Know Your Expenses Before You Buy

For many, homeownership is still a dream. Moving from renting can seem like it’s an impossible mission. But if you plan ahead and carefully budget, the goal of homeownership can be yours.

When budgeting how much home you can afford, it’s important to understand and anticipate the costs of owning and maintaining a home. Here are a few things that some first-time buyers forget to include.

Private Mortgage Insurance

This is added on to your mortgage when the down payment is less than 20 percent. You can buy a home with less money but you’ll pay the PMI which covers the lender should a homebuyer default on the loan. As you build up equity, your PMI drops off.

Taxes

Property taxes generate revenue for municipalities, counties, and schools. It’s an expense that can vary across the U.S. However, on average, it’s 1.38 percent of the home’s value. Back East tends to have the highest property taxes.

HOA Fees

Homeowners’ Association fees (HOA) can add several hundred dollars to your monthly household expenses. These HOAs help to maintain common areas, typically within condominium complexes. They also govern what can be done to the unit and the surrounding area. While there is an up side to HOAs, some buyers prefer to have more freedom over their property, perhaps, until the neighbor paints his house turquoise with red accents.

Homeowner’s insurance

Lenders require homeowner’s insurance on your property. The amount you’ll pay depends on many variables including: where you live, the age, type, size of your home. For example, older homes can cost more to insure due to the fact that they may require more repairs than newer homes. Also, high-hazard areas can cost more to insure and some insurance companies may not offer an insurance policy for your home, if you’re in a high-risk area.

Utilities and appliances

These areas can be overlooked because, often, when people are renting the appliances are taken care of. When you own your own home, be sure to consider expenses such as the water heater or dishwasher breaking down. While, you can’t exactly figure out when an appliance is going to quit working, you can set a monthly allowance aside to start establishing a household repair fund. Just don’t touch the account or when you really need it, you’ll find it’s not there for you.

Inspections, appraisals, and closing costs

Many buyers understand they will have closing costs but they fail to budget for other items such as a home inspection. Sometimes inspections are paid for by the seller but it’s usually the buyer who pays for the inspection. And, even if the homeowner recently had a home inspection and has the report, a buyer still might want to pay for an inspector to have another look to compare the findings.

Depending on the home, there may also be other inspections such as for lead paint, pests or radon gas.

While the extra expenses do add up quickly, if you carefully budget and plan ahead, the goal of homeownership is achievable and very satisfying.

Published: February 10, 2012

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Texas economy still best; 2012 looks to mirror 2011

David S. Jones | columnist

Dec. 27, 2011

On New Year’s Eve, many bid farewell to the old year by singing “Auld Lang Syne” lyrics that include, “Should old acquaintance be forgot and never brought to mind.“

Apparently, it will be hard to forget 2011 because 2012 is expected to look pretty much like it.

If the experts are correct, however, Texans will again have more to sing about in the New Year than will their fellow Americans.

Texas: Slow but still leading

Real Estate Center Chief Economist Mark Dotzour, Ph.D., sees “modest, positive economic growth” for the nation in the next 12 months. Nationally, he expects 2012 to look something like 2003-06.

By comparison, Dotzour predicts a “much more robust economic outlook” for Texas in the coming year. He bases this on documented evidence that Texas dramatically outperformed the United States in 2011.

The state’s positive job growth came not only in the energy industry but also in construction, manufacturing, retail, transportation, professional business services, health care, and hospitality.

“Job growth is occurring in nearly all Texas metro areas and is likely to continue into 2012,” says Dotzour.

Wait-and-see election watch

Real Estate Center residential expert Jim Gaines, Ph.D., doesn’t expect major business and investment decisions until after the 2012 election. Even then, he predicts first quarter 2013 will be sluggish despite what should be low interest rates through 2013.

Gaines believes the U.S. housing market will remain steady with no major movement in 2012. He says Texas and local housing markets should show some modest improvement but no major upgrade.

“In general, Texas’s housing markets in 2012 are expected to show small, but nevertheless positive gains,” Gaines says. “The projected levels of home sales, prices, and new construction statewide for 2012 and into 2013 indicate gradual improvement. This gradual improvement should also prevail in most local markets, with some doing better than others based on local factors.”

Dotzour says buyers and sellers are aware there is a “shadow inventory” of between 4.5 million and 6 million homes that have delinquent loans and will soon need to be sold.

“It is unlikely that home sales volume will return until this overhang of distressed houses sells to investors,” he says. “Unfortunately, the foreclosure process is severely retarded from the normal pace.”

Distressed commercial sales going up

According to commercial real estate insiders, distressed sales are on the way up. Real Estate Center Research Economist Harold Hunt, Ph.D., talked with Texas commercial real estate professionals about the outlook for 2012.

Real Capital Analytics reports about $1.2 trillion in commercial real estate assets were traded nationally between 2005 and 2007.

“For the most part, these assets are still being held by those purchasers,” Russell Ingrum, managing director of investment sales in the CB Richard Ellis Houston office, recently told Hunt. “As a result, many of them will come up for sale in the next four years, depending on holding period, market conditions, and so on.”

These properties could represent $200 billion per year in transactions. Many of them will be in the distressed category because of when they were purchased.

“If you are a broker, you should consider focusing on what traded back then,” says Ingrum.

Stagnant land market

“The trouble is we have not dealt with the problems that caused 2008,” says Research Economist Charles Gilliland, Ph.D., the Center’s authority on rural land. “In the early 1980s, the Latin American sovereign debt defaults wrecked balance sheets.

“The solution was to pretend that nothing had really happened and let the economy come back to allow write offs of those bad debts. This time we are trying the same thing, but the recovery is not happening.

“Nobody knows how long it might be before a reckoning ensues. It would appear that an increasing number of observers are deciding that it is going to be a while. So, with that preamble, I’m thinking that the land market is likely to extend recent trends through 2012.

“Those are fewer sales than had been the norm. Smaller sales than had been the norm because larger properties still are not selling. Overall, it looks like a rather stagnant market.”

Oil shines bright in Texas

“The Texas story is brighter,” confirms Dotzour. “For the past 15 years, Texas seems to double the U.S. economy in terms of job growth. It will continue to do so in 2012.”

Dotzour sums up the Texas economic outlook heading into 2012 and beyond …

“The oil and gas industry is on fire,” he says. “We are experiencing job growth in all sectors except for government and information. Our population is expanding. People are migrating here from places like California and Illinois, where taxes are much higher and regulations more prohibitive. Businesses and investors are cautiously hopeful that the economic environment in America could become substantially more attractive in 2013.”

Reasons Why You Should Choose Carlton Woods Luxury Homes

The Carlton Woods Luxury Homes is one of the finest residential community in Houston, Texas. Newlyweds, young professionals, or those looking for a fresh start go to this community in order to purchase a house they can call their own. The houses in this area are indeed as sight to behold and a comfort to live in. The high-end houses are nestled in a naturally inspired setting. This is indeed to perfect place to come home to after a tough day at work. The harmonious setting that surrounds the community makes the Carlton Woods Luxury Homes a paradise on earth.

If you are still thinking twice about owning a house at this community, then maybe these facts may help you reach a decision.

The Country Club Lifestyle

The Carlton Woods Luxury Homes is more than just a bunch of high-end homes. It also boasts of a one of kind country club lifestyle that you dream of. When you move to this community, you get the chance to enjoy its exclusive clubhouse. You can do many things at the clubhouse. First, if you are craving for a romantic dinner with your wife then you can take her to Carlton Room. Second, if you are into family bonding over great food then grab a bite at Fazio Grille or Nicklaus Grille. Third, for an all adult bonding moment you and your friends can go to the Bear’s Den. When it comes to shopping The Woodland’s Mall is the place to be.

The Environment

As publicized, the Carlton Woods Luxury Homes is nestled in a nature-inspired setting. The community is surrounded by ponds and lakes, which are perfect spots for small gatherings and family picnics. If you are a health buff then you will surely enjoy the lengthy walking trail. There are also several parks located in Carlton Woods these are the George Mitchell Nature Preserve and the Rob Fleming Park. There are also parks located outside the Carlton Woods Luxury Homes, one of which is the Northshore Park, this is the park famous for hosting events like the Concerts in the Park series. The Cynthia Woods Mitchell Pavilion is an amphitheatre created to host huge events and is one of the most popular recreational sites outside of Carlton Woods Luxury Homes.

The Education, Health Care, and Travel Means

The Carlton Woods Luxury Homes is not only a community focused on providing its residents a harmonious lifestyle but also a community that is keen at meeting the residents’ basic needs. The young residents of Carlton Woods Luxury Homes have to options when it comes to choosing their school. Two school districts are easily accessible from the community these are the Conroe and Tomball. Schools under Conroe are Knox Junior High school and Lamar Elementary. On the other hand, the Tomball school district boasts of the Creekside Forest Elementary, which is considered one of the many exceptional academic institutions near Carlton Woods Luxury Homes.

How to Find Good Real Estate in the Woodlands

Visit www.UtahBurden.com today!

A lot of new home buyers seem to think that they can avoid realtor services in order to save money. They seem to believe that it would be a waste of time and money to hire professional real estate agents and that directly negotiating with a broker or seller will benefit them more. However, a lot of people regret thinking this in the end. So, if you are looking for good real estate in the Woodlands, it would be best to look into professional services in order to find the best home for you.

Now, the real estate market tends to fluctuate, in general. Fortunately, experts know about the rise and fall of interest rates in the area, so they can tell buyers when the ideal time would be to look into real estate in the Woodlands. This will give you the best value possible. Conversely, if you choose to deal with brokers or sellers directly, you might lose out due to their lack of sympathy and interest in you.

Hiring a real estate agent will also ensure that you find out about a property’s actual market value. Plus, you will be able to negotiate things more effectively and ensure you get the best price possible.

One unique quality that comes with the business would be the fact that agents keep coming and leaving and the ones who are the most hard-working become industry experts from whom you can expect the most out of. Because of this, you should always look at the records and experience of agents before hiring one because it is their experience in real estate in the Woodlands that truly matters.

These agents can also give you any information that you need on the real estate in the Woodlands, in general. Still, you need to ensure that you find an agent who will stick by your side and isn’t actually a sub-agent on the seller’s side. This is rare but possible.

Keep in mind that legal contracts are binding, too. Because of this, you need to make sure that it is in order before signing it. You have the right to void the entire sale if you don’t like what the contract says – remember that. However, the seller also has the right to void it and this could result in you losing a lot of money in the end. Fortunately, a realtor or agent can help you through this contract and help you understand real estate in the Woodlands more before signing it.

Enchantment of The Woodlands Market Street

Enchantment of the Woodlands market street

The setting of all the modern cities is more or less as most of these cities are developed according to a plan and that is why it is always possible to find every part of these cities well managed and well organized. There is no doubt that the market and business establishments get enough attention in these cities as these market places work as the hearts of the city life.  All these cities are planned with special attention towards the placement of the market places. The city of Woodlands in Texas in the United States of America is another example of great planning that is proving to be boon for the proper development of the city. As per the noted facts, most of these developed cities from all over the world have well developed market places that are known for their extraordinary facilities and services.

The Woodlands market Street is an example of great planning of township. This street is the life line of the city as it plays a very important role in the life of every native of this city. If you ever visit to this city of Woodlands, then you must not forget to visit the Woodlands market street which is indeed the most attractive place in the entire city of Woodlands. This city street has separate areas for different types of business establishments. It is an important principle of modern planning of any city. Due to this well managed planning, it becomes easier for the people to find out the things that they are looking for as they are only required to know which area of the city market they are supposed to appear.

The Woodlands market street is wide and smooth and that helps ion the smooth flow of traffic on this extraordinary street.  The activity of the traffic authorities can be noticed all through this market street. These authorities work relentlessly and selflessly to make the most important street of the city to make it free from any traffic trouble. The flow of traffic remains closed during a certain part of the day as the business activities remain on the height during this part of the day. The Woodlands market street is probably the best example of well organized city life. This market street is like an important place of visit for the people who come to Woodlands on a personal or business trip set at the side walk cafe and visit with friends !! The Best Place to  call HOME

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