Amber Castonguay, Jefferson County Wisconsin Real Estate, Buy Real Estate

HOW TO SPOT A GOOD BUY

By Amber Castonguay

Beauty is in the eye of the beholder, particularly when it comes to buying a home. Features that attract one home-buyer may repel another.

However, the one feature of interest to every home-buyer is price. Getting the most home for your money is paramount. The real problem is figuring out whether that fixer-upper on one street is a better buy than the home in next-to-new condition two blocks away. That’s why knowing what to look for before you buy can save you time, energy and money down the line.

The first step is figuring out what kind of house you need. A good buy is only a good buy if it meets your current and future living requirements. Before shopping for a home, decide how much space you and your family require. How many bedrooms, bathrooms? Is a family room necessary? Do you need a layout that will accommodate a lot of entertaining? Do you prefer a spacious or compact work space in the kitchen? If you have small children, can the house easily be childproofed?

Evaluate the front and back yards. Is there enough space to accommodate your children? Do you want a park-like or garden setting? Do you enjoy yard work and gardening, or do you want a low-maintenance yard? Take into consideration the cost of extensive landscaping and upkeep.

Next, determine how much work is required to make the house you are considering livable. Make an honest assessment of your fix-it abilities. How much work are you willing to do or pay someone else to do? Do you have basic decorating, carpentry and plumbing skills? If you plan to learn as you go, make sure you have accurately determined what you are getting into. Ask an experienced friend, family member or your real estate agent for their opinion, and be sure to consider how much remodeling inconvenience the rest of the family can handle.

Unless you are ready and able to tackle a major remodel, look for a house or condominium that needs only cosmetic improvements. These include painting, wallpapering and replacing items like flooring, window treatments, bathroom and kitchen fixtures, light fixtures, cabinet and interior door hardware and appliances. Remember that even these simple changes can be costly if you have to make many of them.

Beware of improvements that seem easy enough at first glance buy may turn into major headaches and require a lot of money once you’ve moved in. Remodeled kitchens and bathrooms, changes to the floor plan, room additions and redesigned landscaping are examples of seemingly minor changes that can easily eat away the money you thought you saved by selecting a so-called “bargain priced” home. Of course, you may be perfectly willing to spend whatever money is needed to customize the house to match your tastes and needs.

Make sure major systems in the house are in good working condition. The furnace, air-conditioning and plumbing should be up to date, since repairs can be costly. Your agent can arrange to have a professional inspector determine whether the electrical wiring and any room additions are to code. Local utilities often offer free or low-cost inspections to tell you if the house is energy-efficient.

Look for a house with universally popular selling points. If you’re impressed, the next buyer down the line is bound to be, too. For example, a roomy, modern east-to-clean kitchen is the best selling point a home can have. A house with only one bathroom is less desirable than a house with two or more. Many buyers expect at least three bedrooms, with a master bedroom that offers a feeling of privacy. Lots of storage space and closets, especially walk-in closets, will be a real selling point. Family rooms or “great rooms” also are desirable. On closer examination, a house that looks like a bargain may lack some of these key features.

Don’t forget the old adage: location, location, location. Unless you’re looking for a fixer-upper, the house should be in a condition that is comparable to other homes in the neighborhood. Avoid buying the biggest or fanciest home on the block. Consider the amount of traffic or noise. Homes located in a quiet area away from a busy street will command a higher price. Make sure the schools in your district have a reputation for quality education and safety. Nearby supermarkets, gas stations, restaurants and theaters also will make a location more desirable.

Good community facilities also add appeal; pools, athletic fields, community centers, libraries and hospitals all add to a neighborhood’s value and desirability. Transportation needs also should be considered. Is local public transit available? How long are typical commutes to places of current and potential employment? Are there several alternate route? How close is a major airport? All of these can affect a home’s pricing.

Consider the cost of living in a home. It’s important to consider not only purchase price but the monthly cost of living in a home. Estimate your utility and maintenance costs. For example, will the house need to be painted on a regular basis and will you need to spend money maintaining a swimming pool? Ask your agent about the property tax rate and whether increases are anticipated. Will you have to pay special assessments for a homeowner’s association? Consider the point in the life cycle of major household systems, such as the furnace, air conditioning, roof and kitchen appliances.

You can find a bargain! Your first step should be to seek out a knowledgeable real estate agent with experience in the market areas where you wish to purchase a home. Your agent can help you locate those properties that truly are “bargains” and help find the home that most closely matches your desires and needs. AmberCastonguay|920.699.8124|Amber@century21crossroads.com

www.AmbersHomeFinder.com

FINDING A CAPABLE AGENT TO MEET YOUR REAL ESTATE NEEDS

By: Amber Castonguay

Whether you’re a first-time buyer, selling your current home or relocating to a different part of the country, the support of a qualified, knowledgeable real estate agent can alleviate many of your concerns and ensure a smooth transaction. A professional agent can market your present residence, help you locate the home of your dreams and assist in making your transfer to an unfamiliar area easier.

To find a trained sales associate or broker, you may need to look no further than your own neighborhood or home town. If a well-established brokerage is involved in many listings and sale, this is a god sign. Speak with some of the agent’s past customers about the quality and integrity of service and performance. Successful real estate agents rely heavily on customer referrals and will therefore strive to provide the very best in customer service and satisfaction.

Set up appointments to “interview” agents and brokers much like an employer world interview a prospective employee. Inquire about their training, marketing programs and specific service policies. Also determine how many years of experience they have, the number of listings they have had, and the number of homes they have sold within the past few years. More importantly, find out how well they know the area. Ask for references, and check them out.

Your goal is to determine just how knowledgeable the agents are. Question them on financing, closing costs and/or local market conditions, depending on whether you’re a prospective home buyer or seller, to determine their expertise. If they know their stuff, they should be able to answer your questions effortlessly.

If you’re selling your home, learn what they will do if you decide to list with them. How do they plan to market your home? Will they provide you with a market analysis to help you determine the most effective listing price for your property? Will they supply regular progress reports and assist with negotiations once you’ve received offers?

If you are relocating to a different part of the country, is your agent connected with a national relocation service that will not only expose your present property to incoming transferees, but assist with your search for a new house?

Ask for a written guarantee that everything promised will be delivered. The CENTURY 21® organization, for example, backs its listings with the CENTURY 21 Seller Service PledgeÔ. This 11-point written commitment covers everything from furnishing the seller with a marketing plan to monitoring pre-settlement activities throughout the closing process. It also gives the seller the right to terminate the listing if the pledge is not fulfilled.

A qualified real estate agent should be able to answer all your questions and provide you with qualify service that is courteous and responsible. Finding the right person may take time and patience, buy when purchasing or selling a home, the selection of a dependable agent should be tops on your list. Contact Amber www.AmbersHomeFinder.com | 920.699.8124 | AmberCastonguay@Gmail.com

UNDERSTANDING REAL ESTATE TERMINOLOGY

Purchasing a home can be a complicated and confusing process, especially for first-time buyers. Throughout the process, first-time home buyers will encounter a variety of unfamiliar real state terms. There are several key terms associates with purchasing real estate that are helpful to learn.

For example, many buyers confuse the terms broker and salesperson. A broker is a properly licensed individual, or corporation, who serves as a special agent in the purchase and sale of real estate, a salesperson is an individual employed or associated by written agreement by the broker as an independent contractor. The salesperson facilitates the purchase or sale of real estate.

Once you decide to purchase, a salesperson will prepare a sales contract to present to the seller along with your earnest money deposit. The sales contract is the document through which the seller agrees to give possession and title of property to the buyer upon full payment of the purchase price and performance of agreed-upon conditions. The earnest money is a buyer's partial payment, as a show of good faith, to make the contract binding. Often, the earnest money is held in an escrow account. Escrow is the process by which money is held by a disinterested party until the terms of the escrow instructions are fulfilled.

After the buyer and seller have signed the contract, the buyer must obtain a mortgage note by presenting the contract to a mortgage lender. The note is the buyer's promise to pay the purchase price of the real estate in addition to a stated interest rate over a specified period of time. A mortgage lender places a lien on the property, or mortgage, and this secures the mortgage note.

The buyer pays interest money to the lender exchange for the use of money borrowed. Interest is usually referred to as APR or annual percentage rate. Interest is paid on the principle, the capital sum the buyer owes. Interest payments may be disguised in the form of points. Points are an up-front cost which may be paid by either the buyer or seller or both in conventional loans.

In general, there are two types of conventional loans that a buyer can obtain. A fixed rate loan has the same rate of interest for the life of the loan, usually 14 to 30 years. An adjustable rate loan or adjustable rate mortgage (ARM) provides a discounted initial rate, which changes after a set period of time. The rate can't exceed the interest rate cap or ceiling allowed on such loans for any one adjustment period. Some ARMs have a lifetime cap on interest. The buyer makes the loan and interest payments to the lender through amortization, the systematic payment and retirement of debt over a set period of time.

Once the contract has been signed and a mortgage note obtained, the buyer and seller must legally close the real estate transaction. The closing is a meeting where the buyer, seller and their attorneys review, sign and exchange the final documents. At the closing, the buyer receives the appraisal report, an estimate of the property's value with the appraiser's signature, certification and sporting documents. The buyer also receives the title and the deed. The title shows evidence of the buyer's ownership of the property while the deed legally transfers the title from the seller to the buyer. The final document the buyer receives at closing is a title insurance policy, insurance against the loss of the title if it's found to be imperfect.

Buyers should plan on a least four to twelve weeks for a typical real estate transaction. The process is difficult and at times, intimidating. A general understanding of real estate terminology and chronology of the transaction, however, will help any real estate novice to confidently buy his or her first home.

Contact Amber Castonguay 920.699.8124 Amber@Century21Crossroads.com||www.AmbersHomeFinder.com

UNDERSTANDING REAL ESTATE TERMINOLOGY

Purchasing a home can be a complicated and confusing process, especially for first-time buyers. Throughout the process, first-time home buyers will encounter a variety of unfamiliar real state terms. There are several key terms associates with purchasing real estate that are helpful to learn.

For example, many buyers confuse the terms broker and salesperson. A broker is a properly licensed individual, or corporation, who serves as a special agent in the purchase and sale of real estate, a salesperson is an individual employed or associated by written agreement by the broker as an independent contractor. The salesperson facilitates the purchase or sale of real estate.

Once you decide to purchase, a salesperson will prepare a sales contract to present to the seller along with your earnest money deposit. The sales contract is the document through which the seller agrees to give possession and title of property to the buyer upon full payment of the purchase price and performance of agreed-upon conditions. The earnest money is a buyer's partial payment, as a show of good faith, to make the contract binding. Often, the earnest money is held in an escrow account. Escrow is the process by which money is held by a disinterested party until the terms of the escrow instructions are fulfilled.

After the buyer and seller have signed the contract, the buyer must obtain a mortgage note by presenting the contract to a mortgage lender. The note is the buyer's promise to pay the purchase price of the real estate in addition to a stated interest rate over a specified period of time. A mortgage lender places a lien on the property, or mortgage, and this secures the mortgage note.

The buyer pays interest money to the lender exchange for the use of money borrowed. Interest is usually referred to as APR or annual percentage rate. Interest is paid on the principle, the capital sum the buyer owes. Interest payments may be disguised in the form of points. Points are an up-front cost which may be paid by either the buyer or seller or both in conventional loans.

In general, there are two types of conventional loans that a buyer can obtain. A fixed rate loan has the same rate of interest for the life of the loan, usually 14 to 30 years. An adjustable rate loan or adjustable rate mortgage (ARM) provides a discounted initial rate, which changes after a set period of time. The rate can't exceed the interest rate cap or ceiling allowed on such loans for any one adjustment period. Some ARMs have a lifetime cap on interest. The buyer makes the loan and interest payments to the lender through amortization, the systematic payment and retirement of debt over a set period of time.

Once the contract has been signed and a mortgage note obtained, the buyer and seller must legally close the real estate transaction. The closing is a meeting where the buyer, seller and their attorneys review, sign and exchange the final documents. At the closing, the buyer receives the appraisal report, an estimate of the property's value with the appraiser's signature, certification and sporting documents. The buyer also receives the title and the deed. The title shows evidence of the buyer's ownership of the property while the deed legally transfers the title from the seller to the buyer. The final document the buyer receives at closing is a title insurance policy, insurance against the loss of the title if it's found to be imperfect.

Buyers should plan on a least four to twelve weeks for a typical real estate transaction. The process is difficult and at times, intimidating. A general understanding of real estate terminology and chronology of the transaction, however, will help any real estate novice to confidently buy his or her first home.

Contact Amber Castonguay 920.699.8124 Amber@Century21Crossroads.com||www.AmbersHomeFinder.com

Whether you are Buying or Selling visit www.AmbersHomeFinder.com for updated information.

Jefferson County Wisconsin Real Estate

January - 2009

An Important Score The Cost of Closing FREE Phone Market Analysis Amber Castonguay I am pleased to present you with the latest issue of Life@Home. Delivered to home buyers, sellers and owners on a monthly basis, this electronic newsletter is designed to give you the real estate information that is important to you. In each issue, you will find practical tips and articles related to buying, selling or owning a home, as well as the latest news on real estate trends. I hope that you enjoy this issue of Life@Home. If I can be of any assistance, please do not hesitate to contact me. Visit Century21.com and view more than 250,000 property listings! Visit my website at www.AmbersHomeFinder.com to view all properties.

An Important Score An Important Score Following the recent turmoil in the financial markets, many lenders have taken a more frugal approach. Loans are not as easy to come by as they were just a few short months ago. You can make yourself a more appealing mortgage candidate by increasing the amount of your prospective down payment and improving your credit score. Sustained employment, sizeable financial reserves, manageable debt and a history of solid credit is an impressive combination, no matter what type of market prevails. Let's take a look at the very important credit score, also known as a FICO score. This is a number, generally between 300 and 850, that indicates how much risk is involved in lending you money. It is based on your credit history and is determined using a statistical model. There are many articles and web sites dedicated to helping people improve their scores. Take the time to research which methods apply to your situation and might work best for your financial profile. For instance, if an unusual amount of debt is the reason for a low score, look for ways to mitigate that problem. Perhaps consolidating the amounts would help. Or maybe targeting one specific amount and paying that off is the answer. Ask your real estate professional or bank to recommend a credit counselor to help you develop a plan of action. But perhaps the most important step to improving your credit score is developing the right attitude and committing to the cause. Credit scores do not improve overnight. You need a careful and steady approach and plenty of discipline to achieve your goal. You may need to put off certain expenditures and cut back on spending to reshape your finances. But if homeownership is your goal, crafting a good credit score is essential to putting those house keys in hand. The Cost of Closing The Cost of Closing When you are buying a home it may feel like every time you turn around there is a hand out for some unexpected fee or expense. This is probably especially true if you are a first-time buyer. The fact is there are many steps along the way to a closing and each has a professional who must be paid for her time and expertise. These expenses often fall under the general heading of "closing costs." These four items are some of the safeguards required by lenders who want to verify that the property is worthy of the loan. 1. Home Inspection: Most contracts include a contingency that requires a property to pass inspection. 2. Appraisal: The mortgage company also wants to make sure the home is worth at least the amount you agreed to pay for it. An appraisal by a third party determines the fair market value. 3. Survey: A professional survey of the property is often required to verify the boundaries and other property characteristics. 4. Title Search and Title Insurance: Your lender will hire a company that determines who is the legal owner of the property in question. The lender wants to verify that you are buying from the rightful owner and there are no liens or other claims to the property by other parties. And to safeguard against any oversights in this review process, an errors and omissions insurance policy is also secured. For more information about other closing costs, ask your real estate professional or lender. FREE Phone Market Analysis Register here for your FREE Phone Comparative Market Analysis. Amber Castonguay can be reached via E-Mail Amber@Century21Crossroads.com or Direct: 920.699.8124!

CENTURY 21 Crossroads Realty 520 Hartwig Blvd. . Johnson Creek, WI 53038 . 920-699-8124 amber@century21crossroads.com . www.AmbersHomeFinder.com