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Displaying blog entries 1-10 of 13

Buyers - Don't Make These Mistakes

by The Peggy Graves Team

To-Do List for Better Homeowners

by The Peggy Graves Team

To-Do List for Better Homeowners

Checklists work because they contain the important things that need to be done.  They provide a reminder about things we know and realize but may have slipped our minds as well as inform us about things we didn't consider.  Periodic attention to these areas can protect the investment in your home.

  1. Change HVAC filters regularly.  Consider purchasing a supply of the correct sizes needed online and they'll even remind you when it's time to order them again.
  2. Change batteries in smoke and carbon monoxide detectors annually.
  3. Create and regularly update a Home Inventory to keep track of personal belongings in case of burglary or casualty loss.
  4. Keep track of capital improvements, with a Homeowners Tax Guide, made to your home throughout the year that increases your basis and lowers gain.
  5. Order free credit reports from all three bureaus once a year at www.AnnualCreditReport.com.
  6. Challenge your property tax assessment when you receive that year's assessment when you feel that the value is too high.  We can supply the comparable sales and you can handle the rest.
  7. Establish a family emergency plan identifying the best escape routes and where family members should meet after leaving the home.
  8. If you have a mortgage, verify the unpaid balance and if additional principal payments were applied properly.  Use a Equity Accelerator to estimate how long it will take to retire your mortgage.
  9. Keep trees pruned and shrubs trimmed away from house to enhance visual appeal, increase security and prevent damage.
  10. Have heating and cooling professionally serviced annually.
  11. Check toilets periodically to see if they're leaking water and repair if necessary.
  12. Clean gutters twice a year to control rainwater away from your home to protect roof, siding and foundation.
  13. To identify indications of foundation issues, periodically, check around perimeter of home for cracks in walls or concrete.  Do doors and windows open properly? 
  14. Peeling or chipping paint can lead to wood and interior damage.  Small areas can be touched-up but multiple areas may indicate that the whole exterior needs painting.
  15. If there is a chimney and fires are burned in the fireplace, it will need to be inspected and possibly cleaned.
  16. If the home has a sprinkler system, manually turn the sprinklers on, one station at a time to determine if they are working and aimed properly.  Evaluate if the timers are set properly.  Look for pooling water that could indicate a leak underground.
  17. Have your home inspected for termites.

Instead of remembering when you need to do these different things, use your calendar to create a system.  As an example, make a new appointment with "change the HVAC filters" in the subject line.  Select the recurring event button and decide the pattern.  For instance, set this one for monthly, every two months with no end date.  You can schedule a time or just an all-day event will show at the top of your calendar that day.

By scheduling as many of these items as you can, you won't forget that they need to be done.  If you don't delete them from the calendar, you'll continue to be "nagged" until you finally do them.

If you have questions or need a recommendation of a service provider, give us a call at (731) 225-6920.  We deal with issues like this regularly and have experience with workers who are reputable and reasonable.

AKC Dog Show This Weekend in Jackson

by The Peggy Graves Team


www.akc.org/

 

EVENT DETAILS

The Jackson Dog Fanciers Association and the Tupelo Kennel Club brings dog lovers their annual All-Breed Dog Show this weekend! More than 600 dogs and their owners will get the chance to strut their stuff in the show ring Friday, Saturday and Sunday, March 22th-24th at the Jackson Fairgrounds Park, 800 S Highland Ave, Jackson, TN 38301 from 8 AM to 5 PM each day. The event is great for the whole family and admission is free! Dogs that are not entered in the competitions are not permitted on show grounds.

SPECTATORS CAN:

• Meet and greet a variety of different dog breeds. Visitors can learn about responsible dog ownership and speak with breeders, owners and exhibitors.
• Watch the judging of various breeds in Conformation and cheer for your favorite.
• See young owner-handlers compete against their peers in the Junior Showmanship Competition.
• Watch owner-handlers compete in a special series called the National Owner-Handled Series. These exhibitors are striving for a spot in the finals at the AKC National Championship presented by Royal Canine in Orlando in December.
• See puppies getting started in the sport in the AKC Sanctioned 4 and under 6 Months Puppy Competition.

SHOW DETAILS:
Admission: Spectator entry is free | $5 per vehicle parking fee applies.
Show Program: Find full event details here.

Jackson Tn Dog Fanciers Association, was established in 1996. Jackson TN Dog Fanciers Association (JTDFA) promotes the study, breeding and exhibition of purebred dogs and responsible dog ownership. For nearly 10 years, the Jackson, Tennessee Dog Fanciers Association has been presenting top-ranked dog shows.

Tupelo Kennel Club Inc, was established in 1991. The basic purpose of a club’s existence is to responsibly promote the welfare of pure-bred dogs, to improve the knowledge of its members and to be of service to the sport and the community in general. The club is pleased to join with JTDFA to present this premier show.

The American Kennel Club, founded in 1884, is a not-for-profit organization which maintains the largest registry of purebred dogs in the world and oversees the sport of purebred dogs in the United States. The AKC is dedicated to upholding the integrity of its registry, promoting the sport of purebred dogs and breeding for type and function.

Along with its more than 5,000 licensed and member clubs and its affiliated organizations, the AKC advocates for the purebred dog as a family companion, advances canine health and well-being, works to protect the rights of all dog owners and promotes responsible dog ownership.

More than 22,000 competitions for AKC-registered purebred dogs are held under AKC rules and regulations each year including conformation, agility, obedience, rally, tracking, herding, lure coursing, coonhound events, hunt tests, field and earthdog tests.

Affiliate AKC organizations include the AKC Humane Fund, AKC Canine Health Foundation, AKC Reunite and the AKC Museum of the Dog. For more information, visit www.akc.org.

 

TIME

March 22 (Friday) - 24 (Sunday)

LOCATION

Fairgrounds Park

800 S Highland Ave, Jackson, TN 38301, USA

 

Open Houses Sunday, March 24

by The Peggy Graves Team

Please stop by and tour these 2 homes in Jackson this weekend. Call The Peggy Graves Team for more information 731-225-6920.

Landscaping = Value

by The Peggy Graves Team

7 Things to Avoid After Applying for a Mortgage!

by The Peggy Graves Team

7 Things To Avoid After Applying for a Mortgage!

7 Things To Avoid After Applying for a Mortgage! | MyKCM
 

Congratulations! You’ve found a home to buy and have applied for a mortgage! You are undoubtedly excited about the opportunity to decorate your new home! But before you make any big purchases, move any money around, or make any big-time life changes, consult your loan officer. They will be able to tell you how your decision will impact your home loan.

Below is a list of 7 Things You Shouldn’t Do After Applying for a Mortgage! Some may seem obvious, but some may not!

1. Don’t change jobs or the way you are paid at your job! Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.

2. Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

3. Don’t make any large purchases like a new car or new furniture for your new home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios… higher ratios make for riskier loans… and sometimes qualified borrowers no longer qualify.

4. Don’t co-sign other loans for anyone. When you co-sign, you are obligated. As we mentioned, with that obligation comes higher ratios as well. Even if you swear you will not be the one making the payments, your lender will have to count the payment against you.

5. Don’t change bank accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer money between accounts, talk to your loan officer.

6. Don’t apply for new credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.

7. Don’t close any credit accounts. Many clients have erroneously believed that having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both those determinants of your score.

Bottom Line

Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.

Attention Potential Investors

by The Peggy Graves Team

Single family homes offer the investor an opportunity to borrow large loan-to-value loans at fixed interest rates for long terms.  Lenders will loan 75-80% of the purchase price at 5.5% to 6.5% interest rate for thirty years.  Compare that with other popular investment alternatives like precious metals, commodities, stocks, and mutual funds and it will be hard to find financing available at all. 

There may be some short term, one-year, loans at a floating rate tied to prime plus with no guarantee that it will be renewed.  Some of those loans require you to have a 50% margin of equity and if the value goes down, you'll have to put up additional cash or be forced to sell.

The advantage of having long-term mortgages is that an investor could find the optimal time to sell the property instead of needing to sell it because the term is due, and no other financing is available.   Supply and demand cause the real estate market to be higher and lower and a long-term mortgage provides options to sell when the price is optimal.

Single family homes enjoy distinct tax advantages.  If the rental or investment property is held for more than 12 months, the gain is taxed at lower, long-term capital gains rates rather than ordinary income rates.

Another advantage of rental homes is that the improvements can be depreciated over a 27.5-year life.  This is a non-cash deduction that reduces income and shelters income.  The accumulated depreciation taken over the life of the property is recaptured when the property is sold.

Since rental homes provide income that other investments may not, tax would have to be recognized on the annual income.  IRS allows normal operating expenses like interest, property taxes, insurance, repairs, and management to be deducted including the annual depreciation.

Rental and investment property are eligible for tax-deferred exchanges to avoid paying tax at the time of disposition.  Real estate also enjoys stepped-up basis which means that when an heir inherits a property, instead of having a potential gain from the value the decedent had purchased it for less depreciation taken, the heir's basis becomes the fair market value at time of death.  All potential gain may be permanently avoided.

Appreciation is a much-anticipated benefit of real estate because value tends to go up over time.

Another big benefit is the control that an investor has with rentals that is not available with other investments like stocks, bonds, or commercial real estate.  It takes a relatively small amount of cash to control the entire investment in a home that wouldn't be available in other investments without partners or publicly traded companies.

Single family homes are an investment that homeowners understand because they are essentially the same as the home they live in.  They're used for rental purposes but the maintenance is the same, the service providers are the same, and the neighborhood are the same.  Most homeowners understand rentals far better than alternative investments.

Contact me at (731) 225-6920 if you'd like to know more about rental property.

Pre-approval = Confidence

by The Peggy Graves Team

If you are in the market to buy home getting pre-approved is a critical first step in the process. We can recommend several great mortgage companies for you to call. Call The Peggy Graves Team for more information 731-225-6920.

 

First Time Open! 50 Millie Park Drive, Jackson

by The Peggy Graves Team

Magnificent French inspired chateau. One of a kind  +/-4538 SF, beautiful cut stone exterior, 4 bedrooms, 4.5 baths, solid cherry doors, 12" mouldings, marble fireplace, hardwood floors, sun room - exercise pool & waterfall, elevator, gourmet kitchen with granite counter tops, Viking dbl oven, warming drawer, gas cook top, Sub Zero refrigerator & butlers pantry. Main level master suite with 2 cedar closets, steam shower, 2 dressing areas. 3 bedrooms up + media room & wet bar. Vacant lot beside is included. Offered at $699,000

 

OPEN SUNDAY - March 17 - 2pm-4pm


Some Great Plays for the Kids This Month!

by The Peggy Graves Team

ALICE IN WONDERLAND: A MUSICAL

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  • The Ned314 East Main StreetJackson, TN, 38301
  • Alice in Wonderland: A Musical

  • CINDERELLA

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  • Carl Perkins Civic Center400 South Highland Avenue Jackson, TN

Cinderella

Displaying blog entries 1-10 of 13

Contact Information

Photo of The Peggy Graves Team Real Estate
The Peggy Graves Team
COLDWELL BANKER REAL ESTATE NOW
327 North Pkwy.
Jackson TN 38305
Cell: 731-225-6920
Main Office: 731.668.1777

Lic. No. 00220561