This lakefront home comes fully furnished and even includes a motor boat:
Questions to Ask About Property Tax
It’s natural for the sale price of a home to loom large in your mind. But don’t forget to look at what your property tax bill might be.
What is the assessed value of the property?
Assessed value is generally less than market value. A recent copy of the seller’s tax bill will help you determine this information.
How often are properties reassessed in this area?
In general, this will happen annually, but properties in areas of slower growth may be reassessed less often.
When was the last reassessment done on this property?
Most significant tax increases on an individual property can be linked to when that property was last reassessed.
Will the sale of the property trigger a tax increase?
Depending upon where you live, the assessed value of a property may increase based on the amount you pay for it. And in some areas, such as California, taxes aren’t allowed to increase until the property in question is resold.
Is the tax bill comparable to other properties in the area?
If not, it might be possible to appeal the assessment and lower the rate.
Does the current tax bill reflect any special exemptions for which I might not qualify?
For example, many tax districts offer reductions to those individuals 65 and older.
Source: National Association of REALTORS®
Lake Access – Oak Ridge
Ft Loudoun Lake – Main Channel
Questions to Ask a Home Inspector
Do you belong to a professional association?
There are many associations for home inspectors, but some groups confer questionable credentials or certifications in return for nothing more than a fee. Make sure the association your home inspector names is a reputable, nonprofit trade organization.
Will your report meet all state requirements?
Also, make sure the organization complies with a well-recognized standard of practice and code of ethics, such as those adopted by the American Society of Home Inspectors or the National Association of Home Inspectors.
How experienced are you?
Ask inspectors how long they’ve been working in the field and how many inspections they’ve completed. Also ask for customer referrals. New inspectors may be highly qualified, but they should describe their training and indicate whether they work with a more experienced partner.
How do you keep your expertise up to date?
Inspectors’ commitment to continuing training is a good measure of their professionalism and service. Advanced knowledge is especially important with older homes or those with unique elements requiring additional or updated training.
Do you focus on residential inspection?
Home inspection is very different from inspecting commercial buildings or a construction site. Ask whether the inspector has experience with your type of property or feature. The inspector should be able to provide sample inspection reports for a similar property. If they recommend further evaluation from outside contractors on multiple issues, it may indicate they’re not comfortable with their own knowledge level.
Do you offer to do repairs or improvements?
Some state laws and trade associations allow the inspector to provide repair work on problems uncovered during the inspection. However, other states and associations forbid it as a conflict of interest.
How long will the inspection take?
On average, an inspector working alone inspects a typical single-family house in two to three hours; anything less may not be thorough.
How much?
Costs range from $300 to $500 but can vary dramatically depending on your region, the size and age of the house, and the scope of services. Be wary of deals that seem too good to be true.
Will I be able to attend the inspection?
The answer should be yes. A home inspection is a valuable educational opportunity for the buyer and a refusal should raise a red flag.
Source: National Association of REALTORS®
Vocabulary: Transaction Documents
When you walk away from the closing table with a big stack of papers, know what to file away for future reference.
Loan estimate
Your lender is required to provide you with this three-page document within three business days of receiving your loan application. It will show estimates for your interest rate, monthly payment, closing costs, taxes, and insurance. You’ll also learn how your interest rate and payments could change in the future, and whether you’ll incur penalties for paying off the loan early (called “prepayment penalty”) or increases to the mortgage loan balance even if payments are made on time (known as “negative amortization”).
Closing disclosure
Your lender is required to send this five-page form—which includes final loan terms, projected monthly payments, and closing costs—three business days before your closing. This window gives you time to compare the final terms to those in the Loan Estimate (see above), and to ask the lender any questions before the transaction is finalized.
Mortgage and note
These spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.
Deed
This document officially transfers ownership of the property. In a cash deal, it goes to you, but otherwise you won’t get the deed until you pay off the mortgage.
Affidavits
These are binding statements by either party. For example, the sellers will often sign an affidavit stating that they haven’t incurred any liens on the property.
Riders
This word describes any amendments to the sales contract that affect your rights. For example, the sellers may arrange to retain occupancy for a specified period after closing but agree to pay rent to the buyers during that period.
Insurance policies
These documents provide a record and proof of your coverage, be they insuring the title or the property itself. Homeowners insurance documents will generally be your responsibility, while proof of title insurance will be given to you at the closing table.
Source: National Association of REALTORS®
Checklist: For the New Owners
Before the property changes hands, consult this list to make sure these items are transferred with the house.
Owner’s manuals and warranties for any appliances left in the house.
Garage door opener(s).
Extra set of house keys.
Other keys. Think beyond the front doors; do you have any cabinets or lockers built into the home that require keys?
A list of local service providers, such as the best dry cleaner, yard service, plumber, and so on. You’re not just helping the new owners, but also the local businesses you’re leaving behind.
Code to the security alarm and phone number of the monitoring service if not discontinued.
Smart home device access. Any devices listed as fixtures need to be reset for the new homeowner. Make sure your account information and usage data are wiped from the device so that they may use it. Check with your device’s manufacture to find out how to do this.
Numbers to the local utility companies. This can be especially helpful to owners who may not yet have easy access to the Internet in the new home.
Contact info for the condo board or home ownership association, if applicable.
Source: National Association of REALTORS®
Norris Lake – Main Channel
How to Pack Like a Pro
Plan ahead.
Develop a master to-do list so you won’t forget something critical heading into moving day. This will also help you create an estimate of moving time and costs.
Discard items you no longer want or need.
Ask yourself how frequently you use an item and how you’d feel if you no longer had it. Sort unwanted items into “garage sale,” “donate,” and “recycle” piles.
Pack similar items together.
It will make your life easier when it’s time to unpack.
Decide what you want to move on your own.
Precious items such as family photos, valuable breakables, or must-haves during the move should probably stay with you. Pack a moving day bag with a small first-aid kit, snacks, and other items you may need before unpacking your “Open First” box.
Know what your movers will take.
Many movers won’t take plants or liquids. Check with them about other items so you can plan to pack them yourself.
Put heavy items in small boxes.
Try to keep the weight of each box under 50 pounds.
Don’t overpack boxes.
It increases the likelihood that items inside the box will break.
Wrap fragile items separately.
Pad bottoms and sides of boxes and, if necessary, purchase bubble-wrap or other packing materials from moving stores. Secure plants in boxes with air holes.
Label every box on all sides.
You never know how they’ll be stacked. Also, use color-coded labels to indicate which room each box should go in, coordinating with a color-coded floor plan for the movers.
Keep moving documents together in a file, either in your moving day bag or online.
Include vital contact information, the driver’s name, the van’s license plate, and the company’s number.
Print out a map and directions for movers and helpers.
Make several copies, and highlight the route. Include your cell phone number on the map.
Back up computer files on the cloud.
Alternatively, you can keep a physical backup on an external hard drive offsite.
Inspect each box and piece of furniture as soon as it arrives.
Ahead of time, ensure your moving company has a relatively painless process for reporting damages.
Source: National Association of REALTORS®