Chattanooga Real Estate Blog

Chattanooga Real Estate Today
 

Archive for Buyers

Invest Your Rent

Posted in Buyers,General Info by Karen Rhodes on January 15th, 2007

The only one who benefits from a rent check is the landlord. Renters never see that money again, while homeowners usually profit when they sell. In addition, renters can’t use any of their rent payment as a tax deduction, like homeowners can. If you or someone you know is renting, it’s time to put that rent check to better use!

The mortgage-interest deduction is probably the best financial argument for buying rather than renting. Consider this example:

If you can afford a mortgage payment of $1,000 (principal and interest only), you can buy a house for $151,426 if you put 10% down on a 30-year mortgage at 8% interest. If your payments started in January, you would pay $10,862 in interest for the first year in the home. That entire amount is deductible on your federal income tax return! Assuming you are in the 27.5% tax bracket, you would save $2,989 in taxes, or $249 per month. So your $1,000 payment is really only $751 when you factor in the homeowner’s tax advantage.



Tips For Locating The Right Schools

Posted in Buyers by Karen Rhodes on December 19th, 2006

School desks

When it comes time to buy your next home, your decision will be based on dozens of criteria. If you’re like many home buyers, good schools will be at the very top of your list. Even buyers without children are often concerned about the quality of schools. They know property values often reflect the reputation of local schools-both public and private-and that a home near good schools may be easier to sell later on.

 

Plan Ahead

It pays to look at schools early in the house-hunting process so you can narrow your focus to particular neighborhoods. Consider the following approaches and available resources for determining whether a school or school district is right for you and your children.

Define Your Idea Of “Good”

The first step is taking an honest look at your child’s educational needs. Is he or she average, exceptional, or is there a learning disability to consider? What are the student’s interests and natural abilities? Cerebral? Artistic? Athletic? It won’t matter that a school is tops in math and science if your child’s educational focus is in language and fine arts. Identifying your child’s individual needs will help determine the types of programs and educational approaches you’re looking for in a school.

Get An Overview

You can tap the resources of several organizations to find out what schools are available in a particular area and how they rank compared with others in the system, the state and the nation. (See the side bar for details.)

Take a look at the programs that would most interest or benefit your children. Is the local public school strong in those areas? If not, there may be good private-school alternatives in the vicinity.

Keep in mind that what you see on paper may not provide a complete picture of the school, its resources and the capabilities of its educational staff.

Identify The District

It’s easy to find out what public school district a house is in-the information is nearly always included in the MLS listing, available through your Realtor. Note, however, that school boards frequently re-draw districts. To help ensure a home is likely to remain in a particular district, you may want to find out how close it is to district lines-being central to a district increases your chances of staying there. Contact the local board of education to obtain a district map.

Go To The Source

Also ask the local board for any information available about the school system, special programs, etc. Many boards will provide you with standardized test scores, often broken down for each school and subject area. Private schools often provide test-score information and college-placement statistics as well.

See For Yourself

Make plans to visit the schools you are interested in. Schedule appointments with the principal and some of the teachers in your child’s grade. Inquire about school policies and procedures. Discuss your child’s strengths and weaknesses, asking how the school would handle them.

Interview The Neighbors

Perhaps the best way to investigate a school is to talk with parents whose children attend. Visit neighbors in the area and ask them to be candid about what they like and dislike about local schools.

Let Us Get You Started

We’ll be happy to provide the phone numbers and website addresses of the schools and districts in our area. Be aware, however, that complying with fair housing practices, we may not be able to provide you with all the information you seek. Discussing school quality can be construed as “steering” buyers to or away from particular neighborhoods, which could be viewed as discrimination-even if unintentional.

That being said, we’ll do everything we can to support your efforts to locate the right home and the right schools to meet your family’s needs.



HUD and FHA Offering Incentives During the Holidays

Posted in Buyers,General Real Estate Info,Governmental Issues by Karen Rhodes on December 9th, 2006

If you’ve been looking at a HUD foreclosure and trying to decide if now is the time to make an offer this news from HUD might just help you decide.  HUD is offering an incentive on all HUD owned homes sold between December 8th and January 5th to owner occupants who purchase wiht an FHA insured loan.  Including in the "FHA Brings the Holidays Home" sales event are a $2500 home inprovement allowance and a minimum $100 down payment. 

Additional information can be found on HUD‘s website.



The Southside is Booming!

Posted in Buyers,General Real Estate Info by Karen Rhodes on October 28th, 2006

With the opening of commercial space at Clark Centere the retail activity on the Southside continues to go strong.  Shopping is available at four retail establishments. 

Lola’s, a womens boutique shop will offer gifts for women and girls of all ages.  While most are high-end the prices will be in cover all price ranges.  Choose from furniture, jewelry, lamps and other home decor items.  No need to wait for the grand opening November 10th.  Stop by this weekend and get a sneak peak at Lola’s open house.

21 Knots Hair Salon is the second salon opened by Judy Wilson who also owns Yours Truly Hair Salon on East Brainerd Road.  She is an avid aviation enthusiast and decided to name her new salon 21 Knots which is the speed the Wright Brothers needed to reach to get lift off on their historic first flight.

Scapes Creation will be offering mostly home decor items however you will also find a small variets of decorative garden items.  Choose from indoor and outdoor fountains and statues, arbors and a variety of indoor decorative items.  Christmas items will be available for holiday decorating.

Main at Mocha filled a need many wanted on the Southside, a coffe shop.  Owner, Shawna Lewis, has lived on the Southside for the last 3 1/2 years and after watching the growth there decided to fill that need.

Working together to promote the retail aspects of the area, the four tenants will have a joint open house November 10 and 11th.

There are only four of the eleven residential condos available above the retail spaces.  They are priced from $599,000 to $899,000.  Please contact me if you would like additional information on these or any residences on the Southside or any other area of town.



Everyone Wants a Bargain

Posted in Buyers by Karen Rhodes on October 23rd, 2006

When I’m not working I spend a lot of time online reading.  Mostly real estate news and blogs.  I ran across one today from Inman Consumer News about trying to find a bargain in our current market.  So many people think because we are in a buyers market there are bargains everywhere.  Inman did a good job of explaining why it isn’t necessarily true as well as some pointers on buying in this type of market.

"Last year, good real estate deals were few and far between. This was due to the fact that inventories of homes for sale were at record low levels. And, there was an abundance of buyers, all looking for the same thing.

Today in most areas, buyers have the luxury of choice. So, there’s less of a chance you’ll overpay because you have to outbid another buyer. However, even though there is a lot to choose from, this doesn’t mean that it will be easier to buy a property at a bargain price."




« Previous Page « Previous Page Next entries »