Lee Morof's Real Estate Blog

Thinking about buying Troy Michigan real estate?  If you’re looking at condos you need to be aware that there are condominium associations that oversee condo developments just like there are homeowner’s associations that oversee subdivisions.  However, they may not work the same and can vary widely from condo to condo.  Here are a few things you need to ask the association before signing that contract: 

1. What’s the ratio of owner-occupied to tenant-occupied units?  More owner-occupied units means better marketability if you want to resell.

2. Do the assessments rise with inflation?  This doesn’t sound like a good thing, but matching assessments with the rate of inflation means the ability to build reserves for any future repairs.

3. What does the assessment cover (trash collection, condo maintenance, etc.) in the Troy Michigan condo?  Some association assessments may not cover recreational facilities, for instance, while other condos’ assessments may cover a broad range of areas.

4. What is the turnover in the building?  If it’s high, that’s an indication of issues you may not be familiar with.

5. How much of the assessments do they keep in reserve and for what?  How do they invest the money?  If you’re paying fees and assessments, you want to make sure they aren’t spent frivolously.

6. Are they involved in a lawsuit?  If the condo is in litigation, those reserves can disappear quickly.

7. How reputable is the builder?  If you can, visit other projects and ask the residents how they feel about their place.  Get an engineer’s report to find out if the building is in good shape.  Any problems that are there when you buy are yours once you sign the contract.

8. What are the condominium’s bylaws, restrictions, covenants and grandfather clauses?  You want to make sure you can live with them.  In addition, you’ll want an attorney to look over the documents with you.

9. Is more than one association involved?  The larger the development, the more likely that there are umbrella associations.  Several associations can mean several assessments.

When you purchase Troy Michigan real estate and select a condo, it can be a dream come true if you choose well.  Make sure you do your homework! 

If you’re looking for a condo that perfectly fits your lifestyle and needs, I can help.  Call your Michigan Real Estate Expert today at 248-514-2640 or email Lee at info@NorthWoodwardHomes.com for more information.

Lee Morof – Michigan Real Estate Expert
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

Even with all the homes up for sale, some people just have to have new construction.  It’s clean, it’s new and nobody else has lived in it.  Understandable, but a word to the wise.  If you go for a newly constructed home, bring your Troy Michigan real estate agent.

Why?  Isn’t there a site agent on hand to help you?  Well, yes… and no.  Here are a few good reasons why a personal agent, or buyer’s agent, is a good idea:

Conflict of Interests

While the builder has an agent on site, that agent is not working in your best interests.  Consider, if the site agent got a better deal for you (which takes money out of the builder’s hands), would they still have a job?  No.  However, your own agent is there to make sure you get a good deal.  End of story.

Being Informed

A builder’s agent doesn’t have to tell you about the negatives of a deal.  They’ll push the positives and even sometimes use high-pressure tactics to get you to sign the contract.  Having your own real estate agent is having a professional you know is on your side.  It’s knowing the drawbacks of the transaction as well as the positives.  Learn more about Lee Morof, an experienced and knowledgeable Troy Michigan real estate agent. 

Contacts

Agents get around; they go everywhere.  As a result, they tend to gather a lot of professional contacts and information.  If you’re choosing a builder with a bad reputation, your agent might have heard about it.  Your agent will have contacts to good home inspectors to go through the house when it’s finished.  Your agent will know if the builder’s lender is reputable, and if not, your agent will be able to recommend a highly regarded lender to you.  In short, your Troy Michigan real estate agent is a rolodex of home buying and selling resources.

If you’re looking at new construction and need a personal real estate agent, I can help.  Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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

Some pet owners love their pets like children and, if you’re one of them, when you look for Troy Michigan real estate you’ll be understandably concerned about choosing a home that your pet would be comfortable in.  There are definite ways to make sure you get just that; here are just a few of them:

1.  The features of the home are particularly important.  Before you go shopping for a pet friendly house, 
make a list of things your pet likes.  Also make a list of things your pet might destroy.  For instance, many cat owners find their pets ripping up the carpet.  A home with wood floors might be ideal.  If you have a dog, it’s probably important to have a fenced yard.  Many things are easy to overlook, but you’ll be sure to consider them if you make a list first.

2.  The home’s layout might be hard on your pet.  If you have an older pet who has a hard time climbing stairs, a one story Troy Michigan real estate home would be easier on your pet than a two-story home.  Low windows or window ledges are perfect for cats, as well as an out of sight place to store a litter box.  In addition, remember your pet’s size.  The larger the animal, the more yard or bigger space you might need.

3.  The Home Owner Association (HOA) may not allow pets, and those that do allow pets usually have pet restrictions.  Before deciding on a home, make sure that the HOA allows your particular pet.  Don’t take it for granted!  You may end up with severe penalties.

4.  County and City code restrictions may also be an issue.  Several cities also have restrictions on the number of pets, the species and the type.  The pit bull ban is a very good example. 

5.  A pet friendly neighborhood is the best place for you and your pet.  Look around the neighborhood and see if the neighbors are walking their dogs or have cats sleeping in windows.  Consider if the way they seem to take care of their pets is similar to yours.  If it isn’t, you might want to find another Troy Michigan real estate home for sale.

If you’re looking for a home that’s perfect for you and your pet, I can help.  Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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

Real estate investments are still going strong and will probably continue to be a popular method of financial gain into the future. Real estate is solid. It is a tangible product that is attractive to both beginning investors and experienced pros. The most important part of getting started in Troy Michigan real estate investing is knowing what you’re getting into and what to watch out for. Here are 4 top tips from real estate investment professionals:

Understand the Realities

Real estate investment, like any form of investment, is risky. Do not use money you cannot afford to lose. Careful study, understanding the market, and practice help alleviate a lot of the risks but things happen in the best of situations so don’t play with what you can’t afford to lose.

Research is a Constant

Research in real estate investment isn’t something you do once. Research is constant. It is a daily part of your efforts and should always be at the forefront of your mind. From changing banking methods to market changes, researching and learning must be ongoing to be a successful Troy Michigan real estate investor.

Know the Property

Research isn’t limited to financing and the real estate market. You need to thoroughly investigate each property before you buy. Fill out an investment worksheet to see if all the costs associated with the purchase will allow a satisfying profit.

Learn About Personal Protection

Taking risks with the money you have set aside for investment is one thing.  Taking risks with your family’s savings, property, and other assets is another. Consider starting an LLC. You can choose from a single LLC to cover all of your real estate holdings, or having a separate LLC for each property purchased. 

Learning the tricks of the top real estate investors allows you to profit from the experience of those who have gone before you.  If you would like more expert advice on Troy Michigan real estate investments in Southeast Michigan, give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

If you watch the real estate market, you probably know it’s finally showing a little bit of upswing, with national home sales going up by 2.4% in May.  While lower mortgage rates and more affordable home prices, along with an $8,000 tax credit for first time buyers, has made selling a Troy Michigan real estate home easier, you may still end up holding on to that house for quite awhile.  Instead of selling straight out, consider renting to own. 

Called a “rent-to-own” or “lease-option,” these deals normally require paying around 5% of the overall purchase price in up-front fees.  In addition, buyers are usually required to pay extra rent each month.  This is a win-win situation for both the buyer and the seller.

For you as the seller, you have regular rent that goes into your pocket, either to pay down the mortgage you still have on your home or to go toward your new home.  In addition, you keep the property profitable as well as get it off the over-stuffed Troy Michigan real estate market.

For the “rent-to-own” buyer, the additional rent payment knocks down the selling price.  Properly drafted, a lease option agreement can help buyers having trouble arranging financing or money for the down payment. 

Typically, lease agreements are written in 12 to 36 month increments.  If the buyer decides they don’t want to buy after all, you can:
   a) Put the house back on the market to sell straight out.
   b) Put it back on the market as a rent-to-own. 

This is also a plus for you, as you can have the contract state that you keep the deposit, as well as the extra rent they have paid.

Don’t think this is just for home sellers, either.  Many condominiums are offering the option as well.  Some developers are even offering to apply 100% of the rent toward the purchase of the condo.

There are some possible drawbacks to this option, but it is something to consider if you’re trying to sell your Troy Michigan real estate and can’t get it off the market. 

If you’d like to sell your home, I can help.  I specialize in solutions that get your home off the market fast and give you the most money in your pocket.  Call me now at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

Do you own Troy Michigan real estate?  Just when you think you’ve done everything you need to do to get your home ready for the market, months pass and your home doesn’t sell. Consider a few factors that can effect your goal of selling your home.

• Priced Too High –  If your home has an excessive asking price, it will be harder to sell. With so many Troy Michigan real estate properties available today, a big price tag may turn buyers off. And, your competition down the street may have the same home but a better price. Learn pricing tips for Troy Michigan Real Estate.  
• The Market – No longer can you simply put a home on the market and watch the offers roll in. Nowadays, you have to be diligent and knowledgeable in your approach. Research the market value of Troy Michigan real estate in your neighborhood and know what kind of competition you’re up against.  And, understand today’s buyers and what they need in order to make a good offer on a home.
• Unfavorable Location – No matter how gorgeous a home is a bad location can hurt sales. Although you can’t change the location, you can be creative in figuring out ways to appeal to buyers. Offer incentives to attract buyers or lower your asking price.
• The Appearance – Does your home need some work? If so, you want to attack those issues first before putting your home on the market. Things like dirty carpets and broken appliances can turn buyers off. Try staging your home. This will help to ensure your home dazzles potential buyers.
• You Didn’t Consult a Professional – Trying to sell a home yourself can be an extremely daunting task. That’s why you need a Troy Michigan real estate professional who knows the ins and outs of the industry and can market your home in the right way.

The good thing is that you can make changes that will improve the situation. Go over all the points listed and address any problems. Once that’s done, you’ll have a better chance of watching your home sell.

Let me give you a free analysis of your home’s value in today’s market.  Just click to: Find Out How You Can Sell Your Home for the MAX.  

Have questions or are ready to sell your home?  I can help!  Give me a call at 248-514-2640 or email info@NorthWoodwardHomes.com now.

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

Selling a home requires preparation. While there are many things to consider, one of the first things you should do is to ensure that your home makes a great first impression. That’s why it’s important to de-clutter in an effort to prepare your Troy Michigan real estate for sale.

1.  Start with the kitchen
Potential buyers will open drawers and cabinets.  So, be sure to de-clutter your pantry, cupboards and drawers. Throw away trash and unsightly items.  Organize things such as pots, dishes and utensils for a fresh, tidy appearance. 

2.  Organize your closet
We’ve all been there. You have company coming over and the quickest way to clean up is to throw everything in a closet. While this may be okay if you’re having a visit from friends, it’s not okay if you’re preparing your Troy Michigan home for sale. Buyers want to see everything, so don’t forget to organize your closet. Make sure all clothes are folded neatly or on hangers, and if you have carpet, make sure to vacuum.  If your closet is stuffed, remove clothing you rarely wear and either give it away, sell it or neatly store it.

3.  Make bathrooms shine
Nothing’s worse than a dirty bathroom. This is an extreme turn off for buyers. You want your property to have the look of a model home. This means clearing off countertops and removing personal items, in addition to cleaning showers, bathtubs, toilets, floors and mirrors.

4.  Remember the outside
Curb appeal is the first thing buyers see when they visit your property. If buyers view a driveway filled with kid’s toys, unsightly lawn furniture and an un-kept lawn, they may turn away without bothering to go in. Pick up around the outside of your house. Plant a few flowers and keep your lawn trimmed.

These small changes can give the appearance of a well-maintained, clutter-free home. If you want your property to stand out from the competition, follow these easy steps to prepare your Troy Michigan real estate for sale.

Thinking of selling your home?  Staged homes sell faster and for more money.  Order your FREE book, “Staging Tips to Prepare Your Home for Market.”

With my 30-Day Marketing Plan, I can help sell your home fast and for top dollar. Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

When it comes to success, it is often seen that those who have it share similar traits. These traits are usually shared by successful people in many different fields. The same is true of successful Troy Michigan real estate investors.

If you want to become a rich real estate investor, consider these traits that most successful people possess: 

1. The ability to see possibilities rather than simple realities. The best Troy Michigan real estate investors can look at a rough piece of property, an abused home, or a vacant block of commercial buildings and see the potential within those places instead of the run-down, or empty parcels that actually exist. Being able to visualize the property as it could be, and conceptualize the project vital to success.
2. Successful individuals in all walks of live tend to have a relentless nature. They will not give up, do not admit defeat, and do not take kindly to losing.
3. Successful people have a thick skin. They can ignore the naysayers who try to talk them out of moving forward. A thick skin is as important when they are at the top as it is when they are starting out—maybe more so, because once you achieve success everyone is jealous.
4. Successful people know how to get the best and most accurate information. Many successful people attribute their success to knowing how to surround themselves with the best resources of all types.
5. Finally, they are married, and stay married. Of course, any successful person can tell you that the quickest way to lose half your stuff is to get divorced, but being married (happily) also provides support and confidence. That is just as true for Troy Michigan real estate investors.

Whether you’re a beginner or veteran real estate investor, if you would like more information on how to increase your success when purchasing Troy Michigan real estate, I’d be happy to share my insider’s knowledge with you.  Give me a call today at 248-514-2640 or email me at info@NorthWoodward.com.

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

Most people are familiar with the new stimulus plan that helps many get tax rebates for buying a home. The incentive is centered on first-time home buyers and a lot of people automatically assume they aren’t eligible because they have owned a home in the past. This incentive shouldn’t be dismissed so quickly. It is worth as much as $8,000 during the calendar year of 2009 and is a great reason to consider entering or re-entering the Troy Michigan real estate home buying market. Yes, that’s right “re-entering” the market.

Three Year Rule

If you have not owned a Troy Michigan home in the past three years, for tax purposes you are considered a first-time home buyer and are still eligible for the tax credit. This, however, includes you and your spouse if you are married so neither of you can have purchased a home in the last three years.

Principle Residence Rule

Even if you have owned a home in the last couple of years, if it has not been your primary residence, you may still be eligible for the tax break. This means that if you own property that you use as rental or other investment Troy Michigan real estate such as flipping or reselling, you may still be able to get the tax incentive if you purchase a new home for you and your family to actually live in.

The new stimulus plan rules may be confusing but a qualified real estate professional can guide you through the possibilities.

If you are entitled to the tax rebate, 2009 should be the year you buy your new home. The tax rebate on a new home purchase is only good for the year.

If you purchased a Troy Michigan real estate home any time during the 2009 calendar year and didn’t know you might be entitled to the rebate, now is the time to check into it.

If you have any questions regarding the new stimulus tax breaks for first-time home buyers, please give me a call at 248-514-2640 or email me at info@NorthWoodwardHomes.com. I’d be happy to help.

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

There are many wonderful reasons to want a home of your own. Right now is an excellent time to pick up a great deal on Troy Michigan real estate. It’s definitely a buyer’s market where you can purchase homes at historically low prices. To be sure the time is right for you, answer a few simple questions for yourself:

Are you ready to stay put for more than three years?

If you move around a lot, have a job that sends you to different locales all the time, or just haven’t found the area you want to settle down in, it can be a bad time to buy Troy Michigan real estate no matter how great the price. Selling a home and moving is much harder than just switching apartments or other rental units. However, if you are ready to settle in a spot for a number of years, the value you get from owning your own home is well worth it, especially now.

Can you afford it?

There’s more to owning a home than just the cost of the mortgage. Other costs added to a typical mortgage include homeowner’s insurance and property taxes.   These add hundreds of dollars a month to the simple mortgage costs. On top of those are routine repairs and upkeep that will be your responsibility instead of a landlord’s.

Do you value the pride of ownership?

For many people, the pride of owning their own home is a primary factor in purchasing Troy Michigan real estate. There is a feeling of success and security when you own your home that won’t be fulfilled with any rental.

I can assist you in finding the perfect Troy Michigan real estate to meet your needs.  If you’d like help determining if now is the right time for you to buy a home, give me a call at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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