Athens, Georgia
Hosted by Matt Thomas of Atlas Real Estate Adivsors, this site gives readers an inside look into the exciting world of real estate.
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January 2008
Jan. 31, 2008
Given the dramatic decrease in lending rates over the past few weeks, there's never been a better time if you need to borrow a few bucks ... depending on what you need the money for, a Home-Equity-Line-Of-Credit (HELOC) may be the perfect fit.
A HELOC is secured by the equity in your home, and you only pay interest on what's borrowed (no matter the size of your credit line). Credit bureaus look more favorably upon HELOC's than non-secured debt, and the interest is typically tax-deductible since it's attached to your home.
My wife and I just took out a HELOC on our personal residence to restructure some small credit card debt (7% sure beats 20+%), and we were able to close on our new loan with $0 origination fees. Here's a few pointers I learned along the way:
- Look for incentives - your bank may offer a discount because you're already a customer, or they may offer a rate reduction if you sign up for your payments to be auto-drafted
- Don't borrow more than 90% of your home's value - some banks will loan up to 100%, but if you borrow 100% of your homes value in this unsteady market, you're taking a big risk
- Read the fine print - some lenders charge inactivity fees, have minimum draw amounts, or early-termination fees ... don't get burned by rushing through the paperwork.
Jan. 29, 2008
Please visit my new website www.AthensRealEstateInfo.com ... this informative site is loaded with free real estate resources that could be helpful in any market, not just Athens. With pages such as "Seller Tips" .... "Mortgage Calculator" ... "Danger-Buyer Traps" ... and "Free Home Evaluation" ... the site is sure to be popular among buyers and sellers alike.
My company site, www.AtlasRealEstateAdvisors.com, is still up and running and features more market-specific info about our agency and our current listings.
Jan. 29, 2008
If you're like me, the last thing you want to do when you get home in the evening or on a weekend afternoon is work around your house ... you consider your home a peaceful place to find some rest and get away from work, right?
Well, what if I told you a few simple chores around the house could save you big bucks on your monthly bills? Here's five maintenance tasks that will positively impact your utility budget:
- Replace Old Appliances - If you're using a fridge or any other major appliance that's over 12 years old, there's a very good chance that a much more energy-efficient model is on the market. While the initial investment may seem high, you can reduce your annual bills by $50-150 per machine by replacing.
- Patch Ductwork - No matter how new and efficient your heating/cooling unit is, if your ductwork is leaky, you're wasting money. To check for leaks, simply run your hands along all ducts outisde your "living space" ... in the attic, outdoors, etc ... while your system is running. If you feel air leaking out, patch it with a duct mastic (can be bought at HomeDepot or Lowes). Caution: Duct tape may seem like the easy fix here, but it almost always comes loose.
- Upgrade Your Heating/Cooling Unit - Again, not a cheap fix. But, if you're system is 20+ years old, investing in a new one will pay for itself in approximately 5 years, just from monthly savings on your bills alone. If replacing the unit isn't within the budget right now, at least keep the filters changed every 3 months at a minimum - this will help keep your older system operating at it's peak.
- "Seal" Your Home - small gaps & cracks in your home can allow 1/3 of the heat/air produced by your system to escape! Look in your attic for gaps around pipes & wiring that come through the floor. Use expanding-foam spray here. Check inside around wall outlets - if you feel drafts ... turn off power, remove covers, and use paintable caulk to seal gaps between electrical box & wallboard. Caulk cracks around all window trim. And, install weatherstripping around and between sashes.
- Add Insulation - In the attic & in the basement ... anywhere you have insulation ... you can probably benefit from adding more. Rolls or spray-in insulation are okay for attic, and in the basement, use a polyurethane foam where the wood walls meet the masonry foundation. You can save 5 to 25% on your bills here, depending on the amount of insulation you already have installed.
From a real estate prospective, you should be aware that when the time comes to sell, buyers will want to know the average monthly utilities. In this competitive market, the difference between a $100 and $200 monthly power bill may be the deciding factor for a buyer. And, even if you aren't planning on moving anytime soon, the monthly savings generated by the above upgrades will payoff in the long-run.
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