A home ultimately is worth what someone will pay for it. Everything else is an estimate of value. To determine a property's value, most people turn to either an appraisal or a comparative market analysis.

An appraisal is a certified appraiser's estimate of the value of a home at a given point in time. Appraisers consider square footage, construction quality, design, floor plan, neighborhood and availability of transportation, shopping and schools. Appraisers also take lot size, topography, view and landscaping into account. Most appraisals cost about $300.

A comparative market analysis is a real estate broker's or agent's informal estimate of a home's market value, based on sales of comparable homes in a neighborhood. We can provide you with a free comparative market analysis. You can do your own cost comparison by looking up recent sales of comparable properties in public records. These records are available at local recorder or assessor offices, through private real estate information companies or on the Internet. Keep in mind, however, that real estate professionals are trained to make accurate comparisons between properties and neighborhoods, and may provide a more accurate market value than a review of statistics alone.

A home ultimately is worth what someone will pay for it. Everything else is an estimate of value. To determine a property's value, most people turn to either an appraisal or a comparative market analysis.

An appraisal is a certified appraiser's estimate of the value of a home at a given point in time. Appraisers consider square footage, construction quality, design, floor plan, neighborhood and availability of transportation, shopping and schools. Appraisers also take lot size, topography, view and landscaping into account. Most appraisals cost about $300.

A comparative market analysis is a real estate broker's or agent's informal estimate of a home's market value, based on sales of comparable homes in a neighborhood. We can provide you with a free comparative market analysis. You can do your own cost comparison by looking up recent sales of comparable properties in public records. These records are available at local recorder or assessor offices, through private real estate information companies or on the Internet. Keep in mind, however, that real estate professionals are trained to make accurate comparisons between properties and neighborhoods, and may provide a more accurate market value than a review of statistics alone.

Appraisers use several factors when estimating a home's value, including the home's size and square footage, the condition of the home and neighborhood, comparable local sales, any pertinent historical information, sales performance and indices that forecast future value. For detailed information on appraisal standards, contact the Appraisal Institute at 200 W. Madison, Suite 1500, Chicago, IL 60606, 7 a.m. - 5 p.m. CT; 888-7JOINAI (754-4624).

Appraisers use several factors when estimating a home's value, including the home's size and square footage, the condition of the home and neighborhood, comparable local sales, any pertinent historical information, sales performance and indices that forecast future value. For detailed information on appraisal standards, contact the Appraisal Institute at 200 W. Madison, Suite 1500, Chicago, IL 60606, 7 a.m. - 5 p.m. CT; 888-7JOINAI (754-4624).

Buying into a new-home community may seem riskier than purchasing a house in an established neighborhood, but any increase in home value depends upon the same factors: quality of the neighborhood, growth in the local housing market and the state of the overall economy. One survey by the National Association of Realtors shows that resale homes do have an edge over new homes. The trade group's figures show the median price of resale homes increased 4.3 percent between 1999 and 2000, compared to 2.8 percent for new homes in the same period.

Buying into a new-home community may seem riskier than purchasing a house in an established neighborhood, but any increase in home value depends upon the same factors: quality of the neighborhood, growth in the local housing market and the state of the overall economy. One survey by the National Association of Realtors shows that resale homes do have an edge over new homes. The trade group's figures show the median price of resale homes increased 4.3 percent between 1999 and 2000, compared to 2.8 percent for new homes in the same period.

You can get some idea of your home's value by searching the Internet. A number of Web sites and services crunch the numbers from historic public records of home sales to produce the statistics. Some services offer an actual estimate of value based on acceptable software appraisal standards. They also depend on historic home sales records to calculate the estimate. Neither of these services produce official appraisals. They also don't factor in market nuances or other issues a certified appraiser or real estate professional might in assessing the value of your home.

You can get some idea of your home's value by searching the Internet. A number of Web sites and services crunch the numbers from historic public records of home sales to produce the statistics. Some services offer an actual estimate of value based on acceptable software appraisal standards. They also depend on historic home sales records to calculate the estimate. Neither of these services produce official appraisals. They also don't factor in market nuances or other issues a certified appraiser or real estate professional might in assessing the value of your home.

The list price is a seller's advertised price, a figure that usually is only a rough estimate of what the seller wants to get. Sellers can price high, low or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area. The sales price is the amount of money you as a buyer would pay for a property. The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors. The appraisal value will be considered by a mortgage company is making a loan for the property.

The list price is a seller's advertised price, a figure that usually is only a rough estimate of what the seller wants to get. Sellers can price high, low or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area. The sales price is the amount of money you as a buyer would pay for a property. The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors. The appraisal value will be considered by a mortgage company is making a loan for the property.

A comparative market analysis and an appraisal are the standard methods for determining a home's value. We will be happy to provide a comparative market analysis, an informal estimate of value based on comparable sales in the neighborhood, giving listing prices of current homes on the market as well as those that have sold. You also can research this yourself by checking on recent sales in public records. Be sure that you are researching properties that are similar in size, construction, location and condition. This information is not only available at your local recorder's or assessor's office but also through private companies and on the Internet.

An appraisal, which generally costs $200 to $300 to perform, is a certified appraiser's opinion of the value of a home at any given time. Appraisers review numerous factors including recent comparable sales, location, square footage and construction quality.

A comparative market analysis and an appraisal are the standard methods for determining a home's value. We will be happy to provide a comparative market analysis, an informal estimate of value based on comparable sales in the neighborhood, giving listing prices of current homes on the market as well as those that have sold. You also can research this yourself by checking on recent sales in public records. Be sure that you are researching properties that are similar in size, construction, location and condition. This information is not only available at your local recorder's or assessor's office but also through private companies and on the Internet.

An appraisal, which generally costs $200 to $300 to perform, is a certified appraiser's opinion of the value of a home at any given time. Appraisers review numerous factors including recent comparable sales, location, square footage and construction quality.

The list price is a seller's advertised price, a figure that usually is only a rough estimate of what the seller wants to get. Sellers can price high, low or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area. The sales price is the amount of money you as a buyer would pay for a property. The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors. The appraisal value will be considered by a mortgage company is making a loan for the property.

The list price is a seller's advertised price, a figure that usually is only a rough estimate of what the seller wants to get. Sellers can price high, low or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area. The sales price is the amount of money you as a buyer would pay for a property. The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors. The appraisal value will be considered by a mortgage company is making a loan for the property.

A comparative market analysis and an appraisal are the standard methods for determining a home's value. We will be happy to provide a comparative market analysis, an informal estimate of value based on comparable sales in the neighborhood, giving listing prices of current homes on the market as well as those that have sold. You also can research this yourself by checking on recent sales in public records. Be sure that you are researching properties that are similar in size, construction, location and condition. This information is not only available at your local recorder's or assessor's office but also through private companies and on the Internet.

An appraisal, which generally costs $200 to $300 to perform, is a certified appraiser's opinion of the value of a home at any given time. Appraisers review numerous factors including recent comparable sales, location, square footage and construction quality.

A comparative market analysis and an appraisal are the standard methods for determining a home's value. We will be happy to provide a comparative market analysis, an informal estimate of value based on comparable sales in the neighborhood, giving listing prices of current homes on the market as well as those that have sold. You also can research this yourself by checking on recent sales in public records. Be sure that you are researching properties that are similar in size, construction, location and condition. This information is not only available at your local recorder's or assessor's office but also through private companies and on the Internet.

An appraisal, which generally costs $200 to $300 to perform, is a certified appraiser's opinion of the value of a home at any given time. Appraisers review numerous factors including recent comparable sales, location, square footage and construction quality.

Buyers considering a foreclosure property should obtain as much information as possible from the lender, including the range of bids expected. It also is important to examine the property and to determine the cost of any needed repairs. If you are unable to get into a foreclosure property, check with surrounding neighbors about the property's condition. It also is possible to do your own cost comparison through researching comparable properties recorded at local county recorder's and assessor's offices, or through Internet sites specializing in property records.

Buyers considering a foreclosure property should obtain as much information as possible from the lender, including the range of bids expected. It also is important to examine the property and to determine the cost of any needed repairs. If you are unable to get into a foreclosure property, check with surrounding neighbors about the property's condition. It also is possible to do your own cost comparison through researching comparable properties recorded at local county recorder's and assessor's offices, or through Internet sites specializing in property records.

The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300.

Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.

The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300.

Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.

Studies show that the closing costs, which can average 2 to 3 percent of a total home purchase price, are often more costly than many buyers expect. But there are some ways to save:

* Negotiate with the seller to pay all or part of the closing costs. The lender must agree to this as well as the seller. * Get a no-point loan. The trade-off is a higher interest rate on the loan and many of these loans have prepayment penalties. But buyers who are short on cash and can qualify for a higher interest rate may find a no-point loan will significantly cut their closing costs. * Get a no-fee loan. Usually these fees are wrapped into a higher interest rate, but it will save you on the amount of cash you need upfront. * Get seller financing. This kind of arrangement usually does not entail traditional loan fees or charges. * Rent the property in which you are interested with an option to buy. That will give you more time to save for the upfront cash needed for the actual purchase. * Shop around for the best loan deal. Each direct lender and each mortgage brokerage has their own fee structure. Call around before submitting your final loan application.

Studies show that the closing costs, which can average 2 to 3 percent of a total home purchase price, are often more costly than many buyers expect. But there are some ways to save:

* Negotiate with the seller to pay all or part of the closing costs. The lender must agree to this as well as the seller. * Get a no-point loan. The trade-off is a higher interest rate on the loan and many of these loans have prepayment penalties. But buyers who are short on cash and can qualify for a higher interest rate may find a no-point loan will significantly cut their closing costs. * Get a no-fee loan. Usually these fees are wrapped into a higher interest rate, but it will save you on the amount of cash you need upfront. * Get seller financing. This kind of arrangement usually does not entail traditional loan fees or charges. * Rent the property in which you are interested with an option to buy. That will give you more time to save for the upfront cash needed for the actual purchase. * Shop around for the best loan deal. Each direct lender and each mortgage brokerage has their own fee structure. Call around before submitting your final loan application.

For more on closing costs, ask for the "Consumers Guide to Mortgage Settlement Costs," Federal Reserve Bank of San Francisco, Public Information Department, P.O. Box 7702, San Francisco, CA 94120 or call (415) 974-2163.

For more on closing costs, ask for the "Consumers Guide to Mortgage Settlement Costs," Federal Reserve Bank of San Francisco, Public Information Department, P.O. Box 7702, San Francisco, CA 94120 or call (415) 974-2163.

Closing costs are either paid by the home seller or home buyer. It often depends on local custom and what the buyer or seller negotiates.

Closing costs are either paid by the home seller or home buyer. It often depends on local custom and what the buyer or seller negotiates.

Closing costs are the fees for services, taxes or special interest charges that surround the purchase of a home. They include upfront loan points, title insurance, escrow or closing day charges, document fees, prepaid interest and property taxes. Unless these charges are rolled into the loan, they must be paid when the home is closed.

Closing costs are the fees for services, taxes or special interest charges that surround the purchase of a home. They include upfront loan points, title insurance, escrow or closing day charges, document fees, prepaid interest and property taxes. Unless these charges are rolled into the loan, they must be paid when the home is closed.

For more on closing costs, ask for the "Consumers Guide to Mortgage Settlement Costs," Federal Reserve Bank of San Francisco, Public Information Department, P.O. Box 7702, San Francisco, CA 94120 or call (415) 974-2163.

For more on closing costs, ask for the "Consumers Guide to Mortgage Settlement Costs," Federal Reserve Bank of San Francisco, Public Information Department, P.O. Box 7702, San Francisco, CA 94120 or call (415) 974-2163.

As much as you as a buyer may want to believe that the home you have found is perfect, a clear title report ensures there are no liens placed against the prior owners, or any documents that will restrict your use of the property. A preliminary title report provides you with an opportunity to review any impediment that would prevent clear title from passing to you.

When reading a preliminary report, it is important to check the extent of your ownership rights or interest. The most common form of interest is "fee simple" or "fee," which is the highest type of interest an owner can have in land. Liens, restrictions and interests of others excluded from title coverage will be listed numerically as exceptions in the report. You also may have to consider interests of any third parties, such as easements granted by prior owners that limit use of the property. Some buyers attempt to clear these unwanted items prior to purchase. A list of standard exceptions and exclusions not covered by the title insurance policy may be attached. This section includes items the buyer may want to investigate further, such as any laws governing building and zoning.

As much as you as a buyer may want to believe that the home you have found is perfect, a clear title report ensures there are no liens placed against the prior owners, or any documents that will restrict your use of the property. A preliminary title report provides you with an opportunity to review any impediment that would prevent clear title from passing to you.

When reading a preliminary report, it is important to check the extent of your ownership rights or interest. The most common form of interest is "fee simple" or "fee," which is the highest type of interest an owner can have in land. Liens, restrictions and interests of others excluded from title coverage will be listed numerically as exceptions in the report. You also may have to consider interests of any third parties, such as easements granted by prior owners that limit use of the property. Some buyers attempt to clear these unwanted items prior to purchase. A list of standard exceptions and exclusions not covered by the title insurance policy may be attached. This section includes items the buyer may want to investigate further, such as any laws governing building and zoning.

In order for you to get financing for a home loan, the mortgage company must approve YOU as the buyer, and the PROPERTY you are buying.

(A) YOU can be approved even before you find a home, and I recommend that you do so! This speeds the process, and makes you a "prime" buyer if there is competition for the home you want to buy. You will be asked to provide: Payment for a full credit report; employment verification; bank verifications; rental history; proof of sale of another home if applicable; explanation letter(s) for any "slow pay" credit; W-2 forms (or previous tax returns for self-employed). Your mortgage company may require additional items as well.

The time involved in this part of the process varies, and is greatly influenced by how well you cooperate with the loan processor. Once you bring in everything required, it is just a matter of waiting for the return of verifications that must be mailed.) (NOTE: the mortgage company will seem to be VERY NOSY! After all, they are loaning you a lot of money for a long period of time! Don't be offended by any questions they may ask, and be as honest as possible, especially regarding any credit problems. They are there to help you, and they WANT to do business with you! The loan processor is trained to know what information the underwriters will need, and it is his or her job to provide a packet that can be approved.) As verifications come in, you may be asked for a few more items to confirm information -- documentation of funds in your bank account or credit explanations, for example.

(B) THE PROPERTY will be approved by means of an APPRAISAL. This document gives the value of the property for loan purposes and outlines any specific property requirements of the company (i.e., engineer's report, inspections particular to that property, etc.). If you are paying for the appraisal under the contract, please provide your check quickly when asked so that it can be ordered promptly. It will usually take five to ten days for the mortgage company to complete the appraisal.

Once ALL of your information is in and the appraisal has been received, your entire file will be sent to the mortgage company's UNDERWRITER for final approval. This will usually take only two to three days, and the mortgage company will inform both you and me of approval.

In order for you to get financing for a home loan, the mortgage company must approve YOU as the buyer, and the PROPERTY you are buying.

(A) YOU can be approved even before you find a home, and I recommend that you do so! This speeds the process, and makes you a "prime" buyer if there is competition for the home you want to buy. You will be asked to provide: Payment for a full credit report; employment verification; bank verifications; rental history; proof of sale of another home if applicable; explanation letter(s) for any "slow pay" credit; W-2 forms (or previous tax returns for self-employed). Your mortgage company may require additional items as well.

The time involved in this part of the process varies, and is greatly influenced by how well you cooperate with the loan processor. Once you bring in everything required, it is just a matter of waiting for the return of verifications that must be mailed.) (NOTE: the mortgage company will seem to be VERY NOSY! After all, they are loaning you a lot of money for a long period of time! Don't be offended by any questions they may ask, and be as honest as possible, especially regarding any credit problems. They are there to help you, and they WANT to do business with you! The loan processor is trained to know what information the underwriters will need, and it is his or her job to provide a packet that can be approved.) As verifications come in, you may be asked for a few more items to confirm information -- documentation of funds in your bank account or credit explanations, for example.

(B) THE PROPERTY will be approved by means of an APPRAISAL. This document gives the value of the property for loan purposes and outlines any specific property requirements of the company (i.e., engineer's report, inspections particular to that property, etc.). If you are paying for the appraisal under the contract, please provide your check quickly when asked so that it can be ordered promptly. It will usually take five to ten days for the mortgage company to complete the appraisal.

Once ALL of your information is in and the appraisal has been received, your entire file will be sent to the mortgage company's UNDERWRITER for final approval. This will usually take only two to three days, and the mortgage company will inform both you and me of approval.

The mortgage company will draw its papers and send them to the TITLE COMPANY, where your loan will be closed. The Title Company's job is to guarantee you a good title to the property. They will already have begun reviewing public records to be sure there are not liens, judgments, or back taxes attached to the seller or to your new home. When the title company is assured the title is clean and has received the necessary loan papers from the mortgage company, we will set a CLOSING DATE. This is the day you will pay the remaining money due, sign the loan papers, and actually become the new property owner!

In most cases, the title company will send both you and me a copy of your closing statement in advance, so that we can go over the various charges and see what funds you need to bring to closing. YOU WILL NEED TO BRING A CASHIER'S CHECK OR CERTIFIED FUNDS TO CLOSING (no personal checks), and ALL PARTIES MUST BE PRESENT TO SIGN THE PAPERS. If one party must be out of town, the title company can make advance arrangements to send closing papers by certified mail or Fed Ex.

The mortgage company will draw its papers and send them to the TITLE COMPANY, where your loan will be closed. The Title Company's job is to guarantee you a good title to the property. They will already have begun reviewing public records to be sure there are not liens, judgments, or back taxes attached to the seller or to your new home. When the title company is assured the title is clean and has received the necessary loan papers from the mortgage company, we will set a CLOSING DATE. This is the day you will pay the remaining money due, sign the loan papers, and actually become the new property owner!

In most cases, the title company will send both you and me a copy of your closing statement in advance, so that we can go over the various charges and see what funds you need to bring to closing. YOU WILL NEED TO BRING A CASHIER'S CHECK OR CERTIFIED FUNDS TO CLOSING (no personal checks), and ALL PARTIES MUST BE PRESENT TO SIGN THE PAPERS. If one party must be out of town, the title company can make advance arrangements to send closing papers by certified mail or Fed Ex.

OCCUPANCY will be given under the terms of your specific contract. It may allow a certain number of days after closing and funding, or it may name a specific date. Most of the time, this works out just as planned: the seller moves out just before the occupancy date, and you can move in as scheduled. Now and then, however, minor adjustments must be made because of special circumstances. Should this happen, please try to be as flexible as possible. My job is to try to make this as pleasant a time for you as it can be, but sometimes it takes a lot of cooperation on all sides to make it so! I am not allowed to give you keys to an occupied home, regardless of the occupancy date, but my goal is to see that all deadlines are met as agreed.

OCCUPANCY will be given under the terms of your specific contract. It may allow a certain number of days after closing and funding, or it may name a specific date. Most of the time, this works out just as planned: the seller moves out just before the occupancy date, and you can move in as scheduled. Now and then, however, minor adjustments must be made because of special circumstances. Should this happen, please try to be as flexible as possible. My job is to try to make this as pleasant a time for you as it can be, but sometimes it takes a lot of cooperation on all sides to make it so! I am not allowed to give you keys to an occupied home, regardless of the occupancy date, but my goal is to see that all deadlines are met as agreed.

MOVE IN! AND CONGRATULATIONS ON YOUR NEW HOME!

MOVE IN! AND CONGRATULATIONS ON YOUR NEW HOME!

There are many ways you can help the home buying process go more smoothly! Specifically, educating yourself to the way the system works can be helpful in making you a cooperative partner in getting your loan approved. This gets you moving into the home of your dreams! Here are some things you can do to speed things along:

(1) Get qualified with a mortgage company -- first! (I can help you "shop" for a loan that will meet your needs and a company that will serve you efficiently and at reasonable cost.) This makes you the same as a CASH buyer...very important when the seller is compaing your contract to other potential buyers! (If the seller has one buyer who offers a deposit while he goes out to look for financing, and another -- YOU! -- who has cash available immediately, which contract do you think will be most attractive?) Be honest with the loan processor about your finances -- he or she can help you with many credit problems if aware of them, and trying to hide them will just delay the process in the long run.

(2) Work with ONE agent in looking for a home. Even if you choose a company other than ours, it's still the best plan. Finding just the right home is often a "narrowing-down" process, and a good agent can quickly pinpoint your likes and dislikes to avoid your viewing a lot of homes that won't meet your needs. I can show you any home on the market, and my experience allows me to focus in on what you want in a short time.

(3) Be honest with me about what you like and dislike! I don't own these homes, and you won't hurt my feelings if you don't care for them! Try to be specific about what will work for you and what will not. The more you share about what appeals to you and what doesn't, the sooner I can find just what you have in mind!

(4) When you find the home you really want -- GO FOR IT! Too often, a buyer postpones a final decision, only to miss out on the home that was absolutely right! This IS a big decision, and you want it to be the right one, but don't delay too long once you are sure it's the home you want!

(5) Provide all required information or fees and do all inspections promptly. The sooner you complete your obligations under the contract, the sooner everything will be finalized. I will help you arrange and schedule inspections and appraisals, and will keep you informed of deadlines.

(6) Don't get stressed. Buying your new home should be fun -- and your agent is there to take care of the details!

There are many ways you can help the home buying process go more smoothly! Specifically, educating yourself to the way the system works can be helpful in making you a cooperative partner in getting your loan approved. This gets you moving into the home of your dreams! Here are some things you can do to speed things along:

(1) Get qualified with a mortgage company -- first! (I can help you "shop" for a loan that will meet your needs and a company that will serve you efficiently and at reasonable cost.) This makes you the same as a CASH buyer...very important when the seller is compaing your contract to other potential buyers! (If the seller has one buyer who offers a deposit while he goes out to look for financing, and another -- YOU! -- who has cash available immediately, which contract do you think will be most attractive?) Be honest with the loan processor about your finances -- he or she can help you with many credit problems if aware of them, and trying to hide them will just delay the process in the long run.

(2) Work with ONE agent in looking for a home. Even if you choose a company other than ours, it's still the best plan. Finding just the right home is often a "narrowing-down" process, and a good agent can quickly pinpoint your likes and dislikes to avoid your viewing a lot of homes that won't meet your needs. I can show you any home on the market, and my experience allows me to focus in on what you want in a short time.

(3) Be honest with me about what you like and dislike! I don't own these homes, and you won't hurt my feelings if you don't care for them! Try to be specific about what will work for you and what will not. The more you share about what appeals to you and what doesn't, the sooner I can find just what you have in mind!

(4) When you find the home you really want -- GO FOR IT! Too often, a buyer postpones a final decision, only to miss out on the home that was absolutely right! This IS a big decision, and you want it to be the right one, but don't delay too long once you are sure it's the home you want!

(5) Provide all required information or fees and do all inspections promptly. The sooner you complete your obligations under the contract, the sooner everything will be finalized. I will help you arrange and schedule inspections and appraisals, and will keep you informed of deadlines.

(6) Don't get stressed. Buying your new home should be fun -- and your agent is there to take care of the details!

Before making a choice between adding on to an existing home or buying a larger one, consider these questions:

* How much money is available, either from cash reserves or through a home improvement loan, to remodel your current house? * How much additional space is required? Would the foundation support a second floor or does the lot have room to expand on the ground level? * What do local zoning and building ordinances permit? * How much equity already exists in the property? * Are there affordable properties for sale that would satisfy your changing housing needs?

We can help you determine the cost-effectiveness of any repairs you may be considering, and whether your best choice is to remodel or to buy another home.

Before making a choice between adding on to an existing home or buying a larger one, consider these questions:

* How much money is available, either from cash reserves or through a home improvement loan, to remodel your current house? * How much additional space is required? Would the foundation support a second floor or does the lot have room to expand on the ground level? * What do local zoning and building ordinances permit? * How much equity already exists in the property? * Are there affordable properties for sale that would satisfy your changing housing needs?

We can help you determine the cost-effectiveness of any repairs you may be considering, and whether your best choice is to remodel or to buy another home.

Choosing between a smaller house in an affluent neighborhood, an older, bigger house in a more working-class community or a brand-new home is not easy. If you're in this situation, start by examining your priorities and asking the following questions:

* Is the surrounding neighborhood or the home itself the most important consideration?

* Is each of the neighborhoods safe?

* Is quality of the schools an issue?

* Do any of the areas seem to attract more families with children or adult residents? And where do you fit in?

As for the return on your investment, home-price appreciation is hard to predict. In the late 1980s, and again 10 years later, the more expensive move-up housing appreciated wildly. But during the recession that followed, smaller homes tended to hold their value better than more expensive ones.

Choosing between a smaller house in an affluent neighborhood, an older, bigger house in a more working-class community or a brand-new home is not easy. If you're in this situation, start by examining your priorities and asking the following questions:

* Is the surrounding neighborhood or the home itself the most important consideration?

* Is each of the neighborhoods safe?

* Is quality of the schools an issue?

* Do any of the areas seem to attract more families with children or adult residents? And where do you fit in?

As for the return on your investment, home-price appreciation is hard to predict. In the late 1980s, and again 10 years later, the more expensive move-up housing appreciated wildly. But during the recession that followed, smaller homes tended to hold their value better than more expensive ones.

Home ownership offers tax benefits as well as the freedom to make decisions about your home. An advantage of renting is not worrying about maintenance and other financial obligations associated with owning property.

There also are a number of economic considerations. Unlike renters, home owners who secure a fixed-rate loan can lock in their monthly housing costs and make prudent investment plans knowing these expenses will not increase substantially. Home ownership is a highly leveraged investment that can yield substantial profit on a nominal front-end investment. However, such returns depend on home-price appreciation.

"For some people, owning a home is a great feeling," writes Mitchell A. Levy in his book, "Home Ownership: The American Myth," Myth Breakers Press, Cupertino, Calif.; 1993. "It does, however, have a price. Besides the maintenance headache, the amount of after-tax money paid to the lender is usually greater than the amount of money otherwise paid in rent," Levy concludes.

As for evaluating the risk associated with home ownership, David T. Schumacher and Erik Page Bucy write in their book "The Buy & Hold Real Estate Strategy," (John Wiley & Sons, New York; 1992), that "good property located in growth areas should be regarded as an investment as opposed to a speculation or gamble." The authors recommend that prospective buyers spend a few months investigating a community. Many people make the mistake of buying in the wrong area. "Just because certain properties are high-priced doesn't necessarily mean they have some inherent advantage," the authors write. "One property may cost more than another today, but will it still be worth more down the line?"

Home ownership offers tax benefits as well as the freedom to make decisions about your home. An advantage of renting is not worrying about maintenance and other financial obligations associated with owning property.

There also are a number of economic considerations. Unlike renters, home owners who secure a fixed-rate loan can lock in their monthly housing costs and make prudent investment plans knowing these expenses will not increase substantially. Home ownership is a highly leveraged investment that can yield substantial profit on a nominal front-end investment. However, such returns depend on home-price appreciation.

"For some people, owning a home is a great feeling," writes Mitchell A. Levy in his book, "Home Ownership: The American Myth," Myth Breakers Press, Cupertino, Calif.; 1993. "It does, however, have a price. Besides the maintenance headache, the amount of after-tax money paid to the lender is usually greater than the amount of money otherwise paid in rent," Levy concludes.

As for evaluating the risk associated with home ownership, David T. Schumacher and Erik Page Bucy write in their book "The Buy & Hold Real Estate Strategy," (John Wiley & Sons, New York; 1992), that "good property located in growth areas should be regarded as an investment as opposed to a speculation or gamble." The authors recommend that prospective buyers spend a few months investigating a community. Many people make the mistake of buying in the wrong area. "Just because certain properties are high-priced doesn't necessarily mean they have some inherent advantage," the authors write. "One property may cost more than another today, but will it still be worth more down the line?"

Home inspections, seller disclosure requirements and the agent's experience will help. Disclosure laws vary by state, but in some states, the law requires the seller to complete a real estate transfer disclosure statement. Here is a summary of the things you could expect to see in a disclosure form:

* In the kitchen -- a range, oven, microwave, dishwasher, garbage disposal, trash compactor. * Safety features such as burglar and fire alarms, smoke detectors, sprinklers, security gate, window screens and intercom. * The presence of a TV antenna or satellite dish, carport or garage, automatic garage door opener, rain gutters, sump pump. * Amenities such as a pool or spa, patio or deck, built-in barbeque and fireplaces. * Type of heating, condition of electrical wiring, gas supply and presence of any external power source, such as solar panels. * The type of water heater, water supply, sewer system or septic tank also should be disclosed.

Sellers also are required to indicate any significant defects or malfunctions existing in the home's major systems. A checklist specifies interior and exterior walls, ceilings, roof, insulation, windows, fences, driveway, sidewalks, floors, doors, foundation, as well as the electrical and plumbing systems. The form also asks sellers to note the presence of environmental hazards, walls or fences shared with adjoining landowners, any encroachments or easements, room additions or repairs made without the necessary permits or not in compliance with building codes, zoning violations, citations against the property and lawsuits against the seller affecting the property.

Also look for, or ask about, settling, sliding or soil problems, flooding or drainage problems and any major damage resulting from earthquakes, floods or landslides.

People buying a condominium must be told about covenants, codes and restrictions or other deed restrictions. It's important to note that the simple idea of disclosing defects has broadened significantly in recent years. Many jurisdictions have their own mandated disclosure forms as do many brokers and agents.

Home inspections, seller disclosure requirements and the agent's experience will help. Disclosure laws vary by state, but in some states, the law requires the seller to complete a real estate transfer disclosure statement. Here is a summary of the things you could expect to see in a disclosure form:

* In the kitchen -- a range, oven, microwave, dishwasher, garbage disposal, trash compactor. * Safety features such as burglar and fire alarms, smoke detectors, sprinklers, security gate, window screens and intercom. * The presence of a TV antenna or satellite dish, carport or garage, automatic garage door opener, rain gutters, sump pump. * Amenities such as a pool or spa, patio or deck, built-in barbeque and fireplaces. * Type of heating, condition of electrical wiring, gas supply and presence of any external power source, such as solar panels. * The type of water heater, water supply, sewer system or septic tank also should be disclosed.

Sellers also are required to indicate any significant defects or malfunctions existing in the home's major systems. A checklist specifies interior and exterior walls, ceilings, roof, insulation, windows, fences, driveway, sidewalks, floors, doors, foundation, as well as the electrical and plumbing systems. The form also asks sellers to note the presence of environmental hazards, walls or fences shared with adjoining landowners, any encroachments or easements, room additions or repairs made without the necessary permits or not in compliance with building codes, zoning violations, citations against the property and lawsuits against the seller affecting the property.

Also look for, or ask about, settling, sliding or soil problems, flooding or drainage problems and any major damage resulting from earthquakes, floods or landslides.

People buying a condominium must be told about covenants, codes and restrictions or other deed restrictions. It's important to note that the simple idea of disclosing defects has broadened significantly in recent years. Many jurisdictions have their own mandated disclosure forms as do many brokers and agents.