In the recent downturn of the economy, many homes nationwide as well as homes in Thomasville have taken a dive in value. As a result, they may not be the nest eggs that potential retirees were hoping for. Now, retirees need to know their options and what to do with their homes in Thomasville.

If you find yourself in this predicament and aren’t sure what to do, speak with your financial expert and review the following options for your financial future so that you can retire on time — and enjoy it!

• Wait it out. Most retirees want to try this tactic and are hoping that the housing market will rebound. However, if your property’s upkeep costs, such as taxes, insurance and utilities, continue to rise, you might need to consider other options.

• Pay down the mortgage. If you have the extra dough, start investing in your property by paying off your mortgage faster. You’ll build more equity and soon see that extra money each month going straight into savings. To come up with some extra money to pay down your mortgage, you could refinance to take advantage of lower interest rates, or cut back on consumer spending. Whatever your plan, just know that most financial experts agree that you should not stop contributing to your retirement fund or take money out of your retirement investment accounts to be mortgage free.

• Sell and downsize. If you’re still living in the home in which you raised your children, chances are it’s probably too large for your retirement life. Consider selling and downsizing, especially if you have a good amount of equity built up in your current property. You could have your newer, smaller and cheaper home paid off quickly, and could start contributing more to your retirement fund.

Whatever your current financial situation as you approach retirement, consider all of the options. Retirement is for relaxation — which is hard to do when you’re stressed about monthly finances.

If you’re weighing your retirement options and want to see at what price point homes in Thomasville are currently selling, call First Thomasville Realty at 229-226-6515 or email us at info@FTRealty.com .

You know that you can lend money to your child to help him or her buy Thomasville real estate. But you’d like to explore some other financial arrangements to determine which option is the most advantageous for you and your child.

Here are four additional ways to help your child buy Thomasville real estate:

1. Give the down payment as a gift.

Before deciding whether to make the money a gift or a loan, consider what moral message you may be sending. You don’t want your child to develop a sense of entitlement and take for granted that he or she can come to you any time money is needed.

If you decide you do want to give part or all of the down payment as a gift, consult with your financial adviser to determine the amount you can give away without incurring tax liabilities.

2. Co-sign the bank loan.

This could be all the help your child needs to get a mortgage. It might make sense if he or she is close to graduating from college and already has a job lined up or has solid but irregular income that would disqualify her or him from getting loan approval.

However, there are big risks associated with co-signing a loan. You're responsible if your child fails to keep up payments, which means the bank will come after you for the money. If your child is late with a payment, it impacts your credit score. If you want to get another loan for a home or some other big expenditure, you may find the co-signed loan uses up your borrowing ability.

Before co-signing a loan, get legal and financial advice. Also, if your child is married, be sure to have his or her spouse sign the loan and any other written documents that provide the terms of your agreement.

3. Set up a shared-equity arrangement.

In this arrangement, everything is open to negotiation. Typically, a written contract spells out that the child (as the homeowner) is responsible for mortgage payments and gets the tax deduction that comes with it, and you (as the investor) are responsible for providing the down payment.

Some of the conditions you’ll want to agree on before finalizing the agreement are: (1) who pays the property taxes, (2) whether or not your name will be on the loan and (3) when the investment will be paid back, through either selling or refinancing the Thomasville real estate.


Because of the flexibility inherent in this type of arrangement, it’s crucial to involve your lawyer and have a document drawn up that spells out everything in detail.

4. Set up a lease-to-own agreement.

Basically, you buy an investment property and rent it to your child. You can set the terms of the agreement, but here’s how lease-to-own arrangements typically work:

The renter is buying the right to purchase the house later at a given price. There’s often a large upfront option fee of 1% to 3% of the home’s purchase price. Or, the option fee can be added to the monthly rent. Usually, some or all of the option fee is credited as a down payment on the purchase of the house.

During the rental period, you still own the home and are legally responsible for it, but your child maintains the property as his or her own. Be sure to have a legally-reviewed contract signed by all parties involved.

If you’re interested in purchasing Thomasville real estate for your adult child or as an investment, First Thomasville Realty can help. Give us a call today at 229-226-6515 or email us at info@FTRealty.com for more information.

With home prices nearing their bottom, now might be a great time to buy Thomasville real estate as income property. Many more people will be looking to rent now that pre-approved mortgages are harder to come by. But, before you become a landlord, you’ll want to make sure your potential rental property won’t remain vacant for long.

6 tips to help you evaluate your Thomasville real estate investment:

1. Determine if your area has a strong rental market. See what kind of homes are for rent and track how long they remain vacant. If the same properties are listed week after week, it might not be the best area to purchase a rental.

2. Get a feel for the stability of the population. It's good to find a rental property in a transient community because residents are less likely to purchase their own homes, and more likely to rent, if they know they're only going to be there for a couple years. In particular, look for areas with military installations or colleges nearby.

3. Keep an eye on Craigslist and the local Classifieds. Track how many rentals are available at any given time, and get an idea of the size of houses most commonly listed. You won’t want to be trying to rent a 1-bedroom house in a neighborhood that is full of young families.

4. Make sure your potential rental property is located in a good school district. Potential renters with children could be turned off by the quality of the local schools if they have a poor reputation.

5. Check around with local property management companies. They’ll often have the best information about what sort of properties are the easiest to rent out. You can also check their websites to see the properties they have available.

6. Find a house that’s in good shape. Would you live there? If not, either move on to a different property or immediately fix it up.

Owning a rental home can be a great investment. Do your homework, and purchase a home people will be clamoring to rent — not one that continues to sit vacant.

If you have questions about purchasing Thomasville real estate as income property, please call First Thomasville Realty at 229-226-6515 or email us at info@FTRealty.com for more information.

In honor of Labor Day, you may have a few DIY renovation projects planned for your Thomasville home. Instead of plunging right into costly home renovations, you might want to take the long weekend to consider the following tips to gain insight before getting down to work.

• Talk to your parents. Give your elders a call to see what they think about your renovation plans. Those of the older generation have usually lived in many houses and did a lot more fixing up than most property owners do today.

• Consult a professional. Talk with a professional who specializes in the type of renovation that you’re planning, such as a carpenter, plumber or electrician. They might charge you for an hour of their time, but you’ll gain valuable insight and maybe even tips on which building materials to use and where you should purchase them.

• Plan for a permit. Check with your city or township before you do any major renovations or make additions to your Thomasville home. You’ll want to get a permit if one’s needed; otherwise you might be required to undo your hard work and the repercussions could be severe when you eventually try to sell. They’re not out to get you — they just want to ensure everything is up to code with the latest safety and security standards.

• Seek advice from a real estate agent. Before you invest any money in your property, ask a real estate agent to come over and give you advice on which renovations get the best return. Also, the real estate agent will be able to provide you with tips on trends, buyer’s wants and new features you might not have heard about.

Don’t rush right into the renovation. Do your research, make plans and talk to experts who’ve had years of experience. You’ll learn from their mistakes and avoid making building blunders of your own.

If you need help deciding how to renovate your Thomasville home, call First Thomasville Realty at 229-226-6515 or email me at info@FTRealty.com for more information.

If you’re looking to purchase a new home, then you have a list of priorities. When looking at Thomasville homes for sale, families with young children consider proximity to schools and quality of school districts as two of the top concerns on their home buying checklist.

With “back to school” on the brain, your top priority when looking at Thomasville homes for sale might be how close a home is to schools. Before you purchase property near a school, take the following considerations into account.

• Top-notch education – If the local school is the best in the surrounding area, then your property value could increase. Houses in your neighborhood will be in high demand because families will want to ensure their children are included in that district.
• Around the block – Living near a school could be beneficial if you have younger children you can walk with. Additionally, your proximity will allow you to react quickly if school closes early or your child gets sick.
• Noise alert - With cars whizzing by and children walking past, you might have to deal with daily commotion and traffic. Depending on how close you live to the school, you could also be subject to noise from recess, after-school practice and Friday night football games.
• School view – Living directly across from a school could actually decrease the value of your home and increase the litter. A view of a high school isn’t as good as a view of a quaint, tree-lined street; and the constant foot and car traffic could mean more mess in your yard.
• Neighborhood watch – Do your research. Some neighborhoods surrounding schools may have better relationships with the school. If your neighborhood association meets monthly with a school, you’ll be able to voice any concerns you might have.

While there are many pros and cons to living near schools, you need to decide what is best for your family.

Whether you’re interested in Thomasville homes for sale near or far away from schools, First Thomasville Realty can help you find a home that fits your priorities. Call us today at 229-226-6515 or email us at info@FTRealty.com .