(ARA) – Are you considering taking the plunge and buying your first home? If so, you’re not alone. Across the country, owning a home still represents the American dream for many and the opportunity to buy your first home couldn’t be better.

Declining home prices, increasing numbers of foreclosed properties and unique government stimulus programs are luring potential homeowners into the market. But, purchasing a new home is more challenging then it was just a year or two ago. Relaxed lending standards over the past decade led to one of the greatest housing market booms in the nation’s history, and have now contributed to one of the greatest housing market crashes. Lenders who were previously able to easily lend to most homebuyers have now severely tightened their lending standards, making it more difficult for potential buyers to obtain financing.

If you are still ready to make the jump from renter to homebuyer, here are some tips from FindLaw.com, the world’s leading online source for legal information on how to prepare to purchase your first home.

Carefully inspect your credit report

Lenders check your credit report to see if you have the means, the capacity and the track record to pay the mortgage on the home you would like to purchase. The better your credit score, the more likely you will obtain a favorable interest rate and terms on a mortgage.

To learn what your credit score currently is and if there are any mistakes on your credit report, contact the three major consumer credit reporter companies – Equifax, Experian, and TransUnion. The Fair Credit Reporting Act mandates that each of the consumer credit reporting companies must provide you with a free copy of your credit report at your request once every 12 months. If you find mistakes on a credit report, notify the credit reporting company in writing of the mistake. The reporting companies must, by law, investigate the disputed items unless they find that the dispute is frivolous. Credit scores are based on a range of 300 to 850 and a score of 700 or more suggests good credit management, according to Experian.

Become familiar with mortgage terms and conditions

A mortgage is a legal agreement between the lender and the buyer of a home in which the property is collateral for the loan. A lien on the property being purchased secures the promise to repay the loan. Never sign any legal documents, including a mortgage, if you do not clearly understand the terms and conditions of the agreement. If you feel pressured to sign a document, walk away and seek the assistance of an attorney or trusted real estate professional.

Shop around for your loan

Contact at least three financial institutions to obtain information on mortgage rates, terms and conditions for a first-time homebuyer. When you believe you have enough money for a down payment, obtaining a pre-approval letter from the lending financial institution can speed the purchasing process along. Sellers may be anxious to sell a property in today’s market, but they’re just as anxious to avoid a buyer who is unable get a mortgage to pay for their property.

First time home-buying programs

As you consider buying your first home, look into local, state and federal programs that may offer financial assistance for first-time homeowners. Check with your mortgage lender to learn more about, and to see if you qualify for the 2009 first-time homebuyer’s tax credit. The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1, 2009. In most circumstances, the 2009 credit does not have to be paid back, but be sure you fully understand your obligations before you count on not paying back the credit.

You also may be able to obtain a bridge loan and apply the funds to your closing costs. Additional information is available at www.hud.gov and www.irs.gov. If you’re a military veteran, the Veteran’s Administration also offers special loan programs for which you may qualify.

Hire a real estate professional

Buying a home will probably be the largest financial transaction you will make in your lifetime, and it’s a process that can leave you feeling overwhelmed. Most buyers often rely on their realtor, loan officer or closing agent to guide them through the purchase process. If you feel that you do not clearly understand the purchasing process, or you would feel more confident if you had additional expertise to make a sound decision, consider hiring an attorney who specializes in real estate law to review and negotiate your offer to the seller, to review your mortgage and closing documents, and to be present and represent you at the closing. Hiring an experienced real estate attorney would be especially useful in dealing with the complexities of purchasing a foreclosed home.

Do your homework

When shopping for a home, take the time to research neighborhoods where you would like to own a property. There are many online tools to help you research the schools, property taxes and values and crime statistics. Visit as many open houses as possible in the neighborhood, and as well as nearby shops and other facilities that add value to owning a property. As you narrow down your home choices, work closely with your attorney or real estate professional to obtain a professional inspection of the structures and to understand any disclosures made about the homes.

Consult with friends and family

Experience is often the best teacher. When you start looking for your first home, consult with a parent or friends who have purchased homes to get their perspective of what to look for in a home, and what to expect in terms of ownership and maintenance.

Co-buying a home

If you’re interested in co-buying a home with a friend or a future spouse/partner, work with a real estate lawyer to clearly define the arrangement and the sharing of the title. Working things out up front will reduce potential problems if circumstances change.

For more information and tips on buying or selling a home, visit realestate.findlaw.com.

Courtesy of ARAcontent

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(ARA) – Homeownership and green improvements will be more affordable for more Americans in 2009, thanks to several provisions in the American Recovery and Reinvestment Act. The changes will put more money in taxpayers’ pockets and allow homeowners to save thousands of dollars over the next several years.

The First-time Homebuyer Credit has been extended and increased to qualifying individuals who purchase a home in 2009 before Dec. 1. First-time homebuyers are defined as those who have never owned a principal residence or who have not owned a principal residence at any time during the three years prior to the date of purchase.

For 2008 and 2009 tax returns, the credit is equal to 10 percent of the home purchase price, up to $8,000. It phases out when modified adjusted gross income is $75,000 for an individual or $150,000 for joint filers. Married taxpayers must both qualify as “first-time homebuyers” in order to receive the full credit.

Taxpayers who claimed the full $8,000 First-time Homebuyer Credit on their 2008 federal return cannot claim it on their 2009 return. Those who have not claimed the credit should determine which year to use it based on your income. If you expect your income to decrease in 2009, it will likely make more sense to claim the credit on your 2009 return rather than your 2008 return.

The only scenario in which the credit must be paid back is if the home ceases to be the owners’ principal residence within 36 months of the purchase date. Then the full credit amount must be repaid on the federal return for that tax year.

The credit was initially created to be claimed after a home is purchased, but the Obama administration is now allowing qualifying taxpayers to use it to cover certain purchasing costs. Homebuyers with mortgages backed by the Federal Housing Administration may be eligible to receive advances on the credit, which could be used for closing costs, fees and additional money for a down payment beyond the FHA’s required 3.5 percent minimum.

Anyone can apply for an FHA-backed mortgage, regardless of income. However, there are limits on the size of the mortgage, and lenders may charge a fee for the credit. Some states are also offering similar programs.

The new stimulus plan also includes tax credits equal to 30 percent, up to $1,500, for certain energy-efficient improvements to residential properties. The Residential Energy Property Credit can be claimed on 2009 and 2010 returns for improvements such as adding insulation or installing energy-efficient windows, doors, or heating and air conditioning systems. Bigger improvements involving alternative energy equipment such as solar hot water headers, geothermal heat pumps and wind turbines may be claimed on 2009 to 2016 returns under the Residential Energy Efficient Property Credit.

In addition to homeowner tax breaks, the 2009 act includes several new or increased credits and deductions. You can easily learn which provisions you may qualify for on your 2009 taxes by answering simple questions in TaxACT. Preview versions of TaxACT 2009 software will be available in October, allowing you to plan ahead and get a head start on your return. When you’re ready to prepare and file your 2009 return, TaxACT will help you complete the correct forms for the credits in a matter of minutes.

Read the details of the American Recovery and Reinvestment Act of 2009 at www.IRS.gov and learn more about TaxACT at www.TaxACT.com.

Courtesy of ARAcontent

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Consumers are becoming more independent in the home-buying process, and are educating themselves about real estate issues.

(ARA) – Modern home selling has gone way beyond the “for sale” sign on the front lawn. Nearly 90 percent of home buyers look online when shopping for a home, according to the National Association of Realtors. So your home-selling efforts need to cruise the Information Superhighway at top speed.

“Despite a slowdown in the housing market, real estate consumers have increased their usage of the Internet as their ‘go-to’ real estate information source in order to successfully find the home they purchase,” says Greg Healy, vice president of operations for ForSaleByOwner.com. “Consumers are becoming more independent in the home-buying process, and are educating themselves about real estate issues.”

The number of buyers who ended up purchasing a home they first saw online has soared — from just 8 percent in 2001 to 32 percent in 2008 — according to NAR statistics. Meanwhile, the number of buyers who found their homes through a real estate agent has dropped from 48 percent in 2001 to 34 percent in 2008.

Buyers, however, aren’t the only half of the real estate equation that is turning to more independent use of the Internet to close deals. More sellers are using Internet tools to independently market their homes in an economy where keeping every dollar of a home’s sale price is more important than ever.

“Home sellers need to know how to use the Internet’s full marketing power to attract the growing number of buyers who go online to find their next home,” Healy says. They’re turning to sites like ForSaleByOwner.com that now allow them to list their homes on the Multiple Listing Service and Realtor.com, which were once only available for sellers who used full-service real estate agents. In addition, the real estate website also posts their customers’ homes on Craigslist, USAToday.com, Yahoo Real Estate, Google Base, Facebook and other popular websites.

The Internet and broader access to it have helped even the playing field between professional real estate agents and homeowners who decide to sell their homes independently. With access to many of the same tools the pros use to market homes, private sellers are able to better weigh the advantages of working with a real estate agent against the ability to retain as much of their selling price as possible.

Regardless of who’s doing the selling, a successful online home-selling campaign relies on several factors:

* Placement on the right sites, such as local MLS sites and national sites like Realtor.com and ForSaleByOwner.com.

* Comprehensive and professional-sounding descriptions of the property, including room sizes, overall square footage, selling points and neighborhood assets.

* Multiple, high-quality color images and, if possible, video tours of the home.

* Simple, easy-to-use ways to contact the seller and schedule a showing.

* Competitive pricing based on selling prices of comparable homes in the area.

NAR statistics also show that homeowners who sell their own homes are able to sell for closer to their asking price and four weeks quicker than sellers who hired a real estate agent. To learn more about how to use Internet tools to sell your home, visit www.ForSaleByOwner.com.

Courtesy of ARAcontent

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Just as they did in the 1930s and 1940s, Americans today show a generosity of spirit that has become our trademark in tight times. In fact, more than 76 percent of homeowners or renters who were forced to move because of foreclosure have been welcomed into the homes of family or friends, according to a study by the National Coalition for the Homeless.

And roommate listings are up 65 percent on Craigslist in the past year, says Susan MacTavish Best, spokesperson for the national online classified ad site.

Temporarily renting a room can help someone save enough money to get back on one’s feet. At the same time, by opening their doors to boarders, cash-strapped homeowners can generate a new-found source of income.

Making Room for Housemates

To make home sharing work, privacy is critical. As more homeowners open their homes, many will remodel for new housemates. Installing an additional bathroom makes home sharing a much more practical solution for the short-term. Just as importantly, a new bathroom provides a proven, long-term return on homeowner investment.

A recession may not seem like the best time to invest in your home. But smart remodeling helps maintain your residence, while boosting its value — better positioning you to capitalize when the market turns around.

According to Remodeling Magazine’s 2008-2009 “Cost vs. Value” report, a bathroom addition recoups nearly 65 percent of the investment. Small wonder then that bathrooms are the second most popular residential remodeling job, according to the National Association of Home Builders.

Keeping Your Bathroom Addition Low-cost

If you’re ready to add a bathroom to your home, be aware that you can save time and money by using an above-floor, macerating plumbing system. This type of product eliminates the need for costly excavation to create below-floor drainage. The unique macerating technology offered by SFA Saniflo Inc. makes it inexpensive to put a new bathroom anywhere in your home — including the basement.

“Above-floor plumbing saves my customers an average of $1,000, and that’s on the low side,” says plumber Mike Sikorski of East Taunton, Mass. Sikorski recently installed Saniflo in a basement bath addition of a customer who needed to make room to accommodate a parent.

Sikorski says installation of an above-floor plumbing system for half a bath or in a finished room typically takes just half a day. Full baths can take a day and a half. But either way, the savings are substantial.

Because there’s no need to dig underground drainage lines, a macerating toilet can be positioned right on top of virtually any floor in a home. Placement options include the basement, which is typically situated below drainage lines to the sewer or septic tank. With Saniflo, waste and water are efficiently pumped upward into these lines.

“I recommend above-floor for all my basement baths now,” Sikorski adds. “It’s a ‘cut-and-dry’ installation, and there are no surprises.”

Opening Your Home is a Big Step

Here are some additional tips to keep the transition a smooth one:

* Rental Agreement: Even with family, it’s a good idea to have a formal agreement that spells out rent, house rules and chores.

* Homeowner’s Insurance: Check with your insurance agency to determine if you need additional coverage.

* IRS: You may be able to deduct all or part of your bathroom addition installation costs, but you may also need to report the rental income. Contact a tax adviser or visit www.irs.gov.

* Rights and Responsibilities of Co-Owners: The National Association of Housing Cooperatives has posted a great deal of helpful information on cooperative home ownership. Visit the Web site: www.coophousing.org

Learn more about low-cost, above-floor bathroom systems by visiting www.saniflo.com or calling (800) 571-8191.

Courtesy of ARAcontent

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One aspect of a home's appearance that is often overlooked, but shouldn't be, is the garage door.

(ARA) – Smaller is apparently better in the minds of many homebuyers looking for the right deal in the prolonged decline of the housing market.

What’s more, it looks like simple is better too, as more homeowners are focusing on simpler exterior elements with an emphasis on durability and sustainability, according to the American Institute of Architects’ recent quarterly Home Design Trends Survey.

One thing that hasn’t changed, however, is consumers’ desire to maintain or create the highest resale value for their homes. Going hand-in-hand with that is the real estate mantra of “curb appeal.” So despite an interest in “simpler” exterior furnishings, consumers don’t want to diminish the overall attractiveness of their home. It is just as important as ever, if not more so, for your home to look its best.

One aspect of a home’s appearance that is often overlooked, but shouldn’t be, is the garage door. Take a look at some homes next time you are out and about. You may be surprised to discover that two of the most prominent elements are the garage door (or doors) and the roof.

Homeowners tend to think only about painting the front door or sprucing up the plantings. Why not focus on the elements that take up the most visual real estate on your home? It’s like putting on lipstick but forgetting to change out of your gardening clothes for an important interview.

Garage doors are now available in a wide range of styles, colors and materials to complement any home’s architectural style. In recent years, garage door companies have increased their selection of steel doors that are attractive yet durable and are more affordable than wood doors. For example, Amarr Garage Doors offers steel carriage house doors that look like wood carriage house doors but are lighter and require less maintenance.

“We have found that consumers are hungry for affordable 100 percent steel doors that are stylish and attractive. Our steel doors can be custom painted to coordinate with the house color. In addition, we have a wide array of decorative accents such as ornamental wrought iron windows, handles or hinges that can be added to garage doors to create a unique look for each home without breaking the bank,” says Vickie Lents of Amarr.

Another trend, according to the AIA Home Design Survey, is toward sustainability and green exterior elements. Currently, there are a limited number of green garage doors available on the market. JELD-WEN is one of a few manufacturers offering garage doors that are earth friendly and extremely durable. The door skins are made using at least 80 percent recycled wood fibers instead of cutting new-growth timber. The inclusion of a polystyrene insulated core between the outer composite wood panels of the garage doors makes JELD-WEN garage doors energy efficient and, as a bonus, offers excellent sound-absorbing qualities.

It’s summer. Go outside and plant flowers, manicure the lawn and put a fresh coat of paint on your front door. However, don’t forget about sprucing up your garage door as well. It’s an easy and affordable way to upgrade your small or large home, and it can be done in an environmentally friendly way.

Courtesy of ARAcontent

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To help each step in the home buying process run smoothly, consider working with a seasoned real estate professional.

(ARA) – With the revised first-time homebuyer federal income tax credit currently in effect, now is the perfect time to consider making that big purchase, your first home.

“Buying a home is one of the biggest financial commitments a person can make, but first-time homebuyers and qualified return buyers are in an ideal position to take advantage of unique opportunities in the market, such as low interest rates and the choice among an abundance of for sale homes,” says Charlie Young, president and chief executive officer for ERA Real Estate.

But before you sign on the dotted line, ERA Real Estate, one of the world’s leading residential franchise networks, offers some helpful tips to ease the transition into homeownership.

Learn about the first-time homebuyer federal income tax credit

If you are considering purchasing your first home, or have not owned for at least three years, learn the parameters of the temporary first-time homebuyer tax credit, which is one of 10 provisions of the American Recovery and Reinvestment Act signed into law on Feb. 17, 2009. According to FederalHousingTaxCredit.com — a consumer Web site created by the National Association of Home Builders — for those who qualify and purchase before Dec. 1, 2009, the bill provides a tax credit of up to $8,000, calculated at 10 percent of the purchase price. Unlike the previously available credit from 2008, the money does not have to be repaid, as long as the homebuyer does not resell the house for at least three years. “The tax credit can help make the American dream of homeownership a reality for potential buyers who previously could not afford the investment,” says Young. He adds that potential homebuyers should consult with a professional tax adviser for full details on how the tax credit may benefit them.

Calculate what you can afford

With the revised first-time homebuyer federal income tax credit currently in effect, now is the perfect time to consider making that big purchase, your first home.

Before you start searching for your new home, know what you can afford. According to the U.S. Department of Housing and Urban Development, your total monthly mortgage payment — which includes principal, interest, taxes and insurance — should be about 29 percent of your monthly gross income.

What you can afford is also based on, among other things, how large of a down payment you can make and how much money you can borrow. You can start estimating this figure by using an affordability or loan calculator found on the Internet. These calculators can help compute what may fit comfortably within your budget based on factors such as annual income, annual debts, interest rates and credit score. Though Internet calculators and statistics are good references, it is recommended that you consult a financial adviser to determine exactly how much you can afford.

Choose a neighborhood

After you determine your home buying budget, think about where you want to live. Are you going to stay in your current neighborhood, or do you want to hit the open road and start fresh? No matter what, you should thoroughly research the demographics of the area. Some additional factors to consider are how far you will be from work and shopping — and if you have children, do some careful research on schools.

Make a wish list of needs and wants

Early in the home-searching process, list your basic needs such as minimum square footage, number of bedrooms and bathrooms, location and of course, the price you can afford. Web sites of leading real estate brands should have guided property searches that allow you to choose one or more of these criteria. If there are features that you would love to have in your home, but could live without, put them on your “want” list. This includes things like a pool, big yard, extra bedroom, etc.

Work with an experienced real estate professional

Searching for and purchasing your first home is an exciting experience, but it can be overwhelming. To help each step in the home buying process run smoothly, consider working with a seasoned real estate professional. Choosing a professional who is knowledgeable in your local and national markets, has access to the newest listings, and can help you negotiate prices, will increase the chances of finding your dream home.

To locate a real estate professional in your area and to learn more about home buying and the first-time homebuyer tax credit, visit ERA.com.

Courtesy of ARAcontent

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(ARA) – As temperatures heat up, so does the housing market. “For Sale” signs adorn lawns across the country.

But given the current economy, does this mean that it’s a good time to buy for first-time homebuyers? For Eric Wright, assistant director of admissions at Brown Mackie College – Louisville, who has more than 12 years of experience in the mortgage industry, the answer is yes. “It is probably the best time to buy or refinance ever,” he says. “It is a buyer’s market, and interest rates are the lowest they have been in history. Also, homebuyers can receive an $8,000 tax credit this year if they purchase a home by Dec. 1, 2009.”

Formerly a broker, banker and lender dealing with residential and commercial loans, Wright currently helps mainly friends and family members in meeting their financial needs.

In addition to the low interest rates most mortgage lenders are currently offering, the affordability of homes is rising. The National Association of Realtors Housing Affordability Index reported a 13.6 percentage point increase to 166.8 in January, which according to the association, signifies a new record high. In simple terms, this means that a single family earning nearly $60,000 annually could afford a home that costs $283,400 with a 20 percent down payment. A year ago, a single family with the same earnings and down payment could afford a $263,300 home.

Low interest rates. Check. Affordable pricing. Check. That’s all grand, but how do you know if buying now is a good time for you? “If you are first-time homebuyer who is planning on purchasing a home in the near future, the best advice I can give is to evaluate your financial situation,” says Wright. “Pull a credit report on yourself, calculate all your debt, know your liquid assets and have reserves, and expect a few extra monthly bills like homeowner dues, waste management and water.”

Wright also conveyed that it’s important to know your debt-to-income ratio, as this is how an underwriter will determine your income qualifications. To get this number, add up your entire monthly outgoing bills and divide the total by your monthly gross income. The key is to be under 45 percent.

A person is recommended to have no more than 28 to 36 percent of their income dedicated to debt payments through conventional debt-to-income. Non-conventional debt-to-income for Federal Housing Authority Loans allows 29 to 41 percent of a household income. Veterans Affairs loans require a calculation of funds for effective income and family support, which a loan officer can assist with, according to mortgageunderwriters.com.

Next step? Shop around. Wright advises to get at least three to five offers from lenders to compare interest rates and fees, and emphasized that you should never pay any application fees. He also says that it’s important to know what documents lenders require to help facilitate the approval process, including:

* A full month of pay stubs

* W-2s for the past two years (If you’re self employed, you’ll need to provide your tax returns in full.)

* Two months of bank statements

* Two months of statements related to your 401(k), savings or any other liquid savings account

* If currently renting, proof of rental payments and landlord’s contact information

The Federal Housing Administration insures loan products that benefit first-time home buyers — many of which offer down payments as low as 3.5 percent of the purchase price. After meeting FHA credit qualifications, borrowers are eligible for 97 percent financing. The upfront mortgage insurance premium can be financed into the mortgage upfront. For more information on FHA programs, visit: www.hud.gov/buying/index.cfm.

Whatever you decide, knowledge is the key to borrower protection, so here are some additional resources to help you get started:

* U.S. Department of Housing & Development – www.hud.gov/offices/fheo/lending/index.cfm

* National Association of Realtors – www.realtor.org/

* Home Loan Learning Center – www.homeloanlearningcenter.com/default.htm

Courtesy of ARAcontent

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(ARA) – You found your dream deal on a foreclosed home, but will that great price tag come with a different kind of higher cost? Buying a repossessed property, short sale or a home offered at a bargain price — because of its condition — can mean you’re assuming much higher risks.

Repossessed and short sale homes are often abandoned and neglected, leaving them with much more potential for unforeseen structural defects, plumbing, electrical, heating systems, environmental issues and many other problems. Fixing these woes can cost far more than the financial savings from a distressed property purchase. There also may be unknown defects, such as mold or radon, that could affect your family’s health and safety.

Still, it is possible to get a dream deal on a distressed home. Before you sign on the dotted line, be sure to have the house thoroughly inspected by a professional, so you can reduce these potential risks as well as financial costs. A home inspector can help you identify potential problems in the home you’re considering buying, so you know in advance what you’re getting into — and what you should walk away from.

There are many ways to find a home inspector, including consulting family, friends, your attorney, real estate professional or mortgage professional. You can also find information on inspectors across the country on www.ashi.org, the Web site of The American Society of Home Inspectors, the organization that sets the standards of practice for the inspection industry.

Homebuyers aren’t the only ones who can benefit from a home inspection. If you’re selling your home, having it inspected before you list it may help sell your home in less time and for more money. Moreover, homeowners can benefit from maintenance inspections, such as an energy inspection, which can help reduce monthly energy costs, and a home safety inspection that can help seniors stay in their homes longer.

If you’re thinking of hiring a home inspector, ASHI offers a few tips on how to evaluate candidates:

* Visit the “Find a Home Inspector” section of ASHI’s Web site to find a qualified ASHI inspector in your area. Many inspectors also list their specialties and other background information, such as their experience, on this site.

* Ask the inspector how he operates. What format will the report be in? Ask for sample reports.

* Talk with each candidate to see who is the best fit for your needs and comfort, as well as for the property being inspected.

* Check all references. Don’t automatically go with the lowest price. Remember, the old adage is often true — you get what you pay for.

* Attend the inspection to ensure you get the best value — and most information — for your investment.

A home inspector can be your best ally in ensuring your dream deal doesn’t turn into a nightmare. Visit www.ashi.org and take the Virtual Home Inspector Tour to see and hear more about home inspections.

Courtesy of ARAcontent

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Spring has always been a popular time to buy a new home. More people put their homes on the market when the weather is warm, and a wealth of inventory is available. With winter thawing into distant memory, home shoppers are ready for a fresh start in a new house. Buying a home in spring will help new homeowners ensure they move their families during the summer, and not at the beginning or in the middle of the school year.
With plenty of housing opportunities and low interest rates currently available, it pays to ensure you’re in a position of power when you go home shopping this spring. Here are some simple tips for ensuring you’re in the driver’s seat when buying a house:

Know Your Credit Score

You may not be able to control the economy, but your credit score is a financial reality you do have control over. The higher your score, the more likely you are to be able to negotiate lower interest rates when mortgage hunting.

Before you look at a single house, find out what your credit score is. Sites like FreeCreditReport.com give you access to your free credit report — which will show potential lenders your payment history and help them decide if you’re a good or even great credit risk. Through the Web site, you can also get your credit score from Experian, one of the three top credit bureaus lenders turn to when evaluating the credit-worthiness of potential borrowers.

The better your score, the better your chances of scoring a great loan, so take steps to improve your score, such as paying off credit cards quickly, paying bills on time and minimizing your use of revolving credit. Errors can occur and if you find some on your credit report, work directly with the credit bureaus to have them corrected.

Know the Playing Field

Once you’re confident you have a powerful credit score, research the market where you’re interested in buying. In addition to considering the quality of schools, proximity to work, entertainment and amenities a neighborhood has to offer; consider the number of foreclosures in an area and how much home values have dipped in the past year.

Is the neighborhood you’re interested in poised to regain value quickly when the real estate market rebounds? Recovery speed could be an important consideration if you plan to stay in the home only a few years. If you’re in the home for the long haul, you may be less concerned about how quickly home values in the neighborhood will improve.

This spring can be a great time to start fresh in a new home. To ensure you’re well-positioned to take advantage of the great housing deals, visit www.FreeCreditReport.com first to learn about your free credit report.

Courtesy of ARAcontent

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A New and Growing Vacation Ownership Option

 

One reason for the switch — most clubs provide a guaranteed refund of deposit, which may be more appealing than the liability of purchasing a second home in a potentially risky real estate market.

“With the current market, people are looking for alternatives to owning a vacation home. They still desire the quality time spent on vacations, but they want options,” says Steve Greer, founder of the LUSSO Collection, a boutique luxury travel destination club. “Destination club members get the opportunity to have luxury vacations around the world, without the hassle of second home ownership. Plus they have peace of mind because of the refund available on their deposit.”

Besides being concerned about the unstable real estate market, many people are finding that having a second home is simply too much work. Although you have the benefit of total control over design and decor in your own home, it often requires a lot of maintenance that can add up fast in time and money. If you live far away from your vacation home, that means hiring out the upkeep of the property. If you live close, you might spend half your time there tending to necessary household tasks.

Destination Clubs Offer Peace of Mind in a Risky Market

Destination clubs are another option that consists of members who join a country club type of organization to utilize a portfolio of properties that the club owns. The clubs work well for people who enjoy the privacy, space and conveniences a home offers, but don’t want to worry about maintenance hassles or be limited to one destination. Additionally, certain destination clubs also provide vacation planning and on-site concierge services that you would normally find at a luxury hotel.

Decor and amenities are determined by the club, and although this freedom is forfeited, many view this as a positive. Some people prefer not to spend their own time on these items and find comfort in knowing the organization is consistently keeping the properties in superb shape.

Interest in destination clubs is evident in the recent growth of LUSSO, which has doubled in size since 2007 and recently reported its strongest quarter since its start in 2006. The concept for the LUSSO Collection came to Greer after traveling with his wife and first child. They found rented homes to be unsatisfactory and the prospect of buying a second home unappealing. The need for rented cars, car seats, toys, games and groceries made the travel experience less than pleasant.

With its unique boutique structure and a members-to-residence ratio of 5.5-to-1, LUSSO is a choice that makes sense for a lot of people. Members get unlimited use of private luxury homes that are fully equipped with all needed items including a Lincoln Navigator, golf clubs, a gourmet kitchen stocked with pre-arrival groceries and amenities for all travelers regardless of age. The membership deposit is 100 percent refundable upon resignation as well as annual dues.

With an economic structure that is similar to a country club, members pay a fully refundable deposit (currently $425,000) and annual dues for unlimited access to the club’s portfolio of residences and services. Properties are in locations such as Lake Tahoe, Calif.; Cabo San Lucas, Mexico; Aspen, Colo.; Manhattan; Hawaii; the Bahamas and other choice destinations. For more information, visit www.lussocollection.com, or call (866) GO LUSSO.

Courtesy of ARAcontent

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