Tag: selling a home

Stage to Sell Your Home Fast

Prospective home buyers never like walking into an empty house where they can’t imagine themselves living. There should always be furniture and accessories to make the house, feel like a home. Hiring a professional Stager can help lessen the time a home is on the market as well as boost the offered price. A good stager will create an environment that will help the buyer feel the “at home” feeling and never even consciously know exactly why! Your Realtor should have access to a good photographer once your home is staged. During this pandemic, many people are shopping online for everything, including homes. Show off your newly staged home by having many pictures.

It’s always hard on the sellers. They have loved their home and don’t see what a “stranger” can see in their home. Buyers like everything “spelled out” for them and may not be able to see that the dining room is really a family room. Or windows with different treatments may make the room look brighter and bigger. Rearranging furniture to balance and maximize a sense of space in rooms is key to the staging process. Too big a cozy couch that the seller loves could possibly dwarf the room it’s in. Sellers don’t often see that boxing up knick-knacks and family pictures can actually add more value to a room.

Many sellers are told to paint walls in classic ivory and beige color scheme. That’s fine, but putting a twist on that to stand out from other homes on the market is a great idea. This way, at the end of the day, after a buyer has looked at many homes, they can easily call it to mind. The overall goal is to make each room feel fresh and inviting and easy for buyers to envision themselves and their belongings in. Grey, a very light blue, pale serene turquoise, charcoal, yellow – all accented with white are always pleasing. A skilled Stager will put a seller on the right path.

The Bottom Line: The seller’s goal is to have the house that potential buyers remember. The home that makes they can feel and see themselves living in. Open all the doors. Get rid of old window treatments. Rip up carpeting. Take down and box family photos. Fake plants, fake food, and blow-up mattresses are a turn-off.  Buyers open closets and cabinets! Remember to make sure they are organized and clean.

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Financial Essentials to Prioritize when You Own a Home

Owning a home is one of the biggest and most important, if not the biggest and most important, financial responsibilities people take on in their lifetimes. Knowing which financial priorities to put first can be challenging, and many first-time homeowners can feel lost in the confusing world of mortgage payments, property taxes, and equity ownership.

We’ll help you clear a few things up. This post will walk you through which financial essentials you need to prioritize when you own a home. Whether you’re considering buying a home in the future, you’re a first-time homeowner, or you just need a refresher, check out this list to help get your home finances on track. 

Mortgage Payments

You guessed it: the first thing that you should absolutely prioritize when you own a home is making payments on your mortgage. A mortgage is a loan from a bank; the bank purchases the house, then you pay them back for it with interest.

For most people, purchasing a home outright isn’t exactly an option, so a mortgage is a way to make homeownership affordable. Mortgages require that you pay back the money you borrowed in monthly installments, so if you own a house, making sure you pay those installments is essential.

If you fail to pay your mortgage on time for a number of months, you may be subject to penalties imposed by the bank from which you borrowed the money. If you get far behind enough, you may get evicted. A good idea is not to take on a mortgage that requires payments more than 30% of your monthly income. However, the lower, the better.

Emergency Fund

Life happens. You might lose your job, or be faced with a large medical bill, or face expensive car repairs. That means that establishing an emergency fund is an important part of homeownership, as your ability to keep up mortgage payments will depend on having enough cash around in case your usual revenue stream dries up.

How much should you have on hand? The exact amount will vary depending on your personal finances. However, a good rule of thumb is to have somewhere between 3 and 6 months’ worth of wages saved up and easily accessible.

That may sound like an insurmountable task, but if you’re diligent about saving, it can be done. Start by aiming for having 3 months’ worth saved up. Then, once you’re there, slowly and steadily try to keep saving until you hit 6 months. Even if it’s a slog, your future self — the one with a sudden emergency — will thank you. 

Upkeep & Expenses

The next financial essential to prioritize is the regular upkeep, maintenance, and expenses that come with owning a home. Many first-time homeowners are surprised by how many unforeseen expenses pop up when you have a house. Here are a few to keep in mind: 

  • Gardening & housekeeping
  • Plumbing repairs
  • Electrical repairs
  • HOA fees (if they apply)
  • Reroofing, when necessary

Another expense to keep in mind is the property tax rate in your area. Property tax rates vary by state and by county, so you’ll need to research your specific county’s tax rate to know how much to set aside. Even for those who have completely paid off their mortgage, property taxes remain an expense to plan ahead for. 

Of course, that’s not an exhaustive list, and something might come up that you hadn’t anticipated at all. If you plan ahead, however, and keep money stashed aside to put toward housing needs, you’ll be in a much better financial position to tackle expenses as they arise. 

Childcare

Not everyone who owns a house decides to have children, but for many, owning a home coincides with starting a family and having kids. If that’s your situation, and you’re considering having kids, it’s key that you financially plan ahead to the many expenses that come along with them.

Here is a handy list of a few of the expenses that come along with having a child, so you can more easily factor them into your budget:

  • A two-bedroom home, so your child can have their own room
  • Monthly baby care expenses like diapers, baby food, and doctor’s visits
  • Larger grocery budget to account for children’s meals
  • School supplies and expenses related to school trips and events
  • Children’s clothing and shoes
  • Medical expenses, like doctor’s visits, prescription medicine, vaccinations

If you do plan on having kids in the near future, or you already have some, It’s important to factor in all these expenses before deciding on a home to purchase. 

Your Will

Lastly, it’s critical that homeowners consider their wills. As we stated before, your home is often one of the biggest, most important purchases of your life. For many, it’s the largest asset they own. That means that, if they should have an untimely passing, knowing who the home will transfer ownership to is essential. 

It’s an unpleasant thing to have to think about, but in the long run, your next of kin will be glad for it. All too often, people pass on without having established a will, which can lead their family to fight over the property and assets that the deceased has left behind. In order to save your family that pain and frustration (in addition to the pain they would feel if you did pass away), it’s wise to establish a clear and direct will. 

If you’re not sure where to start, don’t worry; you’re not alone. There are plenty of resources available for those who want to establish their will. Online will services are one accessible option that many choose to use. You may also simply see if there are any law firms in your area that will help you put your will together.

Owning a home is a huge financial responsibility. However, with the right planning and prioritizing, you’ll find that the satisfaction of owning your own home is well worth all the financial effort that goes into it. 

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Red Flags to Watch For When Buying a Home

Avoid buying a home that comes with extra work and expensive repairs. With all the emotion that goes into searching for the perfect home, it’s easy to overlook some very important issues while house hunting that could end up costing you big-time in the end.

Foundation & Structural: A home with problems in this area can end up costing thousands of dollars. The home depends on the sturdiness of the foundation. A few things to be on the lookout for:

  • Uneven floors – do you see any sloping or even separation form a wall?
  • Broken foundation blocks – any cracks in exterior brick mean that there could be water pressure build-up.
  • Hard to open or close doors and windows – a sign that there might be damage from water

Mold: Sometimes this issue results from neglect and other times it is a simple fix. Look where the problem is and if the mold is mostly in small areas it can be resolved. But, it can be a huge red flag and indicate issues with the home, such as major and expensive leaks.

Fresh paint: While it is not uncommon for homeowners to paint their homes to look their very best to sell, it’s important to look for the “patches’ of paint inside and outside the home. The damage that a “patch” is covering could be many different issues that could end up costing a lot of money.

Stains on ceilings: No paint “patches” can show you this red flag and it’s important to find out what is causing these stains. It could be a leak in the roof, ice damming, plumbing issues, etc. These need to be investigated as the repairs could cost thousands.

The neighborhood: Big red flag if there are many homes in the neighborhood on the market. It’s usually not a coincidence when everyone wants to sell their home at the same time. Look around for foreclosures or abandoned lots which indicate a stagnant growth. Look online where you will easily be able to find the crime frequency and sex offender lists. Are there a lot of rentals? Is the street a cut-through during commuting hours? All negative feedback is important as it will affect your ability to sell the home later.

The Bottom Line: Buying a home is a huge deal. It’s of utmost importance to find the top Realtor in the area in which you are looking as they will be able to point out many of these and more red flags. A home inspector can detect problems missed and then with an experienced Realtor you will know if its worth spending money to fix an issue or if you should negotiate a compromise.

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