Real Estate Information

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When you are considering the purchase of a new home, one of the first things to think about is if you will be able to get a mortgage loan. At the start of the home buying process, you will hear terms like “pre-qualification”, “pre-approval”, and “conditional approval”.  If you are not familiar with these terms and their meanings, it can add to the already stressful process of entering the housing market as a buyer.

While all these terms may sound similar, they are not the same. Pre-qualification, pre-approval, and the conditional approval letter share common characteristics, but they occur at different times during your journey to home ownership. Having a clear understanding of what they mean will save some of the confusion, time and energy that goes into finding the right home for your budget and your family.

Let’s take a look at each of these terms:

PRE-QUALIFICATION

Getting pre-qualified for a mortgage loan is the earliest step of the three terms we are looking at. A pre-qualification will give you an estimate of how much you may possibly be able to borrow from a lender. Basically, you will provide information such as your financial history and credit report to your lender. You can do this verbally at this stage as it is not an overly comprehensive process. Your lender will use the information provided and will give you an estimate of the amount you may qualify for. This will allow you to explore the mortgage options available to you.

After your lender has determined the amount you pre-qualify for, you will receive a pre-qualification letter. By sharing this letter with your Realtor, they can use it when making an offer to a seller to give evidence of your commitment to and preparation for buying a home.

Remember, a pre-qualification is not a guarantee for a loan. While it is a great way to determine what types of loans are available to you, it does not mean a loan for the amount of the home you hope to purchase is a sure thing.

PRE-APPROVAL

Getting a pre-approval is a more formal process that requires an in-depth investigation of your finances. This process will take place after you have submitted your mortgage application and documentation will be required.

Your lender will need the following:

• Employment verification (W-2s or 1099s)
• Bank statements
• Retirement and brokerage account statements
• Any other assets
• Current real estate debt or rental statements
• Monthly debt payments (student loans, auto loans)
• Court orders (divorce, child support, alimony, etc.)
• Tax returns

It may feel overwhelming to provide so much personal, financial information, but it is necessary to obtain a pre-approval for a mortgage loan. Like pre-qualification, you will get a pre-approval letter if your application is accepted by your lender. This letter provides the sellers with the information they need to know that you can afford the mortgage payment and you are ready to purchase a home.

When competing for a home with other buyers, a pre-approval letter can be a game changer, making you look like a serious buyer over others who may not have a pre-approval letter yet.

CONDITIONAL APPROVAL

Conditional approval is also known as “up-front underwriting”.  If you choose this option, your lender will review your finances thoroughly in order to provide you with an exact loan approval amount for the specific home on which you are submitting an offer.

What makes a conditional approval letter different from a pre-approval is in the name itself; there will be a few conditions that must be met before closing. For example, purchase agreements, title verifications, home appraisal, and inspections must all be complete and in order. The closing process cannot begin until all the conditions listed in the letter have been met.

Pre-qualification, pre-approval, and the conditional approval letter all provide validation to both your lender and the seller that you are a serious buyer that can afford the home.

They each serve the same purpose, but you will encounter them in different circumstances within the home buying process. Understanding the nuances and differences now will make you a better-informed buyer and will make the home buying process less stressful for you!

If you are in the market to buy or sell a home (or both), let me Sandra Nickel, and my Hat Team of Professionals assist you with all your real estate needs! Call us today at 334-834-1500 and check out https://www.homesforsaleinmontgomeryalabama.com for more information.

Photo credits: PYMNTS.com, Investopedia.com, debt.com, texaslending.com

Investing in real estate is a time-tested way to successfully build wealth.  

While there are many ways to invest your savings, investing in real estate is unique in that it offers cash-flow, liquidity, profitability, and tax and diversification benefits those other investments do not.  If you’ve been thinking about how to build wealth for your retirement, you would be smart to consider investing in real estate.

There are four primary ways to make money in real estate:

1. Appreciation. When a property increases in value, you have real estate appreciation. Sometimes is happens due to changes in the market and other times it may be due to upgrades made on the property.
    
2. Cash flow income (rent). Cash flow income is a nice perk of real estate investment that you do not have in other types of investments.  It is generated when you purchase a home or apartment building or an office building and rent them out.
    
3. Real Estate Income.  This is income earned by people who earn commissions through real estate transactions or buy property managers who oversee the operations of rental properties.
    
4. Ancillary Real Estate Income. This can be a huge source of profit.  Things like application fees, vending machines and laundry facilities are money makers that go beyond the monthly rent. 

While there are certainly risks that come with investing in real estate, there are a lot of benefits that outweigh the risks:

• Real estate is something that most people grow up being aware of. You may not have been exposed to things like stocks and bonds, but you likely know the importance of owning a home. Buying a home is an investment that is reachable.
   
• Having an investment that you can see; something that is tangible, is psychologically important.
   
• You have the control in a real estate investment.  You do not have to worry as much about being defrauded the way you might when entrusting your money to someone else to invest for you.
   
• You will reap the benefits of tax advantages.
  
• You can use money you make on a home sale to buy more real estate and increase your net worth.

Whether you are thinking of purchasing a home for yourself and investing in your own future by building equity or you are considering buying property to rent out, investing in real estate is great way to build wealth!

If you are in the market to buy or sell a home (or both), let me, Sandra Nickel, and my Hat Team of Professionals assist you with all your real estate needs! Call us today at 334-834-1500 and check out http://www.homesforsaleinmontgomeryalabama.com for more information.

Photo credits: thesavvycouple.com, portugalresident.com, pharmeceuticalonline.com, tmcfinancing.com

1183 S Mcdonough Street, Montgomery, AL 36104

MLS# 519753

2 Bedrooms / 1 Bathroom / 1,408 square feet / Garden District 

Absolutely adorable bungalow perched on a heavily landscaped knoll in the heart of the historic Garden District! This Midtown Montgomery one will steal your heart from the moment you pull up. Lush landscaping envelops the front and provides soothing privacy for the quaint front porch. Inside boasts a living room with fireplace and good-sized dining room. Breakfast room has beautiful lighted built-in china case and is open to the updated kitchen. Laundry room provides additional pantry space. Two spacious bedrooms share a hall bath, and there is a 3rd room on the back which could serve as a 3rd bedroom, den, office, study, nursery, or playroom. Antique French door and sidelights allow access to the rear deck and natural back yard. Other benefits include gorgeous hardwood floors, custom plantation shutters, like new roof, and fresh paint inside and out! Convenient to downtown and Cloverdale area.

Marketed by Montgomery AL Realtor, Billy Young, Sandra Nickel Hat Team

892 Running Brook Drive, Prattville, AL 36066

MLS# 519816

3 Bedrooms / 2 Bathrooms / 1,594 Square Feet / Silver Hills 

This open floor plan home has been freshly painted and is move-in ready! Great room with vaulted ceiling and fireplace opens to kitchen/ breakfast room. Breakfast room features window bench, kitchen has like-new refrigerator, breakfast bar, and built-in microwave. Split plan has two guest bedrooms and hall bath on one side, and spacious main bedroom on opposite side of home. Main bedroom offers trey ceiling and French doors out to a private deck with new fan/lighting. Main bath has split vanities, garden tub with separate shower, and nice sized walk-in closet. Tiered deck in back offers great views of the large open fenced back yard. 2 car attached garage has plenty of space for storage, and there is a detached storage building in the backyard. Established neighborhood and convenient to shopping and dining.

Marketed by Montgomery AL Realtor, Bill Young, Sandra Nickel Hat Team!

Summer has arrived and now is the time to really focus on your lawn. Taking the time to do certain tasks now will not only save you time and money but will have your curb appeal on point for the rest of the summer.

Here is a handy “to do list” of things you should do to care for your lawn during summer:

1. Take advantage of July 4th sales to buy outdoor power tools. Independence Day sales typically offer great deals; anywhere from 15% to 30% off! 
   
2. Begin your outdoor watering schedule. If you’re hot, so is your lawn!  Make sure you are giving it enough water to preserve its curb appeal. It will need at least a half-inch of water a week for warm season grasses found in Alabama. Lawns tend to gulp up water rather than sip it, so be sure to water deeply (up to 30 minutes) rather than frequently. An added benefit will be that you will waste less water this way. Early in the day is the best time to water. 5:00 am is perfect. If you’re not an early riser, you may want to get sprinkler that you can program. By watering early in the morning, it gives your lawn enough time to dry during the day so that fungus doesn’t grow.
    
3. Get rid of grubs before they start munching on your lawn. Grubs love to dine on your lawn’s roots. If you don’t prevent that, they will kill your lawn. Replacing dead lawn is expensive: up to $2 per square foot to re-sod. Don’t let that happen! Use preventative care and put down a lawn grub-control product that will eliminate the problem before the eggs hatch and the little pests start munching!
   
4. Establish a mowing schedule and stick to it! If you cut your grass too long or too short, or neglect to cut it regularly, your lawn will slowly lose its curb appeal. Prevent that by cutting no more than one-third of the grass blade per mow. If you cut more than that, it will leave your lawn susceptible to pests and disease. 

If you are in the market to buy or sell a home (or both), let me Sandra Nickel, and my Hat Team of Professionals assist you with all your real estate needs! Call us today at 334-834-1500 and check out https://www.homesforsaleinmontgomeryalabama.com for more information.

Photo credits: gardenerspath.com, realtylandscaping.com, trugreen.com

850 Augusta Avenue, Montgomery, AL  36111

MLS# 519627

2 bedrooms | 1 bath | 1,001 square feet | Cloverdale South

Snap this up before it's gone! Adorable, updated cottage in Cloverdale South is precious inside and out. Living room opens to dining area and large open kitchen. Two spacious bedrooms share a beautifully updated bath. Home sits on a large lot with a big, fenced back yard perfect for pets. Detached building out back provides additional storage and would make a great workshop. New HVAC installed in 2020. Updated plumbing and electrical. Property has rented for $850/month and would make a great investment property or a perfect starter home for first-time homebuyer. Move-in ready in Midtown Montgomery!

Marketed by Montgomery AL Realtor, Billy Young Sandra Nickel Hat Team!

448 Clanton Avenue, Montgomery, AL  36104

MLS# 515099

2 Bedrooms / 1 Bathroom / 2,108 SqFt / Garden District 

Remarkable and pristine Craftsman bungalow located in historic Garden District! Calling all Craftsman-style lovers...here is your opportunity to own one of the few un-mucked and original homes in any of Montgomery's historic districts. Starting with the extra deep covered front porch that extends the entire width of the house giving comfortable and spacious outdoor living opportunities. Large front rooms including living, dining and den/study all have the original stained moldings and woodwork, as well as beautiful, coffered ceilings. Beautifully grained oak floors have been freshly refinished. Grand fireplaces/mantles, built-in lead glass China cabinets, massive pocket doors, and unique 3/4 wall with grand French doors separating the living room and den/study are among the other architectural features you will find in this well-loved home. Long central hallway gives access to two large bedrooms and updated bath (which retains original OVAL pedestal sink and craftsman built-in toiletry cabinet!) Current owner removed a wall between original kitchen and service porch to create a large open kitchen/keeping room with center island and loads of natural light. Walk in pantry allows for endless storage, and the original butler's pantry has more built-in China/glassware display cabinets. Manageable private back yard boasts large patio for outdoor enjoyment. Make this Midtown Montgomery beauty your new home sweet home!

Marketed by Montgomery AL Realtor, Billy Young, Sandra Nickel Hat Team

Congratulations! You’ve just moved into your new house! It’s exciting, but it’s also a huge transition. It takes time to make a new house feel like home. Here are some tips to help you get started:

• BE ACTIVE
  

If you have moved to a new area where you do not know anyone, you may be tempted to isolate yourself. After all, you have unpacking to do and maybe a new job to start. But try to resist that temptation. Staying socially, physically, and communally active, triggers significant feelings that create the sense of home. Join a gym or exercise class, join a community such as a church, the school PTA or a book club, and shop locally to get to know your surroundings.

• SURROUND YOURSELF WITH LIVING THINGS
  

A move can be difficult, especially if you are grieving the place you left. It’s not uncommon for people to become depressed after moving to a new home. Combat those feelings by cultivating relationships with living things. Start a garden, spend time with your children and pets or volunteer in the community. Step out of your comfort zone…you will be glad you did!

• COMFORT YOURSELF WITH COLORS

Decorate with a palette of colors that lift your mood. Choose colors that promote calm, happy feelings. For example, earth tones create a welcoming, comfortable atmosphere that evokes feelings stability, reassurance, and ease, while light pastel colors stimulate feelings of peacefulness, calm and cleanliness.

• SURROUND YOURSELF WITH THE FAMILIAR
  

Even before you are completely settled into your home, placing familiar items such as family pictures and heirlooms in your new space can make it feel more like you. Even if you don’t hang your art right away, take it out of boxes and lean it against walls so that you can still enjoy it until you find time to place it where you want it. Some other ways to make you feel at home: cook favorite meals, burn candles with favorite scents and/or play your favorite music.

• UNPACK
  

This may seem obvious, but it’s not unusual for people to still have boxes cluttering the house months after moving in. Take your belongings out of the boxes right away and begin decorating and arranging furniture. Start with your closets and dressers so that you will be able to find the things you need easily in order to set up the rest of your house. The sooner you do this, the sooner this once strange place will feel like home!

If you are in the market to buy or sell a home (or both), let me Sandra Nickel, and my Hat Team of Professionals assist you with all your real estate needs! Call us today at 334-834-1500 and check out https://www.homesforsaleinmontgomeryalabama.com for more information.

Photo credits: antiquefarmhouse.com, verywellfamily.com, globalsportsmatters.com, angi.com, pinterest.com, dailyrepublic.com

4261 Shamrock Lane, Montgomery, AL  36106 

MLS# 519269

4 Bedrooms / 2 Bathrooms / 1,928 SqFt / Green Acres 

Green Acres is the place to be! This spacious 4 bedroom, 2 bathroom brick Midtown Montgomery house is oozing with potential! Split floor plan, 2 car attached garage and nice sized shed for extra storage. Close to Vaughn Road Park. Perfect for investor looking to add to their portfolio, or a lucrative fix-and-flip! With a little TLC this could be a wonderful home!

Marketed by Montgomery AL Realtor, Alison Bertschy, Sandra Nickel Hat Team!

With gas prices at an all-time high and everything in general being more expensive right now, many families will be staying close to home this summer. But that doesn’t mean you have to miss out on your “summer vacation”. Just turn it into a fabulous staycation! There is a plethora of benefits to a staycation. Not only will you save money on travel and accommodation expenses, but you will have the comfort of your own bed at night…and BONUS…no packing! And with your savings, you can spend more money on activities. Just set a budget for your staycation including the costs for groceries, entertainment and activities and you are on your way to a fun family adventure that won’t break the bank!

Check out these ideas for planning the perfect staycation:

• PREPARE AHEAD OF TIME

If you are taking time off work to spend a week together as a family, don’t wait until that time starts to think of what you want to do. Get any chores done before your staycation starts so that you don’t have to worry about them during our time off. Create an itinerary for your time together. It doesn’t have to be written in stone…you can always change things up if you want to. What you want to avoid is wasting time each day trying to figure out what everyone wants to do.

• HAVE A VACATION MIND SET
  

Yes…you are home. But YOU ARE ON VACATION. That will mean different things for different people. Some might want vacations where they are up and at ‘em first thing every morning and going on one adventure after another. Other people might think a true vacation is sleeping in every morning and not having to wake to an alarm. Whatever the case may be…be sure to make your vacation time different from a normal week at home.

• VISIT OTHER COUNTRIES…VIRTUALLY

Choose a country you would like to visit and revolve your day around it. Watch a show about the place you would like to visit, play music from that country, and cook traditional meals from there. If there are restaurants in your area that serve foods from the country you choose, check them out!

• GO BACKYARD CAMPING
  

Set up a tent in your backyard (weather permitting) and camp out at home. Do all the things you might do if you went camping somewhere else. Go on a nature hike, have a campfire and make s’mores, play outdoor games and sleep overnight in the tent!

• HOLD A THEMED MOVIE NIGHT

Whether there is a new movie you all want to see, or if there is an old movie you all love and want to revisit, make it more fun by having a themed movie night. Create snacks, décor and costumes that go along with the theme of the film. Or take it a step further and hold a “Hollywood” premier. Dress up in your finest and walk the red carpet with “paparazzi” snapping photos. Turn your kitchen counter into a movie theater snack bar with popcorn, candy and drinks. Cue up the movie and enjoy a spectacular event at home!

• HAVE A FAMILY GAME NIGHT

Choose some board games that will be fun for the whole family. Try several different games and have a little tournament to determine the “grand champion”.

• EAT OUT OR ORDER IN

Use some of the money you saved by not traveling to eat out or order food in for the entire staycation! Who wants to cook and clean while on vacation? Have easy options for breakfast and lunch and then choose a restaurant for dinner each night. Take this time to try some new places you haven’t been to before just to spice things up a bit. Also…enjoy treats that you might not normally have during a regular week. You’re on vacation!

• GO FOR A FAMILY HIKE OR BIKE RIDE
  

If it’s nice outside, gather the family and find a local trail where you can go biking or hiking (or both). Bring a picnic lunch and enjoy nature without having to venture far from home.

• CHECK OUT “THINGS TO DO” IN YOUR HOMETOWN

Often, when you live somewhere, you don’t take advantage of all the tourist opportunities there are there. If you’re planning a staycation, it’s a good time to check out what your local area has to offer. You might be surprised to find all the things there are to do close to home. Go online and search “things to do in Montgomery” and see what you find. You might even discover special events that are happening the week of your staycation.

• SPEND ONE NIGHT AT A LOCAL HOTEL WITH A POOL

If you don’t have your own pool, this will be a real treat for you and your kids! Splurge for early check-in and late check-out so you can spend as much time as possible having family fun at the pool!

• HAVE A LAZY DAY
  

Save this one for the end of the week. After you have been on the go for several days, a lazy day might be just what you need to relax and rejuvenate before you go back to “normal” life. Sleep in, stay in your pajamas, read, watch tv, and definitely order food to be delivered. Just kick back and enjoy!

Your family may be disappointed that you aren’t going AWAY on a vacation this year, but with a well-planned staycation, there is a lot of fun and adventure to be had!

If you are in the market to buy or sell a home (or both), let me Sandra Nickel, and my Hat Team of Professionals assist you with all your real estate needs! Call us today at 334-834-1500 and check out https://www.homesforsaleinmontgomeryalabama.com for more information.

Photo credits: hotelspeak.com, helpguide.org, accuweather.com, liv-cycling.com, swoonstaffing.com