Princeton Real Estate

Beatrice Bloom, Princeton Real Estate Agent

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INTEREST RATE CHANGES

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Princeton Town Topics – Let’s Talk Real Estate – January 16, 2019

INTEREST RATE CHANGES

Both Sellers and Buyers are benefiting from the continued low interest rates.  Low interest rates make home buying more affordable and keeps mortgage payments down.  That is good motivation for buyers to put an offer in on that special property before rates go back up.  This is a win/win scenario for both the buyer and seller.

The current federal funds rate rose to 2.5 percent when the Federal Open Market Committee met on December 19, 2018. Despite this, mortgage rates slid down to 4.625% (4.797% APR) for a 30 year fixed loan. That’s down from a nearly nine-year high of 4.94% in November.

Even a single percentage point rise in mortgage rates can add more than $100 a month to a home. And unfortunately for buyers, that little rise can turn into extra tens of thousands of dollars over the life of a 30-year, fixed-rate loan.

 

HOME MAINTENANCE BUDGET

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Princeton Town Topics – Let’s Talk Real Estate – January 9, 2019

HOME MAINTENANCE BUDGET


January is a great time to create a budget for home improvement and maintenance.  It is estimated that average cost to maintain a home is between 1% and 3% of your home’s purchase price.  If your home costs $500,000 you should budget between $5,000 and $15,000 a year to maintain and or replace things like the roof or appliances.

Setting aside this money every year does not necessarily mean you will need to use it but will certainly create a fund that can be used when the need arises.  Some years you will only use a small amount to update landscaping and other years you may need to replace windows.

Being diligent about keeping up with the maintenance of your home will both help with the value and keep your home in good repair.  Prioritize your projects, figure out which ones you can do yourself and hire a licensed contractor for the others.

 

CHECK LIST FOR WINTERIZING YOUR HOME

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Princeton Town Topics – Let’s Talk Real Estate – December 19, 2018

CHECK LIST FOR WINTERIZING YOUR HOME


It is that time of year! Temperatures are dropping which means it is time to prepare your home for cold days and colder nights.

Make sure your clean out the gutters of all the leaves that just fell.  Melting snow needs an escape route, and clean gutters facilitate that.

Shut down sprinkler systems, remove hoses and turn off water to the outside. Frozen pipes cause water damage in and outside your home.

Have an HVAC contractor take a look at your system to make sure it is in good functioning order.  While they are at it have them change the filters.

If you have a wood burning fireplace have a chimney sweep come out to clean the chimney and test the flue to confirm it is tight when sealed.

Finally, check your windows & doors to see if there is a draft.  Consider caulking to keep the warm air in and cold winter air outside where it belongs.

 

WHAT IS TITLE INSURANCE AND HOW DOES IT PROTECT ME?

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Title insurance protects you and the lender from any liens or claims that may be outstanding on the property.  Unlike other insurance, this protects you from things that happened in the past.

First step in getting the insurance is a title search.  Essentially this is an investigation of the chain of title on the home.  It confirms that there are no unpaid debts, including, unpaid mortgages, unpaid taxes, forged deeds, and contractor claims to name a few. It is estimated that one third of all title searches come up with some sort of issue.  The title company works to resolve these issues prior to closing.

There are two types of policies; lender’s policy and owner’s policy.  The lender’s policy covers the lender for the amount of the loan on the home.  It decreases as the mortgage is paid down. The owner’s policy protects you by against future issues that may arise and for the full length of ownership.

 

PROTECTING YOUR FAMILY FROM RADON

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Princeton Town Topics – Let’s Talk Real Estate – November 14, 2018

PROTECTING YOUR FAMILY FROM RADON

Radon is a naturally occurring gas that has no color or odor.  The EPA recommends that Radon levels should be under 4.0 pCi/L. It is not uncommon in our area to have levels close to or about this number.

Testing your home for radon is a simple process.  Buy a test at your local hardware store and follow the instructions included in the kit and send it in for analysis. If the levels come back high don’t panic!

Remediation is a process that takes about a day.  It involves a licensed contractor that installs a system that ventilates your home using PVC pipes to draw the gas up from the ground and out of the house.  Typically, it can cost anywhere between $1,500-$2,000 depending on the levels and desired system.

Beatrice Bloom