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Things to Consider When Buying a Vacation Home
Winter begins next week, and some of you are probably wishing you had a vacation home, either to spend some time at your favorite ski resort or escape to a warmer climate to evade the bitter chill. Think about it, if you leave your home for the winter, you won’t have to worry about shoveling, driving on icy roads, and other hassles that come with the season. No matter your reasons for pursuing a vacation home, there are a several factors you have to focus on in order to make the right purchase for your getaway spot.
Although this is very obvious, it’s important that you visit your desired area before you consider buying a home in that location. Don’t just go to a certain area once and automatically think you want to have a home there; visit the area a few times in order to get a complete feel for the community. After that, you’ll have a clearer idea of whether or not you want to buy a vacation home. When you visit a vacation area, use that time to rent a place for yourself to see how much you like spending time in that location. Once you do, you will know if that area is the type of place in which you will be able to spend a few months without getting bored. When you know for sure this is a place where you would like to buy a vacation home, hire a realtor. Some companies even have relocation teams to assists clients with purchases such as these.
Seeing as we’re talking about vacation homes, you’re not going to be there all year. Even if you’re not there, you should think about hiring someone to manage the property. Yes, it will cost some extra money, but it will be worth it to have someone maintain the home in case there are any damages or small fixes that need to be taken care of. A vacation home is a place to which you want to escape for what will possibly be an annual vacation, so you want to make sure you have someone to watch over the property when you’re not there, so when it’s time to visit for your vacation, the house will be all set for your extended stay.
Speaking of management fees, there are other costs you’ll have to think about when owning a vacation home. You should know that the costs involved in such a home will be just like those included in your regular home. These costs include a mortgage, electricity, heating, water, trash removal, and other services. You’ll be paying for two homes, so you have to make sure you have enough to cover the costs that will go into maintaining a vacation home. Before starting your search for a vacation home, take some time to review your finances so you can be certain you will be able to afford such a home. That way, you’ll see what kind of vacation homes you can afford, or if you should wait awhile before buying one.
When investing in a vacation home, you should have an idea of how often you will be staying there. If you know you’ll be spending time there every year, or if you know you’ll be renting it out to others when you’re not occupying the house, then this will be a reasonable purchase. If you know you or others won’t be in there for lengthy periods of time, you may want to reconsider making a purchase as big as this. After all, what’s the point of buying a vacation home if you or anyone else won’t be going there for any vacations? You should purchase a vacation home in a place you know you’ll want to keep going back to. This way, you know you will be getting your money’s worth.
It will work in your favor to purchase a vacation home in an area you enjoy that also has tourist appeal for more than one season. This way, if you intend to receive extra income by renting out your house to others, you’ll have the season where you spend your time in the home, while tourists can rent and enjoy it for a different season. Given how a vacation home is a significant purchase, you might as well use as an advantage to earn some money. However, if you plan on renting out your home at certain times of the year, make sure you check the rules of the property before you buy it to make sure it allows you to offer the space to renters. The ability to permit renters in your home may be one of the benefits you hope your vacation home offers, so conduct some research on that aspect when looking at your possible homes.
Having a vacation home is a wonderful luxury, but there are several important steps you must take before you finally purchase such a house. I’m sure you look forward to your yearly vacations, and having your own place to escape to will save you the hassle of reserving a hotel room, so make sure your potential vacation home meets your requirements. Once you purchase your dream vacation home, you’ll be eagerly marking your calendar for your next getaway.
To learn more about Better Homes and Gardens Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.
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How to Find the Neighborhood That’s Right for You
When you’re looking for a new house, you can’t just focus on what kind of house you would like; you also have to think about what kind of neighborhood you want to live in. If the house of your dreams is in the neighborhood of your nightmares, what’s the point of buying that property? There are many factors to take into consideration when looking for your desired neighborhood, so here are a few you should remember.
If you have children, or are planning to have children, one of the most important aspects you need to think about is school districts. When looking at schools, make sure they will meet your children’s needs and will provide them with an environment in which they will be able to learn and grow. Moving to a new house can be difficult for children, so transitioning to a neighborhood with a school district that shows promise for your children will help them assimilate into the surroundings of their new school. Although the Fair Housing Act doesn’t allow realtors to provide information to buyers about specific schools, realtors can still share links to websites that offer ratings for schools and local schools systems.
You also have to make plans as to how you wish to commute to work. Do you plan on driving? Is it easier to take mass transit? No matter how you travel, the proximity to your workplace is an important factor when considering a move. After all, who wants to move to a new home and have to experience a long commute to work? I certainly don’t, and I’m sure you don’t want to either. Of course, if you plan on taking a train, you can afford going a bit of a distance. But, if you plan on driving, a short travel time between your house and work will be a major convenience.
Safety is usually a top concern for people who want to move to a new neighborhood. When bringing your family and yourself to a new neighborhood, you want to be certain you and they will be safe. When researching new neighborhoods, you can visit real estate sites for details pertaining to crime and safety, or you can call the local police department. Although houses are expensive, you can’t put a price on safety, so conduct as much research as you can into what the crime statistics are in a neighborhood you’re interested.
It also helps to determine the distance you’ll be from loved ones when you move. If you’re moving from a town that has many of your family and friends living there, you’ll probably want to move to a neighborhood that has a relatively close distance to them. You’ll especially want to think about this when taking the holidays into consideration. We all know traffic is a pain when traveling during these times of year, so take some time to think about this as you determine how far you would like to move.
You should also make sure your prospective neighborhood has a variety of activities, entertainment, and restaurants for your weekends. When visiting a neighborhood, dedicate some time to exploring its culture by visiting its downtown area, parks, libraries, and performance venues to see if the area offers enough options for things to do on a day off or night out. Do some research to find out what local and fun opportunities your new neighborhood can provide for you.
Proximity to banks, post offices, grocery stores, and other necessities is also something to research. Wherever you live, you want to have these places within reach. Think about if you want to drive 20 minutes somewhere whenever you have to deposit a check, mail a package, or purchase food. Before you visit a particular neighborhood, make a list of all of the places you would like to be close to your house, and when you get to that neighborhood, see if the area includes what you have on your list.
Just like looking for a house, you have to make sure a neighborhood fits your criteria of what you need. By taking a relaxing walk or drive through a neighborhood, you can explore the area and see if it’s the type of place you would want to live in. As I said before, even if you get your dream home, you won’t be able to enjoy it if it’s in a neighborhood that doesn’t meet your needs. It will take some time to look at the neighborhoods that interest you, but it’s a fun and necessary step in the home-searching process, one that will help you find the best town in which to make a new beginning.
To learn more about Better Homes and Gardens Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.
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Mistakes to Avoid When Buying a House
Buying a house is a life-changing event, so you have to be careful to dodge mistakes that could cause setbacks in the home-buying process.
In the beginning, you have to make sure not to hire the wrong agent. Just because someone might be a niece, nephew, friend, friend of a friend, or have any other connection with you, that doesn’t mean that person will work best for you. If you want the home-buying process to flow smoothly, you want to make sure your agent is communicative and dedicated to their work. Hiring an agent just because you may have a pre-established association with them doesn’t mean they’re the right agent to use, and a mistake like this can derail the process shortly after it begins. You shouldn’t feel obligated to work with someone just because you know them. The home-buying process is a fun, but serious task, and you want to have the most qualified professional on your side to guide you through it.
Although looking at houses is the most fun part of the process, you can’t jump into it right away. First, you have to figure out how much the bank will loan you for a mortgage and get pre-approved. If you visit some properties prior to your pre-approval, you may be disappointed to find out they are out of your price range. I understand you’re excited about house hunting, but getting pre-approved for a mortgage is an important task to accomplish before you start visiting houses. Plus, having a pre-approval is a sign of determination that will show sellers you are taking the process seriously, which will help you stand out from other potential buyers.
Similar to when you’re buying a car, never settle with the first “perfect” house you see, no matter how much you like it. If you do this, you’ll likely miss out on other possible houses that might have met your needs and interests. It’s recommended you keep an open mind about the several housing choices you have, instead of lunging at the first house that fits your criteria. I know the home-buying process isn’t something you want to prolong, and ending the process might be tempting if you find your dream house right away, but quickly attaching yourself to a house will likely do more harm than good, so visit a few houses before making your choice. You’ll feel a lot better having done so, and it’s always best to have multiple options.
Speaking of wanting to speed up the buying process, buyers might sometimes choose to skip the home inspection in order to make their offer more appealing to the seller, which the sellers will like if they’re trying to hide any problems. Foregoing the inspection is something you should not do. A home inspection is very important when it comes to buying a house because the inspector will go through the property to make sure everything is in working order. If you skip this step and it turns out the house needs repairs, you’ll have to spend money to fix these problems, on top of having already bought a house for hundreds of thousands of dollars. Please forgive the cliche, but this is a sort of don’t-judge-a-book-by-its-cover situation because, although you are drawn to the house based on the details that are more apparent, you need a professional to find if there’s something you would have normally missed in your walkthrough.
The real estate market is an unpredictable beast, and no matter how favorable it may look one day, you can never tell how it’s going to present itself the following day. Even if it looks like you’ll be paying a great deal on a house, you might feel compelled to wait and see if the price drops. While you may like playing the odds, waiting for a price reduction may result in hurting your chances on buying your preferred house, or even losing it to another buyer. The housing market is constantly changing, so leaving the possibility of a good price now for a better price later isn’t the wisest choice to make when dealing with something as big as a housing purchase, especially if there’s a chance of someone else swooping in and taking the house you wanted.
When you buy a house, one of the last things you’ll probably think about is selling it at some point down the road. However, considering this actually makes a big difference. When you look at a house, you have to think about the possibility of selling it later on in your life. After all, it’s better to be safe than sorry. You never know, you may need a bigger house to raise a family, maybe you’ll have to move because of a job transfer, or you may find yourself wanting to downsize. In life, anything can happen, and it’s this reason why you should think about the resale value of a house before you purchase it.
As a homebuyer, you want to find a house that’s as close to your liking as possible. While the prospect of searching for a new house is fun, you can’t let that excitement make you forget the important steps you have to take in order to prevent any mistakes from being made. There’s a lot of time that goes into the home-buying process, and diligence is key. If you work hard to evade any blunders that may get in the way of your search for a new house, your commitment to the process will be very worthwhile.
Come back next week when we discuss the mistakes to avoid when selling a house!
To learn more about Better Homes and Gardens Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.
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Why You Should Hire a Buyer’s Agent
Believe it or not, there are some people who might choose to search for a new house without assistance from a real estate professional. While it may seem like the ideal route, I want to explain why working with a buyer’s agent is the way to go. There is a lot of work involved when purchasing a new house, and a professional will be there to guide you through the intricacies as seamlessly as possible from your initial search, all the way through your closing.
When you’re buying a house, especially if this is your first time, you’ll want to have an agent with you who can answer whatever questions you may have. In the rare chance they’re not sure of the answer, they will find it for you and get back to you as soon as possible. Agents are very conscientious when it comes to keeping in touch with their clients, so if they have to get back to you on certain questions or have other bits of valuable information to share, you can be sure they will contact you in a timely fashion. The dedication of a realtor is the best tool you can have when looking for a house, so working with a professional who can help make the home buying process simpler is a huge benefit.
Speaking of questions, you’ll probably have a few regarding the paperwork when it comes time to close on a house. I know “paperwork” is a word that causes some apprehension, but for a task as big as buying a house, it’s a necessary evil. While going through the paperwork, you’ll want to have an agent in case you require any help. If you need clarification on anything mentioned in the documents, you’ll be thankful your agent will be with you to help clear anything up because you want to make sure not to sign anything unless you have a full understanding of what’s been written. With everything the paperwork includes, it might be somewhat intimidating, but keep in mind that countless other people have gone through this same process, so you should have confidence that you’ll get through the procedure as well.
Regarding the home’s cost, agents are up to date and experts in the market, so they know the current price trends and the true value of a house. With a professional backing you up, they can help negotiate with the selling party a price that will work for both you and the seller. Because buying a house is one of the most important financial decisions you’ll ever make, you want to be sure you pay a fair price and don’t get taken advantage of by the selling party. The negotiation process can be very tricky, so having a buyer’s agent at the table to discuss a fair deal with the seller’s agent is essential for a smooth transaction.
When you have an agent, they will be able to assist you in narrowing down your choice of houses to the ones that fit your financial situation. Given your busy schedule, there isn’t any point in visiting houses that are out of your price range, no matter how nice they look, so using an agent will help you focus on which houses are more financially attainable. Besides finding houses that fit your budget, agents will also get to know what kind of features you’re looking for in a house. With an agent knowing the cost and qualities you want for your new house, they may find a suitable house you overlooked in your search, a house that may even become one of your final choices.
Moving into a new house is one of the best moments you can experience. But, to get there, you have to make sure you avoid difficulties during the home buying process. With an agent involved, they will work hard to get you through the transaction as easily as possible, and you’ll be happy to have them.
To learn more about Better Homes and Gardens Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.
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House-Hunting Lunch-Break “To-Dos”
If you’re a home shopper, you’re probably overwhelmed by all of the tasks that go into such an undertaking. Buying a home is stressful, but once you finally sign the closing papers, all of that hard work feels very rewarding. As you’re looking for a home with your agent, there are a few tasks you can easily complete on your own during your lunch break. I know you already have a lot to think about when buying a home, but contributing some daily attention to these tasks will help you in the long run.
When you have an idea of where you want to look for a home, go through the housing inventory online and see what homes are in your desired area that you may be interested in visiting. If you conduct frequent checks of the inventory, you’ll stay up to date with what’s available, and you will be able to add any homes to your list that may be new on the market, while also taking homes off your list that may come off the market. When keeping in mind which homes you may want to consider, this will show your realtor that you are committed to your search.
You can drive through some of the streets and ride past the homes you’re interested in to see how they look in the beauty of autumn. Winter is creeping up on us, so before the snowy weather hits, take some time to look for homes in the crisp weather and colorful foliage. I’m not saying to stop your car right in front of a house and look like a weirdo, but simply cruise past it to get a glimpse of how it looks up close.
You should also check out some community hotspots, as this will help you get to know the kind of people that inhabit a certain town. If you go to a location such as a park or library, you won’t only see the types of people who live in the area, but will also get an idea of the kinds of programs and activities the community offers.
While seeing different houses and visiting their respective towns, it can also be fun to walk around and visit the local businesses, such as a bakery or coffee shop, to see what the small-town economy has to offer. Although you shouldn’t let the tempting aroma of a bakery persuade you into buying a home in a certain town, you can’t deny having a small, family-owned bakery nearby your house is a perk.
Of course, you can also use social media as a way to look for a house. If you go onto any of these types of pages for a real estate company, you might find that they are giving attention to a certain house that may be worth checking out. At Better Homes and Gardens Rand Realty, they do the weekly hashtag, #FreshListingFriday, where they pick a newly listed house in one of the counties they serve and give a shoutout to it on their Facebook and Twitter pages. You can also go on their Pinterest page, where you will find some eye-catching decorating ideas that you may want to consider for your new house.
I know you have a busy schedule and don’t need more on your plate, but if you’re in the middle of looking for a new house, these are a few practices to which you should dedicate some time. When involving yourself in a real estate transaction, you have to be proactive because this is going to be one of the biggest financial decisions you will ever make. If you take these steps, your search for a new house will be less arduous and a lot more fun.
To learn more about Better Homes and Gardens Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.
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Best Mobile Apps for Buying a House
Home Set of apps icons. Vector illustration.
Let’s face it, our world has become, and continues to become, increasingly technological, and we must be thankful for the mobile tools that help make stressful and challenging tasks a little less so. There are so many tech-savvy methods you can use to help guide yourself through this process, that buying a house can become a fun challenge. With your mobile devices, there is a plethora of apps you can download that will help you when you’re buying a house.
If you’re curious about the local real estate market, one app that you might want to consider using is Doorsteps Swipe. Basically, you receive a photo and address of the property, and then you swipe left or right to indicate whether or not you liked the house. Sounds fun, right? After you have saved five listings, you will receive a summary of information pertaining to what you liked. I like this app because it educates you about houses and helps build you into a buyer who feels comfortable navigating the market.
As you begin your venture in the housing market, you should do your best to familiarize yourself with real estate terms, and you can achieve this with the Barron’s Dictionary of Real Estate Terms app. This app offers the user about 3,000 real estate terms that will assist in keeping you up to speed with the workings of the real estate industry. Brushing up on these terms will help you become more knowledgeable of how real estate works.
Homesnap is another great app that allows for the user to take a photo of any house with their smartphone and instantly receive details of the property, such as its value, number of bathrooms and bedrooms, local school ratings, and much more. If the house is on the market, you may also be able to view interior photos. What’s great about this app is how accurate and timely it is, which it achieves by employing the same listing information realtors use. When looking at a particular house, you want to make sure you have as much information as possible about the property, so having this app will certainly provide you with the details you need to consider whether or not a certain house will be a possibility.
Although buying a house takes a lot of work, the fact that we have information at our fingertips to help us with the process is a comforting thought. You should brush up on a few of these apps and decide which ones will work best for you. You might even want to ask your agent if they have any favorite apps to recommend. There is so much help via technology available to us, so using it during one of the biggest purchases of your life is a must.
To learn more about Better Homes and Gardens Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.
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Removing the Mysteries Behind Co-Ops and How They Work
“Co-op,” which is short for “housing cooperative,” is one of those real estate terms that I have heard about in passing, but never really had a full understanding of what it meant. I knew a co-op was some kind of apartment, but that’s about it. If you have never owned a co-op, there’s the possibility that your understanding of what it is might be a little vague. This week, we will talk about what a co-op is and the pros and cons of living in one. Afterwards, you will leave here with an extra nugget of useful real estate knowledge!
Unlike a condominium, a co-op is owned by a corporation, which means that you’re not buying actual property, but are instead buying shares of the corporation. Typically, the size of your apartment correlates with how many shares you have bought. Because everyone who lives in a co-op owns shares within the corporation, they are usually concerned about who the building does and does not allow to live there. If you don’t meet the standards and requirements set by the co-op board, then you will not be given an apartment.
Now that you have an understanding of what a co-op is, we will now go over the three types. Before you look into any co-op, it’s important that you know the differences between each type. First, there are market-rate co-ops, which are treated similar to most standard residential properties. If you live in this type of co-op, you are permitted to sell your shares whenever you want and for how much money you want.
The second kind is a limited equity co-op, which is mostly meant to attract those who are looking for affordable housing. For these co-ops, there is a limit on how much equity you can earn in your home, and this prevents you from selling your share for a considerable profit. This is meant to help the co-op communities remain affordable.
The third type of co-op is group equity, which is also known as zero equity. In these co-ops, you don’t gain any equity in your home, but instead pay rental rates that are below market value.
Of course, whenever you look for new housing, one of the things always on your mind is affordability, and when you consider a co-op, affordability is possible because, compared to a condo, co-ops are usually less expensive. When you live in a larger co-op, you won’t have any responsibilities regarding upkeep. In these co-ops, a paid crew takes care of all maintenance, repairs, and security. It is for this reason that older buyers are drawn to the bigger co-ops because they know they won’t have to stress over taking care of the building’s exterior. However, smaller co-ops are usually self-managed, so you handle things like shoveling snow, but benefit from lower maintenance costs. Both large and small co-ops have their perks, so choose whichever size works best for you.
A main detractor of trying to move into a co-op is getting through the approval process. Before the co-op board hands you your keys, you have to be interviewed and provide documentation that may include tax records from the past several years. Similar to if you were looking to move into a regular house, doing so for a co-op has its own share of work.
If you have dreamt about moving into a new space with the desire to renovate, it won’t be easy if you move into a co-op. In this scenario, you have to discuss possible renovations with the board and see if your plans meet their approval. After going through the interviews with the board when trying to get accepted into the building, I’m sure one of the last things you want to do is go in front of the board for more discourse.
Although co-ops are mostly found in cities, one of the best parts about them is that they come in numerous sizes and types, such as single-family homes, student housing, senior housing, garden apartment, special-needs housing, and more. Whatever you desire in a co-op, odds are that you’ll find one that will suit you. With the many options you have, your co-op search will be easier and more fun.
Now that you have a better understanding of what a co-op is, you’ll know what to look for if you ever consider moving into one. Co-ops have their benefits and drawbacks, so you have to think carefully about what exactly you want yours to include. Going forward, if you ever want to move, you will feel comfortable adding a co-op to your list of possibilities because of what you have learned. Knowledge is great, isn’t it?
To learn more about Better Homes and Gardens Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.
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Home Buying During the Back-to-School Season
We’re already at the end of the second week of September, and the new academic year is in full swing. Parents are adjusting their schedules to fit with their children’s extracurriculars, getting used to an empty nest if their children are starting college, finishing up putting away all of the summer paraphernalia, or if you have recently moved into a new home, you’re probably getting ready for your child to venture into a new school district. If none of these apply to you, and you’re looking to purchase a new home, this is a great time of year to do so.
For families who are moving with young children, switching your child to a new school district is one of the more significant changes you will make upon moving. It also makes your move more of a time-sensitive matter because you want to move to your new home before the academic year begins. When moving before the start of a school year, your child will have a fresh start at a new school, instead of being transitioned into a school that already has its academic year in progress.
For other homebuyers, this is a great time of year to look for a new home because there will be a smaller buyer pool as a result of decreased competition, seeing as families who wanted to move before the school year began have already done so. According to an article from realtor.com, new contract signings were down 12 percent this July from June, which is not out of the ordinary for this time of year, seeing as most contracts that are signed in July won’t close until after the school year begins. As inventory stays on the market longer, pricing will go down, and if you sign a contract in September, you should be able to close before Thanksgiving, which means you can avoid the possibility of hitting a snowstorm in December at the beginning of winter.
“My buyers love looking in the early fall,” said Adam DiFrancesco, manager of business development for Better Homes and Gardens Rand Realty. “Besides homes looking their prettiest, there is less competition between buyers. In the spring, all of my buyers are very go-go-go, and many are that way due to wanting to be closed before the start of the school year. In the fall, the process is more relaxed, giving my buyers more leisure in finding their home.”
If you have been waiting for an advantageous time to buy a home, now would be one of those ideal times. You won’t have to contend with the potential buyers who come out in droves during the warmer months of spring and summer, and you won’t have to worry about the snowy and icy traveling conditions of winter. So, if you’re looking to purchase a home, look into doing so during the early fall when you have a better chance at closing on the home you have your eyes on.
To learn more about Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.
Sources
www.realtor.com
How to Conduct a Final Walk-Through of Your New Home
You’re almost there. You’re just about ready to close on your new home. While this should be a cause for celebration, you’re not exactly out of the woods just yet because there’s still the matter of having to do the final walk-through to make sure everything is how you want it to be before you close. As you’re doing the walk-through, here are some things you should keep in mind as you’re making sure everything is in order.
One very important aspect about the final walk-through is to try and do it 24 hours before your closing. You shouldn’t allow too much time to pass between conducting your walk-through and closing because you never know if anything might happen to the home during the in-between time, and then you return to do the settlement, only to find that the home has suffered some damage since the day of your walk-through. Once your settlement is finalized, any issues become yours and the previous owners won’t have any obligation to handle them. This is why I recommend you do your walkthrough as close as possible to 24 hours before closing. The last thing you need is more stress when you’re near the end of your home-buying journey, so use this tip to avoid any problems right before you intend to close.
When conducting your walk-through, you should have a checklist in hand concerning what to inspect as you’re going through the home. Turn on the heating and air conditioning for a few minutes to make sure they are operable, because the last thing you want to do is move into a home during the summer without a working air conditioner or the winter without sufficient heating. Also, go through all of the appliances (stove, refrigerator, washer, dryer, etc.) to see that they are in working order. Check all of the faucets to make sure you have hot water and water pressure. The smoke detectors must be tested as well. If your home comes equipped with a sprinkler system, test it to make sure it’s functioning. Inspect the basement, attic, and garage to make sure the previous owners have cleaned them out completely. If the garage has an automatic door, test it to make sure it works. Check all of the electrical outlets as well; you can go to your local hardware store and purchase an electrical tester. Given how much modern technology plays a role in our daily lives, you’ll definitely want to make sure you have working outlets in which to plug your laptop, mobile phone, and tablet.
After all of the time it takes to settle into your new home, you don’t want to deal with any home-repair tasks so soon after, so if you find anything major on your walk-through that isn’t working, make sure you ask the previous owners to have it fixed before you move in. If you find a problem in your home, first consider if it’s something that you can handle yourself once you move into your new home, because you don’t want to come across as being pedantic by pointing out easy-to-fix problems that you can take care of upon moving in. There isn’t any point in delaying your settlement over a problem that you can fix yourself, so it’s important to consult with your agent to determine which problems, if you have any, are/aren’t worth going after.
Occasionally, the previous owner won’t move out of the home until the new owners have closed. This is a perfect opportunity for the buyer to ask the owner any questions about the home, which should add some comfort to the buyer because they are communicating with the owner face to face and having their questions answered by the previous occupant. You never know if you’ll need to contact the seller for anything, so you should try to meet them at least once to form a good relationship with them and get to know each other. I’m not saying you have to take them out to dinner, but at least establish a general acquaintance with them.
Although doing a final walk-through might be one of the easier parts about buying a home, you can’t deny the importance of this step. You have to be thorough and attentive to detail when inspecting the home to make sure it meets the standards that you hope for prior to the closing. You have come this close to moving into your new home, so you don’t want to be deterred by problems that you neglected to look for during the walk-through. I know you’re excited to finally move in, but you have to make sure everything in your home is in working order. Once that happens, then you can finally close on the home and celebrate.
To learn more about Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.
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What Millennial Homebuyers Should Look For In a Home
Back in March, a study done by the National Association of Realtors revealed that the largest group of current homebuyers were millennials, those who are 34 years old or younger. With todays’s changing demands of what homes should include, there are certain things that millennials look for. Because of that, millennials have become an increasingly important market segment in real estate, and if you’re a millennial, like myself, you should have an idea of what to look for in a home.
The kitchen and bathrooms of a home can become a very costly renovation, so if you’re on a budget due to student loans, car payments, etc., it will be better if you purchase a home that already has them upgraded. When buying a home, you already know you’ll be putting a lot of money into it, so you shouldn’t have to worry about spending additional expenses on upgrades in your new home. Plus, you don’t want to become more stressed in an already stressful time. Although there might be a few things you’ll want to fix after you have settled into your new home, you don’t want to have to focus on shelling out more money for significant renovations later on.
Another important feature you should look for in your home is an office. If you have a family and want to do some work at home, it’s beneficial to have your own separate place where you can go and be alone to get things done. Given how mobile our generation is, the ability to work from home has become a lot more attainable, depending on your profession. If you normally work from home, this is a very useful amenity. If you usually work away from home, you can still use a home office on weekends or other days off when you’re in the mood to get some work done.
Location is another significant factor that you should take into consideration when searching for a home. When thinking about a location, you have to contemplate what will work best for your situation, such as needing access to public transportation; or, if you have children, looking for an area that’s a little more suburban and has a great school district. You don’t really know for how long you’ll be living in a certain home (you might find an even better one in the future), so you want to be sure that it’s not just the home that you think about, but also the location, the community, and what that area offers.
We live in a reality-TV era, and when you’re looking for a new home, there’s a chance that you might get hooked on a reality television show or two about real estate. While it’s okay to watch these shows from time to time, you shouldn’t let your expectations get out of hand as to how the home-searching process is going to play out.
“The millennial buyers are the buyers who have had the most exposure to the popular TV shows that showcase real estate,” said Donald Dwyer, real estate associate broker for Better Homes and Gardens Rand Realty and manager of its Yorktown office. “In watching these shows, they are often influenced by transactions occurring out of state and frequently come to our agents with unrealistic expectations. These expectations are often about the condition of homes, size of bedrooms, price, and seller concessions.”
If you’re a millennial, you’re most likely going to ask about the home’s technology. According to a 2013 survey done by Better Homes and Gardens Real Estate, 56 percent of millennials say that technology is more important than curb appeal, 64 percent wouldn’t live in a home that doesn’t have the latest technologies, and 84 percent believe that modern technologies are a must-have for a home.
Given how mobile devices and the Internet are used heavily in our day-to-day activities, you’re going to be looking for homes that are compatible with today’s technology. In this case, a home that includes excellent phone reception from a mobile carrier’s signal and a Wi-Fi connection from a service provider will certainly be high on your list during the searching process.
“Millennial buyers tend to be very tech-savvy and love to search for homes on their own,” said Dwyer. “They attend open houses and are highly selective. They only involve an agent when they have found a particular home they want. Many of these buyers are straddled with college debt, which often makes them less eligible to buy the house that fits their dreams, which can pose a challenge for their agent. Millennials are going to be 90 percent of the workforce in a decade, so agents must be prepared to work with them and stay ahead of the technology curve.”
Speaking of the Internet, more than 80 percent of homebuyers (of any age) use it for their home search, according to the NAR. So, it’s important that a property looks as appealing as possible to potential buyers when they look online. As a millennial, I know our generation is used to having crystal-clear images on our computers and cell phones, so I’m sure you don’t want to see home photos that are grainy or out of focus. The photos should grab your attention and interest, and that can’t happen if you need to squint at the image.
Being a millennial, I know you want to have the latest entertainment and backyard features that will offer your guests a memorable time when you invite them over. If your budget allows it, having something like a patio, a pool, fire pit, a big-screen TV, or a basement built for entertainment purposes will attract family and friends to your home. Once you purchase a new home, you’ll want to throw a housewarming party, so including any of these fun amenities will have your guests coming back.
If you’re a millennial homebuyer and are just starting out on your search for a home, make sure to find a place that fits your needs, but don’t go for more than you can afford. Owning a home is a huge responsibility, but if you know what to look for, your search will be a successful one.
To learn more about Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.
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