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

“Make A Moving Game Plan.” Moving on in…

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The best first thing you can do when you find out you’re relocatichecklist-ng is to draw up a “game plan” for your move. Make lists for everything. List all the tasks you need to accomplish and try to give a reasonable deadline for each task. This will help you to set priorities so you’ll have a clear idea of what needs to get done and by when.

Here are some items to include on your moving “to-do” list:

Six Weeks Before Moving

  • Make an inventory of everything to be moved.
  • Collect everything not to be moved for a garage sale or charitable donation.
  • Contact the charity for date/time of pickup. Save receipts for tax records.
  • Select mover, arrange for exact form of payment at destination (cash, check). Get cartons and packing materials to start packing NOW, unless you have packing services.
  • Contact insurance agent to transfer/cancel insurance coverage.
  • Check with employer to find out what moving expenses they will pay.

Four Weeks Before Moving

  • Notify all magazines of change of address.
  • Check with veterinarian for pet records and immunizations.
  • Contact utility companies for refunds of deposit, set turn-off date.
  • Contact broker in new community to set up utility turn-on date.
  • Service power mowers, boats, snowmobiles, etc. that are to be moved, drain all gas/oil to prevent fire in moving van.
  • Check with doctors and dentist for all family records and prescriptions.
  • Get children’s school records.
  • Remove all jewelry and other valuables to a safe deposit box or other safe place to prevent loss during move.
  • Give away or arrange for transportation of house plants (most moving companies will not move plants, especially in winter).

One Week Before

  • Transfer or close checking and savings accounts. Arrange for cashier’s check or money order to pay moving company on arrival to new community.
  • Have automobile serviced for trip.
  • Fill out Post Office change of address forms, give to postmaster.
  • Check and make inventory of all furniture for dents and scratches, notify moving company of your inventory and compare on final day.
  • Dispose of all combustibles and spray cans (spray cans can explode or burn).
  • Pack a separate carton for cleaning materials and tools.
  • Separate cartons and luggage you need for personal travel.
  • Organize at least one room in the house for packers and movers to work freely.
  • Cancel all newspapers, garden service, snow removal, etc.
  • Review the entire list to make certain that you haven’t overlooked anything. Check and double-check everthing you have done before it’s too late.
Categories: 2-10 home warranty, Moving, wilmington, wilmington beach homes

Moving : Smoothing the Way for Uprooted Children

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www.WilmingtonNC-realestate.com

If you’re moving with children, you may anticipate some (or a lot of) resistance. Take heart. You can make the uprooting and resettling more palatable by following a few of these suggestions:Child Packing Toys

  • Don’t jump to the conclusion that your children will, in fact, resist moving. They might surprise you and jump at the chance to make a new start. At any rate, don’t bring up the subject defensively. Deliver the news with a positive attitude.
  • If, however, the announcement causes real trauma, sympathize sincerely. Listen to the anticipated difficulties and search for solutions together.
  • Don’t disallow expression of those understandable feelings of hurt, anger and frustration. Instead, tactfully try to put a time lid on the emotional period. Let your kids know that you, too, feel sad and frustrated at times. Talk about how to deal with sadness and fear.
  • If possible, consider making your move during the school year. This will give your children a chance to make new friends immediately. Moving during the summer has advantages, too, but can proglong grieving many long, lonely months in a strange town – and increase the grieving about separation from old friends and former haunts.
  • Be as lenient as possible regarding long-distance calls to “back home.”
  • Enlist your children’s participation in the details of the move. Try to keep them from feeling they have no control over events.
  • Encourage your children to join groups, clubs and other organizations in the new location that are in line with their special interests.
  • Look for as many avenues of “adventure” as you can find to convince your children that doors are opening rather than closing. On house-hunting trips, bring back lots of photos, literature and brochures – especially about things they are concerned about. Better yet, take the children along on house-hunting trips, if possible.

Relocation can be difficult for the whole family. Let our professionals take care of the complicated details of buying or selling, while you take care of your family. E-mail us for the help you need to make family relocation a smooth move.

Categories: Moving, Relocating with Children

Spring! A Great Time To Move | Best Move Options

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BEST MOVES
More Options Abound For Today’s Homebuyers And Sellers

In this Wilmington NC spring market, making a move may be easier than ever before. Thanks to improvements in the real estate market, employment options, housing choices and personal finances, more people today are moving to where they want to live, not where they have to live.

In fact, moving today is easier than you think. Wilmington NC real estate sellers are finding their priced-right homes selling, allowing them the freedom to relocate down the street, to the other side of town, across the country or around the world. Plenty of buyers are out there right now, taking advantage of our springtime temperatures and increased inventory. Many want to start their new life in a new home by the beginning of summer.

What’s moving today’s buyers? Job situations for many have changed for the better. (As always, employment is a major factor driving home sales.) One reason is that more and more people are working from home, and breadwinners are less tied to living near work. Now they have the flexibility to move to where their family wants to be located, where their favorite activities are based (think sports, outdoor opportunities), and where they have relatives and friends.

Don’t miss out. If it’s time for you to make a move, now is a great time. Keep reading to learn how to make the best move to a location that is the best for you!

What Comes First?

If you’re going to move, get your home ready for sale first. We can assist you with that task, helping you create a to-do list to attend to little things that buyers notice. Plus, nail down must-do bigger items that need attention before your home goes up for sale. Although some sellers don’t care to attend to these items, to get the best price for your home, it’s important to make your home an attractive, move-in-ready property.

BEST MOVE:

Take time to thoroughly go through your home and highlight any issues that a buyer’s inspection may later find. It is wise to remedy any problems before the home goes on the market. Additionally, we can advise you whether a home warranty would help make your home desirable to the greatest number of homebuyers.


BEST MOVE:

Bring in a home stager to make your home as close as possible to looking like a model home. Home stagers do a great job of using what you own to make your home’s spaces look friendly, usable and roomy for potential buyers.


BEST MOVE:

It’s often best to sell your home first, while you look but before you buy in your new location. This isn’t a hard and fast rule, but it allows you to know exactly how much money you have available to buy your next home. Shop while your home is for sale, and if you find that perfect home, consult with your mortgage lender to see if you can make the move financially before selling your current home. A bridge loan may help get you there.

Where Are You Going?

If you’re still deciding where you’re going to move to once you sell your home, you need to do some research…pronto. To judge places to live, it’s wise to visit multiple times to dig into the area, understand transportation and education options, the employment situation, housing types and costs, and true cost of living.

BEST MOVE:

Even if you’ve lived in a specific location before and want to move back, realize that time changes things. It’s still ideal to visit the area and confirm your move choice.Take time to research and make sure the move is a good fit for you—and your entire family. Yes, you can always move again, but as you know, it does require time and money to pick up again if you find you aren’t happy with your new location.We know our area well. We can advise you about the types of homes available here and their price ranges. We can guide you to local information that provides reliable details on schools, shopping, transportation, entertainment, outdoor space, you name it.

If you are moving out of our area, we can connect you with a top-quality real estate professional in your new location to assist you in not only getting the home you want there, but the information you need to make an informed housing decision.Some online help is always valuable. Check out websites that provide school information, walkability, traffic and crime reports, etc. Many sites provide the information for free, but some require subscriptions to view details. Remember, we can help you with finding specific details on our local area—just ask.

How To Whittle Down?

If you’re making a move to improve your situation, you want to move with only what matters most to you and your family. Before you put your home up for sale, it’s important to start going through your belongings and categorizing what is most important to keep.

Create areas to collect giveaway items (for charities, friends, family, etc.) while you evaluate your belongings.

If you have items of value you want to sell, start early and don’t underestimate the amount of time needed to sell items online, through garage sale(s), auction or classified sites or even through nearby newspaper classifieds. Have a plan in place for items that don’t sell.

Decluttering can uncover a lot of stuff you didn’t know you had, but still want. Box up items that you currently don’t have room for and store them off-site, either at a friend’s or family member’s home or in a rental storage unit.

BEST MOVE:

When boxing up items for off-site storage, be sure to pack them well the first time. When you’re ready to move with them, you won’t have to open and repack everything to safely survive a longer move.


BEST MOVE:

If you are likely to replace large/heavy items, such as appliances, a dining room set, couch or bedroom set, shortly upon arrival at your new residence, you may want to sell or give these items away before you move to cut down on the hassle and expense of moving them. Look for a local charity that helps homeless and disadvantaged families.

 

 

Categories: waterfront wrightsville beach, wilmington beach homes, wilmington nc, Wilmington NC homes, Wilmington NC Market Statistics, Wilmington NC Neighborhoods, wilmington nc relocation, Wrightsville Beach NC

Moving? Smoothing the Way for Uprooted Children | Wilmington NC real estate

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Wilmington NC real estate tips

If you’re moving with children, you may anticipate some (or a lot of) resistance. Take heart. You can make the uprooting and resettling more palatable by following a few of these suggestions: Child Packing Toys

  • Don’t jump to the conclusion that your children will, in fact, resist moving. They might surprise you and jump at the chance to make a new start. At any rate, don’t bring up the subject defensively. Deliver the news with a positive attitude.
  • If, however, the announcement causes real trauma, sympathize sincerely. Listen to the anticipated difficulties and search for solutions together.
  • Don’t disallow expression of those understandable feelings of hurt, anger and frustration. Instead, tactfully try to put a time lid on the emotional period. Let your kids know that you, too, feel sad and frustrated at times. Talk about how to deal with sadness and fear.
  • If possible, consider making your move during the school year. This will give your children a chance to make new friends immediately. Moving during the summer has advantages, too, but can proglong grieving many long, lonely months in a strange town – and increase the grieving about separation from old friends and former haunts.
  • Be as lenient as possible regarding long-distance calls to “back home.”
  • Enlist your children’s participation in the details of the move. Try to keep them from feeling they have no control over events.
  • Encourage your children to join groups, clubs and other organizations in the new location that are in line with their special interests.
  • Look for as many avenues of “adventure” as you can find to convince your children that doors are opening rather than closing. On house-hunting trips, bring back lots of photos, literature and brochures – especially about things they are concerned about. Better yet, take the children along on house-hunting trips, if possible.

Relocation can be difficult for the whole family. Let our professionals take care of the complicated details of buying or selling, while you take care of your family. E-mail us for the help you need to make family relocation a smooth move.

More TipsFor more tips on finding the right schools for your children, read our special online report, HOME SEARCH 101: Tips For Locating The Right Schools. Just click the link to read it right away. And feel free to give us a call for any other information or assistance you may need.

Baker Wayne And Associates 910-202-3607 1001 Military Cutoff Wilmington, North Carolina 28405 bakerwayneassociates@ec.rr.com www.cbbaker.com

Categories: Moving with Kids, wilmington nc real estate, wilmington nc relocation, wilmington nc weekly events, wilmington real estate stats


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

Copyright © 2017 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.