Making the Rent-to-Own Transition

September 1st, 2011

Home prices and interest rates are historically low, and this has prompted many people to consider the transition from renting to owning their own homes. It’s an important decision that requires forethought, planning and budgeting.

If you’re considering giving up your status as a renter, here are some things to keep in mind.

Money. Your finances should be your biggest consideration. The costs of owning a home are different than those involved with renting. Mortgage payments are often more expensive, and when you need a new appliance or home repair, you don’t have the freedom to make a quick call to the landlord. All home maintenance expenses fall to you when you own your own home.

If you’re moving from an apartment to a house, you’ll likely need an experienced Realtor to help guide you through the complicated buying process. Don’t forget that commission costs and – once you find the perfect property – closing costs will be involved.
There are additional expenses, including property taxes and homeowner’s insurance. For these reasons, budgeting plays a serious role during the transition from renting to owning. If you’re uncertain whether or not you’re financially ready, speak with a real estate agent who has experience with first-time homebuyers. Consult Charlotte Realtor Katie Gray by calling 704.560.9699.

But while you still have dollar signs in mind, and before you decide that home ownership is too expensive, think about the benefits. Instead of paying your apartment complex or landlord, your monthly payments will be invested into your own home, giving you autonomy, helping you build equity and putting value back into your property. The right home can be a wonderful investment.

Another important consideration is your lifestyle. Do you enjoy your mobility, or are you ready to put down roots in your city? When you rent, you have the freedom to move. When you own a home, you have to go through the rigmarole of selling before you can relocate. Even more so in our current market – a buyer’s market – you need to be sure you’re prepared to spend some years in a purchased home.

A great benefit of home ownership is that you get to enjoy more choices than you do when you rent. If you want to paint your living room blue, go for it! You have the full freedom to remodel, decorate and alter your space however you wish.

These are just a few of the larger considerations that must be taken when buying a home. It’s easy to overlook the details. Will you need to buy appliances, or do they come included? Have you given sufficient notice to your landlord, alerting him, her or the property management company of your move? Have you decided on a moving company or considered the down payments that might be required to connect new utilities?

The move from renting to owning is a daunting one. Give yourself a big advantage by first finding a Realtor. He or she will keep your best interests in mind and will be instrumental in making the process go as smoothly as possible.

Posted in Charlotte Real Estate, Home Buying Tips | No Comments »

Have Housewarming Gifts Gone Out of Style?

August 21st, 2011

When was the last time you attended a housewarming party or purchased a gift to welcome someone to his or her new home? In the past, housewarming parties served to help newlyweds stock their first place, but the tradition seems to be fading now that the traditional homeowner varies so greatly. Many single individuals own their own homes, some couples rent and some people move around.

But it is important to remember that when someone buys a home, it’s the beginning of a new phase in his or her life. If a family moves in next door, it’s a good idea to meet them, since they’ll likely be your neighbors for quite some time. And housewarming gifts – regardless of whether or not a party is thrown – make people feel welcomed to a new community.

So if you’re wondering if housewarming gifts have gone out of style, the answer is no. They are still wonderful gestures of care and an excellent way to build relationships with your neighbors.

Curious about what to give?
Here are some traditional and non-traditional options.

  • Housewares are popular gifts. If you’re thinking about giving something useful or bulky – such as a coffee maker or larger appliance– you may want to check with the new homeowner first to ensure you don’t give them something they won’t use or already have.
  • Accessories are typically safe gifts to give. Picture frames, candles, wine racks…these are all items that most people can put to use without giving up much space in the home.
  • For something a little different, consider giving a housewarming gift that’s not for the house at all. Simple yard ant, decorative planters or a potted, seasonal plant are all great options.
  • There’s a lot to do when you move into a home. Consider giving gifts that save the new homeowner time. A gift certificate for a home cleaning or to a local restaurant could be quite convenient.
  • There’s always the DIY route. Put together a welcome basket. Include a map of the area, information about the neighborhood and some home-baked goodies. Putting the effort into the gift yourself will only make it more meaningful.

Although the tradition of housewarming parties seems to be on a downward trend, giving a gift to a new neighbor will always be a warm and welcoming gesture.

For more ideas about what to give as a housewarming gift and for all your real estate inquiries, consult Charlotte real estate agent Katie Gray at 704.560.9699.

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Charlotte’s Festival in the Park

August 15th, 2011

Freedom Park is located between the popular Charlotte neighborhoods of Myers Park and Dilworth. Since 1964, this wonderful spot has been host to the Festival in the Park, an award–winning, annual gathering that brings renowned artists and live music to the residents of Charlotte.

It’s set to take place from September 23rd – with events kicking off at 4:00 pm – through September 25th – events wrapping up around 6:00 pm. The Southeast Tourism Society has named the upcoming festival as one of their top 20 events for September, and in years past, Sunshine Artists Magazine placed it among its top 200 festivals.

So what is all the hype about? The festival draws over 100,000 attendees each year, and over 21 states are represented by the many acclaimed artists showing their work. There are seven different stages – including a clown stage, magician stage and youth talent stage – as well as a family fun zone.  Something very special about Festival in the Park is the fact that it is organized and implemented almost solely through the efforts of volunteers. And with 150 plus artists and over 1,000 performers of all sorts, keeping this festival on its feet – maintaining its laid back atmosphere and history, while keeping things fresh – requires a lot of effort, energy and commitment.

According to the festival’s website: “The Festival is made possible by many groups and individuals. A sampling of the organizations who actively participate in bringing art and entertainment to the Festival are Charlotte Mecklenburg Schools, Children’s Theatre of Charlotte, Carolina Raptor Center, the Carolina Clowns, the Magicians’ Stage, the Charlotte Folk Society, the Actors Crib and the Jazz Arts Initiative. We welcome them and the many others who help make the Festival possible.”

With all of the artists, performers and festival attendees, you’ll likely be faced with a parking problem. The Festival at the Park website recommends a few different options to help you out.

  • The LYNX Light Rail costs only $2.00 dollars and will run every half hour on its normal route during festival days.
  • After 5:00 pm on Friday, September 23rd, and all day Saturday and Sunday, people can park at Holy Trinity Catholic Middle School and Myers Park Traditional School. A free shuttle will be available to bus you to the festival, and the $10.00 dollar parking fee goes toward the respective schools.
  • The Carolinas Medical Center parking deck may offer additional spots, and some street parking options are available – if you’re lucky.

You are asked to be considerate of residents and not to park on their property. Law enforcement will be ticketing and towing illegally parked vehicles.

Other than parking, there are some basic park rules that should be observed during the festival. Pets, skateboards and roller – blading are prohibited. If you ride a bike to the festival, you’re asked to walk it once you arrive.

The most important rule, have a great time! For more information about what’s going on in your neighborhood this festival season, reach out to a local Charlotte Realtor who has a strong grasp on community events. Call Katie Gray at 704.560.9699.

Posted in Dilworth, General, Myers Park | No Comments »

Live Greener by Conserving Water – 10 Ways to Save in the Home and Yard

August 8th, 2011

Next to saving energy, conserving water is one of the best green practices we can implement on a small scale to positively impact the environment on a larger scale. There are several things we can do – both inside the home and out – to conserve water. Here are 10 tips that will help.

  1. Check for leaks. Leaking water can lead to excessive waste. Make time, multiple times per year, to check faucets, water hoses and appliances for leaks. Water Use It Wisely suggests this tip: “Put food coloring in your toilet tank. If it seeps into the toilet bowl without flushing, you have a leak. Fixing it can save up to 1,000 gallons a month.”
  2. Make some adjustments in your yard to save water. Set your lawnmower to higher settings so that longer grass will shade roots and hold more moisture in the soil. Plant native plants that grow naturally in your area, with whatever amount of rain typically falls. Plan your watering for early or later during the day; don’t water during peak heat hours. Another tip from Water Use It Wisely, “Use drip irrigation for shrubs and trees to apply water directly to the roots where it’s needed.”
  3. When brushing your teeth or washing dishes by hand, turn off the water. Leave the tap on only during direct use.
  4. Use a refillable water bottle – don’t buy bottled water. It’s wasteful and adds detritus to our landfills. To help build this habit, keep a pitcher of filtered water in the fridge, cooled and ready to consume.
  5. Keep your pool covered when not in use to prevent evaporation. Use a grease pencil to mark the water level occasionally throughout the summer; if the water level drops over a 24 – hour period, you probably have a leak.
  6. Save runoff to water your yard; reserve water that is used for sanitary things – such as rinsing fruits – and use it again watering plants or washing dishes.
  7. Water toys are fun for children during the summer, but avoid those that require more constant flows of water.
  8. We flush many things that could be simply thrown away. Trash tissues, paper towels and other products that don’t require flushing to save water.
  9. If you have water – cooled appliances, consider switching to air – cooled ones.

10.  In some areas, rerouting your gray water to hydrate your lawn and plants is allowed. If so, consider speaking with a plumber about making these changes.

There are several changes – large and small – that we can make in and around our homes to conserve water, ultimately leading to a healthier planet. For other ideas on how you can live greener in your city, speak with an experienced real estate agent. Call Katie Gray at 704.560.9699.

Posted in Charlotte Real Estate, General, Home Owner Tips | No Comments »

Things to Know When Making an Offer on a Home

August 1st, 2011

You make the decision to purchase a home. You then find a Realtor and scour the market compiling a list of potential properties. You proceed, making appointments to view them; compare their good and bad qualities; and after much time and energy spent, you decide to make an offer on your top choice.

When it comes time to put an offer on a home – after you’ve exerted so much effort – you want to follow some basic guidelines to ensure your offer is accepted, to guarantee it’s appropriate and well – received by the sellers.

According to Better Home and Gardens, there are few things you should be aware of when making an offer on a new home.

Have your home loan pre – approval before making an offer. Talk with your bank; get financing or pre – approval for a mortgage loan. When it comes time to make an offer, having your finances in order will show potential sellers you’re serious. What’s more, many real estate agents require pre – approval before beginning the property hunt.

“Market conditions will dictate the selling price,” says BHG. That’s why it’s paramount to understand the economic context when making an offer on a home. Speak with your real estate agent, and know what similar properties in the area are selling for. It will help you when deciding whether or not to offer less than the asking price.

Be sure your Realtor and the selling party’s Realtor have discussed both parties’ interests. There will likely be some points that one or both of you – both the buyer and seller – are not willing to negotiate on. Similarly, there are areas in which one party or the other would be more likely to concede. Having an understanding of these “can often make the difference between an accepted offer and a stalled negotiation,” notes BHG.

About committing a hefty deposit when making an offer, BHG has this to say: “You’ll want to submit an earnest money deposit when writing an offer, payable to a reputable escrow company, to be delivered by your agent no more than three business days after the acceptance of the offer. Even when delivering an offer below asking price, offer a large deposit if possible, and it will pay dividends.”

Finally, give the seller an appropriate amount of time to respond to your offer. “Typically, the seller is given until 5PM on the third day from receipt of the offer to respond, unless you write in a different date and time,” says BHG; but if the offer is strong, or if there is a lot of competition, you may want to revise the terms of the response period. Speak to your Realtor about this before making a decision.

Making an offer on a home can be stressful. Not knowing whether or not to offer a number below the listing price is difficult. Having a reputable, experienced Realtor will be your best tool when navigating the offer process. Consult with Katie Gray by calling 704.560.9699 before taking the plunge and making an offer on your new Charlotte home.

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Tips for Selling Your Home During the Summer

July 28th, 2011

For most sellers, spring is the ideal time to attract buyers. The landscape is fresh and green; warmer weather is just arriving; and many people choose spring to do home improvements, indoors and out. But if your property doesn’t fly off the market during the spring months, don’t feel discouraged. Summer can also be an excellent time to sell your home, and here are some tips to help you do so.

Keep cool about selling your home during the summer – literally. Don’t underestimate the impact of a cool home. When prospective buyers come in out of the heat, a cool home will be instantly attractive and refreshing. Put on ceiling fans before showings to keep air circulating throughout the home, and ensure the thermostat is set to a comfortable temperature.

Take advantage of longer days during the summer. You can schedule home showings later in the afternoon or early evening to showcase your home’s nighttime lighting, plus you’ll have the opportunity to schedule showings after the time most people get off work.

A very important feature to today’s homebuyer is the fusion of indoor and outdoor spaces. Exaggerate your home’s porches, decks and patios. Accentuate large doors or windows that help to bring the outdoors inside. Use plenty of potted plants and lots of color to make the movement from inner and outer spaces appear seamless.

It’s easy to let our yards get dry and brown during hot summer months. Curb appeal is clutch when trying to sell your house. If you don’t have the time to water, install seasonal plants or maintain a clean landscape, think about hiring a gardener and crew. Not only will spruced – up landscape draw people in, many buyers understand the effort and expense that goes into keeping up your yard –it’s an attractive statement to make, telling potential buyers that the home has been cared for while in your hands.

Think bright. Use brightly colored, summer – hued paints within the home. Putting a fresh coat of paint on the walls is one of the first steps you should take to prepare for selling your home, and if you know it will be on the market during the summer months, consider using warm colors in some of the space.

Also, allow the natural, long hours of outdoor summer light to flow through your house. Leave curtains and blinds open, and if you have the time and budget for improvements, consider installing large, glass doors and skylights.

Selling your home can be tricky, and although now – in many areas – isn’t the most ideal time to put your home on the market, following these tips will give you a leg up. And don’t forget the importance of professional staging and proper representation. Hire a real estate agent with your best interests in mind, one who has experience marketing and showing homes during all seasons. Consult Charlotte Realtor Katie Gray at 704.560.9699.

Posted in Charlotte Real Estate, General, Home Selling Tips | No Comments »

Things to Know About Home Fire Prevention

July 13th, 2011

According to the U.S. Fire Administration, over 4,000 people perish because of home fires every year, and many of these tragedies could have been avoided with proper preparation. Protect your Charlotte home from residential fires by following these USFA and Red Cross guidelines.

Smoke alarms are inexpensive and paramount in protecting your home from fire. According to the USFA, every home should have at least one functional alarm. But, it’s advisable to have them throughout your living space, especially around your sleeping areas. Keep your alarms dusted, test them monthly and change the batteries at least once a year.

There are several common sources of home fires – cooking accidents, electrical fires, fires started by children. There are a few basic steps you can take to avoid accidental home fires.

  1. Don’t leave the house with ceiling fans, clothes dryers or other appliances in use.
  2. Don’t smoke in bed.
  3. Don’t leave alternate heating sources – such as space heater – or burning candles unattended.
  4. Speak with children frequently about the dangers of playing with matches or lighters.

Electrical fires are not uncommon, and to prevent them in your Charlotte home, be sensible. Don’t overload surge protectors or power strips. Don’t place rugs over electrical wires. Don’t hang wires over nails or hooks haphazardly. If appliances smoke, sputter or appear to be malfunctioning, immediately unplug them.

If a fire does occur in your home, it is imperative that you have an agreed upon, expedient escape plan in place. Children and the elderly need to be especially familiar with the escape routes outlined in your plan. Red Cross says “Get Out, Stay Out and Call for Help.” Remind everyone to keep low to the ground to avoid rising heat and smoke, and be sure you have an agreed upon place to meet outside of the home.

Fire extinguishers can be helpful if the fire is small and contained, but if people are still in the home or the flames are spreading quickly, it is better to leave the premises and wait for assistance.

Red Cross suggests you remember the acronym PASS when forced to sue an extinguisher.

  • Pull the pin and point the extinguisher nozzle away from you.
  • Aim low and target the extinguisher toward the base of the fire.
  • Squeeze the lever with even pressure, slowly.
  • Sweep the nozzle evenly from side to side.

Home fires can be devastating, and while sometimes unavoidable, there are plenty of things you can do to prevent them. If you would like to know more about protecting your Charlotte home from residential fires, contact an experienced Realtor. Call Katie Gray at 704.560.9699.

Posted in General, Home Owner Tips | No Comments »

Stay Cool While Staying Safe – Tips for Pool Safety

July 9th, 2011

Many Charlotte homes have residential swimming pools, and this summer, they are getting well used. We have experienced some incredibly hot summer weather recently, and while pools offer reprieve from the heat, they can also be dangerous. It is important to keep swimming pool safety in mind during these hot months – especially if you have younger children.

According to the United States Consumer Product Safety Commission, there are several guidelines to follow and tips to be mindful of while using your swimming pool this summer.

  1. Practice diligent supervision at all times. Do not let young children out of an adult’s sight while at a swimming pool. Designate a “pool watcher,” recommends the CPSC.
  2. Install protective barriers. According to the CPSC, residential swimming pools should have at least a 4-foot barrier – such as a fence with self – latching/closing gates. If the home is one of the four barriers surrounding the pool, be sure doors are equipped with locks and/or alarms to prevent wandering children from getting near the water.
  3. Be aware of and avoid entrapments. Pool drains can be powerful enough to trap an adult underwater. Be sure that pool drains are protectively covered and compliant with the Pool and Spa Safety Act.
  4. Be confident with your life – saving skills. If your Charlotte home has a swimming pool, you should maintain CPR certification at all times. Teach your children to swim, or enroll them in lessons, at the earliest age possible – oftentimes before he or she turns one year old.

Over 300 children under the age of five drown every year in the United States, according to the CPSC. In addition to following pool safety guidelines, ensure that pool users of all ages follow basic, common sense rules. Do not run on wet surfaces; do not drink alcoholic beverages while swimming; use water toys safely; and always keep drains and filters clean and protected.

Summer is meant for swimming, and having a pool at your home can surely help take the heat off. But it’s important when using a swimming pool to keep personal safety and the safety of those around you in mind. If your Charlotte home has a swimming pool and you would like more information on safety, contact a real estate agent in your area – call Katie Gray at 704.560.9699.

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Home Ownership Still Part of the American Dream

July 4th, 2011

From a February, 2011 publication of Realtor Magazine, a quote from the quintessential homemaker, Martha Stewart: “‘To be happy at home is the ultimate result of all ambition…our families and our homes are the center of American life. And everything we do is to make those homes—and the lives in them—more beautiful, more comfortable, more functional, and more full of life and light and joy for those we love. At the end of the day, that is the American Dream. All the rest is window dressing.’”

Recently, the U.S. housing market has hit some roadblocks. An increased number of foreclosures; drops in home and property values; and issues with lending services has led many people to put the notion of home ownership on the backburner. However, according to a June 2011 New York Times article, polls show that buyer confidence is rebounding – despite all that has happened, many people still see home ownership as an important component of the American Dream.

Says the article: “Nearly nine in 10 Americans say homeownership is an important part of the American dream, according to the latest New York Times/CBS News poll. And they are keen on making sure it stays that way, for themselves and everyone else…As the housing market slumped over the last few years with a speed and magnitude not seen since the Great Depression, aspects of homeownership have been debated as never before. There are tough questions about the role the government should take. These include how much of a down payment lenders should demand, whether lenders should be restrictive or expansive in granting new loans, how much assistance to give those on the verge of foreclosure, and whether real estate will ever again be the retirement savings vehicle it once was.”

Realtor Magazine notes, “While nearly one-quarter of home owners owe more on their home than it’s currently worth, Americans still see the value in home ownership and still consider it part of the American dream.” And you can read some of the highlighted findings from that poll in this publication.

With buyer confidence on the rise and the housing market gaining ground, it may not be a buyer’s market for too much longer. If you’re considering buying a Charlotte home and want to do so while interest rates are still low and prices still competitive, contact Realtor Katie Gray at 704.560.9699.

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Getting Married? Charlotte Newlyweds “Register” for Their First Homes

June 30th, 2011

When people make the decision to get married and have a wedding, they go through the process of registering for gifts. Invited guests then reference these registers to ensure they purchase gifts that the couple wants. Kitchenware, sheet sets and home accessories are commonly featured on registers – but what about houses?

The Federal Housing Authority and cooperating lenders actually make it possible for soon-to-be husbands and wives to register for homes…in a matter a speaking.

The FHA bridal registry program allows you to register with a particular lender. Your wedding guests can then contribute to this interest-bearing account, helping you raise the down payment for your FHA loan, thus your first home.

According to Housing and Urban Development, “The intent [of the FHA bridal registry program] is to give couples planning to get married the opportunity to amass monetary gifts from friends and family for the specific purpose of making the down payment on a home.”

It is pretty simple to take advantage of bridal account registries. You open a savings account – ideally with an FHA – approved lender – and provide your banking information to family and friends. Anyone with an interest in the purchase of your new Charlotte home, such as your Realtor or lender, cannot be party to the giving of funds. You have documentation flexibility with these accounts, often not requiring gift letters.

HUD stipulates that these accounts are not only used by individuals getting married. “This initiative is not limited just to couples that intend to get married, but is available for other situations where such gifts are typically received by an individual or individuals,” notes HUD.

More from HUD: “Funds may be deposited by friends and relatives directly into the Bridal Registry Account, or given by cash or check to the couples or individuals for deposit. This account will take the guesswork out of gift selection. These gifts can be given with the assurance that the donors are providing the couples or individuals with an opportunity to purchase their first home.

Bridal couples or individuals are not obligated to use the money in the Bridal Registry Account for a down payment on a home. The couples or individuals control how the funds will be used, and if their plans change, they can simply withdraw the money and use it for something else. Also, there is no requirement that the bridal couple be married prior to closing the mortgage loan.”

If you’re planning a wedding this summer and hoping to purchase your first Charlotte home, consider the FHA bridal registry program. Buying a home is a big decision, one requiring substantial saving and financial planning. If you want to speak with a reputable Realtor about planning for your first home or budgeting for your down payment, call Katie Gray at 704.560.9699.

Posted in Charlotte Real Estate, General | No Comments »