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. http://www.thecharlottepost.com
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Cljarlotte ^osit
WEDNESDAY, DECEMBER 31, 2003
REAL ESTATE
Roland
Hawkins
Changes
for the
new year
Another new year is here.
This time of the year, most of us
start reflecting on the past year’s
accomplishments and growth.
Many of us will make New
Year’s resolutions to either
improve our physical condition
or location.
Speaking of changing location,
a record number of individuals
became first-time homeowners
in 2003.
Obviously, interest rates had a
lot to do with the enormous home
purchasing upsurge. The home
ownership party isn’t over yet,
but it is starting to wind down.
Although interest rates are pre
dicted to rise in 2004, most trade
and industry forecasters foresee
a stronger economy in 2004
according to current financial
indicators.
Many lenders have recently
raised their minimum credit
score requirements on some
home mortgages. Some econo
mists and mortgage experts have
expressed concerns that con
sumer credit has become too easy
to obtain and are applauding
these changes.
There is a good chance that a
renewed real estate market will
greet potential homebuyers in
2004. Just like the world we live
in today, tomorrow (the new
year) has a strong possible of
changing without much warn
ing. For instant interest rates
that have quietly been cUmbing
upwardly may not be so subtle by
the middle of the year. Do not be
surprised by a higher frequency
of interest rate hikes in 2004.
Substantial higher interest
rates and tighter underwriting
guidelines will decrease the
home purchasing power for
many. People with marginal
credit will have a more difficult
time qualifying for mortgages.
A tighter mortgage rate market
will mean tougher home pur
chasing requirements. These
changes wiU also dramatically
affect some of the mortgage pro
grams that were designed to help
marginal credit applicants. The
changes so far are relatively
modest and are unlikely to affect
most consumers who have better
than average credit and cash
reserves.
For those that have less than a
satisfactory credit history and
want to be in position to pur
chase a home in the future, get
prepared. As part of your home
buying preparation, the first and
foremost thing to do is to under
stand your credit rating.
Your credit rating and scores
will play a vital role in your
financial purchasing capabilities.
A credit-scoring grid estimates
an individual’s credit worthiness
based on the information in their
credit report.
If you have never seen your
credit report, you may be entitled
to a free copy. Information on
credit reports is not always accu
rate. That is why you should
periodically check your credit
statement for discrepancies.
Don’t wait until you need to test
your purchasing power to find
out that you have to address a
challenge.
Some people have car pay
ments that are higher than their
potential mortgage payment.
Before purchasing that new car,
first consider purchasing a home.
It’s a good idea to buy a home
with a garage before purchasing
that car. It may also be easier to
qualify for a home mortgage
without a huge car payment.
Do not miss out on today’s
home ownership opportunity
because you do not have a good
handle on yom credit rating.
Purchasing a home may be one
Please see CHANGES/6C
Warm home with taste of the tropics
Jama
Brown
Tropical decorative motifs, such
as palm trees, monkeys, pome
granates, and the pineapple that
symbolizes “welcome,” endure for
many reasons. Not only are they
intrinsically graceful in their own
right, but they are also evocative
of a relaxed, comfortable, leisurely
way of life. Their reflection of ease
and warmth has made these
motifs popular for generations,
and they are enjoying another
home fashion renaissance now.
They coincide beautifiiUy with the
trend toward such nature-friendly
materials as bamboo, wicker and
rattan. They also relate to
increased interest in exotic places.
PHOTO/ARA CONTENT
such as Key West and Bali.
Pineapples and pomegranates
add an international flavor to the
traditional basket of decorative
friuts. Monkeys represent a gen
der-neutral motif, easy to decorate
with and especially appropriate
for shared spaces, such as the
master bedroom, where men may
raise objections to an abundant
use of florals. While tropical
themes are ideal for decorating a
vacation home in a southern cli
mate, they can also carry their
luxurious sense of comfort to the
harsh winters of the north.
Patterns in the Ellison Bay col
lection from Maxwell’s Piper
Designs division offer an example.
The collection takes its name from
a beautiful inlet on the Wisconsin
side of Lake Michigan — an idyllic
summer resort that is snowbound
for much of the winter. While
pineapples, interspersed with
tropical flowers are in perfect sync
with the surroundings in summer,
they bring the welcome glow of
summer to winter’s short, dark
days.
For added winter warmth, we
used this pattern in red in an
entiyway It is installed above a
white molding at chair-rail height,
and topped with its even more
densely floral coordinating border.
A harlequin pattern in matching
red runs from the chair rail to the
floor.
Classic ring-tail monkeys mean
der along tropical branches in a
design in Maxwell’s Vintage Colo
nial collection, which also contains
■ matching borders and a coordinat
ing cheetah print. All three help
unify a master bedroom and
adjoining dressing area, while also
making each space distinctive. Tb
produce a “positive/negative,
reverse” visual effect, we com
bined the monkey wallpaper with
a white background and a border
of the same design on a black
background. This stunning pair of
patterns extends along one wall
into the dressing area that is oth
erwise wallpapered completely in
the cheetah pattern.
Because MaxweU collections use
color families to make coordina
tion easy and mixing and match
ing foolproof, this cheetah’s spots
are perfectly color-matched to the
monkey’s fur. Such coordination
also makes it easy to add true dec
orator distinction. For example,
we covered the two shades on the
sconce at the entry to the dressing
area with the cheetah wallpaper
print. Details like this bear the
mark of professional interior
design and become a signature of
your great taste of the tropics.
The most dramatic of all
Please see WARM/6C
PHOTO/ARA CONTENT
Small leaks can become a big drain on wallet
ARTICLE RESOURCE ASSOCIATION
While most homeowners have nightmares
about natural disasters such as tornados, hur
ricanes and hail damaging their house, it
tends'to be the more mrmdane occurrences
like undetected leaks and burst pipes that are
the most common cause of water damage to
personal property
“On average, almost three-fourths of our
home water-loss claims each year are caused
by an appliance people use every day, such as
a washing machine, water heater or refrigera
tor,” says Georgie Anderson, Safeco claims
adjuster. “I vividly remember a recent incident
where the homeowner put a load of laundry in
her new front-loading washing machine and
then left for a soccer tournament. When she
returned hours later, she discovered that
although the door had popped open mid-cycle,
the washing machine had continued to run all
day, spouting untold gallons of water into the
laundry room and surrounding area.”
The good news is that taking a few easy steps
now can prevent a lot of trouble and expense
later. Anderson points out that many common
water problems are easily avoidable with sim
ple maintenance.
“Spending just $10 on a new hose for the
washing machine can prevent thousands of
dollars in property damage.”
Homeowners who experience water damage
might be surprised to find out how expensive
ignoring routine maintenance can be. Some
find their insurance doesn’t cover the damage
and they’re left with the bill.
“Most policies don’t cover damage caused by
poor maintenance or neglect,” says Jim
Arciere, vice president of Safeco Claims.
Even with a covered loss, the homeowner
still needs to pay the polic/s deductible and
deal with the hassle of cleanup and repair. Tb
help homeowners pinpoint possible problem
areas in their homes, Safeco is laimching an
Please see SMALL/eC