TruLife Homes

Its Prime Time to Buy a New Home

2011-07-28T05:31:00.000-07:00

I just read a great book called "7 Reasons Why Now is a Great Time to Buy a Home!" Its filled with positive, exciting information to help buyers seize the incredible market opportunities available to them right now. For a free copy, contact me and I'll send it your way.

How to Help the Next Generation of Home Owners

2011-07-09T08:20:00.000-07:00

Helping the Next Generation Into Home Ownership

on JULY 8, 2011

Parents raise their children to be independent thinkers and doers. To succeed. To find personal and professional happiness. To eventually begin the next generation of family. And, somewhere along the line, to buy a home of their own.

Enter reality. Credit scores. Down payment. PMI insurance. Mortgage. Each can be a challenge for the under-30 crowd. But there are many opportunities for parents to help their adult children become homeowners. Here are a few:

Credit Support
A personal loan or cash gift can help clear outstanding debts, making it easier to qualify for a loan.

Co-Signing.
Working together may secure a better loan at a lower rate.

Down Payment Gift
Providing all or part of a 20% down payment could translate into lower interest rates, lower mortgage payments and no PMI insurance.

Full Loan Amount
Gifting your child a home frees their resources for home improvements, college debt repayment and other long-term financial goals.

There’s More at Stake Than a New Home

Gifting a down payment or buying a home for your child has benefits beyond the obvious. Wealth transfer is an excellent strategy to reduce your taxable estate, preserving your hard-earned money for future generations. Current tax law allows an annual gift tax exclusion of $13,000 and a lifetime gift tax exemption of $5 million per spouse. This means parents may give a combined annual gift of $26,000 per child tax free. Or if they want to give a larger amount, they can deduct it from their lifetime gift tax exemption.*

Your assets should stay in the family. The right home can help you do that. Pardee Homes invites you to research our communities and homes, construction standards and commitment to sustainable building. We’re confident you’ll find the right investment for your family.

Please call us if you have any questions... 423-2182008

The Advantages of Buying a New Home

2011-05-04T10:27:00.000-07:00

The Advantages of Buying a New Home

For many home buyers, the choice between a resale home and a brand new home is easy: new homes offer a whole range of advantages that are simply not available in a resale property. Here are some of the reasons that have convinced others to buy new.

You know what you get. With a new home, there are no surprises when you move in. You know how the house was built and what went into it-what you can see and what is hidden behind the walls. You also know exactly how to operate and maintain your home's systems and equipment. If you have questions later, your builder will be there to give you a helpful and accurate answer.

You get what you want. Why live with other people's taste in interior decoration? Or spend the next few years redoing the previous owners' home improvements when you can get what you want from the very start. From layout to cabinets to carpeting, new home builders offer a wide selection of standard and up-grade options. You can pick and choose what suits your own lifestyle, personality and budget.

High-quality construction. The technology of home building has improved tremendously over the past few decades and new homes are built better than ever before. They are solidly constructed and well designed for today's lifestyles. They are highly energy efficient, with excellent indoor air quality. From heating systems to roofing shingles and windows, today's building products work better, last longer and often look better. The result is a brand new home that is far more comfortable and healthier, easier to maintain and more enjoyable to live in.

You know the builder. In the end, the quality of your home depends on the quality of your builder. When you buy a new home, you also buy the company's reputation in the community, its track record with past clients and its commitment to customers. That adds up to extra confidence and reassurance for you.

Well-designed communities. New developments are designed to foster a spirit of neighbourliness by carefully balancing private and public areas. Increasingly, verandahs and porches present an open and welcoming facade towards the street, while garages are located at the side or back of homes. Walkways and bikepaths meander through developments, and playgrounds and ballparks keep youngsters safely occupied. "Neo-classical" developments are now appearing that reflect villages of bygone days, with homes close to the sidewalk, white picket fencing throughout, a "commons" area-some with a bandstand or clock tower-and village stores to serve the community. These developments are attracting a lot of interest from both builders and consumers.

Warranty. Resale homes simply do not come with a comprehensive warranty. If something goes wrong, you have do deal with it, there and then, no matter what it costs. Buying a new home, on the other hand, offers peace of mind. Professional builders stand behind their work with an after-sales service program and a guaranteed third-party warranty. Your builder will explain how this warranty works so you can be sure you are getting the coverage that you want. Ask to see a copy of the warranty document, before you sign a contract.

You know what your housing costs will be. This allows you to budget properly and with confidence-great news for first-time home buyers. With today's low interest rates and competitive housing prices, home ownership need not cost any more than what you spend on rent.

When you buy new from a professional builder, you are in control. You know what you get, and you will get what you want. You also know what itjavascript:void(0) will cost, today and in the future.

Contact New Home Specialist Eric Kistner at 423-218-2008 to answer all of your home buying questions.

KW STIMULUS PLAN

2011-04-13T08:27:00.000-07:00

The "KW Stimulus"

The "KW Stimulus" is simply a suggestion to the "very motivated" seller to offer to pay for mortgage interest rate "buy-down" points for a potential Buyer. So, after the Seller offers closing cost assistance (maybe 2% of price) , a home warranty ($400), and the whatever else, the "KW Stimulus" reminds us all "giving never gets old", and suggests an up-front cash outlay by the Seller to cover "points".

1) Leverage, baby ! You, the "motivated seller" can honestly say you are saving the Buyers BIG BUCKS. Like possibly thousands or tens of thousands over the life of their mortgage. And you are. That 1/2 % reduction of interest on a $200,000 home is worth a monthly payment reduction of $60, but this amounts to a total interest paid savings of over $20,000 over the life of a 30 year, fixed rate mortgage.

2) And if the home is sold VA or FHA, that killer mortgage is assumable. The rate becomes a marketable asset. You are giving them something that will help them sell when it comes time to do so !

Brilliant.

Honestly, you have to hand it to the leaders at Keller Williams. They have taken existing information and gift wrapped it to help both Buyers and Sellers alike. While, of course, continuing to grow the most educated, skilled force of agents anywhere. I am truly glad to be part of that team.

In closure, a word of warning. Panic is expensive. So is impatience. Any fool can give something away. When the only option offered is "drop price", be concerned. While that may indeed be necessary to meet whatever goals YOU have set, there are always multiple options you must be both aware of and pursuing.

For instance, before slabbing $10,000 off the asking price, does your home ALWAYS look stellar from the curb? This probably costs much, much less to accomplish than $10,000.

Have you considered partnering with your agent to fund an "over the top" marketing plan for the home? Billboard advertisement ($700), color newspaper ads($250), use your home to sponsor the neighborhood yard sale / local charity event ($500) ? Postcard mailers with a color picture of your home mailed to 2000 people selected using detailed demographic information ($1,000). ***Costs are estimates. But - you get the picture.

In these difficult times, it is natural to see the glass as half empty. Natural, but wrong. Where there exists great challenges (for Sellers), there exists great opportunities (for Buyers). And in realizing that, Sellers become aware of what they need to do to reach their goals as well !

And that piece of wisdom is what best describes "KW Stimulus ". Understand what is attracting the Buyer, AUGMENT IT to differentiate yourself from everyone else - but do so in a way your contribution is leveraged to deliver maximum value.

That is what you should expect from your agent. And if your agent is with Keller Williams, I like your chances of getting just that.

The Edinburgh Move – Trade in program

2011-04-06T09:16:00.000-07:00

The Edinburgh Move – Trade in program
By Eric Kistner

Introducing the “Edinburgh Move.” This program allows qualified homes to be “traded” for a new Maverick Home! You as the client have the luxury of not having to move twice; your new home is built while you still live in your existing home. It is now simpler than ever to buy a new home in Kingsport!

With historically low mortgage rates, this program further enhances the clients’ opportunity to purchase now and take advantage of these awesome rates, and lower building costs.

It’s simple. You work with Edinburgh Homes’ professional home designer to create your dream home. Once your new home is complete, Edinburgh Homes buys your existing home for a pre-agreed price, and you close on your dream home the same day.

Edinburgh Homes has three communities to choose from, or will work with you to find just the lot to suit your needs. An extraordinary opportunity exists in the marketplace. Low mortgage rates, low building costs and the opportunity to sell your existing home is why we created the Edinburgh Move Program.

Visit us today to determine if your home and home purchase criteria qualify for the “Edinburgh Move” trade program.

Check out our website at edinburghcommunity.com or give me a call at 423-366-0431

Six Selling Myths Uncovered

2011-04-05T06:55:00.000-07:00

Six Selling Myths Uncovered

Myth #1: You should always price your home high and negotiate down.

Truth: Pricing homes in Kingsport too high can be as bad as pricing too low. If you list too high, you’ll miss out on buyers looking in the price range where your home should be. Offers may not even come in, because buyers who are interested in your home are scared off by the price and won’t even take the time to look at it. By the time you correct the price and list your home at its fair market value, you will have lost that window of opportunity when your home draws the most attention from the public and real estate agents; i.e. the first 30 days that it is on the market. A well-trained real estate agent who looks out for your best interests will consult with you on your home’s fair market value and different pricing strategies for the current market.

Myth #2: Minor repairs can wait until later. There are more important things to be done.

Truth: Minor repairs make your house more marketable, allowing you to maximize your return (or minimize loss) on the sale. Most buyers are looking for homes that are ready for them to move into. If your home happens to attract a buyer who is willing to make repairs, he/she will begin asking for repair allowances that come out of your asking price. The amount of an allowance that you have to offer a buyer is usually more than what it would cost for you to make the repair (or hire someone to make the repair). Remember, buyers are comparing your home to other homes that are currently on the market. Your home should be inviting so that everyone who looks at it can see themselves living there.

Myth #3: Once a potential buyer sees the inside of your home, curb appeal won’t matter.

Truth: Buyers probably won’t make it to the inside of the home if the outside of your home does not appeal to them. Buyers and their agents often do drive-bys before deciding whether a home is worth their time to look inside. Your home’s exterior must make a good first impression so that buyers are compelled to stop and come inside. All it takes is keeping the lawn mowed, shrubs and trees trimmed, gardens weeded and edged, and clutter put away.

Myth #4: Your home must be every home buyer’s dream home.

Truth: If you get carried away with repairs and replacements to your home, you may end up over-improving the house. There is a point where improving your home doesn’t pay off. The key is to consider what competing properties feature and look like. A highly-motivated real estate agent will consult with you on what competing properties have to offer – he/she can even show you competing properties so that you can make sound home improvement decisions.

Myth #5: You are better off selling your home on your own and saving money on the commission you would have paid to a real estate agent.

Truth: Statistically, many sellers who attempt to sell their homes on their own cannot consummate the sale without the service of a real estate agent. Homeowners who succeed in selling their home by themselves usually net less than if they had a real estate agent working for them. The National Association of REALTORSâ surveys consumers every year, including homeowners who succeeded in selling their home without a real estate agent. Over 70% of these homeowners say that they would never do it again.

Myth #6: When you receive an offer, you should make the buyer wait. This gives you a better negotiating position.

Truth: You should reply immediately to an offer! When a buyer makes an offer, that buyer is, at that moment in time, ready to buy your home. Moods can change, and you don’t want to lose the sale because you have stalled in replying.

Call me to buy or sell ... TODAY... Eric Kistner with Keller Williams 247-5510 or my cell at 366-0431

10 Reasons To Buy New

2011-03-29T12:58:00.000-07:00

10 REASONS TO BUY NEW

One of the first decisions when looking for a home is whether to buy new or purchase an existing home. While there are some advantages to purchasing resale such as an established neighborhood or included upgrades, there are also many benefits of buying a new home including:

1. New Home Pricing

The price of a new home used to be more expensive than an existing one, with falling land costs, that is no longer true. Your new home is likely to need fewer repairs or replacements since everything is new. Even better, homes usually appreciate with time and when you buy a new home located in a desirable neighborhood, the value may increase even more and you likely will have a greater resale appeal if and when you sell.

2. Your Neighborhood Is Well Planned

Builders know that a key factor in selling homes is to build them in well-planned, desirable neighborhoods. This is accomplished by carefully selecting lots in locations with a quality reputation and desirable amenities for future residents including top-ranked educational facilities and best-in-class dining, shopping and recreation.

3. Up-To-Date Design

New and better ways of constructing homes are consistently being generated. Also, as consumer trends change, new construction can respond with floorplans to accommodate customer needs that some existing homes do not include such as great rooms (oversized family rooms), larger closets, media niches and larger state-of-the-art kitchens.

4. Warranties

A new home comes with something no older home can provide.... the builder's limited warranty. This is your assurance that you are getting what you paid for and that your builder stands behind their product. A warranty typically covers new appliances, carpets, mechanical equipment and overall construction of a new home for a period of time.

5. Energy Efficiency

New homes are more energy efficient because they are better insulated, have better windows and more efficient central heating and air conditioning systems.

6. Wired for State-of-the-Art Technology

With the abundance of home computers, home media centers, surround sound and other modern conveniences, new homes are being wired to accommodate state-of-the-art technology that wasn't available when many existing homes were built.

7. Healthy Living

New homes may offer health advantages. Asbestos is no longer used in shingles, floor tiles, ceilings or insulation. And most often, lead is no longer used in paint, and formaldehyde emissions have been virtually eliminated from plywood and particle board.

8. Low Maintenance

New homebuilders use the latest and greatest materials that technology can offer. The result? New homes are virtually maintenance free for many years.

9. Help Through the Process

To help make the new home buying process more manageable, builders provide customers with a team of trusted professionals to guide them through the process. This is especially helpful for first-time buyers.

10. A New Home Is All Yours

There is truly no place like home, and when you purchase new construction, you are able to create the setting you desire. The flooring, window coverings, appliances in the kitchen are all special touches that make your home distinct and special will be exactly what you decide.

If you have any questions or would like to tour a New Home Community in Kingsport, Johnson City, Boone's Creek or Gray, Tennessee call a new home specialist at 423-218-2008 or check out our website at edinburghcommunity.com

Grilling Shish Kebabs Made Easy!

2011-02-25T05:59:00.000-08:00

Cooking Shish Kebabs the Right Way

Ah, Shish Kebabs. Many people’s memory of a shish kebab is an incongruous combination of uncooked vegetables and tough chewy overcooked meat. Whether it is a flaccid bit of zucchini or the escaping tomato, there are many ways do shish kebabs wrong, which is why they have a pretty bad rep. We were determined to find a way that is both pleasurable to eat, and doesn’t require a lot of fluffing around. I tried a number of different techniques from my disturbingly large collection of cookbooks as well as online, and we found a lot of recipes but none that really satisfied all our criteria.

The main problem with shish kebabs is that the meat cooks much faster than most vegetables. This makes your vegetable choices actually quite limited. We had the best results with bell peppers and onions. They cook at a similar rate to lamb and the combination suits perfectly. We tried using a rub on the kebab, but because the meat cooks too quickly, it leaves an unappetizing taste and texture. However, marinades work fantastically.

Basic Grilled Shish Kebab

2 and 1/4 pounds of lamb (preferably leg of lamb – shank end), trimmed of fat and cut into 1 inch pieces
1 large onion (preferably red), cut into 3/4 inch pieces
3 medium bell peppers, cored, seeded and cut into 1 inch pieces
Step 1.
Combine lamb and your choice of marinade (see below) in a large bowl or plastic bag for as long as you can (minimum 2 hours or preferably overnight).

Step 2.
If using wood skewers, pre-soak at least 30 mins in advance so they don’t catch fire.

Step 3.
Start preheating the barbecue.

Step 4.
Thread each skewer in this order:

1 piece of meat
1 stack of onion (about 3 layers)
2 pieces of pepper

Repeat to fill your skewer – ending with a piece of meat.

Step 5.
Grill the kebabs uncovered until meat is browned all over. Cook for roughly 7 minutes for medium rare but this will vary depending on how hot your grill gets.

Shish Kebab Marinades

Both of these marinades simply need to be processed in your food processor until smooth. Enjoy.

Rosemary and Mint Marinade

10 large mint leaves
1 1/2 teaspoons chopped fresh rosemary leaves
2 tablespoons juice from a fresh lemon
4 garlic cloves
1/2 cup olive oil
1 teaspoon salt
A few turns of freshly ground black pepper

Parsley Marinade with Ginger and Spices

1/2 cup packed fresh parsley leaves
1 jalapeño chile
2 tablespons fresh ginger, grated roughly
4 garlic cloves
1 teaspoon ground cumin
1 teaspoon ground cardamom
1 teaspoon ground cinnamon
1/2 cup olive oil
1 teaspoon salt
A few turns of freshly ground black pepper

Trading Homes is Easy - Part 3

2011-02-23T10:48:00.000-08:00

Trading Homes Is Easier Than You Think (Part 3 of 3)

One of the largest hurdles families face in the search for a new home is what to do about the home they are currently living in. We hope this three part series helps illustrate how trading a home can benefit a family.

The first of this series discusses the most common hurdles families face when seeking to move to a new home. The second part discussed how a new home builder offering a Trade In Your Homeprogram can help overcome these challenges. This third part of the series will discuss how the steps of a trade program work.

Where to start

As not all builders are able or willing to trade homes, it would be wise to research which builders do offer this option and then review their program and available homes. Once you have determined which builder, set a time to meet with him or her to discuss what you are seeking to accomplish.

What you will need to know

Your builder will want to know some information from you to do a preliminary evaluation. Here is a list of some of the items you should know;

The address and a description of your home including the room count, lot size, square footages and special features.

Condition of the major systems of the house such as your water heaters, appliances, heaters, air conditioners, roof, etc…

Disclosure of any items requiring attention such as leaks, foundation problems, etc… Remember you are legally obligated to disclose such items and being upfront will minimize these issues becoming a problem later in the process.

Your asking price on what you would list your home for with a Realtor and what you would expect to sell it for.

He will also need to know how much do you owe on your home as well as if you have any other resources you are able to use for a down payment.

Please be upfront with your builder. Every family I have worked with who has tried to be coy or not be upfront about their circumstances has had their trade fall through and they ended up not getting the house they wanted. This must be a win-win to work.

Can I Negotiate

Yes you can negotiate; however, take a step back and look at the big picture.

You are asking the builder to pay top dollar for your home but you want to buy the new home for a discount. The reality is the builder is doing you a favor in taking your home. If the builder was going to discount his new home to sell it, he could do that and not have to bother with taking a used home in trade.

The net effect is that if you want the builder to give you a fair price for your home on a net basis, you will need to use his asking price as the benchmark.

Another reason this is important is the builder will need to utilize his proceeds from the sale of his new home to use as the down payment on your old home. If he were to discount the price of the new home he may not have enough cash to move forward with the trade.

This has to be a win-win, if you are looking for a discounted price on a new home you will need to be ready to move forward without trading in your existing home.

The Evaluation

The builder will take your information and begin to research your home.

This will involve a host of different steps including; ordering a Comparative Market Analysis of your home, reviewing sales of similar homes in the area, physically inspecting your home, hiring a licensed inspector to inspect your home and other such similar items. This will give him the information he needs to assign a trade value for your home.

Next Step

Once you and the builder have come to an understanding, contracts will be executed. There will be two contracts, one for each transaction, which will both be contingent on the other contract being executed and closed.

The contracts will be delivered to the title company and the respective lenders. Once the lenders have completed their paperwork a closing date will be finalized.

During this time the builder will proceed with his traditional new homeowner orientation and walk through on your new home. He will also work to have his crews assemble resources for any needed repairs for your old home.

At Closing

On the closing day, all parties will meet at the title company and sign their respective papers. As most families will want some time to move, it is very common for a short term lease to be executed on the traded in home allowing time for the family to move out and clean up the house.

While this transition is in place the builder will often begin to work on scheduling the repairs and marketing of the traded in home.

Thank You

During down markets, trading home is a great means of moving without taking the risks and hassles associated with attempting to sell your old home. In a hot market, trading may offer a great means of being able to purchase the house you want before someone else beats you to it while you try to sell your old home.

Either way, if you are considering a move, look at all your options including trading. This concludes the three part series on trading in your home. To see the entire series visit our blog.

If you have a question on how to a trade program works, please feel free to email your questions to our offices. The Edinburgh Group is a full service building firm serving the Upper East Tennessee area. We offer new luxury homes, premium remodels, green building/remodeling, home care services, storm/roof repairs and commercial building contracting.

Please feel free to leave your comments, drop us an email at edinburghhomes@gmail.com or call our office at 423-723-0280.

If your family is not quite ready for us at this time, we will be at your service when you are in need or wish to request our assistance. If you know a family or client who may be in need of our services, we welcome and honor your referrals.

2011-02-23T10:45:00.000-08:00

Trading Homes Is Easier Than You Think (Part 2 of 3)

One of the largest hurdles families face in the search for a new home is what to do about the home they are currently living in. We hope this three part series helps illustrate how trading a home can benefit a family.

The first of this series discussed the most common hurdles families face when seeking to move to a new home. This second part discusses how a new home builder offering a Trade In Your Home program can help overcome these challenges. The third part will discuss how a trade program works.

What Is Trading

Trading your home is when you trade (sell) your current home to a builder and then buy one of their new homes. This is similar to trading in an automobile, however it is done on two separate contracts instead of one document.

Both transactions will close at the same time at the same title company. Your equity in your old home can be used towards your down payment on your new home.

How Much Is My House Worth

The value of your current home will be determined the same way a real estate agent would determine what price to list your home for sale.

A builder will typically order a Comparative Market Analysis, inspect your home and order a real estate inspection. This will give him or her the information they require to determine a value for your house.

Once the builder is able to determine what improvements are required (paint, carpet, roof, etc..) if any and the price the home will sell a trade value will be determined for the home.

Our company offers a “net price” meaning that we deduct out real estate commissions, repairs, marketing fees and negotiation factors. Here is a case study on a recent trade offer.

Here is what this family would most likely net out if they listed with a real estate company;

Realtor Lists & Sells Home

List price $260,000

Negotiations (3%) & Commission (6%) ($22,932)

Home Warranty & Title Policy ($2,597)

Carpet, Paint & Repairs ($13,000)

Landscaping upkeep and grooming ($1,500)

Total Adjustments off of list prices $40,029

Projected Homeowner Net Proceeds $219,971

Here is what a family would most likely net if they traded in their home;

Builder Offered Trade Value

Retail value of home $260,000

Less Carpet & Paint (major items) ($11,000)

Less Seller Adjustments – 5% ($13,000)

Total Adjustments off of list prices $37,000

Net Value For Trade Credit $236,000

In this example the home owners are most likely going to receive a bit more net value for their home than trying to sell it themselves. Please keep in mind that every trade is different and individual circumstances will vary.

Repairs

All homes require repairs and updating to be ready for sale. When a builder takes a home in trade he has developed a plan to address those items and will be able have his crews handle the repairs once you have moved out of the home.

By conducting the repairs with his crews and in a vacant home, he is often able to save on costs versus what they would cost you to have the same work done. Builders are also less inclined to be worried about small cosmetic items which may make a typical home buyer nervous.

Benefits

The builder will often take your home in its current condition without requiring you to replace the carpet, do paint touch up or fix sheetrock damage.

You can avoid the trouble of negotiating a sale or dealing with odd buyer requests. You will not have to be ready to jump at a moment’s notice when a Realtor wants to show your home of have any pressure to keep the home in show ready condition all the time.

However, the biggest benefit is that you are able to move when you are ready into a home you want in a timely manner with minimal disruption to your life.

What Can You Trade

The best trades are when the property you are trading in is worth less than one half the price of the property you are seeking to purchase.

Most commonly a family will trade in their existing home. However, sometimes a family will offer a vacant lot or an investment property.

Thank You

During down markets, trading is a great means of moving without taking the risks associated with attempting to sell your existing home. In a hot market, trading may offer a great means of being able to move on the house you want before someone else beats you to it.

Either way, if you are considering a move, look at all your options including trading. The last part of this series will detail the steps of how a trade will work. To see the entire series visit ourblog.

If you have a question on how to a trade program works, please feel free to email your questions to our offices. The Edinburgh Group is a full service building firm serving the Upper East Tennessee. We offer new luxury homes, premium remodels, green building/remodeling, home care services, storm/roof repairs and commercial building contracting.

Please feel free to leave your comments, drop us an email at edinburghhomes@gmail.com or call our office at 423-366-0431.

If your family is not quite ready for us at this time, we will be at your service when you are in need or wish to request our assistance. If you know a family or client who may be in need of our services, we welcome and honor your referrals.

Trading Homes Is Easy

2011-02-22T13:11:00.000-08:00

Trading Homes Is Easy

One of the largest hurdles families face in the search for a new home is what to do about the home they are currently living in. We hope these next few blog post helps illustrate how trading a home can benefit a family.

The first of this series discusses the most common hurdles families face when seeking to move to a new home. The second part will discuss how a new home builder offering a Trade In Your Home program can help overcome these challenges. The third part will discuss how a trade program works.

The challenges of buying a new home while living in your old home

Two Mortgages

Some families will move into a new home then sell their old home. This option does allow for a family to move at their own pace without being rushed however they do have the financial burden of two homes.

These costs can include mortgage payments, taxes, insurance, utilities and upkeep. In addition to the costs you must also work to clean up the old house and take care of all those unfinished projects that must be completed before putting the home on the market. Once all of that is completed, the selling ritual of pictures, Realtors, showings, negotiations, offers and counter offers begins.

While all of this is in progress, your family is still placing demands on you to help get settled into your new home. Then all those other pesky little aspects of life keep eating up your time, work, school, children’s events, etc…

I have built custom homes for clients who have tried this and although it is convenient, I can attest that once you are about 99% moved out of the old house, the last 1% can be a drag. The work and time it takes to get the old house ready to sell WHILE you are trying to get your new home ready to live in can be stressful and it does take some of the joy/excitement from the move into a new home.

Two Moves

Other families resign themselves to selling their home first then moving into temporary housing (apartments, rent house, in-laws) and placing their belongings in storage until they can find a new home.

This method allows for a family to take their time in the search for a new home, however, the costs associated with a double move and storage of one’s personal items can add up. Often the temporary housing is smaller and less comfortable than living in true home.

We are also hearing from families that their children do become restless as they are not settled into a permanent environment. Once the families become restless the pressure to “just buy something” becomes intense and families may settle on a home or location that is not their first choice.

Sell & Search

The most common approach which we have witnessed is a family selling their home and then making a mad dash to find what they a new home once their home sells.

Often in the rush they have to settle for what homes are available in their budget. More often than not we find these families settling for a home and then spending tens of thousands of dollars to try to fix the home to get close to what they were hoping to find.

This rushed approach to finding a new home is always tempered by the stress and pressures of making sure the contract on their existing home settles up. We have heard stories of buyers who use the family’s contract on their new home as a tool to get greater concessions out of the family on the contract on their existing home.

Common Factor

The common factor in all of these scenarios is that the family is at the mercy of outside forces and either has to spend time and money to cover additional costs, put themselves under undo pressures, settle for a house that may not have been their first choice or all of the above.

The next part of this series will discuss how a builder offering a Trade In Your Home program can offer an easier less stressful path to your family’s new home.

Thank You

If you have a question on how to a trade program works, please feel free to email your questions to our offices. The Edinburgh Group is a full service building and land development firm serving the Upper East Tennessee Area. We offer new luxury homes, premium remodels, green building/remodeling, home care services, storm/roof repairs and commercial building contracting.

Please feel free to leave your comments, drop us an email at edinburghhomes@gmail.com or call our office at 423-366-0431. I also encourage you to visit www.edinburghcommunity.com to learn more about our homes,

If your family is not quite ready for us at this time, we will be at your service when you are in need or wish to request our assistance. If you know a family or client who may be in need of our services, we welcome and honor your referrals.

Cost vs. Price - What higher Interest Rates can do to your purchase power.

2011-02-17T07:17:00.000-08:00

Cost vs. Price - What higher Interest Rates can do to your purchase power.

A good rule of thumb is for every 1% increase of interest rate there is a 10% decrease in

purchase power. It's surprising to most buyers. This new year is going to bring many new opportunities to find a home. If you are still possibly considering a purchase you may want

to know this very important particular bit of information.

The higher interest rates go, the less home you and your family will be able to afford, finance

or purchase. If you were looking at property in the $500,000 range and interest rates were at

4.23% now they will eventually steadily be going up to 5.23%, meaning that if you wanted to

keep your mortgage payment the same you would only be able to purchase a $450,000 home.

Even with a 1/2% change in interest rate it can effect your purchase power greatly. I

recommend getting back into finding a house as soon as possible to get the most house

for your dollar, before interest rates go up and property prices stay the same.

Please see this example to show your buying power depending on what interest rate you

lock your loan in at.

As a buyer it's vital to know your market and what options you have. I'm here to guide

you through the process. If you have any questions email me: edinburghhomes@gmail.com

or give me a call at 423-366-0431

First Time Home Buyers

2011-02-14T09:25:00.000-08:00

First Time Home Buyers

Kingsport New Homes

Congratulations on deciding to purchase a new home. You’ll always remember the feeling that comes with buying your first home. The process requires quite a bit of careful research, but that doesn’t mean it has to be difficult. Ask any of our homeowners who have chosen Edinburgh Homes, and they’ll tell you the same thing: When it comes to buying a house, don’t settle for less. From the minute we break ground to the day you move in and beyond, we’ll make sure all the details are right. Because at Edinburgh Homes, we’re just as excited as you are.

Owning Verses Renting

What are the advantages of owning verses renting a home?

It's never too early or too late to plan for your future. Paying $750 rent per month now is the equivalent of buying a home for $100,000. In 40 Years with approximately 4 percent inflation per year, your $750 per month rent may increase up to $3,600 per month. With owning you could have your mortgage paid off in as little as 15 years. Owning a home is a very wise investment. Over time you should build up equity that can be used to pay for home improvements, a bigger home, etc. Real Estate historically is one of the most stable markets available to invest your money in. There are also tax advantages to owning. The interest you pay on your mortgage may be tax deductible. Talk to your tax preparer for more information.

Buying a home is probably the biggest financial commitment you'll ever make. Buying a home is not just a dollars-and-cents investment; it's an investment in your life. It will create a sense of stability and identity for you and your family. Regardless of how times change, owning a home remains the cornerstone of the American dream.

The benefits of buying, when able to, far outweigh those of renting. But in the long run, owning a home is extremely important since your home is one of the biggest investments you can make. The key to this is home equity. Equity is essentially the value of the home.

Here are just a few of the many advantages to owning vs. renting

You can build equity No matter how much rent you pay, 100 percent of your apartment or house still belongs to your landlord. But every time you make an amortized mortgage payment, you own a little more of your house. Initially, interest makes up the vast majority of your payments, but the proportion is constantly shifting in your favor. If real estate values rise, you’ll be even farther ahead. The longer you plan to stay put, the more of this benefit you will reap.
Tax Deduction You can usually deduct mortgage interest on your tax return, which can mean big savings. If you’re in a 28% tax bracket and have a $150,000 mortgage at 7%, the first full year you own your home you’ll most likely be able to deduct more than $10,000 in interest. That translates into a tax savings of almost $3,000. In addition, even if you sell your principal residence for more than what you paid, you may not have to pay capital gains taxes. (There are limits, so consult a financial advisor for advice on your particular situation.)
Pride of ownership A house may be an investment, but first and foremost it’s a home for your family. Even without the financial benefits, many people like the stability and sense of pride that comes with owning a home. You can renovate it to suit your own needs, plant a vegetable garden in the back and let the cat scratch the walls knowing there’s no landlord to impose his or her rules.

Why Buy a New Edinburgh Home?

Choices When shopping among existing homes, you have to take the previous owners' style into consideration. Do you pay even more to redecorate or do you make do with someone else's choices? A new Penn Home, however, provides you with numerous design, color and material options.
Modern Appliances Appliance manufactures introduce new models every year and Penn Homes is able to offer you the latest state-of-the-art equipment at the time of completing your new home.
Floor Plans Take a tour of many existing homes and you will find dated floorplans. We offer you a variety of modern layouts and styles to suit your family's needs and lifestyle.
Low Maintenance Why worry about constantly maintaining your home if you don't have to? A new Penn Home offers the latest and greatest materials that technology can offer. New Homes are virtually maintenance-free for many years.-

Please visit our website at edinburghcommunity.com if you have any questions or please feel free to email me directly at edinburghhomes@gmail.com

New Windsor Aughtry Home in the Edinburgh

2011-01-27T08:19:00.000-08:00

MLS 302013

Amazing new home built by Windsor/Aughtry in the beautiful Edinburgh Community is now complete. Welcoming you into this traditional yet modern home is an airy two-story foyer and loft. Three bedrooms and 2 ½ baths offer great space, including 4th br/study on the main floor. There are many upgrades on this model including granite. The master suite is located on the second floor with a luxurious master bath that features his and her separate vanities as well as a garden tub and separate shower for your convenience. The laundry room is also located on the second floor to be easily accessed by you and your family. Approximately 2219 square feet. There are many plans available from Windsor/Aughtry between 1512 and 2973 sqft. Buyer/buyer's agent to verify all information about this new home in Kingsport.

Letter from my Niece

2010-12-13T12:28:00.001-08:00

LETTER FROM MY NIECE, she is in 6th grade:

Dear Charlotte-Mecklenburg School Board,

This morning at school I was informed that this year I will be having a Social Studies EOY. I don’t think this is a worth while test; I have many reasons to believe this I hope you recognize this and take them into consideration.

Budget Cuts: This year our school system has had severe budget cuts, it’s no secret, some of my teachers even have had to practically beg students to bring in copy paper. Making all those test booklets and bubble sheets doesn’t come cheap. Every year Americans spend millions to make those tests, you’re just adding to that.

Effectiveness: Standardized Tests aren’t all there cracked up to be. Standardized tests (especially the multiple-choice variety) give a false impression of objectivity and consequently of equal opportunity and fairness. (homepage.ericom.net). Aha… all of the CMS standardized tests I’ve taken are multiple choice and I expect that this one will be to, so is it really going to help.

Is Social Studies Worth It: OK so math and reading I understand we need those in our everyday life, but very few occupations need Social Studies. The top ten US jobs don’t require social studies. Now just imagine have you ever been in the grocery store and the cashier told you, you couldn’t buy your food unless you explained the feudal system.

I hope this information gave you some student insight on this upcoming Social Studies EOY.

Sincerely,

Clara Leonard
6th Grade
Crestdale Middle School

5 Tips for BBQing Chicken

2010-12-13T07:33:00.000-08:00

Do you burn your chicken on the outside while the inside stays raw? Read This

5 Top Tips for BBQing Chicken

1. Use a meat thermometer

Using a meat thermometer is the best way to cook the chicken to perfection. Chicken thighs should be cooked to 165 degrees Fahrenheit and chicken breast should be cooked to 160 degrees. Make sure the thermometer is inserted into the thickest part of the chicken and not touching any bones.

2. Consider Brining

Brining improves the chicken’s flavor making it juicy and deliciously tender. However, if you’re short on time, skip this step and season the chicken generously with salt and pepper before cooking.

Important Note: Chicken that has been brined browns faster and you’ll need to careful it doesn’t burn.

Simple brine recipe:

6 tablespoons of salt
1 quart of cold water

Dissolve salt into water in a gallon zip-lock bag. Add chicken, remove air and seal. Refrigerate for about 1.5 hours.

3. Use a good BBQ rub

Rubs give plenty of flavor without the burning risk of BBQ sauces. As much as we love BBQ sauce, and we really do… it’s best applied in the last couple of minutes as a general rule.

Apply the rub generously to all the chicken pieces, try to run as much under the skin as you can.

Simple spice rub:

2 tablespoons ground cumin
2 tablespoons curry powder
2 tablespoons chili powder
1 tablespoon ground allspice
1 tablespoon ground black pepper
1 tablespoon ground cinnamon

4. Apply BBQ sauce at the end

The sugar in BBQ sauce will cause it to burn if it’s applied too early. You want to smother the chicken in the sauce during the last 2 minutes of cooking. Bush the chicken with sauce, cook for about 1 minute, turn over, brush again and cook 1 more minute. Before serving, brush the chicken with more BBQ sauce. I like to have even more sauce at the table for dipping.

You should plan on using about 1/2 cup of BBQ sauce for about 8 thighs (not including any sauce you have at the table).

5. Sear first, then cook at a low heat

This creates a delicious browned exterior while keeping the inside from over cooking.

Set up the Grill with one side on High and the other on Med-Low, or bank the coals mainly on one side for a charcoal BBQ.

Starting on the hot side of the grill, sear the chicken for 1 to 2 minutes on each side. Be very vigilant during this period, you don’t want the chicken to burn, and if you get any flare ups, move the chicken to a different area of the grill.

Move the chicken pieces to the side with lower heat and finish cooking. If you’re cooking chicken breast it works best to close the lid, this helps the interior cook faster, so it is done before the exterior starts to burn.

Does making Two House Payments at once frighten you?

2010-12-07T15:48:00.000-08:00

CONTINGENCY CONTRACTS TAKE THE FEAR OUT OF HOME BUYING

We all know that buying a home is an experience that can raise many concerns. Not the least of which is “What happens if I can’t sell the home I already own?” Well, if you are looking at homes for sale in the Kingsport area, Windsor Aughtry Company has the answer. We offer special contracts contingent on your home selling so that you don’t have to worry about being stuck with two places to live.

This offers you the opportunity to reserve the lot you wish to live on with no risk at all. You will meet with one of our sales agents who will help you create the home you want. You can choose your floor plan, carpet, paint, even the kitchen sink. It’s all up to you.Our willingness to work with our homeowners is what has made us one of the Souths most successful builders of single family homes for over twenty years.

We love building at the Edinburgh because it reminds us of one of those old fashioned neighborhoods, where everyone knew their neighbor. The Edinburgh embraces all the best qualities of America's classic neighborhoods but without the congestion of being downtown. It is just minutes from the Tri Cities airport, and it surrounds Kingsport's award winning elementary school, John Adams Elementary.

Please contact Eric Kistner with Keller Williams to get started on building the home you have always wanted to live in. 423-218-2008 or check out the website at EdinburghCommunity.Com, and register for our informational New Home Buyers Guide.

How Rising Interest Rates Will Impact Affordability

2010-11-23T07:40:00.000-08:00

How Rising Interest Rates Will Impact Affordability

John Adams Wins Architecture Award

2010-11-23T04:16:00.001-08:00

John Adams Elementary recognized for architectural design

The newly constructed Kingsport city school is recognized as the 2010 School of the Year for Excellence in Architectural Design.

By TRICITIES STAFF
Published: November 22, 2010

» 0 Comments | Post a Comment

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nowBuzz up!KINGSPORT, TN --

John Adams Elementary School has been awarded the 2010 School of the Year for Excellence in Architectural Design by the Tennessee School Boards Association.

Opened in 2009, John Adams Elementary is the first newly constructed city elementary school in a decade.The 500-student school was designed by Barge, Waggoner, Sumner & Cannon andDLR Group, with the architectural concept developed through a collaborative process involving parents, students, teachers and community members. Located in the Rock Springs Community in the Edinburghsubdivision, John Adams Elementary currently has an enrollment of 250 students in grades Pre-K through 5.

The two-story facility includes an open floor plan of classroom “neighborhoods” that can be divided into four separate classes in each grade level. The school features a full-size gymnasium, a multi-level library including a story tower, and a community room for multi-purpose use. John Adams Elementary was designed to be an environmentally friendly school, with a geo-thermal heating and cooling system along with other energy-efficient architectural and design features.

“We are pleased that John Adams Elementary has been recognized for its outstanding architectural design,” said Kingsport City Schools Superintendent Dr. Richard Kitzmiller. “The design process for the school truly exemplifies a collaborative effort; dozens of parents, community members and staff members generated design elements incorporated in the building. We share this award not only with students, parents and staff ofJohn Adams, but also with the entire Kingsport community.”

The Tennessee School Boards Association recognizes architectural firms for their excellence in design.School of the year awards are granted in five categories including new school construction of elementary, middle, and high schools, renovation and the People's Choice Award, which is selected by the attendees to the exhibit hall during the annual TSBA convention.

“It is extremely gratifying to have our talents and efforts recognized on the state level. I am very proud to have been a part of the team that provided such a unique and wonderful new school for my home town,” addedTerry Cox of Barge, Waggoner, Sumner & Cannon.

Letter from Our Chairman

2010-11-23T03:54:00.000-08:00

Friends,

As most of you know, The Edinburgh has been a labor of love for my family for a little over 4 years. We have witnessed not only less than expected returns, but one of the worst real estate markets of our generation. But, we have met many great people and watched the construction of the award winning John Adams Elementary School. It has been a long, strange journey.

Today, however, is the start of new beginnings at The Edinburgh. Last month, we sought and received approval from the city to begin Phase 2. We have started construction on 29 new homesites and have been blessed beyond belief to sell 9 of them before we even built the road.

More than 300 families will eventually enjoy Edinburgh for its centralized location in the Tri-Cities and its limitless views and its wide variety of amenities. We understand that for Edinburgh to continue on its march to become the largest community in the history of the Upper East Tennessee, the new Valley District must be the best product of its kind on the market. And that is our aim.

Through the years, many of you have remarked “we love The Edinburgh, but we just cannot afford it" and we desperately want to change that. We understand that the Edinburgh must be priced to reflect the current market.

The new Valley District includes everything that makes Edinburgh great- and it is an extraordinary value. It rests on a dramatic plateau featuring level lots, new craftsman architecture and a host of available upgrades. Best of all, the Valley District of Edinburgh will be affordable for many.

We have partnered with our Preferred Builders to reserve 8 lots on Edinburgh Channel Road at more affordable prices. These Three- and four bedroom houses are available starting at just $179,900. And with 100 percent financing, payments are less than $900. We have already pre-sold one of those eight, if you know anyone who is interested in Edinburgh, but thought it was unaffordable, please forward this message.

You spoke. We listened.

Dan

Really get to know the Edinburgh Community

with a personal tour

With a new home on your mind, maybe it’s time to put The Edinburgh to the test and come for a visit. Remember, we’re just 9 minutes from Downtown, the airport and other great amenities.

And we have the right home style for you from town homes, cottages and bungalows to larger lots, homes and custom floor plans.

Style? Think craftsman with an contemporary twist… Think wide front porches, open floor plans, and authentic architectural details.

Our builder group is some of the best in Upper East Tennessee – and the country. Every Edinburgh home comes with a builder warranty, which means you will save money in the long run.

Its a great time to visit... come on out and see us!

Sincerely,

Eric Kistner
Director of Sales and Marketing

PS: Click or call us at 423-218-2008 to schedule a visit this weekend.

We would like to send you future emails about life at the Edinburgh.

2010-11-22T13:44:00.000-08:00

Think you're ready to buy a home?

Get your house in order before you start shopping. Here's what you need to do, and when.

By Liz Pulliam Weston of MSN Real Estate

Buying a home is a complicated process, and it can be particularly daunting for the first-timer.

The following timeline starts one year before you hope to start seriously shopping for a home. This is an ideal; you can arrange your finances and buy a home in less time, if necessary, but you'd be smart to walk through all of the steps in order. The more time you give yourself for this process, the better.

A year out (or as soon as possible)

Get your credit reports. Errors on your reports can force you to pay a higher interest rate on your mortgage or even torpedo your chances of getting a loan. You can get free copies of your reports from the three major credit bureaus — Equifax, Experian and TransUnion — atAnnualCreditReport.com. Look for accounts that aren't yours, collection accounts for debts you don't owe and negative marks (other than bankruptcy) that are older than seven years.

Get — and improve — your FICO credit scores. Your credit scores, which are three-digit numbers used to gauge your creditworthiness, help determine the rates and terms you can get for a loan. There are hundreds of different credit-scoring formulas, but the one used by the vast majority of mortgage lenders is the FICO.

Consider a credit-monitoring service. Normally, I think these are a waste of money for folks who aren't at high risk of identity theft. But given how important your credit and credit scores will be in buying a home, you might appreciate the early warning if a collector tries to post a bogus debt.

Save, save, save. Stop eating out. Drop your cable-TV subscription. Do everything you can think of to put as much money aside as possible, using your desire to be a homeowner as a motivator. (Read "Could you stop spending for a month?" for inspiration.) In today's market, it's best to have at least a 5% down payment; boost that to 10% and you'll have even more financing options. Ideally, you'll also have enough left over after you get your mortgage to cover the payments for two or three months.Deal with your debt. Most people needn't pay off their student loans, auto loans or other generally low-rate debt before getting a mortgage. What you want to eradicate is "toxic" debt: credit-card balances and payday loans. These are signs you're living beyond your means. If you don't get your overspending problem fixed before you buy a home, your problems likely will get worse because homeownership typically involves plenty of big costs (property taxes, insurance, maintenance, repairs, improvements, decorating). Get your act together before you house shop.

Put your bills on automatic. A single 30-day late payment can knock 100 points off your score, and it can take many, many months to recover. Make sure every bill gets paid on time. If you don't have a reliable bill-paying system, consider using automatic debits, so payments come directly from your checking account, or an online bill-payment system's recurring-payment feature.

6 months out

Sort through your mortgage options. A lot of people are losing their homes today because they didn't understand what kind of mortgage they had or they accepted bad advice. The low teaser payments that allowed them to buy a more expensive house have jumped skyward, leaving them unable to pay. It's up to you to understand the risks of the different types of mortgages and to select the right one for your family. My 2 cents: Stick with traditional, fixed-rate mortgages. If you can't commit to a 30-year version, at least use a hybrid loan with a rate that's fixed for as long as you plan to own the home.

Research all the costs of owning a home. Your mortgage will be just the start. You'll have to pay property taxes and insurance on the home. There may be homeowners- or condo-association fees as well. You may face higher utility bills, and you'll take on maintenance and repair costs as well. Decorating your new house can cost a pile of money as well: Have you shopped for window coverings lately? Your home-owning friends and a friendly real-estate agent or two can help fill you in so you know what to expect.

Adjust your saving strategies. What you've learned so far may inspire you to boost your savings. A bigger down payment, for example, can result in a larger home or a lower mortgage payment. Or you may simply want to build up your emergency fund so unexpected home expenses don't knock your finances off the rails.

3 months out

Reduce your credit utilization. The FICO scoring formula is sensitive to how much of your available limits you're using on your credit cards and other revolving lines of credit. The less, the better. It doesn't matter if you pay your balances in full every month; the figure the scoring formula typically uses is the balance that shows on your most recent statement. Try to keep that balance below 30%, or even lower. If you can't — because you charge a lot for work-related travel, for example — make a payment before the statement's closing date to reduce the balance reported to the bureaus. Just be sure to make a second payment after the closing date, so you don't get reported as late.

Don't open or close any accounts. Until the mortgage process is completed and you've moved into your new home, continue to avoid actions that could potentially harm your credit, such as opening credit accounts or closing old ones.

Get an idea of the mortgage rate you can expect. Order a fresh set of FICO credit scores — don't worry, checking your scores doesn't ding them — and talk to some mortgage lenders about what rates you might qualify for. (You'll find current national averages here.) Don't apply yet or give permission for your credit to be pulled; you just want to get a feel for what you can expect.2 months out

Understand the effect of mortgage-shopping on your score. You want to get the best rate and terms possible, which means you'll need to shop around, but how does that affect your credit score? Here's the lowdown: Every time you give a lender permission to check your credit, a "hard inquiry" appears on your credit report, and that can ding your score a bit. Fortunately, the FICO scoring formula lumps all mortgage-related inquiries made within a specified period and counts them as one. (The period used to be 14 days, but the most recent versions stretch that to 45 days.) Furthermore, the scoring formula ignores any inquiries made in the previous 30 days. So you want to do your serious mortgage shopping in a fairly concentrated period of time, typicallyafter your offer on the home you want is accepted.

Get approved for a mortgage ahead of time. Pre-approval, in which a lender gives a commitment to make you a loan, is different and more valuable to sellers than pre-qualification, which merely gives you an idea of the size of the mortgage you might afford without making any commitments. You don't have to get a loan from the lender that offers you a pre-approval letter. Getting a pre-approval does involve giving permission for a hard credit inquiry, but the small potential ding on your credit is worth it because you'll be in a stronger position with sellers.

Consider a mortgage broker. Once your offer is approved, you can shop for a mortgage on your own, but if you want a lot of hand-holding through this process or your credit is particularly troubled, you might benefit from the services of an experienced, ethical mortgage broker. Get referrals from family and friends; you can also get a referral from the National Association of Mortgage Brokers.

Begin researching neighborhoods and look for an agent. Check Internet listings, attend open houses and find an experienced guide to help you refine what you're seeking.

Once you've found your home and your offer is accepted

Shop for a mortgage. There are thousands available, and sorting through the possibilities can be overwhelming. That said, you may want to include some of the biggest national mortgage lenders, local lenders and online brokers. You'll need to move fairly quickly to secure the loan, because the full approval process typically takes four to six weeks.

Arrange for an appraisal, a home inspection and a walk-through. The appraisal is required for your loan to be approved. An inspection isn't necessarily required, but don't skip this essential step, which can alert you to serious problems before the deal closes. The walk-through is usually done within 24 hours of the deal closing, so you can make sure that the home sellers have performed any agreed-upon repairs and the place is in move-in condition.

Get homeowners insurance. Mortgage lenders require this coverage, and you'll need to prove you have it at closing.

Confirm how much money you'll need at closing. "Closing" is when you sign all the paperwork and pay agreed-upon amounts, which can include your down payment and your share of legal fees, paperwork costs, property taxes and title insurance.

Enjoy your new home!

8 Tips for Finding Your New Home

2010-11-15T07:40:00.001-08:00

8 Tips for Finding Your New Home

A solid game plan can help you narrow your homebuying search to find the best home for you.

1. Know thyself. Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors? Where have you searched for new homes in Kingsport? Have you been to the Edinburgh?

2. Research before you look. List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto REALTOR.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view.

3. Get your finances in order. Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you’re comfortable spending each month on housing. Don’t wait until you’ve found a home and made an offer to investigate financing.

Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you’re eligible to borrow. The lender won’t necessarily consider the extra fees you’ll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you’re comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.

4. Set a moving timeline. Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you’ll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines. A new home in Edinburgh, Kingsport, can be constructed in 120 days.

5. Think long term. Your future plans may dictate the type of home you’ll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you’ll still love years from now.

6. Work with a REALTOR® Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighborhoods and type of homes you’re interested in. Because homebuying triggers many emotions, consider whether an agent’s style meshes with your personality.

Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers’ reps work only for you even though they’re typically paid by the seller. Finally, check whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS®. NAR has been a champion of homeownership rights for more than a century.

7. Be realistic. It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded.

On the flip side, don’t be so swayed by a “wow” feature that you forget about other issues—like noise levels—that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there’s no such thing as the perfect home.

8. Limit the opinions you solicit. It’s natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you’ve identified as important.

2010-11-15T06:55:00.001-08:00

Privacy Statement

Edinburgh Homes has developed relationships with our Customers based on enhancing the lives of our Customers and acting with the utmost integrity. We're aware of the confidence you demonstrate when you provide us with personal information. The Privacy Notice below is posted to demonstrate our adherence to the practices you'll find common to the best websites online. We will treat your information with the same integrity and sensitivity that we have displayed throughout our company's history.

Edinburgh Homes respects the privacy of every individual. If you give us personal information, we will treat it according to this Policy. Your e-mail address is obtained for internal purposes only (as they relate to marketing and sale of Edinburgh Homes properties) and will not knowingly be sold or shared with any unaffiliated third party.

Information We Collect

Edinburgh Homes collects information and data to personalize and improve your use of our website(s). We gather the following types of information:

Information you give us: Edinburgh Homes collects any information which you enter on our website. This includes but is not limited to your name, mailing address, e-mail address and other data you provide during your registration at our site or when you provide personal data through various places on our site.
Information automatically collected by Edinburgh Homes: Like most websites, whenever you visit our site(s) we use "cookies" to collect and store information about a visitor site experience. We collect and analyze:
The IP address used to connect your computer to the Internet
Computer and connection information such as your browser type and version
Connection type and speed
IP geolocation
Operating system and platform
Confirmation when you open e-mail that we send you
The URLs which lead you to and around our Web site including the date and time
The pages you viewed or searched for

Your browser allows you to reject cookies and software is available from third parties which will allow you to visit our Web site without providing this information. You are welcomed at our Web site if you use this software but there may be a reduction in functionality on some pages of our site.

In addition, we use your IP address to help diagnose problems with our server and to administer our Web site. If you send us e-mails, from time to time we may use information about your preferences and interests to send updates to you about services or properties of Edinburgh Homes that may be of interest to you. The information you provide will also be utilized for market research purposes.

We may employ other companies or individuals to provide certain services to us such as sending e-mail, analyzing Customer lists and data, providing marketing assistance, or consulting services. These third parties will have limited access to only the information needed to perform their functions but cannot use that information for any other purpose.

We also may track your visits to our site(s) that are launched from emails sent to you by Edinburgh Homes. In some cases, this information may be identified to us by your email address, which enables us to improve your site and email experiences by better understanding your preferences.

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Email Letter

2010-11-15T06:48:00.001-08:00

if you are having trouble viewing this email, CLICK HERE!

Really get to know the Edinburgh Community with a personal tour

Remember when neighborhoods had real personality? When kids actually played on the sidewalks and neighbors sat and chatted on the front porches? For that matter, remember when homes even HAD real front porches?

Well, from the minute you turn into the Edinburgh you will know that you are someplace special. Someplace genuine and warm and unlike anything else in The Tri-Cities. The home of John Adams Elementary is also the home of wide sidewalks and the abundance of parks and green spaces provide the perfect backdrop to the friendly neighbors to stop and chat while the kids ride by on their bicycles or skateboards.

	In This Issue

	Featured Homes

The Ten Biggest Mistakes in Home Buying

1. Not doing your homework
You’ve probably heard the old maxim: “Knowledge is power.” Nowhere is this truer than in real estate. With a price tag that’s two or three times your annual salary, if ever a purchase demanded preparation it’s home buying.

It can be overwhelming when you think about all the factors that can affect a home’s value: its location, the school district, deed restrictions, taxes, amenities. That’s why it’s imperative that you do your homework before you start. With all of the information available today on the Internet, from Realtors and in housing guides, there’s really no excuse for entering the market ill-prepared.

2. Trying to make a shrewd investment
It’s easy to think we are all financial geniuses. No doubt some of you are. So, Mr. Gates and Mr. Buffet, you have my permission to move on to the third biggest mistake in home buying. As for the rest of you, forget everything they told you in that late-night infomercial. While real estate investing can make a great career, it’s no place for amateurs.

As simple as it may sound, when it comes to buying a home, your best bet is to choose one that appeals to you. The chances are very good that if you like it others will, too.

Am I suggesting that you throw caution to the wind? Lead with your heart and not with your head? Absolutely not, but if you choose a neighborhood where you and others like you want to live and a home that’s attractive and structurally sound, then you probably won’t go wrong. If you want to be known as a shrewd real estate investor, then wait at least three to five years before selling and you can tell everybody that you outguessed the market.
TO READ MORE CLICK HERE


		$382,900 2509 Glasgow 3 BR, 3 Bath Click Here for Details			$439,000 2302 Edinburgh Channel Road 4 Br, 4 Baths Sold!

		$259,000 3 Br, 3.5 Baths 2190 Sq Ft Pending!			$249,000 3 Br, 2.5 Baths 2210 Sq Ft Click here for details

This email was sent by: Edinburgh Homes
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Kingsport, TN 37660

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Figures reflecting size, square footage, and other dimensions are estimates; actual construction may vary. Size/square footage and price of your home may vary based on bonus rooms and options selected. Floorplans may vary according to elevation. Prices, plans, dimensions, features, specifications, materials, and availability of homes or communities are subject to change without notice or obligation. Illustrations are artist's depictions only and may differ from completed improvements. Copyright © 2010 Edinburgh Homes - All Rights Reserved.

Sincerely,

Eric Kistner

Edinburgh Director of Sales and Marketing

Affiliate Broker, Keller Williams

423-366-0431

EdinburghCommunity.Com

EricKistner.Com

No Excuse Not to Buy a Home Now

2010-10-25T05:05:00.000-07:00

No Excuse Not to Buy a Home Now

Could it be that some people waited too long to get a good deal on a home? Birmingham, Alabama REALTOR® Charita Cadenhead says ‘yes’ and shares her reasons why in a recent post.

“Potential homebuyers [have] chose[n] the absolute worst time to stall on buying a home. Interest rates are at an all time low, foreclosures are rampant, presenting an endless possibility of getting more house for their money, and more choices than they’ll ever have. And yet, they waited and waited and continue to wait. What they have done is ‘waited’ themselves out of an opportunity.

Now on the seller side (and we’re talking about traditonal, non-foreclosure sellers), a small window of opportunity has opened the door for owners of non-foreclosure properties to capitalize on the current processing freeze on foreclosure properties. Current sellers have been complaining about having to compete with foreclosures in their neighborhoods. Now that banks such as Bank of America have put a freeze on foreclosures (listed, processing and pending sales, etc.), a boatload of the competition has suddenly vanished.

That being said, what excuses do home sellers have now to wait?

They have less competition in the market place
More negotiating power in the interim
The attention of more buyers who are now intimidated by foreclosures (they’re thinking that foreclosures may not be such a great deal after all)

While sellers may not get maximum dollar, if they play their cards right, they can certainly get more than they thought. This current real estate market is a market of opportunity and sometimes there’s only a small window of opportunity. Sellers can be like buyers have been and ‘wait’ themselves out of a golden opportunity. Or they can ‘get off the pot’, as they say, and take advantage of the best opportunity in the past two years.

Any seller that has been contemplating the sale of their home would be wise to jump not only at this window of opportunity, but through it. Sellers should learn a valuable lessons from the many potential buyers who missed their window of opportunity. Just for once in their lives, they need to take the leap of faith and be an opportunist.”

Click here to read more blog posts by Charita Cadenhead.

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If you are looking to buy are sell a house, please don't hesitate to give us a ring at 423-218-2008

The Ten Biggest Mistakes in Home Buying

2010-10-22T04:17:00.000-07:00

The Ten Biggest Mistakes in Home Buying

1. Not doing your homework
You’ve probably heard the old maxim: “Knowledge is power.” Nowhere is this truer than in real estate. With a price tag that’s two or three times your annual salary, if ever a purchase demanded preparation it’s home buying.

It can be overwhelming when you think about all the factors that can affect a home’s value: its location, the school district, deed restrictions, taxes, amenities. That’s why it’s imperative that you do your homework before you start. With all of the information available today on the Internet, from Realtors and in housing guides, there’s really no excuse for entering the market ill-prepared.

2. Trying to make a shrewd investment
It’s easy to think we are all financial geniuses. No doubt some of you are. So, Mr. Gates and Mr. Buffet, you have my permission to move on to the third biggest mistake in home buying. As for the rest of you, forget everything they told you in that late-night infomercial. While real estate investing can make a great career, it’s no place for amateurs.

As simple as it may sound, when it comes to buying a home, your best bet is to choose one that appeals to you. The chances are very good that if you like it others will, too.

Am I suggesting that you throw caution to the wind? Lead with your heart and not with your head? Absolutely not, but if you choose a neighborhood where you and others like you want to live and a home that’s attractive and structurally sound, then you probably won’t go wrong. If you want to be known as a shrewd real estate investor, then wait at least three to five years before selling and you can tell everybody that you outguessed the market.

3. Choosing a poor location
OK – you’ve found the perfect home. It’s in a good school district, it’s got great curb appeal, a terrific floor plan that fits your family and the price is right. The only drawback is the bowling alley that backs up to it. Walk away.

Nothing spoils life and resale value like a poor location. If it bothers you now, don’t think you will learn to live with it. The flood lights from that office building across the way will only get brighter with time. The planes on final approach to the airport will only get louder and more frequent.

The best looking home, the most extravagant landscaping, tall fences, and insulated windows will never overcome a homesite near a pig farm (no offense to pig farmers).

4. Overlooking an inferior floor plan for an attractive exterior
I don’t mean to downplay the importance of curb appeal. A home that turns your head as you drive down the street can be a real asset. Resale will be a lot easier if you don’t have to stand on the curb shouting, “No, wait! I know it looks bad, but this home’s got great personality!” If the romance doesn’t continue when you open the door, then you’ve got a problem that will be difficult to unload.

You want a home that makes your heart beat faster when you first open the door. It’s got to have a layout that makes people feel comfortable, one that responds to the way we live today. Open. Friendly. Functional.

I’ve seen it happen a hundred times. Buyers approach a home with an exterior they’re not crazy about, then they discover a fantastic floor plan, and when they come back out, the exterior seems to have magically improved.

If I had to choose between a good-looking exterior or a knockout interior – and I couldn’t have both – I’d choose the great interior any time. After all, that’s where you live every day.

5. Not considering how your family wants to live
We all carry around a mental picture of the perfect home. If you’re a child of the 60’s your ideal home probably looks like the Cleaver’s house. Younger shoppers may be searching for the Brady’s or the Cosby’s home, or maybe even the Taylor’s home from Home Improvement. These images seldom fit the way we really live.

It’s also not about finding a home your parents would like (unless they’re helping with the down payment). It’s not choosing a home your best friends would want.

This home only needs to fit one family – yours. Your comfort and happiness depends on how well you can judge that fit.

Start by thinking of how you live now. Try not to be influenced by those fantasies of how life would be if only you had the right home. If your idea of fun is watching reruns of Jeopardy in your pajamas, then look for a TV room that accommodates your favorite naugahyde reclining lounger. If you like to have friends and family over for informal get-togethers, then look for a large kitchen that’s open to the Family Room. How many rooms do you need? How should they be arranged? Master up or down? Will you have use for a home office?

Don’t overlook how your family lives outside, as well. Will you use a pool or would a hot tub suffice? Do you like to garden and work in the yard, or would you rather have less maintenance?

If you’re buying a used home, you’ll have to look beyond the current owner’s décor and furnishings. If it’s a builder’s furnished, new model home, the toughest part will be facing the fact that the decorator and furniture don’t come with it. If you’re honest with yourself, you can find a home that will fit your family and feel like…well, home.

6. If buying a resale, not having the home properly inspected

I can’t emphasize this one enough. When you find your dream home, it’s love at first sight. As with all love affairs, you begin to lose your objectivity and see only what you want to see. “OK, so the foundation is cracked. But, isn’t this the cutest little window you’ve ever seen?” Now is a good time to seek professional help.

They’re called structural and mechanical inspectors. Good ones are worth every penny you pay them. A good one is licensed by the state (ask to see his or her certificate) and has no personal relationship with you, the seller, or the Realtor. This is someone you pay for a professional, unbiased opinion about the structural integrity and mechanical performance of the home you’re planning to buy. They will inspect every major component of the house from the foundation to the rafters, including the central air, furnace, water heaters, plumbing and electrical. You will also want to have the home inspected for termites. As much as it may hurt to hear something negative about the one you love, this is when you want the ugly truth.

Many resale homes were built when energy codes were more lenient or nonexistent. Independent third-party performance verification inspections that test for energy-efficiency can make a big difference in the performance of your home and its effect on your pocketbook.

You and the seller will be given a written report with a list of items that must be repaired before you close the deal. Usually the contract spells out limits on what the seller is obligated to pay for repairs. If the cost of recommended repairs exceeds this amount and the seller is unwilling to pay for them or to adjust the sales price, DO NOT proceed. (You may elect to pay the difference if the overall deal is still a good one.) This could be the toughest decision of your life, but ignore the engineer’s warning and you will live to regret it

7. If buying new, failing to check out the builder’s reputation

If you’re shopping for a new home, you probably know where you want to live, so you’ll be comparing Home Builders in that area of town. You’ll look for home designs that appeal to you in a price range you can afford. Once you’ve narrowed your search to one or more builders’ homes, your next step should be to take a long hard look at the builders. Here are the most important questions you should answer about any builder before you let them build your home:

How long have they been in business?

How many homes have they sold?

What do their Homeowners think of them?

How many of the Homeowners would buy from the builder again?

What do other builders say about them?

What industry recognition have they received?

What does the Realtor community think of them?

What kind of warranties do they offer?

Do they have a department solely dedicated to warranty issues?

Do they have an energy-efficiency or green building program?

The best way to check out a builder is to ring some doorbells and knock on doors. Visit the neighborhoods where they build and ask Homeowners about their experiences. You should talk to at least three to five neighbors and get a consensus before you make one of the largest investments of your life.

If you don’t get satisfactory answers to most of these questions, choose another builder. If none of them pass this test, choose another part of town. Beyond all the fancy advertising and hype, builders have only one thing of real value: their reputation. If the one you’re considering doesn’t have a good one, they shouldn’t get your business.

8. Not getting what you want because you’re impatient

To borrow a phrase from the Rolling Stones, time is on your side. Show me someone in a hurry to buy and I’ll show you someone who pays too much. There are a lot of things you can rush into and recover from later, but this does not include marriage or buying a home. Never, ever, ever, rush into buying a home. Have I made my point yet? It is the single largest investment most of us ever make. It requires an enormous amount of energy, effort and research. It takes time to do it right.

You need time to do your homework. You’ve got schools to check, tax rates to compare, mortgage companies to shop, neighborhoods to drive, and – if it’s a new home – you need to check the builders’ reputations (See #7 above).

If it’s a used home, you need time to negotiate. Seldom should you pay the “asking price” on a used home. The longer you can take, the better the deal you can usually make. If you find yourself in an unavoidable time bind because of a transfer or the impending sale of your home, try to make arrangements to delay the purchase. You can always store your non-essential things and rent in the interim. Sometimes people who purchase your home are willing to lease it back to you on a pro-rated basis if you need extra time. It doesn’t hurt to ask and it could save a lot. Do the math. If patience can save you $5,000 on the purchase price, wouldn’t that be worth it?

Whatever you do, even if you don’t have time and you must move forward, try not to show it until after the price is set.

9. Waiting for a better time to buy based on the market
and interest rates

Buy low. Sell high. It’s a great plan if you’re a fortuneteller, but for the rest of us mere mortals, here is the best advice for when to buy a home: There is no time like the present. You know what houses cost. You know what interest rates are. You know you have a job (If not and you’re not independently wealthy, maybe you should consider putting it off).

Warren Buffet says, “the rear view mirror is always clearer than the windshield.” Looking back, we can all see when the best time to buy a home would have been –it is hard to find a better time than the present. Who can predict the future? The best we can do is learn from the past. History shows that those who purchased homes and kept them for three to five years or more did better than those who didn’t. How can you argue with that?

Will interest rates be lower some day? Maybe – then you can refinance. Will home prices ever be significantly lower? Probably not. Will you be making money in the future? We all hope so. Do you have a crystal ball? Stop your waiting. Just do it.

10. And the biggest home buying mistake…drum roll, please…

not buying at all!

- From David Weekley

Cheaper To Buy New or Rent?

2010-10-18T11:22:00.000-07:00

Local fair market rents: Are you paying too much, would it be cheaper to buy?

Published Tuesday, October 12 2010 - (1) Comments

The current U.S. Department of Housing's Fair Market Rents data are getting additional attention this year. The data have always been renters' benchmark to shop the market but the recession, a punky housing market and renters who use the data to see if they would get a better deal buying instead of renting has ratcheted up interest in the numbers this year. Answers to the last question vary and depend on the person - or family's - finances, credit history and plans for the future.

HUD's Fair Market Rents data consists of "gross rents (contract rent for shelter plus utilities) aggregated by metropolitan statistical area or by county for non-metropolitan areas. The fair market rents are calculated for a base year using several surveys, including the Decennial Census and the American Community Survey, and are projected forward using the rent and utility components of the consumer price index for a given metropolitan area."

Here's what the numbers look like in the NE Tenn. and SW. Va. region:

Sullivan Co.	Efficiency	1-Bedroom	2-Bedroom	3-Bedroom	4-Bedroom
	$440	$473	$588	$788	$942
Washington Co.	Efficiency	1-Bedroom	2-Bedroom	3-Bedroom	4-Bedroom
	$393	$475	$589	$732	$912
Hawkins Co.	Efficiency	1-Bedroom	2-Bedroom	3-Bedroom	4-Bedroom
	$440	$473	$588	$788	$942
Carter Co.	Efficiency	1-Bedroom	2-Bedroom	3-Bedroom	4-Bedroom
	$393	$475	$589	$732	$912
Unicoi Co.	Efficiency	1-Bedroom	2-Bedroom	3-Bedroom	4-Bedroom
	$393	$475	$589	$732	$912
Johnson Co.	Efficiency	1-Bedroom	2-Bedroom	3-Bedroom	4-Bedroom
	$350	$435	$540	$732	$759
Greene Co.	Efficiency	1-Bedroom	2-Bedroom	3-Bedroom	4-Bedroom
	$350	$442	$540	$732	$752
Scott Co. Va.	Efficiency	1-Bedroom	2-Bedroom	3-Bedroom	4-Bedroom
	$440	$473	$588	$788	$942
Washington Co. Va.	Efficiency	1-Bedroom	2-Bedroom	3-Bedroom	4-Bedroom
	$440	$473	$588	$788	$942
Lee Co. Va.	Efficiency	1-Bedroom	2-Bedroom	3-Bedroom	4-Bedroom
	$381	$460	$588	$756	$800
Wise Co. Va.	Efficiency	1-Bedroom	2-Bedroom	3-Bedroom	4-Bedroom
	$489	$499	$588	$765	$964

8 Tips for Finding Your New Home

2010-10-11T14:31:00.000-07:00

8 Tips for Finding Your New Home

By: G. M. Filisko

Published: February 10, 2010

A solid game plan can help you narrow your homebuying search to find the best home for you.

1. Know thyself

Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?

2. Research before you look

List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto REALTOR.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view.

3. Get your finances in order

Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you’re comfortable spending each month on housing. Don’t wait until you’ve found a home and made an offer to investigate financing.

Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you’re eligible to borrow. The lender won’t necessarily consider the extra fees you’ll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you’re comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.

4. Set a moving timeline

Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you’ll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines.

5. Think long term

Your future plans may dictate the type of home you’ll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you’ll still love years from now.

6. Work with a REALTOR®

Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighborhoods and type of homes you’re interested in. Because homebuying triggers many emotions, consider whether an agent’s style meshes with your personality.

Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers’ reps work only for you even though they’re typically paid by the seller. Finally, check whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS®. NAR has been a champion of homeownership rights for more than a century.

7. Be realistic

It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded.

On the flip side, don’t be so swayed by a “wow” feature that you forget about other issues—like noise levels—that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there’s no such thing as the perfect home.

8. Limit the opinions you solicit

It’s natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you’ve identified as important.

Should I Buy a New Home or an Old One?

2010-10-09T09:11:00.001-07:00

Advantages of Buying a New Home versus Older One

Posted in: Home Builders, Homes for SaleTags: Easy Maintenance, green features, new homes, New vs Old, Older Homes, Safety of Newer Homes

No matter what the current economic situation is, buying a new home will always have distinct advantages over purchasing an older home. From being able to customize your floor plan and features to more updated technology and appliances, there are a number of reasons you should consider purchasing a newly built home over a pre-owned home for you and your family.

Everything is New
One of the most obvious advantages to purchasing a new home vs an older home is the fact that everything in your home will be brand new. When purchasing a pre-owned home, the carpet, fixtures, walls, appliances etc… have been used by at least one family before you. Any stains, chips or holes are yours to keep and will remain for the duration of your lease. Purchasing a new home ensures that everything will be clean and unused when you move-in.

Customization
When purchasing a new home, you are given the opportunity to customize certain aspects of your home; the level of customization varies from builder to builder. Cabinets, flooring, bonus rooms and energy efficient features are just some of the many amenities you get to pick out when building your home.

Green Features
Many new homes today are built with your comfort and the environment in mind. These homes often are constructed with green materials and are designed to include other environmentally friendly amenities as well, such as solar panels, tankless water heaters, better insulation and indoor air filtration systems. These features are both kind to the environment and to your wallet, as they save you money each month on utilities. Ussually any pre-owned home you purchase will not have these added benefit of green features.

Safety
Some older homes were built with hazardous materials, such as asbestos and lead-based paint. For families moving into an older home, these dangerous and outdated building methods can seriously threaten the health and safety of you and your family. In addition, overtime, mold may have developed in a home and can greatly affect the health of you and your family. In choosing to buy a new home, you will be moving into a house that is not only free of these hazards, but it is also up to date on all plumbing and wiring regulations, ensuring a safer environment for your family.

Easy Maintenance
Newer homes are built using durable and lasting materials, which translate into to less upkeep and maintenance. In an older home, you may have to deal with worn out appliances, run-down materials, wiring and plumbing that may be in constant need of repair, or any number of other issues. As a new home owner, you’ll run into fewer issues and if you do, you can call your home builder’s customer service team for quick resolution. In most cases, you are protected by a builder warranty and manufacturer warranties on materials and products.

re-posted with Permission

Kingsport home sales climb 30 percent in August - Kingsport Times-News Online

2010-09-28T03:49:00.000-07:00

Kingsport home sales climb 30 percent in August - Kingsport Times-News Online

Relocate or Remodel

2010-09-25T06:51:00.000-07:00

Relocate or Remodel

Posted by Allison Gillett under For Buyers, General Information

We all realize that it is not the ideal time to try and list your home, but if you are buying in the same area, then your lowered house price will also be reflected when you buy your replacement house. Nothing is lost therefore - or is it?

Sometimes we can become aware of the fact that we really must move. Maybe the children are too big and we really need to move for that extra bedroom; perhaps there is a need for a bigger family room, or an extra bathroom.

Many circumstances make house-moving come to mind, but have you worked out the cost of re-modeling as opposed to the cost of moving? When we think about moving, we often think of all the irksome things about our home, but we do not remember all the conveniences that might not be available in the next home.

What about the qualities you really like about this home? Even small things like the sun shining into your kitchen in the morning are priceless to some people.

One of the first things to consider is your ‘gut feeling’. Do you want to move because you want to get away from something that is bugging you in that house? If so, think about including that in a re-modeling project (as long as it is not an irritating neighbor!)

Write down all the things that are missing in the house you are in, that you know you can afford to buy in the next house. For instance, a third bedroom is one reason you must move, and you would like a big yard. But have you checked the prices of three-bed roomed homes with a big yard in your area?

Cost is really the biggest factor that we all have to take into account. Obviously the comparative costs of moving versus re-modeling may play a part.

It is easy enough to calculate the cost of re-modeling, you simply ask a builder for a quote. (Get several bids) If you are doing it yourself, then it will take longer to calculate everything you need to buy. Some hardware stores offer a quotation service. There are on line services for instance on the Home and Garden Web site, where you can pick out your kitchen or bathroom type, choose cabinets and colors of your choice, one click and it all whizzes into place!

So the cost of remodeling seems straightforward, but what of the fact that by remodeling, you are also increasing the value of your house. Will you therefore deduct some of the value from your ‘cost’ of re-modeling? Statistics say that 80% of the renovating costs for a new kitchen or bathroom are re-couped in the sale price of the house.

There are also short cuts you can take to get your dream kitchen, like just ordering new cabinet doors and drawers instead of refitting the whole kitchen. These replacement doors come in various price ranges starting from inexpensive white laminate up to classy dark cherry wood.

The cost of moving is harder to calculate, as it contains many hidden costs. For instance all the small costs like a day off work to move, the cost of moving boxes, the paint costs to touch up the outside of the house and those extra shrubs you will buy to make the yard look good.

The larger expenses are easier to spot, for instance: the fee to the realtor, the difference between the cost price of selling your home and buying the new home, the closing fees and legal fees for both houses.

Then there is the actual cost of the physical move, will it be by a removal company or do you plan to do it yourself? Once in the new home, what of drapes and any extras that will be required.

Once all the figures are in, and you have done the math, you may find it easier to make a logical decision and you also feel better in knowing all the cost factors involved - so there will be no surprises.

What Borrowers Should Know about FHA Loans

2010-09-25T06:42:00.000-07:00

What Borrowers Should Know about FHA Loans

1. FHA loans are not only for lower-income borrowers. FHA loans are available to everyone. There is no maximum income restriction associated with FHA loans, but borrowers do need to substantiate income and assets by submitting proper documentation. This requirement ensures that borrowers are well-vetted and truly able to afford their future homes.

2. FHA loans are not only for first-time buyers. Many people believe FHA loans are available only to first-time home buyers, but this is not the case. Whether borrowers are making their first home purchase or their fifth, they can look to FHA loans as a home financing option.

3. FHA loans are not just small loans; in fact, loan amounts can be as high as almost $800,000. The government recently raised the maximum loan amount from its original cap of $362,790 to $793,750 as a way to help stabilize the housing market. The amount a buyer can borrow varies from county to county, though. Later this summer, condo buyers interested in FHA loans can visit www.checkfhaapproval.com to instantly identify FHA-approved condo associations and review maximum loan amounts for a given location.

4. FHA loans are not affiliated with the Section 8 housing program. While both programs are administered by the U.S. Department of Housing and Urban Development (HUD), FHA loans have nothing to do with low-income subsidized housing. FHA loans are simply mortgages insured by FHA. This insurance provided by the federal government allows lenders to lend more freely by assuring them that they will be repaid in the event of default. Most traditional lenders, including Wells Fargo & Co., JP Morgan Chase and Citigroup are able to provide FHA loans to their customers.

5. FHA loans are often more affordable than conventional loans. While FHA loans typically offer the same interest rates as other loans, borrowers benefit from a much lower down payment of as low as 3.5%.

6. FHA-approved condo developments are more desirable to buyers. With 87% of home buyers indicating that they plan to use FHA loans, condo associations that are not FHA approved are missing out on a significant pool of prospective buyers. Under rules in place since February 2010, an entire condominium development must now apply to HUD and be granted FHA approval before a buyer can purchase a unit in an association with an FHA loan or before an existing unit owner can refinance into an FHA loan.

Due to the general challenges with today’s lenders extending credit with respect to conventional loans, many borrowers may find that FHA is their best bet. Lenders don’t mind lending when the federal government (FHA) assures them of repayment.

Homeowners associations (HOAs) should note that although FHA-insured mortgages might be easier to obtain, they are not “risky” loans, due in large part to the strict “full documentation” requirements placed on borrowers. Individual buyers or sellers can initiate the approval process or current owners can encourage their HOA to apply.

7. FHA loans are assumable. In addition to lower down-payment and credit-qualifying requirements as compared to conventional loans, FHA loans are assumable. This means that when a seller with an FHA loan sells his or her property, the loan and its financing terms (interest rate) can be transferred to the new buyer. This unique feature will certainly make a property more valuable in times of rising interest rates.

Both Edinburgh and Edinburgh both fully qualify under FHA guidelines. Call Eric Kistner with Keller Williams/The Edinburgh Group to learn about all of your financing options. 423-218-2008 edinburghhomes@gmail.com

Tips for Hiring Remodeling Contractor

2010-09-25T06:28:00.001-07:00

Given the economic difficulties that still exist, it’s not surprising that many homeowners are looking to home improvement and renovation, rather than buying a new home.

When deciding to undertake a remodeling project, however, there are several invaluable tips to keep in mind as you discuss your home makeover with potential contractors.

Thanks to our network of leading real estate professionals, the Top 5 in Real Estate Network®, I, along with my team, can offer tips to make your home renovation a more streamlined, more palatable experience, courtesy of Stageoflife.com:

Tip #1: Does Your Contractor Have Proof of Insurance?
Ask the contractor to have his insurance company mail or fax a copy of his current contractor insurance card to you. If the contractor can’t do this, stay away. Why? If there is an accident at your home, you are then liable. This also applies to any sub-contractor or employee that the contractor may use; those individuals should have active insurance cards faxed or mailed to you as well.

Tip #2: Did You Check References and See Photos?
Ask for at least three references — with two of them being for the same type of project you are planning — and then call the references. Additionally, ask the contractor to provide photos of previous work, especially for the same type of project. If he produces lawn and garden photos and you’re planning a bathroom remodel, you may want to check out another contractor.

Tip #3: Does Your Contractor Take Debit or Credit Cards?
Besides your ability to earn a few points, bonus miles or cash back on your project, a good sign that a contractor is financially savvy and has a bank behind his business is his ability to take debit and credit cards. This doesn’t just apply to big contracting companies. Many small, one-man shops will take cards if they have a good relationship with their business bank or credit union.

Tip #4: Manners and Appearance?
If the contractor drove his vehicle to your home to give you an estimate, take a look at the way he keeps the equipment and vehicle. Are things clean? Neatly arranged? If not, that’s a big warning. The way a contractor treats his tools is a direct connection to how he’ll treat your home. During the initial meeting, does the contractor present himself in a professional way? Do you feel comfortable around him or his employees? They will be working in your home after all.

Tip #5: Clean-Up Policy?
Ask about the clean-up policy. For example, if your home improvement is a multi-day project, will the contractor be cleaning up at the end of every day or will he leave the dust, wood chips, and other mess laying there for day two? The more mess in your home … the more it gets tracked around. Many homeowners find themselves with mouths gaping wide after the contractor has left for the day and their floors and home are dirty and messy around the project area.

Tip #6: Will the Contractor Put It In Writing?
Is your contractor willing to put both his bid and the scope of work in writing? If not, walk away immediately. You’ll be surprised how many homeowners have been duped by contractors who verbally tell you what’s included in their scope of work, but will then, in the middle of everything, require extra money to finish the remodel, thus holding you hostage with an uncompleted home project.

Tip #7: Availability?
Can the contractor get the job done in your timeline rather than his? There’s nothing more frustrating than if a contractor tells you that a job will be done by a certain date and then it isn’t. On the flip side, if you can’t find a good contractor that’s willing to commit to your timeline, your expectations may be too high and you may need to adjust your timeline.

Tip #8: Does Your Contractor Use “Subs?”
Does your contractor plan on doing everything himself? Or will he “sub out” work to the “trades?” For example, if you are remodeling a bathroom, you may need a plumber, electrician and carpenter. It’s okay if the contractor subs work out to these specific trades — it shows he wants the work done right.

Tip #9: Quoting & Billing Procedure?
Ask the contractor about his quoting procedure. Will it contain general information, or will it be specific? For example, most contractors will charge you for a fuel surcharge, material up-charges, waste removal, labor, etc. Some will show you these exact costs in a line item invoice, but others roll it up into one big bill. How much detail do you want? You should clarify that with your contractor upfront.

Also, what is the payment or billing policy? Is money required upfront? If so, go back to #1 and #2 above to make sure you have the contractor’s references checked and have a copy of his contractor’s insurance.

Tip #10: Did Your Contractor Get the Permits?
Ask your contractor to take care of the permits. Although permits cost you money, the inspection process is meant to protect you from poor workmanship and to make sure that everything is being built to code.

The Edinburgh Group has a list of Preferred Remodeler Partners list for all of our current and future homeowners. Please call Eric at 423-218-2008 or email EdinburghHomes@gmail.com

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