The weather is starting to change and for now you may not be thinking about this — but months pass quickly and you may feel an itch for a vacation home before next summer. Still there are many differences between purchasing a primary residence and a vacation home. One of the most important issues will usually be the cost: Always stay within your budget. This is even more key if this is your first attempt at a second property. I always recommend that a buyer contact a loan officer if they are not paying cash. This will help a buyer …

With everything that has gone on with the real estate market over the past few years, the rental market has become more appealing than ever. According to some national studies, rental prices have risen about 14 percent over last year. As a result, it can be tough to locate the right property at the right price. Many areas have a low supply of available rentals, driving up the price for potential tenants. With the average rental property staying on the market for only a couple of hours, you have to be competitive. Don’t wait until the weekend to look at …

You’re single and looking to purchase your first property. There are many factors to explore beyond the obvious considerations of cost. You will, of course, able to afford the maintenance of a single-family home? Will the association fee of a condominium or town home cover exterior maintenance? But wait, there’s more. First off, you need to decide what type of property will meet your current and future needs. Do you need a single family home or will a condominium or town home do? How many extra rooms are you looking for? Will you need a home office or maybe a …

Have you ever wondered how to pull a couple hundred extra dollars a month from your rental properties, or even a couple thousand? Achieving top dollar for your rental isn’t as hard as it may seem. First off, never skimp when remodeling a rental property. Many times, folks will install a brand new kitchen, but will not want to spend the couple of dollars extra to replace the flooring. Along those lines, if you do plan on leaving the old carpet, have it professionally cleaned. Painting can also go a long way. Remember to keep the colors neutral but not …

For many of us, our cellular phone never leaves our sight. Why not use it to help with your next real estate purchase? Years ago, a Sunday consisted of driving around wasting gas in an area in which you were looking for a home in. You would look for the “Open House” signs and tour the property. Many were not what you were looking for, though, and many Sundays were wasted. Nowadays, all you need is a smart phone! There are many applications for real estate that feature basic settings like alerts when a property becomes available, whether that property …

Many in today’s market are encountering a problem. Do you sell your home first, or do you buy your new home, and then sell your original home? Each comes with its advantages and disadvantages. Selling first may put you under a stringent deadline to purchase a new property. If the sale is going smoothly, this may only leave you days to find a new home in order to avoid storage and living accommodation fees. Those fees can double your moving cost and then some since you are in effect moving twice. I recommend looking for properties with a qualified broker …

You decide it’s time to finally place your property on the market and contact a real estate broker to list it. The Realtor explains the listing contract to you, which is a legally binding contract and is enforceable under United States laws. The contract should always include basic information such as the parties’ names and a sales price along with being signed by all parties involved. Make sure the terms are specific. In Illinois, a contract written for more than one year can, or one that is automatically renewable after one year, can be determined void. One of the biggest …

You scrimp and save for years, and you finally purchase your dream home, but then an incident or series of incidents comes along, causing you to fall behind on your payments. Instead of helping, many lenders will start the foreclosure process on your property. What should you do? First and foremost: Never ignore the lender! Usually, around 30 days after missing your first payment, the lender will begin trying to reach you either through snail mail or telephone. Ignoring their letters and calls will only make the situation worse. Think like the lender for a moment. If they are contacting …

Going green doesn’t have to mean spending an arm and a leg. Some homeowners install solar panels to lower monthly costs and protect the environment, but there are many little things that can be done around the home that accomplish the same goals. Older refrigerators and second ones that you keep inside your garage use 10 to 50 more energy than the more energy efficient models available on the market today. Making that simple change could reduce your electrical usage by up to $150 a year. Replacing a 100-watt incandescent light bulb to a 32-watt CFL can save up to …

Years ago, buyers and sellers would sit together to make the deal happen. In today’s market, it’s very rare for buyers and sellers to actually meet until the closing day, if ever. The only experience one has of the other party is through their agents or attorneys. Sellers, let me ask you a question. Have you viewed your home online? In today’s market, be sure to choose a broker who has a heavy focus on internet marketing. With that said, new properties pop up on the internet daily that aren’t up to par. Buyers want to be able to experience …