Latest Articles by Karen Hoeve

Condo Loans Becoming Stricter

Thu, 03 Apr 2008 00:00:00 -0500

With the tightening up of mortgage rules and the returning caution of lenders (finally!) we are seeing a throw-back of some of the more vigilant practices that we were once used to.

Existing condo owners may be glad of the fact that some of this new thinking discourages loans for prospective condo owners who are buying explicitly for condo rentals (as opposed to condo loans that are for owner-occupied sales). However, a group has sponsored state legislation which, if passed, will protect non-resident condo owners from having to give up their rental rights.

Many condos do have rules about the amount of rental units they will allow and it is these numbers that a lender may be interested in.

Many lenders will only offer a mortgage if a complex rules that at least 50% of its units would be available for owner occupied residency only. With the stricter philosophy on loans now, some lenders even push their stipulation for this figure up as high as needing a guaranteed 70% residency requirement.

This could present two problems; firstly it will become more difficult for condo owners to sell their homes, as many rental options will be forfeited due to financing restrictions. Secondly, as this becomes a realization, the Home Owner's Association of a condo community may wish to limit or lower the number of rental condos permitted in their complex and/or permitted to be held by one owner.

There is no doubt that to live in a condo unit that is strictly owner-occupied is a far different experience from living next door to a rental unit. There are some parts of condo living which naturally spill into the neighbor's life: late nights, balcony noise, slamming doors and yelling etc.

Not that all renters will act like this, but on a two week holiday, people tend to let go of their inhibitions! Even long term renters do not have the same vested interest in their rental home as a resident-owner might.

It is partly for this reason that many condo managements have rules about the percentage-proportion of rental units that will be allowed in their complex. When a prospective buyer views a condo unit that is up for sale, it is very important to also 'view' the Home Owner's Association (HOA) rules.

The rules will state what percentage of units is allowed to be rental units. If you are planning to be a full time resident, you will want a complex which has a low percentage of rentals. (You also need to ask if the condos above you, below you, and to either side of you are rental units. This may be the reason why the condo unit is up for sale!)

The enormous increase in foreclosures has brought many more rental investors into the market, and one of the easiest rental options is a condo, as much of the maintenance is already taken care of.

High percentages of rental condos in a complex can de-value the sale price of a unit; it can also make it more difficult to sell. Many of the rental condo owners are hoping that they will be protected if their HOA decides to change the rules of rental percentages in their complex.

To this end, a group of real estate agents in California have sponsored a bill that protects condo-owners rights. The bill will allow condo-owners to continue owning their unit under the same HOA rules as when they bought the condo, even if the rules change by consensus.

This bill is mainly to protect rental rights that were in place at the time of purchase and may now be jeopardized; however, this bill, if passed, will be a useful tool for all condo owners to access.

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Karen Hoeve is a Raleigh real estate agent. Her passion for helping people find the perfect place to live makes Karen the one to call if you're ever looking for a home in the Raleigh NC real estate market.

Source: http://www.articletrader.com

The Real Estate Alchemist: Dust to Diamonds

Wed, 19 Mar 2008 00:00:00 -0500

So, you're new to the real estate market and you're having lofty dreams of making a mighty mint flipping houses, well, take heed of this solid advice that'll help you choose a "good" fixer-upper. Flipping houses can be risky business, but it need not be so. The goal here, is to find a true diamond in the rough- a diamond that needs just a bit of buffing up in order to shine. Especially if you're just starting out in the flipping market, you don't want to be dumping tens of thousands of dollars that you just might not re-coup at the end of the day. Ideally, you want something that with the magic of paint, a sharp stylistic eye and some good old elbow grease can turn into a gem- a gem that'll pay you back your invested time and money, and then some.

The classic rule for a good real estate investment is to purchase the worst house in a great neighborhood. This rule holds even greater weight when it comes to flipping. Oftentimes these are the houses you can scoop up for a deal, and then your job is relatively easy. If the house is structurally sound, you just need to bring it up to snuff with the surrounding neighborhood. This is ideally a cosmetic job- one that'll require minimal funds and maximum sweat. You want to mine out a job you can do without hiring any outside contractors. The sweat input will be all your own and so you won't be dumping huge dollars anywhere. The only time you'll see the huge dollars is when you turn around and flip the property.

Now, it may be a challenge to find a great bargain in a hot neighborhood. In this case you'll have to expand your hunt. Again, you still want to follow the advice of the friendly chime, "location,location,location". You may end up having to scout out potential "up and coming" neighborhoods that are bordering already established and affluent neighborhoods. Look for early signs that point towards a neighborhood's gentrification, such as other renovators working on homes. Look for perks in a particular neighborhood that make it stand out, such as proximity to parks, trails or beautiful views of water or mountains. Likewise, central location that is close to a downtown and/or other important amenities speaks volume about a neighborhood's inherent worth.

Another aspect to look for in a good "flippable" neighborhood is the quality of schools. It is said that quality of education tends to be a number one selling point for buyers. So make sure you do your homework and know the proximity and quality of educational institutions in the neighborhood you're scouting in.

When searching for that perfect bargain remember, dirt, grime, clutter and bad curb appeal are actually your friends! So many other buyers may judge a home's worth based on first impressions, and the aforementioned elements are definite turn offs. All the better for you, because if the house is structurally sound and just needs minor repairs, some thoughtful landscaping and some paint, well then you're looking at a good investment. These houses tend to stay on the market for longer, in which case you may be able to low ball on your offer, optimizing your profit margins even more.

Be systematic when scouting our the homes. Know that all that clutter might be hiding the true layout of the space. Pack a tape measure and digital camera to remind of the true dimensions of a space.

You really want to be judicious about your limitations. One extra big project could slash your potential profit margin. Stay away from homes that needs major upgrades in order to be marketable, such as roof replacement, leaky basements, cracked foundations and severely uneven floors. Having to completely upgrade a kitchen can set you back $20,000, and if you're looking at a bathroom, keep in mind the investment could be in the ball park of $10,000. Again, think of cosmetic upgrades that will lift the property to new market heights, and won't drag you down financially.

As you're hunting you'll also want to be cautious of homes with existing renovations as you have no assurance if they were done properly. They'll also tend to jack up your cost of purchase.

When looking at homes, keep an eye out for hidden treasures, such as hardwood floors tucked under green shag carpet. Yes, sometimes, you just might find $15,000 under an ugly carpet- or at least that much worth in wood flooring.

As mentioned earlier, no curb appeal is a great thing for the house flipper. Some thoughtful landscaping elements can add huge value in curb appeal to your home, and is certainly a project you can "dig" into yourself.

So just remember, young flipper, a real bargain is one that needs only cosmetic touch ups, and not a complete face lift!

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If you're planning a move, it's worth checking out Raleigh NC Real Estate, continually rated as one of the best places to live in America. Acquaint yourself with the various neighborhoods including Avent West Real Estate or Bloomsbury.

Source: http://www.articletrader.com

Get on The Trolley to a Hot Neighborhood

Tue, 18 Mar 2008 00:00:00 -0500

When looking to purchase a new home there are many factors and considerations that come into play that'll define the right home for you. One factor, is of course, the neighborhood your home will be in. While some might be looking into already established neighborhoods, where investment is sound and safe, others might be looking to invest in a neighborhood that in the long and short term could become a hot neighborhood. Buying a property in what might become an up and coming neighborhood can be a path to high points and big dollars with your housing investment. But, there are some points to consider when scouting one of these potential neighborhoods.

Remember that discovering an up and coming neighborhood is not by any means an exact science. The main factor that will indicate the potential of the neighborhood you've chosen will, of course, be time. In the situation where you are looking for such a neighborhood, you want top be in a position where you can wait a good five to ten years to actualize the market's potential. To be successful, you need to get into the neighborhood at the right time, know the area inside and out, and again, be able to stay put for a while. You must balance your risk tolerance with profit potential.

There's an ideal time to get into one of these, "about to explode" neighborhoods, and contrary to popular belief, it's not the early bird that'll necessarily get the worm. If you see the potential in an area and you're one of the first to jump into this area, no matter how much potential the area has, you may be waiting a long, long time, for others to join you, and for the area to boom. And in fact, the area may never do what you want it to. It's best to get into a neighborhood at that optimal time, right when an influx of interest is being generated, homes are being scooped up, but the house prices have not met the jump in interest... yet. By the time the newspapers or real estate agencies are calling the area, a "hot" neighborhood, in all likelihood the best buys are already gone.

Of course, there are factors to indicate a neighborhood's potential future "hotness". Take a look around at the areas directly surrounding it. Is there growth happening there, and does it seem possible that growth will migrate towards the area you're looking at? Is there an enticing element to this neighborhood that hasn't yet been fully capitalized on? Are there incredible views? Is there access to green space, parks or trails? Is there great proximity to shopping, or other amenities?

Another tell-tale indicator for an intriguing neighborhood is the architecture present and it's potential for urban renewal. If the housing stock is interesting and has great potential for revitalizing character, then this may well become a neighborhood that'll entice a market interested in gentrification and investment. Prewar architecture is particularly desirable, although we're moving into a time when early post war architecture reflects the "new" character homes.

Again, you want to know this neighborhood inside and out. Get down and dirty. Walk about and test drive the facilities and amenities. Go eat in local restaurants. Chat with people who live in the area. Ask then what they like/dislike about the area. Go to city council and get as much information as you can about businesses and developments on the way. Go to the police department and get the statistics on crime in the area and, if possible, in the neighborhood you're looking in. Talk to the local school district and find out about schools available in neighborhood. It's said that schools can be the single biggest factor in price appreciation for a neighborhood.

Again, what is "hot" and what is "not" in a neighborhood may be subjective, until the whole world is scrambling to buy there. With due diligence, analysis, great timing and a bit of gut instinct, you can invest in a hot neighborhood that'll boost your housing dollars. Get on the trolley and follow the right track towards some wonderful days in a beautiful and bountiful neighborhood.

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If you're planning a move, it's worth checking out Raleigh NC real estate, continually rated as one of the best places to live in America. Acquaint yourself with the various neighborhoods including Avent West or Historic Oakwood real estate.

Source: http://www.articletrader.com

Mary, Mary Quite Contrary- How Green Does Your Garden Grow?

Mon, 17 Mar 2008 00:00:00 -0500

If you're wanting to make your lawn and garden more eco-friendly, well, that's a good thing. Considering the fact that the average suburban lawn uses six times the hazardous chemicals per acre, as conventional farming and that a gas mower emits 10 times as much hydrocarbon as a car, you're sentiment is one that the earth is in need of. Although gardens have that illusion of being "green" just by their very nature, truth is, in most garden centers, the supply sources for many gardeners, you will likely find rows of chemical pesticides and nitrogen fertilizers, products that have been linked to serious illness and the production of carbon dioxide. So here are a few tips for you to lessen your footprint as you go about beautifying your outdoor space.

Try a natural approach to pesticides by appealing to the benefits of diversity. Plant a wide variety of different plants together and you'll create a natural defense for unwanted insects. Your diversity in plants will not only be colorful, but will attract a diversity of predators who'll pay you back by munching on unwanted guests. Another helpful natural pesticide hint is to use the pungent power of garlic. Yes, garlic is good to ward off mortal enemies, and it's strong scent is useful in terms of preventing insects from finding their favorite host plants. But, you don't want to stink up your whole garden or you'll deter even the helpful insects.

Composting your organic materials and applying them to your garden is a great way to add friendly micro-organisms and great nutrients to your soil. Along these lines, did you know you can do some very easy composting of sorts by simply leaving your grass clippings to decompose? They'll add nitrogen to your soil , which is what fertilizers aim to do. Also, they'll stimulate some worm activity. Mmmmmmmmmmmmmmmm, yummy! Lawns love earthworms. So let things lie. Part of becoming a greener gardener, is to have a more "laiser faire" attitude when it comes to "controlling" everything.

Another lawn tip, is to cut your grass high, by setting your lawn mower to cut higher than usual. Taller blades of grass effectively absorb more sun, are better at pushing out weeds and conserve moisture by shading the soil. Three to four inches is an appropriate length, or think about only knocking off one-third of the grass height at each mowing.

Ideally, we shouldn't be watering our gardens at all. But, if you must water, then do so consciously. Watering in the early morning or in the evening is best, as this is when there is the least amount of water evaporation. Use a soaker or drip hose to get water to the root's where it is most needed.

If you're lawn still needs an extra boost, consider the use of all organic fertilizers. These fertilizers release their nutrients more slowly into the soil and nourish laws more steadily and over a longer period of time. By using organic fertilizers, you're making an effort to keep harmful toxic synthetic chemicals away from your family, and your neighborhood.

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Karen Hoeve is a Raleigh NC Real Estate agent. Her passion for helping people find the perfect place to live makes Karen the one to call if you're ever looking for a home or Raleigh NC land.

Source: http://www.articletrader.com

Hiring a Mover - Watch Those Hidden Costs

Wed, 12 Dec 2007 00:00:00 -0600

The impending move is getting closer, but that's ok, you're on top of everything. You've done your due diligence, researched various movers, received three estimates and have a good idea of your final moving costs. Now it's time to build all those extra costs into your budget.

You will be shocked when you start building up your inventory of boxes and packing supplies. This is big business and companies are making a lot of money selling this stuff. Try to re-use whenever possible. I found our local liquor store and grocery store to be most helpful when I moved. Actual moving companies sell re-used boxes and packing materials at a discount as well. Start collecting early to build up your supply.

Enquire as to the cost of purchasing last minute boxes in case you run out on moving day. It's quite costly to purchase these new directly from the moving company.

Providing lunch and beverages for the movers is a gesture that is extremely appreciated. It also ensures they aren't running off to get lunch elsewhere and using up your valuable moving time. You may want to plan on a morning snack and pizza later on, with the occasional coffee run.

You may consider tipping your movers, it's totally optional, some do, and some don't.

If the movers are paid hourly, they may not have estimated enough time for the job and every extra hour gets added to your bill.

Replacing damaged goods during packing or delivery can add to your budget. If you've purchased added insurance, the guidelines for making a claim are stringent, ensure you read the fine print. Generally your standard homeowner's insurance does not cover contents while they're in transit.

Certain larger items may require special handling such as a piano, artwork, a billiard table or a vehicle, which translates into more dollars.

How are you getting to your final destination? Don't forget to include your own traveling costs, hotel, meals, and transportation.

If you are shipping your vehicle to the new home, those costs should be added in as well.

Generally movers do a pretty good job of estimating the final weight of a shipment, but it's never exact and rarely do they estimate lower than the final tally. Be prepared to owe more than planned for the final cost per pound.

If you will be requiring storage for your contents, make certain you understand not only the cost of storage, but the cancellation and late fees that may also apply.

One ray of sunshine that may be available to you, if your move is job related and a specified distance closer to your new job, the expenses could result in a tidy deduction. Research your tax laws and see if this applies to you.

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If you're planning a move, it's worth checking out Raleigh NC real estate, continually rated as one of the best places to live in America. Acquaint yourself with the various neighborhoods including Avent West or Bloomsbury real estate.

Source: http://www.articletrader.com

Real Estate Tips: Home Renovation Loans

Wed, 23 May 2007 00:00:00 -0500

Whether you have just purchased a home or have been living in it for years, there are likely one or two changes that you would like to make, yes? Most people will agree unless they are living in their ideal dream home, something that is hard to attain. But that is no reason why the home you are in should not become that dream home. When renovations are in order, then financing those renovations becomes a concern. So what are the options open to a typical home owner?

- Buck Up - Well if you can simply afford to pay cash for the renovations then this article will not have too much use for you. But congratulations on being able to pay the renos up front. Not too many people have the ability to do this.

- 2nd Mortgage - This is a very common kind of home loan also known as an equity loan. The 2nd mortgage is based on the equity that you have built up in your home. You are then able to borrow against that amount and pay it off monthly like a regular mortgage. Generally the interest rates on 2nd mortgages are quite attractive as the amount of the loan is secured by your equity.

- Home Owner's Line Of Credit - This is the other most commonly utilized home loan for renovations. Again this loan is dependant and secured by your home equity, but works more like a credit card in that you can borrow any amount up to your total equity. Again this kind of loan comes with a very agreeable interest rate as it is equity secured.

Renovations are always a good bet for increasing the value of your home. Renovating before selling your home can generate a positive buzz in the real estate community. Positive buzz is a highly sought-after thing in the home market as it draws buyers into your home. If you are merely renovating to improve your living space then you can be secure in the knowledge that you home is gaining value while improving your style of life.

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Karen Hoeve is a professional realtor who specializes in the dynamic Raleigh real estate market. With over 20 years experience, Karen has dedicated her life to bringing families and homes together. For more information contact Karen today or visit www.yourraleigh.com.

Source: http://www.articletrader.com

Staging Your Raleigh Home for a Quick Sale

Wed, 23 May 2007 00:00:00 -0500

Home staging is becoming an ever more popular and necessary step of the home sales process. Home buyers are expecting more for their money and more presentation from homes. So this article will give you some ideas on how to give prospective buyers the presentation that are looking for while showcasing your home's strongest elements.

The art of staging is essentially the cleaning and tweaking of your home. The first step of any home staging is to eliminate clutter and excess furniture that is not necessary, does not add to the home's theme or simply takes up too much space. Most homes do have this kind of problem. The truth is that homes show better with less furniture in them than you usually live with. Rooms are too busy and too much furniture creates too many focal points for buyers. The next element of the staging will be to go through every room and make sure that all surfaces are clear of everyday items. This includes the kitchen, bathroom and all bedrooms.

When removing daily use items, also remove things that are overt reminders of your family. Believe it or not, it's a good idea to remove family pictures, drawings your kids have done from the fridge and other personal effects. These things make it harder for a buyer to imagine their family in the home when there are glaring reminders of the current family everywhere. I know it may seem odd, and many think that their curios, pictures and heirlooms add warmth to the home. It may seem this way at the outset, but any professional home stager will have you remove these items.

A word about color. If you are a fan of "different" paint jobs, perhaps those that utilize odd colors or patterns; you may want to repaint. Neutral colors are best for showing a home. The neutrality appeals to a greater number of people. It also gives them a blank canvas on which to imagine their own color schemes. This is critical in home staging as you want people to easily imagine their things and ideas transforming the house into their ideal home. After all, the home has served you well for years, it's time to let someone else make their own memories in the home.

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Karen Hoeve is a professional realtor who specializes in the dynamic Raleigh real estate market. With over 20 years experience, Karen has dedicated her life to bringing families and homes together. For more information contact Karen today or visit www.yourraleigh.com.

Source: http://www.articletrader.com

Flipping Homes in Raleigh

Mon, 30 Apr 2007 00:00:00 -0500

There is a craze sweeping the nation; flipping homes for great profits. Anyone who has spent a bit of time watching TV can attest to the fact that home flipping has caught on. So the question is, how can the average guy get in on this trend? Well, flipping homes takes a bit of knowledge about the risks and how to prioritize things, but once you have that figured out it should be no trouble. Planning and being ready for any eventuality is critical, so if this is your first flip, then be extra-careful and make sure that you contingency plans and funds in place.

For your first time, try to find a home that will require only cosmetic fixes. Structural fixes can be expensive and time consuming so it's best to stick to things like paint and fixtures. Also, homes that require structural repairs tend to take much longer and this will definitely cut into your profit from the sale as there will be monthly costs while the repairs are happening. Remember, the longer tings take the more your profit will be diminished. But don't rush through the fixes and do lower quality work. This process is all about finding the right balance. Now you need to find the right house. In looking, try to look at homes in terms of what they "could be." Potential is the keyword here. If a home can have it's whole look changed by a paint job and some cleanup, then you may have found a gem,

Have a plan of action for when you close on the home. Set yourself a timeline of jobs to do and see that you stick to it as best you can. Its also a good idea to have everything that you need for the renos ready to go by the time you close on the house so there is little time wasted before the fixes start. Try to highlight popular selling points in your renovations. Try to find out what is currently helping to sell homes in your area and include that in your upgrades.

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Karen Hoeve is a professional realtor who specializes in the dynamic Raleigh real estate market. With over 20 years experience, Karen has dedicated her life to bringing families and homes together. For more information contact Karen today or visit www.yourraleigh.com.

Source: http://www.articletrader.com

Living In The North Carolina Research Triangle

Mon, 30 Apr 2007 00:00:00 -0500

For a number of years the North Carolina Research Triangle area has been emerging not only as one of the nation's prime industrial areas but as one of the nation's prime residential areas as well. This area began its growth many years ago when the area was primarily a research park that was dedicated to the development of new technology. With the growth of the park, came a new interest in the residential potential of this area. The park now encompasses the three cities of Raleigh, Durham and Chapel Hill, thereby linking three of the most popular residential areas in the state,

The three major cities in the triangle have a long history of high living standards supported by some of the best services and amenities available anywhere. One of the major assets of this area is the fact that it values and stresses the importance of education. There are a number of great universities located in this area which is a direct benefit to the well being of the triangle's research facilities. Most notable of these schools is the University of North Carolina at Chapel Hill, and North Carolina State University. In addition to these schools, there is a great network of community and trades colleges throughout the area.

It is almost a moot point to say that the economic picture is one of robust growth and expansion. With major player companies such as IBM, GlaxoSmithKline, Cisco Systems and governmental agencies forming the backbone for the Research Park the job market is thriving and growing. Another great aspect of this area is the fact that it is one of the most highly educated areas in the nation. This is a natural by-product of the Research Park's need for a highly trained and intelligent work force. With the expansion and evolution of the park, the communities around it have evolved in step. This area has become a great place to live and raise a family.

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Karen Hoeve is a professional realtor who specializes in the dynamic Raleigh real estate market. With over 20 years experience, Karen has dedicated her life to bringing families and homes together. For more information contact Karen today or visit www.yourraleigh.com.

Source: http://www.articletrader.com

Keeping Your Home Competitive

Fri, 23 Mar 2007 00:00:00 -0500

In an ideal world, your home would sell the same week that it is listed on the local real estate market, but this is not an ideal world. The question arises, "how do I ensure that my home is competitive?" There are a few basic things that one needs to do to make sure their home gets noticed first, gets viewed first, and logically, sells first. These things are a combination of enhancing the homes's curb appeal and interior detail, plus a few thoughtful touches that make the viewing experience more enjoyable for prospective buyers.

First of all, take a look a your homes's exterior. Now compare that to photos of other listed homes from the same area. Which home would you want to look at first strictly on a visual basis? If it is not your home, you have some work to do. It's hard to look at your home with a detached eye, but it is necessary. Set aside the years of good memories and try to "be the buyer," note any small details that need fixing or a cosmetic touch up and get those done.

Then turn your attention to the inside. Most homes are a bit to cluttered to show off the details of a home's interior. This is not to say that a home is messy, it's just "lived in." Try to minimalize the amount of furniture and "stuff" in your home. If necessary, remove some things and put them in storage. You are going to be moving soon anyway, why not get a head start on it? The more "open" your home feels, the better for showing. Remember to clean off all counters and clean the closets. Buyers are nosey and will open all the closets, cabinets and cupboards to ensure there is enough room for their things. Wouldn't you?

Lastly, make sure that your home is welcoming when people come to view it. Keep the temperature warm if it is cold outside, and cool if it is hot. It will probably be necessary to clean the home daily to maintain its pristine condition. Also, little things like pleasant aromas can help people to feel more at home, cinnamon or chocolate chip cookies are very comforting smells. But if you utilize these, make sure there are some snacks available as viewers might get nibbly!

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Karen Hoeve is a professional realtor who specializes in the dynamic Raleigh real estate market. With over 20 years experience, Karen has dedicated her life to bringing families and homes together. For more information contact Karen today or visit www.yourraleigh.com.

Source: http://www.articletrader.com