Guy Adams

The age-old debate between purchasing a new home or an existing one is worth rehashing because when it comes down to it, both options have their benefits as well as their downfalls.

The Argument for an Older Home:

A Charming Setting
With an older home comes an element of charm that you can't easily recreate in newer homes. A mature canopy of trees and larger lots can be a selling point for those raising a family.

What You See is What You Get
When it comes to older neighborhoods, what you see is what you get. You know what to expect-the good and the bad. If you choose to build a home in an emerging residential development, you may have to deal with the hassle of frequent construction trucks, loud hammering and dusty conditions as your neighbors' homes are built. While waiting for your home to be built, there's also that uncertainty that you may end up with something a little less than ideal if construction doesn't go as planned. Many also argue that homes aren't built as well as they used to be. You be the judge.

Historic Homes
If you opt for a much older house, one that qualifies as a historic home, you may be able to receive a tax break. The Ohio Historic Preservation Tax Credit Program states that individuals rehabilitating historic properties can apply to receive 25 percent of the rehabilitation expenditures incurred during the rehabilitation process. This incentive is valid for up to 100 projects per year.

The Argument for a New Build:

Home Safety and Maintenance
With a newer home comes a stricter code, which helps minimize household hazards. Asbestos, lead paint and other issues aren't a concern in newer homes because new knowledge has surfaced about the dangers of these toxins.

Customization
When you build a new home, you typically have a say in the design and implementation of rooms from start to finish. Picking the countertops, carpeting and cabinetry are some of the calls you get to make when you're creating the home of your dreams. In an older home, you're required to work around the established build, and remodeling can be a cumbersome process. It's also much easier to attain green certification for your home from the beginning.

The American Family in 2008
New homes take into account the lifestyles of the modern American family-location of bedrooms, flow from one room to the next and so forth. Newer housing developments sometimes feature clubs with kids' activities, swimming pools, fitness centers and playgrounds. Many parents like to see their kids learn to ride a bike in a cul-de-sac, and these developments typically feature less traffic, residential streets and sidewalks.

Are you interested in purchasing a home that's possibly below market value? Well no time is better than the present to purchase a foreclosure. It's important to know the facts before you invest your money in a foreclosed home, so make sure to contact your Realtor® and do your research.

There's No Such Thing as Too Much Research
Experts agree that if you're interested in purchasing a foreclosed home, it's important to do research on foreclosed homes in the area as well as the foreclosure process. Start by searching public records for a lis pendens, also known as a "lawsuit pending". This is where you can begin to follow the long foreclosure process. It's also important to research foreclosure methods and procedures since it varies from state to state. Florida, New York, Ohio and Pennsylvania all require judicial foreclosures--when a lender takes a borrower to court. In other states, the foreclosure process can take place outside the court. For information on your specific state, check out United States Foreclosure Laws.

HUD Housing
A Housing and Urban Development (HUD) home is a residence acquired by the U.S. Department of Housing and Urban Development due to a foreclosure on a Federal Housing Administration (FHA) mortgage. Once acquired by HUD, the home is sold in an attempt to recover foreclosure losses. If you're interested in purchasing a HUD home, check out the National Home Management Solutions (NHMS) for a listing of HUD homes in your state.

Bank-Owned and REO Homes
Bank-owned and real estate-owned (REO) homes come into the possession of a lender-in this case, the bank-during the foreclosure process. An REO home is a type of bank-owned home that has been through an unsuccessful auction. If you're interested in purchasing a bank-owned or REO home, search for a listing of homes at Bank Owned Properties.

Inspections
If you're interested in purchasing a HUD or bank-owned home, it's important to get the home inspected. These homes are sold as they are-with no extra compensation or repairs. Paying for a portion of a foreclosed home in cash is typically a great option; however, there are HUD homes that do qualify for FHA (Federal Housing Administration) loans.

Are you eco-friendly? Do you consider yourself "green"? Take this quiz to test your knowledge on environmental preservation.

1. Which of the following light bulbs is the most energy efficient?

A. Compact Flourescent
B. Incandescent
C. Halogen

2. How long does it take carbon dioxide to disperse in the atmosphere?

1. 50 years
2. 75 years
3. 100 years
4. 150 years

3. The average American emits how many tons of CO2 each year?

1. 3 tons
2. 7.5 tons
3. 10.2 tons
4. 15 tons

4. Which of the following items lasts in the environment the longest?

1. Glass (1 million years)
2. Plastic (20-30 years)
3. Leather (50 years)
4. Disposable Diapers (300-500 years)

5. How many gallons of water does the average American go through each shower?

1. 8 gallons
2. 15 gallons
3. 17 gallons
4. 25 gallons

6. What percent of global energy comes from non-renewable resources?

1. 26%
2. 45%
3. 65%
4. 92%

7. How many miles will the average American drive in their lifetime?

1. 45,078 miles
2. 298,207 miles
3. 452,662 miles
4. 627,000 miles

8. True of False
Climate change due to increased global warming pollution will cause more severe weather patterns across the U.S. in years to come.

9. Which of the following statements is true according to the Environmental Protection Agency?

1. Indoor air pollution is two to five times higher than outdoor air pollution levels
2. Outdoor air pollution is two to five times higher than indoor air pollution levels
3. Indoor and outdoor air pollution levels are equal

Let us know your score!

Answers: 1. a, 2. c, 3. b, 4. a, 5. d, 6. d, 7. d, 8. true, 9. a

According to the U.S. Green Building Council's Green Building Guide, green homes are expected to make up 10% of new home construction by the 2010. The green housing movement is rapidly growing. Here are some simple ways to help the environment as well as your wallet.

Lighting
Allowing natural light to filter through your home will help trim down your electric bill. To increase the amounts of natural light in your home:

• Install skylights-preferably double-glazed skylights.
• Display window curtains with sheer or light fabric.
• Place trees in areas that won't block natural sunlight from filtering through windows and skylights.

When natural lighting isn't an option, here are some guidelines for indoor lighting.

• Opt for compact fluorescent light bulbs.
• Turn off lights when you leave a room.
• Install task lighting, or a small lamp instead of using big overhead lights.

Technology Savers

• Turn off and unplug your computer when it's not being used.
• Opt for a laptop instead of a desktop. Laptops only use 15 watts of electricity while a desktop uses around 130 watts.
• Plug printers, fax machines, computers, lamps and more into a smart strip. Smart strips sense when a machine isn't in use and reduces energy flow.
• Unplug all electrical devices when not in use.

Water Usage

• Take a shower instead of a bath-showers use less water.
• Ensure that you don't have leaks in toilets, bathtubs, showers, sinks and outdoor faucets.
• Try and keep showers to 5 minutes.
• Purchase energy-efficient dishwashers and clothing washers.
• Use aerators on your faucets and install low-flow shower heads.

It's important to be aware of how much energy you're using and how much CO₂ you emit on a daily basis. National Geographic's Green Guide offers energy calculators such as the Shower CO₂ calculator, Lighting CO₂ calculator, Laundry Dryer CO₂ calculator and much more. You may be surprised at the size of your carbon footprint as well as how much money you could be saving. For more information on this topic, contact your local agent today!

Anybody having trouble selling their home should take comfort in the fact that even celebrities are having the same problem. Here are some celebs who can't seem to sell their houses:

• Jon and Kate Gosselin, co-stars of the popular TLC show "Jon & Kate Plus 8," have been trying for three months to sell their former home in Elizabethtown, Pa.
• Rapper 50 Cent has given up selling his mansion in Farmington, Conn., after dropping the price from $18.5 million to $14 million.
• Richard Gere and wife Carey Lowell have dropped the price on their home in New York's Hamptons from $8.8 million to $7.2 million.
• Model Elle Macpherson cut the price of her London Victorian from $9.5 million to $8.5 million, and has since dropped it to $7.5 million.
• Star of "Real Housewives of Orange County" on BRAVO TV Jeana Keough, also a real estate practitioner, is facing foreclosure.

Source: Chicago Tribune, Mary Umberger (06/21/2009)