Questions & Considerations When Buying With a Friend or Relative

Thinking about purchasing a home with someone other than your spouse—perhaps a friend or relative? Before you do, put together a plan and ask your counterpart (and yourself) some key questions.

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When arriving at the decision to buy a home with someone you’re not married to, you’d be well advised to explore a few questions before taking the first steps toward the purchase.

First, what’s your relationship to this person? Are you looking for a short-term living arrangement (maybe with a friend from college) or is it a longer-term move (maybe with a sibling)? More importantly, how long do you expect the relationship to last? This is a fundamental aspect of the buying process because you’ll need to consider how the title will be held between the two (or more) of you.

If the relationship is foreseeably short-term, you’ll want to know if either party can be “bought out” of the relationship. Let’s say, for instance, your friend decides to sell to someone else that lives in another state. Is this something you’d be comfortable with?

How will you manage the rent if both incomes are needed? If the mortgage is dependent on your dual incomes and someone were to lose their job, will you have a plan of action in place to preempt this dilemma?

Though you’re like-minded about buying the home together in the beginning, what if, later, one party wants to sell the home when the other doesn’t? That sort of question could potentially arise, so it’s important to have the answers spelled out and specified before any purchase is made.

If the mortgage is dependent on your dual incomes and someone were to lose their job, will you have a plan of action in place to preempt this dilemma?

Once these questions are answered, it’ll be time to answer the all-important question of how exactly to handle the title. If the parties would like to have joint title to the property, there are two ways that this can be done—joint tenancy and joint tenants in common.

Under joint tenancy, you would possess survivorship or the right to the whole property in the event that your counterpart dies.

Under joint tenants in common, each owner possesses an individual share in the property, and therefore, has autonomy to sell their share at any point in time.

Lastly, decide how repairs and utilities will be handled.

It might sound like I’m cautioning you against a move of this nature. Having a plan in place is not only recommended, but it's also critical to preventing potential ownership complications down the road. That’s why I recommend meeting with a skilled title insurance attorney who can help you formulate a plan beforehand.

If you’d like more information on this topic or if you need help with any of your real estate needs, please don’t hesitate to send me an email at Charlotte@CharlotteMabryTeam.com. We’d love to help!

Keep an Eye Out for Health Hazards in Your Home

Here are a few of my tips on how to identify health hazards throughout your home—even if you think your home is completely safe, it’s always good to be sure.

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When you live in your home for a while, it’s easy to get used to it. After some time, you stop paying attention to certain things. However, just as people can become nose-blind to odors in their home, it is also easy to become blind to more serious issues within your property, including certain health hazards. Today I’ll give you some tips for checking your home to make sure it is safe for you and your family.

1. Clear out your dryer vent. Hopefully, you already clean out your dryer filters regularly, but you also need to check the dryer vent for backups of lint. I’ve seen homes where the dryer doesn’t even vent to the outside; some have vented the line into a crawlspace or into the attic. Failing to properly clear out the vent, especially if it doesn’t lead to the outdoors, can cause your machine to run less efficiently and also put your home at risk of a dryer fire.
 
2. Fix or remove items that may cause you to trip and fall. It doesn’t matter what age you are—there are always ways that you can injure yourself by falling. Unstable handrails, cracked walkways, and poorly spaced stairs are all ways that you can inadvertently put yourself at risk of a fall.
 
3. Ensure your blinds are safe and your windows are treated. After some research, I learned that injuries caused by the cords on window blinds send two children to the emergency room every day. Getting cordless blinds or changing your window coverings altogether can make your home even safer.

Carbon monoxide is an odorless gas, so poisoning caused by leaks will be difficult to detect without a working CO detector.

4. Regularly maintain your smoke detectors. First, you need to make sure you even have these detectors in your home. Second, check them out each season to make sure their batteries are still good and that the units themselves are in working order.
 
5. Keep your oven clean to avoid fires. If your oven is dirty while you’re cooking, that increases the risk of your home catching fire. If you’re like a lot of people who don’t regularly clean their ovens, go ahead and get that cleaned out. Most ovens have some sort of cleaning feature, so it’s wise to make use of that feature.
 
6. Be sure to have a working carbon monoxide (CO) detector. Through the years, I’ve sold homes for people who have told me about mysterious headaches they’ve had, only to find out that their heating and air system was leaking carbon monoxide. Carbon monoxide is an odorless gas, so poisoning caused by leaks will be difficult to detect without a working CO detector. Like smoke detectors, check these regularly to ensure they’re still in good condition.

If you’d like a list of things to think about regarding safety features in your home, or if you have any questions, feel free to reach out to the Charlotte Mabry Team. I’d be glad to send a list your way and provide any answers I can give. Hope to hear from you soon!

Tips That Will Help You Sell Quickly This Holiday Season

If you want to sell your home quickly during the holiday season, there are a few important tips you need to remember.

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The holiday season is here, so if you’re putting your home on the market, here are a few tips you need to remember if you want to sell it quickly.

First, make sure it has a great online presence. Everything happens on the internet these days, so your home’s photos need to look great. It’s not always easy to make your home’s exterior photos look great this time of year, so it might help to include some summertime photos when the grass was green and leaves were on the trees.

Next, play up the features of your home that are holiday-related. Perhaps you have a massive dining room that’s great for family dinners, or a fabulous home theater that would be perfect to watch the Super Bowl in. These are the kinds of features you need to emphasize.

Everything happens on the internet these days, so your home’s photos need to look great.

Be careful not to overdo your holiday decor, though. It’s fine to celebrate the season, but you run the risk of turning people away if they can’t see your home’s features because of all the decor.

Speaking of that, be as flexible as you can with your showings. Some people will want to schedule visits at inconvenient times, but that’s probably the only time they’re free to look at houses, so try to be as accommodating as you can.

Lastly, if you hold any open houses, make them holiday themed! If your open house is near Christmas, for instance, you could donate an extra turkey dinner or an item to the charity of your choice. We at the Charlotte Mabry Team pride ourselves on being creative when it comes to open houses, so if you give us a call, we’d be happy to share some of our ideas with you.

If you have any more questions about selling your home during the holidays or you have any other real estate needs, don’t hesitate to reach out to me. I’d love to help you.

The Unexpected Costs of Downsizing

Downsizing can be great, but there are a few additional costs you should be aware of when deciding to move into a smaller home.

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If you are considering downsizing your space, you should know that you might not be downsizing your expenses. A smaller house might sound great because there will be less to maintain, but sometimes a smaller home can have a greater cost.
 
For example, if you are moving from an older home into a new construction property, you might have higher utility bills or homeowners association fees that you didn’t have before. If you were on septic and now you’re on sewer, there will be additional costs to your regular water bill. Moving to a new construction property might be more expensive.

Location is an important factor to consider as well. If you live in the county area and move within city limits, taxes might be more expensive. There might also be some assessments you have to do. If you want to retire and move near a lake or river, that’s awesome. Just be aware that you may be required to add flood insurance to your expenses.

The location of your new home can impact things like taxes, HOA fees, and insurance costs.

If you’re like me and you’re tired of dealing with a yard, you might be considering a townhome or condominium. There might be fees for those types of properties. You may have to pay for utilities such as shared lighting on the street or maintenance of the entryway.

If you are thinking of downsizing, keep these different costs in mind and figure out what will work best for you.

If you have any other questions about downsizing or real estate in general, just give us a call or send us an email. My team and I would be happy to help you!

What Are Seller’s Disclosure Forms, and How Do They Work?

When you sell your home, you’ll be asked to fill out a seller’s disclosure form. But what is that all about? Today, I’ll explain.

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Though some people dread seeing the document, the seller’s disclosure form isn’t something to afraid of. It is, however, very important to fill out properly.

When you put your home on the market, your agent is going to ask you to fill out the disclosure form. It’s a way to disclose the things you know about your home so that the buyer can move forward with the transaction (or not) fully informed about your home.

The document will ask about things like the age of your roof, the appliances, the heating and air systems, and so on. It will also ask about whether all the systems and appliances are in working order. Further still, there will also be some odd-sounding questions, such as whether or not you have a nuclear waste facility in your backyard, and so on.

Seller disclosure forms are there to protect both you and the buyer, and they can serve as a great selling tool.

It’s important that you answer these questions as truthfully as you can, and your agent isn’t supposed to fill it out for you—they can give you advice, but as the homeowner, it’s your responsibility.

If you’re not sure about an item on the document but want to be sure you’re disclosing everything about your home, I suggest getting a home inspection done up front; while they aren’t perfect, a home inspector will document 99% of what’s going on with your home so you can be sure you’re fulfilling your disclosing duties. If there’s something serious that needs to be fixed, go ahead and fix it, and keep the paperwork so that you can show your buyer proof. Pre-inspections will also help the buyer feel more comfortable with your listing.
 
The bottom line with seller disclosure forms: They’re there to protect both you and the buyer, and they can serve as a great selling tool.

If you’d like more advice about this or other aspects of the real estate process, feel free to reach out to the Charlotte Mabry Team. We’ve got you covered.

Is It a Good Idea to Roll Your Student Loan Debt Into Your Mortgage Payment?

Consolidating your student loan debt and your mortgage might seem like a good idea, but the drawbacks outweigh the benefits.

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Is refinancing a student loan and consolidating your student loan debt and mortgage a good idea? While this does bring with it certain benefits, there are many drawbacks to doing it too.

For one thing, reshuffling your debt is great, but it doesn’t make that debt go away. All you’re doing is moving it from one plate to another. It might make you feel better, but all you’ve really done is taken equity out of your home by increasing the debt on your mortgage.

For example, if you were to add $27,000 worth of student loan debt to a 15-year mortgage with a 5% rate, you’d add about $214 per month to your mortgage payment. And here’s the kicker: By setting that up on a 15-year loan (assuming you stay in the home the whole 15 years), you’d add $11,400 in interest to the life of your loan.

Also, if you lose your job while having a separate mortgage and student loan debt, your student loan payments could be deferred or slowed down. For a mortgage, though, there is no such provision if you lose your job, so if you have both debts rolled into one, you’ll have to keep paying your mortgage payment and your student loan debt.

If you were to add $27,000 worth of student loan debt to a 15-year mortgage with a 5% rate, you’d add about $214 per month to your mortgage payment.

On top of everything else, if you roll too much student loan debt into your mortgage and the market changes and decreases your home’s value, you might end up owing more for it than it’s actually worth.

So be cautious about rolling another payment into your mortgage or doing anything that might pull equity out of your home. It might seem like a good idea on the front end, but I think it’s probably a mistake on the back end.
 
If you have any questions about this topic or you’re thinking of buying, selling, or investing in real estate, don’t hesitate to reach out to me. I’d be happy to help you.

Prepare Your Home Now for the Coming Cold

Now's the time to prepare your home for the cold winter months. Today I have some places for you to start your fall home maintenance.

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With fall right around the corner, now is a great time to think about certain home maintenance tasks.

First and foremost, you should clean out your gutters. As leaves begin to fall, it is a good idea to clear your gutters of everything that fell into them during the summer. This task can be handled by a professional, if you choose to hire one.

You should also check your chimney and fireplace to ensure that they are in good, working order. I was just reading this morning that it is recommended to have your chimney professionally cleaned every 50 to 70 uses. So if you're regularly burning real wood in your fireplace, you probably will want to get a professional to check it out.

While you're checking on that, why not check your roof as well? During our summertime storms, roofs can sustain damage. I would advise having a professional roofer come out and check yours before the end of the year. This usually costs between $100 to $150, and some can even check your shingles with drones.

It's always good to walk around the exterior of your home and look at what could cause problems or injuries once the weather turns bad.

You also want to make sure all your doors and windows are sealed up to prevent moisture and critters from getting in. You want to keep pests from taking up residence in your home during colder months.

If you're anything like me, you leave the garden hose out during the summertime. Now's a great time to disconnect them from the faucet, and maybe cover the faucet, to prepare for cooler weather.

It's always good to walk around the exterior of your home and look at what could cause problems or injuries once the weather turns bad such as tree limbs falling on your roof.

If you have any questions about maintaining your home this fall, or if you're interested in buying or selling, please feel free to reach out to me. I look forward to speaking with you soon.

What a Home’s Square Footage Can (and Can’t) Tell You

How much should a buyer’s home search be swayed by square footage? Let’s get to the bottom of this question, today.

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During any home search, buyers tend to set a number of expectations for the kind of property they’d like to find. One of these expectations, of course, relates to the size of the home. But how important is square footage to your home search, exactly?

When buyers are browsing homes online and see a figure like 1,526 square feet, it can be hard to visualize exactly what a space that size might look like. Though often misunderstood, a home’s square footage measurement does have its uses. The important thing to remember is that this figure doesn’t show the “whole picture” of a home.

In addition to helping buyers gain an approximate idea of a listing’s size, a property’s square footage is also used by tax assessors and appraisers to determine home value.

Two homes with the exact same square footage can feel entirely different in terms of their spaciousness.

Yet these two professionals each measure the property a little differently. Appraisers will not count the home’s garage as part of its square footage, but tax assessors will.

And this isn’t the only disparity in how square footage can be measured. There’s also the matter of questions like whether the home is to be measured from the inside or from the outside, whether closets are to be included, and more.

Truthfully, a home’s floor plan matters far more than its square footage. Two homes with the exact same square footage can feel entirely different in terms of their spaciousness, and it all comes down to how the home is laid out.

I’ve unfortunately seen buyers overlook fantastic homes simply because they didn’t think the square footage sounded sufficient. So while it is important to consider this figure, I encourage all of you to not make this same mistake in your home search. A home’s floor plan is what matters.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Will Your Smart Home Sell for More?

While smart-home technology can up your home’s value, there are other issues to consider.

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Will your smart home sell for more? In most cases, the answer is “yes.” Smart technology that turns your lights on and off, built in voice-activated systems, and adaptive thermostats are all sought-after features among certain age groups. In certain price ranges, smart home technology is almost a must.

Remember that smart homes require extra security precautions to deter hacking.

Having said this, it is important to know that smart-home technology is not without potential drawbacks. Smart technology can be hacked, so make sure to take necessary precautions so that in-home systems are secure. Remember that voice-activated systems like Alexa don’t always “hear” you correctly and can make mistakes, even interacting with your contacts outside the home in ways that you don’t want.

When considering smart-home technology, take time to consider your privacy, how the technology you are planning to install will interact with the world outside your home, and where your comfort levels are regarding these considerations.

If you’d like more information on buying or selling a home (with or without smart-technology!) contact us via phone or email today. We look forward to hearing from you.

How to Save While Renting

If the prospect of saving for a down payment has deterred you from homeownership, these five tips could help put that goal back on your radar.

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If you’ve been renting for some time and finally feel ready to transition into homeownership, there is one major roadblock you’ve almost certainly encountered: money.

Between day-to-day expenses and the other unexpected costs that life sometimes brings us, saving up for a down payment can be difficult.

Thankfully, there are a few simple tips you can follow to make it easier to save while renting. The first step, of course, is to establish your goal. In most cases, it’s a good idea to plan on saving for a down payment of at least 10%. This would equate to $15,000 for a $150,000 home, $20,000 for a $200,000, and so on.

Don’t let these figures scare you though. Saving for a home is possible. By following these five saving strategies, you will reach your goal in no time.

1. Start trimming your expenses. Whether it’s eating out less often or limiting how much you spend on clothes, cutting back on unnecessary costs in your life can really add up over time. Allocating money you would otherwise spend frivolously toward your down payment is one surefire way to pad your savings account fast.

Allocating money you would otherwise spend frivolously toward your down payment instead is one surefire way to pad your savings account fast.

2. Take on a side job. If you have time to spare, picking up an additional source of income can help you reach your financial goals more quickly.

3. Take a year off from vacations. For those who love to travel, this may be easier said than done. However, the money you will save by temporarily abstaining from expensive trips will go a long way toward your homeownership goals. If this is one sacrifice you absolutely cannot make, consider taking a staycation instead.

4. Sell items you no longer need. Do you have any belongings lying around that you know you wouldn’t miss? If so, why not make some money from these items instead of simply tossing them to the curb? Selling things you no longer want or need is a great way to increase your savings while reducing the number of items you’ll have to pack when the time to move finally arrives.

5. Set aside work bonuses or your tax refund. Putting such funds toward a down payment can put you much closer to your ultimate savings goal.

These tips may seem easier said than done, but when you buckle down and try them for yourself, you will be sure to see results.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

6 DIY Projects You Should Leave to a Professional

There are six home improvement projects that you’re better off not trying to do yourself. Instead, you should leave these to the professionals.

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We all like to watch HGTV, but when it comes to DIY projects, there are some that you should leave to a professional.

Here are six would-be DIY projects that, while they do add value to your home, you’re probably better off hiring an expert for:

1. Installing molding. It’s very difficult to install molding around a room and get the corners mitered exactly the way they should be.

2. Refinishing floors. Pulling your carpet up and refinishing the floor can be a complicated process.

3. Any electrical work. You may not need an electrician’s license to work on your home’s electrical system on your own, but doing so can be dangerous.

While these projects do add value to your home, you’re better off letting an expert handle them.

4. Tiling your kitchen or bathroom. New tiling looks beautiful, but installing it requires the help of a seasoned professional.

5. Roofing. Like doing any electrical work, you can get hurt making repairs to your roof.

6. Anything that requires a permit. Any project that requires a permit probably doesn’t qualify as something you can do yourself. On a related note, anytime you prepare for a home improvement project, you need to check if you need to pull a permit for it. This is important for when it’s time to sell your home.

If you’d like a list of home improvements that will add value to your home that you can do yourself, send me an email and I’d be happy to provide you with one.

As always, if you have any other questions or real estate needs, don’t hesitate to reach out to me. I look forward to hearing from you.

7 Must-Have Contract Conditions

What should sellers look for when reviewing their contract with a buyer? There are seven important points I would like to mention today.

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When you get an offer on your home, what items should you be looking for in the contract to make sure you have covered all your bases?

Today I will tell you. There are seven must-have conditions any real estate contract should have. Here is what you should be looking for:

1. What are the finance terms? Whether a buyer is paying cash or using a loan, it is important to have an understanding of these terms and how they impact you as the seller.

2. Is the buyer asking you to pay any closing costs?

3. Who is paying for what in the transaction? Knowing how expenses have been broken down will be crucial.

4. Is the buyer having an inspection? If they are, the amount of time that will take and what the buyer expects of you after receiving the results should all be spelled out in the contract.

There are seven must-have conditions any real estate contract should have.

5. Have you listed all of the appliances and fixtures that are staying with the property? If there is anything you plan on taking with you, make sure this is specified in the contract.

6. What is the closing date? Beyond this, you should also be aware of when the buyer plans to take possession.

7. Is there another home being sold? If the buyer is also selling a property, this could have a significant impact on your transaction.

There are a lot of things to think about when you are selling, which is exactly why you need professional guidance. I may be biased, but I think my team is the right choice for this job.

If you have any other questions, would like more information, or are curious about how we can help you meet your real estate goals, feel free to give us a call or send us an email. We look forward to hearing from you soon.

Which Kind of Offer Should Sellers Select?

How can sellers make the right choice when deciding between multiple offers? There are a few important factors they should consider.

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If you’re lucky enough to be selling a home in 2018 and end up with multiple offers on your home, how do you choose between them?

This common problem is actually not a problem at all, but it can still put sellers in a tough position, nonetheless.

One of our team’s sellers actually received 11 offers in just 24 hours of their home being on the market. While getting this much attention for your listing is exciting, it also creates a difficult choice.

The first step in determining which offer is best is to realize that price should not always be the deciding factor. Sometimes an offer with great terms can outshine those with a slightly lower price. Things like whether a buyer is paying cash, whether their offer has few contingencies, and more are all things to keep in mind.

Beyond looking at terms, sellers should also think about whether they will need to be out of the home on the day of closing.     

All aspects of an offer should be taken into account before you make a final decision.

It’s also good to find out what kind of loan a buyer plans to use, as this could have an impact on how long the transaction will take. Additionally, loans may be subject to an inspection or appraisal.

Having a clear and complete understanding of what the buyer is offering will help guide your decision as you examine your choices. All aspects of an offer should be taken into account before you make a final decision.

Our team would be more than happy to help you select the offer that will be most beneficial to you. We can also help you through the process of lining up a backup offer.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

7 Questions You Should Ask a Potential Agent

Do you know what to ask a potential agent when you get ready to sell your home? Today I have a list of seven questions for you to consider.

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You’re thinking about selling your home and are going to hire to a real estate professional to assist you with the transaction—what should you ask to determine if an agent is right for the job? Today I’ll provide you with a list of questions that will help you find a competent agent to see your transaction through:

1. “Do you work with a team?” I am partial to teamwork since I have been on some sort of team for over 25 years. A team of agents will give a client a higher level of support than a person working on their own.

2. “How many years of experience do you have?” In our current market, you’ll need someone with experience. There are a lot of new people in this industry; while there is nothing wrong with being new, I expect that you’d feel more comfortable working with a seasoned agent.

3. “What is your marketing plan?” Have the agent write out a step-by-step plan of exactly what they are going to do to market your home to the most people possible.

4. “What kind of market is it currently?” Whether the market is currently a seller's or a buyer's market will impact your marketing plan, in turn impacting your ultimate sale.    

Whether the market is currently a seller's or a buyer's market will impact your marketing plan.

5. “What are your fees?” In real estate, you get what you pay for. Some cheap services only put your home on the MLS and do nothing else, wasting your money. Don’t disadvantage yourself by trying to save money on cheaper service.   

6. “How long is the contract?”

7. “Do you have a list of former clients I can speak with?” At Charlotte Mabry, I have pages and pages of testimonials from former clients that we are happy to provide you so that you can ensure I am the right agent for you.    

If you have any additional questions about this or are interested in buying or selling, please feel free to reach out to me. I would be happy to help.
 

Take the Dread out of the Home Inspection by Preparing Your Property in Advance

The inspection process doesn’t need to be something you dread. Today I would like to list just five of the many ways you can prepare your property ahead of time.

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As sellers move along through the listing process, they will inevitably reach one particularly dreaded step: the home inspection.

Is it truly necessary for sellers to fear this point in the transaction? Actually, no. As long as you take the time to properly prepare your property, the inspection process should go smoothly. 

There are a few easy steps sellers can and should follow while preparing for a home inspection.

1. Clean things up. Making sure your home is neat and tidy is a great first step. Home inspectors are more likely to give a positive review when you follow this step.

2. Remove clutter from around important home systems. Home inspectors are going to need access to certain points in your home, like your heating and electrical systems, that may be currently obstructed. If this is the case, it is important to clear the way so that they can carry out the inspection without such impediments.

3. Keep your utilities turned on. The inspector will need your utilities to be running in order for them to verify that everything’s in working order.

The more things you do ahead of time to get your home in tip-top shape, the more likely you are to pass the inspection with flying colors.

4. Leave out keys for the attic, basement, or other typically locked areas of your property. Once again, an inspector must be able to access all areas of your home in order to provide a thorough assessment.

5. Clean up the property’s exterior. Cleaning out your gutters, trimming back trees and bushes, and making sure the outside of your home is in a generally tidy condition will be critical to obtaining a positive report.

The more things you do ahead of time to get your home in tip-top shape, the more likely you are to pass the inspection with flying colors. Beyond the things we have listed today, my team has a checklist of items we recommend taking care of in preparation for this process. If you are interested in obtaining a copy, please reach out. I would be happy to provide you with one.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

How Can You Add Value to Your Home Without Breaking the Bank?

If you want to add value to your home without spending a lot of money, I have some great tips to share with you.

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I have some great tips to share with you that will help you add value to your home without spending a boatload of money.

If you’re lucky enough to have an unfinished basement in your home, finishing it is a great way to add square footage to the home. You could add a den, a workout area, an office, or perhaps another bedroom and/or bathroom. If you have an attic, you can use the same idea.

If your home has just one bathroom but there’s an area you can squeeze another one in, try adding a bathroom there. There’s a big difference in value between a 3-bedroom/1-bathroom house and a 3-bedroom/2-bathroom house. While it is expensive to add a bathroom, it’s much less so if you already have the space for it.

There’s a big difference in value between a 3-bedroom/1-bathroom house and a 3-bedroom/2-bathroom house.

Next, try opening up your floor plan. If you have a traditional living room that’s somewhere near your formal kitchen, open those spaces up and connect them to one another. That’s the kind of spacing buyers are looking for these days.

If you can afford to put more money into your home, there are some other tips you can try as well.

One of these is replacing your old-fashioned windows with double-paned windows. You might spend a lot to do this, but you’d get almost a 100% return on your investment. You can also add a centralized heating and air conditioning system to your home if it doesn’t already have one.

These are just a few options that can add value to your home, but there are plenty more you can consider, and we have a whole list of them that we’d be glad to send to you. All you have to do is give us a call or send me an email.

As always, if you have any other real estate questions, don’t hesitate to reach out to me as well. I’d be happy to speak with you.

Repair Your Dream Home with the FHA 203K Loan

If you plan on purchasing a fixer-upper but don’t have the funds to make repairs upfront, the FHA 203K loan may be a great option for you.

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There are many great, creative financing options buyers may use to purchase a home. One of these options is the FHA 203K loan.

The FHA 203K loan is a little different from other financing programs. Specifically, this loan program is designed to help buyers purchase and renovate fixer-upper homes. With the FHA 203K loan, you can apply financing toward some repairs and upgrades, even if you don’t have the cash up front. Typically, we see up to $35,000 financed to cover repairs and expenses.

Let’s say you’re buying a home that needs to be repainted and have a few repairs done. At this point, a contractor who meets FHA standards will visit the property to assess the cost of fixing these issues. So long as the repairs fall within certain parameters, they can be included in the financing for the home loan so that you can begin the projects after closing.

While you cannot use these funds to put in a pool or outdoor entertainment space, the good news is that you can use them on things such as the roof, HVAC, finishing a basement, or a remodel on the kitchen or bathroom.

So long as the repairs fall within certain parameters, they can be included in the financing for the home loan.

The bad news is that this is an expensive way to finance repairs. If you are going to stay in the home for 15 to 20 years, you will be paying for these repairs for just as long. However, if you are only planning on staying in the home for five to 10 years, it is not a bad idea.

If you want more information about how this program works, feel free to call or email me so that I can connect you with one of our preferred lenders. And if you are interested in buying or selling, please do not hesitate to contact me. I look forward to speaking with you soon.

How to Pull Off a Successful House Flip

Flipping a house isn’t exactly easy, but if you watch your expenses and consider the home’s location, you can turn a good profit.

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If you’re thinking about flipping a house, how hard or easy can it be? 

While house flipping looks simple on TV, there are a couple things you need to keep in mind to do it successfully. 

First, remember that a successful house flip is one that makes money. You might not make a ton of money, but you do want to make sure you make some money. To accomplish this, remember that it’s not what you sell the property for—it’s what you buy it for on the front end. 

Here’s a great formula to make sure you don’t spend your way out of a profit. First, think about what you’ll sell the property for and multiply that sale price by 70%. If you plan on selling it for $100,000, for example, you’d multiply that by 0.7 and get $70,000. From that $70,000, subtract any expenses it will take to sell the property (the cost of rehabbing the property, commissions, etc.). If it will cost you $30,000 to fix the property up and sell it, you’d subtract that number from $70,000 and get $40,000. 

So, you shouldn’t pay more than $40,000 for a house that will ultimately be worth $100,000.

In today’s seller’s market, it’s difficult to buy a house like that. A lot of investors and house flippers are paying a little more for flip properties, which means they’re making a little less on the back end. 

A successful house flip is one that makes money.

You can also obtain financing to flip a house, but interest rates for home-occupant loans typically aren’t as favorable to investors, so it will cost you more. This is why it’s important that you’re in a position to pay cash. 

The No. 1 factor you need to consider when flipping a home (besides the price) is its location. You can always add a new door or repair a roof, but you can’t pick a home up and move it somewhere else. 

Lastly, remember that you’re an investor. You won’t own the home and live there, so be careful with how you spend money on that home. It might be fun to install a gold-plated kitchen, but you’ll probably be able to get away with a normal kitchen too. 

If you’d like to know more about home flipping or you have any other real estate questions I can answer for you, don’t hesitate to give me a call or send me an email. I’d love to help you.

Things to Consider Before Jointly Owning Property

Whenever you purchase a property, it’s extremely important that you 
understand your deed and title.

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Today, I would like to share some important information about taking title and owning property with another person.

Let’s imagine you and your spouse are buying a property together. Typically in our area, most married couples will seek deeds where they are “tenants in common.” But, there is another way for people to own property together. This alternative is called joint tenancy.

Let’s say that your mom owns a property and she decides to place you as a joint tenant on that property. This example is a perfect illustration of joint tenancy.

Before purchasing a property, make sure you understand what kind of deed you’re getting and how you’re taking title.

There can be benefits associated with owning property together in this way, but there can also be some pitfalls to watch out for. Adding someone to the deed on the property means the original owner has lost some control. If you bring someone onto the title of your property with you, your asset could be at risk if this new person on the deed runs into financial trouble.

Another consideration is whether the person you’re adding to your deed is going through a divorce. If they are, your property could now be at risk due to the divorce proceedings.

Also, if the reason you’re adding someone to a deed is to eventually gift them the property, you must be aware of the tax implications that come along with this. When you gift something by taking ownership, this is a taxable event. And as I understand it, there is a value limit of $14,000 per year on gifts you give to your children, specifically. So if you gift your child a home through joint tenancy and the half of the property’s value exceeds $14,000, you have created a taxable event. 
 
So, the bottom line is this: Before purchasing a property, make sure you understand what kind of deed you’re getting and how you’re taking title.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Homeownership Gone Wrong: 6 Key Mistakes to Avoid

There are many pitfalls new homeowners must avoid. Today, I’ll be going over six tips to help you avoid these mistakes.

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If you’ve recently purchased a new home, there is something important I want to share with you today. I hate to say it, but there are a number of ways you can really mess up as a new homeowner. 

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Remodeling projects don’t always add value.

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Today, I’d like to go over a few tips to help you avoid these major mistakes. 

1. Don’t go with the lowest bid for repair or remodeling projects. Just because an estimate is cheap doesn’t mean it is your best option. When remodeling your home, it’s always good to ask around. Find out which professionals in your area will truly do the best job for the best deal. 
2. Be careful when submitting insurance claims. Records are kept of every claim, so be careful not to submit every little thing. Doing so could hurt you in the future if you ever plan to sell.
3. Don’t make improvements without professional advice. Remodeling projects don’t always add value. Sometimes, they can even detract from a property’s value. Speak with a professional before making any renovations. 
4. Keep a record of all renovations. When you do make changes, repairs, or updates to your home, be sure to keep your receipts. This will be important for tax purposes and also later in the event you sell your home. 
5. Make repairs before you start renovating. It is important to take care of key maintenance items before moving on to other projects. If there are any issues with the home, fix those problems first before making any additional renovations. 
6. Avoid DIY improvements. Having a professional take care of improvements and repairs will ensure that they’re done correctly. Or, if you insist on doing things yourself, make sure you at the very least enlist the guidance of a professional. I’ve seen a lot of DIY projects go wrong.

If you have any other questions, would like more information, or know anyone who needs help buying or selling a home, feel free to give me a call or send me an email. I look forward to hearing from you soon.