Real Estate Information

Something most folks are not aware of is that household smoke detectors have a 10-year expiration date.  They actually loose their effectiveness over time and need to be replaced.  I have found over the years that most people have never replaced the smoke detector(s) in their house, so it may not even work properly. I regularly find them in homes on inspections with the battery disconnected and even painted over.

A common misconception is pressing the button to make the smoke detector buzz does not actually prove that it works either.  It just proves the battery still has enough power to make it buzz.  What goes bad is the smoke detectors ability to detect or sense smoke.  You would have to perform a smoke test to verify if your smoke detector is truly working or not.  They actually sell canned smoke to complete this test.  However, if you smoke detectors are old it is just better to go ahead and replace them.  Better to be safe than sorry.

Most areas of the country require a minimum of one smoke detector on each floor of your home.  The Commonwealth of Virginia has updated the law to require one in each bedroom and in the adjacent area outside the bedrooms too.  However, not all local city code enforcement offices have adopted the new law just yet, but it will be coming soon.  

The good news is smoke detectors are fairly inexpensive.  Even if you had to buy 5 new smoke detectors, the cost would be minimal.  For the sake of your family, please replace your smoke detectors to ensure yours are in good working order.  It could save your life and the lives of your family!

Discover the power of the new RE/MAX Mobile App. Download the app at http://getmobile.remax.com and find your dream home today.

Whether you are putting up a new fence, planting a tree or installing a new sprinkler system, it is important for all Virginia Beach and other Hampton Roads cities to call Miss Utility of Virginia at 811 before you start digging. 

This number has been in place for awhile now and is part of a nationwide effort to streamline the call-before-you-dig system to avoid injuries and damage to underground utilities lines.

An 811 call alerts participating utilities of your plans.  The utilities will then send a representative to visit your property and mark the approximate location of their facilities.

This is a free service.  State law requires that you call 811 at least 2 business days before digging.

​You can also visit http://va811.com/ for more information.

Source: Dominion Resources

A question I am often asked is what does RE/MAX actually mean. The RE/MAX mark originated in the early 1970s when co-founders Dave and Gail Liniger developed a real estate concept that permitted Associates to receive as much as 100 percent of the commissions they earned in exchange for paying a management fee and their pro rata share of office overhead. This concept enabled Associates to retain the maximum dollar amount derived from their sales efforts.

While RE/MAX is the most recognizable real estate brand in the world, few may know what it stands for. RE/MAX stands for Real Estate Maximums. In fact, Dave and Gail Liniger decided to call their new business concept real estate maximums and then coined the phrase RE/MAX. At the same time, they decided to adopt the distinctive red-over-white-over-blue horizontal bar design mark for yard signs, business cards and promotional materials.

RE/MAX Allegiance services the Virginia Beach and Hampton Roads area. In addition, we are one of the largest real estate brokerage companies in the world with offices in Maryland, Virginia and Washington DC.  

This rental scam has been going on for several years now, but it has been brought to my attention by several prospective tenants in recent weeks so it is worth covering again.  Dishonest people from overseas, mainly in African countries, are listing properties for rent on Craigslist and some other rental websites.  The rental amounts are usually far below the going rate and renters in our area and across the country are falling for this scam hook, line and sinker.  Our area is especially prone to this scam, since a lot of folks are coming in from out of town and many are willing to rent sight unseen from the pictures. 

The way the scam works is the thieves use actual properties for rent and create new online ads for the same house with more favorable terms.  Like a beautiful Virginia Beach rental home with 4 bedrooms for $1,800 a month, $1,800 security deposit and the owner will not accept pets.  The new scam ad runs for the same house will say something like the rent is $1,250, no security deposit required and pets are OK.  Sounds like a great deal aye!

Unsuspecting renters are basically duped into sending rent and security deposit by Western Union, but the person on the receiving end are not the actual owners.  Local area real estate companies have even had renters show up and ask for the keys, just to find out they were victims of a scam and their money is gone forever and now they have no home either. 

Basic Rules for Renting:

1. Any reputable Property Manager will require an application and application fee to verify who you are before renting to you.

2. Verify the Property Manager and the house are really for rent before sending in your money.  If it offer is too good to be true, it probably is.  So beware of incredible offers to rent cheap. 

​3. Google the full address of the house including the city and state too.  You should be able to find any Realtor listings for the same house. 

4. Many agents use a cell phone number, but ask for the office phone number to double check.  Call the office and asked to be transferred to the agent. 

5.  If you live out of town, ask a friend or co-worker to take a look at the house and meet with the agent to actually look inside the house.

​6. Mostly importantly never ever send your hard earned money by Western Union or any other service overseas to rent a home.  There are plenty of great local rentals in our area to deal with.

On April 1, and again on June 1, mortgage insurance premiums for FHA loans will go up. Buyers who want to avoid having to pay the higher rates should apply for a loan — and get an FHA case number — no later than March 31.

The next day, the premium will rise from 1.0% of the loan to 1.75%, and annual fees will rise as well (by 0.1% or 0.25% for loans between $625,500 and $729,750).

The Virginia Beach city website has been updated with a lot of great info about the homes in the area.  You can enter an address of the house you own or are thinking about buying or renting and find out more info about it and the surrounding area.  

http://www.vbgov.com/maps/search/Pages/default.aspx

​Here are a few surprising and simple ways to cut your energy bill this season.

Put lamps in the corners: Did you know you can switch to a lower wattage bulb in a lamp or lower its dimmer switch and not lose a noticeable amount of light? It’s all about placement. When a lamp is placed in a corner, the light reflects off the adjoining walls, which makes the room lighter and brighter. 

Switch to a laptop: If you’re reading this article on a laptop, you’re using 1/3 less energy than if you’re reading this on a desktop. 

Choose an LCD TV: If you’re among those considering a flat-screen upgrade from your conventional, CRT TV, choose an LCD screen for the biggest energy save. 

Give your water heater a blanket: Just like you pile on extra layers in the winter, your hot water heater can use some extra insulation too. A fiberglass insulation blanket is a simple addition that can cut heat loss and save 4% to 9% on the average water-heating bill.

Turn off the burner before you’re done cooking: When you turn off an electric burner, it doesn’t cool off immediately. Use that to your advantage by turning it off early and using the residual heat to finish up your dish. 

Add motion sensors: You might be diligent about shutting off unnecessary lights, but your kids? Not so much. Adding motion sensors to playrooms and bedrooms cost only $15 to $50 per light, and ensures you don’t pay for energy that you’re not using.

Spin laundry faster: The faster your washing machine can spin excess water out of your laundry, the less you’ll need to use your dryer. Many newer washers spin clothes so effectively, they cut drying time and energy consumption in half—which results in an equal drop in your dryer’s energy bill.

Use an ice tray: Stop using your automatic icemaker. It increases your fridge’s energy consumption by 14% to 20%. Ice trays, on the other hand, don’t increase your energy costs one iota. 

Use the dishwasher: If you think doing your dishes by hand is greener than powering up the dishwasher, you’re wrong. Dishwashers use about 1/3 as much hot water and relieve that much strain from your energy-taxing water heater. Added bonus: you don’t have to wash any dishes.

Getting your home's heating system professionally serviced every year will keep it running smoothly and help keep heating costs under control.

Who does the job?

The simplest way to get the work done is to hire your fuel company to do it. Oil companies and gas utilities usually provide this service, or you can hire the contractor who installed the equipment. Also, some plumbers handle heating systems.

What is involved?

The technician will clean soot and corrosion out of the combustion chamber where the fuel is burned, and check it for leaks or damage. He'll inspect the flue pipe for open seams, clogs, or corrosion that could cause carbon monoxide to backdraft into the house. He'll replace the filters on oil and forced-air systems. Finally, he'll test the exhaust from your cleaned machine and use the information to adjust the burner for maximum efficiency.

How much will it cost?

You'll pay between $100 and $180 for the service, depending largely on whether you have a gas system, which is easier to maintain, or oil, which requires a fair amount of soot removal. Usually the cost is covered by an annual maintenance contract that also provides 24-hour emergency service. While the technician is there, he should also service your water heater, assuming it has a separate oil or gas burner.

When is the best time to do the work?

Ideally, have your system tuned up in the fall so it's in top shape for the start of the heating season. Of course, that's when technicians are the busiest, so if you can't do it when you want, do it when you can—as long as your system is serviced once a year. And don't expect your provider to call to remind you that it's time. Even if you subscribe to an annual service plan, you still need to call to make an appointment. Call in the spring or summer to be sure of getting on the schedule in the fall.

When it comes to a mortgage refinance, it’s less about how much you’ll spend and more about how long you’ll stay.

Do the math

No. 2 above requires some calculation on your part. To figure it out, you’ll need to know:

• The closing costs for a new loan. Ask potential lenders—costs usually run 3% to 6% of the loan amount. Lenders may finance these costs (that is, fold them into your loan amount), so you don’t actually have to write a check, but you’re still paying for it.

• Your current mortgage payment.

• Your potential new payment. Again, your lender can give you this.

• The length of time you plan to keep your home.

To simplify these calculations, do a quick search online for various free mortgage refinance calculators, which can be found on many bank sites.

Find your breakeven point

Here’s an example of how a mortgage refinance might play out with a typical 30-year fixed-rate mortgage:

But even though you start paying the lower rate right away, you’ve shelled out $8,000 in closing costs, and you aren’t ahead of the game on your mortgage refinance until you’ve paid that off. At $125 in monthly savings you have to stay in your home 64 months—more than five years—to make it worth it ($125 x 64 months = $8,000). Move before then, and you’ve lost on the deal.

However, if you remain for 10 years, for example, you’ll have saved $7,000.

It gets better

Although 1% is the rule-of-thumb minimum for a mortgage refinance, lower rates can make refinancing even more attractive, as the breakeven period becomes shorter. 

Consider the above mortgage refinance scenario if you could shave another half-point:

You now reach the breakeven point in just over 3.5 years.

Another way to improve your position

Two additional factors can make a mortgage refinance an even better option:

• Your credit rating has improved since your last mortgage. Go to AnnualCreditReport.comto monitor improvements.

• You’ve started earning more money.

Both these factors make you a more desirable candidate in lenders eyes’ for a mortgage refinance, possibly allowing you to negotiate lower interest rates or lower closing costs, further shortening your breakeven period.

The bottom line is that you shouldn’t seek out a mortgage refinance just because “everyone is doing it.” It needs to make financial sense for you.