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September brings beautiful weather to Hot Springs Village. It's perfect for a round of golf, a day on the lake, and many other fun activities. Come visit soon!
Remember, I can help you get luxury accommodations at HUGE discounts.
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Buying a Home with a Non-Spouse
When multiple people participate in a home purchase, they may not be married. They might be in a legal domestic partnership, committed relationship, common law marriage, or even strictly business partners. When it comes to buying a home with someone you're not married to, there are things to take into consideration before making the very big decision of buying the home. Also, it's important to check state and local laws as some states and towns have laws that prohibit unmarried couples from buying property together.
Share Financial Information
Sharing financial information is a big must when it comes to buying property with anyone (whether married or not). Financial information includes everything from income/salary, all debt (any current loans, student loan debt, car loans, etc.), credit scores, retirement accounts and any other income that might not be from a regular job. Be completely upfront about all finances, especially if you plan to apply for a mortgage loan. When applying for a mortgage loan, married couples have an advantage; they may be able to use the better credit history/credit score to apply for a loan; for couples that are not married, the mortgage lender will treat each person as an individual, meaning the lower of the two scores will take precedence when it comes to the terms of the loan.
Discuss and Plan Who Pays What
Buying a home is a big financial decision, and requires a sound understanding of who will be responsible for what. This includes paying any mortgage payments, household bills, property taxes, etc. If you're purchasing a property with someone you're not legally married to, it's important to spell out and have a firm written 'contract' regarding who pays for what or how much. Before you buy, agree on how much each person will contribute to the down payment, how much equity percentage each person will have in the property, and what each person will contribute to the mortgage, taxes, utilities, maintenance, and anything else that may come up.
Have a Joint Bank Account
While joining bank accounts with the person you buy a home with isn't a necessity, it is a good idea to have a shared account in which each person deposits their share of the home costs. When it comes to paying a mortgage, there are easier ways to pay beyond writing a check. With the advent of online banking and automatic withdrawal, you can set up the mortgage payment to come out of a joint account on the same day each month, making the mortgage payment easy and stress-free. With a shared account, any money for household bills, property improvements, taxes, and anything else that may be considered important can come out of the joint account.
Credit Surprises
For buyers applying for a mortgage loan, maintaining the same level of credit between being approved and the final closing is extremely important for a successful transaction. A person's credit can be impacted by anything: changing jobs, getting a new credit card, closing a credit card, falling behind on payments, and even adding additional debt through large purchases. Surprises when it comes to a buyer's credit can be a deal breaker for the lender; to prevent issues, a buyer can contact the lender ahead of closing to discuss any surprises that may have come up and come to a solution. The best way to prevent credit surprises: avoid making large financial decisions prior to closing.
Decide On the Type of Title
When buying a home with someone you're not married to, there are three different ways to "take title:"
Sole Ownership - This is where only one person's name is on the title/deed, which means that one person is the only legal owner. Sometimes this choice is a good idea if one partner has poor credit and doesn't want to be part of the mortgage decision. Other times, the higher-income partner may want to be able to use the house-related tax deductions on his/her taxes. The good news is that if the other person wants to be added to the title later, there is a process in which to do it.
Joint Tenants - This option is available for those owners that want to have equal shares of the property. Both a benefit and a risk of this type of title is that one partner cannot sell the house without the other partner's permission. Should one of the partners die, the "right of survivorship" guarantees the other partner inherits the other half of the property. In most states, Joint Tenants comes with the right of survivorship, while in others it will need to be specifically stated on the title.
Tenants in Common - This is an option that allows multiple owners of a home/property, and for the owners to possess unequal shares. With this type of title, it is possible for any one of the owners to sell his/her share of the property at any time. Should one party die, that party's share is left to whomever the party wished - the share doesn't automatically go to the other owner(s). If this title is chosen, it's important to get the percentages in writing, as very often the law will assume an equal split of the property.
Whether in a committed relationship, business partners, or buying property with a sibling/friend, property ownership is a possibility. If you have any questions, your agent is able to provide additional guidance on buying a home with a non-spouse.
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Empty Nesters: Best to Remodel or Time to Sell?
Your children have finally moved out and you and your spouse now live alone in a four-bedroom colonial (or a similar type of house). You have two choices to make:
- Remodel your house to fit your current lifestyle and needs
- Sell your house and purchase the perfect home
Based on the record of dollars spent on remodeling and renovations, it appears that many homeowners are deciding on number one. But, is that the best long-term solution?
If you currently live in a 3-4-bedroom home, you probably bought it at a time when your children were the major consideration in determining family housing needs. Along with a large home, you more than likely also considered school district, the size of the property and the makeup of other families living in the neighborhood (example: you wanted a block with other kids your children could play with and a backyard large enough to accommodate that).
Remodeling your home to meet your current needs might mean combining two bedrooms to make one beautiful master suite and changing another bedroom into the massive walk-in closet you always wanted. However, if you live in a neighborhood that historically attracts young families, you may be dramatically undermining the value of your house by cutting down the number of bedrooms and making it less desirable to the typical family moving onto your block.
And, according to a
recent study, you will recoup only 64.4% of a remodeling project's investment dollars if you sell in the future.
Your home is probably at its highest value as it stands right now. Instead of remodeling your house, it may make better financial sense to sell your current home and purchase a home that was built specifically to meet your current lifestyle and desires.
In many cases, this well-designed home will give you exactly what you want in less square footage (read less real estate taxes!) than your current home.
Bottom Line
If you are living in a house that no longer fits your needs, at least consider checking out other homes in your area that would meet your lifestyle needs before taking on the cost and hassle of remodeling your current house.
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RE
/MAX of Hot Springs Village
presents...
Hot Springs Village. It's a great place to live.
"Escape to the Ouachitas" is a resource to learn more about all that Hot Springs Village and the Ouachita Region have to offer. From our nine world-class golf courses and more than 30 miles of trails, to 11 beautiful lakes and various sporting clubs, we think you'll find something that appeals to you. Our residents are an eclectic bunch, hailing from across the country and around the world.
Visit Hot Springs Village once and we think you'll want to stay for a lifetime.
Click on the image above to begin your Ouachita Adventure. Stop by our office to pick up a copy today.
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Friends and neighbors get together throughout the year for community events and holiday celebrations including dances, karaoke, Rock Porch sessions, Farm-to-Table events, and more. The Woodlands Auditorium is the performing arts center and has musicals, dramas, and dance, vocal and choral presentations. Way Point at DeSoto Marina is home to Basecamp and the setting for events such as Rock Porch sessions, Crawfish boils and more. Grove Park is an outdoor venue and home to the farmers' market, artisan market, live outdoor concerts, holiday celebrations and community events.
Check out the event calendar or buy tickets by clicking the image.
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Aug/Sep 2017 |
Hot Springs Village Homes Magazine The RE
/MAX Collection
Click the magazine picture to view the latest Hot Springs Village Homes Magazine.
The Ouachita Mountain area's natural beauty: Breathtaking vistas, blossoming forest and gleaming lakes, combined with its mild climate, reasonable property taxes and low cost of living make it the perfect place to call home.
Available real estate spans from very affordable to affluent, with homes priced from under $100,000 to over $1 million. The variety of homes ranges from golf-front to lake-front, mountain-view or wooded. RE/MAX offers an assortment of quality property lots for sale, commercial real estate and long-term rental properties too.
Check out my
Featured Listings for this month below!
Email to schedule a private tour or learn more about these great properties.
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MLS # 16005621
4 Bd., 3 Ba., 4,464 Sq. ft.
$449,000 |
194 Empinado Way
| French country dream home! Professionally designed colors & window treatments, beautiful exposed beams in living & kitchen areas, 4 fireplaces, master suite on main level, guest suite & office upstairs, guest suite, wet bar, game room, downstairs! Custom features throughout! Gourmet kitchen with upscale appliance package, new roof, Bennett bros. Landscape, underground fence, lovely wooded area with fall and winter mountain/lake view! |
Link to Listing
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MLS # 15026231
3 Bd., 3 Ba., 2,868 Sq. ft.
$314,900 |
60 Loyola Drive
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Beautiful one level Diamante Golf Course Home built in 2003, located on the 18th tee with fantastic views of #17 Pond and Fountain offering lots of privacy. This home has almost everything including granite counter tops, tile floors, formal Dining Room, Breakfast Room, Two family rooms, study, wet bar, three car garage, sunroom (recently added) and includes split bedrooms, fantastic kitchen, volume ceilings, situated on a 3/4 acre lot.
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Link to Listing
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MLS # 16033216
3 Bd., 3 Ba. 2,746 Sq. ft.
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12 Fiero Lane
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The moment you arrive, you will fall in love with this lovely Isabella Golf Course home located on #5 fairway of the Pinta Golf Course, with a beautiful view of the pond. This immaculate home has everything including 3-car garage, open floor plan, volume ceilings, wood floors, granite, gas fireplace, upstairs bedroom, bath and exercise room, zoned heating, covered deck and water feature.
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Link to Listing
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MLS # 17002159
3 Bd., 2 Ba., 1,755 Sq. ft.
Reduced !!! $175,900
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80 Salvatierra Way
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You will LOVE this adorable move-in ready 1999 Keaton built home. Your guests will enjoy the totally level lot, the low maintenance landscaping, drip irrigation, a water feature, & HUGE TREX deck in back to enjoy Arkansas wildlife. Plus oversized garage, with workshop, common property, brick patio, recirculating hot water, recessed lighting, upgraded fireplace, split bedrooms, custom closets, Murphy bed, double vanity, Jacuzzi tub, large walk-in shower, 5 ceiling fans, new HVAC system, and new roof in 2015... Near East Gate!
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Community Calendar
Check out the Hot Springs Village Community Calendar (click on the image)
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Outdoor Adventure
Hot Springs Village Basecamp is your launching point to outdoor adventure.
If you enjoy life outside, you'll want to be part of Basecamp. Keep an eye on the calendar and Facebook announcing upcoming events, local activities and road trips. Then, grab your gear and get ready to enjoy the great outdoors!
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Sporting Traditions
The Ouachita Rod & Gun Club is focused on bringing folks together to celebrate sporting traditions. We believe in good fun, food and fellowship in the great outdoors. It doesn't matter if you are seasoned by years in the outdoors or just want to meet some new friends. There is a place for you in the Ouachita Rod & Gun Club.
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Mortgage Calculator
There are two types of mortgages popular in Arkansas. Fixed-rate mortgages, or FRMs, are those that include principle and interest in the monthly payment amount and are stable throughout the life of the loan, and adjustable-rate mortgages, or ARMs, are loans that include principle and interest that change periodically throughout the life of the loan. Both FRMs and ARMs are available in 10, 15, 20, 30, and even some 40 year increments, and can be either first mortgages, second mortgages, or refinance options.
Click on the image above to connect to the Mortgage Calculator and learn more about mortgages in Arkansas.
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The Hot Springs Village State Weeks promotion allows guests from across the country to enjoy our amenities at reduced rates during their state week.
While here, discover all that Hot Springs Village has to offer; schedule a community tour with me!
Check out the State Week calendar by clicking the USA image.
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Visit our RE/MAX of Hot Springs Village office conveniently located at
1400 DeSoto Boulevard
on the corner of Desoto Blvd. & Ponce de Leon Drive.
***FREE***
Village Information
Cup of STARBUCKS!
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Recipe of the Month
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Garlic, Red Pepper Flake Shrimp
1 1/2 tbs. coconut oil, raw, extra-virgin, organic
1 lb. shrimp, fresh, wild-caught
Sea salt, unrefined and pure to taste
6 clove garlic, fresh
3 tbs. lemon juice
1/3 c. parsley, fresh
2 tbs. butter, unsalted
6 leaves Romaine lettuce
1/4 tsp. red pepper flakes, crushed
1 tbs. cheese, Parmesan
Measure out all your ingredients before you start and have them ready. There's no time to measure between steps. This really cooks fast.
- Peel and de-vein the shrimp. Mince the garlic. Chop the parsley. Tear 6 large Romaine lettuce leaves. Note: The butter should be cold. Cut it into 4 pieces.
- Heat coconut oil in a skillet on the highest setting. Once you see the first glimmer of smoke off the oil, add shrimp (make sure they were patted dry beforehand). Stir fry, constantly moving the shrimp around. Sprinkle with sea salt to taste.
- Once the shrimp has started to completely change color, add the garlic. Continue to stir fry constantly moving it around as to not burn the garlic.
- Add the lemon juice, half of the parsley, and the cubed butter. As soon as the butter starts to melt, turn the heat down to simmer.
- As the sauce thickens pull the shrimp out and serve over a bed of Romaine lettuce, or by itself. Add a little water to whatever sauce is left in the pan to thin it out. Pour the sauce over the shrimp.
- Top dish with red pepper flakes, fresh Parmesan, and remaining parsley.
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BJ Conner Associate Broker GRI, RCC | RE/MAX of Hot Springs Village
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