Can you do anything about encroachment?

NORFOLK, VA, Aug 06, 2013—You may be sitting there wondering what “encroachment” is; if you've
ever been in a sticky situation with a neighbor regarding property boundaries, then you're
more familiar with the term than you think.

“Encroachment is when another individual builds a structure that sits on or interferes with your
land,” says Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty. “Perhaps your neighbor builds a deck that creeps out onto your property line, or a shed for his new boat that sits a few feet over
the border.”

So what do you do? And more importantly, what can you do? “If the encroachment doesn't
bother you, than maybe there is no reason to do anything about it—you save the relationship
between you and your neighbor, and what's a few feet of yard loss anyway? However, when it
comes time to sell your home, you could run into some trouble,” Eisenberg explains.

Here are a few steps you can take:

1. Solidify the boundaries. Double and triple check your boundary lines so you don't start an
issue over a mistake or misunderstanding.

2. Talk with your neighbor. If it's a shed or movable structure, perhaps they can relocate.

3. Consider alternatives. “There are several things you can do to remedy this situation without
ending up in court,” says Eisenberg. One is writing the neighbor a written permission to use
your property. While this will not hold over if you sell your property, it will at least clear the air
and any confusion between who owns what. Another possibility is selling the square feet to
them, extending their property line so that their structure now sits on their land and they are no
longer encroaching. Not keen on selling the square footage? Suggest renting it. “Be sure to
contact a legal advisor and, if necessary, your mortgage lender before a property sale. And of
course, keep all documentation of the sale,” Eisenberg cautions.

4. If you aren't able to keep the situation hospitable, you may have to take the issue to court.
This can be a painstakingly long process, so Eisenberg suggests this as a last-ditch effort.

For more real estate information, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510 at leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

Should you prepay your mortgage?

NORFOLK, VA, Aug 01, 2013—At first glance, prepaying your mortgage sounds like a financially intelligent move. By paying extra principal, your house will be paid off faster, and you will end up paying less interest over the life of your loan.

“You get to save thousands of dollars and shave years off the life of your loan because the additional payments made toward your monthly principal basically constitutes a partial prepayment of your mortgage,” says Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty.

However, there can be some drawbacks; each mortgage has specific terms describing how and when prepayment may occur.  Some lenders impose a penalty if you repay the loan too soon.

The total savings potential also will depend on how long you plan to live in your home.  If you expect to move in the near future, do not expect to reap savings as large as those gained by people who pay ahead of schedule until they own their home free and clear.

“If you're putting additional payments into your mortgage, make sure you're also building up your retirement fund. While your home is your greatest investment, you don't want to end up house rich and cash poor in the end,” advises Eisenberg.

Another note from Eisenberg; If you plan to speed up your mortgage payments, do it on your own instead of enlisting the help from a bank, who may charge a fee.

For more information on paying off your mortgage, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, Virginia 23510, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

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How to buy a group vacation home

 

NORFOLK, VA, Jul 25, 2013—It sounds like a dream; splitting the cost of a lakefront home or woodland cabin with your close friends. However, purchasing a group home can end up being more complicated, and that's before you throw in any possible falling outs or conflicting schedules. Below, Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty  takes us through a variety of things to consider before purchasing a home with others.

1. Discuss finances first

Can everyone afford to do this? “To minimize complication, it's best for everyone going in on the purchase to be able to put down equal funds,” suggests Eisenberg. In addition to discussing purchase costs, go over who will pay for furnishing the home, improvements, monthly bills, taxes, etc.

“It's important to really scrutinize the financial coverage, from little things like landscaping to emergencies like a flooded basement,” Eisenberg notes.

2. Write it down

After you have a clear plan that all parties agree to, get everything in writing. This will be helpful in the future should someone forget who agreed to pay for those new energy efficient windows. “It might be a good idea to bring in a lawyer to help come up with a contract everyone agrees to,” suggests Eisenberg. A lawyer will not only help document your decisions, but also map out any additional legal concerns – like what will happen to an individual's share of property should they pass away.

Although it may be uncomfortable, you should also talk about what will happen to a property share should someone want to sell or liquidate their assets.

3. Decide how the home will be used

After you've taken care of the legal and financial issues, it's time to talk about the fun stuff: how you will enjoy your home. Will you split up visiting dates throughout the year? Will you all visit at once, reunion style? “While it might seem silly to designate days up-front, it will ease any future tension should schedules clash,” says Eisenberg. Additionally, talk about what will happen to the property as your lives progress. A group of friends purchasing a home in their late twenties will surely use the property differently than a group of friends who are now in their forties.

“After you have your basics covered, celebrate with your friends and enjoy your new vacation home!” says Eisenberg.

For more information on buying a 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

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Tips to simplify your kitchen revamp

NORFOLK, VA, Jul 16, 2013—Whether you're looking to sell your home, are trying to fix up a newly purchased one, or are simply aiming for your dream cooking space, redoing your kitchen is a lot of work. The kitchen has more appliances and fixtures than any other room in the house, and it takes a considerable amount of time, work, money and planning to power though a successful kitchen revamp. Below, Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty offers tips to simplify your kitchen remodel,

Appliances
It is tempting to discard existing appliances when you build new cabinets around them. Rethink the idea. If the appliances are workable, keep them – and save yourself from $1,000 to $5,000, according to the National Association of the Remodeling Industry.

Fixtures
If possible, resist the urge to move your stove to the other side of the room, or swap the location of your sink. “Consider keeping the present location of major fixtures, appliances and utilities relative to the plumbing, gas and electrical outlets,” says Eisenberg. Rearranging plumbing, wiring and jacks can be very expensive.

Cabinets
Refacing existing cabinets can reduce the cost of your kitchen remodel considerably and eliminate the need for new flooring, countertops and appliances. If you must get new cabinets, options such as spice racks and slide out wire baskets can be added later. Also, install cabinets without soffits to decrease labor cost; and avoid trim moldings, or use a simple trim. If you must have a new wood trim to match the new cabinets, order pre-finished trim to decrease labor cost; avoid having the painting or staining done on-site.

Stay Neutral
“If you're revamping your home for a sale, you probably want to choose neutral colors for fixtures, appliances and laminates,” says Eisenberg.

Refinish the Floor
Depending on your home, Eisenberg notes that you may be able to avoid the need for a new floor by sanding and refinishing a hardwood floor that may be underneath the existing vinyl flooring.

For more information on remodeling 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