Category Archives: investment

Thinking of a house with a big garage in Gwinnett County, GA?

Monday, 14 September 2009 23:18

Written by Lane Bailey

2 Comments

Gwinnett County, GA (just outside Atlanta, if you aren’t already familiar) is a great place to live… especially for car people, it seems. There are some great opportunities to find 4+ car garage homes here in Gwinnett.

There are rules that disallow promoting listings that aren’t my own, so I can’t give identifying information, but I am going to describe several homes in at various price points. The pictures are from a property I have listed at 590 Baltimore Ave in Lilburn, GA.

Overall, there are 138 properties in Gwinnett County, GA that are listed with 4+ car garages.

Under $200k…

Surprisingly, there are 22 homes under $200k in Gwinnett listed with 4+ car garages. And some of these are quite nice. There is a home in Buford that I visited last week that is very nice. It has two different two car garages, one is attached and the other is detached. It is also recently renovated. New carpet, paint and appliances. It comes in slightly under $190k. Other properties come in as low as $120k. I haven’t been to some of them, so the condition might be a little rougher…

Under $400k…

There are 22 more properties priced from $200,001 to $400,000 with 4 or more car garages. These are some REAL gems in this group. The pictures on this post are from my listing in Lilburn with 2 two car garages. It is a beautiful home on almost 4 acres… but only minutes from downtown Lilburn. Right at $300k, there is an amazing house in Lawrenceville. I have not been in it, but I believe it is a 4 car attached garage. This is a brand new home that is a builder close-out.

Under $750k…

There are 32 properties in the $400,001 to $750,000 range. These are obviously more luxurious. There are homes in Sugarloaf, Chateau Elan and Garner Creek at Parkview. There are several that are brand new. There is a very attractive short sale in Grayson. I have been in the neighborhood, and possibly this house (I can’t recall from the pictures, I would have been in it before the current sellers bought the home). At $700k, it sits on almost 3 acres.

Moving on up… Over $750k…

Most of the 62 homes that are listed in this range aren’t really enthusiast homes, but rather big houses with big garages… but there are exceptions, like a home in Lawrenceville, priced just under $1m with a detached workshop… looks like it would hold a few cars. It also sits on over 7 acres.

There are a few other properties that are exceptional, including some with 5 or more car garages… Pricing goes up to $8.5m. There are even some bank owned properties in this range that could be great deals for the right buyer.

(note: Due to limitations in the public database, links are to searches for homes with 3 or more car garages. If you contact Lane, he can set you up with a custom search that is limited to 4+ car garages.)

Is this the time to buy your first house?

Saturday, 12 September 2009 17:56

Written by Lane Bailey

0 Comments

: Image via Wikipedia

Maybe… Maybe not…

Make no mistake, there are some deals in the market. And combined with the $8000 First Time Home Buyer Tax Credit (FTHBTC), this can be a great time to buy a first home. Interest rates have remained low… despite a LOT of predictions to the contrary. In fact, with a projected deficit THIS year of $1.8T for the federal government, there is still an expectation that rates will have to rise because of the pressure on the available investors.

In fact, that would be the case laid out by those that say THIS is the time. The FTHBTC is coming to a close on December 1st. And while that is almost two months away, in the world of home search and financing, two months can go by pretty quickly.

On the other hand…

There are some points that would suggest that for some buyers, waiting a little longer might be just the ticket. In fact, waiting until AFTER the FTHBTC expires could be a better move for many buyers.

Just as with the Cash for Clunkers program, the tax credit is pushing some buyers into the market that might not have jumped in otherwise. And we have seen upward pressure on prices for entry level homes. Buyers, in some cases, are bidding up the prices for some homes.

By waiting until many of the buyers have abandoned the market… after the tax credit expires… there is a belief that prices may drop. Some think that the drops may be more significant than just the $8000. They feel that sellers may become quite lonely by January, and may be willing to offer better deals on their homes.

Others have also speculated that there might be a new program from the government to replace the $8000 First Time Home Buyer Tax Credit. There are plans to offer a $15,000 tax credit, as well as to continue the current offering. Nobody knows if these plans will come to fruition.

What does it all mean?

For “First Time Buyers” with solid cash resources, waiting may be a better plan. For those that would be better off paying a little more, but getting the $8000 in a few months, getting on the ball and buying a home soon could be a better way to go.

Don’t forget, “First Time Buyers” are those that haven’t owned a house in the last 36 months. The credit is for 10% of the purchase price, up to a credit up $8000. In GA, there is an additional credit of up to $1800 that may be available… even for those that aren’t first time buyers.

If you are looking for a home around Lilburn, GA, give me a call and I can help guide you through the process.

from GwinnettGarageGuy.com

Who needs Title Insurance?

Thursday, 10 September 2009 23:48

Written by Lane Bailey

1 Comment

: Image via Wikipedia

There are two basic types of Title Insurance…

Lender’s Title Insurance
Owner’s Title Insurance

Lender’s Title Insurance

If you are buying a home with a loan, you will probably be required to buy Title Insurance for you lender. What the Title Insurance will do is protect them from damage if there is a claim (or cloud) on the title to the property.

Let’s say that there is a will discovered that means that someone in the past sold the property but didn’t have the right to sell it… it could nullify the ownership of the current “owner”.

The Lender’s Title Insurance would pay off the lender for their loss… or, more likely, pay off the claim to buy out the interest of the new claimant.

Owner’s Title Insurance

You lender isn’t going to require that you buy Owner’s Title Insurance. They don’t care… It protects YOU from loss in the above situation. Basically, it protects YOUR equity.

Honestly, Owner’s Title Insurance can be a profit center for the closing attorneys. They make money selling the policies… although most won’t press anyone to buy it. For most buyers, it is an optional expense that is worthwhile…

Case Study…

Here is a situation that I am seeing right now… A seller (not my client) has a property that is under contract. They purchased it last year out of foreclosure. During the standard title search a lien was missed. Now there is a lien on the property that doesn’t belong to the seller. There is no lender involved. Basically, they can’t sell it until this is resolved. They have hired a lawyer to deal with it.

Keep in mind that these situations are quite rare… but they can be financially devastating. Imagine living in a home for a while and building up some solid equity. And then, out of the blue, losing the home and the equity. Rare… but devastating.

Over-Updated, Under-Updated…

Saturday, 05 September 2009 23:35

Written by Lane Bailey

0 Comments

I visited a home recently that had an interesting mix of over and under updated features.

Overall, the home was quite beautiful. The finishes were well done and attractive. Honestly, it showed better than the photos… and that is a good thing, the photos weren’t bad.

The yard was amazing. The only issue I could find is that it would require too much care for MY lifestyle, but it was wonderful to walk around the paths and see the ponds, gardens and various areas.

But then there was the kitchen… 1990 called and they want their kitchen back… It didn’t live up to the rest of the house.

What to do?

If you are selling your home, and you want to maximize the price and minimize the time on market, the Kitchen is the MOST important room to use to WOW your buyer. The next most important room is the Master Bath. Of course, the rest of the house can’t fail to live up to those rooms, but those are the stars…

Solid surface counters, black or stainless steel appliances, neat, clean and organized cabinets. Those are the keys to the kitchen.

The Master Bath is a little trickier… But, to start, make sure that it is clean, no wall paper and devoid of builder grade fixtures… Chrome is usually bad…

This home was both over and under updated…

The kitchen was a throwback… it killed the deal. The rest of the house almost brought it back… and the buyers were almost ready to hire the seller to do the landscaping for the home they eventually buy. As with the yard, which was tweaked to the hilt, the house was “fully developed”. And as such, it lacked storage space and unfinished areas.

There will be a buyer for it… And they will be getting a great deal if the house suits them.

If you are selling your house, put yourself in the shoes of the buyer… We’ll be talking about this more over the next few weeks…

Mold, not just for bread and cheese anymore…

Friday, 04 September 2009 12:07

Written by Lane Bailey

5 Comments

: Image via Wikipedia

Ok, mold has NEVER just been for bread and cheese. and while it can be useful stuff… when it is penicillin… the rest of the time, it is NOT something we want in our bodies.

So, Mold and Real Estate?

I’m seeing it more and more. Actually, it started a few years ago, but as more foreclosures come on the market, mold gets to be a bigger issue.

In some homes it is a minor issue… a little musty smell that can be handled with a couple of filter changes in the HVAC and a good cleaning. There are even some homes that don’t seem to have any mold smells present.

But in other homes it is a MAJOR problem. We aren’t talking about a little smell, we are talking about unhealthy levels of toxins… and in some cases, they could cause serious respiratory distress, or worse. In those cases, if the price is good enough, and the home is otherwise desirable, a mold remediation company could be brought in to kill the mold and bring the property back into a healthy state.

How can we know?

Get an inspection. Of course, I ALWAYS recommend getting an inspection from an ASHI Certified Inspector for any home… even brand new. But there are actually specialist Mold Inspection companies. If you suspect that there could be mold in the property, getting it inspected is cheap insurance. Mold remediation can be simple, or VERY involved and expensive. Knowing during the Due Diligence Period is much better than unexpectedly finding out that your good deal is going to suck $50,000 out of your pocket before you can move in.

Some favorite mold hangouts…

Crawlspaces and basements
Under sinks in kitchens and bathrooms
Attics
The back of closets
Anywhere there isn’t airflow

Be aware. Do a little research… even trolling Google, Yahoo or Bing for a few minutes can yield a lot of good knowledge. of course, getting professional advice isn’t a bad idea either. And remember, almost every property is going to have SOME mold. But, if the humidity and moisture levels are in line with what they should be, there is good airflow and the space is kept clean, the mold can’t get a solid foothold and take over the house.

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Category Archives: investment