Buying Condos

There have been a variety of new restrictions placed on the purchase of condos lately- particularly relating to getting financing. For those of you planning to use FHA financing, there is a certification requirement that many communities have failed to apply for and/or meet. This is mainly because most community managers don't even know the requirement exists, nevertheless, it could still come as a surprise to you right before you get to the settlement table.

Be sure that your Realtor is aware of the need for this certification- better yet- take a look at the link below and search for yourself.

https://entp.hud.gov/idapp/html/condlook.cfm

Also, for condos that may have a higher-than-average rate of deficiency with respect to their condo dues (usually 15%), this could also pose a problem during the mortgage underwriting. You definitely want your file looked over carefully prior to putting in an offer on a condo.

Other Links:

www.scottmillerrealestate.com

www.buyamarylandhome.com

www.aberdeenmarylandrealestate.org

5 Steps to Managing Home Projects

Trying to manage all of the projects that we have for our homes can be one of the most overwhelming things we could do. Depending on the amount of work that the house needs, prioritizing projects conveniently can fly in the face of personal budgets, conflicting goals, and time constraints. It's best to create a home improvement plan using the 5 steps that I have outlined below. 1.) Identify how much work the home actually needs. Don't feel the need to install granite counters when you know that the roof is in bad shape. 2.) Create a budget for your improvements, and be sure to stagger the work in a way that makes sense. Don't get into the middle of too many mini-projects at once. 3.) Know what to get a contractor to do. Don't mess around with any plumbing or electrical problems, because even if you are able to temporarily resolve the issue, you may not have met the building code, and that could cause problems later on. 4.) Don't overimprove. Understand the value range of where you live, and know what improvements will add value, and which ones will be strictly a sunk cost. 5.) Stick to the plan. Don't get into the projects and deviate from them, because you will never realize your goals. Even if it takes you a few months to accomplish, they will all be worth it in the end. www.scottmillerrealestate.com www.aberdeenmarylandrealestate.org www.buyamarylandhome.com

Congress Stalling Progress?

No one can deny the difficulty that the housing market and the overall economy has experienced over the last 3 years. Growth has been nonexistent at best, and while unemployment starts to drop (slowly but surely), many US citizens are still looking for that solver lining.

Just when we thought things would get better, the Government has decided to put a stop to progress. There is no doubt that any kind of Government shutdown would avert the progress that so many citizens have fought to achieve. Sure, now, as opposed to the last shutdown, they have made distinctions between "essential" and "nonessential" employees, thus determining who would actually fall into what category. Either way, certain people will not go to work and specific services will most definitely be halted. Let's not forget that the processing of most Government-involved programs are already slow, redundant, and painful, which will most certainly become even worse in the coming weeks.

How do we cope? There is not much we can do besides working even harder than we already have, doing as much as we can without having to rely on Uncle Sam, and voicing our opinion at every opportunity we have. Eventually, one of the two sides will back down, and hopefully, they will think about the American people and the fact that they are threatening our country's survival by stalling operations during these difficult times.

www.scottmillerrealestate.com

www.aberdeenmarylandrealestate.org

www.buyamarylandhome.com