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First-Time Home Buyer’s Guide to Choosing a Neighborhood By Joe Szabo, Scottsdale Real Estate Team

April 20, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team When you’re ready to buy your first home, you’ll probably remember those three important words we always hear about real estate: location, location, location. While the geographic location is important, it’s also the amenities around the location that make a house a home. Every buyer is different in what they desire, so you need to find a neighborhood with the location and amenities that fit your desires — and, just as importantly, your budget.

Affordability

Location is one factor that will heavily influence the price of a property. You don’t want to shop in locations you can’t afford — even though it might be fun. The first task in your home purchase process is getting pre-approved by a bank or mortgage lender so you understand the ballpark within which you will be playing ball. Inform your real estate agent about your price range so they can identify the locations where you can afford to purchase.

Neighborhood type

You also need to figure out what works for you when it comes to the type of location you like: urban, suburban, or rural. Many people live in and love high-density areas where retail, restaurants, gyms, and grocery stores are all within a few blocks’ walk. It’s nice to be able to walk to everything — but with that comes lots of cars, people and sometimes noisy neighbors. Other home buyers prefer quieter suburban developments that are probably going to require driving for one’s commercial and entertainment needs. Then there are rural folks who want full quiet and no nearby neighbors. Make sure before you shop that you are shopping in the right type of area for you.

School district

Schools also make a big difference for many buyers, and a buyer will certainly pay for the best school district. School quality is one of the top items on a parent’s mind when looking for property. You can search the Internet for school ratings and check with the city or county for more information. Of course, if you don’t have children, it’s not as big a deal.

What’s next door — or could be

You should also always consider what is next door to the property you buy. Will you be living among lots of single-family houses, or big apartment buildings? It’s also important to know if there are currently or once were gas stations or chemical plants nearby. Drive around and look, plus check Natural Hazard Reports to see what is or was in the area. Additionally, be cautious about empty developable lots or empty retail/warehouse properties nearby, as you never know what might end up being built there. It’s also smart to understand the zoning on your property, as it might let the single family home next door be torn down and developed into a 4-plex rental property. That might or might not be okay with you, but you should be aware if it’s a possibility.

Holdability

One more important item to consider regarding location is your chances of owning the property a long time. If you are not sure you’ll be happy staying a while, you’re better off passing on buying for the time being. Considering all these issues — as opposed to making a quick purchase decision based on what your heart is telling you — should help you buy a home that is a good fit, will serve you well, and will be a good investment for your future. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

5 Reasons to Keep Your Lender in the Loop When You Make an Offer By Joe Szabo, Scottsdale Real Estate Team

April 16, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Of the many things that can trip you up when buying a home with mortgage financing, writing offers is one of the most common. When you’re finally writing a home purchase offer (also called a purchase contract) after a long home search process, it’s easy to forget about your lender in the excitement. However, your lender must be involved because of these five ways purchase contracts impact the lending process.

1. The purchase offer must match loan documents

Names in the “buyer” section of your offer must match the names on the loan application exactly. This small but critical detail can delay or kill a deal. For example, if your significant other is out of town when you’re writing the offer, your real estate agent may advise you to write it solely under your name. But if your loan application has both names, the lender will require you to add that missing person and have everyone, including the seller, re-sign the contract. Or worse, if you use an entity like a trust or a business as the buyer, you’ll be forced to change the contract to human buyers that match the loan application. Mortgage loans must be made to humans, and you can transfer to entities post-close if that’s your goal.

2. The lender must approve home inspections you request

Your offer contract will ask you to select which home inspections you want. Appraisal inspections are required by lenders. Optional inspections include contractor, structural, engineering and pest. Not all lenders will ask to review and approve every optional inspection report, but they study contracts and other property documentation (like listings on Zillow and local MLS sites) to look for red flags that may cause them to request a certain inspection report. For example, if a public listing noted that a seller had already obtained a pest report and it contained $5,000 worth of repairs, the lender will require that pest report for review, and they’ll also require that the repairs are completed prior to approving and closing your loan, which can create timing issues. Mapping this out with your real estate agent and lender before you submit your offer enables you to execute the rest of the process with ease.

3. The lender must be able to perform on your closing timeline

Your purchase contract must state how fast you can close. In low-inventory markets where sellers have the upper hand, buyers who can close fast get the most attention. You need your lender’s input on closing timing. They’ll tell you how long it will take to appraise the property, review title history, approve the condo project (if applicable), and finish approving you, if they haven’t already. All you have to do is tell your real estate agent to get the timing from your lender.

4. The lender must be able to perform on your due diligence timeline

Another critical point in contract timing is requesting how many days you need for each stage of due diligence, like completing your appraisal, securing your financing, approving seller disclosures, and completing inspections. These “contingencies” protect you by enabling you to break the contract until you’ve released them. Just like with the closing timeline, sellers respond well to speed, so make sure your real estate agent is discussing timing of each contingency with your lender before you write and present the contract.

5. The lender must approve credits you ask for

Often real estate agents will advise buyers to seek a credit from the seller at closing in lieu of reducing a purchase price. A seller credit enables buyers to negotiate better terms for themselves while also conserving cash because the credit will be used to offset closing costs. You can ask for credits in the beginning, but often they’re requested after an inspection reveals a minor property issue such as scuffed walls or damaged window screens. In these cases, your lender will require a contract addendum (signed by the buyer and seller) to show the credits, which the lender must approve before having the appraiser amend the appraisal report to reflect the credit. These tasks can take two to six days for a lender to process, so you must keep the lender in the loop on all credits from the seller, real estate agents, or any other third parties. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Maximizing Your Laundry & Mudroom Spaces By Joe Szabo, Scottsdale Real Estate Team

April 13, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Utilitarian spaces like laundry rooms and mudrooms seldom receive the attention they deserve, which is odd when you consider how often they are used. A properly planned utility room can be a complete housekeeping area that simplifies your household chores. These rooms may even serve multiple purposes. A mudroom may double as a grooming center for the family pets and a storage room for sports gear. An overhead rack in a laundry room can be used for drying flowers as well as clothes, and the sink can be turned into a potting center. Here’s how to make the most of these hard-working spaces.

Mudroom

Leverage the space. A mudroom is the ideal storage space for shoes, lunch bags, sports equipment, and pet essentials such as food dishes, leashes, blankets and toys. You don’t even need an entire room to reap a mudroom’s benefits. A narrow hall, a partial wall, or even space carved out from between wall studs will do just fine.

Supply smart storage. Instead of letting a mudroom become cluttered, take advantage of its potential. Counters, tables and benches can serve as storage pieces that collect and organize both day-to-day and seasonal items. A built-in cabinet that resembles a set of lockers will allow individual family members to have their own space. Other essentials for the room might include an umbrella stand, boot tray, baskets, and a chalk or message board.

Organize on a budget. Many cost-effective storage solutions are tailored specifically for utility spaces. Home centers and container stores offer a wealth of inexpensive storage ideas, such as wall-mounted racks for boots, shelving for hats, and hooks and baskets for sports gear.

Laundry room

Make it multi-functional. A full-sized laundry room offers flexible options beyond just doing laundry. If there’s space for more than appliances and a sink, add a table or table-height shelf for folding laundry, wrapping gifts, or potting plants. Add extra shelves or cabinets to store supplies. A drying rack over the sink that folds up against the wall makes it easy to hang clothing directly out of the washing machine.

Paint the walls. You may spend a lot of time in this area, so make sure it’s attractive. Paint the room a vibrant color that draws you in, or a soothing color that calms. Wall sayings or murals are a fun way to add interest. Contain it. Laundry rooms are more functional if organized. Use clear jars or colored pottery for clothespins, sewing items and detergent. Choose various heights to add interest. Play it up. “Dirty Laundry” never sounded so good as when sung in the utility room. Make sure you have access to music for some background interest. This utilitarian space should be just as interesting as the rest of your home. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Are You Paying Too Much Property Tax? By Joe Szabo, Scottsdale Real Estate Team

April 9, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team When tax time rolls around, many homeowners are surprised at the amount of property tax they owe. If you disagree with the stated value of your property, it’s worth a closer look to see if your bill has increased fairly. To be sure you’re not paying more than you should, check the following factors.

Basic errors

First, verify that there are no mistakes on your property card — a document that records information such as dimensions, acreage and value. Does the card show that your home has three bedrooms when it only has two? That it sits on 3.0-acre lot when it’s only on .30? That it has a finished basement when, in fact, it doesn’t? That it has two fireplaces when it only has one? Errors like these can — and do — occur, and they’re actually quite common. But you won’t know about discrepancies if you haven’t seen your home’s card and reviewed it carefully. Get a copy at the town hall, bringing any errors to the immediate attention of the assessor. Adjustments can often be made without the need for a formal appeal.

Comps

After you pull your home’s property card, take a look at a few of your neighbors’ cards — specifically, neighbors who have homes that are similar to yours in terms of age, size, style, condition and location. How do their assessments line up with yours? Maybe your four-bedroom house with a one-car garage has been assessed at $250,000. Your neighbor also owns a four-bedroom home, but this house has a two-car garage, a nice little shed, and even a swimming pool — and yet it’s valued at $235,000. Make a case, as you likely have one.

Unique conditions

Do you live in a home that’s in deteriorating condition? In a neighborhood that’s undesirable due to strange smells, poor air quality or heavy street traffic? These are the types of factors that could lower your property’s value.

Improvements

Prior to construction, you may have had discussions about how much that new pool or deck was going to cost you in terms of property tax. After all, you needed to know what to expect, and just how much higher the bills were going to be. But here’s the thing: Maybe those structural improvements never came to fruition or are not yet completed, and yet your bill reflects these assessments as if you’ve been enjoying them. Speak up and save!

Exemptions

Are you taking advantage of special exemptions? Some states offer tax reductions for veterans, the disabled, and senior citizens. Some also provide reductions for historic buildings and special energy-efficient systems. Ask about these — and other incentives for tax reductions — that you may be eligible for. It’s worth a shot. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

The Most Expensive Streets in America By Joe Szabo, Scottsdale Real Estate Team

April 6, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team No helicopters, no mega yachts. At first glance, Indian Creek is just a small private island in Biscayne Bay. But South Florida real estate agent Cory Waldman begs to differ. “It’s a city within a city,” the Coldwell Banker associate said. “They have their own police force. The lot sizes are enormous. It’s top-notch.” Across the country, luxury real estate agent Kofi Natei Nartey has a similar reaction — but not about Indian Creek. “Beverly Park is the most exclusive gated community in Los Angeles,” The Agency‘s Sports & Entertainment Division director said. “With guard-gated access only, it attracts some of the highest net worth individuals and celebrities in the world.” They’re not exaggerating. New data shows Indian Creek Island Road and Beverly Park Circle are the most expensive streets to live on in the U.S. Indian Creek, known locally as Billionaire Bunker, is home to four of the richest people in America, the Miami Herald reports. Beverly Park Circle is home to Denzel Washington and Eddie Murphy, among other big names. So what does it cost to live there? Based on Zillow’s analysis of streets with at least 10 homes, here’s a look at the median home value for the top 15:

Rank	Street	State	Median Home Value
1.	Indian Creek Island Rd	FL	$21.48 million
2.	Beverly Park Cir	CA	$16.238 million
3.	Beverly Park Ter	CA	$15.813 million
4.	Lazy Lane Blvd	TX	$15.42 million
5.	Conyers Farm Dr	CT	$13.033 million
6.	Strawberry Park Ct	CO	$12.421 million
7.	Field Point Cir	CT	$12.113 million
8.	Coopers Neck Ln	NY	$11.872 million
9.	Nimes Rd	CA	$11.445 million
10.	Arvida Pkwy	FL	$11.209 million
11.	Cameldale Way	AZ	$10.834 million
12.	Nelsons Walk	FL	$10.496 million
13.	Broad Beach Rd	CA	$10.272 million
14.	Tahiti Beach Island Rd	FL	$10.267 million
15.	Copa De Oro Rd	CA	$10.264 million

Names vs. numbers

Interestingly, all of the priciest streets are names, rather than numbers. In “Zillow Talk: The New Rules of Real Estate,” co-authors Spencer Rascoff and Stan Humphries explore what’s in a street name. By digging into the data, they’ve found a named-street premium exists across the country. Among the 20 largest metro areas, “we only found three places in the entire nation where named streets don’t have the advantage,” they write. “In Atlanta and New York, named and numbered streets come out roughly equal. Denver is the solitary example of a place where numbered streets are more valuable — probably because homes in its premier neighborhood of Country Club are located on numbered streets.” What gives named streets a higher price tag? Rascoff and Humphries say in general, the most valuable street names describe something about a home’s location. Indian Creek Island Road is a great example because “island” indicates the homes are near water, and therefore probably worth more than non-waterfront homes in the area.

Suffixes matter

It’s easy to gloss over the letters tacked on at the end of a street name. But as shown above, living on Beverly Park Terrace versus Beverly Park Circle could cost you hundreds of thousands of dollars. In their analysis, Rascoff and Humphries discovered the most common suffixes — street, boulevard and avenue — tend to be the least valuable. Way and place, meanwhile, make up only 4 percent of street name suffixes nationwide, and their homes’ are typically worth more. These findings shed light on the myriad factors at play in local real estate markets. Of course, at the end of the day, lot comes down to perception. “There’s nothing else like [Indian Creek] in South Florida,” Waldman said. “It’s the most prestigious address.” Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

5 Bathroom Renovation Mistakes to Avoid By Joe Szabo, Scottsdale Real Estate Team

April 2, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Read on to find out the five most common problems Devlin encounters — and how you can avoid them in your home.

1. Ignoring the bathroom fan

“Overlooking your bathroom fan is a huge mistake,” Devlin observes. “Sometimes people don’t install one or they don’t clean the one they have.” Without proper ventilation, he explains, humidity builds up on surfaces, and over time this moisture will cause paint and grout to deteriorate and mildew to form. Vacuuming the vent on a regular basis will help keep the fan clean. To determine if your fan is overdue for a cleaning, turn it on and hold a square of toilet paper up to the vent. If the paper stays up on its own when you let go, air is still flowing.

2. Lacking a clear plan before demolition

“Sometimes people think they can figure out what needs to be done as they go along,” says Devlin. “But you need a plan in place before you start any demolition.” Devlin believes you should have everything sketched out ahead of time, from your budget, to your materials, to the question of who will be doing which parts of the work. “Planning is everything,” he emphasizes.

3. Being unrealistic about a budget

“Don’t lie to yourself and try to do a $20,000 renovation when you have only $10,000 to work with,” Devlin urges. “You’ll only have to cut corners at the end of the project and you won’t be pleased with the results.” He suggests taking a careful look at your finances and getting a realistic number in your head. “Write the number down, put that amount in your bank account, and stick to it!”

4. Overlooking small mistakes

As your renovation goes along, Devlin advises, always fix mistakes — even the smallest ones — as soon as you notice them. “If one tile isn’t exactly flush or your paint strokes are going in all directions, fix it right away,” he stresses. “Don’t convince yourself you’ll learn to live with it. Those mistakes will always bother you, and if you can see them, then other people can see them too.”

5. Losing focus toward the end

Many people, Devlin reports, are excited about the renovation process at the beginning but lose steam as they approach the finish line. “They might take forever to frame out the room,” he says, “but by the end, they’re so eager to see the completed room, they start to rush.” The problem here is that the finish work is extremely important to the overall look of the space. “People should reverse the trend,” he muses. “Move at a steady pace at the beginning and slow down at the end to be sure everything is done correctly. Your patience will pay off!” Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

4 Ways to Snag an Extra Tax Break By Joe Szabo, Scottsdale Real Estate Team

March 31, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Many homeowners have a general understanding of the home-related tax breaks that apply to them. Here are a few lesser-known areas where you may qualify for a credit or deduction.

Refinancing points

Did you buy a house last year? Then you likely know that you can deduct the points you paid to get your mortgage — in one fell swoop. If you refinanced, however, you can’t do that. Rather, you have to deduct the points on the new loan over the life of the loan. For a 30-year mortgage, you can only deduct 1/30th of the points per year. If you had $3,000 in points, divide by 30 to deduct a paltry $100 in points each year. Every little bit helps, though.

Home energy credits

The tax credit that encouraged homeowners to save energy by installing insulation, storm windows, doors, roofs, and certain water heaters and qualified heating and air conditioning systems disappeared at the end of 2013. But there is one energy tax credit available for tax year 2014: the Residential Energy Efficient Property Credit. If you installed items like a solar hot water heater, geothermal heat pump, or wind turbine, your credit could be worth up to 30 percent of the total cost. This credit is slated to stick around until 2016.

Premiums for PMI

If you’ve been paying for private mortgage insurance (PMI) every month because you put down less than 20 percent on your home, you may be able to recoup some of that money by claiming the PMI deduction on your federal return. Keep in mind that the deduction, which is only for policies issued after 2006, expires with tax year 2014 unless Congress renews it. And the right to this deduction (which many homeowners don’t claim) disappears as your adjusted gross income rises from $100,000 to $109,000 (or $50,000 to $54,500 for those who use married filing separately status).

Simplified home office deduction

If you’re like most people who work at home, you probably don’t bother deducting your home office expenses because a) the rules are complex and b) you’re worried it will increase your chances of getting audited. But have you heard about the simplified calculation method allowed by the IRS? Probably not — although the deduction made its first appearance in 2013. Just multiply the square footage of the part of the home used for your home office (up to a maximum of 300 square feet) by $5 a square foot. The maximum deduction is $1,500. It’s an easy, time-saving calculation, and it certainly beats figuring out your own expenses and pro-rating them (although that’s still an option if you prefer). Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Slippery Business: Exotic Pets and Home Insurance By Joe Szabo, Scottsdale Real Estate Team

March 26, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Pet lovers no longer simply stick to sharing their homes with cats and dogs. More now opt for exotic or unusual pets such as snakes, monkeys, tigers, deer, bears and rare birds. Accurate numbers are tough to come by, because some states don’t require residents to report ownership of exotic or specialty animals. But the American Veterinary Medical Association, through its 2012 U.S. Pet Ownership and Demographics Sourcebook, estimates that 10.6 percent of households own one or more exotic or specialty animals. And according to National Geographic, more exotic animals live in peoples’ homes than in zoos. For example, by some estimates, as many as 7,000 tigers live in the U.S. as pets. Though exotic pets can make each day an adventure, people often forget to factor in the insurance complications associated with owning them. Your home insurance almost certainly excludes unusual pets. However, there are steps you can take to stay protected.

Why you need coverage

You may be wondering why it matters if your home insurance doesn’t cover your exotic pet — after all, you can control any damage the animal does to the home and just pay for repairs yourself. No problem, right? Wrong — there’s a very big potential problem. Standard home insurance, in addition to protecting the structure of your home (and your possessions) from specified perils such as fire, wind and theft, also provides liability coverage in case you’re responsible for an injury or property damage. If your exotic animal is excluded, you won’t have this coverage should your pet bite or maul a visitor. Not only could you be on the hook for the victim’s medical expenses, but they could file a lawsuit seeking lost income and payments for pain and suffering, among other claims. Even if you win the lawsuit, you’ll have to pay for your legal defense. The money flowing out of your bank account could add up quickly. The average dog bite claim in the U.S. results in a payout averaging $27,862, according to the Insurance Information Institute. Someone attacked by an exotic pet could suffer even more serious injuries. And exotic animals can present more of a risk than other pets because their behavior can change with the seasons or with life cycles in ways that humans don’t fully understand, according to the American Society for the Prevention of Cruelty to Animals (ASPCA). Even a docile exotic pet can pose a threat. The ASPCA reports that as many as 90 percent of snakes carry salmonella, and 25 percent of macaques (a type of monkey) have or have had the herpes B virus, which could be deadly to humans. Unusual pets can transmit a plethora of diseases including chlamydia, hepatitis A, rabies, monkey pox, tuberculosis and measles, to name a few. And if a visitor gets sick after coming into contact with your pet, you could face a serious lawsuit.

What’s an exotic pet owner to do?

You can see how dangerous it would be to go without the liability coverage normally provided by home insurance. Luckily, some companies sell exotic pet insurance that protects you if your animal causes injury or illness. How much it will cost depends on your pet and the potential risk involved in ownership of it. Some policies will be pricey. Your best option: Get quotes from a number of exotic pet insurance providers — the cost can vary greatly. Be sure you’re considering similar coverages and limits in each quote. One tip to lower premiums: Ask whether you can increase your deductible — the amount you pay out of pocket for a claim. Only do this, however, if you can come up with the deductible on demand. Although it can be expensive, exotic pet insurance is a crucial part of owning an unusual pet. A specialty pet in itself can be a large investment, of course. But you have to protect your finances from the threat of lawsuits arising from your animal. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Selling a Home: Your Legal Checklist By Joe Szabo, Scottsdale Real Estate Team

March 23, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team If you’re thinking it’s time to sell your home, there are a few legal issues to consider before posting that “For Sale” sign. Whether you are parting ways with your spouse, planning to upgrade or downsize, or selling out of financial necessity, you should protect yourself from pitfalls awaiting the unsavvy seller. Here are four steps you can take to avoid common issues that pop up during the residential home sale process.

Resolve debts, encumbrances and liens

If your property has incurred any sort of debt, encumbrance or lien, you will need to take care of this prior to settling with your buyer. This obstacle can arise in any number of ways, including through:

Federal, state or local tax liens
Civil court judgments
Child support or spousal support missed payments
General unpaid debts
Failure to pay homeowners association dues

Of course, the outstanding amount will vary greatly from homeowner to homeowner, but one thing is certain: The lienholder will get paid. If you are facing a major tax lien or civil judgment attached to your property, selling your home will not get you out of trouble, especially if you try to hide the debt or defraud the buyer. The lien will, without question, appear on a title search ordered by the buyer and will become a deduction from your sale proceeds on the day of closing.

Get joint tenants on the same page

The ownership structure of your property may impact your ability to sell, especially if you inherited the property with several family members as joint tenants. If this is your situation, your options for selling the property are limited. You can either gather consent from all owners or try to divide the property in your state’s court of equity, which is usually a lengthy, expensive and highly combative process. In other words, before you attempt to sell jointly owned property, you need to get everyone on the same page and agree on how to split the net proceeds after the sale. The same holds true if you and your spouse are going through a divorce and have mutually decided to sell the marital home. If the property was owned through joint tenancy or tenancy by the entirety, both owners will need to sign the transfer deed over to the new buyers and agree to split the proceeds accordingly. Trying to sell the house out from under your ex probably won’t work, and you could face serious fraud consequences for trying it.

Draft a home sale agreement, if needed

While other countries have set up laws granting property and ownership rights to unmarried domestic partners, the vast majority of U.S. jurisdictions have yet to catch on to this trend — much to the dismay of domestic partners seeking to sell their home or purchase property. One of the best ways to ensure the process goes smoothly is to encourage open communication and clearly set contract terms that determine the profit division after the sale, especially if one partner is not on the deed. Prior to engaging real estate professionals, sit down with your partner and go over the current financials of the property, including outstanding mortgage debt, asking price and your agreed-upon bottom line offer threshold. From there, discuss the ownership expectations of both parties: Is it 50/50? 40/60? 25/75? This conversation may feel awkward at first, but it is the best way to protect each party’s investment in the property, which includes payment toward the mortgage, improvements, sweat equity and upkeep. Once these issues are decided, have an experienced real estate attorney draft a home sale agreement that sets forth the allocation of proceeds upon sale, the responsibilities of each party with regard to debts or encumbrances, and any other terms agreed upon between you and your partner. With this agreement in place, you are both protected from the pitfalls of litigation in the event the relationship — or the deal — crashes and burns. Otherwise, the court will only be able to help the party named on the deed as the owner.

Gather important documents

Finally, as you prepare for the sale of your home, it helps to compile all the important documents related to the value of the property, such as:

Deed
Evidence of encumbrances, liens, judgments, etc.
Surveys
Appraisals
Documentation of major repairs, damage or improvements
Any agreements made between tenants or co-habiting partners
Comparable sales in the area (if available)
Any agreements made between you as the seller and your real estate agent (if applicable)
Copies of restrictive covenants imposed upon the community, as this information will be highly relevant to prospective buyers

Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

4 Tips for Making Any Room Seem Larger By Joe Szabo, Scottsdale Real Estate Team

March 20, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Plenty of people live in tiny homes, small rooms, or just diminutive spaces. No matter what your reason for living in smaller quarters, you’ll undoubtedly have to make some compromises in your decorating. To live happily and efficiently in smaller square footage, you’ll want to get organized and make some adjustments to your lifestyle. By making the most of color, strategic furniture buying, space planning and interesting lighting, your place can feel wonderfully “you” — with all the space you need.

Expand your square footage to the outdoors

If you have large windows with beautiful views, add those colors to your room to unify the outside world with inside space and expand the look of your rooms. With the wonderful patterns and colors that outdoor fabrics offer, there is no reason to stop the “pretty party” at your interior.

Carrying coordinating materials outside for drapes, cushions and area rugs will only make your space look visually larger. On the interior, let as much natural light into a room as possible so it opens up the space and gives it character.

Edit mercilessly

Declutter your space. Try to dispose of everything you have not used for a year. Do not get attached to furniture. Get rid of any item that is not adding to the look of the room.

Create organized storage wherever possible via built-in benches and use multi-purpose and storage furniture pieces, such as ottomans, so items that are less frequently used can be stowed away.

When it comes to cabinets and bookcases, do not fill up every shelf in a room; leave some of them half empty and spacious for an airy and more dramatic look. Where functional, remove as many doors as possible or use pocket doors to increase the sense of space.

Keep it simple

Link adjacent spaces with a unifying wall color and floor material. Maintaining a monochromatic palette makes rooms look bigger. If you do need to change flooring materials, simply stay within the same color family — the fewer floor “breaks,” the better.

Light colors or neutrals are space expanders and provide a neutral background for furniture and artwork.

Using cool colors will make your walls appear to visually recede. Additionally, it is best to avoid unnecessary details, such as ruffles, in furniture and window treatments. Use simple paneled draperies or shades instead.

Make a statement

Installing an oversized mirror or a set of smaller mirrors will add extra light, sparkle and make a small room appear larger. Even if a room is small, adding oversized artwork on a small wall or a statement light fixture overhead can create drama while making the space appear larger than it is.

You may also consider adding a floor-to-ceiling and wall-to-wall bookcase — this trick will create an impressive focal point and visually expand space by pushing the walls and ceiling out. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

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