INVEST YOUR RENT: Why Pay Your Landlord’s Mortgage?

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The only one who benefits from a rent check is the landlord. Renters never see that money again, while homeowners usually profit when they sell. In addition, renters can’t use any of their rent payment as a tax deduction, like homeowners can. If you or someone you know is renting, it’s time to put that rent check to better use!e mortgage-interest deduction is probably the best financial argument for buying rather than renting. Consider this example:If you can afford a mortgage payment of $1,000 (principal and interest only), you can buy a house for $151,426 if you put 10% down on a 30-year mortgage at 8% interest ( current rate for great credit is 4%) . If your payments started in January, you would pay $10,862 in interest for the first year in the home. That entire amount is deductible on your federal income tax return! Assuming you are in the 27.5% tax bracket, you would save $2,989 in taxes, or $249 per month. So your $1,000 payment is really only $751 when you factor in the homeowner’s tax advantage.

Can A Renter Really Afford To Buy?

shells5The real question is whether renters can afford not to buy. The tax savings alone make the purchase of a home a wise financial decision. But let’s go a step further.

Using the same example, a 10% down payment would create an immediate equity of $15,142. Assuming the $151,426 house grows in value by just 3% a year, in five years it would be worth $175,544. The original loan amount would then be down to $129,565, yielding an equity of $45,980. In addition, remember the nearly $3,000 tax savings every year. The total value of your equity and tax savings would be almost $61,000 after five years.

Pick A Loan

To take advantage of the financial benefits of homeownership, renters must first find out how much buying power they have. We can help. Call us for information about the whole range of mortgage options now available, including low- and no-down-payment loans, and programs that allow buyers wrap home-improvement costs and closing costs into the mortgage.

Plan Ahead

Although some lenders allow buyers to use up to 41% of monthly income to purchase a house, beware of becoming “house rich and cash poor.” Be sure to budget for homeownership costs beyond the mortgage, including expenses for:

moving
decorating and furnishing
homeowners insurance
property taxes
homeowners association fees (if any)
utilities-power, water, sewer, cable, trash pick-up
yard tools, supplies and general upkeep
home repairs, supplies, cleaning and upgrades.

Today, homeownership is a wonderful dream-come-true for more people than ever before. Let us help turn those dreams into a home to be proud of.

Check out www.cbbaker.com for more information and helpful tips.  kaybakerassociates@ec.rr.com

Categories: Buying Wilmington NC real estate, mortgage interest deductions, tax advantage, tax advantages to buying real estate, tax exemptions, why pay your landlords mortgage, Wilmington NC Neighborhoods, Wilmington NC real esatate

Masonboro Island Wilmington NC

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Masonboro Island NC

Masonboro Island is an 8 mile long uninhabited island on the southern North Carolina coast between Wrightsville Beach and Carolina Beach and is part of the National Estuarine Research Reserve. Masonboro Island, only accessible by boat, is enjoyed by campers, surfers, anglers, and bird-watchers alike. The reserve consists of about 5000 acres, which about 4400 acres are tidal marsh and mud flats. The most northern end at Masonboro Inlet is the most popular area with its sandy beaches and protected waters. Any summer weekend you will see many boaters and campers prepared for a few days on the beach with tents, grills and water toys in tow. Read the rest of this entry

Categories: Buying Wilmington NC real estate, Uncategorized, Wilmington NC Neighborhoods

TIMING: Seven Buying And Selling Secrets To Know Before You Relocate

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The secret to a successful relocation is timing — synchronized buying, moving and selling. Good timing just takes a little advance planning that puts you in control. Here are seven relocation secrets to make your move work smoothly for you.

1. Sell First

Ideally, you should sell your current home first in order to have all your financial resources available to purchase your next home. You want to avoid waiting until the closing on your new home forces you to sell your old home under the gun. Note that in some markets today, houses are moving so quickly that sellers will not even consider taking a contingency clause that postpones their sale until the buyer’s home sells. Setting the right price for your home and having a customized marketing plan are your best bets for bringing about a quick sale.

2. Find Out What You Can Afford

{short description of image}While your house is on the market, look at what’s available to buy within your price range in your destination area. Your perfect house is out there, but take as much time as you can to find it. It’s not just the house you’ll have to live with — you’ll want to find out about the neighborhood, the schools, proximity to shopping, etc. before you commit to your next home.

3. Shop For A Loan Before You Shop For A House

Try to lock in the best rate you can find. Get pre-approved for financing so you have more bargaining power when you bid on a house. With a pre-approved loan, you’ll be able to go to closing on your new house faster.

4. Coordinate Settlements And Moving Dates

Try to move directly from the old home to the new one. Sometimes you can rent back the old property for a few days or weeks if closing on the new one is delayed. Another alternative is an interim move to an apartment for a short time while waiting to close on the new house.

5. Begin Fix-Ups And Pre-Sale Improvements Early

Have any needed work completed before your house goes on the market. Consider having a home inspection early in the fix-up process so you know what’s important to repair or replace before you set the sales price for your house.

6. Work Closely With Your Agent

Make sure every “i” is dotted and every “t” crossed on time for both closings. You may save time and money for the buyer of your old home with lower “re-issue” fees by referring them to the previous providers of inspections, surveys, title insurance, etc. The information is in your settlement papers. And, if it’s a busy season, line up appointments in advance with the people you’ll need to close on your new house.

7. Avoid The Last-Minute Rush

Call us early. We’ll gather information and provide it to you quickly so you can make informed decisions and workable plans.

Categories: #selling homes, Buying Wilmington NC real estate, Showcasing your home, Uncategorized

Goal :: Home Sweet Home :: 10 Inside Tips

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www.WilmingtonNC-realestate.com

10 Inside Tips For Serious Home Buyers In The Game Right Now

“Neither snow nor rain nor heat nor gloom of night….” goes the postal creed. Serious Wilmington NC home buyers can live by the same mantra. Winter may slow down some home buyers (and sellers), but serious sellers and buyers continue to make deals to successfully transfer homes year ’round.

The home buying game goes on all throughout the winter months, and the selling side is ready and poised for action. Local sellers are motivated right now to move on to their next homes and are eager to engage with interested local buyers — no matter the season on the calendar or what the weather does.

Are you ready to score a home? Home buying moves aren’t complex if you have great coaching from real estate professionals like us. We can help you play the right strategy that will win you a home during the winter months. Here’s why. This time of year, you’ll have fewer buyers to compete with, less pressure to buy quickly, greater overall savings, stellar homes to view, faster closings and end-of-year tax benefits that all add up to a great final score. After you “win” your home, you’ll be able to look forward to the warmer months when you can enjoy it with friends and family!

Keep reading to discover 10 top reasons why right now is a great time to get off the sidelines and reach your goal to buy a home!

1. Less Competition. Think about it: How many people are out looking at homes during the winter and the busy holiday season? Buyers this time of year are usually those who absolutely need to make a move. Therefore, there is often less competition and fewer chances of a bidding war occurring than during the hyper-active selling/buying seasons of spring and summer.

2. Better Deals. With less competition, sellers are likely to consider your offer more seriously — because they’re seeing fewer buyers. Those same sellers are serious sellers that need to sell their home now. As a result, you might be able to negotiate a better price or terms than at other times of the year. With fewer buyers shopping, select home prices may be lower to attract a sale. The typical trend is for home prices to be at the lowest point of the year in December.

3. Overall Savings. Besides a lower home price, you may pay less for moving and repair services since winter is not prime moving time and contractors also aren’t as busy as during warmer months.

4. Interest-Rate Break. Mortgage interest rates are sometimes lower in winter than in spring when demand can push rates higher. You can increase your buying power when mortgage costs are lower.

5. Easy On The Eyes. Sellers often have their homes looking their best during the winter when more family gatherings, holiday celebrations, big meals and increased at-home entertaining takes place. Sellers’ homes are shining for their holiday and seasonal activities, and their homes are sparkling clean and showcased for your viewing pleasure.

6. Quick Closing. Because winter months have fewer home sales, your mortgage lender might not be as booked, resulting in a quicker closing/settlement — helping you and your seller move on and get settled without a lot of thumb-twiddling.

7. Tax Benefits. Closing/settling on your home by the end of the calendar year could help your tax situation. Various settlement charges may be claimed on this year’s tax return as deductions that can lower your federal tax bill. Sellers may also be anxious to sell and take advantage of their own tax benefits during the current tax year.

8. No Pressure. If you’re a first-time buyer or renter, relish the fact that you have a completely flexible schedule to purchase a new home. You don’t have to make rash decisions based on selling your existing home and needing to find a new one quickly. Winter is a great time to look leisurely at homes and make a solid decision based on your schedule alone.

9. ‘Tis The Season. With winter holidays upon us, many people are in a better mood than during other times of the year. Sellers who are motivated and enjoying or looking forward to holiday festivities can be easier to work with, more responsive and more open to negotiations, especially if their buyer is open to closing after the holidays.

10. Local Experts. We know that every neighborhood is different. Let us help you find a home during this winter season — or any time — and show you what makes our area great to live in. Contact us at any time and we’ll help you secure a home that meets your needs and finances.

The same goes for Selling Your Home, your competition is lower as well.  Call us with any questions.

Categories: Buy a Vacation home, Buying Wilmington NC real estate, Relocation Wilmington NC, Selling your home, Top Ten Buyer Tips, wilmington nc relocation, Wrightsville Beach NC

Wilmington NC Waterfront Living Is The Best…

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Wilmington NC Waterfront Living

Waterfront living in Wilmington NC equals or surpasses any area in the Southeast and If you enjoy boating as much as many of us do in Southeastern NC, you definitely know we have one of the best boating locations in the nation. Wilmington, with the Cape Fear River to the West and the Atlantic Ocean to the East, has it all, from the River to the Sea. Read the rest of this entry

Categories: Buying Wilmington NC real estate, Wilmington NC Neighborhoods

Today’s Homes Are Built And Modified “Eco”nomically

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As energy prices increase and the nation searches for cheaper renewable resources, the housing industry has been improving the way it builds and remodels homes. Today’s homes and building materials are more environmentally responsible than ever–conserving resources, using recycled materials and building for longevity.

The National Association of Home Builders reports the following “green” innovations. Be sure to look for them if you’re shopping for a new home or consider installing them if you’re remodeling or repairing a home you already own.

  • More-durable roof coverings

such as steel and fiber-cement

  • More and better insulation

in walls and attics, conserving energy, lowering utility bills and reducing pollution related to energy production

  • OSB (Oriented Strand Board) and laminated fiberboard

made from smaller younger trees, replacing plywood on roofs and board sheathing in walls, both made from larger, older trees

  • Greater use of carpet, sheet vinyl and laminates

rather than wood flooring that taxes lumber supplies

  • Foundation insulation

to reduce energy loss while providing more-comfortable floors

  • Insulated exterior doors and windows with insulating and low-E glass

to keep homes more comfortable and energy efficient

  • Vinyl siding and fiber cement siding

, reducing the use of cedar, redwood and other wood products

  • High-efficiency heating, cooling, and water-heating equipment

to cut energy consumption

  • Water-saving appliances and plumbing fixtures

to reduce water use. They also require less energy to heat water

  • Factory-built components

, such as trusses and pre-hung doors, resulting in more-economical use of materials than cutting wood on the job site

  • Recycled plastic “lumber”

instead of weather-resistant woods (e.g., redwood) for decks, porches, trim and fencing

  • High-efficiency refrigerators

that use less energy and operate using refrigerants that have less potential impact on the ozone layer

  • Passive solar designs

using the sun’s “free” energy to help heat homes

  • Xeriscaping

, which employs native plants that can thrive with little or no extra watering

  • Tree preservation

around homes to provide shade, reducing summer energy costs.

Categories: Buying Wilmington NC real estate, wilmington nc real estate, wilmington real estate stats, Wrightsville Beach makes Top 20 Surf Towns

So you want a boat slip | Wilmington NC Real Estate from $18,900

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Wilmington NC Real Estate, Wilmington NC Homes, Wrightsville Beach Homes.

Are you tired of having to haul your boat down to the public boat ramps in Wilmington NC and have to wait in line to put in?  The price of boatslips in the area are at a all time low.  Protected waterfront boatslips can be bought for as little as $39,000.  Now is the time to invest in Wilmington NC real estate, be it waterfront at that!  Alot of the local marinas have amenities that include  showers, laundry,pool, clubhouse, and a  dock master.

Here are a list of boatslips on the market now in Wilmington NC. from $18,900  BOATSLIPS HERE

Here are a list of local marinas.

Marinas and Yacht Clubs Wilmington, NC

Atlantic Marine
101 Keel St.
Wrightsville Beach, NC 28480
910-256-9911
atlanticmarinesales.com

Atlantic Yacht Club
130 Short St.
Wrightsville Beach, NC  28480
910-256-8100
marinemax.com

Bennett Brothers Yachts
1701 JEL Wade Drive
Wilmington, NC 
910-772-9277
bbyachts.com

Bradley Creek Marina
1418 Airlie Road
Wilmington, NC  28403
910-392-2584
bradleycreekmarina.com

Bridge Tender Marina
1418 Airlie Rd
Wilmington, NC 28403
910-256-6550
bridgetendermarina.com

Canady’s Yacht Basin
7624 Mason Landing Rd
Wilmington, NC  28411
910-686-9116

Cape Fear Yacht Sales
7722 Market St.
Wilmington, NC  28411
910-799-5756
capefearyacht.com

Carolina Beach State Park Marina
1010 State Park Road
Carolina Beach, NC  28428
910-458-7770

Carolina Marina and Yacht Club
1512 Burnett Road
Wilmington, NC  28401
910-790-0172
carolinamarinaandyachtclub.com

Carolina Yacht Club
401 South Lumina
Wrightsville Beach, NC  28480
910-256-3396

Creekside Yacht Club
6334 Oleander Drive
Wilmington,NC  28403
910-350-0023
creeksideyachtclub.com

Dockside Marina
1308 Airlie Road
Wilmington,NC  28403
910-256-3579
thedockside.com

Federal Point Yacht Club
910 Basin Road
Carolina Beach, NC  28428
910-458-4511

Harbour Point Marina
511 Atlantic Ave.
Carolina Beach, NC  28428
910-458-8415

Inlet Watch Yacht Club
801 Paoli Court
Wilmington, NC  28409
910-392-7106
inletwatch.com

Joyner Marina
401 Marina St.
Carolina Beach, NC  28428
910-458-5053
joynermarina.com

Mason’s Marina
7421 Mount Pleasant Drive
Wilmington, NC
910-686-7661

Masonboro Yacht Club
609 Trails End Rd
Wilmington, NC  28409
910-791-1893

Pages Creek Marina
7000 Market St
Wilmington, NC  28411
910-799-7179
pagescreek.com

Point Harbor Marina
1550 Point Harbor Road
Wilmington, NC
910-763-7820

Scotts Hill Marina
2570 Scotts Hill Loop Rd.
Wilmington,NC  28405
910-686-0896

Seapath Yacht Club
330 Causeway Drive
Wrightsville Beach, NC  28480
910-256-3747
seapathmarina.com

Wilmington Marine Center
3410 River Road
Wilmington,NC
910-395-5055

Wrightsville Beach Marina
6 Marina St
Wrightsville Beach, NC  28480
910-256-6666
wrightsvillebeachmarina.com

Watermark Marina of Wilmington
4114 River Road
Wilmington,NC  28412
910-794-5259
watermarkmarinas.com

Categories: Buying Wilmington NC real estate, Investment Property Wilmington NC, marina's in Wilmington NC, wilmington nc real estate

So You Want To Buy A Foreclosure? | Understand The Three Steps | Wilmington NC real estate

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FORECLOSURE:
What Every Buyer Must Know

 In today’s market, you’ll hear lots of terms used to describe “bargain”
properties, distressed, short sale, pre-foreclosure, auction, REO,
bank owned, foreclosure, foreclosed, and more. Confused?
That’s understandable. Some of these terms are interchangeable,
some are not, and some cover a whole range of bargain property types.

 

Foreclosure Overview:

To understand the terms, it’s important to understand the three stages of foreclosure:

  1. Pre-foreclosure stage. This stage begins when the homeowner falls behind on home-loan payments (or sometimes other terms of the loan). Lenders may wait for a second, third or even fourth missed payment before sending the homeowner a Notice of Default — which becomes public record. The homeowner then has a given period of time to respond to the notice and/or come up with the outstanding payments and fees — sometimes by selling the home in a pre-foreclosure sale, also known as a distress sale. (If a judicial procedure is required, it occurs after the notice of default is given.)One type of pre-foreclosure or distress sale is a short sale — when proceeds from the sale of a home are less than the amount of mortgage still owed to the homeowner’s lender. A lender-approved short sale (or short payoff) occurs when the homeowner’s lender agrees to accept the proceeds of the home sale as satisfaction of the mortgage owed, even though proceeds are less than the outstanding debt.
  2. Foreclosure stage. At this stage, the former homeowner may or may not have been evicted — depending on state law — when the lender puts the home up for public auction (after a judgment of foreclosure in those states requiring judicial procedure).If the home sells at the foreclosure auction, (sometimes called a sheriff’s sale, trustee’s sale or step sale) money from the sale is used to pay off the costs of the foreclosure, taxes and other prior liens, service charges and advances, interest and principal on the mortgage, late charges or fees, and liens recorded after the first mortgage. Any amount left over is paid to the borrower (former homeowner). When proceeds from the sale are less than the various amounts owed, the lender may be able to hold the borrower responsible for the difference (deficiency judgment).
  3. Post-foreclosure stage. When a property that does not sell at auction — either because no one bid on it or because bids did not meet the lender’s or agency’s minimum price — the property becomes real estate owned (REO) by the lender or government agency that guaranteed the loan (such as FHA/HUD, VA, etc.). You’ll also hear the term bank-ownedapplied to these properties, whether they are owned by an actual bank or some other type of lender. (Be aware: The term REO also applies to properties purchased by companies from employees who didn’t sell their home on the market before relocating, which is to say that not all REOs are foreclosed properties.)Once the lender or agency has repossessed a property following a failed auction attempt, the home is put back on the market. Most REO properties are listed for sale through real estate brokers and placed on the Multiple Listing Service.

 

At this stage, the foreclosure process is complete, and the property may be accurately described as a foreclosed property, while in the first two stages the home is in foreclosure and should be referred to as a foreclosure property. (You’ll find, however, that real estate writers and others sometimes misuse this terminology; be sure to ask if you are unsure what stage of foreclosure a particular property is in.)

Here is a list of current foreclosures in the Wilmington NC real estate area  Click Here for List…

For a list of Short Sale Homes Click Here….

To search the Wilmington NC MLS, please visit www.cbbaker.com

 

Categories: Buy a foreclosure in Wilmington NC, Buying Wilmington NC real estate, Wilmington NC Market Statistics, wilmington nc real estate, wilmington nc weekly events, worlds largest christmas tree, Wrightsville Beach NC

Peace of Mind | Buy a 2-10 Home Warranty | Wilmington NC real estate

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Whether you are buying or selling a home, it is a good idea to purchase a home warranty to give you peace of mind.  If you are selling, you can use the warranty as an incentive for the buyer.  I would highly recommend purchasing a warranty when you purchase Wilmington NC real estate, as this gives you 1 year to make sure things are working as they should.  Of course, a home inspection should be done before you purchase to let you see what exactly you are buying.  Coldwell Banker Sea Coast Advantage Realty uses 2-10 Home Buyers Resale Warranty.  If a seller is purchasing a warranty, we can start the warranty at the time of actually listing the house.  The seller is covered during the listing agreement time, and for a extra fee the Seller’s AC/Heat Pump are covered as well.

Provided at the closing of your home or purchased directly from 2-10 HBW*, this warranty covers normal wear and tear to your home’s major systems (furnace, hot water heater, air conditioner, plumbing and electrical systems) and major appliances (refrigerator, oven, dishwasher, built-in microwave, disposal, trash compactor). Complementary to your homeowner’s insurance, your 2-10 HBW warranty covers the repair or replacement of the most frequent and likely home system and appliance breakdowns.

When a covered system breaks down, simply place a claim online or call their toll-free number, and we will immediately dispatch a contractor to make the repair. You pay the contractor a small service fee and we pay the rest for all covered items. You don’t have to hassle with finding a contractor or worry about negotiating the cost of the repair work. In the event that a covered system or appliance cannot be repaired, we will replace it with a system or appliance of comparable or better quality. It’s the perfect solution for today’s busy homeowner.  There are warranty plans for existing homeowners who are not planning on selling as well.

For more information please visit http://www.cbbaker.com/pages.php?page=152

 

Categories: 2-10 home warranty, Buying Wilmington NC real estate, Figure Eight Island, Landfall, Porters Neck Plantation, Wilmington NC Neighborhoods, wilmington nc real estate, worlds largest christmas tree, Wrightsville Beach NC

Choosing A Contractor | Homework First | Wilmington NC real estate

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Thinking of updating your kitchen? Re-doing your bath? Adding on to your home? Most likely, you’ll need to hire a home improvement contractor.

You can start your search for a contractor by talking to friends, family members or neighbors who have used a contractor recently. Ask if they would recommend the person or firm they used. To verify each contractor’s reputation, ask these questions:


• Did the contractor begin and end on time?
• Did the contractor try to minimize disruption of your family? How?
• How do you score the contractor on both technical expertise and finished appearance of the project?
• Did the contractor work neatly and clean up at the end of each workday?

Once you have a list of prospective contractors, do some research on your project by reading do-it-yourself magazines and manuals. You don’t need to know how to do the job yourself, you just need an idea of the work involved.

Now it’s time to ask at least three contractors to bid on your project. As you talk through the proposed improvement, ask what special or unexpected problems could arise and ask how the contractor would resolve them. If a contractor is vague or dismisses your question, scratch him off your list.

When adding rooms, rearranging the kitchen, moving walls or performing other major improvements, spend the extra money for a design professional. Be sure anyone who works on your house is licensed and insured.

Once you receive the bids, review them carefully. Don’t automatically go with the lowest bidder. You may get a better job or the contractor may use better materials when you pay a little more.

Write the contract to include exactly what the project will entail, how much it will cost, and at what points payments will be made; how changes in plans will be handled; the quality of materials to be used; the beginning and ending dates and sanctions for tardiness.

Keep on top of the project, checking progress and the quality of workmanship. If you are unhappy with something, talk to the contractor immediately. Make sure all changes from the original contract are made in writing and keep in mind that changes may affect the schedule and delay completion.

If possible, have your chosen contractor do a small job first, so you can learn first-hand the quality of work and what it’s like to have that person temporarily take over a part of your home.

We have concierge list of contractors in the Wilmington NC area that we would be glad to share with you.  Just email me at kaybaker@ec.rr.com and we will get it right out to you.

Have fun with your project!

Categories: Buying Wilmington NC real estate, contractors in wilmington nc, wilmington nc, wilmington nc convention center, Wilmington NC Neighborhoods, wilmington nc real estate


Kay Baker Associates | 1001 Military Cutoff | Ste 101 Wilmington, NC 28405 | kaybakerassociates@ec.rr.com | 910-202-3607 | Fax 910-338-2428

Copyright © 2016 Wilmington NC Real Estate Guide. All rights reserved. Disclaimer: All content on this blog is my own opinion and should not be treated as fact or relied upon when purchasing or selling real estate.