Buying a home that is farther away from work may have a lower mortgage payment, but you'd be surprised at how much more you'll spend by driving to work. Try comparing a house in-town to a less expensive house out-of-town & see the actual cost of commuting for yourself.
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PROS OF CONS OF BUYING NEAR CAMPUS
OFFICIAL CHANGE OF ADDRESS FORMS
Access a Change of Address Form, enter your change of address info, and then print off your completed form for submittal. Additionally, you can use the entered information to print Address Change Notification Letters and mail them to family, friends, and business associates to let them know of your move.
PACKING TIPS It is strongly recommend that you PLAN your move as far in advance as you can. Here is a 6 week Planning Checklist from Mayflower.
MOVING SUGGESTIONS AND TIPS
Great Tips for the Move These moving tips for an Elders Quorum helping people move in, out or across town. They can be used by anybody preparing to move. Quorums may find it useful to alter this list to meet their needs and distribute it to families who are about to move. If you have any ideas you would like to add or comments, please send them to polsong@virtualpet.com.
One of the greatest financial aspects of buying a home is the ability to leverage your money. Simply put, leverage allows you to use a small down payment and financing to purchase a larger investment. For example, if you bought a $125,000 home with 10 percent down, you leveraged the $12,500 down payment to purchase an asset worth 10 times that amount! The benefits of leverage really become apparent with appreciation, or the rise in value of a property. Using the above example, say you were to live in the house for 5 years, and during that time property values in your area were to rise an average of 2.5 percent a year. Your home would then be worth over $141,000. By putting only 10 percent down, you get to enjoy the appreciation for the full amount! In addition to the 10 percent down, you'll also have to make mortgage payments. But with each payment, a certain amount of money is being used to pay down the principal balance that you owe. This is called building equity. So in the event you sell your house, not only can you realize a profit from your leveraged money, you also have a chance to pay yourself back for the money you've put in over the years. No wonder so many people consider a home an excellent investment!
TAKE NOTE: If you have a house that really should be priced at $200,000 and you've got it listed at $260,000, you are trying to compete against homes that really are worth close to $300,000 and all of a sudden your home really is not competing well, You want to compete with what is available out there among homes similar to yours. Selling your house in a slow market may be difficult, but knowing a few tricks of the trade and being realistic about pricing can help make the sale.
1. A Sign of the Times
Signage may seem straight forward, but it's one of your most important sales tools. The sale sign should be two-sided, easy to read, and in excellent condition (a damaged sign can lower curb appeal). If your neighborhood is full of walkers, add a box of sales brochures. You may have to put up with everyone knowing your sales price, but word of mouth can be very effective advertising, especially if your area is desirable. If you add incentives such as a home warranty, post that on the sign as well.
2. Hedge Your Deal
Accepting a backup offer is one way to hedge your bets in an uncertain market. By having a second offer waiting offstage, you create incentive for your first buyer to carry through with the purchase. A backup offer can offset pre-closing issues such as unexpected repair problems, and can discourage your first buyer from renegotiating the contract. On the other hand, a backup offer might include troublesome contingencies or other unattractive terms. Be careful: Once you accept a backup offer, you are obliged to go through with the sale if your primary buyer falters. Every seller dreams of listing in a market thick with buyers, and getting a full-price offer immediately from a pre-approved buyer willing to waive a home inspection and close at the seller's convenience. The reality is far from that, especially in a sluggish market where houses can languish for months. Market forces can't be controlled, but often the reason houses don't sell is because they're overpriced and that's something you can control. After sprucing up your house, the best sales strategy involves being realistic about the value of your property and finding ways to entice buyers beyond curb appeal.
3. Pulling Out the Stops - Try these tactics to speed your sale:
1 Strategy Rationale: Pre-sale inspection and warranty A comprehensive home inspection combined with a home warranty reassures buyers that the property is in good condition and that certain repairs will be covered by insurance. Make copies of these documents for buyers to take away. Decorating allowance Offer an appropriate allowance (for re-carpeting, wallpapering, or painting) to a buyer who likes everything but your taste in decor.
2 Lease option: This allows a buyer to rent the property for a period of time with an option to buy. A percentage of the rent is set aside as the buyer's down payment, while you use the remainder to cover your mortgage. To increase the likelihood of a sale, put at least 30 percent of the rent toward a down payment.
3 Seller financing: Seller financing is most advantageous if you have substantial equity in the property. Options include buying down the mortgage rate, putting funds in escrow to cover several months of mortgage payments, and carrying back a second mortgage to help a buyer cover a down payment. Before you offer financial assistance to a buyer, consult your agent and a real estate attorney, and make sure the buyer is creditworthy. Closing costs: TIP: You can offer to cover nonrecurring closing costs, such as prepaid interest charges or the first year of property taxes. Paying points is an attractive incentive that you can also use as a tax deduction. Most lenders limit the amount of closing costs you can pay, but this can make a difference for cash-short buyers.
TIP: Remember, the longer your home is on the market, the less likely you are to get a full-price offer. Don't hesitate to take steps quickly after the first month goes by. If you make major repairs or offer incentives, schedule another open house to renew enthusiasm for the property.
TIP: If your home has been on the market for several months with no offers, it's time to meet with your agent and discuss the situation. Before you meet, ask your agent to get feedback from other agents who have shown your home. Correct any recurring issues. If the consensus is that your home isn't selling because of price, reduce the price as soon as possible.
TIP: Good agents should keep you informed about what they are doing to market your home. If your agent has not been doing this, ask for a detailed report.
14 REPAIRS TO MAKE BEFORE SELLING
Nothing turns off a potential buyer faster than peeling paint, a broken window, or a splintered front step. It's wise to make necessary repairs before you put your house on the market. A house in good condition demonstrates pride of ownership, one of your best sales tools. Start by covering these areas:
Inside the House:
1. Fix or replace damaged flooring, such as torn linoleum or cracked tiles. If you can't afford to replace damaged or worn floors, consider offering the buyer an allowance for renovation.
2. Fix any drains, faucets, or plumbing fixtures that aren't operating. Fixes can range from replacing a faucet washer to buying a new toilet.
3. Paint the interior: Fill and paint any cracks or holes in the walls. (You may need to repaint entire walls to mask such repairs.)
4. Replace burned-out bulbs and broken electrical sockets. Most agents will want you to turn on all the lights before a showing.
5. Replace or fix broken stairs. Fix any creaks as well.
6. Replace old locks and doorknobs. Make it easy for a buyer to walk in.
7. Fix any doors that don't open easily, including the garage door. If your garage door opener doesn't work, repair or replace it.
Outside the House:
8. Replace cracked windows and torn screens. Don't let your house be shown with the equivalent of a black eye.
9. Fix cracks in the driveway and entry walkway, and clean up stains. If the driveway requires major repair, it may be preferable to offer the buyer an allowance for the work.
10. Paint the exterior. Touch up peeling paint, window frames, porches, and shutters. Repaint the entire exterior if it is drab or peeling.
11. Replace broken gutters or missing downspouts. Good drainage is key to passing a home inspection.
12. Replace or fix broken stairs. It's a matter of both safety and aesthetics.
13. Reseal the deck and repair broken boards. A new coat of sealer can spruce up a fading deck.
14. Repair the roof. Replace shingles and tack down loose flashing. If the roof is old, you may want to replace it and adjust your sales price accordingly.
OFFICIAL CHANGE OF ADDRESS FORMS
Change of Address Forms This section allows you to enter your change of address info and then print your completed Change of Address form. Additionally, you can use the entered information to print Address Change Notification Letters and mail them to family, friends, and business associates to let them know of your move.
PACKING TIPS
Packing Tips It is strongly recommend that you PLAN your move as far in advance as you can. Hear is a 6 week Planning Checklist from Mayflower.
MOVING SUGGESTIONS AND TIPS
Great Tips for the Move These moving tips for an Elders Quorum helping people move in, out or across town. They can be used by anybody preparing to move. Quorums may find it useful to alter this list to meet their needs and distribute it to families who are about to move. If you have any ideas you would like to add or comments, please send them to polsong@virtualpet.com.
