The Serena Group's Blog

If you're buying or selling a golf course home or investment home or property, choose a team that specializes in golf course real estate.  Five members of our team of seven real estate professionals are avid golfers and know the Bradenton, Sarasota, Manatee County, and Sarasota County area golf course communities... inside and out!  

We play the golf courses... we live in the golf course communities.

Call Bob Serena directly at > 941.928.1248 today
for an appointment to discuss your buying or selling plans.

With the July 4th holiday waiting in the wings... many of us are thinking about how our country began and how we came to be such a great nation.  Our thoughts also turn to gratitude for the men and women who make personal sacrifices each day to protect and perpetuate the freedoms that we all hold so dear.

'Cell Phones for Soldiers' is a wonderful way for you to get involved in supporting our military men and women... and to give them the gift of 'communication' with their families while they're away.









Here's how to get involved in this worthy cause:

(click the image below!)



http://www.Bradenton-Florida-RealEstate.com

Specialty Mortgages: Risks and Rewards

In high-priced housing markets, it can be difficult to afford a home. That’s why a growing number of home buyers are forgoing traditional fixed-rate mortgages and standard adjustable-rate mortgages and instead opting for a specialty mortgage that lets them “stretch” their income so they can qualify for a larger loan.

 

But before you choose one of these mortgages, make sure you understand the risks and how they work.

 

Specialty mortgages often begin with a low introductory interest rate or payment plan — a “teaser”— but the monthly mortgage payments are likely to increase a lot in the future. Some are “low documentation” mortgages that come with easier standards for qualifying, but also higher interest rates or higher fees. Some lenders will loan you 100 percent or more of the home’s value, but these mortgages can present a big financial risk if the value of the house drops.

 

Specialty Mortgages Can:

 

·         Pose a greater risk that you won’t be able to afford the mortgage payment in the future, compared to fixed rate mortgages and traditional adjustable rate mortgages.

·         Have monthly payments that increase by as much as 50 percent or more when the introductory period ends.

·         Cause your loan balance (the amount you still owe) to get larger each month instead of smaller.

 

Common Types of Specialty Mortgages:

 

·         Interest-Only Mortgages: Your monthly mortgage payment only covers the interest you owe on the loan for the first 5 to 10 years of the loan, and you pay nothing to reduce the total amount you borrowed (this is called the “principal”). After the interest-only period, you start paying higher monthly payments that cover both the interest and principal that must be repaid over the remaining term of the loan.

 

·         Negative Amortization Mortgages: Your monthly payment is less than the amount of interest you owe on the loan. The unpaid interest gets added to the loan’s principal amount, causing the total amount you owe to increase each month instead of getting smaller.

 

·         Option Payment ARM Mortgages: You have the option to make different types of monthly payments with this mortgage. For example, you may make a minimum payment that is less than the amount needed to cover the interest and increases the total amount of your loan; an interest-only payment, or payments calculated to pay off the loan over either 30 years or 15 years.

 

·         40-Year Mortgages: You pay off your loan over 40 years, instead of the usual 30 years. While this reduces your monthly payment and helps you qualify to buy a home, you pay off the balance of your loan much more slowly and end up paying much more interest.

 

Questions to Consider Before Choosing a Specialty Mortgage:

 

·         How much can my monthly payments increase and how soon can these increases happen?

·         Do I expect my income to increase or do I expect to move before my payments go up?

·         Will I be able to afford the mortgage when the payments increase?

·         Am I paying down my loan balance each month, or is it staying the same or even increasing?

·         Will I have to pay a penalty if I refinance my mortgage or sell my house?

·         What is my goal in buying this property? Am I considering a riskier mortgage to buy a more expensive house than I can realistically afford?

 

Be sure you work with a REALTOR® and lender who can discuss different options and address your questions and concerns!

 

Learn about the NATIONAL ASSOCIATION OF REALTORS® Housing Opportunity Program at www.REALTOR.org/housingopportunity. For more information on predatory mortgage lending practices, visit the Center for Responsible Lending at www.responsiblelending.org

_______________________________________________________________________________

                                                                                                                                                       FIND US ON FACEBOOK!

 

What to Have on Hand for the New Owners

 

·         Owner’s manuals and warranties for appliances left in the house.

·         Garage door opener.

·         Extra sets of house keys.

·         A list of local service providers — the best dry cleaner, yard service, plumber, etc.

·         Code to the security alarm and phone number of the monitoring service if not discontinued.

·         As a courtesy, you could provide numbers to the local utility companies.

·         If it’s a condo, leave information on how to contact the condo board.

 

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Copyright 2008. All rights reserved.

_____________________________________________________________________________

                                                                                                                                                       FIND US ON FACEBOOK!

 

Understanding Capital Gains in Real Estate

When you sell a stock, you owe taxes on your gain — the difference between what you paid for the stock and what you sold it for. The same holds true when selling a home (or a second home), but there are some special considerations.

How to Calculate Gain
In real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis. To calculate, follow these steps:

1. Purchase price: _______________________

 

The purchase price of the home is the sale price, not the amount of money you actually contributed at closing.

2. Total adjustments: _______________________

 

To calculate this, add the following:

• Cost of the purchase — including transfer fees, attorney fees, and inspections, but not points you paid on your mortgage.
• Cost of sale — including inspections, attorney fees, real estate commission, and money you spent to fix up your home just prior to sale.
• Cost of improvements — including room additions, deck, etc. Note here that improvements do not include repairing or replacing something already there, such as putting on a new roof or buying a new furnace.

3. Your home’s adjusted cost basis: _______________________

 

The total of your purchase price and adjustments is the adjusted cost basis of your home.

4. Your capital gain:  _______________________

 

Subtract the adjusted cost basis from the amount your home sells for to get your capital gain.

A Special Real Estate Exemption for Capital Gains
Since 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a home is exempt from taxation if you meet the following criteria:

 

·         You have lived in the home as your principal residence for two out of the last five years.

 

·         You have not sold or exchanged another home during the two years preceding the sale.

 

·         You meet what the IRS calls “unforeseen circumstances,” such as job loss, divorce, or family medical emergency.

 

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Copyright 2008. All rights reserved.

_______________________________________________________________________________________________________________

                                                                                                                                       



                                                                                                                                                                FIND US ON FACEBOOK!

12 Tips for Hiring a Remodeling Contractor

1. Get at least three written estimates.

2. Check references. If possible, view earlier jobs the contractor completed.

3. Check with the local Chamber of Commerce or Better Business Bureau for complaints.

4. Be sure the contract states exactly what is to be done and how change orders will be handled.

5. Make as small of a down payment as possible so you won’t lose a lot if the contractor fails to complete the job.

6. Be sure that the contractor has the necessary permits, licenses, and insurance.

7. Check that the contract states when the work will be completed and what recourse you have if it isn’t. Also, remember that in many instances you can cancel a contract within three business days of signing it.

8. Ask if the contractor’s workers will do the entire job or whether subcontractors will be involved too.

9. Get the contractor to indemnify you if work does not meet any local building codes or regulations.

10. Be sure that the contract specifies the contractor will clean up after the job and be responsible for any damage.

11. Guarantee that the materials that will be used meet your specifications.

12. Don’t make the final payment until you’re satisfied with the work.

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Copyright 2008. All rights reserved.

___________________________________________________________________________

                                                                       

                                                                                                                                        FIND US ON FACEBOOK!

 

Low-Cost Ways to Spruce Up Your Home’s Exterior

Make your home more appealing for yourself and potential buyers with these quick and easy tips:

1. Trim bushes so they don’t block windows or architectural details.

2. Mow your lawn, and turn on the sprinklers for 30 minutes before the showing to make the lawn sparkle.

3. Put a pot of bright flowers (or a small evergreen in winter) on your porch.

4. Install new doorknobs on your front door.

5. Repair any cracks in the driveway.

6. Edge the grass around walkways and trees.

7. Keep your garden tools and hoses out of sight.

8. Clear toys from the lawn.

9. Buy a new mailbox.

10. Upgrade your outside lighting.

 

11. Buy a new doormat for the outside of your front door.

12. Clean your windows, inside and outside.

13. Polish or replace your house numbers.

14. Place a seasonal wreath on your door.

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Copyright 2008. All rights reserved.

______________________________________________________________________________

Consider THE SERENA GROUP your "GO TO RESOURCE" for all things "REAL ESTATE!"

We'd be honored to assist you with your future goals and plans... Contact us today!

FIND US ON FACEBOOK!