Perfect City for Your Vacation Home? Try Ocean City MD - We Have It All :)

How to Choose the Perfect City for Your Vacation Home

       

RISMEDIA, Thursday, October 29, 2015— Purchasing a vacation home is a great way to ensure that you always have a place to escape, without worrying about crammed hotel rooms and the inconvenience of living out of a suitcase for a week. When you own a vacation home, you can pack and leave at your convenience, because you always have a home away from home ready for you to utilize. If buying a vacation home appeals to you, you will need to choose the right location to ensure that the home remains a valuable, welcome part of your family. Here are some factors to consider as you make the decision.

Convenience to Your Home

First, determine if the location is convenient enough to make a vacation home appealing. How close is the vacation destination to your home? While it is great to "get away," the reality is that you may not wish to fly every time the opportunity to go on vacation arises. Especially with the rising cost of airline tickets, you may wish to choose a location within a short drive of your home.

Of course, sometimes driving is not an option. If you long for the convenience of a tropical retreat, but you live in the mountains of North Dakota, then go ahead and purchase somewhere tropical. However, before you do, check your local airport to ensure that regular flights are available.

Ongoing Appeal

Your vacation home is an investment that you will use year after year. Before you buy, make sure the area has staying power for your family. You need to buy in an area where your family will want to go annually for vacation. No matter how appealing an area may be the first two or three times you visit, you are investing in years of vacation. Is there really enough for your family to do to be interested long term?

The answer to this question is going to depend largely on your family's vacation style. If you are a lounge-on-the-beach-and-do-nothing type of vacationer, then a cabin on the beach in a remote area is ideal. If you like to see sights and do activities, then you will want to ensure that the city or town nearby has plenty to keep you interested — or even that the vacation home is located near a major amusement park or big city.

Potential Rental Income

Another consideration is what you will do with your vacation home when you are not using it. Do you want to rent out your property to earn some income when you are not using it? While the majority of vacation homeowners do not choose to rent out their property, if you think you may want this option, you will need to buy in a popular destination where vacationing is common. Consider shopping near the mountains, ocean, a lake or a river.

Potential Investment Value

Vacation homes are, at their most basic level, an investment. Evaluate the location to determine if it will be a wise investment with growing value.

In 2014, the number of vacation home sales rose by 57 percent, which is a peak since 2006, according to the National Association of REALTORS®. The vacation-home market accounted for a full 21 percent of the homes sold that year as well. This means there is currently a strong market for vacation properties.

Yet that does not mean a strong market will remain for your vacation property. For that information, you will need to research the area where you are buying with the help of a skilled real estate agent. Choose an area where sales prices are on the way up and where a continuing demand for real estate is projected in the coming years.

Family Interest

Finally, find out what your family thinks. Do they picture themselves vacationing with you, annually, in the same spot? Does the city have enough to appeal to them as well as you? Remember when buying a vacation home you are purchasing your family's memories for years to come. Make sure those memories are tied to a location everyone loves.

With a vacation home, you can build the memories that your family will cherish for a lifetime, and you will also be able to invest in your future financial security. Choose your location wisely, and you will find a vacation home is a welcome addition to your family.

This article was originally published on RISMedia's blog, Housecall. Check the blog daily for more winning real estate tips and trends for you and your clients.

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Know Before You Owe: New Mortgage Rules and Forms are making it easier for consumers to understand the process

TILA-RESPA Integrated Disclosure rule implementation

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Email updates about mortgage rule implementation

 http://www.consumerfinance.gov/regulatory-implementation/tila-respa/

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New consumer guide replaces settlement cost booklet

Your Home Loan Toolkit – now available in English & Spanish – is designed to be used in connection with the new Loan Estimate & Closing Disclosure forms. It will replace the current Settlement Cost booklet when the TILA-RESPA Integrated Disclosures go into effect.

RESOURCES TO HELP YOU COMPLY

TILA-RESPA Integrated Disclosure rule

Compliance guide: A plain-language guide to the new rules in a FAQ format which makes the content more accessible for industry constituents, especially smaller businesses with limited legal and compliance staff.

Guide to forms: Provides detailed, illustrated instructions on completing the Loan Estimate and Closing Disclosure.

Closing factsheet: An overview of the limited circumstances when changes to the loan require a new three-day review.

Disclosure timeline: Illustrates the process and timing of disclosures for a sample real estate purchase transaction.

Integrated loan disclosure forms & samples: Downloadable Loan Estimate and Closing Disclosure forms in both English & Spanish and samples for different loan types.

Videos: A series of webinars to address implementation of the new rule. Please note that registration is required to view the recordings. Topics include an an overview of the rule, frequently asked questions, loan estimate form,closing disclosure form and implementation challenges. Use the question index to find out which questions were answered and when during the webinar series.

Supervision and examination materials

Our Readiness Guide provides guidelines for institutions to evaluate their readiness and help them comply with the mortgage rule changes.

ADDITIONAL INFORMATION

Data standards

Freddie Mac and Fannie Mae have released a common industry dataset, called the Uniform Closing Dataset, which leverages and maps to Mortgage Industry Standards Maintenance Organization (MISMO) data standards, to support implementation of the TILA/RESPA Closing Disclosure form. MISMO is developing a corresponding mapping dataset for the Loan Estimate that will be available soon.

Integrated loan disclosure forms & samples

These are downloadable versions of the models and samples that were published in the rule.

Renovate Rather than Move? 6 Ways to Finance a Home Improvement

6 Ways to Finance a Renovation

If you’re planning to take on a home improvement project, you’re in good company. A recent report by the Joint Center of Housing Studies at Harvard University predicts that the home improvement industry is expected to post record-level spending this year. As you prepare for your renovation, it’s important to review your financing options based on the size of the project, your intended repayment plan and whether you plan to use a contractor or do it yourself. Some financing options to consider:

Home Equity Line of Credit (HELOC)

A HELOC can provide ongoing access to funds using the equity in your home, which typically results in lower interest rates than unsecured credit. This type of credit may also provide you potential tax benefits. Consult your tax advisor regarding the deductibility of interest.

Mortgages with Built-In Renovation Financing

These loans help homeowners complete renovations with a loan amount that is based on an appraiser’s estimate of what the property value will be with completed improvements. This is also an option for aspiring homeowners who purchase properties that need repair. Whether a home purchase or a refinance, this option finances the renovations and mortgage in one loan.

Cash-Out Refinance Mortgages

A cash-out refinance replaces your current mortgage with a new and larger mortgage that pays off your current balance and allows you to use the equity in your home to provide additional funds for other purposes.

Credit Card

Credit cards can be used for large or small purchases and may earn rewards, which can add up to significant benefits when you’re making big home improvement purchases. However, credit cards often have higher interest rates than other loan or credit options, which should be taken into consideration.

Personal Loans and Lines of Credit

These personal credit options typically offer quick credit decisions and access to funds in a day. Lines of credit provide ongoing access to funds.

Savings

If you have a do-it-yourself project or a small renovation, accessing your savings might be an option. By paying cash, there is faster access to funds and nothing to repay.

Your bank may not be the best source for what color to paint your room or which walls to move, but it can help you identify your financial options. Each option has its associated benefits and considerations, and your bank can provide valuable information to help you make informed decisions about which options are right for you.

Reprinted with permission from RISMedia. ©2015. All rights reserved.

Happy Halloween --- Pair Your Perfect Wine with Your Halloween Candy. Enjoy & Be Safe!

This App Will Help You Find the Perfect Wine to Pair With Your Halloween Candy

 Vivino's new guide turns trick-or-treating into an epicurean event 

By Robert Klara       October 21, 2015, 4:29 PM EDT

Oenophiles with a sweet tooth should find the Candy and Wine Match Maker useful. 

Photo Illustration: Dianna McDougall; Source: Getty Images

Kids are the primary collectors of Halloween candy, but everyone knows it's the adults who determine how the sweets are purchased, distributed and consumed. According to the National Confectioners Association, 84 percent of adults will hand out candy at the front door this Halloween, and 41 percent of them will munch on some while they wait for trick-or-treaters. A whopping 90 percent of adults admit to pilfering their own kids' Halloween candy and, of course, it's adults who'll drop the $2.1 billion to buy treats in the first place.

Yes, adults do a lot of things with Halloween candy, but here's one thing they never seem to do: look for a decent pinot grigio or chardonnay to pair it with.

Well, now they can: Vivino, the popular app for wine enthusiasts, has just released its second annual Candy and Wine Match Maker (see chart below), an easy guide for pairing Halloween candy with the perfect vintage.

"Halloween is so focused on kids, but there are parents out there. And I'm sure that some of them wouldn't mind having a glass of wine," Vivino's vp of marketing Stephen Favrot told Adweek. "This is a perfect excuse for them."

Billed as a "Halloween survival guide for adults," Vivino's chart lists 14 popular Halloween candies in the left column (Tootsie Rolls, M&Ms, Skittles—all the heavy hitters are there.) Users can then follow leader lines to a variety of wines organized by category.

For example, the light, sweet and crispy flavor profile of a Kit Kat bar would pair nicely with medium reds like a zinfandel or a Grenache. Kit Kats also go well with sparkling wines—try a Champagne, prosecco or sparkling rose.

As you might imagine, producing such a comprehensive chart took enormous dedication. "We ate a fair share of candy," Favrot said. Basically, the Vivino tasters looked for the same flavor notes found in main-dish entrées and matched them using their experienced palates. The house staff then checked its results with some handpicked oenophiles in its user base of 11.4 million.

Because Vivino's app gives crowd-sourced advice on buying wine, its pairing guide does not mention brands; the app created its Halloween candy chart solely to spotlight its expertise. "We let the user pick what brand he wants," Favrot said, "We give them the guidelines."

Tart-flavored candies proved especially hard to match. "Some of the Starburst flavors?" Favrot said. "Man, that was tough—and Sour Patch Kids, too."

Sour Patch Kids doesn't appear on the pairing list, in fact. But Starburst can be safely washed down with a nice Moscato or Riesling.

How to Help get an accurate appraisal on your property

 4 Things That Will Dictate The Price                       Of Your Appraisal

October 23, 2015 By Tom Horn 

                                 

4 Things That Will Dictate The Price Of Your Appraisal

I often get asked what the price of an appraisal is. This is not a question that is easily answered without getting additional information. While there is a pretty standard fee for properties that are typical for an area there are various things that will dictate the price of your appraisal so we’ll look at these factors today.

Location

Location may affect the price of your appraisal if the property is in an area that has sparse sales activity. The typical example of this type of property is one that is located in a rural area. The amount of work and time necessary to complete the assignment increases because it is necessary to do more research to locate comparable sales.

Another reason that the price of an appraisal for this type of property can be higher is that the cost to the appraiser is more. Appraisers must take photos of the sales comparables and this can require driving longer distances to take the photos, which adds to the cost of the appraisal.

Size of the house (Gross Living Area)

The size of the house affects the price because a larger house takes longer to measure and is more time intensive during the property observation. I can look at a smaller house in approximately 30-45 minutes, however it has taken me 3-4 hours to completely inspect a large custom-built home.

In addition to the measurements taking longer walking through the house to note the quality and materials of construction can add to the time spent at the house. Many times these homes have additional improvements as well such as guest quarters and storage buildings to name a few.

Uniqueness of property

The word unique can describe many things, however what we are discussing here is how well your house fits into the neighborhood. If most properties have 3 or 4 bedrooms with 2 or  3 bathrooms and yours only has 1 bedroom and 1 bath then this would classify it has unique. What if your home looks like a flying saucer? You may laugh, but these homes do exist.

Log homes are another example of a property that you may not consider unique but the sale of them is. From my experience owners of log homes do not usually sell them very frequently so there are not very many comparables available. This makes it necessary to expand typical search parameters and look for sales that are further away or that have occurred further back in time. The research that these types of properties take is typically longer and more in-depth.

Who the appraisal is done for

I know this sounds strange but stay with me here. The amount of work done on an appraisal can sometimes depend on who you are doing it for. For example, most banks that I do work for require the cost approach even though the house may be 40 or 50 years old. The cost approach is really only appropriate for new construction due to the difficulty with estimating depreciation, however completing the cost approach takes additional time and effort which costs more.

In addition to completing sections of the appraisal that may not be relevant there are some forms which banks require that also take time. For these reasons I typically charge more for an appraisal done for a bank or mortgage company, however when doing a pre-listing appraisal these items are not required, and I charge less for them.

The sales comparison approach is the most relevant approach for this type of appraisal because it more closely replicates the process that most buyers will go through in choosing their new home. Buyers typically look at what other similar homes have sold for and also what other homes are currently listed and available for them to buy, so focusing only on this approach is the best method.

Conclusion

The price of an appraisal will vary based on the above criteria. The best way to get an accurate price quote would be to call an appraiser and explain what you want to use the appraisal for and to whom it will be done for. In addition, providing property specific information like what is mentioned above will help the appraiser understand more about the property and allow them to give you a more accurate quote.

Read more http://birminghamappraisalblog.com/appraisal/4-things-that-will-dictate-the-price-of-your-appraisal/

Live Alone? Live in a rural area? The first line of defense when it comes to your safety is your home,

Off the Beaten Path: Safety Solutions for Secluded Living

                        

RISMEDIA, Thursday, October 22, 2015— When people think of crime-ridden locales, it may be images of bustling city backdrops that dance in their heads – the kind of area where you wake up to the sounds of sirens instead of the call of a rooster. While it’s true that bigger cities have a more tangible element of crime, it must be noted that rural areas have their own unique set of infractions.

For some, there is no compromise when it comes to rural living, whether you’re raising livestock or simply putting a high value on peace and quiet. The perceived serenity of living in a more secluded home can make people forget about the dangers of this lifestyle. In fact, it has been documented that cities are actually a safer place to live than the rolling hills of the countryside.

So, for those that insist on horses over highways, what steps can you take to make sure you and your property are safe?

Protect Your Property

The first line of defense when it comes to your safety is your home, which means that fitting it with burglar deterrents is a must. One solution is to invest in a high quality security system. Relying solely on standard door locks is antiquated in any setting but is frankly downright dangerous if you live on the outskirts of town. Just over 60 percent of burglaries are from forced entry; this means that standard modes of security are just not cutting it any longer. Further, many burglars will be able to take more time breaking into your property due to the lack of neighbors and passing cars.

Nowadays you can invest in smart door locks that stop burglars in their tracks. One company, Goji, has unveiled an automated approach to locking your home. For example: what if you’re 30 miles away and a family member stopped by the house? With automation, you can utilize your smart phone and unlock your door right from where you are; you can also see real time pictures of whoever is trying to enter your property. You can even have technology like this set up on shed doors and barn entrances.

Rural properties also suffer from a lack of artificial light once the sun goes down. However, smart lighting solutions are solving that problem. One in three consumers are likely to use smart home solutions by 2018 and lighting is leading that charge. The ease of use and low cost are turning even the most secluded home dwellers into smart home technology mavens.

So, how can smart lighting help rural home dwellers combat a burglary? Simply put, burglars can’t stand lights. Being able to control your whole property’s lighting system can protect your home, farm, barn, etc. You can program your light system to turn on and off from any smart phone or computer – this can give you complete control and ensure that burglars never think your property is vacant.

Lastly, a robust video security setup could be your best defense against rural robbers. Much like the aforementioned security solutions, video surveillance technology has made leaps and bounds recently. Not only can you outfit the perimeter of your sprawling property with cameras, but you can also cover the interior too.

You never want to believe that a burglar will actually enter your property, but it’s all too common, especially in rural environments. This makes having a video surveillance system so important. You can actually set up cameras in important points within your house and get notifications if anything is spotted near those areas. Do you happen to have a well-stocked gun cabinet in your home? Now you can rest easy in the knowledge that you’ll be the first to know if someone is trying to infiltrate it.

Personal Safety

The other side of the coin when it comes to living in a secluded area revolves around health concerns. Rural living is intrinsically independent and can be especially detrimental to senior citizens. Thankfully there are a myriad of options when it comes to living healthily and off the beaten path.

One way to achieve peace of mind when it comes to personal health is to look into smart medical alarm systems.These solutions can be the difference between life and death when you are on your own, away from civilization. You can opt for devices that contact medical help professionals immediately if disaster strikes. This also comes into play when environmentally-motivated events are at hand; for example, your monitoring device can alert you about a fire and contact the proper authorities immediately.

All of these solutions can enable you to live out your days in a secluded splendor and be safe in the process.

This post was originally published on RISMedia's blog, Housecall. Check the blog daily for winning real estate tips and trends for you and your clients.

Home Renovations: Projects that typically require a Building Permit

6 DIY Projects That You'll Need a Permit For

 By  Dottie Wells, Branch Mgr, Bethany Beach MD Long  & Foster

Many DIY projects can be a lot more complicated than they appear on the popular home improvement shows. One of the things that isn't often mentioned is that there are a lot of projects that require a permit before you get started creating a magazine-worthy space.

A building permit provides you with protection. It makes sure that your work is up to code and no laws are being broken in the process. Permits also spell out who has liability if there are issues experienced by the municipality or your neighbors. Additionally, unpermitted work (like plumbing or electrical) can result in a denied homeowner's insurance claim if there is a catastrophic event like an electrical fire or water damage due.

Unpermitted work can lead to a cancelled insurance policy or even fraud charges for failing to disclose additions to your home. It can also lead to complications or even cancel the sale of your home down the line. During the home inspection and approval process in a sale it will be necessary for you to produce all the permits that are on file. Without them, the lender for the buyer may be hesitant to make the loan.

Before you pick up a saw, nail gun or screwdriver, take a trip to your local government's permit office. Each location will have its own rules for what projects will require a permit, so it is important to check. Permits apply to both interior and exterior projects like replacing windows or a bathroom remodel. If you have hired a contractor for the job, they should know what is needed and will fill out and file the necessary paperwork, but DIY applies to the paperwork as well.

Here is a brief list of projects that typically require a building permit:

1. Fences. Before you put in a new fence check with both your local government and your homeowner's association (if applicable). While not all fences need a permit, there are often height restrictions or you may be limited to a particular type of fencing and specific landscaping.

2. Remodeling the kitchen/bathroom. This includes moving any interior or exterior plumbing or wiring and knocking down interior walls. If you plan on installing a gas stove, this too will require a permit.

3. Changing the footprint.  Any change to the footprint of your home will require a permit. This encompasses building a deck; adding a room, a garage or shed; or even constructing storm shelters and safe rooms.

4. Putting in new windows or doors.

5. Putting on new siding.

6. Installing water heaters or ventilation projects

Not all home improvement projects will necessitate filling out paperwork. If you're redecorating the living room and it only includes paint and wallpaper, new flooring and carpet or repainting the kitchen and changing out the countertops, it's unlikely you'll need a permit.

So before you start your next project, make sure you've investigated the proper permits. If you have any questions, feel free to get in touch and I will guide you to the right answers.