Lee Morof's Real Estate Blog

Being the new kid on the block can be tough. Not only does your family have to adjust to their new Royal Oak Michigan home, but they also have to get to know an entirely new neighborhood. The Halloween festivities are the perfect time to do it!

Don’t let your family become as estranged as the Adams Family in their new surroundings. Be outgoing to help relieve any creepy-crawly feelings your kids have about the new neighborhood. Review the tips below and take advantage of the holiday season to make new friends, get involved in the community and experience hot spots near your new Royal Oak Michigan home.

• Don’t be shy; say hi! Find opportunities to meet your neighbors. Linger outside by raking fall leaves or putting up Halloween decorations. You’ll be amazed at how many doors will open.
• Host a haunted open house. Neighbors always want to see how you’ve redone the place, so be proactive and invite everyone over for a haunted open house party. Serve special spooky treats such as caramel apples and hot pumpkin cider.
• Get involved in the community. Whether you join the community center, attend a local church or volunteer at an area shelter, find something your family is interested in and can do together. Most of these establishments also host holiday parties or trunk-or-treat events.
• Plan a new experience each week. Try a new restaurant, go to an annual festival or cheer on a local sports team. Having something for you and the kids to look forward to will help build excitement and an affinity for your new neighborhood.

By implementing a few of these tips, your children will know their way around the neighborhood in no time. And you’ll know all the little witches, mummies and ghosts that show up at your Royal Oak Michigan home for candy come October 31.

If you’re in the market for a new home, I can help. Please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney Lee Morof
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

Whether you’re looking to update your Royal Oak Michigan home before selling or you want to remodel a new place before moving in, it’s imperative that you have a good relationship with your contractor. Unless you’re planning to do the renovation work yourself, you’ll be relying on the knowledge, competence and trustworthiness of someone you might barely know.

While you want to stay on good terms with the person renovating your Royal Oak Michigan home, there are a few formal guidelines that you should follow to ensure your projects are completed on time and on budget.

5 tips for working with a contractor: 

1. Keep in constant communication – Try to touch base with your contractor every day. Exchange cell phone numbers, set up a daily appointment or send periodic emails. This allows your contractor to keep you up to date on changes or issues, and it allows you to voice questions and concerns.
2. Know what you want – Decide the type of materials (such as hardware, tile or wood) you’re going to use before you bring in a contractor to give you a bid. Without all of the information, he or she could vastly under or over estimate the renovation cost and budget. 
3. Sign off on all project changes – Put in your renovation contract that you want to be informed of all unforeseen changes to the project. This ensures that you stay in the loop and allows you to manage the total cost of your renovation.
4. Accommodate and be helpful – You and your contractor will be happier if you make his or her workers’ lives easier by designating a bathroom for them to use or providing them with something cold to drink on a hot day. You’ll help motivate and boost morale!
5. Make sure you only pay for work completed – Never pay the full amount up front.  Instead, set up a pay-as-the-project-is-completed schedule. Depending on the size of the renovation, decide on how much you’ll pay after certain points of completion. This ensures work for the money.

If you want to learn more about dealing with Royal Oak Michigan home contractors, call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof
Associate Broker/Attorney  
RE/MAX Showcase Homes
Birmingham, Michigan
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

It’s the time of year we all dread… time for your 2010 tax filings.  While I am not a Certified Public Accountant (CPA) or even a plain old accountant, I do want to share with you some basic tax tips all Royal Oak Michigan home owners should consider before filing their taxes.

• Contact a tax expert.  My motto is always, if in doubt, contact a tax expert.  There’s no way around it; taxes are complicated.  While some don’t want to spend their money on tax experts, I’ve found that they’ve saved me much more money than they’ve cost.  And, the peace of mind they provide is priceless.
• Claim your Royal Oak Michigan home owner’s tax deduction, if you’re eligible.  In 2002, a study was conducted that showed that 61% of eligible home owners did not claim their home owner’s tax deductions on their income taxes.  That means that 61% of home owners who would have saved on their income taxes took the standard deduction and paid a higher tax bill that they needed to.  Don’t miss any more tax savings by automatically taking the standard deduction.  Consult a tax expert to find out how much you can save by taking advantage of your home owner’s tax breaks.
• Review your past returns.  If you think you might have overpaid your taxes in the past, have a tax expert review your past returns and help you file an amended return to reclaim your money.
• Start paying back your 2008 first-time home buyer tax break. If you claimed the very first version of the first-time home buyers tax break on your 2008 tax returns, you must now start paying it back.  The credit has to be repaid in 15 equal payments each tax-filing time, beginning with 2010 returns.  The 2008 tax break wasn’t a true credit.  Instead, it was an interest-free loan, and like all loans, it must be paid back.
• Claim subsequent home-buyer tax credits.  If you qualified for and used the 2009 (which was extended to June, 2010) first-time home-buyer tax credit or home-owner tax credit, you had the option to claim the credit on your 2009 or 2010 taxes.  If you waited to claim them, now’s the time to do so.

Even though the home-buyer tax credits are no longer available, this is an amazing time to buy one of the Royal Oak Michigan homes for sale.  If you’d like to learn more about why now is a fabulous time to buy a home, or if you need help finding a home you love, I can help.  Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Attorney 
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

As a society, it seems like we’ve gotten away from appreciating our Royal Oak Michigan homes for their emotional and sentimental worth.  Instead, we focus solely on their monetary value. 

An appraiser can estimate a Royal Oak Michigan home’s monetary value, but to gain a true concept of your home’s worth, you must also take into consideration:

1. Pride of ownership.  You don’t buy a pair of Prada shoes because you’re going to be able to resell them and make a profit.  You buy them because they make you look good and feel good.

2. Security and stability.  Your home provides a roof over your head that’s in your control.  You can decorate it how you want.  You don’t have to worry about a landlord selling the property or asking you to move out.  In the “olden days” (or should I say “golden days”), we called our homes our castles because, as owners, we felt like the kings and queens of our Royal Oak Michigan homes.  You can still feel that way!  Claim your castle and crown yourself king or queen today.

3. A safe haven.  After a tough day at work or a day of disappointments, where’s the first place you think of going?  Home!  As Dorothy says, “There’s no place like home.”

4. A place to make memories.  Your son’s tree house and daughter’s playhouse.  The markings on the wall that tracked your children’s growth.  The porch swing where you start and end every anniversary celebration.    

5. A neighborhood full of friends.  In the event of an emergency, your neighbors are your first line of defense.  They’re also the simplest, best and least expensive form of security.  Additionally, they may have the exact tool you need for a project; the extra pair of hands you need to complete a project or children to become playmates with yours. Neighbors also give you that much needed in-person, up-close social network.

Even if your home’s economic value has dropped, you continue to benefit from its emotional values of community, stability, security and success.

Thinking of buying a home in southeast Michgian in Oakland County?  I can help you evaluate the emotional and monetary worth of homes and find a home that fits your values and lifestyle.  Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Attorney  
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

If you’re a homeowner who is unable to refinance to a lower interest rate because your Royal Oak Michigan home’s value has decreased, there’s hope.

A program called the Home Affordable Refinance Program (HARP) has been extended for another year.  This program, intended to help borrowers whose homes have fallen in value, was due to expire as of June, 2010.  Fortunately, HARP has been extended and will now stay in effect through June 30, 2011.

How does HARP help?

The program allows qualified borrowers who owe more than their homes are worth to refinance at lower interest rates.  It’s projected to help 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac.

If you’re a Royal Oak Michigan home owner whose mortgage interest rate is significantly higher than the current market rate, you could see an immediate reduction in your payments.  However, some homeowners may not see their interest payments go down if they refinance to a fixed rate and payment.  Those include homeowners who are:

• paying interest only
• have a low introductory rate that will increase in the future
• face a balloon payment

If you are one of these homeowners, you should still consider refinancing because it could save you a great deal of money by reducing the amount of interest you pay over the life of your mortgage. 

Who qualifies for HARP?

You may qualify if:

• You own and live in your home.
• The loan on your home is owned or guaranteed by Fannie Mae or Freddie Mac.
• When you apply, you are current on your mortgage payments.
• The amount you owe on your mortgage does not exceed 125% of the current market value of your property.
• You’re able to pay the new mortgage payments.
• The refinance improves your ability to pay your mortgage long term.

If you have questions about HARP or any other questions about Royal Oak Michigan homes for sale, please give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Attorney
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640