Our Real Estate Blog
After you accept an offer to purchase your house, a buyer and his or her real estate agent likely will want to conduct a property inspection. Although the mere thought of a home inspection may cause a property seller to stress, it is important to understand the importance of an inspection for both sellers and buyers.
Now, let's take a look at three things that every seller needs to know about home inspections.
1. A home inspection offers valuable insights for both a seller and buyer.
During a home inspection, a buyer, his or her real estate agent and a house inspector will examine a residence both inside and out. The inspection allows a buyer to take a close look at a residence and identify any underlying issues with a house before finalizing a home purchase.
Meanwhile, a seller may learn about assorted home problems following an inspection as well. And if a home has various problems, a seller may need to correct these issues to fulfill a buyer's requests.
2. A home inspection won't necessarily slow down or stop a house sale.
Typically, a home inspection is performed after a seller accepts a buyer's offer to purchase. At this point, a buyer wants to ensure a home matches or exceeds his or her expectations. With an inspection, a buyer can learn about all aspects of a residence and proceed accordingly.
If problems are discovered during a home inspection, there is no need for a seller to worry. Oftentimes, a buyer will request a seller fix any problems with a home, or he or she may ask for a price reduction. As a seller, you may be able to negotiate with a buyer to find common ground relative to the costs of myriad home repairs too.
3. A home inspection generally does not take long to complete.
In many instances, a home inspection takes just hours to complete, and a buyer will receive a house inspection report within a few days of the evaluation. After a buyer reviews the home inspection report results, he or she can choose to move forward with a home purchase. Or, a buyer can rescind his or her offer to purchase or request home repairs or a reduced purchase price.
A seller will find out how a buyer wants to proceed within days of a home inspection. If a buyer and seller can come to terms after an inspection, both parties can proceed with a home transaction. On the other hand, if a buyer and seller cannot reach an agreement following an inspection, both parties can reenter the housing market.
Lastly, when it comes to selling a home, it often helps to hire an expert real estate agent. This housing market professional can teach a seller about home inspections, as well as what to expect at each stage of the property selling journey. That way, a seller can prepare for any potential home selling hurdles and take the necessary steps to overcome such problems before they get out of hand.
If you receive an offer to purchase your home, you may have only a limited amount of time to decide whether to accept this proposal. As such, there are several factors you'll want to consider to determine whether to approve an offer to purchase your home. These factors include:
1. The Price of Your Home
If you established a competitive initial asking price for your home, you should have no trouble determining whether an offer to purchase falls in line with your expectations. Thus, if an offer to purchase your home is at or above your residence's initial asking price, you may want to accept a buyer's proposal and move forward with a house sale.
Of course, if an offer to purchase your house falls below your residence's initial asking price, you should still evaluate the proposal closely. If you feel the offer to purchase is the best proposal you might receive, you may want to accept it.
2. The Current State of the Local Housing Market
Examine the current state of the local housing market – you'll be glad you did. If you discover you are operating in a buyer's or seller's market, you can assess an offer to purchase your home accordingly.
If you find a buyer's market is in place, you may be more inclined than ever before to accept a competitive offer to purchase your home. Because in this market, the number of sellers exceeds the number of buyers, and rejecting a homebuying proposal does not guarantee you will receive better offers to purchase in the near future.
Comparatively, if a seller's market is in place, you may want to take a wait-and-see approach to any offers to purchase your residence. In this market, the number of buyers exceeds the number of quality houses available. As a result, you may receive dozens of offers to acquire your residence if you wait for the local housing market to develop.
3. Your Home Selling Goals
You should feel good about accepting an offer to purchase your house. Therefore, if an offer to purchase enables you to achieve your home selling goals, you may want to accept it sooner rather than later. By doing so, you can take the next step to finalize your house sale.
As you debate how to proceed with an offer to purchase your house, you may want to consult with a real estate agent too. This housing market professional may be able to offer housing market insights that you won't find anywhere else. Plus, he or she can provide honest, unbiased home selling recommendations. And if you ultimately decide to accept an offer to purchase your residence, a real estate agent can guide you along the final stages of the property selling journey.
There is no reason to settle for a subpar offer to purchase your house. But if you consider the aforementioned factors, you can make an informed decision about whether to accept, reject or counter a homebuying proposal.
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What do you picture when someone says 'laundry'? Is it piles of dirty clothes, sock singles lost to some undisclosed dimension, a moldy smell and lost hours? Or is it shrugging on a warm shirt straight from the dryer, lemon scent and the zen of folding: a little pocket of peace and quiet on a hectic, cold day?
People who fit into the latter category aren't from Stepford. Chances are, they've made the deliberate choice to craft a laundry room the way they design other rooms in their house: for their comfort, convenience, and in the case of the laundry room, for utility and ease of use.
Often a key component to creating a harmonious space is to minimize clutter. Check out these three tips for creating a clutterless, clean, and welcoming workspace!
Incorporate Drying Racks
Drying delicates can create a lot of clutter! Where do you put the stand-up drying rack? Where to put it when you've folded it away?
Solve that problem in a snap by making fold-away drying racks part of your interior design straightaway. You can easily purchase or create cabinet-style drying racks like these:
The bars swing down for ease of use, but when you release them, they snap upright to keep your drying clothes out of the way. Centsational Style shows you how to make your own here.
Alternately, you can incorporate rails on which to hang your clothing from hangers right in the laundry room, for things that are best dried while hanging, or just to store clothing that's clean and ready to wear. These rails are best incorporated under cabinets or a ledge that may not be in use.
Even small spaces can make use of this trick. Try creating a hanging bar, made simply from two thick, leather straps and a copper rod (or metal rod of your choosing). It looks incredibly upscale but would cost very little to make. Just fix two, 3-4 inch leather straps to a ledge or underneath weight-baring cabinets, then slide the rod through.
If you're feeling crafty, you might also consider making an old ladder into a drying rack for a farmhouse feel.
Keep Your Laundry Basket Space in Mind
Keep laundry baskets out of the way by creating drawers or shelving space for them. If you're staging a house, buy baskets that fit so that these drawers' purpose is clear to potential buyers -- and so no one has to hunt for the right-sized baskets later on.
You can also create a laundry basket holder of your own from freestanding shelving units if you don't have built-in drawers or have trouble finding a fitting that will work for your space.
Feeling crafty? Here's a great article on how to create a do-it-yourself mobile laundry basket holder.
Keep Your Ironing Board Out of the Way
Your ironing board can take up a lot of space if you keep it set up, and it can be a challenge to yank it forward out of a nook or wrestle it down from a high spot if you keep it folded.
Consider hanging it up on coat hooks. Be sure to hang it so that the cloth of the board (where you'd grip it to lift) is at shoulder height, making it easy to set down and hook back up.
You can make one of these from scratch using these instructions from The Inspired Hive, but you can just as easily purchase one and unscrew any extraneous hooks before hanging it.
Employ these space-saving tactics and your laundry room will be a calm, peaceful, and orderly oasis!
If you’re getting ready to buy a home, you know it will be one of the most significant purchases of your entire life. However, are you fully prepared for all of the expenses that buying a home will bring? You don’t want to buy a house to find out that you can’t afford it after all.
Many expenses go into buying a home that you can plan for ahead of time. Other costs aren’t as exact that you will need to add in your budget. Read on to learn more about many of the expenses that throw first-time home buyers for a loop.
Closing costs encompass a whole bunch of expenses that you’ll incur buying a home. These include:
- Application fees
- Attorney fees
- Title insurance
- Recording fees
No matter what the closing costs include, you should plan for these expenses to be about 2-5 percent of the price of your home. Costs can vary widely, but it’s good to have a bit of extra cash on hand.
Maintaining Your Home
While most homebuyers are prepared for the initial costs of buying a home, they don't know how much it costs to maintain a home. Each year, things will come up on your property that needs to be addressed continually. These tasks include:
These routine tasks are independent of other costs like replacing a stove or fixing a furnace. Homeowners need to be prepared for these expenses as well.
Taxes can increase or decrease for any given year. You can lookup taxes in the area where you’re planning to buy a home in order to prepare yourself. You should make sure that your property taxes are comparable with that of other homes in your area.
Utilities are what your home runs on. Depending on the climate you live in the number of utilities you pay can vary. Take into account these things:
- Air conditioning
Most neighborhoods have one or two choices for services, so you can ask people in the neighborhood what providers they [refer and how much their bills are each month.
You’re required to have homeowner’s insurance when you get a mortgage. Even if you don’t take out a mortgage and pay cash for a home, it’s a wise decision to protect your investment. Estimate how much a yearly policy will cost you ahead of time.
This insurance will protect your property from things like theft and fire. You can shop around for the best rates based on policies that suit your needs. It’s easy to price out policies online. See where you can save including discounts for security systems or multiple policy discounts.
If you live in an area where floods or earthquakes are prevalent, you should be aware. You’ll find you need additional policies to cover damage in the event of these disasters. The most important thing about your homeowner’s insurance policy is that you check the details for all of the fine print.