As we are continuing with our new norm, Real Estate bloggers continue to share relevant real estate information. We have all experienced changes in how we are conducting "life" and along those lines, there have been changes with how real estate is practiced. There are new forms and policies that must be adhered to when showing homes. On a positive note, Realtors are adapting and are embracing the virtual world.
Check out the May 2020 edition of the Best Real estate articles. You will find relevant information about COVID-19 and much more.
Condos versus Townhomes | What is the Difference?
Condominiums are a type of real estate ownership. When purchasing a condo, you are buying the air space inside the unit along with co-ownership of any common areas. In a townhouse, you own the land your townhouse is built on in addition to the physical structure. Joe Boylan has written an excellent article about Condos versus Townhomes and he explains the similarities and the differences. Both condos and townhomes allow buyers an affordable option in an area where other types of real estate may be cost-prohibitive.
Costly Dangers of Missing Red Flags in a Home Inspection
Foreclosures are distressed properties and they may not be maintained. When you are buying a home, and you must be able to identify hidden problems that may be costly. Eileen Anderson has written an excellent post Costly Dangers of Missing Red Flags in a Home Inspection. Selecting an experienced Realtor and home inspector is imperative to identify deteriorated systems that may need replacement or repair such as HVAC. A good home inspector will look at the drainage of water near the home. The windows and doors by not be properly sealed and leak. Replacing all the windows in a home can be expensive and you need to look at these items when making an offer on a distressed property or a property sold as-is.
Tips for Making Your Home a Rental
Before converting your home into a rental property, there are some steps you need to follow to ensure that you have a positive return on investment. G. Brian Davis has written an excellent post about Tips for Making Your Home a Rental over at Bill Gassett's site Max Real Estate Exposure. In the article, he discusses the importance of calculating the cash flow and how to calculate the amount of rent. He discusses how to market the property on various online sites if a homeowner is going to be renting it themselves. Bill explains how hiring a Real Estate agent is beneficial, one of the most important factors is that the agent will list the home in the MLS which gets syndicated to third party sites.
How to Manage Investment Property
Before jumping into purchasing an investment property, you want to be sure you will have a good return on investment. Managing an investment property has many factors. An experienced Realtor when you are looking for an investment property will help you to determine if the property is a good investment. If you decide to be a landlord, each time there is something wrong with the property, the tenant calls you directly. You also may want to consider hiring a property management company. Property management companies do take a percentage of the rent, but it is a great way to take care of any issues with the property.
How Much Does a Home Inspection Cost
A home inspection is an important step in the home buying process. John Cunningham has written an excellent post about the Cost of a Home Inspection. In this post, John explains how some home buyers waive a home inspection to save money, however, ultimately it can end up costing more on the repairs a buyer did not know about. The home inspector inspects HVAC systems, plumbing, checks appliances and looks at foundation issues. Often times a home inspection may trigger another inspection, such as the inspector may see staining in the attic indicative of a roof leak, and then the buyer may want a roof inspection. A home inspection allows you to identify the condition of the home, and then renegotiate with the seller on request for repairs.
DIY Home Maintenance Tasks
Many of us are finding that we have more time at home and as such, it is an excellent time to address any deferred maintenance on your home Luke Skar has put together an excellent list of DIY Home Maintenance Tasks. Luke provides some excellent tips such as cleaning out the dryer vent and the vent that leads to the exterior of the home can also become clogged with lint which is a hazard. Other important items to consider include oiling the springs in your garage door and clean out the sediment in the hot water heater, This is an excellent list to take care of your home where we are all spending more time at now.
How to Address a Water Leak in Your Home
Water can be very destructive to your home in a very short period of time. If you suspect you have a leak, you need to find the source as soon as possible to prevent damage and potentially mold from growing in your home. Paul Sian has written an excellent article about Addressing a Water Leak in Your Home. In this post, he discusses if it is a sudden leak and you are noticing flooding, the first thing that needs to be done is to turn off the water supply. It is important that any homeowner knows where the shutoff is located. Consider turning off the electricity to prevent electrocution risks. If it is a slow leak, then you need to identify the source. You may notice by hearing dripping noise or water staining on the walls or ceiling. This is a great post about water leaks and how to address them.
Children's Playgrounds Ideas for the Home
We are all spending lots of time at home now so make sure that you have a great backyard and playground for your children. Danny Margagliano has written an excellent article about Children's Playground Ideas for the Home. In the article, he shares some ideas that would make a fabulous backyard including a swing, tire swing, and hanging chairs. Other activities include a chalkboard wall and even an outdoor tent. Why not go camping in your own backyard? If you have trees, consider adding a treehouse. This article is a must-read if you are considering updating your backyard.
Should a Seller Get a Home Inspection Before Listing Their Home?
This is an excellent plan when selling a home. Michelle Gibson has put together a detailed post about Should a Seller Get a Home Inspection Before Listing Their Home? By getting a home inspection prior to listing, the seller will understand any defects that may need to be addressed prior to listing. It is always ideal to have your home in tip-top condition prior to listing to get the highest amount of money for a home. If your home has lots of deferred maintenance, it will be reflected in the offers that you receive on the home. Deciding on how much your home to list your home for can be a difficult part of the process. If the full condition of the home is known and understood, this is made easier with a pre-listing home inspection.
How to Support Local Businesses During the Pandemic
Most of the local businesses have already lost much of their income and revenue as their customers continue to self-quarantine. Our local businesses are an integral part of our community, we can certainly all do our part to help them to survive. The article How to Support Local Businesses During the Pandemic discusses ways we can be supporting our local businesses. You can order food to be delivered, and be sure to tip generously if you are able to do so. Another way to support local businesses is to support them on social media. Follow them on Instagram, share their posts, comment on their posts. The restaurant industry has been hit very hard and many businesses are closing permanently, and let's try to help our businesses in our local community.
The real estate market is showing positive signs. If you are considering purchasing a home, be sure to be pre-approved. It is a great time to take advantage of these low-interest rates. If homes are priced competitively, we are seeing multiple offer situations. You need an experienced agent to guide you through the home buying or home selling process! We hope you enjoyed this month's round-up of articles for May 2020 and hope you gained some knowledge especially about what is the "new" normal.