Helpful Guidance For Home Buyers and Sellers
Spring has sprung and hopefully, a bright and relaxing Summer is headed our way. While we are all navigating the Covid-19 situation, life is still moving on. People are getting new work and finding ways to adapt to their existing work.
We would like to take a moment to provide some helpful information during these trying times. The info is divided among tips for selling a home as well as buying a home.
We have even provided specific information about real estate during the pandemic. There are more featured professionals in this edition due to how essential it is to educate the public on how the virus has and will continue to affect real estate moving forward.
Tips for Selling a Home
Where Can I get Some Moving Boxes?
One task that is universal for people who are moving is the need for boxes. Most people find it necessary to have a lot of boxes for packing away dishes, clothes, personal items, and a host of other things.
However, getting those boxes can be pricey if the person decides to buy all of them. Bill Gassett searched out the top places to get both free boxes as well as new boxes made specifically for moving.
In total, he provides over 27 options, including a few that you may not have considered. Whether you are going to be hiring movers or doing it yourself, getting moving boxes and starting to pack will be one of the first key steps.
The Value of a Home Inspection BEFORE Selling a Home
However, Michelle Gibson makes a very valid point that it could be better for the seller to get the home inspected before the property is ever listed.
Getting a home inspection before receiving an offer can alert the homeowner to any major repairs that need attention as well as removing the stress of what an inspection report could reveal.
In this detailed article, she goes over both the pros and cons of this approach to help home sellers make better decisions.
Choosing Home Updates Based on Future Plans
There are lots of things that we can to our homes to improve not only the function but also the value of the home. However, not every update is right for every situation.
For example, for someone who is planning to sell their home soon, a major remodel may cost more than the value of the home.
On the flip side, a person that plans to live in the home for another 10 years may want to get more than just a new dishwasher to change the home and make it feel newer.
Paul Sian dives into different ways to update a home and points out which items are good for people that plan to stay in the home versus the updates that can help a home sell faster without costing the seller too much.
There is also an additional section in the article that provides more resources for investigating different projects that can change the look and feel of a home while also improving the value.
How to Become a Landlord Before Selling
Sometimes homeowners are torn whether they should sell their home or become a landlord. Eventually after much consideration the conclusion may be to rent the property. But what are the best methods for renting your home? In the article at Maximum Real Estate Exposure, Brian Davis tackles some of the best tips for getting your house rented in a timely fashion for the most rent possible.
There are countless exceptional tips for becoming a landlord. Knowing what renters want can be a key ingredient for making your property a highly desirable rental experience.
Tips for buying a Home
Understanding Potential Warning Signs in a Home Inspection Report
Home buyers are repeatedly told about the importance of getting a home inspection report. The inspector can point out issues that could be costly to repair and affect the buyer’s decision on the property.
But, is EVERYTHING in the report important?
For example, the inspector could make a note that the HVAC needs a fresh filter, lights in the hallway are out and there is a drainage problem at the front corner of the home. Which items are easily fixed with little cost, and which items signal a potential problem?
Eileen Anderson has taken the guesswork out of these questions by covering the important items on an inspection report. The tips cover the major areas of the home like foundation, roof, water drainage, electrical system, plumbing, and HVAC system.
Also, the tips explain what to look for that could signal a major problem and how to handle major issues. The suggestions cover a wide range of possible outcomes from negotiations to exiting the transaction.
Are Townhomes and Condos the Same?
Although a townhome and a condo may seem like the same thing, they are a bit different.
An article from Joe Boylan starts by explaining the similarities and differences between the two. But the article provides more depth than just a textbook definition.
Joe provides detail about the architecture of the structures, the potential cost of each kind of home, what type of insurance is needed, and the typical fees that come from each type of asset.
The article also dives into why a person or family would choose to own either type of home compared to a traditional stick-built home.
To round out the article with a balanced approach, Joe also points out some of the negative points of owning a condo or townhouse.
Avoiding Issues with Final Walkthrough
When buying a home, it is common for buyers to view the home at least once and go over the place. They also should walk the home again, within a day or two of closing, to do a final inspection.
The final walkthrough gives the buyer a chance to confirm the condition of the home and review any repairs that were made.
Some important tips from Kevin Vitali illustrate why buyers should schedule the walkthrough just before closing. He also gives some ideas about what to do with various issues that may arise and give the buyer confidence in negotiating.
Assembling a Team for Building a New Home
For the average consumer, building a new construction home will require working with a team of professionals. However, which people do you need to hire, and which will be sub-contractors?
Since a home purchase carries such a large price tag, it makes sense to get some sound advice from reputable sources before undertaking such a lengthy project.
Paul Sian has put together a list of the top professionals that you will need to work with when you are ready to build a home.
The list is designed in progressive steps. The steps help you move the process and stay on top of the little details during the whole time. Paul also provides a bonus section of resources to help you learn and make the best decision for your needs.
What to Do if You Buy a Home that is Occupied
In most transactions, a home buyer will purchase a property that is being sold by the homeowner. The homeowner will move out after the transaction allowing the new buyer to take possession of the home.
However, what happens if the home is leased out when the home is sold to a new owner?
According to research from Eric Jeanette, there are two potential outcomes. First, if the new buyer wants to purchase the place as an investment home, there will not be many changes.
Secondly, if the new owner wishes to move into the place as their main home, things can get a little bit more complicated.
Eric covers the good and the bad of buying a home that is occupied with tenants to give potential buyers an idea of what to expect with this kind of transaction.
Dealing with Covid-19
Setting the Right Price on Your Home
Trying to determine an accurate price for listing your home in the wake of the pandemic can be a little overwhelming. Emotions are high, people are either trying to adjust to new work conditions or possibly starting over with a new job.
Thankfully, we have some insight from an experienced appraiser to guide us down the right path.
Tom Horn has written an excellent article that points out where sellers need to go to get accurate information and how to use the data to nail down a fair price for their home. He emphasizes using data, not emotion, to set the price of the home.
Productivity Tips for Real Estate Agents to Get More Done from Home
While real estate agents are accustomed to getting things done from home, the Covid-19 pandemic has likely placed new demands on their time.
Trying to juggle work, family duties, and home duties while also showing doing virtual home showings can be a bit much to handle.
Sharon Paxson has just the stuff that agents need in these stressful times. She gives some advice on not only organizing your desk but how to get a productive mindset while adjusting to a new normal.
Many fear the pandemic is going to crush real estate markets. The jury is still out on that as past evidence suggests that a recession does not necessarily lead to a downturn in real estate values. Whatever happens, real estate agents can put themselves in a better position by understanding data and positioning their clients appropriately.
Consumers need to understand that all real estate is local. What may be true in one market could be completely different in another.
DIY Maintenance Tips While You are Spending More Time at Home
When Ben Franklin started talking about prevention being more important than the cure, he must have been thinking about his home. Because it is extremely important for homeowners to take the time to handle some basic maintenance tasks in order to avoid costly repairs down the road.
This list from Luke Skar covers some of the most important areas of the typical home. The tips explain why the item is important and what to expect when tackling each task.
Summing It Up
These are our favorite tips and advice from the past month. We hope you get some value from this information and that it helps you with your home needs in the near future. We are in interesting times, so it is even more vital to stay on top of the current local trends in real estate.
Other Best of The Best Real Estate Articles
If you love reading about real estate get more tips and advice in previous editions.
- Best Real Estate articles April 2020 – get more exceptional buying and selling guidance from numerous professionals.
- Best Real Estate articles March 2020 – see helpful tips to make excellent decisions when buying or selling your next house.
About the author: This article was written by Luke Skar who is an 18+ year veteran to the mortgage industry. He strives to stay up to date with the latest changes and trends in mortgage lending as well as real estate.
Through his mortgage blog, websites, and social media accounts, his goal is to help the community with as much factual knowledge as possible that helps all parties in real estate transactions.