Karla Osmun

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8 Reasons to Relocate to Scottsdale Arizona

Posted On: September 14th, 2017 12:05AM

Scottsdale, Arizona has a reputation as a travel destination, but it’s also a city beloved by residents. If you’re thinking about relocating to the desert Southwest, Scottsdale and neighbor cities of Rio Verde, Cave Creek, Carefree and Fountain Hills deserve consideration. A move to Scottsdale promises abundant amenities, from vibrant outdoor activities and sports to a thriving downtown and waterfront. The city of about 220,000 is known for excellent quality of life, as well as tourist appeal

The reasons to move to Scottsdale are myriad, including the sunny, dry climate; here are eight great ones:

1. It’s Family-Friendly

In spite of its reputation as a city for retirees, Scottsdale has abundant Gen X and millennial residents raising young families in the area. The city’s school districts are consistently ranked among the top in the state, including charter and magnet schools, an outstanding community college and proximity to Arizona State University. Charter BASIS High School ranks among the top 10 high schools in the country, per U.S. News and World Report.  Likewise, the city has plenty of activities to appeal to families, including accredited sports and recreational activities and arts and museum culture.

2. Vibrant Downtown

Known for nightlife, Scottsdale’s downtown has exploded with condos and urban housing for an effective mix of “live-work-play” in the area. It’s also one of the top five art markets in the country, with more than 70 galleries. Shopping is also a priority and Fashion Square sets a high standard with anchors Neiman Marcus, Nordstrom, Dillard’s and Barney’s New York. Residents appreciate the blend of arts and culture downtown with business, shopping and nightlife.

3. Arts and Culture

Scottsdale is home to plenty of great museums and cultural attractions, including the afore-mentioned Center for the Performing Arts. Other draws include the new Museum of the West, new in 2015; the Fiesta Bowl Museum, recording the history of the great college bowl game since 1971; and the Scottsdale Museum of Contemporary Art, dedicated to modern works.

4. Sports

Scottsdale is legendary for golf, and it’s a big economic and tourism driver locally. The Waste Management Phoenix Open is the most-attended tournament in the world, with an annual attendance at 500,000. The legendary 16th hole has a temporary stadium that manifests around it each year, soA popular that the city is considering making it permanent. But of course, baseball spring training for several pro teams and the local Scottsdale Scorpions is another huge draw, along with the wonderful baseball traditions and culture built up over the years – including restaurants like Pink Pony and Don & Charlie’s, which showcase memorabilia dating back to the 1950s and lure diners as much for the history as the good food. College football fans come down for the Fiesta Bowl and the Cactus Bowl at University of Phoenix Stadium in adjacent Glendale.

5. Outdoor Environment

Most people don’t think about Scottsdale having a waterfront, but it’s one of the best local draws, a point where canals that date back 1500 years to Native American inhabitants converge to create a thriving spot downtown, a live-work-play destination modeled on San Antonio’s River Walk. Scottsdale is also built along the Indian Bend Wash Greenbelt, a floodplain turned into parks, lakes, paths and golf courses meandering through Scottsdale. It’s a world-renown flood control project turned outstanding green space. Another popular destination for hikers is the exquisite McDowell Sonoran Preserve, which offers up 30,000 acres of lush desert environment, complete with flora and animal herds, attached to a national forest the size of Rhode Island.

6. Parks and Recreation

Kids and adults both benefit from Scottsdale’s Sports Complex, as well as an award-winning parks and recreation department that offers up 51 golf courses, 45 miles of paved paths for walkers and cyclists, and another 115 miles of non-motorized trails.

7. Dining

Scottsdale’s burgeoning downtown benefits from entrepreneurism in the restaurant scene as well, with more than 790 restaurants in the city. Scottsdale’s chefs are gaining visibility at places like the Beard House in New York. Fine dining establishments like Cafe Monarch, Talavera and Eddie V’s Prime Seafood have outstanding reputations, or try a British-style high tea at Afternoon Tea as a shopping break. The microbrewery scene is also growing, with Goldwater Brewing Co. in Old Town setting an outstanding example.

8. Business Climate

The proximity of Scottsdale Airport has helped define the business environment, with one of the busiest single runway airports in the U.S., nearly all-corporate or general aviation. The surrounding Airpark developed as a regional center of commerce, employing more than 50,000 people within the brief radius that house more than 2,500 individual businesses (commercial travelers use Phoenix’s nearby SkyHarbor International Airport). A partnership with Arizona State University has produced SkySong, the ASU Scottsdale Innovation Center, connecting technology, research, education and entrepreneurship to help build the area business communities. Scottsdale is also home to a prominent branch of the famed Mayo Clinic, plus Scottsdale Healthcare and other boutique medical research firms, sometimes dubbed the “Cure Corridor.” Hotels, spas and other tourist-focused businesses also make up a large part of the Scottsdale economy.

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7 Steps to Take Before You Buy a Home

Posted On: September 14th, 2017 12:01AM

By doing your homework before you buy, you’ll feel more content about your new home.

 Most potential home buyers are a smidge daunted by the fact that they’re about to agree to a hefty mortgage that they’ll be paying for the next few decades. The best way to relieve that anxiety is to be confident you’re purchasing the best home at a price you can afford with the most favorable financing. These seven steps will help you make smart decisions about your biggest purchase.

1. Decide How Much Home You Can Afford

Generally, you can afford a home priced two to three times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children.

2. Develop Your Home Wish List

Be honest about which features you must have and which you’d like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top five must-haves and top five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping.

3. Select Where You Want to Live

Make a list of your top five community priorities, such as commute time, schools, and recreational facilities. Ask a REALTOR® to help you identify three to four target neighborhoods based on your priorities.

4. Start Saving

Have you saved enough money to qualify for a mortgage and cover your down payment? Ideally, you should have 20% of the purchase price set aside for a down payment, but some lenders allow as little as 5% down. A small down payment preserves your savings for emergencies.

However, the lower your down payment, the higher the loan amount you’ll need to qualify for, and if you still qualify, the higher your monthly payment. Your down payment size can also influence your interest rate and the type of loan you can get.

Finally, if your down payment is less than 20%, you’ll be required to purchase private mortgage insurance. Depending on the size of your loan, PMI can add hundreds to your monthly payment. Check with your state and local government for mortgage and down payment assistance programs for first-time buyers.

5. Ask About All the Costs Before You Sign

A down payment is just one home buying cost. A REALTOR® can tell you what other costs buyers commonly pay in your area -- including home inspections, attorneys’ fees, and transfer fees of 2% to 7% of the home price. Tally up the extras you’ll also want to buy after you move-in, such as window coverings and patio furniture for your new yard.

6. Get Your Credit in Order

A credit report details your borrowing history, including any late payments and bad debts, and typically includes a credit score. Lenders lean heavily on your credit report and credit score in determining whether, how much, and at what interest rate to lend for a home. The minimum credit score you can have to qualify for a loan depends on many factors, including the size of your down payment. Talk to a REALTOR® or lender about your particular circumstance.

You’re entitled to free copies of your credit reports annually from the major credit bureaus: Equifax, Experian, and TransUnion. Order and then pore over them to ensure the information is accurate, and try to correct any errors before you buy. If your credit score isn’t up to snuff, the easiest ways to improve it are to pay every bill on time and pay down high credit card debt.

7. Get Prequalified

Meet with a lender to get a prequalification letter that says how much house you’re qualified to buy. Start gathering the paperwork your lender says it needs. Most want to see W-2 forms verifying your employment and income, copies of pay stubs, and two to four months of banking statements.

If you’re self-employed, you’ll need your current profit and loss statement, a current balance sheet, and personal and business income tax returns for the previous two years.

Consider your financing options. The longer the loan, the smaller your monthly payment. Fixed-rate mortgages offer payment certainty; an adjustable-rate mortgage (ARM) offers a lower monthly payment. However, an adjustable-rate mortgage may adjust dramatically. Be sure to calculate your affordability at both the lowest and highest possible ARM rate.

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Home Upgrades with the Lowest Return on Investment

Posted On: September 13th, 2017 11:57PM

2017-08-30

Life is a balancing act, and upgrading your home is no different. Some upgrades, like a kitchen remodel or an additional bathroom, typically add value to your home. Others, like putting in a pool, provide little dollar return on your investment.

Of course, homeowning isn’t just about building wealth; it’s also about living well and making memories -- even if that means outclassing your neighborhood or turning off future buyers. So if any of these six upgrades is something you can’t be dissuaded from, enjoy! We won’t judge. But go in with your eyes wide open. Here’s why: 

1. Outdoor Kitchen

The fantasy: You’re the man -- grilling steaks, blending margaritas, and washing highball glasses without ever leaving your pimped-out patio kitchen.

The reality: For what it costs -- on average $12,000 to $15,000 -- are you really gonna use it? Despite our penchant for eating alfresco, families spend most leisure time in front of some screen and almost no leisure time outdoors, no matter how much they spend on amenities, according to UCLA’s "Life At Home" study. And the National Association of Home Builders' 2013 "What Home Buyers Really Want" report says 35% of mid-range buyers don’t want an outdoor kitchen.

The bottom-line: Instead, buy a tricked out gas grill, which will do just fine when you need to char something. If you’re dying for an outdoor upgrade, install exterior lighting -- only 1% of buyers don’t want that.

2. In-Ground Swimming Pool

The fantasy: Floating aimlessly, sipping umbrella drinks, staying cool in the dog days of summer.

The reality: Pools are money pits that you’ll spend $17,000 to $45,000+ to install (concrete), and thousands more to insure, secure, and maintain. Plus, you won’t use them as much as you think, and when you’re ready to sell, buyers will call your pool a maintenance pain.

The bottom-line: If your idea of making it includes a backyard swimming pool, go for it. But, get real about:

  • How many days per year you’ll actually swim.
  • How much your energy bills will climb to heat the water ($760 to $1,845 depending on location and temperature).
  • What you’ll pay to clean and chemically treat the pool ($20 to $100 per month in-season if you do it yourself; $75 to $165 per month for a pool service).
  • The fact that you'll likely need to invest in a pool fence. In fact, some insurance carriers require it.

Related: Natural Swimming Pools: 9 Myths Busted

3. In-Ground Spa

The fantasy: Soothing aching muscles and sipping chardonnay with friends while being surrounded by warm water and bubbles.

The reality: In-ground spas are nearly as expensive ($15,000 to $20,000) as pools and cost about $1 a day for electricity and chemicals. You’ll have to buy a cover ($50 to $400) to keep children, pets, and leaves out. And, like in-ground pools, in-ground spas’ ROI depends solely on how much the next homeowner wants one.

The bottom-line: Unless you have a chronic condition that requires hydrotherapy, you probably won’t use your spa as much as you imagine. A portable hot tub will give you the same benefits for as little as $1,000 to $2,500, and you can take it with you when you move.

4. Elevator

Your fantasy: No more climbing stairs for you or for your parents when they move in.

The reality: Elevators top the list of features buyers don’t want in the NAHB “What Buyers Really Want” report. They cost upwards of $25,000 to install, which requires sawing through floors, laying concrete, and crafting high-precision framing. And, at sales time, elevators can turn off some families, especially those with little kids who love to push buttons.

The bottom-line: If you truly need help climbing stairs, you can install a chair lift on a rail system ($1,000 to $5,000). Best feature: It can be removed.

5. Backup Power Generator

Your fantasy: The power in your area goes kaput, but not for you. You were smart enough to install a backup power generator. While the neighbors eat cold hot dogs by a flashlight beam, you’re poaching salmon in your oven and pumping out Red Hot Chili Peppers tunes.

The reality: Power outages may seem to go on forever, but they don’t. Fifty dollars worth of batteries can power portable lights, radios, and TVs; a car adaptor will charge your cell phones and iPods; and some dry ice will keep freezer food cold for at least a couple of days.

The bottom-line: If you live in areas where power shortages are the rule, not the exception, spend the money for reliable backup power: Your still-frozen steaks, home office fax, and refrigerated medicine will thank you. But if the power goes out rarely, then installing a standby generator is overkill.

6. New Windows

The fantasy: Brand new windows that don’t stick, and slash energy bills.

The reality: A $15,000 vinyl window replacement project will return about 80% of your investment at resale, according to the "2015 Remodeling Impact Report" from the NATIONAL ASSOCIATION OF REALTORS®. And if they’re Energy Star-qualified, they can save you around $300 in energy bills per year.  So, plan to live in your house about another 10 years to recoup the cost of new windows.

The bottom-line: We get it -- new windows are sturdy, pretty energy savers. But unless old window frames are thoroughly rotten, most windows can be repaired for a fraction of replacement costs. And if you spend about $1,000 to update insulation, caulking, and weather-stripping, you’ll save 10% to 20% on your energy bill.

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