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Displaying blog entries 241-250 of 1998

Assistance for First-Time Homebuyers

Wednesday, March 30, 2022
by The Hat Team

Have you been hesitant to purchase your first home because you are worried about having enough cash for a down payment or that you will not qualify for a loan? Don’t despair! There is help out there for you. Owning a home is a sound financial investment and there is no reason to keep paying a landlord’s mortgage when you could be paying your own and building equity for your future. There are programs available in Alabama that make home ownership more affordable. From looser lending requirements to down payment assistance, to lower mortgage rates, these programs, overseen by the Alabama Housing Finance Authority, make it possible for you to be a homeowner.

Here is a list of programs available to first-time homebuyers in Alabama:

AHFA STEP UP PROGRAM

The Alabama Housing Finance Authority’s (AHFA) program will assist new homebuyers in obtaining a fixed-rate mortgage. Eligible homebuyers (both first-time or repeat buyers) can get a 30-year conventional loan, FHA loan or VA loan at a competitive rate along with down payment assistance. Here are the requirements that need to be met to participate in this program:

  • Property must be in Alabama
  • Credit score must be 640 or higher (depending on loan type)
  • Income can’t exceed the lesser of $130,600 or 80% of the area median income (depending on loan type)
  • Debt to income ratio (DTI) has to be 45% or lower
  • A homeowner education course must be completed

AHFA STEP UP DOWN PAYMENT ASSISTANCE

The Step-Up program includes an option for down payment assistance of up to 4% or $10,000 (whichever is less). These assistance funds come via a 10-year second mortgage, but both loans can be paid for in a single payment each month. You must be participating in the Step Up first mortgage program to qualify for down payment assistance.

AHFA AFFORDABLE INCOME SUBSIDY GRANT

This grant will provide up to 1% of your mortgage to assist you in paying for closing costs. It is only available if you are obtaining an HFA Advantage conventional loan, not an FHA loan. It can be combined with the Step Up down payment assistance, as well as a mortgage credit certificate. The requirements are the same as the Step-Up program requirements. But there are different income limits that are based on the county where the home is located.

MORTGAGE CREDIT CERTIFICATE (MCC)

Along with a competitive mortgage rate and down payment assistance, AHFA also offers a mortgage credit certificate to first-time homebuyers. An MCC is a tax credit, and in Alabama, depending on the size of your loan, it can equal as much as 30% to 50% of your mortgage interest. As stated above, your MCC can be combined with AHFA’s Step Up program or any other 30-year, fixed-rate mortgage obtained via a participating lender. Here is how to qualify for an MCC:

  • You must be a first-time homebuyer or not have owned a home within the last three years.
  • There are income limits and purchase price limits that must be met
  • The property being purchased must be in Alabama


So, if you’re ready to stop paying rent and to become a homeowner, one of these approved Alabama Housing Finance Authority programs could provide a starting point for you. AHFA does not offer mortgages directly, but they do work with over 50 lenders all over the great state of Alabama. Be sure to shop around and compare loan offers so that you can find the best possible loan.

A seasoned, professional Realtor like Sandra Nickel can help you navigate the process of figuring out what you can afford and how to start your homebuying journey.

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: hometrek.org, mlsmortgage.com, FinanceBuzz.com

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Tips for Restoring a Historic Home

Wednesday, March 23, 2022
by The Hat Team


Is it your dream to purchase a historic home and restore it to its full glory?  If so, you need to be aware that it is a big endeavor; one you need to be prepared for. Dealing with old structures and building materials can be challenging. In addition, old houses can be full of surprises, meaning extra costs that you do not anticipate. But if a historic home has your heart, it IS possible to not only restore it, but to make it your dream home.

Here are some tips for restoring a historic home:

  • Understand the commitment you are making.

Living in an old home has unique challenges that you wouldn’t face in a modern home. Be sure you are willing to live in the conditions a historic home before taking it on as a project. Things like evenly cooled/heated rooms, pristine floors, and energy efficient windows might not be in the cards for you with this “new” abode. You may be able to update parts of the house, but if you truly want to maintain its historic beauty, you might have to make some sacrifices as well.

  • Beware of water damage.

Water damage can cause serious problems in a historic home. Be sure to check everywhere, especially around ceilings, floors, and windows, for signs of water damage. Long-term effects like dry rot can cause huge problems. And extreme water damage can mean structural issues.Not to mention, bugs love wet environments, so you may be dealing with an infestation. Pay special attention to the sill plate. The sill plate is the bottommost horizontal component of a structure that runs the perimeter of the entire foundation. The vertical structural supports of the house are all attached to the sill plate. So, it is vital that it is not damaged. Lopsided floors, for example, might be due to a warped sill plate.

  • Hire a team of professionals to help.

Do your homework and research people who are experts in historic preservation. At the very least, a contractor and inspector can assist in determining an estimate for work needed and the cost involved. But a local historian who has experience with historic homes in the area is someone who can truly assist you with keeping the essence of the home. It is crucial that anyone and everyone working on the home understands your ultimate goal of restoring the property.

  • If you are on a budget, start small.

Most older homes will need updates and renovations, so if you are on a limited budget, seek out a smaller house so that it is more manageable. A tiny historic home lovingly restored with quality materials is definitely better than a giant mansion pieced together with cheap materials.

  • Think about resale value.

This may be your forever home that you never plan to sell, but it is still wise to consider resale value when budgeting. You will not want to spend so much that if you have to sell for some reason, you won’t make your money back. Research what fully restored historic homes sell for in the area and use that information to help determine your budget.

  • Begin with roof, windows, and masonry.

Don’t jump right into the cosmetic stuff, no matter how tempting it is. The beginning stage of renovation should focus on practical things that will prevent any future damage to the home. One major thing to do is to make sure the house is watertight. That means repairs/renovations of the roof, windows, and masonry.

  • Utilize technology.

Updating the heating/cooling and electrical systems of a historic home will likely be the most expensive part of the renovation. Just remember that having modern systems doesn’t mean destroying the period details of the home that made you fall in love with it to begin with. You can maintain historical integrity while also living in comfort.

  • Embrace non-threatening historical quirks.

Why spend a ton of time and money on leveling out uneven floors when you can accommodate them in your new design scheme? The goal is to maintain as much of the historical beauty and charm as possible while also making the house comfortable for living in the 21st century. Be creative when deciding what to keep and what to change!

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: oldhouseweb.com, billingsgazette.com, hermitageroofing.com

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Spring Cleaning 101

Wednesday, March 16, 2022
by The Hat Team

Spring is almost here!  Yay!  That means it is the time of year to throw open the windows and start washing, sweeping, and scrubbing all the rooms in your home. This is the ideal time of year to do your deep cleaning in order to keep your house looking its very best.

If you feel overwhelmed by the idea of cleaning your whole house, here is a handy guide to help you get started:


Kitchen

  • Empty your cabinets and wipe them down. Take some time to check your spices for expiration dates and toss any that have expired. Keep a note pad nearby so you can write down what needs to be replaced.
  • Clean your oven. If it is self-cleaning, make sure you have your windows open (pick a cool day for this), so that the house doesn’t get too hot. If it is not self-cleaning, create a paste with baking soda and water, cover the interior of the oven with the paste and leave it overnight. The next day use a plastic scraper to remove the paste and grime along with it. Then wipe with a damp cloth.
  • If you are able, carefully move your kitchen appliances and sweep or vacuum and mop to get rid of built-up dirt and grime.


Bathroom

  • Clean the bathroom exhaust fan. It can collect dust like a ceiling fan, so give it a good cleaning to prevent mold and mildew from growing.
  • Clean hairbrushes and combs by giving them a soak in the sink. Do the same with makeup brushes, washing them with mild soap and allowing them to air dry.
  • Go through your vanity drawers and get rid of any old makeup or skin care products that you no longer use or that have passed their prime.

Bedrooms

  • Take mattresses off the bed to vacuum both sides of them. Then, if possible, prop them in the sunlight for a few hours. The sunlight can help kill germs. When you replace the mattresses on the bed, be sure to flip and rotate them from their previous position.
  • If you don’t wash your pillows regularly, now is a great time to do it. If they are looking pretty bad, then you should replace them.
  • Switch to lighter weight bedding for spring and summer. If you have been using flannel sheets and heavy comforter, change to light cotton sheets and quilt for warmer months.


Overall

  • Don’t neglect your walls! They get dirty too. Use an extended duster to remove dust and cobwebs and then use a flathead mop to wipe away dirt.
  • Take down curtains and wash them (following manufacturer’s instructions). Clean blinds as well. Either take them down and clean them outdoors or thoroughly clean them using appropriate cleaning materials.

Spring cleaning does not have to be an overwhelming task!  Don’t try to do it all in one day. Spread it out over a few days or a weekend. And don’t do it all yourself!  Get the whole family involved and you will be done before you know it!

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: 21oak.com, themakeyourownzone.com, amothersshadow.com

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Spring Forward Reminder 2022!

Friday, March 11, 2022
by The Hat Team

 

Renew and revive the inside of your home by giving it a good spring cleaning.

Change the batteries in your smoke detectors.

Call THE HAT TEAM for all your Real Estate needs!
334.834.1500 or [email protected]

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3 Brantwood Dr: Great Investment Property in Montgomery Heights!

Thursday, March 10, 2022
by The Hat Team

3 Brantwood Drive, Montgomery, AL  36109

MLS# 510965

2 Units with 2 Bedrooms and 1 Full Bath Each

Play VisualTour

Great investment property! Recently renovated kitchens (granite) and baths, refinished hardwood floors, fresh paint and NEW HVAC! This duplex will allow you to live in one side and rent out the other side. Call for an appointment today!

Marketed by Montgomery AL Realtor, Lauren Keen, Sandra Nickel Hat Team!

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3462 Bankhead Ave: Wonderful Family Home in Desirable Edgewood!

Thursday, March 10, 2022
by The Hat Team

3462 Bankhead Avenue, Montgomery, AL  36111

MLS# 510921

3 Beds / 3 Baths / 2,378 SqFt / Edgewood

Play VisualTour

Welcome to this wonderful family home in desirable Edgewood! From the beautiful slate floor in the foyer, you are immediately drawn to the grand Empire marble mantel in the living room across from a large picture window. The formal dining room leads to a huge open kitchen, updated with granite countertops and bar height island on one side and a tiled breakfast area/keeping room on the other, making it the perfect space to entertain family and friends. Master suite has split vanities, walk-in shower, and jetted tub. The laundry room is located right off the kitchen in the middle room of the house which could be used as a den or a 4th bedroom with its own bath. Situated on a 250' lot in Midtown Montgomery, there is plenty of room for play and pets. The covered slate patio offers a nice spot to relax in the lovely back yard. Military tenant in place until the end of June.

Marketed by Montgomery AL Realtor, Lauren Keen, Sandra Nickel Hat Team!

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The Pros and Cons of a Homeowners Association

Wednesday, March 9, 2022
by The Hat Team


You’ve found your dream home! The neighborhood is lovely, with well-kept lawns and freshly painted exteriors. There is a resort-like pool and a playground for the kids. Awesome! Oh, and there is a Homeowners Association (HOA) that will cost you $500 a month. Didn’t see that coming, did you?  It is important to be informed about the pros and cons of living in a neighborhood with a homeowner’s association.

PROS

  • The neighborhood will be aesthetically pleasing. Most HOAs establish rules for residents that ensure keeping up the appearance of the neighborhood. The guidelines might include keeping lawns manicured, whether you can have a fence (and the type and color of the fence), and what exterior paint colors you can use. You may even have to get permission to remove or add trees and shrubs.
  • Awesome amenities. You will enjoy the amenities that come with your HOA fees. Most HOAs offer luxuries such as a pool, a fitness center, play areas, parks and security gates.  That is in addition to covering the expenses of landscaping and maintenance of the common areas.
     
  • Maintenance costs are shared.  You will not have to worry about the upkeep of the pool, fitness center or common areas.
     
  • An HOA will handle disputes between neighbors. If someone has a dog barking at all hours or loud parties, you can contact the HOA and they will contact the neighbor; especially if HOA rules are being broken.

CONS

  • HOA dues.  They can be expensive, sometimes as much as $1,000 per month depending on what amenities are offered. These fees need to be taken into consideration when deciding if you can afford a house in the neighborhood. They will be included in your mortgage lender’s assessment of your monthly mortgage payment, so you will have to qualify for a loan amount that includes them.
  • Needing permission to make changes to your property. If you want to add a room to your home or modify it in some way, you will have to make a request that will go before the HOA board for approval. If they don’t approve it, you will not be able to make the changes you want.
     
  • HOA financial problems could become your problem. If your HOA is struggling financially, it could damage your ability to obtain a loan for a home and it could be detrimental to home sale prices in the community.
     
  • Keeping up with the dues. If you fall behind on your HOA dues, it can do great harm to you financially. You may even end up facing foreclosure. That is why it is crucial that you include the fees when determining if you can afford a house. You may also be subject to late fees if you do not pay on time. In addition, HOAs can fine you for not following guidelines and rules, so it is imperative that you can afford the upkeep required for living in the neighborhood.

It is vital that you consider all these pros and cons before deciding to purchase a home in a neighborhood with an HOA.

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: homelight.com, blog.realmanage.com, excelam.com

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3018 Pelzer Ave: Adorable Rosemont Heights Home Loaded with Updates!

Monday, March 7, 2022
by The Hat Team

3018 Pelzer Avenue, Montgomery, AL  36109

MLS# 510968

3 Beds / 1 Bath / 1,216 SqFt / Rosemont Heights 

Play VisualTour

Move right in this adorable Rosemont Heights beauty! Perfect for a first-time home buyer, this home should be first on your list. Recently updated kitchen with open cabinets, new counter tops and new appliances. Fresh paint inside and out, beautiful hardwood floors, nice sized bedrooms, darling bath and laundry room! Check this one out today!

Marketed by Montgomery AL Realtor, Lauren Keen, Sandra Nickel Hat Team!

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538 Morningview Dr: Adorable Home Perfect for First-Time Buyer or Investor!

Friday, March 4, 2022
by The Hat Team

538 Morningview Drive, Montgomery, AL  36109

MLS# 510958

2 Beds / 1 Bath / 1,022 SqFt / Morningview 

Play VisualTour

This adorable Morningview two bedroom home is waiting for you! Quaint with separate dining and living rooms with beautiful wood floors, and a spacious kitchen. Just out the sliding glass doors in the dining room or off the kitchen is a deck overlooking the fenced back yard. The detached garage has power and can be used for storage or a workshop. Low maintenance brick and aluminum siding make for easy upkeep. Perfect for a first-time homebuyer or to start your own investment portfolio.

Marketed by Montgomery AL Realtor, Lauren Keen, Sandra Nickel Hat Team!

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7 Calhoun Dr: Great Brick Duplex!

Friday, March 4, 2022
by The Hat Team

7 Calhoun Drive, Montgomery, AL  36109

MLS# 510966

2 Units with 2 Bedrooms and 1 Bath Each

Play VisualTour

Let your tenant help you make the mortgage payment while you live on one side of this great brick duplex or rent both sides! Each unit has 2 beds/1bath, a living room, dining room, and kitchen. Both units have updated kitchens with white quartz countertops, all white tile in the baths, refrigerators, and beautiful hard wood floors. Plenty of off-street parking with a two car garage and RV sized carport. Two separate laundry rooms, each with their own washer/dryer are in the garage. Come check out this Midtown Montgomery property today!

Marketed by Montgomery AL Realtor, Lauren Keen, Sandra Nickel Hat Team!

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