Just listed!  Attractive, sparkling clean, well-maintained,  family-friendly home with five bedrooms, three full baths!   Fifth bedroom on the first floor with adjacent bathroom could be perfect guest or in-law suite or home office.  Warm wood-paneled vaulted family room with fireplace offers a great place to relax.  Or retreat to the full-sized screened in porch overlooking the shaded backyard!  Located in the Smoketree subdivision–convenient for shopping and commuting–and within walking distance of highly-rated Chesterfield Schools and sports fields, tennis, and playgrounds.  Take a look at the complete photo album and also at the descriptive flyer.  If you have questions or would like more information, email Greg or give him a call at 804-426-6563.   A great value, offered at $249,950.

Suppose you find an otherwise ideal home but a big drawback is the dated kitchen.  It needs new cabinets, countertops, flooring and appliances.  You estimate the cost to be $30,000.  For this $200,000 home, you were going to borrow $190,000 at 5% on a 30 year loan.  The monthly payment would be about $1020/month.  But if you rolled the $30,000 for renovations and borrowed $220,000 at 5.75%, the monthly payment would be about $1283/month, or $263/month more.  On these loans the lender takes into account the increased value of the home due to the proposed renovations.  Not a bad way to make the new kitchen possible!

The alternative would be to finance it through a home improvement center, for example, at around 18% for 10 years (about $540/month) or a home equity line, for around 8.5% for 10 years (about $372/month).  Obviously there are different views on the best financing for each individual, but the 203(k) renovation route may not be a bad option.

Note for Investors:  Renovation loans for needed property improvements are also available to investors considering purchasing rental properties.

At a time when 81% of the homes available for sale are more than 15 years old, it isn’t surprising that home improvements are needed!  HUD provides more 203(k) information if you’d like to read more about whether these loans could work for you.

Appraisal — When you are in the process of purchasing a home, and you have applied for a mortgage loan, the bank will send out an appraiser to evaluate carefully the home, usually inside and out, to determine its value.  The lender/bank wants to know this so they can determine things like how much they are willing to loan you, how much of a down payment they will require, etc.  So the appraisal is the valuation of a home by a licensed professional appraiser for the purpose of determining the details of that loan that will (or won’t!) be made available for that particular property.

Assessment — The assessment also has to do with determining a home’s value.  But it is done by a different person for a different purpose.  When you own a home, a significant expense you will incur is the local taxes on your property.  You will usually pay these taxes either directly to the city/county in installments, or you will pay them monthly as a part of the monthly payment you make on your home.  (The monthly payment you make usually has four parts:  principal, interest, taxes and insurance.)  The city/county will send out an assessor who will determine the value of your home for the purpose of determining your taxes, which is to say that your taxes will be a percentage of your “assessed value.”

When it comes to buying, selling or owning a home, appraisals and assesments are always important, but they can become even more significant when the real estate market is down.  For example, say you wrote an offer to purchase a home and then applied for a loan for that home.  If the appraisal comes in at a lower figure than the price you offered, that will reduce the amount the bank would be willing to loan for the property.  Which could complicate the buying of that property!  So it’s actually an issue about which both buyers and sellers need to be aware.

When it comes to the assessment, say the market value of your home has decreased, for example, 20% over the past couple years.  But your assessment has remained the same.  This may cause you to wonder if you might be paying too much in taxes.  This is why homeowners sometimes “appeal” their assessments.  (Then again, when the day comes that these homeowners decide to sell their homes, they might then wish for that higher assessment!)

Appraisal vs assessment?  Now you know the difference!

Nervous–”I’m interested in buying a home, but what if I don’t get the best deal?”

Confident–”I could own my own home for what I’m paying in rent!”

Uncertain–”Interest rates seem good, but can I even qualify?”

Excited– “I’ve been thinking about this for some time and it really would be awesome.  Maybe the time has come!”

Yep, it can be all those things at the same time, plus more!  And even though it may be confusing, it really is a great time to buy a home.  Interest rates are truly low right now (in the range of what they were in the late 1950’s), the choice of available homes is still good as are prices, and the first time buyer tax credit of $8000 for qualified buyers (see details) is still in place (but not for much longer, currently ends November 30th).  If you or someone you know is considering purchasing your first home and would like to know about what would be involved, send me an email or give me a call.  I’d be glad to help in any way that I can.  These truly are days of great opportunity!

Welcome to 6 Alexis Drive, Henrico, Virginia!  This gracious and stately colonial sits on a one acre lot landscaped with an abundace of azaleas, hydrageas, crepe myrtle, perennials, bulbs and blooming trees.  Hardwood floors throughout, a gazebo style screened porch and a powered workshop outbuilding also enhance this country retreat in Henrico County.  Take a look at the complete photo album of this home–a taste of Williamsburg here in Richmond!  This home sold for higher than the list price in 16 days! If you’d like more information about my marketing or anything relating to home buying or selling, email me or call 804-426-6563.

Check out this beautiful Chesterfield, Virginia home!  Charming, tastefully-decorated home with finished walk-out basement and sizeable fenced back yard.  Classic colonial look with updated open floor plan.  You will enjoy viewing the complete photo album of this home.  Convenient location, lovely neighborhood, great schools, and happy new owners!  Call me on my mobile, 804-426-6563.  I’d be glad to help you find the right home or start researching and planning to help you sell yours!

407 Pleasanthill Drive now has new owners!  Quiet wooded cul-de-sac half acre, 2000+ square feet, 2-car garage (storage above), screened-in porch, deck–a beautiful home, super neighborhood, and a great value!  Check out the complete photo album of the home and property.  Although this property is no longer for sale, I would be glad to help you find a home that will work for YOU!  Call me at 804-426-6563 or email me if I can answer any questions and/or help you in your home search.