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Lexington Park Homes Search / Buyer – Seller TipsLexington Park Disclosure RuleIf you are contemplating the purchase of an existing home or any Lexington Park, I strongly recommend that you utilize the services of a trusted home inspector. The final purchase of any home should be based on obtaining a favorable home inspection. Lexington Park is no exception to this rule. What if the home inspector discovers a problem? That happens and as long as it happens before the sale is final the seller can fix the problem or the buyer who agrees to take the property as is can negotiate the price. Any questions regarding Lexington Park, just give me a call. Lexington Park Real Estate Title InsuranceBuyers in the Lexington Park market can be tempted to save money by foregoing a title search but the risks are heavy because title problems are many and varied. Some typical problems that title searches have uncovered include a second mortgage on a home that does not appear to have been paid off. The sellers borrowed money years ago from a parent who insisted that a second mortgage be recorded. The loan was repaid but the title wasn’t cleared. Another typical Lexington Park problem occurs when an owner had work done on the property but for one reason or another failed to pay the contractor in full. The contractor filed a mechanic’s lien on the property and it has never been removed. These are liens on the property and if you take title to a property without clearing these liens or encumbrances, you may be responsible them. Bitten by the Lexington Park Home Improvement Bug?Money isn’t everything however so that if the most important consideration for remaining in your Lexington Park home happens to be the school where your children attend or the proximity to your work or to a particularly attractive recreational opportunity then remodeling may be the best option. On the other hand, if the idea of having your Lexington Park house torn up for weeks at a time makes your blood run cold, it really doesn’t matter how much money you might make turning a fixer-upper into a model home. You will be far better off selling the home you have and moving to a home that better fits your needs. Buying Lexington Park Real Estate...Will it Pay?A frequent question from prospective homebuyers relates to building home equity. Lexington Park buyers like to estimate how much a home may increase in value based upon past appreciation. One of the many advantages of home ownership is that appreciation is based on the home’s market value rather than on the actual dollar amount invested or the down payment so that a $100,000.00 home that appreciates 5% is now worth $105,000.00. This is one way of building your Lexington Park home equity but there is more you can do. Buying Lexington Park Real Estate...Will it Pay?With a typical 30-year loan, most of your monthly payment goes toward interest payments with only small amounts going to the principle in the early years. Only half the principle is repaid in the first 23 years of the loan. You can build equity in your Lexington Park faster by choosing a 15-year loan instead of a 30-year loan. As a Lexington Park real estate owner you have the right to pay more towards the principle loan amount each month. Let’s say your monthly payment is $700.00 a month and $100.00 a month is being applied to the principle. If you choose to pay $900.00 instead of $700.00, the $200.00 overage will be applied entirely to the principle. Thus, instead of gaining $1,200.00 a year in home equity, you gain $3,600.00. Investing in Lexington Park can be a very good idea. Green Remodeling Your Lexington ParkReduced material waste and resource conservation. When remodeling your Lexington Park, there is often a large amount of construction waste: 136 million tons of waste annually, or about 20% of the waste in landfills, according to the EPA. If you are planning to remodel your Lexington Park anyway, going green offers money-saving advantages. In addition to increasing the value of your home, you will cut monthly operating costs, reduce waste and improve overall health. |
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