Charlotte Property Hunters - Find Your Dream Home in South Charlotte and Union County, North Carolina

With the current economic crisis, many counties are raising property taxes in an attempt to balance their fiscal budgets and reduce their deficits. According to a survey by the National Association of Counties, a group that represents county governments.property taxes, about 18% of counties whose fiscal year begins between January and June increased property taxes to address revenue shortfalls.. There are some ways you can your property tax bill, one being a property reassessment..

Typically the property taxes are calculated based on an official assessment of the home’s value. Because the value of most homes have dropped in the last few years, you can challenge what the value of your home is currently valued at and thus reduce your tax by hundreds of dollars. Even before you seek an assessment, it is a good idea to check your records to make sure there are no mistakes. Simple typos and incorrect information can cause homeowners to be.charged more than they should.

Whether you are planning to sell your home in the near future or are planning to stay for a few more years, it is worth trying to get a reassessment. Keep in mind that if you can reduce your taxes, you not only will save money on taxes, but it will be a great selling tool.

Before the 1970′s, household paint often contained lead. Although it is no longer sold, it can still post a serious danger. As lead paint ages, it can chip or crumble into dust. If you live in or own an older home, you need to know how to protect your family. Lead-based paint is a major source of lead poisoning for children and can also affect adults. In children, lead poisoning can cause irreversible brain damage and can impair mental functioning. It can retard mental and physical development and reduce attention span.  In adults, it can cause irritability, poor muscle coordination, and nerve damage to the sense organs and nerves controlling the body. Lead poisoning may also cause problems with reproduction and may increase blood pressure. Young children, fetuses, infants, and adults with high blood pressure are the most vulnerable to the effects of lead

If your home was built before 1978, there is a very good chance that there is lead paint.  If you are buying a home or even leasing a home, federal law requires a lead-based paint disclosure be supplied.  It is possible that the current owner has no idea or if the home is for sale by bank they have no prior knowledge of the contents of the home.  Because of the wide spread usage of lead paints before 1978, it is a good possibility that you will find evidence of lead paint.  Home kits are available and while they will tell you if there is lead they are not a good predictor of hazard.  A paint inspection can be requested with or without a risk assessment.  The EPA recommends hiring a trained and certified testing professional who will us a XRF machine, lab tests of paint, dust and soil samples.

While paint isn’t the only source of possible lead contamination; it is the most common.  If you think your family may have been exposed, it is important to get tested. Children who may have been exposed to lead-based paint should have a blood test to see if they have elevated blood levels.

When shopping for a new home, especially if it is your first time, it can be intimidating when reviewing your different loan options and types. You will see and hear many different terms when dealing with lenders, agents and brokers. Below are some of the common terminology used so you can become familiar when going thru home buying process.

Annual Percentage Rate (APR): The APR for your home loan is an annual cost that includes the interest rate quoted by your mortgage company plus additional home loan costs such as origination fees and points.  Required by law, this amount is to be disclosed to the homeowner by the lender under the federal Truth in Lending Act. This amount includes up-front costs paid to obtain the loan but does not include the PMI,  title insurance, appraisal, and credit report.

Closing Costs: These are the expenses aside from the price of the property that are incurred by buyers and sellers when transferring ownership of a property.  These costs include origination fees, property taxes, charges for title insurance, escrow costs, appraisal fees etc.  Many times these costs are shared by the buyer and the seller.

Escrow: During the home loan process, a neutral third party known as Escrow holds documents and money (including earnest money deposits) for safekeeping until the real estate transaction is complete.

Points: The amount paid either to maintain or lower the interest rate charged. Each point is equal to one percent (1%) of the loan amount. This means that, to lower your interest rate by one point on a $300,000 mortgage, you’ll need to pay an additional $3,000 at closing.

Private Mortgage Insurance (PMI):  If you are purchasing a home and you do not have a the traditional 20 percent down payment,  lenders will require you to carry private mortgage insurance. Private mortgage insurance will usually require an initial premium payment and may require an additional monthly fee depending on your loan’s structure.

Title Insurance: This type of insurance protects both the buyer and the seller against legal issues that may arise with a  home’s title. If a problem occurs, the title company pays the associated legal fees to correct the situation.   

There are  many different terms out there that will come up when you buy a home and apply for a loan. If you are ever confused or have any questions about a particular term or contract be sure to ask your realtor or real estate attorney for clarification before signing any legal documents.

You might have heard a few stories on the news or possibly have known someone who found Radon gas in their home. Most people are unclear as to exactly what Radon is and unfortunately are unaware of just how dangerous it is. Radon is a colorless, odorless, radioactive gas that can pose a serious health risk if it becomes trapped under your house. Radon typically enters the home via underground crawl spaces, sump pumps, gaps in the basement and even the water supply. It can pollute your indoor air with its toxic vapors, and is held responsible for more than 20,000 lung-disease-related deaths every year. Radon is assumed to be present in millions of American homes and most homeowners have no idea.

In order to know if you have this dangerous gas in your home you will need to have your property tested by a professional. Many contractors are licensed or certified by state and/or local agencies. They will conduct diagnostic testing to determine if radon gas is at acceptable levels. If levels are dangerous, the contractor can install a radon reduction system. Ask the contractor for references documenting the results of past work in other homes. Make sure the company checks the house after the system is installed, to verify that it is reducing the radon levels.

Radon is a very serious and deadly gas. The U.S. Environmental Protection Agency (US EPA) and the Surgeon General’s Office have estimated that as many as 20,000 lung cancer deaths are caused each year by radon. Radon is the second leading cause of lung cancer. Radon-induced lung cancer costs the United States over $2 billion dollars per year in both direct and indirect health care costs.

If your home has high concentrations of radon there are ways to reduce it to acceptable levels. Most radon problems can be fixed by a do-it-yourselfer for less than $500. If you want or require the assistance of a professional you may wish to look at the list of certified radon mitigators for your state.

Moving to a new home can be extremely stressful especially if you have children. It is important to be aware of the things that may be a concern to your children when making a move. The best plan of action is to prepare them for the move is to get them involved. By staying involved in the process, they’ll feel they’re part of the transition and more in control of the situation. There are some things you can do to help your children make the move smoothly, below are some tips that can help.

• Prepare them for the move months in advance.  Be honest with your children about when, where and how you will make the move as well as how it will affect them. Changes to schools, different neighborhoods mean distance from established friendships and familiar areas.  For younger children books or movies on the subject can be very helpful.
• Scope out the neighborhood before you move. Are there other children your child can play with? If not, where can your child go to meet friends? Is there a community center or club such as 4-H, Scouts, or Campfire nearby?
• Arrange to visit the school before enrolling your child. Be sure to point out familiar places like the school cafeteria, library, and restrooms. Kids worry about being able to find their way around.
• Involve your child by taking pictures of your new home, and community and encourage your child to share them with others. Check out the new neighhborhood before you move with your child. Are there other children your child can play with? Locate local community centers or club such as 4-H, Scouts and such. If your child is going to a new school, arrange to visit the school before enrolling your child. Children feel more comfortable if they know where they are going and can have any concerns addressed first.
• Be understanding and patient. It is normal to for children to feel anxious, sad and it make take several months to adjust. Be sure to try to keep routines and other daily living habits as normal as possible. Avoid any unnecessary changes that will add to the stress. 

Although the current real estate market is very favorable for buyers with rock bottom prices and historically low rates, a common question I hear from potential home buyers is whether or not they should continue to rent or make the plunge and buy a home. The best answer to this question really depends on you–your situation and your goals for the future.

I tell potential buyers to ask themselves themselves these questions: Do you think you’re ready to move into the world of homeownership? Does your job require you to relocate frequently? Are you ready to “settle down” and raise a family? Not sure what you want to do yet?

As a real estate professional, I do know that buying a home has real advantages in today’s market: Realtor.com  reports that housing affordability is the best it’s been in nearly 30 years. Right now buyers can cash in on hefty price drops and rock-bottom mortgage interest rates–and many people don’t realize just how great the market is!

So should you rent or should you buy? The Our Family Place Home Buyer’s Information Center  lists some of the pros and cons noted below, and I’ve added some of my own:

Advantages of buying a home:

* You gain equity in your home through mortgage payments.
* Your home could be one of the best long-term investments you will ever make.
* You can decorate and remodel the way you want.
* You get homeowner tax breaks.
* You build your credit standing.
* You can improve your property using home equity loans.
* You gain independence and pride as a homeowner.
* You can transfer your property through your will.

Disadvantages Of Buying A Home:

* Your costs are variable.
* Your equity may change due to market conditions.
* You usually must sell your home to move.
* You handle maintenance and upkeep.
* You usually need more cash to get in.

Renting Advantages:

* Your costs are fixed for the term of your rental.
* You don’t lose equity.
* You can move at the end of your lease term.
* You have fewer maintenance worries.
* You need less cash to get in.

Renting Disadvantages:

* You never get equity.
* You can’t always decorate or remodel the way you want.
* You don’t get any tax breaks.
* Your lease is for a limited time period determined by your landlord.
* Your rent may go up at the end of your lease and other terms may change.
* Your landlord may not fix problems or invest in routine property maintenance.
* You normally can’t transfer your lease without the landlord’s OK.
* You may face eviction if you and your landlord have a dispute.

That’s a lot to think about. To put these pros and cons into dollar terms, try out this rent v. buy calculator offered by the Federal Home Loan Mortgage Insurance Corporation (better known as Freddie Mac). Don’t be shy–check out different scenarios and see what they mean for your finances.

Yes, there are lots of variables to consider, and you’ll need to do your homework to decide what’s right for you. Working with a qualified real estate professional who can provide current market advice for your area can help.
 

Once you begin the process of looking for a loan you should be aware there are many different types of options available. However, there are only two categories of mortgages: conventional and governmental.

Governmental loans: These types of loans are mortgage programs sponsored by a government agency. Such programs include: the Federal Housing Administration (FHA), the Veteran’s Administration (VA) for veterans, and the Rural Housing Service (RHS) or Farmers Home Administration (FmHA) for those living in rural areas. Keep in mind that these agencies don’t actually loan homebuyers the money; they only guarantee loans granted by lenders who participate in the program.  Conventional loans are loans that are not guaranteed by the government.

 There are many different types of loans available and below are some of the most common. 

One of the most common types of mortgages are the Fixed Rate Mortgage. With this type of loan the interest rate stays the same and is a great option for those homebuyers who plan to stay in their home for a long period of time and who like to know what their monthly payment will be each month.

The opposite of a fixed rate mortgage is the Adjustable Rate Mortgage (ARM).  This type of loan has an adjustable interest rate that changes over the life of the loan. This type of a loan is good for homebuyers who don’t plan on staying in their home for a short period of time. With these types of loans the interest rate in the beginning is usually very low for the the first year or so. But the downside of the these types of  loans is that they can be risky. If interest rates raise to high levels your monthly payments will increase, sometimes significantly.

Interest-Only Mortgage. This type of loan is good in the fact that for the first 10 years of your loan, you only pay the interest accrued. Then after the introductory phase is over, the balance is amortized over the remaining term of the loan. This type of loan benefits those homebuyers who want a low monthly payment while they improve their finanical situation. Keep in mind that after the 10 year period is over the original loan balance will not have decreased, meaning that if your financial situation does not increase you could have problems making the mortgage payments. 

Looking for a new home is an exciting time but can also be time consuming and frustrating. Making the most of your time is your best strategy to help you find what you are looking for so you can go from house hunting to moving into your dream home! Below are some tips to help you make the most of your search.

• Dress comfortably. Wear comfortable shoes but it is a good idea to wear slip on shoes as many homes might have a posted  “please remove shoes” sign to help keep the flooring clean. Having to untie and tie your shoes at every house can be a huge waste of time. Wearing comfortable clothing will allow you to focus on the aspects on the home and enjoy your experience.
• Allow yourself plenty of time. When looking at homes it is best to not make plans to do something else later in the day. You don’t want to rush, you want to be able to spend enough time at the home, especially if you if you find one you really like. Keep in mind you might just find one that you want to act on quickly and make an offer!
• Bring a checklist. Create a realistic checklist of the aspects your idea home should have. When looking at homes you can check off and make notes on which homes have or don’t have what you are looking for. This will help you analyze your needs and wants and focus on the properties that you can get serious about.
• Don’t be shy, open drawers, cabinets and closets. If you really like a property feel free to look in the nooks and crannys. You want to make sure you see every square inch and not miss anything.  You need to know how wide and deep the closets and other storage areas are, which you can’t find out without opening the door and having a look. Remember, while you may feel like you are are being nosy, doing a detailed viewing is the only way you can weigh your options on the home.
• Bring a Digital Camera. Digital cameras are ideal for house hunting. You can take pictures of the homes you visit and save them in labeled folders on your computer. Which home had the huge walk in closet? Which one had the great backyard? Just look at the photos and you’ll remember!

Thanksgiving is just a few days away and there are many ways to celebrate this holiday in Charlotte.  If you plan on a traditional dinner or if you are heading to one of the many excellent restaurants in town, take this time to enjoy your family and friends and give thanks. Below is a list of events the whole family can enjoy as well as give back to the community. Have a safe and happy Thanksgiving!

63rd Carolinas’ Thanksgiving Day Parade  

Nov. 26, 2009, 10 a.m.
Named by TravelMuse.com as the fourth largest Thanksgiving Parade in the United States, the Carolinas’ Thanksgiving Day Parade draws nearly half-a-million visitors as it winds through Charlotte’s Uptown area. The parade has grown in size and diversity and draws over 100,000 people as spectators each year.   Parade begins at Tryon and 9th Streets, turns left onto 3rd Street and ends at 3rd and Davidson Streets.

21st Annual Turkey Trot

Nov. 26, 2009
The Turkey Trot race is a Thanksgiving Day tradition in SouthPark. This year’s event will be capped at 6,000 participants and features a 1 Mile Fun Run, the 8K Run, a 5K Walk and a Tot Trot. Entering its 21st year, the Charlotte SouthPark Turkey Trot is Charlotte’s longest-running road race event. But more than that, it’s a great way for  families and friends to start off one of the best days of the year!

Thanksgiving Food Drive

Celebrate Thanksgiving in Charlotte by giving back to the community. Each year the Charlotte charity Loaves and Fishes hosts a Thanksgiving Food Drive. Members of the community can volunteer their time to the drive by picking up donated food items from area schools and churches or they can donate food items directly to one of the Loaves and Fishes Food Pantries located throughout the Charlotte area. Click here to see a list of locations that you can drop off food.

Southern Christmas Show

Nov. 11-22, 2009
Get into the holiday spirit with the show that kicks off the Christmas season in Charlotte. Surround yourself  with the sights, sounds and smells of the holidays. Enjoy crafts, decorating ideas and over 600 vendors for this holiday tradition. Tickets are $9 adults ($8 online and $7.50 at participating Harris Teeter stores); $3 children under 6. The Park (formerly Charlotte Merchandise Mart), 2500 E. Independence Blvd.  Charlotte, N.C. Click here for more information.