Ellicott City Realtor Catonsville Realtor

Thursday Q & A - Your Maryland Real Estate Investing Questions Answered

Q:  What expenses should I plan for when selling an investment property that I have rehabbed?

A:  The only way to handle this is to Do Your Best to Plan for the Worst.  You need to know ahead of time how far you are willing to go to help the Buyer buy this home.  Will you offer:

• Maximum Closing Costs (Currently FHA loans allow up to 6% of the purchase price, and VA is unlimited)
• Seller Financing
• To make necessary improvements

Keep in mind the current market conditions and what they call for.  If you would like a detailed list of settlement expenses for your investment property, or help in making a plan to sell, please feel free to contact me.

Waterfront Columbia Condominiums.  Searching for a Columbia Condo with Water View or Access.

If you are searching for a condominium in Columbia, MD, you will find that the untis available are predominantly 2 Bedrooms with 2 Bathrooms, although both larger and smaller units can be found.  Prices will vary based on market conditions, features of the condominium community, and condition of the unit itself.

In addition to the cost of the unit, you should be prepared to pay the following expenses for a Columbia Condominium:

• Condominium Association Fee (the amount will vary by Association)
• CPRA Tax (gives you access to certain Columbia Association benefits, and discounts toward others)
• Howard County Property Taxes

These costs certianly add to the expense of owning a condo, so what is the appeal of owning a Columbia Condominium?  These units offer a great location for those commuting to Baltimore, Washington DC, or working right in Columbia, and provide a very easy, low maintenance lifestyle, as well as access to the Columbia Association and Howard County Public School System.  The nicest units may offer storage rooms, well kept community grounds, and have a location that is convenient to shopping, swimming, recreation and commuting.

One of the most appealing factors of owning a Columbia Condominium is that many of the untis offer water views, water access or are water front properties.   In fact, that is one of the most often requested searches we hear about:  a Waterfront Columbia Condominium.  Because of the way properties may be listed in the Multiple List Service, you can search for a Waterfront Columbia Condominium in one of three ways:

Waterfront Columbia Condominiums
Water Access Columbia Condominiums
Water View Columbia Condominiums

As you can see from the search results, there are not many of these units available and they are in high demand.  If you'd like to take a look at one of these Waterfront Columbia Condominiums, please feel free to contact me.

I helped a friend move yesterday, and it reminded me of an old George Carlin bit about Stuff (here's your warning: if you didn't know, George Carlin's comedy material is not G Rated, or PG Rated, or probably even PG-13 Rated):

Helping my friend move also reminded me that it's easy to underestimate all of your Stuff.  Here is my list of things to keep in mind when you are moving: 

1. If you estimate that you need 2 weeks to move your Stuff, you really need 4.
2. If you estimate you need 10 boxes for all of your Stuff, you really need 20.
3. If you think it will take 1 trip in 1 small pickup truck to move all of your Stuff, go to Uhaul and rent the biggest truck that they offer.  Then plan to spend all day making trips back and forth moving your Stuff.

The method that I use for packing is the method I recommend for you:  Keep Your Stuff or Discard Your Stuff.  Now, Discard Your Stuff might mean having a yard sale (before you move, not after), giving the items to charity (before you move, not after), or throwing the Stuff away.  This is true for all of your Stuff, including:

• Kid Stuff - keep one or two of your kids' artwork/craft/handprints/junk that are special and the rest of the Stuff can go.
• Childhood Memories Stuff - no, you don't really need to keep your first retainer or your High School Prom dress/program/favor/Stuff.
• Partner / Spouse's Stuff (in the case of a breakup) - why would you even want that Stuff?
• Multiples of any particular Stuff - no, you are not going to need 3 rakes.  Even if you are moving to a forest in a home without a roof, one rake will probably be ok.
• Latest and Greatest Stuff - That 132 pound 40" 3 foot by 3 foot flat front TV may have been the greatest thing on the market in 1992, but chances are you can live without it now.

If you'd like actual moving advice in addition to the sarcasm provided above, I have a helpful Moving Checklist.

 

Top Seller Tuesdays - Spend a Little, Get a Lot!  Weekly Advice on Preparing Your Home for Sale.  A series of weekly tips for sellers that are simple, quick and designed to bring you top value.

• Begin the repair process by making your own home inspection.  Walk around the yard and through the house and take notes about the problem areas, needed repairs, items to discard or store, and things to replace.

If you'd like more information about preparing your home for sale, feel free to contact me.

Market Report Monday - Carroll County Real Estate Market Update, May 2010.Click on Full Screen to view this report.
If you have any questions about this report, feel free to give me a call, or click here to request more information.

Carroll County Real Estate Market Update, May 2010

Thursday Q & A - Your Maryland Real Estate Investing Questions Answered

Q:  I've found a property that seems like a really good investment deal.  The only problem is that the Seller wants a quick settlement and doesn't want a lot of contingencies in the contract, or to have to do any bank related repairs.  Is it still a good deal?

A:  Is it still a good deal? It could be, however, it's only as good as what you can sell it for later.  This has a direct effect on what you're buying it for now.  If the Seller doesn't want any contingencies, tell him you have to have an inspection and that you'll take a few DAYS to get it done.  That way, should anything come up, you're done with it quickly and both you and the Seller can move on.

Buying your first investment property can be tricky.  If you have questions, or need advice, please feel free to contact me.

Single Family Homes districted for Howard High School.  Centennial High School and Howard High School both made Newsweek's 2010 America's Top High Schools List, which ranked the schools based on 'how hard school staffs work to challenge students with advanced-placement college-level courses and tests'.

If you are looking for a home districted for either Centennial High School or Howard High School in Howard County, you will find that the homes districted for Centennial High School will be in the more expensive price range of $450,000 and higher.  You may find a home that is less than that, but they will be few and far between.

If you are looking for Howard High School homes, you will find you actually have many options for less than $450,000.  Finding Howard High School homes can be a challenge, however, because of the way that the Howard County Public High School System creates the attendance area maps .

You can see from the map that Howard High School homes are located in Elkridge, Columbia, and Ellicott City.  These homes will vary in price, age and condition.  The homes may be older, but the nicest properties will feature many updates to the roof, heating, cooling, kitchens and bathrooms.

The best way to find a Howard High School Home is to first search by zip code:  21045, 21075 and 21043.  Then, you can use the Howard County Public School System's School Locator tool to find out if any of the homes on your search results are districted for Howard High School.

 

Click here to search by zip code for homes that may be Howard High School Homes.  Use the search tool to narrow your results by price and number of rooms.  Then, verify the school district using the School Locator Tool mentioned above.

Unfortunately, there is no easier way to search for Howard High School Homes.  Many agents do not take the time to list the schools in the Multiple List Service, and limiting your search by school, neighborhood or even city may leave homes off of your list.

Of course, I am happy to prepare a list of homes for you.  If you'd like a list of Howard High School Homes, or any other school for that matter, feel free to contact me.

Please note that school district maps and information are provided by the Howard County Public School System, and school ranking was provided by Newsweek.  This information is subject to change and should be independently verified.

Click on Full Screen to view this report.
If you have any questions about this report, feel free to give me a call, or click here to request more information.

Baltimore County Real Estate Market Update, May 2010

Click on Full Screen to view this report.
If you have any questions about this report, feel free to give me a call, or click here to request more information.

Howard County Real Estate Market Update, May 2010

This Weekend's Open House Report - Open Houses in Catonsville, Ellicott City, Elkridge and Columbia

The following is a list of the open houses in our area this weekend.  If you see a home you like, or if you have any questions, please feel free to contact me.

• Catonsville Open Houses 

 

• Ellicott City Open Houses

 

• Elkridge Open Houses

 

• Columbia Open Houses

Please note, that these are the open houses that are recorded in the Multiple List Service as of Friday afternoon, and may not include all properties open this weekend.  Open house information was provided by the Listing Agent, and is not guaranteed to be accurate.