http://www.articletrader.com/ Articles at ArticleTrader en-us http://www.articletrader.com/finance/real-estate/financial-benefits-of-owning-a-home.html http://www.articletrader.com/finance/real-estate/financial-benefits-of-owning-a-home.html Wed, 02 May 2007 00:00:00 -0500
One of the biggest financial benefits is probably income tax deductions. You can reduce your taxable income by deducting the property taxes and the interest of your home mortgage from your gross income. So, if you pay $6,000 a year in interest and $1000 a year in property taxes, you can subtract $7,000 from your taxable income.

Another benefit of owning a home is that you control how much you pay for housing every month. By choosing a fixed rate mortgage, you know that your housing payment (your mortgage payment) will not change in the years to come. So, if you chose a 20 year fixed rate mortgage, your monthly payment would be the same in 20 years as it is now. If you chose to rent instead, you can certainly expect the rent price to go up significantly in that same amount of time - especially in Charleston's rental market.

The rental market here in Charleston brings me to the third benefit of owning a home. Depending on the area, rent prices in Charleston are relatively high, especially compared to other areas of South Carolina. Right now a one bedroom and one bath apartment in West Ashley (one of the more affordable areas close to downtown and to the beaches) is about $550 a month, and in downtown Charleston it is about $800. The cost of renting in Charleston makes owning a home a good financial investment. If you are going to spend that much money a month renting, you may as well go ahead and put the money toward an investment that will give you your money back in the future (plus some money).

Another financial benefit of owning a home is appreciation. The average appreciation for homes in Charleston is roughly twelve to fourteen percent. This number is much higher than many other cities. And, even with a slower market, this percentage is higher than many other types of investments. Appreciation motivates investors to buy lots of real estate and then rent it out. These investors don't make their money off charging high rent - instead, they count on the homes' appreciation for profit.

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Lee & Kandi Keadle are professional Charleston REALTORS®. with years of experience in the Charleston real estate market, it is Lee & Kandi's goal in life to facilitate the buying and selling of homes and properties in the Charleston area. For more information contact Lee & Kandi today or visit www.searchforcharlestonrealestate.com

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/four-basic-mortgage-types.html http://www.articletrader.com/finance/real-estate/four-basic-mortgage-types.html Wed, 02 May 2007 00:00:00 -0500
Adjustable Rate Mortgages (ARMS) have been in the news for months. We have heard reports about how home owners bought these mortgages originally with low interest rates, but now the payments have skyrocketed due to the rise of interest rates. The unpredictable nature of ARMS makes them a high risk mortgage. The benefits are that interest rates can be relatively low compared to other mortgages (depending on the market), and that your payments will decrease if interest rates go down. But along the same lines, your payments can go up dramatically if interest rates go up. So, we do not recommend this type of mortgage to our clients.

Fixed Rate Mortgages are possibly the most popular type. This type of mortgage is great for people who do not want to take risks and for people who plan to live in their home for a longer period of time (more than eight or so years). With fixed rate mortgages, you know exactly what interest rate, principal payment, and interest payment you will make every month throughout the life of the loan because this amount will not change. You "lock in" that initial interest rate when you get a fixed rate mortgage. You will make the same payment now that you will make in fifteen, twenty, or thirty years (whichever length of time you decide). The benefits of fixed rate mortgages include a stable monthly payment and protection from rising interest rates. However, know that you may have slightly higher interest rates than some of the other loans start out with. And, if interest rates fall you will continue to pay your original rate.

Balloon Mortgages are good for buyers who know they are going to live in the home for just a few years. Balloon mortgages act like a short-term fixed rate mortgage in the beginning, but they "balloon" after a designated period of time (usually you can choose anywhere from five to ten years). When the loan balloons, you either have to pay the leftover amount or refinance that amount to pay. The pros of this type of loan are that you know what monthly payments you will make and what lump amount will be left over that you need to pay. And, sometimes these interest rates and monthly payments are more affordable compared to regular fixed rate mortgages. The con is that you will probably have to refinance at the rates available in five to ten years, and rates are not very predictable. But, if you know that you will be moving in a few years, then you will be getting a new mortgage anyway before your balloon payment is expected.

There are two main branches of Government Loans - Federal Housing Administration (FHA) and Veterans Administration (VA). Even though these are government loans, you can get either kind from most lenders. If you are a veteran, then you may be able to get the VA Loan. If you are not a veteran, you can apply to get an FHA Loan. Both loans are insured by the government, and they often result in a smaller down payment compared to other loans. The disadvantages of government loans are that only certain lower-priced homes are approved for the loans and that you have to go through many extra steps to receive this loan.

If you have any questions about mortgages, or if you would like help finding mortgage lenders, please email us or give us a call. We would be happy to help!

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Lee & Kandi Keadle are professional Charleston REALTORS®. with years of experience in the Charleston real estate market, it is Lee & Kandi's goal in life to facilitate the buying and selling of homes and properties in the Charleston area. For more information contact Lee & Kandi today or visit www.searchforcharlestonrealestate.com

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/what-home-inspections-can-do-for-you.html http://www.articletrader.com/finance/real-estate/what-home-inspections-can-do-for-you.html Wed, 02 May 2007 00:00:00 -0500
During a standard home inspection a licensed inspector should examine the exterior of the house for damage and rot, the roof for leaks or holes, overall structure of the house, the garage, the attic, the basement for possible water damage, the crawl space under the house (if the house is built under a crawl space), the foundation of the house for cracks and other damage, plumbing, electrical work, heating and air conditioning, the fireplace.

Some home inspectors also look to see if the landscaping beds around the house divert water away from the home, to see if the driveway has cracks that need to be sealed, to check the overall condition of windows, to check if smoke alarms work, and even to see if the dryer vent needs to be cleaned.

Another type of home inspection is a termite inspection. These inspections are especially important in warmer areas like Charleston, SC, where it does not get cold enough in the winter to kill termites. Termite inspectors look for insects (like termites) and other organisms (like fungus) that can destroy wood. These inspections also inform the buyer about what aspects of the home are conducive to these organisms.

For an asbestos inspection, a sample is sent off for lab analysis to determine if asbestos is present. If asbestos is detected, the buyer should hire a professional to remove the contaminated fibers.

Radon inspections detect and measure the levels of a potentially dangerous gas called radon. According to the Environmental Protection Agency (EPA), more than 20,000 people die every year from lung cancer that is caused by radon gas. If a radon inspection shows levels of radon that are unsafe according to the EPA, then you can hire a professional to fix the problem.

Although there many different kinds of home inspections, these four are some of the most commonly used. The termite inspection is the only inspection that is usually required by the mortgage company before closing on your new home. However, the standard home inspection is highly recommended. If you would like to talk with us about home inspections, please call or email us.

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Lee & Kandi Keadle are professional Charleston REALTORS®. with years of experience in the Charleston real estate market, it is Lee & Kandi's goal in life to facilitate the buying and selling of homes and properties in the Charleston area. For more information contact Lee & Kandi today or visit www.searchforcharlestonrealestate.com

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/factors-that-affect-property-value.html http://www.articletrader.com/finance/real-estate/factors-that-affect-property-value.html Wed, 02 May 2007 00:00:00 -0500
1. One of the most important factors that affect value is location. Homes that are closer to the beach or to downtown Charleston sell at a higher price. You can install all of the Brazilian cherry flooring and stainless appliances you want, but you cannot change the location of a home!

2. While we're on the topic of upgrades, another major factor is what improvements the owners have made to the house. Updating kitchens, replacing flooring, repainting walls, and adding landscaping can add to the value of a home. However, sometimes homeowners can spend too much on a house and not get all of their money back when it comes time to sell the house. Before making drastic improvements to your house, be sure to talk with your real estate agent so that you use your money wisely on your investment.

3. The neighborhood or general area surrounding your home can greatly affect your home's value. Some neighborhoods are more desirable than others. Also, some areas are avoided because of major traffic, large roads, or flooding.

4. If a seller needs to sell the house quickly, he or she may be willing to take a slightly lower asking price for the house. For this reason we talk with our clients to find out why they are selling their home and by what date they need to move.

5. The time of year also can affect a home's current market value. People generally tend to avoid major holidays when it comes time to buying a house and moving. The most active time of the year is probably March to August. So, if you are trying to sell your house in late November, you will be in a less active market and may have to wait longer or accept a lower price for it.

So, location, improvements, general area, the seller's time frame, and the time of year can affect property value. If you would like to talk with us about the value of your home, feel free to contact us.

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Lee & Kandi Keadle are professional Charleston REALTORS®. with years of experience in the Charleston real estate market, it is Lee & Kandi's goal in life to facilitate the buying and selling of homes and properties in the Charleston area. For more information contact Lee & Kandi today or visit www.searchforcharlestonrealestate.com

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/exterior-improvements.html http://www.articletrader.com/finance/real-estate/exterior-improvements.html Wed, 02 May 2007 00:00:00 -0500
There are so many different things that can be done to a yard to spruce up the home's appearance that it is sometimes hard to know where to start. If there is any junk or old wood lying about, start with getting rid of it. A clean slate to work on is always a great starting point. Many people choose to highlight the exterior of their home by laying down a new coat of paint. This adds a clean and fresh feeling to a home and helps turn the home into an attractive central point on which to base other improvements. The next logical step is to see to the lawn and gardens. A cut lawn, with neatly trimmed edges makes a home more attractive and well-tended gardens full of bright and colorful flowers provide a colorful finishing touch.

Other things that you can do to improve your home's visual impact are things such as resurfacing the driveway. This will get rid of unsightly cracks and weeds and make the entranceway to your home more attractive. Its also a good idea to make sure that the fencing around the yard is in good condition (if there is any). Another things that will also add value to the home and be a great selling point is a new roof. This is one of the most inspected areas of the home, and a new roof will put buyers at ease.

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Lee Keadle is a full-time real estate agent in Charleston, SC. He works with a team of three agents to give buyers and sellers the best services possible. You can search for homes and vacant land in Charleston, SC, by visiting our website at http://www.SearchForCharlestonRealEstate.com

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/buying-a-second-home-in-charleston-sc.html http://www.articletrader.com/finance/real-estate/buying-a-second-home-in-charleston-sc.html Wed, 02 May 2007 00:00:00 -0500
If you're looking into buying a second home, try to get a good location. This is especially important if you plan to use it as a vacation home. If you want a home near the beach, look in areas that are actually close to the beach, like Folly Beach, James Island, Isle of Palms, Sullivan's Island, Mt. Pleasant, Kiawah Island, and Seabrook Island. It would be better to get a townhouse or condo that is in one of these areas (usually less than a 15 minute drive from the beach) than a single family home that is in, say, Summerville (almost an hour's drive to the beach).

If you're looking for a home near downtown Charleston, you may want to consider the Charleston Peninsula, Mt. Pleasant, Folly Beach, James Island, and parts of West Ashley. These areas are for the most part less than 15 minutes from downtown Charleston.

Location is important when looking for a second home for several reasons. If you only plan to stay in the home on weekends or for several weeks out of the year, you will probably want to be close to the things you want to do (like going to the beach or going to downtown Charleston). And, if you are close to the places you want to go, you may use the home more often and get more enjoyment out of it. A second benefit of good location is that the property should appreciate at a higher rate. So, spending a little more money now can produce bigger results in the future when it comes time to sell it. And third, depending on how much you plan to stay at the home, you could rent it out as a vacation rental (especially if it is close to the beach). Doing this would provide some additional income that could pay for taxes, insurance, and upkeep.

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Lee & Kandi Keadle are professional Charleston REALTORS®. with years of experience in the Charleston real estate market, it is Lee & Kandi's goal in life to facilitate the buying and selling of homes and properties in the Charleston area. For more information contact Lee & Kandi today or visit www.searchforcharlestonrealestate.com

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/buying-knowing-the-area.html http://www.articletrader.com/finance/real-estate/buying-knowing-the-area.html Thu, 29 Mar 2007 00:00:00 -0500
In finding out about a new area there are some definite things that you will want to find out about. Start by finding out about the area itself. Is is an industrial town? Tourism Based? What kind of atmosphere can you expect when moving there? The next things that you should consider are the employment market and the education system. It's always comforting to know what kind of job environment is in the area you are moving to. Is there room for your career to flourish? Additionally, even if you do not have children, knowing the education system is just a good idea. It is one of the things that people usually consider important in a new town, and if you have to move again; a home in a good education district will fetch a higher price.

Try to find out what the future hold for the area too. This can usually be accomplished by talking to your realtor, but also seeking info from the city itself. Find out if there are any development or expansion plans for the area. Things like proposed developments, both residential and commercial can drastically effect your property values. You will always be well served to stay cognizant of the future of any area that you move to. Keep in mind that potential developments and future plans can make or break an area, so the more info you have at the beginning the better.

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Lee Keadle is a professional Charleston REALTOR®. with years of experience in the Charleston real estate market, it is Lee's goal in life to facilitate the buying and selling of homes and properties in the Charleston area. For more information contact Lee today or visit www.searchforcharlestonrealestate.com

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/reasons-to-move-to-charleston.html http://www.articletrader.com/finance/real-estate/reasons-to-move-to-charleston.html Thu, 29 Mar 2007 00:00:00 -0500
- Beautiful Homes - There are some amazing homes in this area and more are being constructed every day. It does not matter if your tastes lean towards country cottages or stylish loft condos, there is a special piece of property for everyone in Charleston. There is also a great selection of historical and heritage homes, plantation style manors and homes that will simply take your breath away.

- Schools - This area is home to some excellent schools, both public and private. There is also a wealth of post-secondary options that cater to students of all kinds. Whether you are seeking a school for trades or academics there are a great selection of schools that can provide the quality education that is important to you and your family.

- Employment - There is a thriving employment atmosphere in Charleston. The strong, skilled, educated workforce here provides a great backbone for the industrial and business communities. With such a wide array of opportunities it will never be difficult to find quality employment.

- Scenery - This is simply a beautiful area in which to live. The natural scenery creates a beautiful backdrop for the homes and properties. There is also an abundance of parks and green spaces that only add to the already inspiring visual element of Charleston. The local islands that sit just off the coast are a beautiful element of the scenery here, adding to the scenic coastline, and beautiful beaches.

- Investment - Real estate values in South Carolina are on the rise. Homes and properties here have become an excellent real estate investment. Not only are home owners realizing an excellent increase in the values of their homes, but investors are receiving a great ROI on investment properties.

- Recreation - This area is home to some splendid recreational options. The natural landscape provides fun and interesting recreation choices for people of all ages year round. Also the strong community programs have developed a strong corps of team and individual sports choices.

- Shopping/Entertainment - This area is home to some excellent shopping and entertainment options. Whether you enjoy movies or live theatre, malls or quaint shops, Charleston can provide you with the choices that you desire.

- Diverse Population - This area boasts an economically and racially diverse population with an abundance of culture from around the globe. This has created a wonderfully synchronized community with a strong emphasis on family values and equality.

There are numerous other reasons to relocate to Charleston, too many to list on one page in fact. Its simply a great place to live, and a great place to invest in real estate.

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Lee Keadle is a professional Charleston REALTOR®. with years of experience in the Charleston real estate market, it is Lee's goal in life to facilitate the buying and selling of homes and properties in the Charleston area. For more information contact Lee today or visit www.searchforcharlestonrealestate.com

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/interior-upgrades-added-selling-value.html http://www.articletrader.com/finance/real-estate/interior-upgrades-added-selling-value.html Thu, 29 Mar 2007 00:00:00 -0500
There are several things that an average buyer takes into account when looking at a home. You probably already know what they are, after all you bought the home you are now selling right? A great area to start is in the kitchen. Are the appliances a touch out of date? Replacing them is well worth the expense as new stove, fridge and the like are extremely popular additions and something that prospective buyers notice right off the bat. Another thing that people rarely thing of is the condition of the floors. Floors become such an unnoticed part of our lives that they can be easy to overlook. Carpeted floors should always be steam or professionally cleaned before prospective buyers come anywhere near your home. If you have wood or laminate make sure to clean them with the proper cleaner for the surface. Be careful of which cleaner you use as some cleaners can damage wood or laminate.

Now, take a look at your walls. Notice anything that could be improved? How about the color? Neutrality is gospel here. Outrageous colors may be exactly what defines your style but in keeping those when selling you can easily alienate a large group of buyers. Sticking with neutral colors will help you home to appeal to a greater number of people and give it a better chance of selling. Many buyers will be able to see through crazy colors, but not too many of them will want to have to repaint.

Take some time and make sure to clean the house from top to bottom, removing clutter and personal items. These are things you will have to pack sooner or later anyway, best to get a head start on it. Removing personal items will also help buyers to place themselves in the home without seeing pictures of someone else's family everywhere. If you ever have any doubts or concerns, talk to your realtor and they should be able to help you get your home in tip-top shape for selling.

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Lee Keadle is a professional Charleston REALTOR®. with years of experience in the Charleston real estate market, it is Lee's goal in life to facilitate the buying and selling of homes and properties in the Charleston area. For more information contact Lee today or visit www.searchforcharlestonrealestate.com

Source: http://www.articletrader.com ]]>