When relocating or buying a new home, there is one thing that most people dread: moving day. While it can indeed be a hectic day, planning your move weeks in advance can make things much smoother. It’s also important to know what to expect on moving day itself. Here are some things to keep in mind:
# 1: Make final preparations Strip bedding and put into a “load last” box. Unplug all appliances, leaving cords clearly visible. If you haven’t done so already, defrost your refrigerator and freezer, leaving the doors open.
# 2: Clear a path Keep packed boxes in a room close to the door but out of the way. Survey for any obstacles that could block carried furniture such as railings or fence gates. Place non-slip rugs in any high traffic areas.
# 3: Call the sitter Your family pet should be confined, or better yet, left with a friend. Even the nicest of animals will find a way to be dangerously underfoot. You may also want to leave small children with a friend or sitter during the bustle of the move itself.
# 4: Keep everyone refreshed Whether you’re using professional movers or just your friends, make sure that everyone is comfortable and hydrated. If it is a hot day, provide lots of cold beverages and snacks. On cold days offer hot chocolate and coffee. Ordering pizza for lunch is a nice way to show everyone you appreciate all the hard work.
# 5: Keep neighbors (old and new) happy Keep the moving truck from blocking other driveways, and make sure not to walk through your neighbor’s lawn. Move during the day to avoid disturbing the neighborhood.
# 6: Last walkthrough Be sure to leave your old house as clean as you’d hope to find your new one. Check one last time for any forgotten items, leave one or two lights on (to make the home seem warm) and lock all doors and windows.
# 7: Coordinate your move If using professional movers, ask any remaining questions, finalize all contact information, and sign both the bill of lading and inventory sheet after careful review. Go over the destination address and projected route, as well as expected travel time.
I hope these tips help you as you near your own moving day. You’ll also find more resources for relocation on my website.
If you need any help or have questions about moving companies, I’d love to be of assistance. Together, we can ensure that your move becomes a smooth and successful one.
As the weather outside continues to remind us, summer is in the past. You may be considering some repairs around the house to prepare for the cold months of winter. I’ve compiled a list of fall maintenance ideas to help you get started!
Gutters and downspouts Check to make sure they are working properly.
Fireplace and flue Repair cracks, and crumbling mortar. Check and replace gasket on woodstove if necessary.
Siding Inspect exterior caulking, and repair if necessary.
Storm windows and doors Check for any cracked or broken glass. Tighten or repair loose or damaged frames and repaint if necessary. Replace broken, worn, or missing hardware; tighten and lubricate door hinges and closers, and check for broken or missing glazing.
Weather-stripping Inspect and repair stripping around windows and doors.
Hot-water heating system Lubricate pump and motor; bleed air from radiators or convectors.
Forced warm-air heating system Vacuum heat exchanger surfaces; clean and lubricate blower blades and motor; check fan belt tension and adjust if necessary.
Gas burner Clean burners and ports.
Oil burner Lubricate fan and motor bearings.
Thermostat Clean heat sensor, contact points, and contacts; check accuracy and replace if necessary.
Garage Doors Clean and lubricate hinges, rollers, and tracks; tighten screws.
Foundation Check grading for proper slope away from foundation wall.
Trees Trim back all tree limbs and vegetation away from roof.
Heating For steam heating, check shut-off valve for leaks and drain lower water cut-off per manufacturer's instructions.
Roof Inspect roof surface, flashing, and eaves; repair if necessary.
I hope you’ve found this list helpful. If you’re doing any repairs or preventative maintenance that requires the help of professionals, I’d be happy to give you some referrals. I’m also available to answer any of your real estate or home owning questions. You can also find more tips for homeowners on my website! Call if I can be of help to you.
Over the past several decades, real estate investments have proven to be lucrative and reasonably reliable in comparison with other forms of investment. While real estate investments have no “get rich” guarantee, they can be great ways to earn extra income, provided you have the right guidance. That’s why it’s important to enlist the help of a real estate professional.
Having the professional assistance of a real estate expert can be invaluable, even if you’ve invested in real estate before. A good agent can help you determine which kinds of properties are best for you to invest in and guide you through the entire buying and selling process.
As a potential real estate investor, you’re in competition with buyers of varying experience. I can help you to ensure that this venture is a rewarding one. I’d love to talk with you about how I can be of service to you.
First Time Investor?
Investing in real estate for the first time is an exciting proposition. Even if you’ve been through the home buying process before, you may be unsure of where to begin.
Having a real estate professional on your side can help. An expert can get you started and guide you throughout the process. I can provide you with information and advice on topics such as:
- Tips for starting out
- Investing in Foreclosures
- Fixer-Uppers
- Condos as Investments
- Vacation Homes
Investing in real estate is potentially lucrative and a sophisticated process. Don’t take that first step alone. If you’d like to talk about ways that I can be of assistance to you, please call. I’d be happy to help you.
Setting the list price for your home involves evaluating various market conditions and financial factors. During this phase of the home selling process, your REALTOR® will help you set your list price based on:
pricing considerations
comparable sales
market conditions
offering incentives
estimated net proceeds
Pricing Considerations – Find a Balance Between Too High and Too Low
When setting a list price for your home, you should be aware of a buyer’s frame of mind. Consider the following pricing factors:
If you set the price too high, your house won’t be picked for viewing, even though it may be much nicer than other homes on the street. You may have told your REALTOR® to "Bring me any offer. Frankly, I’d take less." But compared to other houses for sale, your home simply looks too expensive to be considered.
If you price too low, you'll short-change yourself. Your house will sell promptly, yes, but you may make less on the sale than if you had set a higher price and waited for a buyer who was willing to pay it.
TIP: Never say "asking" price, which implies you don't expect to get it.
Price Against Comparable Sales in Your Neighborhood
No matter how attractive and polished your house, buyers will be comparing its price with everything else on the market.
Your best guide is a record of what the buying public has been willing to pay in the past few months for property in your neighborhood. Your REALTOR® can furnish data on sales figures for those comparable sales and analyze them to help you come up with a suggested listing price. The decision about how much to ask, though, is always yours.
Competitive Market Analysis (CMA): The list of comparable sales a REALTOR® brings to you, along with data about other houses in your neighborhood that are presently on the market, is used for a "Comparative Market Analysis" (CMA). To help in estimating a possible sales price for your house, the analysis will also include data on nearby houses that failed to sell in the past few months, along with their list prices.
A CMA differs from a formal appraisal in several ways. One major difference is that an appraisal will be based only on past sales. Also, an appraisal is done for a fee while the CMA is provided by your REALTOR® and may include properties currently listed for sale and those currently pending sale. For the average home sale, a CMA probably gives enough information to help you set a proper price.
Formal Written Appraisal: A formal written appraisal (which may cost a few hundred dollars) can be useful if you have unique property, if there hasn't been much activity in your area recently, if co-owners disagree about price or if there is any other circumstance that makes it difficult to put a value on your home.
TIP: If you do order a market value appraisal, make it clear you don't need an elaborate, or full narrative report, i.e., the kind that's complete with photos of the house and neighborhood. Floor plans and a site map is sufficient in most cases.
Market Conditions – Is it a Buyer’s Market or a Seller’s Market?
A CMA often includes a Days on the Market (DOM) value for each comparable house sold. When real estate is booming and prices are rising, houses may sell in a few days. Conversely, when the market slows down, average DOM can run into many months.
Your REALTOR® can tell you whether your area is currently in a buyer's market or a seller's market. In a seller's market, you can price a bit beyond what you really expect, just to see what the reaction will be. In a buyer's market, if you really need to sell promptly, offer an attractive bargain price.
If You Price High, Set a Schedule for Lowering the Price
Some sellers list at the rock-bottom price they'd really take, because they hate bargaining. Others add on thousands to the estimated market value "just to see what happens." If you want to try that, and if you have the luxury of enough time to feel out the market, sit down with your REALTOR® and work out an advance schedule for lowering the price if need be.
If there haven't been many prospects viewing your home after three weeks, you may need to lower your list price. If that doesn't bring any prospective buyers, you may need to lower your list price again. Plan on doing that regularly until you find a level that attracts buyers. Make a written schedule in advance, before emotion takes over and you're tempted to dig your heels in.
Offering Incentives to Hasten a Sale
Sometimes cash incentives are as effective as lowering the price, especially in the lower price range where buyers may be "cash poor." You may offer to pay some or all of a buyer's closing costs and discount points required by the buyer's lending institution.
If you haven't had much traffic through your house and you’re in a hurry to sell, you may want to add the offer of a bonus to the selling broker, in addition to their commission. An example of the wording for such an offer may be "to the broker who brings a successful offer before Christmas."
Estimating Net Proceeds
Once you’ve been given an estimate of market value by your REALTOR®, you can get a rough idea of how much cash you might walk away with when the sale is completed. This can be particularly useful when you start looking for another home to buy.
To estimate your net proceeds, from the estimated sales amount, subtract the applicable costs in the three sections outlined below: seller’s costs, buyer’s/seller’s costs and closing costs.
Seller’s Costs: Subtract the following costs as applicable.
payoff figure on your present loan(s)
broker's commission
prepayment penalty on your mortgage
attorney's fees
unpaid property taxes
Buyer’s/Seller’s Costs: Additionally, your REALTOR® can tell you whether local customs or rules dictate whether the buyer or seller pays for the items listed below. Subtract the following costs, as applicable.
title insurance premium
transfer taxes
survey fees
inspections and repairs for termites, etc.
recording fees
Homeowner Association transfer fees and document preparation
home protection plan
natural hazard disclosure report
Closing Costs: As far as closing costs are concerned, you and your eventual buyer may agree on any arrangement that suits you, no matter what local practice dictates. Your REALTOR® will assist you in estimating what your final closing costs will be.
Narrow your home search by identifying neighborhoods that are right for you. This helps keep your search focused and efficient. Your local REALTOR® can offer neighborhood information to guide you in your search.
When evaluating a neighborhood you should investigate local conditions. Depending on your own particular needs and tastes, some of the following factors may be more important considerations than others:
quality of schools
property values
traffic
crime rate
future construction
proximity to schools, employment, hospitals, shops, public transportation, prisons, freeways, airports, beaches, parks, stadiums and cultural centers such as museums and theaters
Neighborhood Search Strategies for Limited Budgets
If you’re a first time-buyer with limited financial resources, it's wise to buy a home that meets your primary needs in the best neighborhood that fits within your price range. You can maximize your home purchase location by incorporating some of the following strategies into your neighborhood search:
Upcoming neighborhoods: Look for communities that are likely to become "hot neighborhoods" in the coming years. They can often be discovered on the periphery of the most continuously desirable areas. Check for planned future development such as additional transit; new community services such as pools and theatres; and chain stores planning to move in. Look for a home in a good neighborhood that is a bit farther out of the city. If commuting is a concern, purchase a home that is close to public transportation.
Neighborhood demand: Look at the neighborhood demand by asking your real estate agent whether multiple offers are being made, whether the gap between the list price and sale price is decreasing and whether there is active community involvement. You can also drive around neighborhoods and see how many "sale pending" and "sold" signs there are in a particular area.
Co-ownership: Look into purchasing a condominium or co-op, rather than a house, in a desirable neighborhood. This way you still may be able to purchase in a prime area that you otherwise could not afford.
Here are some tips to help determine which house is best for you.
Once you've settled on a couple of preferred neighborhoods for your home search, it's time to pick out a few homes to view. Having a house features “wish list” keeps you focused on which features are most important to you.
When narrowing down your home search, consider the following:
know what types of home you want to buy
determine what age and condition of the house you want to buy
consider resale potential
use a features wish list to keep focused
use a home search comparison chart to keep organized
act decisively when you find the right home
Determine What Type of Home You Want to Buy
There are several forms of home ownership: single-family homes, multiple-family homes, condominiums and co-ops.
Single-family homes: One home per lot.
Multiple-family homes: Some buyers, particularly first-timers, start with multiple-family dwellings, so they'll have rental income to help with their costs. Many mortgage plans, including VA and FHA loans, can be used for buildings with up to four units, if the buyer intends to occupy one of them.
Condominiums: With a condo, you own "from the plaster in." You also own a certain percentage of the "common elements" - staircases, sidewalks, roofs, etc. Monthly charges pay your share of taxes and insurance on those elements, as well as repairs and maintenance. A homeowner’s association administers the development.
Co-ops: In some cities, cooperative apartments are common. With co-ops, you purchase shares in a corporation that owns the whole building, and you receive a lease to your own unit. A board of directors, comprised of owners and elected by owners, supervises the building management. Monthly charges include your share of an overall mortgage on the building.
Decide What Age and Condition of Home You Want to Purchase
Weigh your needs, budget and personal tastes in deciding whether you want to buy a newly constructed home, an older home or a "fixer-upper" that requires some work.
Consider Resale Potential
As you look at homes, you may want to keep in mind these resale considerations.
One-bedroom condos are more difficult to resell than two-bedroom condos.
Two-bedroom/one-bath single houses generally have less appeal than houses with three or more bedrooms, and therefore have less appreciation potential.
Homes with "curb appeal," i.e., well-maintained, attractive and with a charming appearance from the street, are the easiest to resell.
The most expensive houses on the street, or ones with anything unusual or unique are not suited for resale. The best investment potential is traditionally found in a less expensive, more moderately sized home.
Use a Features Wish List to Keep Your Search Focused
Make a features wish list to clarify which features are most and least important to you when looking for a home. Using this features wish list will keep your house hunt focused and effective.
Use a Home Comparison Chart to Keep Your Observations Organized
While house hunting, it's a good idea to make notes about what you see because viewing several houses at a time can be confusing. Use a home comparison chart to help you keep track of your search, organize your thoughts and record your impressions.
Act Decisively When You Find the Right Home
Before you begin the home buying process, resolve to act promptly when you do find the right house. Every REALTOR® has stories to tell about a couple who looked far and wide for their dream home, finally found it, and then said, "We always promised my Dad we'd sleep on it, so we'll make an offer tomorrow." Many times the story had a sad ending - someone else came in that evening with an offer that was accepted.
Resolve that you will act decisively when you find the house that’s clearly right for you. This is particularly important after a long search or if the house is newly listed and/or underpriced.
Not only does owning a home give you a haven for yourself and your family, it also makes great financial sense because of the tax benefits — which you can’t take advantage of when paying rent.
The following calculation assumes a 28 percent income tax bracket. If your bracket is higher, your savings will be, too. Based on your current rent, use this calculation to figure out how much mortgage you can afford.
Rent: _________________________
Multiplier: x 1.32
Mortgage payment: _________________________
Because of tax deductions, you can make a mortgage payment — including taxes and insurance — that is approximately one-third larger than your current rent payment and end up with the same amount of income.
REQUEST A FREE PRE-APPROVAL ON WWW.REMAXSUBURBAN.COM OR PLAY AROUND WITH THE MORTGAGE CALCULATOR. HAVE A REAL ESTATE PROFESSIONAL ASSIST YOU WITH YOUR NEXT PURCHASE OR SALE!
1. Develop a household budget. Instead of creating a budget of what you’d like to spend, use receipts to create a budget that reflects your actual spending habits over the last several months. This approach will factor in unexpected expenses, such as car repairs, as well as predictable costs such as rent, utility bills, and groceries.
2. Reduce your debt. Lenders generally look for a total debt load of no more than 36 percent of income. This figure includes your mortgage, which typically ranges between 25 and 28 percent of your net household income. So you need to get monthly payments on the rest of your installment debt — car loans, student loans, and revolving balances on credit cards — down to between 8 and 10 percent of your net monthly income.
3. Look for ways to save. You probably know how much you spend on rent and utilities, but little expenses add up, too. Try writing down everything you spend for one month. You’ll probably spot some great ways to save, whether it’s cutting out that morning trip to Starbucks or eating dinner at home more often.
4. Increase your income. Now’s the time to ask for a raise! If that’s not an option, you may want to consider taking on a second job to get your income at a level high enough to qualify for the home you want.
5. Save for a down payment. Designate a certain amount of money each month to put away in your savings account. Although it’s possible to get a mortgage with only 5 percent down, or even less, you can usually get a better rate if you put down a larger percentage of the total purchase. Aim for a 20 percent down payment.
6. Keep your job. While you don’t need to be in the same job forever to qualify for a home loan, having a job for less than two years may mean you have to pay a higher interest rate.
7. Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills, too. Pay off the entire balance promptly.
What to look for in a final walk-through inspection
Property should be in same condition as day you signed contract
By Ilyce R. Glink - Inman News
Most home buyers will have at least two opportunities to inspect their property before closing on the purchase.
First, most buyers will include a contingency in the contract that allows them to do a professional home inspection by the home inspector of their choice. This inspection typically happens right after the sales price has been agreed to, usually within a week or 10 days.
If the home inspector finds anything wrong in the property or decides further inspections (perhaps for radon, heating and air conditioning systems, or mold) are called for, the home buyer will be able to hire specialists to figure out if there is an insurmountable physical problem with the property.
Assuming those inspections go well, the second opportunity to inspect the property is just before the property closes. The preclosing inspection, or final walk-through, as it is often referred to, is a home buyer's last opportunity to walk through the property before closing.
What you're looking for here is not at the same level as the initial professional home inspection. In a preclosing inspection, you simply want to make sure that the property is in the same condition as it was on the day you agreed to buy it.
To avoid getting burned, you schedule the walk-through as close to the actual closing as possible, certainly within the 24 to 48 hours prior to closing. If possible, the sellers should have already moved out.
The whole point of the walk-through is to protect yourself and your future property from sellers who aren't as nice as they seem to be or who are actually as nasty as they appear. By inspecting the premises, you're making sure the seller has lived up to his or her agreements in the sales contract. And if he or she hasn't, you want to know about it in advance of the closing so remedies (both monetary and otherwise) can be agreed upon before money changes hands.
What should you look for in a preclosing inspection? To start with, you want to make sure that the condition of the home hasn't changed since you signed the contract several months earlier.
Believe it or not, a lot can change in the ensuing weeks. To make sure the home is in the same condition, you'll want to turn on every appliance, open every door, make sure nothing's broken (lights, fixtures, windows, etc.), be certain everything the seller agreed to leave is actually there and in good shape, and be certain that when the sellers moved out, they did no damage to the home.
Sometimes movers can accidentally scrape a wall or pull up carpet in the process of packing up the contents of a house. If you do your preclosing inspection while the movers are there, you'll have a harder time getting around them to make sure that the property is in good shape.
If you get there before the sellers have packed anything up, you might wind up with some nasty surprises on the day you move into the property.
I learned the hard way that sometimes sellers just don't want you to find out certain things until you've closed on the property.
Nearly 20 years ago, my husband Sam and I bought our first place. It was a vintage co-op built in the 1920s. Our sellers were seniors, and they were a bit quirky. The property hadn't been touched in years.
When we did our final walk-through, we noticed that the water was turned off in the kitchen sink. We wanted to run the dishwasher, which was really old, but didn't want to turn on the water if it was off.
Looking back, it's hard to imagine why this wasn't a red flag for us. But we were really happy to be buying our first place, which was taking just about all the money we had in the world. We didn't question it. We just bought it and moved in.
The first night we unpacked the dishes and decided to run a load in the dishwasher. At well past midnight, my husband turned on the water and we put in the dish soap and turned on the machine. We went to bed.
We were awakened early the next morning with pounding on our front door. Our downstairs neighbors came into their kitchen and noticed that the liquid contents of our dishwasher had dripped down through the ceiling into their kitchen, ruining their window shade.
My husband and I looked at each other and we knew why the water had been turned off. Too bad we didn't find that out ahead of time. Still, the damage could have been worse.
As I recall, it cost us $600 to fix the damage in our neighbor's apartment.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
;)
;)
