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Facts About Lexington Park Homes and CondosLexington Park HOME BUYING PITFALLS TO AVOIDBuying your Lexington Park home whether you are a first time buyer or an ‘Old Pro’ involves legal, financial and emotional considerations. The more you know about the most common buyer mistakes, the more likely you are to avoid them. Make sure that when you put in an offer on any Lexington Park home that you have spent time narrowing down just what you are looking for. When the sellers accept your offer, you are involved in a binding contract that could cost you your deposit and other damages should you decide to back out. The opposite scenario, waiting for the 100 % perfect home can be an exercise in futility. With the thousands of variables available in housing, including location, style, size, amenities and condition, perfection is almost always an unreasonable goal. Lexington Park HOME BUYING PITFALLS TO AVOIDSellers usually rely on sales of Lexington Park homes of comparable value to determine a fair and realistic price to set for their home but many sellers feel their home is worth much more and price their home accordingly. Buyers must also be tuned into sales for comparable homes in Lexington Park in order to judge the price of any home that is under consideration. Being “House Poor” gets to be “Old New” real fast. A large and beautiful home with little or no furniture tends to be empty and cold. A life where almost every dime of income goes to the support of the Lexington Park house wears thin very quickly and is a frequent cause of family stress. Pushing yourself right up to your limit leaves you highly exposed when the inevitable changes to the national or your personal economy occurs. Lexington Park Real Estate CyclesIn the business cycle of real estate, there are buyers' markets and sellers' markets...and some markets in between. It is all based on supply and/or demand. Lexington Park is no exception. There are times when the economy is brisk and everyone feels confident about his or her prospects for the future. As a result, they spend money. People eat out more, buy new cars, and... they buy houses, namely Lexington Park. Then, for one reason or another, the economy slows down. Companies lay off employees and consumers are more careful about where they spend money, perhaps saving more than usual. As a result, the economy decelerates. When there are fewer people in the market to buy homes. This is true for the Lexington Park real estate market as it is for all markets nationwide. Lexington Park Real Estate Title InsuranceBuying a new home is the single largest financial investment for most families but there are risks. What if the seller doesn’t really own the home? What if there are mortgages, judgements or liens against the property? What if the property taxes have not been paid for several years? Lexington Park real estate Title insurance protects you against these types of risks and against the risks of human error. It is your basic home ownership protection. Lexington Park Title insurance protects you against future losses arising out of events that have happened in the past. Unlike other types of insurance, title insurance is paid when the policy is issued and is good for the life of the policy. The premium required is based on the amount of the sale or the mortgage. Lexington Park Real Estate Title InsuranceA Lexington Park mortgage policy that insures the lender remains in effect until the loan is paid off. An owner’s policy insures the buyer and remains in effect as long as the owner or the owner’s heirs own the property. An owner policy may cost a little more than a lender policy. For example, an owner policy may run somewhere around $3.50 per $1000.00 of home value while a policy for lender protection may run in the neighborhood of $2.50 per $1000.00 of home value. The Lexington Park real estate Title Company searches and examines public records to determine if any problems with the title exist. Your real estate agents works very closely with the Title Company to help clear up any past clouds that may affect the transfer of title to the new owner. Does Your Lexington Park Have Curb Appeal?From cottages to castles some Lexington Park have so much curb appeal that passersby can’t help but stop and admire them. When visiting property with great curb appeal, prospective buyers often experience 'Love at First Sight' and this disposes them to love the entire home before they even walk through the front door. Lexington Park curb appeal is the result of a perfect blend of architectural style, landscaping, up-keep and color choices. Money alone does not guarantee outstanding curb appeal. I’ve seen very expensive Area homes with costly landscaping that fail to appeal and I’ve seen very modest priced Area homes with outstanding curb appeal. In part, the landscaping aspect of curb appeal is a matter of personal taste. |
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