Jul 22, 2020 | Home Buyer Tips
Buying a home is a huge step for people who are ready to make an investment in their future. Getting a great deal on a home is just as important and knowing how much to offer could be confusing. It is important to make sure the home seller is not insulted by the lowball offer and is ready to negotiate to make sure everyone wins.
Make a List of Necessary Improvements
One of the best ways to validate a lowball offer on a home is to list improvements that need to be made to the property. If the home needs a new roof or a new heating and air conditioning system, these are reasons to offer less than the asking price.
Sometimes a home may also need new flooring, paint, or matching appliances which all cost money. The buyer can make a lowball offer stating additional expenses of making sure the home is move in ready.
Explain Any Issues with the Location
Another option when considering a lowball offer is to point out problems with the location. If the home is on a busy street or close to a manufacturing district, the buyer has legitimate concerns. In the offer, list the potential problems of living too close to fast food restaurants, train tracks, or airports. A less desirable location could equal a great buy on a new home.
Provide Pricing for Comparable Homes in the Area
A knowledgeable real estate agent can help compare homes that have sold in the area. When you are writing up a lowball offer, look at the lower priced homes that have sold in the same neighborhood. A seller will quickly realize that if he wants to sell the home, he will need to accept a reasonable offer or risk letting his house sit on the market for weeks or months.
Consider the Seller’s Reasons for Selling
Finally, the seller’s situation can also be key in getting a good deal on a home. If the seller is desperate to sell because of a job relocation or if he has already bought a new home this can be the perfect reason to make a low offer and take the home off the seller’s hands. Without insulting the seller, the buyer can make an offer for less than the asking price and agree to a quick closing.
Buying a home can be stressful and getting a good deal on the property without insulting the seller can take some negotiating. Working with a knowledgeable real estate agent will make the experience more enjoyable. Call today to make your dreams come true.
Jul 15, 2020 | Home Buyer Tips
The purchase agreement is a vitally important document that outlines the provisions, terms and conditions for the transfer of property.
It should be read carefully and any ambiguities should be clarified prior to signing. It is a legally binding contract between the buyer and seller.
The purchase agreement may vary depending on the location. Most real estate agents use a form that has been approved by a state Realtors® Association.
The seller may have a different version that was drawn up by an attorney. It should not be assumed that they are all the same.
Typically, the purchase agreement will include an inspection period. This allows the buyer time to verify the conditions stated on the purchase agreement. Three of the most important stipulations in the contract are listed below.
All Owners Must Sign the Purchase Agreement
In most cases, the purchase agreement should be signed by the legal owner of the property.
If there is more than one owner, each owner should sign the agreement. In many states, both parties in a married couple have an interest in a property even if the title is held in one party’s name alone. Therefore, the purchase agreement should be signed by both parties of a married couple.
In the event the property is being sold by a corporation, verify that the person signing the agreement is authorized to commit the corporation to the sale.
List All Fixtures to be Transferred with the Sale
The purchase agreement should list all items that are to convey with the property. “Fixtures” are considered items that are attached to the property.
Legally, they should be included with the sale, but more than a few buyers have been dismayed to find the property stripped of countertops, appliances and window coverings. Any fixtures and personal property that are part of the sale should be included in the purchase agreement.
Verify Zoning Ordinances
The purchase agreement may contain various stipulations. One should include the right to cancel the contract if zoning prohibits the use of the property as planned.
Zoning ordinances may restrict the use of buildings or land. This may prove to be an obstacle for someone who intended to include a workshop on the property. The buyer should be able to withdraw from the contract if they discover that zoning prohibits the intended use.
These agreements can be complicated, so be sure to check with a local real estate agent if you’re unsure about how to proceed.
Jul 14, 2020 | Real Estate Tips
Size matters when you are buying a new home. Whether you plan to expand your family, need more room for your stuff, or are concerned with resale value, you want to get the most space for your money.
Also, if you want to add a feel of luxury to your home, one of the best ways to do it is to create open spaces rather than cramming all your furniture in rooms so tiny you can barely walk around without knocking something over.
Traditionally speaking, the larger a home is, the more it costs. If there are two newly built houses side by side in a subdivision, the bigger one is likely to cost more. However, there are some tricks to finding spacious houses that are affordable.
Choose Emerging Neighborhoods
Houses in this year’s trending neighborhood are at their peak prices. Clever buyers look for neighborhoods that are in the process of being gentrified, buying at the bottom rather than the top of the market, to get more house for their money.
Fix It Up
Houses in perfect condition, that show well, sell for a premium. If you want to get more house for your money, choose something that needs a bit of TLC. A house that has pink walls and orange shag carpet might appear just too ugly to consider when you first view it, but it might just need a few coats of paint and some new carpet to become a spacious dream home.
Do Some Finishing
Unfinished areas such as attics and basements can be finished to create additional living spaces. The basement could become a family room and the attic an extra bedroom or study. An unfinished space can become the extra bathroom you need to make morning more manageable.
Consider an Addition
Contractors can add rooms to a house. If you have a large lot, you can build an extra wing. With a one story ranch house, it may be possible to raise the roof and add a second story.
The more stuff you have, the smaller your home appears. Reduce clutter and invest in smaller condo size furniture to give even the smallest home the appearance of spaciousness.
Jul 8, 2020 | Home Buyer Tips
Whether this is your first big purchase, or your family is moving to a new location or looking for more space, buying a home has its share of ups and downs.
It’s perfectly normal to feel anxious about whether or not you’ve found the right property. Here are some things you can do to make yourself feel more secure with your decision.
Do The Math
You’ve probably already done this, but it’s okay to go over it a number of times to be sure. Factor in your household income and all the bills you expect to pay every month. Add everything up.
It sounds like a stressful activity, but when you look at the numbers and realize that buying a home is actually doable, it can be a liberating feeling.
When you know for sure you can make it as a homeowner without getting underwater, you will feel more confident.
Meet The Neighbors
If you haven’t had the chance to knock on a couple of doors yet, you should spend some time saying hello to people in the neighborhood.
The more you can get to talking with families that are just like yours, the more you will be able to picture yourself as a member of the community. If you have kids, find out if there are other kids the same age nearby. That will help to ease their anxiety about moving as well.
Ask Your Agent
Don’t feel like you are being overly cautious if you ask your real estate agent your lingering questions. Make sure you’re getting a good price for the area, and make sure you know about any issues with the condition of the property. You should be able to trust that they’re excited for your decision, not just for making the sale.
Familiarize Yourself With The Neighborhood
Take a drive and figure out which stores you’re nearest to, the route you can take to get to work, and which other amenities you might take advantage of. Home buyers often underestimate how important living in a safe neighborhood with plenty of accessible businesses can be. The more you can imagine yourself living at your new address, the better you will feel.
Remember, never sign the papers on a new home unless you feel one hundred percent secure in your buying decision. If you need more answers, pick up the phone and call a real estate agent you can trust and who can walk you through every step of the process.
May 28, 2020 | Real Estate
Multigenerational housing is a growing trend that is propelled by the “graying of America.” This trend is the mirror image of children who become adults still living with their parents. Instead, with multigenerational housing, the adult children invite their parents to live with them. Many are seeking to buy larger homes to accommodate the needs of their young family, while also being able to live together with their parents.
Older Homeowners And Multigenerational Homes Are Increasing
The numbers are staggering. Realtor.com® reports that for the next 20 years, older adults, over the age of 65, will increase from 26% to 34% of total homeowners. The fastest-growing group of homeowners will be those over 80. These are the many millions of baby boomers who are getting older. By 2038, estimates are that there will over 17 million of these older homeowners, up from around 8 million in 2018.
Multigenerational housing, which is where the older adults live with their grown children or grandchildren, is already 20% of the older adult population in America. This represents about 10 million homes now. This number continues to rise. It will more than double in the next decades.
Benefits Of Multigenerational Housing
The main benefit of multigenerational housing is saving money. Assisted living and long-term care are really expensive. The national median cost for assisted living is $4,000 per month. A person can buy a very large home for that amount used for a mortgage payment.
Longtermcare.gov reports that the average cost in America for long-term care in nursing homes is $6,844 per month (semi-private room) and $7,698 per month (private room). These costs can be reduced substantially by hiring in-home nursing care and having older adults stay at home.
Disadvantages Of Multigenerational Housing
The main complaint is that it is very difficult for some children to have their parents live with them. Personality conflicts and control issues arise to cause challenges.
For those worried about these factors, who want to set up a multigenerational home, think deeply about choosing a livable home design and layout. Consider buying a townhouse duplex that has two separate living spaces and then connect them by installing a door in a shared, interior wall.
Non-Related Multigenerational Sharing
A new business opportunity is the matchmaking of multigenerational housing owners who are not related. This is a new home-buying trend that is similar to living with college roommates to share expenses.
Conclusion
Multigenerational housing is a growing trend in America because of its practicality. It will continue to increase. REALTORS® who specialize in this market niche will likely find it to be very rewarding.
If you are thinking about buying a new home and your parents might be able to live with you, ask them how they feel about the idea and have some fun shopping for houses together.
