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Monday, November 19, 2012
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Do You Have Adequate Flood Insurance?
Monday, November 19, 2012
Given the number and severity of natural disasters world-wide this year, it is no wonder that owners of Chester County real estate are becoming increasingly concerned about their insurance coverage for damages caused by these disasters, especially floods.
Since your basic homeowner’s insurance policy will not cover damage due to rising water,. you would be well advised to research flood insurance policies for your Chester County real estate. Think you’re safe because you live in a moderate-to-low-risk flood area? Think again. About 25% of all flood insurance claims come from areas with just such a designation!
The National Flood Insurance Program (NFIP) is a federal program that offers flood insurance to homeowners. Visit FEMA and Floodsmart to determine your community’s flood risk. There are three types of policies available to owners of Chester County real estate: the standard dwelling; general property (for businesses and apartments); and residential condominium building association, and each can be purchased through most leading insurance companies at a relatively low annual fee. Average residential premiums cost about $570 a year, but a low-risk policy can be had for as little as $129.
As with other types of insurance, it’s important to know exactly what your policy covers, information about deductibles, rates, payment, and claim procedures. One area not covered is the basement, so finished walls, floors, and personal belongings found there are not claimable. . Rates are set and depend on factors such as your home’s age, type of construction, and location. Like other policies, having a higher deductible lowers the amount of the premium but will reduce your claim payment. Be advised that unless flood insurance is required by your lender, there will typically be a 30-day waiting period.
Insurers urge homeowners to inventory all of their belongings, estimate their value, and keep a copy of the list in a waterproofed spot or even in a location away from the residence. Some property owners rely on videotapes to catalog their possessions. Click here for free and easy-to-use inventory checklists and planners.
Lest you are thinking of foregoing flood insurance to save money, consider this: just a few inches of water from a flood can cause tens of thousands in damage. During the past decade the average flood claim has amounted to over $33, 000! Best not to be penny wise but pound foolish…
Is Your Chester County PA Real Estate Haunted?
Wednesday, October 17, 2012
No, this isn’t just another timely spooky story, although it just may have to do with ghosts! Be you a believer or a scoffer, the fact is that there are pieces of Chester County PA real estate on the market which are purported to be haunted and thus are more difficult to sell. Known as “stigmatized” properties, these houses have the reputation 
of being haunted or are the site of a previous violent crime--and the perception of ghosts and gore is not easy to erase.
So what to do? First, make yourself (and your Realtor) familiar with state laws regarding disclosure. Contact the PA Real Estate Commission to see if you’re required to disclose information about the stigma attached to your Chester County PA being upfront about your home’s paranormal guests or ghoulish histories is always the best moral policy.
Then what? Pay attention the appearance of your property—inside and out. To minimize any thoughts of ghosts, your home needs to look spirit-free and inviting on the outside. Avoid a dark, forbidding atmosphere by clearing away dead trees and hanging branches; replacing rusty iron gates with a white fence, and getting rid of unwanted residents like stray cats and spiders. On the inside, think warm, bright, and clutter-free. Doing away with darkness and gloom that could promote the idea of spirits may require removing outdated, musty furniture, antique rugs, old pictures of ancestors, and any other items that contribute to an “eerie atmosphere” so that you can alleviate any pre-conceived notions in potential buyers.
If you simply cannot dispel persistent beliefs about the “dark side” of your Chester County PA real estate, you may have to resort to bringing in a Ghostbuster. David Frankin Farkas, owner of HouseHealing.com, makes a full-time living ridding properties of specters and/or negative energy. Click here to find groups who will investigate paranormal
And finally, pricing your Chester County PA real estate to sell is another strategy you must consider. By lowering your price 20-25%, you may make your property more attractive to potential buyers, especially investors.
Possible Options For Your Chester County Real Estate Mortgage
Monday, September 24, 2012
As the owner or potential owner of Chester County real estate, there are two currently popular options re: your mortgage that you might want to consider: early payoff and/or shorter term. As mortgage rates sink deeper into record territory, many homeowners are in a position to explore the possibilities of paying off or paying down their loans or choosing a 20, 15, or even 10 year term rather than the traditional 30.
As with most any financial transaction, experts disagree about the advantages and disadvantages of an early payoff. Most, however, will tell you that the decision to pay off your Chester County real estate mortgage early should be based on a number of factors, including:
- Your ability to sustain your desired lifestyle during retirement. If using your savings to pay off the mortgage, don’t forget to give yourself a financial cushion for life’s inevitable surprises.
- The interest rate you are paying on your mortgage. If your current interest rate is high (i.e., greater than 5 percent or variable) and you are unable to refinance, it might make sense to pay off the mortgage earlier.
- Your tax bracket (i.e., how beneficial the mortgage interest deduction is to you).
- Psychologically, the importance of not having a mortgage. Some folks derive significant satisfaction in having no debt; for others, it’s not a big concern.
To further aid you in making a decision in this matter, visit Forbes for more detailed information and Bankrate.com for an easy-to- use early payoff calculator. Click here to learn more about paying down a mortgage as opposed to paying it off.
Much has been written recently about the recent trend of taking out Chester County real estate mortgage loans for fewer than the traditional 30 year term. More and more homeowners are refinancing, lowering their interest rate, and opting for a shorter-term loan. Also, if you’ve paid down your principal significantly, current interest rates are substantially lower than your old interest rate, your income has increased, or your non-mortgage debt has decreased, you might be able to afford the monthly payments on a 15-year mortgage. In addition, recent changes in the Obama administration’s Home Affordable Refinance Program (HARP) recently cut the fees for certain borrowers getting new loans if they reduce the term of the mortgage to less than 30 years. Click here to see interest rate comparisons for varied terms.
FYI: Chester County PA Real Estate Closings
Wednesday, August 22, 2012
Buying Chester County PA real estate involves more out-of-pocket costs than just the down payment. There are also closing costs to pay for items such as title policies, recording fees, inspections, courier charges, and fees that a lender charges. As a rule of thumb, closing costs to buy a home run about 2 to 4 percent of the purchase price. Much depends on the points and origination fees a lender charges to make the loan, which are disclosed in the buyer’s Good Faith Estimate--actually a lender's "best guess" estimate of all the costs associated with obtaining a loan. (Click here to calculate your own estimate of the closing costs of your Chester County PA real estate.)
It might be harder to get a loan today, but it costs a little less to close one than it did a year ago because lenders are estimating closing costs better, according to the latest annual survey of closing costs by Bankrate. The average cost to close on a mortgage in the United States dropped 7 percent over the past year to $3,754, according to Bankrate.com’s eighth annual closing costs survey, which was released recently. Title insurance and other third-party fees fell 12 percent from 2011, while origination fees edged down one percent
Bankrate surveyed up to 10 lenders in all 50 states plus the District of Columbia in June of this year. Researchers obtained online good faith estimates for a $200,000 mortgage to buy a single-family home with a 20 percent down payment. Costs include fees charged by lenders, as well as third-party fees for services such as appraisals and title insurance. The survey excludes taxes, property insurance, association fees, interest, and other prepaid items.
“This is the second year in which lenders are required to estimate third-party fees within 10 percent of the final cost. It seems like they’re getting more accurate, which helps explain the sharp decrease in these fees over the past year,” says Greg McBride, CFA, Bankrate.com’s senior financial analyst. “The main lesson of this survey for consumers is to shop around for at least three different estimates. While no one is going to move to a new state just because closing costs are lower, it’s important for people to realize that there is variation even within their neighborhood, and that they can save by being an educated consumer.”
For possible ways to lower the closing costs of your purchase of Chester County PA real estate, click here.
5 Smart Home Products
Thursday, August 2, 2012
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Friday Five: Homes Selling More Quickly; Starter Homes in Tight Supply
Today’s housing market offers opportunities and challenges. We sort out the latest trends for you in our weekly news roundup. Read
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5 Smart Home Products from a Cool Trade Show
The 2012 Pacific Coast Builders Conference has a dazzling array of brainy products that take the worry out of having to think for yourself. Read
Visit houselogic.com for more articles like this.
Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®
Good News About Our Real Estate Market!
Wednesday, August 1, 2012
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Friday Five: Homes Selling More Quickly; Starter Homes in Tight Supply
Today’s housing market offers opportunities and challenges. We sort out the latest trends for you in our weekly news roundup. Read
Visit houselogic.com for more articles like this.
Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®
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