The Living Charlotte Team Helen Adams Realty Cell: 704.533.2860 Fax: 866.836.5974 15235 John J Delaney Drive CharlotteNC28277
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Presented by: The Living Charlotte Team
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Homeowner Tips To Take Advantage Of Today’s Market
 2007 promises to be an outstanding year for homeowners in our area. Savvy owners are in a unique position to take advantage of today's market--if you make the right moves now.
Got home projects in mind? Whatever you do, this year offers many opportunities to increase the value of your home by turning paper equity into real value. Give your kitchen a cabinet face-lift or install new countertops. Upgrade that dated bathroom. Rewire your home for high-speed Internet access or HDTV.
You can make other smart moves this year, such as getting a "subject to work" market valuation to gauge before-and-after renovation impact. Purchase a home inspection for maintenance planning. Order a whole-house energy audit.
2007 also is a great time to buy or sell a home. Consider a second or vacation home for retirement. Purchase a below market pre-foreclosure or builder-closeout property. Move-up (or "cross-size") to a home that fits your future better.
There's no telling how long interest rates will remain near record lows and high inventories of homes for sale will last. That's why this electronic newsletter features inside homeowner tips you can use now to increase your home’s value. If you know someone who wants to buy or sell, please contact us. We're here to help.
 Mortgage Stretching Your Wallet Too Thin?
Some of last year's home buyers knew the good deals when they saw them, but still went too far out on a limb to buy as much home as they could get financing for. Now, some of these buyers are feeling the pinch of utility bills, maintenance and repair expenses, increasing property taxes and other expenses. (A report by Equifax Inc. and Moody’s Economy.com noted that past-due mortgages at the end of the third quarter 2006 had reached their highest level in three years--2.33%.)
We caution home buyers that the mortgage payment they qualify for isn't necessarily the amount they can comfortably live with. Many buyers have financial obligations and lifestyle preferences not taken into account by the loan underwriting process--say, for college education, medical care, recreation or hobbies, charitable giving, etc. Added to that, home buyers should consider how much cash and income they need to reserve for emergencies, insurance, retirement, etc.
Other expenses, which many home buyers overlook, are the costs of settling into the new home. A recent survey by Move Inc., which operates Realtor.com, found that the average household spends almost $9,000 on products and services directly related to moving--home decorating, furnishings, improvements, repairs, appliances, yard equipment, and the cost of setting up new service for utilities, cable, insurance and so on.
Before buying a home this year, be sure to put together a detailed budget that takes into account expenses you can predict and leaves room for those you can't. Then, keep your monthly mortgage payment to what you can realistically live with, regardless how much you’ve been approved for by a mortgage company.
 "Window" Of Opportunity To Receive Tax Credits On Certain Home Improvements Closes This Year
Under the Energy Policy Act of 2005, homeowners can enjoy federal tax credits for many types of home improvements including adding insulation, replacement windows and certain high efficiency heating and cooling equipment. The maximum amount of homeowner credit for all improvements combined is $500 during the two-year period of the tax credit. This tax credit applies to improvements made from January 1, 2006 through December 31, 2007.By installing eligible windows and skylights, you may receive a tax credit of 10% of the cost up to $200. Exterior doors qualify for a tax credit of 10% of the cost up to $500. Installation costs are not included. The maximum amount of homeowner credit for all improvements combined (including roofing, insulation, HVAC and water heaters) is $500 during the two-year period of the tax credit.
All Energy Star-qualified windows and skylights that are installed in the taxpayer's primary residence and are qualified in the appropriate Energy Star climate zone are eligible to receive a tax credit. Most Energy Star qualified exterior doors installed in the taxpayer's primary residence and qualified in the appropriate climate zone are also eligible to receive a tax credit, with the exception of exterior doors installed in certain parts of California.Storm windows and storm doors are also eligible for tax credits. See Energystar.gov/taxcredits for more information.
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Helen Adams Realty, 15235 John J Delaney Drive, Charlotte, NC, 28277
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