Check-out this home that’s located in the Cottages at Pryse Farm:
Home For Sale – Farragut
Category Archives: Housing
Questions to Ask When Considering a Condo
Condominiums, townhomes, and properties located within a homeowner association offer certain perks, but it’s important to consider them in your decision process.
How much storage is available?
Some properties include storage lockers, but there may not be attics or basements to hold extra belongings.
How’s the outdoor space?
Your yard may be smaller than you’d find in a traditional single-family home, so if you like to garden or entertain outdoors, this may not be a good fit. But if you dread yard work, it may be the perfect option.
Are amenities important?
Many properties offer swimming pools, fitness centers, and other facilities that would cost much more in a single-family setting.
Who handles maintenance and security?
Property managers often hire professionals to care for common areas and perform in-unit repairs. Keyed entries and doormen may regulate access to your home when you’re not there (good news if you travel).
Are there required reserve funds and association fees? How much are they?
Although fees generally help pay for amenities and provide savings for future repairs, the HOA or condo board determines these fees, and you’ll have to pay them even if you’re not in favor of the improvements.
What are the association rules?
Although you have a vote on future changes, association rules can dictate how you use your property. Some condos prohibit home-based businesses; others prohibit pets or don’t allow owners to rent out their units. Read the covenants, restrictions, and bylaws carefully before you make an offer.
What’s the average vacancy rate?
It’s never too early to be thinking about resale. The ease of selling your unit may depend on what else is for sale in your building, since units are similar.
How many units are owned by investors?
Some lenders require a certain percentage of the building to be owner-occupied and may not be able to offer you financing if the ratio is too low.
Can I meet other residents before making an offer?
You will share space and decision-making duties with your neighbors when part of a homeowner association, so it’s important to make sure you can work together. If possible, try to meet your closest prospective neighbors before you decide on a place.
Source: National Association of REALTORS®
35 Acre Farm – Norris Lake Area
This home offers a variety of outdoor activities all at your backdoor; so check it out:
Norris Lakefront – House For Sale
Check-out this one owner log home that offers pristine views of the lake:
How to Prepare to Finance a Home
Develop a budget.
Instead of telling yourself what you’d like to spend, use receipts to create a budget that reflects your actual habits over the last several months. This approach will better factor in unexpected expenses alongside more predictable costs such as utility bills and groceries. You’ll probably spot some ways to save, whether it’s cutting out that morning trip to Starbucks or eating dinner at home more often.
Reduce debt.
Lenders generally look for a debt load of no more than 36 percent of income. This figure includes your mortgage, which typically ranges between 25 and 28 percent of your net household income. So you need to get monthly payments on the rest of your installment debt—car loans, student loans, and revolving balances on credit cards — down to between 8 and 10 percent of your net monthly income.
Increase your income.
Now’s the time to ask for a raise! If that’s not an option, you may want to consider taking on a second job to get your income at a level high enough to qualify for the home you want.
Save for a down payment.
Designate a certain amount of money each month to put away in your savings account. Although it’s possible to get a mortgage with 5 percent down or less, you can usually get a better rate if you put down a larger percentage of the total purchase. Aim for a 20 percent down payment.
Keep your job.
While you don’t need to be in the same job forever to qualify for a home loan, having a job for less than two years may mean you have to pay a higher interest rate.
Establish a good credit history.
Get a credit card and make payments by the due date. Do the same for all your other bills, too. Pay off entire balances as promptly as possible.
Start saving.
Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs, which can average between 2 and 7 percent of the home price.
Obtain a copy of your credit report.
Make sure it is accurate and correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
Decide what kind of mortgage you can afford.
Generally, you want to look for homes valued between two and three times your gross income, but a financing professional can help determine the size of loan for which you’ll qualify. Find out what kind of mortgage (30-year or 15-year? Fixed or adjustable rate?) is best for you. Also, gather the documentation a lender will need to preapprove you for a loan, such as W-2s, pay stub copies, account numbers, and copies of two to four months of bank or credit union statements. Don’t forget property taxes, insurance, maintenance, utilities, and association fees, if applicable.
Seek down payment help.
Check with your state and local government to find out whether you qualify for special mortgage or down payment assistance programs. If you have an IRA account, you can use the money you’ve saved to buy your first home without paying a penalty for early withdrawal.
Source: National Association of REALTORS®
Checklist: Your Final Walk-Through
Closing time is hectic, but you should always make time for a final walk-through to make sure that your home is in the same condition you expected it would be. Here’s a detailed list of
what to check for on your final walk-through.
- Basement, attic, and every room, closet, and crawl space have been checked.
- Requested repairs have been made.
- Copies of paid bills and warranties are in hand.
- No major, unexpected changes have been made to the property since last viewed.
- All items included in the sale price—draperies, lighting fixtures, etc.—are still on site.
- Screens and storm windows are in place or stored onsite.
- All appliances are operating (dishwasher, washer/dryer, oven, etc.).
- Intercom, doorbell, and alarm are operational.
- Hot water heater is working.
- Heating and air conditioning systems are working.
- No plants or shrubs have been removed from the yard.
- Garage door opener and other remotes are available.
- Instruction books and warranties on appliances and fixtures are available.
- All debris and personal items of the sellers have been removed.
Source: National Association of REALTORS®
Farragut – House For Sale
Check-out this updated home that’s located in sought after Village Green:
How to Prepare to Buy a Home
Talk to mortgage brokers.
Many first-time home buyers don’t take the time to get prequalified. They also often don’t take the time to shop around to find the best mortgage for their particular situation. It’s important to ask plenty of questions and make sure you understand the home loan process completely.
Be ready to move.
This is especially true in markets with a low inventory of homes for sale. It’s very common for home buyers to miss out on the first home they wish to purchase because they don’t act quickly enough. By the time they’ve made their decision, they may find that someone else has already purchased the house.
Find a trusted partner.
It’s absolutely vital that you find a real estate professional who understands your goals and who is ready and able to guide you through the home buying process.
Make a good offer.
Remember that your offer is very unlikely to be the only one on the table. Do what you can to ensure it’s appealing to a seller.
Factor maintenance and repair costs into your buying budget.
Even brand-new homes will require some work. Don’t leave yourself short and let your home deteriorate.
Think ahead.
It’s easy to get wrapped up in your present needs, but you should also think about reselling the home before you buy. The average first-time buyer expects to stay in a home for around 10 years, according to the National Association of REALTORS®’ 2013 Profile of Home Buyers and Sellers.
Develop your home/neighborhood wish list.
Prioritize these items from most important to least.
Select where you want to live.
Compile a list of three or four neighborhoods you’d like to live in, taking into account nearby schools, recreational facilities, area expansion plans, and safety.
Source: National Association of REALTORS®
House For Sale – Seymour Tennessee
Check-out this home that’s located between Knoxville and Seymour:
The Tax Benefits of Owning
The tax deductions you’re eligible to take for mortgage interest* and property taxes greatly increase the financial benefits of home ownership. Let’s work through a hypothetical situation to see how it works.
If we assume the following:
$9,877 Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
+$2,700 Property taxes (at 1.5 percent on $180,000 assessed value)
$12,577 Total deduction
Then, multiply your total deduction by your tax rate.**
For example, at a 28 percent tax rate: $12,577 x 0.28 = $3,521.56
$3,521.56 = Amount by which you have lowered your federal income tax
*Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.
**The rate at which you’re taxed is determined by your tax bracket, which in turn is determined by how much you earned in a given year along with your filing status (single, married filing jointly, married filing separately, or head of household). IRS Publication 501 will help you determine your rate.
Source: National Association of REALTORS®