Real Estate Information

It is fine to buy a lottery ticket now and then. It is fine to take a chance on a football pool. One risk you don't want to take, however, is on your Home insurance. Most claims are going to be for broken windows and other minor issues. The real value of home insurance is against catastrophic loss. It loses that value if the coverage does not keep pace with the replacement cost of the home.

How can homeowners be assured that they are paying for sufficient coverage? Doesn't the policy increase automatically? The convenience of insurance payments going into escrow to be paid by the lending institution may render the level of coverage invisible to the average home owner. It is even possible for owners of newly constructed homes to be underinsured if the cost of construction has recently risen. Remember that lending institutions insist on coverage to balance their loss in case of fire, not yours. The wise homeowner makes it their business to keep track of their coverage, no matter who submits the premium.

There is a solution to the possible deficit in coverage. The type of home insurance you want to arrange is called Guaranteed Replacement Cost. This insures that in the event your home is completely destroyed, the cost of reconstruction will be covered in its entirety.

Have you considered the value of the contents of your home? A complete inventory of your possessions is an important component of the insurance process. The cost of electronics could be very significant if you have to replace everything you have amassed over time all at once. Furniture, artwork, musical instruments and jewelry all total more than you might imagine. Before you negotiate home insurance, make sure everything you own has been cataloged and documented. Take photos and file them electronically as well as the receipts to prove ownership and value in case of loss.

To make sure your home insurance coverage grows with the value of your belongings, perform an annual review. Discuss the results with your insurance agent. They will help you navigate your insurance options and even help you find lower rates when possible. Don't forget bundling discounts that save money.

The Holiday Season is upon and there are lots of fun traditions to take in this time of year! Embrace the holiday spirit by checking out some of these festive events in and around the city of Ann Arbor:

Midnight Madness

Come join in the party on Main Street in downtown Ann Arbor! On Friday, Dec. 6th, a number of the stores along Main Street will stay open late for you to take advantage of myriad holiday sales. Also, enjoy special entertainment and hopefully run into both Santa Claus and Miss Washtenaw County, who will both roam the sidewalks between 7 p.m. - 9 p.m. For more information, visit the Main Street Area Association's website.

Chelsea Annual Light Parade

Enjoy the city of Chelsea's 9th annual Light Parade! In addition to the dozens of lighted floats and vehicles, this sparkling event features a number of marching bands and Jolly Old Saint Nicholas himself! The parade begins at 6 p.m. on Wednesday, Dec. 7th at Chelsea State Bank’s south parking lot and winds up at the Chelsea Teddy Bear Company, where you can revel in the free community afterglow party with refreshments.

To participate, fill out this application.

Holiday Hustle 5K Run

Burn some of those holiday calories off by participating in the Holiday Hustle Run charity event at 4:15 p.m. on Saturday, Dec. 7th, in downtown Dexter. Participants receive one raffle ticket for each canned or other non-perishable food items donated. The first 500 participants to register receive a choice of some jingling or flashing flare to wear during the run.

For more information, visit the website.

Saline Christmas Parade

The 38th Annual Saline Christmas Parade takes place on Saturday, Dec. 7th, from 5:30 p.m. to 7 p.m. in downtown Saline. The parade features Santa Claus with his chief elf riding on his sleigh, Mrs. Claus, baton twirlers, a hot-air balloon, myriad floats, bands, horses, goats and donkeys.

For more information, visit the website.

Santa is leaving the toy-making and Christmas-list reading to the elves in order to visit with the wee little ones who come to do their 2013 holiday shopping at Briarwood Mall. Jolly Old Saint Nick made his first appearance at the mall on Friday, Nov. 8th, and will be inviting kiddies to sit on his lap through Tuesday, Dec. 24th, during the following time periods:

• 10:00 AM – 8:00 PM, Monday - Saturday
• Noon – 6:00 PM, Sunday

Briarwood Mall

Briarwood Mall is located at 100 Briarwood Circle in Ann Arbor and features a number of popular retailers, some of which include Athleta, Soma, Vera Bradley, Brighton Collectibles, Michael Kors, L’Occitane, LUSH, White house Black Market and Yankee Candle.

While you have the children at the mall, be sure to stop into Elephant Ears, a locally owned shop that specializes in children's clothing and toys located near Von Maur, so you can surreptitiously find out what they would love to discover under the tree this Christmas. In addition to making this holiday season truly memorable, take the kids skating at Briarwood Winter Wonderland.

In October, Briarwood put the finishing touches on an extensive renovation project, which included remodeling of the entrances, new seating and charging stations, new way-finding signage, and a new play area, family restroom and guest services section in the Von Maur wing.

One of the first things to think about when you are selling your Home is curb appeal. That is the magic that draws all eyes to your home when potential buyers are passing by. You want them to stop and take a long hard look as they slow down to pick up a flyer. Curb appeal is that critical element that brings your home to the front of the line. Here are a few tips to make sure your home invites them back:

An attractive entryway – Repainting or replacing the front door with a splash of color is like an engraved invitation that says, "Come on in." The path leading to the door and the lighting above or to the side both add attractive details that welcome visitors. Make sure the doorknob and hardware are painted or polished to complete the package.

Pristine yard – Whether your home has a carefully manicured lawn or desert landscaping, the key is a neat, trim exterior with no weeds, debris, or clutter of any kind. Nothing says "fixer–upper" like needless mess. Since many buyers enjoy creating their own gardens, many sellers find that potted plants provide a finished look to complete a positive vision without making permanent changes to the landscape.

Repair and update – Simple hardware replacements can bring a house forward in time by years. Shiny upgrades are inexpensive, attractive and send a message that the home has been well–maintained. Make sure all minor repairs are completed before you sell your home.

Add artistic flair – Fountains, bird baths and wind chimes all work to make the exterior pleasant and attractive. These are the finishing touches that make houses feel look unique and homey.

Shutters and accent trim – Shutters help control light and ventilation, as well as providing a measure of added security. They add another level of visual interest that stands apart from the rest of the neighborhood.

Gutters and downspouts – Replacing these and any fascia that are bent or peeling creates a visual frame around the front of the house that looks new.

When you think you are ready to list your home, take a few photos from different angles to help you spot details you might have missed. Be prepared to make more small changes your real estate agent may suggest to ready the home. In today's market, curb appeal is more important than ever before to help you get your asking price quickly.

Thanksgiving Day is coming up faster than you can say, "More turkey, please!" But before you pull the turkey out of the oven and sit down for a delicious feast, come out to the 8th Annual Turkey Trot in Ann Arbor.

This fun holiday run will be a 5K distance, with the the starting point on the corner of East Liberty Street & South 5th Avenue. The race will be broken into two segments, with the first run dedicated to the little runners, ages 10 and younger, and the main event starting soon afterward. The Tot Trot will start at 8:00 AM, while the adult run will begin at 8:45 AM.

You are sure to have a fun time and get into the holiday spirit! There will be hot chocolate stations throughout the course, over 50 pies given away in a random drawing and there will be a contest for the Uglyiest Sweater. Be sure to bring your camera because Tom Turkey and Santa will be out and about and available for pictures with the kids!

Online registration for the Turkey Trot is available through 6:00 PM on Monday, November 25th. If you don't make the online registration deadline, you can still mail in your registration or go down to Running Fit in Downtown Ann Arbor on Wednesday, November 27th between 1:00 PM and 7:00 PM to register in person. Packet pick up will also be at Running Fit at this time as well.

The 8th Annual Turkey Trot is bound to be a fun holiday celebration for the whole family! Have a great Thanksgiving!

As you navigate through the process of Buying a Home, you will find that one of the more critical components is the home inspection. To understand the value of home inspections, buyers and sellers should both be aware of what they do and do not include. While there may be some variation from state to state, home inspections typically do not look for asbestos, radon gas, lead paint, toxic mold, or pest control. If the buyer has concerns, professionals specifically licensed for each must address these issues. The focus of the typical inspection is three-fold: structural, mechanical and electrical condition of the house. The goal is not a complete laundry list of necessary repairs, nor an appraisal of worth. It is an unbiased evaluation of the home’s condition.

Step One

The process begins with a visual examination of the front of the home from a distance sufficient to view the entire exterior surface. Starting at the top and systematically moving down the wall, the inspector will review the roof, the chimney, gutters, fascia and soffits. Next, he will look at windows, doors, porches, decks and all of the structural details down to the ground. He will consider the grade or slope of the surrounding ground, inspect flowerbeds, walkways and driveways. Moving closer to the building, he will continue the home inspection by investigating details that caught his attention. Repeating the process with each wall, he will work his way around the house.

Step Two

Inside the house, he will continue the home inspection starting at the lowest level and moving up. The review starts with the floor, moves up the walls and across the ceiling. Then he will check each appliance in the room. He will open each door and inspect closets and storage areas before moving to the next room. He will look at floors, heating sources, electrical panels, outlets and switches. He will look for water damage including stains and sagging. He will check all plumbing fixtures and visible pipes.

Step Three

The home inspection will follow a checklist to insure that it is complete. Then the inspector will provide a formal report of his findings. It will then be up to the buyer to accept the property as it is, request repairs, request reduction of price to cover repairs, or decline the property. Your real estate agent will work with you to help you with your negotiation and decision.

The University of Michigan has good reason to be proud of the Varsity Tennis Center, where the Michigan Wolverines host some of the most prestigious intercollegiate events in the country. Past events include such notable competitions as the ITA National Indoor Championships of 2003-2004, the Wilson/ITA Midwest Regional men's championships of 2004-05 and women's championships of 2000. The Big Ten Conference men's championships of 1999 and 2009 and women's championships of 2000 and 2011 also took place here. The indoor facility houses eight courts located 20 feet apart lit by 16 lights per court, ample for televised coverage. Outdoors you will find 12 courts and seating for 600 spectators. Electronic scoreboards enhance the spectator's experience. Located on South State Street, just south of the Golf Course, the facility is truly a gem on the University of Michigan campus, putting Michigan tennis on the map.

The men’s varsity schedule begins in September with non-scoring events and continues through the NCAA Individual championships ending May 26. The men’s team takes on Western Michigan on January 18. The women’s schedule runs concurrently. Women will partake in the Michigan Invitational January 18-20 with competition against Virginia Tech on January 25. The Wolverine Open takes place in 2013 on December 6-8. Competition will be limited to 32 singles and 16 doubles. The weekend should prove to be an exciting event for Michigan tennis enthusiasts.

Last season’s finish in the number two spot in the Big Ten is pushing the men’s team veterans, Evan King, Shaun Bernstein and Barrett Franks to lead their fellow Michigan tennis players on to victory. You can connect with the team for up-to-date news on their Facebook page. The women’s team is doing well as Ronit Yurovsky and Sarah Lee dominated at the ITA Regional Midwest Doubles matches. Yurovsky went on to win the singles title. That is not bad for a sophomore with more playing time coming up for a bright collegiate future. You can follow the women on Facebook as well.

Michigan tennis is just one more asset for residents of Ann Arbor to enjoy. The Wolverines have always been a great source of community pride, and these great young athletes promise not to let us down. Unless the University is hosting NCAA competitions, there is no charge to attend these exciting matches. If you ever have questions about schedules or tickets, call (734) 764-0247 for additional information.

During the October 18, 2013 meeting of the University of Michigan Board of Regents, approval was granted to issue the Munger Graduate Residences project for bids and award construction contracts. The schematic design for the eight-story building was approved at the September meeting. The structure will accommodate housing for approximately 630 students. Construction is scheduled for completion during the summer of 2015.

Charles Munger, vice chairman of Berkshire Hathaway Inc. has generously donated $100 million toward funding the 370,000-square-foot building as well as another $10,000 in fellowships for resident students. Munger’s donation is the largest in the history of the University. The total estimated cost of the project is about $185 million, the balance of which will be funded by bond proceeds and commercial paper issuance. About 264 construction jobs will be created by the project.

The design includes 96 apartments, most of which will contain seven bedrooms for a total of 632 bedrooms in total. The residences will take up seven floors, with an additional floor of common space accommodating a solarium, a commissary and an outdoor balcony which encircles the floor as a running track. Music practice rooms, a media room and indoor gym are also included in the design. Lounges, study space and the track will be on the eighth floor.

The innovative design was a joint project by Hartman-Cox Architects and Integrated Design Solutions. The plans will follow U.S. Green Building Council’s LEED certification system which will insure exceptional energy efficiency, exceeding standard levels by about 30 percent.

On-campus residences for graduate students are unusual living options and the University hopes that the addition of this unique offering will attract more graduate students to the University of Michigan. Offering a communal approach to student life, the building encourages interaction across disciplines. The vision is that this positive social environment will remove some of the isolation graduate students often feel, and allow the free exchange of ideas to elevate the level of their educational experience. Each bedroom has its own private bath and shares a common kitchen and living areas with three to six other bedrooms. At the current projection, the new dormitory should be available for graduate students for the fall semester of 2015. The $10 million in fellowships will be used in part to select students to help defray their living expenses. The University of Michigan bidding for $185M grad student dorms is officially underway.

Autumn is here and that brings along with it the crisp mornings, mildly warm days, apple cider and family festivities!  This is the time of year that you can head out to Wiard’s Orchards and Country Fair for a fun, old-fashioned trip to the farm and pick up some pumpkins, cider, produce and also enjoy a long list of all kinds of other fun activities.

Before mentioning the fun events at the orchards, a bit of history about the farm is in order.  According to their website, Wiard’s was first established by George Wiard in 1837.  The original site of this cider mill and apple orchard was on Wiard Road, near what is now Willow Run Airport.  During World War II, a new bomber plant at Willow Run required Wiard’s to move to their current location.

The Cider Mill is has long been a cornerstone of Wiard’s and is still fully operational today.  They are still producing their delicious apple cider every fall, which all started from a recipe concocted by George Wiard in 1837.  Along with the Cider Mill, the Country Store and Farm Bakery are cooking up fantastic fresh pies, caramel apples, cider mill donuts and other pastries.  You can also find some specialty jams, jellies and salsas, as well as gifts for the kids.

If you’re looking for more than just a few delicious snacks and want to stay awhile on the farm, then purchase your ticket for Country Fair.  Here you’ll gain admission to much more of the outdoor entertainment! Everything from hayrides, kids’ playground, a corn maze, an animal petting farm, miniature golf, pony rides, in addition to many other exciting things to do!

For the kids that are 10 years and older, get ready to be spooked at the Night Terrors haunted attractions.  Every Friday and Saturday in September and October, you can head out to Wiard’s for some chilling adventures through 6 different haunted sites.  You can walk through the Ultimate Haunted Barn, or explore The Asylum.  Find your way through The Labrynth, take in the Alien Caged Clowns, explore The Mind Shaft, or take a ride on the Hayride of The Lost.  These haunted attractions are not meant for the little ones, so plan accordingly.

With so much going on at Wiard’s Orchards and Country Fair this time of year, this is a great place to visit several times before autumn turns into winter.  Find directions on their website and we hope to see you there!

The two most common types of mortgages are fixed rate and adjustable rate. There are several others, some of which are described below, but it's best to keep it simple as you enter the labyrinthine maze of Home finance.

Fixed rate

These loans offer one specific rate for its entire duration; however, if interest rates fall, your rate may increase.

Adjustable rate mortgage (ARM)

Adjustable rate mortgages main attraction is their relatively low initial interest rate; however, they are directly impacted by the market conditions at adjustment time. So, your monthly payment can fluctuate, up or down, dramatically over time.

Hybrid ARM

A hybrid ARM is a blending of these first two mortgages in which the interest rate starts out fixed, but after a specified length of time, becomes vulnerable to the whims of the market.

FHA (Federal Housing Administration)

This is a government-secured loan that allows people who may have trouble qualifying for other financing a home loan with one low down payment; however, the size of the loan could be limited.

VA (Veterans Administration)

Here we have another government-backed loan; this one offers eligible veterans, active duty personnel and surviving spouses competitive interest rates, with little to no down payments.

Balloon mortgage

Similar to the aforementioned hybrid ARM, a balloon mortgage starts with a fixed rate, usually at a comparatively low number. Once the fixed period ends, the lender must pay back the full balance of the loan.

Interest-only

Another hybrid of sorts, interest-only loans allow the borrower to pay just the interest for an agreed-upon term, after which the full balance of the loan is due.

Reverse mortgage

This one is aimed at senior citizens who want to convert their home equity into cash. The crucial distinction between reverse and conventional mortgages is that with a reverse mortgage, lenders are not required to pay principal or interest as long as they live in or own the home.