• ---------BETTER JUDGEMENTS--------- Better Judgements eZine Terria Judge, Realtor CRS, ABR, GRI, Broker Associate Better Judgements is a newsletter on home matters, from Terria Judge, your Garden City, KS real estate agent! Contact Terria Judge at 620-271-2129! Terria Judge Coldwell Banker, The Real Estate Shoppe, Inc. John P. Judge, Broker 1135 College Dr. Suite E Garden City, KS 67846 620-275-7421 x 223 http://terriajudge.com http://gardencityksrealestate.com http://gardencityrentals.com Terria@TerriaJudge.com --NEW EMAIL ADDRESS!! Subscription Management at end of newsletter. Thanks for your subscription to Better Judgements, the newsletter from your Garden City Kansas Realtor, Terria Judge. ---------BETTER JUDGEMENTS--------- In this Issue ============= 1. Article: Ten Ways of Financing Real Estate 2. New Features at TerriaJudge.com 3. Featured & New Listings 4. Article: What To Look For In A Home 5. Article: 9 Simple Strategies for Home Organization ---------BETTER JUDGEMENTS--------- Ten Ways Of Financing Real Estate by Steve Gillman Do you remember when real estate financing meant you saved up enough to put 20% down on a house, and then you got a mortgage loan for the other 80%? Well, you can still do that, but there are many more options now. Here are ten of them. 1. Gifting programs. In some parts of the country, builders fund foundations that give you a portion of the downpayment, so you can get into a home with as little as 3% downpayment from your own pocket. FHA and other lenders have so far approved of or allowed this. 2. No-doc loans. These and "low-doc" loans, meaning no or low documentation requirements, are back, and you can find them through online banks. These are for those of you with bad credit but 20% to 30% to put down on a home. You don't even have to have a job. 3. FHA loans. The Farm Home Administration doesn't actually loan the money, but guarantees your loan for the bank, so they can loan up to 97% of the purchase price, depending on the particular FHA program. 4. VA loans. If you have been in the armed services, have a decent job, and can save two or three paychecks, you can probably get a home with a VA loan. 5. Land contract. Also called "contract for sale" and other names depending on the part of the country you are in, this just means that you make payments to the seller instead of a bank. It's up to you and them to negotiate downpayment amount, interest rate, and the term of the loan. 6. Seller-carried second mortgages. Some banks will allow you to have as little as 5% into a home purchase, but will then only loan you 80%. The seller can take payments on a second mortgage from you for the other 15%. 7. State housing programs. Almost all states have some sort of financing help in the form of a loan-guarantee program or outright loans for low-income buyers. 8. Family loans. It may not be out of charity that a brother or a friend lends you the money to buy a home. A 7% return might look awfully good if their money is sitting in the bank at 2%. 9. Manufacturer loans. Some manufactured-home companies are arranging financing with 5% or less down for their buyers. They must feel their money is secure, since a good modular on a piece of property is nothing like a mobile home on a rental lot. 10. Credit cards. This is a risky one, but if you have a low-interest credit card, you can use it to come up with the downpayment, especially if you can pay it off soon with a coming tax refund, for example. Banks generally won't allow this, but you can combine this with seller financing. Are there more ways to approach real estate financing? You bet. This was just to get you thinking. About the Author Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com ---------BETTER JUDGEMENTS--------- New Features at TerriaJudge.com ==================================== MORTGAGE CALCULATOR: http://terriajudge.com/calculator.html OPEN HOUSES: http://terriajudge.com/calendar.html ---------BETTER JUDGEMENTS--------- FEATURED & NEW LISTINGS ======================== 1. http://702nseventh.com 2. 712 Elm St, Deerfield http://terriajudge.com/featuredlistings.html --click the pic for inside view If you're interested in listing your house with Terria, you might be able to have your own website like www.123yourstreet.com! Just visit Terria at http://terriajudge.com/marketevaluation.html to fill out an interest form! ---------BETTER JUDGEMENTS--------- What To Look For In A Home by Nicole Soltau Searching for just the right home can be very exciting. You may plan ahead for the number of bedrooms and bathrooms that you want. Or imagine preparing for dinner parties in a sun-filled kitchen. Although these things are important, there is more to a good home purchase than the rooms it contains. Following are just a few suggestions to consider. Take some time to make a list and determine which additional priorities are important to you. Survey the neighborhood during many different times of the day and days of the week. Are you comfortable with the noise, activity levels, traffic volume, etc.? If you have, or plan to have children, check with the local school board about the neighborhood schools. What is the student/teacher ratio? How are the test scores? How involved are the parents? What programs are available for students? What credentials and how much experience do teachers bring to the task? Is the foundation of your new home sound? Is it well built? Are the existing appliances sound or will they need to be replaced? Are the home's major systems such as electricity, plumbing, heating/air, and roofing in good condition? Is the home energy efficient? How much major and/or cosmetic work will be required? What will your commute look like? If possible, do a trial run during rush hour. What is the crime rate? What permits have been issued for new projects and/or construction in your new neighborhood? Will you be expected to pay homeowner association fees? Are you comfortable with the covenants set forth? Does the neighborhood provide sufficient recreational opportunities? Will you be moving into a home or joining a community? Is the local grocer clean and well-stocked? Enlist the help of a good real estate agent, reputable home inspectors and others to help find a home with more than just a pretty face. Beyond Mortgage Payments Owning a home involves far more than keeping current with your mortgage payments. There are a number of costs associated with home ownership that extend far beyond the basics (i.e. principal, interest, taxes and insurance). Assuming responsibility for these costs can be a big financial adjustment. This is particularly true if, as a renter, you are accustomed to responding only to fixed expenses (i.e. rent) without much concern for variable expenses (i.e. broken pipes and new water heaters). Well, now you are the landlord and it is up to you to handle the mortgage, in addition to all of the variable expenses of home ownership. Routine and emergency maintenance issues are an inevitable part of homeownership. The dishwasher will need to be replaced, the roof may begin to leak, or the furnace will give out. You can minimize the financial fallout by planning ahead and budgeting in anticipation of these expenses. Recommendations vary, but you would do well to save an amount equal to at least 2% of the cost of your home for annual upkeep and maintenance. Set aside funds toward this amount each month. In this way you will eliminate the scramble and panic of getting the funds together to get that tree off of your roof. In addition to maintenance and upkeep, there may be other costs you will need to absorb. These include water, sewer and sanitation expense; homeowner's insurance, and property taxes. It is important to understand the full cost of home ownership before you sign on the dotted line. You can build confidence in your ability to handle these new expenses by making a trial run. Do your best to estimate the total cost of home ownership. Use that information to make a budget. Before you sign on the dotted line, live within that new budget and see how well you manage. You may find that you have adequate financial resources, that's great. If you find that you are a bit short, you may need to make some adjustments. Being proactive now may help you avoid foreclosure in the future. About the Author Nicole Soltau is the President and Founder of http://CreditUnionRate.com - The Leading Credit Union Directory Search, Find Join. ---------BETTER JUDGEMENTS--------- 9 Simple Strategies for Home Organization by Karen Fritscher-Porter Home organization means being able to find your stuff when you need it, not after an hour or more of searching. But home organization doesn't necessarily mean you're neat or clean. It doesn't even mean you're not a pack rat. Home organization just means everything has a place and you know where that place is in your home. Of course, when you practice "home organization" and "clearing clutter" together you do inevitably get a neater and more organized home. Why? Because you can find your stuff when you need it AND you're not tripping over your stuff. So instead of allowing yourself, or your family, to consistently put your shoes in the entryway (where you do know their location), you designate another spot such as a shoe rack in the foyer closet. That's blending home organization with clutter clearing techniques. Here are 9 strategies for home organization that also may help you clear clutter in your home: 1) CLUSTER LIKE ITEMS - When you organize an office storage closet at home or work, put the different types of paper beside each other on a shelf. And what goes with paper? Envelopes. Put the different types of envelopes adjacent to the paper. Adjacent to that you might put writing instruments used on paper like pencils and pens. And so forth. Organizing holiday ornaments? Keep bins of Christmas supplies together. Keep bins of Easter decorations together. Then put all of these holiday storage bins in one clustered area in your garage or attic. You can also use the cluster mindset for toys and sports equipment. 2) MAKE THINGS CONVENIENT - This simply means put most frequently used items toward the front of shelves or on shelves within arms reach or at eye level of the user (whether that's you, your spouse or your children). Put infrequently used items in those hard to reach cabinets in corners, cabinets above your refrigerator, in the attic, etc. Put shelving or other organizers in convenient places such as put shoe racks, umbrella stands and hanging baskets for gloves in a closet near the entryway you use most often. 3) LABEL IT - Invest in an inexpensive label maker. You'll have fun labeling items (e.g. home recorded DVD tapes) or labeling places where items should go so they always get returned to the same spot. For example, label specific garage shelf spaces for hand tools or power tools. That way nobody in your family will ever forget where they got an item they're using and they'll know where its exact "home" is. 4) DON'T KEEP AN ITEM IF... - ...you can find it elsewhere. So much research, forms and other paperwork is easily accessed these days through the Internet. Just keep a simple list of Websites and useful phone numbers and then you'll always know where to return to or who to call in order to access that information again. 5) HANDLE IT ONCE - And handle it now. That's how the organizing professionals suggest you handle paperwork, whether it's incoming mail or something on your home office or work desk. If you can't handle it now, then put it in a tickler file labeled with a specific intention (e.g. holiday cards to mail by month, bills to mail by week). 6) MAKE IT YOUR SYSTEM - I once knew a woman who placed labels inside her kitchen food cabinets. So cans of green beans and peas always went on their designated label or row and a can of tuna went on its labeled space. When you could see the label that just meant it was time to buy more tuna or green beans. Was this a bit over the top with detail? Not for her. The system suited her personality. It worked for her. Lesson learned: Own your home organizing system. You can use other people's home organizing tips but only if they suit you, they suit your thought process and they mesh with your daily routine. You're the ultimate user of the home organization system. 7) BE FLEXIBLE - If your entire home organizing system, or just part of it, is not working, change it. Try a different method. Put something in a different spot. Observe other peoples homes and work spaces for ideas. Look at photos in home decorating magazines for ideas. Don't be afraid to admit temporary home organization failure and start again as often as needed. It's okay! 8) BE PATIENT WITH OTHERS - You know the cliché...you can't change other people. Unfortunately, that cliché is usually true though so many of us choose to learn it the hard way. Don't expect everyone in your family to start immediately singing your home organization tune. They may never do so. But you can try for compromise and understanding. And you can make subtle polite requests like "honey, will you put your shoes in the closet for me so I can vacuum that area" or "will you put the car keys here when you get home so I can find them in the morning without waking you." 9) GET HELP WHEN NEEDED - Not everyone is good at clearing clutter, especially quickly; nor is everyone good at thinking in an organized, almost analytical, way. And that's okay. But if that's you, consider calling in a paid professional home organizer (search online or in the phone book). Even if you just hire an organizer for a few hours or a day, he or she will at least be able to help you brainstorm about organizing your home in a manner that suits you. Then you can take that next step toward home organization on your own. And keep stepping until you get it done eventually. You will! About the Author Karen Fritscher-Porter writes about home organization at http://www.EasyHomeOrganizing.com. Visit www.EasyHomeOrganizing.com to read more than 50 FREE articles containing dozens of home organization ideas and solutions. Plus subscribe to the FREE newsletter updating you about the latest home organizing products sold in stores. ---------BETTER JUDGEMENTS--------- This newsletter is compiled and published by Mitone Griffith, http://brightideagraphicdesign.com

  July 5th, 2005 at 11:53 am

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