial in determining whether you succeed or fail. It is crucial for these reasons: You need to keep a clear head. Failing to accomplish this will likely mean you overpay for the home or you lose out on a home you really wanted. You may eventually fail at getting the deal you wanted on a home you loved.

Third, you have to remember to try and create a win-win situation for yourself and the seller. When you neglect this or get it wrong, you should  be ready to have a seller who is on the  defensive about everything.

Follow these 3 suggestions for negotiating with , and homes in the Metro Indianapolis and surrounding areas home sellers the right way and you will in all probability succeed and enjoy all of the rewards and benefits that being fair and objective may bring you. Ignore them and the prediction is just not good.

For more tips on working with home sellers the right way, contact local real estate expert Beverly J. Stewart with CityWise Real Estate Service, LLC at 317-514-9998.

How do you find the best loan for your home in ? 

Where in do you find a good professional to work with?  How do you get the best interest rate?  This report will help to put your mind at ease as you get answers to finding the right financing for your new home.


SPECIAL REPORT:

What is the best financing for Your house in ?


There are many different home loans in available to fit almost any situation.  I am often asked “What is the best financing available for me?

Unfortunately there isn’t a simple answer to this question, but that doesn’t mean  the process has to be difficult either.

You will want to secure financing before you start searching for a home in .  This way when you are ready to make an offer the seller will know you are a serious prospect for purchasing his house.

When you start looking for financing What you do is work with an expert at finding home loans.  The professional you are looking for is a mortgage broker.  A mortgage broker in works for you to help find the best loan to fit your financial situation.

The difference between going directly to a lender and working with a mortgage broker is that  a mortgage broker has access to many different loan programs through many different lenders, so you will have more opportunities for finding the perfect loan for your new home with the lowest interest rates.

You will want to interview at least three different brokers before deciding on one to work with.  Ask them specific questions regarding the loan programs they have for your situation.

You can ask them questions like:

1)  What are the best loans you have for first time buyers in ?
2)  How many points do you charge for the loan in ?
3)  Why should I work with you instead of any other mortgage broker?
4)  What is the best interest rate you can get for me?
5)  What loan program/lender do you think would be best for me?

The broker will start the process by pulling your credit report and collecting a bunch of documentation from you including your last couple of years tax returns, your most recent pay stubs and bank account statements.

The only fee for starting the process is generally $15 to $25 for a credit report so they can view your current credit.

Your mortgage broker will give you a complete list of what is necessary before you come in for an appointment with them.

A good mortgage broker in will thoroughly answer all your questions and find the perfect loan for the house you are looking to buy.

After you meet with them they will be able to get you a pre-qualification letter that shows your debt to income ratio has been analyzed and that the broker is confident that they can get you a loan.

A pre-qualification is the step that comes before an actual approval.  If you get pre-approval for a loan, it means you are ready to buy and the loan has actually gone to an underwriter and they are ready to get you the money for the loan as soon as you get an accepted offer for the home you want to purchase.

It is not necessary to get pre-approved in , but you will want to make sure you get pre-qualified before you start your home search, so that you know how much home you can afford.  This way you will be able to make an offer right away if you find the perfect home for you.

The most important determining factor when choosing your loan is the interest rate and the points you will be paying on the loan.

Each point is simply 1% of the loan you will be getting.  Generally you will be paying one point to the mortgage broker for getting you the loan.  That is generally how the mortgage broker actually gets paid.

You can actually pay additional points to lower your interest rate.  If you have cash on hand and are looking to lower you monthly payments and the overall interest you are paying on the loan you may want to have your mortgage broker run some different numbers for you so you can weigh the pros and cons.

It is important to get pre-qualified for a mortgage loan, even better to get pre-approved,  before you start looking for a house.  It is frustrating when the perfect house comes on the market, but someone else’s offer gets accepted because you didn’t have a pre-qualification letter.

If you are short on cash there are actually some 100% financing loans available so just because you don’t have a down payment doesn’t mean you cannot get into a house in .  These are especially easy to get into if you are a first time buyer.

With today’s low interest rates you may want to get pre-qualified for a fixed-rate.  Some lenders may charge a fee for this service, but others will not.  The advantage of having a fixed-rate is that you will know very closely what your payments will be when making an offer on the property.

The downside is that interest rates may continue to fall and you may not be able to get the better interest rate if you have decided on a fixed rate. 

Getting educated on the process before you jump into buying your home can help you with the loan process and put your mind at ease as you go out to buy your home. 

Make sure you get all your questions answered before making a decision on your loan in and be sure to work with a mortgage broker you feel comfortable with.

There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your queries.   I can also refer you several Mortgage brokers, and/or bankers.  Call me on my cell at 317-514-9998 or email me at indyhome4u@ameritech.net.

The list could be smaller but you can see there are a lot of people involved in the purchase of a home.  So here is a punch list to keep the process moving when you are buying a home in .

As soon as the offer has been accepted it is best to schedule a home inspection right away.  Usually they can be done within a day or two of calling the inspection company.

It may seem like an unnecessary expense, but think of it as an insurance policy.  You pay car insurance every month without expecting to get in an accident.

You may not think there is anything wrong with the property you are looking at, but it is best to get a non-biased third party to look over the property and give you a their professional opinion on what repairs may need to be done to the property or things that could possibly go wrong with the property in the years to come.

If there are any underground oil tanks (i.e.: for an oil furnace) on the property you will definitely want to have a soil test done after you have completed the home inspection if you are still ready to move forward on the purchase of the home.
It can cost a home owner thousands of dollars to remove a tank if the soil is contaminated so the cost of an inspection is money well spent.

Once your inspections are done if there are items that came up that could be negotiated, you will want to look at the possibility of re-negotiating the contract.

There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please www.indyhomeliving.com visit the most complete website online dedicated to everything real estate. So please feel free to contact me with any of your real estate questions and I will me more than glad to answer your questions. Call me on my cell at 317-514-9998 or email me at indyhome4u@ameritech.net.

Buying  a Home in  Indianapolis, Lawrence Township, Indiana & Metro Area

7 Reasons to Own Your Home

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator at www.GinnieMae.gov.

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Copyright 2008. All rights reserved.

So you have decided to hire a home inspector to examine your potential home. Smart decision. And you have also gone through the walk-through with him, asking him all the necessary questions, and making your own notes of what should or shouldn’t be replaced or repaired. Now, you’re just waiting for his written report to arrive shortly. And when you get it, now what?

A home inspector’s report is a long document that a summary of every observation that he made. It can be intimidating, if not overwhelming, especially if you’re worried about whatever repair costs you might have to consider after the home inspector lists them down.

But you don’t need to be alarmed. This is just another reason why you must be present during the inspection. You see, it is one thing to hear about various small problems while you are walking around the property with the home inspector. As your home inspector gives you all the run-down of what the problem areas are and other safety issues, the real context might probably be modified with reassurances that “this is just a maintenance issue” or “it would be good to fix when you get around to it.” You feel relieved when you hear these words, and you should be, because they are designed to make you feel exactly that way.

However, the situation can be entirely different once you read a long list of problems that would make your home less like a dream home and more like a dump. How on earth are you ever going to pay for all this?

Relax. Don’t panic. After you read your home inspector’s report for the first time, take a deep breath and drink if you must. Then, sit down and read it again, this time with a pen and paper at hand.

Okay, now take it one step at a time. Look at each “problem” item on the home inspector’s report first, then ask yourself the following questions:

Is this a minor maintenance problem or a major repair?
Is this an issue related to the age of the house? Because if it is, then it might just be part of the “charm” of the home, especially if your house is an old one. You might include floors that slope a bit from settlement or door and windows that are slightly out of plumb on the list of your home’s old charm.
Is this a problem that must be dealt with immediately? Or is it just something that should be done eventually?
Give what you know about house prices in your locality, might this problem have already been taken into consideration in pricing the house?
Does this problem merit further investigation?
Are you wiling to walk away from the house because of any or all of these problems?

If you find any minor items in your home inspector’s report, suck it up and forget about it. You should know by now that no house is perfect. It is enough that you take care of the really bad ones, or walk away when the cost is just too steep.

There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your queries. Call me on my cell at 317-514-9998 or email me at indyhome4u@ameritech.net.