The Liz Moore Market Watch Blog

We are excited to bring you the latest issue of the Liz Moore Savvy Senior Magazine!  Click the image below to flip through the magazine featuring our newest "Senior friendly" homes for sale.

Check out the rest of our digital magazines - Hampton Homes, Williamsburg Homes, Waterfront Property, and more!  You can subscribe to one or more of our magazines, and they will be delivered FREE to your inbox once a month, dynamically uploading the latest issues.

We are excited to bring you the latest issue of the Liz Moore Savvy Senior Magazine!  Click the image below to flip through the magazine featuring our newest "Senior friendly" homes for sale.

Check out the rest of our digital magazines - Hampton Homes, Williamsburg Homes, Waterfront Property, and more!  You can subscribe to one or more of our magazines, and they will be delivered FREE to your inbox once a month, dynamically uploading the latest issues.

Q:  Is there an easy way to finance the conversion of a home to handicap accessibility?

A:  Well, I’m not sure that there is an EASY way, but there is definitely a mortgage product for that. It’s called a 203(k) loan, and it’s an FHA loan product. It can be used for either a purchase, or also on a refinance.

Essentially, it allows a borrower to add the cost of repairs to a mortgage, so that they can be financed over time. On the streamlined plan, you can borrow up to $35,000 over the sales price for repairs or remodeling, as long as the appraisal will support it.

Here is how it works: An appraiser will do an “as is” appraisal, and then an appraisal that factors in your proposed repairs. As long as the improved value can be substantiated, you’re good to go! You must begin the work within 30 days of closing, and complete it within 6 months.

You could use a 203(k) loan to retrofit for handicap, or to remove it and restore a home to its previous condition (removing wheelchair ramps and grab bars, for instance).

There are lots of nuances to these types of mortgages, and it’s important that you work with a local lender who specializes in this product.

Are you interested in more infomation?  Email us at concierge@lizmoore.com, or click below, to meet with a Senior Specialist and we’ll hook you up with a reputable loan officer that is experienced in 203(k)’s.

 

Are you interested in hot real estate topics, tips and trends?  
Click below to subscribe to our blog! 

 

As we age, one of the most difficult and emotional decisions we face is whether or not to move from our current home.  The answer to this question is not the same for everyone and will vary depending upon the individual situation.  Statistics show that most decide to stay put, but is this really the best choice for you?

Many people do not want to leave their family home because of the memories they have there.  You moved into your current home for a reason. You built many memories and you will do the same in a new neighborhood.  Another reason is that many feel that moving into a retirement community forces them to give up some of their independence.  This is a misconception.  Most active adult communities have tons of things for seniors to do.  As a matter of fact, many seniors claim that they became more “active” after choosing to move.

Family is another factor.  It is much easier to age when we have the support of our loved ones.  This is much easier for everyone if the kids and/or grandchildren are nearby.  Many will choose to relocate closer to family members as they age.

For many of us, the design of our current home is simply not conducive to aging.  Maybe your bedrooms are upstairs.  Maybe it is simply too large to keep up with the cleaning and routine maintenance.  Maybe the yard work is becoming a burden.  Having these things taken care of for you, and having a floor plan that makes life easier, is the number one reason why people choose to move.  With all of these things being done for you, it frees up your time to do more travelling or leisure activities.

Can I afford to move?  This is a common question among those trying to decide if they should move into a retirement community.  Most communities have regular fees to cover some of the extras you are currently paying for, which makes it easier to budget your monthly expenses. You will not have to worry about unexpected repair costs, etc.   Things such as monthly lawn care and routine maintenance costs can be expensive. 

I believe that making the move to a retirement community should at least be considered by all.  There are many types of adult communities from active, to assisted living, to full time care.  The type you choose depends upon your needs.  Once you decide to make the change¸ you should first decide on a location.  Next you will want to find something that suits your lifestyle and provides all of the amenities you want and need.  It can make your aging years much more enjoyable!

The Liz Moore Senior Team understands the special needs of those who are downsizing, and we have a variety of resources to help you with auctions, estate sales, consignment, de-cluttering and every phase of getting your home ready to sell.  Be sure to ask us about our free e-book for seniors interested in downsizing!

Find out what the best decision is for your situation! Email us at concierge@lizmoore.com, or click below, and we'll be happy to connect you with someone who specializes in this senior moves!

 

 

Are you interested in hot real estate topics, tips and trends?  
Click below to subscribe to our blog! 

 

 

We are excited to bring you the latest issue of the Liz Moore Savvy Senior Magazine!  Click the image below to flip through the magazine featuring our newest "Senior friendly" homes for sale.

Check out the rest of our digital magazines - Hampton Homes, Williamsburg Homes, Waterfront Property, and more!  You can subscribe to one or more of our magazines, and they will be delivered FREE to your inbox once a month, dynamically uploading the latest issues.

Warwick Forest Retirement Community, in partnership with Liz Moore and Associates' Savvy Senior Team, will be bringing you "Senior Living 2014" on February 18th from 2 to 4pm.  This event will feature topics such as:

• getting top dollar for your home
• downsizing
• preparing your home to sell
• and more!

In addition to getting some great information, you can tour Warwick Forest, the Peninsula's Premier Active Lifestyle Community for those 60 and better.  Warwick Forest is located at 1004 Old Denbigh Boulevard in Newport News.  

For more information, or to RSVP for Senior Living 2014, email us at concierge@lizmoore.com.  

 

Are you interested in hot real estate topics, tips and trends?  
Click below to subscribe to our blog! 

 

By: Diana Rondinelli

Haven't bought a house since 1955?  Wow - things have changed! 

Through the years, the process has been transformed into one that protects both buyers and sellers. Even though it is complicated, a Real Estate professional specializing in senior moves can lead you on the right path to a smooth closing.

Your Realtor can help you decide:

• To stay where you are
• Move into a new home which might have a first floor bedroom; or,
• Move into a retirement community ~ whether you sell your home and move on to a different way of life or rent your home while you decide if you really like the new digs.

Your Realtor will provide you with a list of references for estate planning, attorneys, home inspectors, appraisers, and "down-sizing experts” who can help you decide what to keep and what to part with – everything to make the transition an easier one.

The next step will be to set up a prelisting home inspection, conventional appraisal and termite moisture inspection. Once those are completed, you will be ready to make necessary repairs, nail down a price, hang the sign and wait for a sale.

Waiting for a sale may not be what it used to be, either. The average market time in our area has risen to about 6 months, depending on where your home is located and your price range. The most important thing to remember about market time is that, to a great extent, you can have a great impact on that length of time preparing your home for sale as instructed by your Realtor.

Negotiating your contract is an important part of the process ~ one your Realtor is an expert at accomplishing. Once you have accepted an offer on your home, the buyer will either accept your prelisting home inspection or have their own. Either way, your Realtor will guide you through that process as well.

The buyer’s mortgage appraisal should not hold surprises since you had a pre-listing appraisal beforehand. That, along with final approval from the buyer’s mortgage company, are your final hurdles. Although the current mortgage market is much different today than even three years ago, your Realtor will stay in touch with the buyer’s mortgage company and should be aware of any roadblocks that could occur before closing.

Finally, the day of closing arrives! In our area, the buyer receives the keys at the closing table unless other arrangements are made. So by this time, you should be moving into your new home.

Even though the process is not simple, it can go smoothly with the right professional. Look for a member of the Liz Moore Savvy Senior Real Estate Team ~ you can’t go wrong there.

By hiring a professional to help you make the decisions that are best for you, the cost of the services provided oftentimes will be covered by the sale of your possessions with a profit coming back to you. Don't you think it is worth it for the peace of mind itself?  Email us at concierge@lizmoore.com, or click below, to meet with a Senior Specialist!