Twila E. Palmer's Blog
While home remodeling can be about getting your home some major cool points, you really want to be focused on the home remodeling projects that will provide you the greatest amount of return on your investment. There are certain home remodeling projects that just aren’t worth it. Others will help the value of your home truly soar. It’s important to invest your money carefully and thoughtfully. If you know that you’re moving in the near future, you may not even want to undertake remodeling projects for fear that they won’t be worth it. There are certain projects that are absolutely necessary for you to complete if you hope to get the top value for your home. You don’t ant to put in thousands of dollars with no sign of return for your investment.
You don’t need to get complex when it comes to remodeling your home. Take a look at what needs help on the surface. This will include things like new kitchen countertops, replacing sinks, cabinet refacing, or floor retiling. Don’t bother with huge structural changes to the home. Also, keep in mind that someone else has a different taste than you. Keep things neutral. You might love a bright yellow kitchen, but it’s certain that the next owner will probably have a different preference.
Work With What You Have
While you may wish that you had a lot more space and hope to put an addition on the home, the next owners could have a different vision. While there will be more square feet of living space, many buyers look at a home’s potential for them. There’s no sense in starting a bunch of huge construction projects that will only become a costly source of stress.
Make The Necessary Repairs
Buyers will love a home that has a fairly new roof over one that will need a roof replacement within a couple of years. You should fix the things around the home that need to be tended to. This includes window replacements, roofs, electrical outlet work, and major yard issues.
Don’t Forget The Outdoors
It’s important for your home to look good from the outside as well. Buyers appreciate a home that has been well taken care of. Take the time, money, and effort to keep up your lawn and outdoor landscaping. Planting some greenery around can never hurt. While new owners may have different tastes than you, it’s always a bonus to move into a house and have a little less work to do on the outside!
If you’re planning on buying a home in the near future and are confused about many of the terms associated with mortgages, you’re not alone. Real estate is its own industry with its own set of processes, terms, and acronyms. If you’re new to the home buying process, there can be somewhat of a learning curve to understand what each of these terms means.
Since buying a home is such a huge investment and life decision, there’s a lot of pressure on home buyers to make sure they get everything right. This makes for a stressful situation for buyers who don’t feel like they understand the terminology of things like mortgages, appraisals, credit reports, and other factors that contribute to the home buying process.
To alleviate some of those concerns and to make the home buying process run more smoothly, we’ve compiled a list of the most common, and most commonly confused, real estate words, terms, and acronyms. That way, when you’re talking things over with your real estate agent or your mortgage lender, you’ll be confident that you understand exactly what’s being considered.
Read on for our real estate terminology glossary.
Adjustable rate mortgage (ARM) - This is one type of home loan. Mortgage rates with this type of loan fluctuate throughout the repayment term of the loan. The fluctuation is based on a market indicator.
Fixed rate mortgage (FRM) - Another type of home loan, a fixed rate mortgage has a rate which does not fluctuate, remaining constant for the life of the term, most commonly 15 or 30 years.
Appraisal - An appraisal is the determination of the value of a property. Appraisals are used when purchasing and selling a home, as well as when refinancing a home loan. Appraisers are required to be licensed or certified in each state and are usually paid for by the lender.
Appreciation - An increase in a property’s value, most commonly due to market inflation, or the general increase in home prices over time.
Depreciation - A decrease in a property’s value, due to either market deflation (uncommon) or the wear and tear on a home that comes with age.
Closing costs - The costs and fees that a buyer is responsible for when purchasing a home or taking out a mortgage. These include underwriting fees, inspections, appraisals, transfer taxes, and more. Closing costs typically range from 2% to 5% of the total loan amount.
Contingency - Home purchases have contracts to protect the interest of the buyer, seller, and lender. Contingencies are provisions designed to protect the buyer or lender should something occur in the time leading up to closing on (or purchasing) the home. One common contingency is the buyer’s right to have a final inspection of the home before closing to ensure no new issues with the home have occurred.
Private mortgage insurance (PMI) - Buyers who cannot afford a down payment of %20 typically are required to take out a private mortgage insurance policy. This policy protects the lender should the borrower default (fail to repay or meet the conditions of their loan).
If you’re selling your home it can be frustrating when you aren’t receiving any offers. Perhaps you’ve heard that it’s a seller’s market and that the offers on your house would be flying in. However, it’s more complicated than that.
Whether or not your house receives offers is determined by a number of reasons--some that in your control, others that aren’t. But, that doesn’t mean you have to give up and sell your house at a low price.
In this article, we’ll discuss what to do if your house just isn’t selling. We’ll talk about some reasons why people may be hesitant to bid, to inquire about a showing, and to seal the deal and purchase your home.
Revisit the comparable properties
If your home has been on the market for a while, it’s a good idea to check out the other recent homes in your neighborhood to see how their prices compare to the listing price of your home. Since the market fluctuates, other sellers could be adjusting the cost to reflect the current rates, leaving yours higher than it should be.
When pricing your home, make sure you are comparing your house to those that have actually sold. Using houses that have been on the market for a while as a baseline might mean you’ve priced your home too high to sell just like theirs.
Also, make sure you are using houses that share many of the common features that yours does. This can include:
The year the house was built
Number of bedrooms and baths
The lot size
The condition of the home
Remember, it isn’t all just about location.
Getting more leads
If people aren’t making inquiries about your home, there are a few things you should check up on. First, make sure your listings are updated and accurate. The contact info should be easy to find, and you or your real estate agent should provide multiple means of contact (email, cell phone, text, etc.).
Next, ensure that you’ve given enough details about the house. If people are searching for a specific number of rooms but your listing doesn’t mention the number of rooms you have, you might be missing out on several inquiries.
Finally, make sure your photos are high resolution and well-lit. You want to make sure visitors to your listing can get a clear idea of what your home looks like. If your photos are small, dark, blurry, or if they make the house look cramped and cluttered, you should retake your photos or consider hiring a photographer.
Getting more offers
If you’ve had plenty of inquiries and showings but you aren’t getting any offers there may be a deeper, underlying issue that needs to be addressed. Usually, this means your home needs important repairs and upgrades that buyers simply don’t want to make.
If your house is priced to be move-in ready but it’s not, you’ll have to make some upgrades or lower the price.
Not working with an agent
Sellers can also have a difficult time getting offers if they attempt to sell the home themselves without using a real estate agent. If your home is FSBO (For Sale by Owner), you’re missing out on a number of listing services and connections that an agent can provide.