Things You Will Need To Qualify For The New Homestead Law

North Dallas Real Estate Agent on the Things You Will Need To Qualify For The New Homestead Law

The new homestead law is now in effect.  Effective September 1, 2011, there is a change in state law concerning homestead exemption on property being purchased. The new law requires applicants to provide a copy of their Texas driver’s license or state ID card and vehicle registration receipt. The documents must show the same address as the property for which the exemption is requested.

Click Here To Download the Homestead Exemption Form

Applicants who do not own a vehicle must provide a copy of a utility bill with the correct address. They also must provide an affidavit stating he/she does not own a vehicle. The new requirements also apply to applications for the over-65, disability, disabled veterans, homeowner’s surviving spouse and manufactured (mobile) home exemptions. They do not apply to homeowners who already have homestead exemptions.

Will these changes affect your qualifications for receiving a homestead exemption?

Becky Hopkins, Realtor®, SRES, GRI
CENTURY 21 Judge Fite Company
Serving the Dallas/Fort Worth Metroplex
www.50andholding.com

5 Ways To Protect Your Home Investment

North Dallas Real Estate Agent offers 5 Ways To Protect Your Home Investment

As HVAC units have increased in size, inside replacements are having to be installed in the attics.

It is very important to have a licensed HVAC tech do the work and I personally think it is important to check with your city about permits and this and other licensed work. It also is important to keep your invoices together in one place.

About permits: I understand that everyone does not agree about the importance of permits, but it places an extra measure of accountability on the installer and can be a good marketing tool when you later sell the property. Permitted work presents you as a responsible owner who makes sure work is done correctly and this can translate to a better sale price and/or fewer repair requests when you are selling your house.

Home inspection reports are showing enough bad, and even unsafe, installation work of HVAC units and hot water heaters to convince me of the value of having the work permitted. This means you may pay slightly more for the permitted work, but think of it as a type of insurance on quality of installation
work. Remember that this is not your weekly grocery list – it is one of your most valuable assets.

About keeping your paper work: Recently, some buyers purchased a house and the home inspector and their HVAC inspector found that when the unit had been replaced several years earlier, the installer used a 5-ton coil in a 4-ton unit.

The work had not been permitted; however, the owner kept his invoice. Without the invoice, it is doubtful the owner would have been successful with the HVAC company, or it would have taken much longer and possibly prevented the sale from closing by the contract date. However, the documentation in hand (showing the correct size written up but different/wrong size installed), probably saved the owner a lot more time and at least $2,000+ if he had paid for the correction work.

Becky Hopkins, Realtor®, SRES, GRI
CENTURY 21 Judge Fite Company
Serving the Dallas/Fort Worth Metroplex
www.50andholding.com

8 Things To Consider When Buying A Home

When is it okay to ask questions when buying a home?

Always! In fact, it is really smart. When purchasing something as expensive as a house, be sure to look past the cosmetics.

If you are purchasing older resales, especially going back 30 or 40 years or longer, pay attention to the differences in design. Housing responds to the needs and demands of buyers. For instance, in the 1950’s and into the 1960’s there were fewer 2-income families which meant there was neither the need nor the income for room-sized closets and 2- and 3-car garages. The mid-century homes were just beginning to have central HVAC and the units were much smaller. Also, instead of separate utility rooms, washers and dryers were still found in the garage. These are important pieces of information because it is smart to learn how installation of larger systems in small spaces was handled and if it was done correctly – and safely.

Unless the interior of a house has been taken back to the studs and the floor plan reconfigured, you will see a lot of differences in room arrangement, number and size of closets and cabinets.

When you find The House, it is always important to learn as much about the house as possible. Even when the seller is forthcoming with property information, it is important for you as a prospective buyer begin taking mental ownership before you go under contract or at least during your walk-away time. A seller might disclose all that is required on the Seller’s Disclosure Notice but you should look closely at the bones of the house and its systems (especially installation of hot water heaters, HVAC, roofing, electrical system).

If you purchase an investor-owned “flip” property, do double duty with questions and buyer beware. A number of investors think they are exempt from disclosing property information because they have not lived in the property – they have only rehabbed it. They are wrong.

Keep in mind that buying is a business transaction. Attempt to check emotions at the door, gather factual information, and you are more likely to have a successful transaction with much less angst.

Becky Hopkins, Realtor®, SRES, GRI
CENTURY 21 Judge Fite Company
Serving the Dallas/Fort Worth Metroplex
www.50andholding.com