Louis Eisenberg's Coastal Virginia Real Estate

Tuesday, January 21, 2014

5 Things That Add Instant Value To Your Home

NORFOLK, VA, Jan 21, 2014—If you're considering selling your home, most likely you've heard some of the crucial elements to a successful sale: proper staging, proper pricing, and curb appeal. Below, Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty lets us in on several things that can add instant value to your home.

Landscaping. Bring in a professional or DIY. However, avoid going over-board. “While a nice looking yard will add value, a high maintenance garden may put off any potential buyers who lack a green thumb,” warns Eisenberg.

A usable garage. You might assume it's okay to leave junk in your garage when showing your home. It is, after all, a garage. However, cleaning out your garage and highlighting it as a fully usable space (for cars, storage, or a workshop) is an asset to buyers. “Allow them to imagine how they will use the space themselves – don't show them where last season's lawn furniture is hibernating,” says Eisenberg.

Add more closets. If you have a small renovation budget, add extra closets and storage spaces wherever possible. Can you find room for a walk-in closet in the master bedroom? That's a huge draw for many buyers.

Create outdoor living spaces. “Whether it's just a nook you've carved in the garden, a deck, or a full-on patio with a pool, outdoor living spaces are always popular,” notes Eisenberg. If you're on a budget, you don't have to go overboard. Simply cluster together some lawn furniture, set up a table by the grill, and you have a great space for summer entertaining.

Refinish the basement. Believe it or not, many homes in Coastal Virginia have basements. The more usable living space, the better. If your basement is unfinished, and you have the budget, making it a livable space can be a huge bonus when it comes to listing your home. “You can do it minimally, by finishing the flooring and painting the walls, or go all out and create a game room or even an in-law suite,” recommends Eisenberg. A home office or an extra bedroom are always a boon for your listing.
For more information on selling your home, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

Tuesday, January 14, 2014

Mortgage Matters: What is an Assumable Mortgage?

NORFOLK, VA, Jan 14, 2014—If you're shopping for a mortgage for the first time, you're probably hearing tons of terms you're unfamiliar with. One of these terms, although not as popular as traditional mortgages, is an assumable mortgage. In the following article, Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty lets us in on what makes this mortgage different, and if it may be a good fit for you.

“An assumable mortgage is held by the seller and can be taken over by the buyer when a home is sold,” explains Eisenberg. “Such loans are hard to find because most lenders stopped voluntarily writing them many years ago.”

Most new assumable loans today are adjustable rate mortgages. They may be attractive if the interest rate on the existing loan is lower than the rate the buyer could otherwise get on a new mortgage, either because of current market conditions or the buyer’s poor credit history.

“To determine whether to assume an old loan or apply for a new one, pay close attention to the possible assumption fee, usually one point, and other terms of assumption set forth in the existing loan,” says Eisenberg.

One plus: there are generally few closing costs with an assumable loan.

“While an assumable mortgage can speed up the property sale, sellers should be careful about letting a buyer assume their mortgage,” warns Eisenberg. Depending on the state and terms of the mortgage, a seller may remain liable for the loan until it is paid off in full, meaning the lender may go after both the seller and the buyer if the loan is not paid.

For more information on loans and mortgages, please contact Louis Eisenberg, Associate Broker, Realtor, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23505, leisenberg@prudentialtownerealty.com, 757-572-7244, or www.LouisEisenberg.com