5 Valuable Basement Maintenance Tips

Many homes in the Chattanooga area have basements, and maintaining them can be trickier than most people think. Today I have five tips to help you maintain your basement, whether it's finished or not.

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Today I wanted to share some simple and smart basement repairs, because maintaining your basement can be tricky.

1. Make sure gutters are extended beyond the house. Gutter extensions are very inexpensive and will divert any water from your roof away from your foundation. Water intrusion in a basement is the number one problem we see with basements in home inspections.
2. Make your yard slope away from the foundation/basement. You might even create a berm around your house to make water flow away from the home to prevent intrusion.
3. Plug all visible gaps. If you have pipes that stick out from your basement, for example, make sure they're caulked or plugged to keep the critters out. This is a good chance to identify and fix any leaky pipes, as well.
4. Add insulation near the basement if it's unfinished. You should insulate even if you don't plan on finishing your basement. Insulation will help keep that space more conditioned and make the home more energy efficient.
5. Put up drywall to finish the space. Of course, this will upgrade the space. Finishing a basement offers one of the best returns for your money because you add square footage for very little money.

If you'd like any more information about how to maintain your basement, we'd be happy to send you our exhaustive list. Just give me a call or send me an email and we'll send it right to you.

What Are the Best Uses for Home Equity?

Today we're talking about smart uses for home equity. If you pull equity out of your home, be sure to spend it on something that appreciates or provides a return.

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Today, I wanted to talk about the importance of home equity and what you should and shouldn't do with it.

I recently read an article about what millennials are using home equity for; they're refinancing for a line of credit and using it to pay for things like a vacation or a wedding. I get all that, but I would advise against taking money out of your most important appreciating asset and spending it on something with no return.

Years ago, I met a man who used an equity line of credit to buy a new truck in cash so he wouldn't have a car payment, and he was so proud. However, remember that as soon as you drive a truck out of the showroom, you're losing money on it. Why take money out of an appreciating house and spend it on an instantly depreciating truck? It's not a good idea.

So is there a good time to use your home equity? I would say yes, for several options.

If you're upgrading your house—particularly to keep it in line with your area—that's a good use of your money. Just be careful not to overdo it. Putting a $100,000 kitchen in a $100,000 house isn't smart. Paying off high-rate credit cards is also a good use of equity.

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The best way to use home equity is to purchase investment property.

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I think the best way to use home equity is to purchase investment property. Becoming a real estate investor is a perfect way to reinvest a home equity line of credit into something that will make you more money.

If you have any questions about smart uses for home equity or you're interested in learning more about property investing, give me a call or send me an email. I'd be happy to help you out.

The Best and Worst Home Improvements for Resale Value

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What are the best home improvements that you can spend money on when it comes to resale value? What are the worst? First, let’s talk about the home improvements that always yield high returns on their investment.

1. Replacing the front door: The front door gives people their first impression, and you can typically get about 96% of the money back that you spend to replace one.
2. Replacing a wooden deck: Experts say that this improvement yields an 87% return. That means that spending $1,000 would bring back $870.  
3. Replacing the garage door: Though it’s not as profitable as replacing the front door, replacing the garage door will still give you back well over 80%.
4. A minor kitchen remodel: By “minor,” I mean painting, changing out countertops, and maybe adding an appliance here and there. This type of project will return roughly 83%.

While none of these home improvements give you back all of your money in their own returns, you will end up saving money in the long run because doing them will help you sell your home faster.

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These improvements help you sell
faster and for more money.

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Now, what are some home improvements that don’t return as well?

1. A master suite addition: This type of update sounds great in theory, but studies have shown that it returns only 67% of your investment. It’s easy to see why—expanding a house is always expensive.
2. A bathroom addition: Depending on the type of bathroom and what gets added, this can return anywhere from 60% to 80%.
3. Sunrooms: They look great, but don’t get your hopes up for getting a return that’s much higher than 50%.
4. Remodeling a home office: Again, don’t expect more than a 50% return on investment.
5. Swimming pool: This one’s fairly popular in our area, but if you choose to build one, do so knowing that your return on it will be low.

If you have any more questions about home improvements for resale or anything related to real estate, please don’t hesitate to give me a call or send me an email. I’d be glad to help you!

Why Are Home Inspections So Important?

Home inspections can be valuable for buyers and sellers. Let us tell you a few reasons why.

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Whether you’re buying or selling a home, the inspection is a very important part of the transaction. Before you get deep into the process, there are a few things you should know.

The first is that when you hire an inspector, you want someone who is certified by NAHI, the National Association of Home Inspectors.

The next important thing to remember is that home inspectors are looking for adverse conditions only; they are not really looking for potential problems or cosmetic flaws. They are looking for current problems on the property and will cover the basics. They aren’t going to take coverings off the wall or take apart the heating or air systems.

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Home inspections are important
for buyers and sellers.

”

One thing people often forget about home inspectors is that they work for whoever is paying them. In most cases, that is the buyer. They aren’t working for a home seller unless that seller gets an inspection before they list. In fact, we do recommend getting your home inspected as a seller before you list it. It is advantageous to you to know everything that is wrong with your home before the buyer has a chance to point them out.

Finally, remember that the inspector is not responsible for the condition of your home. If you purchase a home and a problem is worse than expected, in most cases, it’s not the inspector’s fault.

If you have any questions about home inspections or if you’re looking to buy or sell a home, give us a call or send us an email. We'd be happy to help.

Join Us for Halloween Fun at the Zoo

Our annual “Boo at the Zoo” is coming up. This year’s event is going to take place on Thursday, October 27th.

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We are excited to announce the return of our annual “Boo at the Zoo.” This year’s event is going to take place on Thursday, October 27th from 5 p.m. to 8 p.m. It’s a great opportunity for you, your family, and your children to drop by the zoo decked out in your costumes to have a great time with the Charlotte Mabry Team.

We will have a scavenger hunt, costume contest, and you’ll get to see all the animals at the zoo. I know you don’t want to miss out on this.

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You don’t want to miss out on this.

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For more information or to RSVP, all you have to do is send an email to wanda@charlottemabryteam.com and she will get you all signed up and ready to go. If you have any other questions, don’t hesitate to give me a call or send me an email. I look forward to seeing you soon!

Inheriting a House With a Mortgage

What happens when you inherit a house that has a mortgage attached to it?

First, determine who is responsible for those mortgage payments. If the family member you’ve inherited the house from cosigned the loan with another person, then that cosigner is responsible for the payments on that mortgage.

If there is no cosigner in place but you’re the person who is named in the will as being responsible for the property, then you’re also responsible for the mortgage payments. In this case, you need to gather up all the mortgage documents you can find. It might also be a good idea to call the mortgage company and let them know that you’re now responsible for the payments.

The most important thing you can do is keep making those payments until you can get the house sold, assuming you’ve decided to do so. Keep them up to date, otherwise, you open up the door to foreclosure and potentially losing the house and any equity that’s carried with it.

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Keep making those payments until
you can get the house sold.

”

If there is no family member left or someone specified to take over the property when someone passes away, the bank has no recourse but to enter the foreclosure process to get their money back.

My advice to you would be to speak with a closing attorney or an estate attorney to make sure you have all of your documents in order to go through the probate process. Make sure that’s addressed up front before you put a property on the market.

We’ve got a good list of tips on selling a home through an estate. If you’re interested, just send me an email and I’d be glad to send that list to you. Hopefully, you’re not having this experience, but if and when you do, you’ll have some information on how to deal with it.

If you have any other questions, please don’t hesitate to give me a call. I look forward to helping you in any way I can.

The Downside to Increasing Home Values

Right now we are in a distinct seller’s market, which has caused home prices to go up and up and up. That sounds like great news to homeowners. However, there is a downside to your home’s value increasing: property taxes.

Even if property assessments weren’t coming up, there are many people who are currently paying too much in property taxes. As your home value goes up even more, when you sell your home, you may have to pay more in property taxes.

Check out your property assessment today to find out if the assessed value is accurate. You can call the courthouse and ask them to mail the assessment or we can reach out to the courthouse for you. If you think the assessed value is wrong, check the assessment for errors. Make sure the square footage is accurate and that the assessor didn’t miss something on your property.

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A Realtor can tell you the current 
market value of your home.

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You should also contact a Realtor to determine the market value of your home. Then, you can contact the assessor’s office and make an appointment to discuss the value of your property.

In my experience, you have a 50/50 chance of getting the assessor to reconsider your property’s value. Those are pretty good odds. Property assessments do tend to be more in line with market values these days, but there are still a few assessments out there that are too high.

If you have any questions about your property taxes or about real estate in general, give me a call or send me an email. I would be happy to help you!

Major Changes in Real Estate Over the Past 10 Years

The real estate industry has really changed over the past 10 years.

When I started my radio show 10 years ago, we were definitely in a buyer’s market. You could hardly sell a house back then! Now, we are in a strong seller’s market. That said, markets come and go every seven to nine years. It’s about time to see another change in the market, and we are starting to see a slight shift towards a more balanced market.

Financing has really changed as well. In 2006, if you were able to fog a mirror, you could get a mortgage. Then we went through a period where no one could get a mortgage. Today, it is much easier than you think to get a mortgage. You do need a good credit score and you have to meet certain criteria, but you can get a mortgage in today’s market.

Another major change that I’ve seen is that people no longer want to live in the suburbs. These days, everyone wants to live downtown or close to town. That demand is what’s driving the construction in the North Shore and even on the Southside. That said, homes in the suburbs are still selling well.

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The Internet has completely changed
 real estate marketing.

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Finally, real estate marketing has completely changed, thanks to the Internet. It used to be that we could get calls from print ads in magazines or newspapers. Now, the Internet absolutely drives marketing, and smartphones allow us to market directly to you.

The real estate market can change drastically in 10 years or 10 minutes. We work hard to stay up to date on all of the latest marketing technology and market trends. If you have any questions, please give us a call or send us an email. My team and I would be happy to help you!

How Due Diligence Helps Buyers and Sellers

When you do a real estate sales contract, you might notice the words “due diligence” written in it. What does this term really mean? Due diligence is a time period that gives you the opportunity as a buyer or seller to do your homework on the property. Examples of the kind of homework done during this due diligence include:

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Due diligence allows you the
 time period to do your homework.

”

• Home inspection. You want to have a home checked out, and due diligence allows for a home inspection so you can fix or negotiate any repairs on it.
• Title search. You want to be sure your title company has checked out your property and made sure there are no liens or encumbrances and that you will own the property free and clear.
• Checking out your neighborhood. Even in some of the older neighborhoods there can be specific restrictions that you want to be aware of so you can be sure to comply with them.
• Square footage. You want to check out your square footage and know that what was done and what was put out there in the records is right. Most of our agents use tax records, but in our local area, tax records are almost always wrong. They use the area of the garages and porches, but we don’t count those things as square footage that is heated and cooled. Those are the kinds of discrepancies due diligence allows you to examine.
• School zones. We state the school zones according to the information we’re given, but sometimes those things can change. In areas and times where schools are being built and taken away, school zones can change frequently.
• Lots. If you’re buying a lot or land, and you’re thinking of building, you want to check out the building codes and restrictions and be sure that what you plan to build on the property is in line with what’s allowed.
• Septic and sewer issues. You want to avoid buying a home with these issues, as they are awfully costly to fix yourself.

If you’d like more information on due diligence and want to know more about working through a real estate sales contract, call our team phone number or send me an email directly. I look forward to hearing from you!

The Hidden Costs of Selling Your Home

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When you’re thinking of selling your home, there can sometimes be hidden costs you don’t know about. You expect things like the commission, but what other costs might you incur?

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Some repairs are better to 
pay for, but some should 
be negotiated.

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• Repairs. I think it’s a good idea to have a home inspection done up front to prevent any unwanted surprises, but in case there are, it’s good to get that done up front and check them out so you don’t have to spend more money. Some of these repairs are better to pay for, but some are better negotiated against the asking price. We can help you decide what is better to do in this case. Sometimes the return on the investment is less if you actually pay for it, so we would be happy to help you walk through it.
• Title Policy. A title policy is when the title to your property has been thoroughly checked out by an attorney to make sure the deed is free and clear of any encumbrances or liens. In our area, some are paid for by the seller, and some by the buyer. If there’s a cost you’re going to incur, we can break that down for you.
• Staging. This is an important thing to do because houses that are staged sell very quickly. This is a cost that you will incur, but it’s money well spent.
• Tax consequences. There may be tax consequences when you sell. If you’re an investor and you’ve owned the property as an investment property, you’ll have issues to think about regarding capital gain. If the home has been your primary residence and you meet certain criteria, you won’t have to pay any capital gains. Regardless, you’ll want to check all of that out with your real estate professional.

If you’d like more information on selling and a full list of costs of exactly what it would take to sell your home, we’d be glad to get that to you. Just send me an email or give me a call.

How to Keep Cool This Summer

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It’s really hot out there right now, so I have five tips to help you keep your home cool this summer:

1. Check that the ceiling fans are pointed in the right direction. You want to create a breeze in your home, and if you’ve got ceiling fans, you want to be using them properly. Be sure you’ve got them pointed the right direction by blowing air up from the floor to the ceiling. Pulling that air up will help keep your house cool.
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Wash out or replace your AC filters
to keep everything working right.
”


2. Check your air conditioning filter. If need be, you should be washing out or replacing your air conditioning filters to keep everything working as it should be.
3. Use a retractable clothesline. Your dryer can heat up your house by three or four degrees. Having an old-fashioned clothesline to dry your clothes can occasionally spare you this discomfort. Just make sure it’s retractable, because many areas (especially subdivisions) have rules against permanent ones.
4. Check thermostat location. In my own house, we have a thermostat located on a wall directly accessed by our attic, so naturally it’s temperature gauge gets thrown off by extreme hotness or coldness. It’s a great idea to check the location of your thermostats and move them around to ensure accurate readings.
5. Use shade trees. Planting some sort of natural shading around your heating and air unit is a good idea so it doesn’t have to work so hard in places like our Chattanooga/North Georgia area where it’s not only hot, but humid as well.

If you’re thinking about buying or selling, we would love to talk to you. We need inventory right now, so particularly if you’re selling don’t hesitate to shoot me an email or give me a call.

Catch the Chattanooga Real Estate Doctor Every Saturday

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In the area, I’m known as the Chattanooga Real Estate Doctor. Every Saturday morning at 9am on WGOW 102.3, I talk about all things real estate. In fact, I’ve been doing this for eight years and it’s a great opportunity to help educate the public. Our program also uses Facebook Live!

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Barbara Corcoran, John Boy and Billy, and Sean Hannity have endorsed me.

”

Because of this program, Barbara Corcoran, John Boy and Billy, and Sean Hannity have endorsed me. It’s been a fun ride! It turned out to be such an incredible tool to help buyers and sellers alike. We provide tips and strategies, regardless of what stage you’re in.

Sellers can benefit from unique exposure of your home. I’m able to provide the most updated information about open houses and more. Our show drives listeners to our website.

Additionally, buyers benefit, since we hear about all the properties first. People call in all the time to tell us about their recently listed property. I can help tell the audience about your wish list if you’re looking for specific features in a home or perhaps in a particular price range.

If you’re thinking about buying or selling in the surrounding Chattanooga area, give me a call or send me an email. I’d be happy to answer any real estate questions you might have!