'First Time' Homeowner Maintenance Tips

So you've purchased a new home and now need to maintain it.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

So you've purchased your first home. Today we're going to talk about maintaining a home after you purchased it. What should you think about first? Here are the maintenance projects I suggest you do as soon as you move into the home.

1. Change the locks. Always do this, even if the seller says they just changed them. I'd change them again anyway because Aunt Susie might have an extra key or Bob the neighbor down the street might have one. 

2. Check all of your filters. Check the filters on your heating and air system and water system to make sure they're clean. If needed, replace any old filters.

3. Check the caulking around windows and doors. Even though your home checked out at closing, caulking is always a maintenance item to keep an eye on.

4. Add insulation to your water heater and pipes. Your pipes and water heater can always use a little extra insulation to be a little more efficient and lower your heating and cooling bills.

"Always change the locks, even if the seller says they already have."

5. Install a programmable thermostat. This will also lower your utility bills. It's a great value-adding item if you do sell again.

6. Clean your refrigerator coils and dryer vent. Lots of dust and lint can accumulate behind your fridge and in your dryer vent. Those can both be fire hazards, so getting them clean right away is very important. 

7. Extend your downspouts away from your house. It's the best way to keep water away from your home and flooding the basement.

8. Double check your smoke and carbon monoxide detectors. We just assume those things work; although your home inspector probably checked them out, there's time to make sure between your home inspection and you moving in.

If you'd like a complete list of all the things to maintain your home, I am more than delighted to send you more information. Contact me at charlottemabryteam.com. If you have suggestions on topics, send me an email and I'd be glad to cover them for you. I hope you have a fantastic day and I look forward to seeing you back here next time.

Using an Escalation Clause in Today’s Market

Have you ever heard of an escalation clause?

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

What in the world is an escalation clause, and as a buyer, should you even use one? Today I’ll answer both of these questions and more.

If you’re thinking of buying a home in 2021, just know that so many other people are thinking the same thing. In fact, for every home that’s available to buy, there are typically between 10 and 30 other people looking at it. That means homebuyers are in for some tough competition. So how do you compete in this market?

A good tactic is to use an escalation clause. An escalation clause is a section of your contract that states you will pay a certain amount above any other offer but not more than a limit that you set for yourself. For example, you might offer $200,000 for a home, but if another offer comes in, your escalation clause might raise your offer to $210,000 or up to your cap amount (let’s say $212,000). Keep in mind that some states don’t allow for escalation clauses in contracts, so be sure to check with your agent.

The good news is that with this tool, you have an opportunity to stay in the game—hopefully all the way to the end, where you end up winning the bidding war.

Escalation clauses are a great tool, but they do bear some consideration.

The bad news is that with escalation clauses, all your cards are on the table. In the earlier example, you said that you were willing to go up to $210,000, so the seller may raise the price to $210,000 or higher. Another issue is when an appraiser comes along and states that the house is worth less than the offer price. If you agreed to pay $210,000 and the seller accepted your offer but the home doesn’t appraise to that amount, then you’ll need to find a way to make up the difference. Many buyers are removing their appraisal contingencies, but even if you left it in your contract, you’d still have to make up the difference. You might end up having to renegotiate and your contract could potentially fall apart due to the appraisal.

As a final piece of advice, think about the state of the market now and compare it to what you want. For example, if you bought a house now and then got transferred for your job in five years, would the market be as high then, and would you get a good price for it? It’s hard to say, but consider whether you’re escalating your offer because you’re thinking ahead or if it’s just a tool to help you get what you want in the moment. Escalation clauses are a great tool, but they do bear some consideration.

If you have any questions about escalation clauses and how they work or you’d like more information about what it takes to compete as a buyer in this market, feel free to reach out to me. I’d be happy to put you in touch with one of our buyer specialists to talk to you in more detail. Hope to hear from you soon!

What to Think About When Buying a Second Home

Here’s what to consider before you invest in a second or vacation home.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

If you’re thinking about buying a second home, there are a few key things you’ll want to make sure you’re aware of. These tips will help you avoid the regret that often arises after you jump into a purchase too quickly.

First off, be sure that you aren’t making an impulse buy. It can be easy to get carried away on a vacation and think you’ve found a perfect area, but try not to let yourself act without taking time to learn more about the area and doing a bit of research.

You should also consider your long-term goals. Are you wanting to flip a home, have a rental property, or enjoy a vacation home? Each of these come with different expenses and quirks, so it’s important to know what you’re signing yourself up for before pulling the trigger.

Before buying a second home, be sure to find a great local agent and think about the extra costs involved.

If you hire a local agent, they’ll be able to answer your questions and help you find something that aligns with your goals. Especially when you’re thinking about buying an investment property, you want to make sure your Realtor knows the area well.

Mortgages on second homes typically cost a bit more as well, and different areas can have different costs in terms of things like property tax and insurance. For example, a house by the beach would be wonderful, but the hazard and homeowners insurance will likely be more expensive in beachside areas. Additionally, you’ll want to think about capital gains tax if you’re planning to sell in a few years and decide whether it’s worth it. Also, what happens when nobody wants to rent your property? These are all things that you should consider.

Before buying a second home, be sure to find a great local agent and think about the extra costs involved. If you have any questions or would like more information, feel free to reach out to me. If there’s a specific area you have in mind, I can also put you in touch with trusted Realtors who will help you find the perfect property. I look forward to hearing from you soon.