Sunday, March 26, 2023 / by Steve Ticknor
When asked about their least favorite subject in high school on a Thomas B Fordham Institute survey, students overwhelmingly chose math. But we actually do use math for all kinds of things as an adult. Balancing our checkbook. Making sure that we get the correct change back on a purchase. And when buying a home, to calculate its total square footage.
How Square Footage is Determined
What is Square Footage?
First of all, we've all heard this term before. But do you actually know what it means? In real estate terms, this is the total actual dedicated living space inside of a home. According to Bankrate, "livable space" must include walls, a ceiling, a floor, and heat. That means garages, unfinished basements, and patios/porches do not count as livable space. However, hallways and stairwells (for multiple-story homes) do count.
How to Calculate It
Determining the square footage for a whole house? Before you freak out, think about your house in terms of several smaller boxes. MeasurZ ...
lake havasu real estate, home buying tips, home selling tips, havasu homeowners
Thursday, March 16, 2023 / by Steve Ticknor
When first starting out living on their own, many people rely on hand-me-downs from their parents, second-hand stores, or used furniture purchased on places like OfferUp or Facebook Marketplace to furnish their abodes. After all, new furniture can cost a pretty penny. Other people turn to those rent-to-own shops. Did you know that this might be a viable alternative to the traditional way of buying a home as well? It's true. But it comes with some pros and cons.
Rent-to-Own: Real Estate Edition
How Rent-to-Own (aka "Lease Purchase) Works
In this situation, you sign a lease with the owner of the house agreeing to pay a certain amount per month for a specified period of time. At the end of the lease, you agree to buy the home outright. Part of your lease payment gets set aside to use toward your down payment at the end of the lease period. However, a few things need to be clarified before entering this agreement.
What to Discuss Before Signing on the Dotted Line
First, wiZ ...
lake havasu real estate, home buying tips
Wednesday, November 23, 2022 / by Steve Ticknor
Whether you wish to buy a home or need to sell one, you need a good agent by your side. Their knowledge and expertise help guide you through every step of the way. With over 120 offices and more than 470 active agents in Lake Havasu City alone, how do you know you are hiring the right real estate agent to handle your transaction?
Hiring the Right Real Estate Agent
Determine Your Priorities
Decide what you really want in an agent. Do you need daily updates or would you prefer less communication? How would you prefer your agent to contact you? Text? Email? Face-to-face? Is experience more important to you than a huge amount of sales? Or vice versa? Do you only want to deal with your agent when it comes to your real estate transaction or are you OK with talking to their team? (Most agents come with a team that helps them with different aspects of the deal.) Decide what you need to feel safe and secure throughout the process and find the agent that fits those parameters.
lake havasu real estate, home buying tips, home selling tips
Thursday, October 27, 2022 / by Steve Ticknor
For the past few years, interest rates hit historical lows. Unfortunately, that is no longer case. We keep seeing rates go up, up, and UP! With the lower rates, financial experts suggested that a fixed-rate mortgage was the better option for home buyers. However, that may no longer be the case. How do you know whether to choose a fixed-rate (FRM) or an adjustable-rate mortgage (ARM) when it comes to your home loan options?
Adjustable-Rate Mortgage for the Home Buyer
How Does an ARM Work?
Unlike fixed-rate mortgage loans, the interest rate on an adjustable-rate mortgage fluctuates over time. Initially, it starts out lower than a fixed-rate mortgage. For example, Freddie Mac shows the average 30-year FRM at 7.08% as of the writing of this post. However, they show the ARM at 5.96%. On a $400,000 mortgage, that means a difference of almost $300 a month ($3600 in the first year). But this will not always be the case. The rate may go up or down.
For a set period of time (usually the fi. ...
lake havasu real estate, home buying tips, home mortgage info
Thursday, September 22, 2022 / by Steve Ticknor
As long as money has changed hands for real estate, there have been con men ready to take advantage. In the late 1800s, George C Parker "sold" the Brooklyn Bridge (among other landmarks)...several times. In 1925, Charles Ponzi promised outrageous returns in a short amount of time for investors in what turned out to be Florida swampland. Thus, the origin of the "Ponzi scheme" was born. Unfortunately, real estate scams continue today. And the scammers get more and more creative as technology changes. Whether you rent, own, buy or sell a piece of property, beware of these common scams so you do not fall victim to them.
Watch Out for These Real Estate Scams
You may have heard the saying "if it's too good to be true, it probably is". That seems especially true with rental properties. As rents rise, so do rental scams. If you see ads for a nice property in a great neighborhood priced well below the going rental rate, beware. Or if the "landlord" requests a deposit before . ...
lake havasu real estate, home buying tips, home selling tips, real estate scams