Thursday, February 6, 2014

Selling my Lansing Home and Moving to Munster


Question:  We own a 3 bedroom, 2 bath home in the south suburbs. Our taxes are really high and that bothers us. We heard that NW Indiana has lower taxes. With our current savings and estimated home equity, we would have 20% as a down payment on our next home. Our current monthly payment including taxes is $1200. How would my monthly payment change if we bought a similar home in NW Indiana?

Answer:   We are asked that question many times by homeowners. Knowing you have a 20% down payment makes the calculation easier. Let’s say Munster, for example, works for you because of its proximity to the border.

3 bedroom 2 bath quad levels range from approximately $200,000 and currently go as high as $340,000, with the average being $240,000. This variation of price is due to the homes age, size, condition & location.

Using average taxes for the particular price ranges in Munster and your 20% down payment, the $200,000 home would yield a monthly payment of approximately $1,130. The $240,000 home would have a monthly payment of about $1,311. With the $340,000 home, your monthly payment would be around $1,760. I used a 5% interest rate and a 30 year mortgage term. So you have a range of $1,130-$1,760 as monthly payments for principal, interest and taxes.

You would need to look at homes only in the price range that you qualify for and yields the best monthly payment for YOU.  By viewing these homes, you will see what you get for the money. Don’t forget to look at the whole picture; there are other considerations besides real estate taxes. Do your homework with the help of a knowledgeable Realtor team (like us!) and you are likely to make a decision with a happy ending.

World's Most Expensive Homes Episodes 3 and 4

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Napa Valley

Don't Forget you Have a Sump Pump!

Just a friendly reminder... If your sump pump is old or if you have been thinking of replacing it, better do it before the "thaw" comes. Sump pumps will be working overtime which increases the chance of failure, especially on the older pumps. Pumps could be in short supply at the stores once the demand increases. 
Remember, important mechanicals tend to fail at the worst possible times!

Questions and Answer about Real estate Stuff


Question: We just recently closed on a home and upon moving in, we discovered a horrible cat urine smell in the master bedroom closet. While trying to resolve the problem, we noticed some stains on the carpet.

I am curious to know if the previous owner and their broker are obligated to disclose pet damage to the area. They were the only owners of the home and up to this point have denied the existence of a cat. Based on the smell and the stains, it appears otherwise. Do we have any recourse?

Answer: When you buy real estate owners have an obligation to disclose material defects -- and buyers have an obligation to protect their interests.

Did you make the sale contingent on a home inspection satisfactory to you?  Was the closet somehow off limits? Were the stains purposely hidden? If the odor is now so pronounced, why did you not notice it during the pre-closing walk through or when you originally looked at the home?

The owners, if they had a cat, could say with some justice that the property reflects normal wear and tear and that you were not promised real estate perfection.

 

Question:  I have just put up a new privacy fence -- and paid for the whole thing.  And now a friend tells me that my neighbors may have been responsible for some of the cost. Is this true?

Answer:  You put up the fence on your property. You selected the height and style.                                      Your neighbors, if they like fences, are the beneficiary of your kind gesture.                                                                          Someone we know told us before putting up a fence on their property they went to the neighbors and asked them to chip-in.  And they did.