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Lexington Park Real Estate News / Help for Buyers and SellersLexington Park Real Estate or Homeowner’s InsuranceWhile it is necessary to have Lexington Park Real Estate or Homeowner’s Insurance, there are ways to reduce your premium costs. One: Raise your deductible. Deductibles are the amount you must pay towards a loss before your insurance company starts to pay. You can save costs on your overall policy by increasing the amount of your deductible. For example, according to a Federal Government paper on lowering Lexington Park insurance costs, you can save up to 12% on your rate if you go with a $500.00 deductible rather than a $250.00 deductible. Lexington Park FAIR MARKET VALUESetting the right price is an important first step in getting a home sold. Sellers often wonder if they should spend $200 to $400 for a professional appraisal of their Lexington Park real estate before placing it on the market. WAYS TO DETERMINE VALUE IN Lexington ParkA professional appraiser's opinion of a property's market value is based on the recent sales of similar Lexington Park real estate. Different appraisers could come up with different numbers. Even if all of them agreed on a value, there is no guarantee that you would receive that amount for your property. An alternative to a professional appraisal is to ask a professional Realtor for a written market analysis of your property. This analysis will include information about recent home sales in your neighborhood, as well as how those homes compare to yours. Lexington Park FAIR MARKET VALUEWhen you buy Lexington Park real estate or refinance your present home, your lender will ask you to pay for an appraisal to help ensure that the sales price and mortgage amount is consistent with the property's market value. The appraiser uses the Rule of Three. What that means is the lender wants to evaluate three "comparables"—recent sales of nearby homes that are very similar to the one you are buying. Based on this information, the lender will make adjustments to reflect the differences between the properties and arrive at a fair price for your home. Guidelines for Buying Lexington ParkWhether you are a seasoned veteran of real estate transactions or a first time buyer, my advice is the same: Know the Market, Know Yourself and Rely on Experts to give you the whole picture of what you are buying. Know the Lexington Park Market. Another way of stating this is Research, Research, Research. Of course the Internet is a great way to give an overview of Lexington Park homes or homes in any given area but may not be enough, especially if you are looking to buy a home some distance from where you currently live. If you are looking to buy locally you can drive the neighborhoods that you are focusing on to get an idea if there are any problems you need to be aware of. Does part of the development back up to a busy highway? If so and if you want to avoid looking at homes in that area, know what streets are involved so you can recognize listings that may be involved. Bitten by the Lexington Park Home Improvement Bug?Before you finalize your decision regarding remodeling versus moving, it is wise to get a professional estimate of your Lexington Park home’s current value, the actual costs of moving to a different home and the estimated return on investment of the most common types of home improvement. I’ll be happy to provide you with a complimentary analysis of your home’s current value. Simply call or E-mail me whenever you are ready. As for improvements that traditionally bring the highest rate of return on investment, here are some statistics. Kitchen remodeling and adding a bath tends to bring rates of return with averaging anywhere from 85% to 95% return on your dollars spent. Compare that with the 64% return on investment for adding a home office. The Benefits of Selling Lexington ParkIf your Lexington Park holdings consist of both a personal residence and a rental, you can sell your personal residence and exclude up to $250,000 ($500,000 for a married couple) on the gain. Then you move into your rental, live in it as your personal residence for two years and then sell it, again benefiting from the $250,000 or $500,000 exclusion. This is true even though most or all of the increase in value occurred before you converted the property to your personal residence. |
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