Jun 18, 2014 | Real Estate Tips
With the prices for everything skyrocketing these days, every penny counts. This includes your homeowner’s insurance costs. If you’re thinking of buying a home and need homeowner’s insurance, here are a few tips on getting quality insurance for a fair price:
Tip #1: Shop Around
Ask family and friends about their homeowner’s insurance. Check the Yellow Pages, the National Association of Insurance Commissioners (NAIC) and the state insurance department.
Other places to shop for insurance include consumer guides, insurance agents and online insurance quote services. Don’t just look for lower prices, however. You need a fair price for the services you need.
Tip #2: Raise Your Deductible
The deductible is how much you have to pay before the insurance company starts to pay a claim on your home. The higher the deductible, the lower the premiums. If you live in a disaster-prone area, your policy may have a separate deductible for specific types of damages.
Make sure, when reading the policy, you carefully go over damage-specific information.
Tip #3: Use The Same Insurer
Some companies will take five to fifteen percent off your premium if you buy more than one policy from them. If the insurer offers homeowner’s, auto and liability coverage, you stand a chance of having a lower premium than if they only offer one or the other.
The key is to make sure that the combined price is lower than the price would be if you had purchased them separately.
Tip #4: Improve Home Security
By installing a sophisticated fire sprinkler system and a fire/burglar alarm that rings the monitoring stations, some companies will cut your premium as much as fifteen or twenty percent.
For a smoke detector, burglar alarm or deadbolt locks, you can usually get at least a five percent discount. Check with your insurer to make sure that the system you’re installing will lower your premiums, though; the systems aren’t cheap and not all of them qualify for a discount.
Read everything carefully before you sign, to make sure the policy covers your insurance needs without adding on hidden fees. Even a little money saved can go a long way toward making it easier to live within your budget.
Ready to buy a home? Let me help you find the perfect home and get it at the best terms and price. Call or email your trusted real estate professional.
Jun 12, 2014 | Real Estate Tips
Sometimes, when buying – or even thinking about buying real estate for investment purposes, you’re faced with the need to fix up the property.
The question then arises: Should I fix it up myself or hire it done? Unfortunately, no one can give you the right answer. However, there are a few questions that you can ask yourself to help decide the issue:
Do I Have The Time?
Time is an issue that many people forget about, but it should be one of the deciding factors. Some renovations, such as handles, hinges or kitchen hardware can take very little time to do. Others, like retiling a bathroom, can take hours, or even days to accomplish.
If you don’t have the time to do these things personally, you’ve already answered the question.
Do I Have The Money?
Obviously, money is as important a factor as time. Often, if you don’t have the time, you do have the money to hire someone. However, if you have neither the money nor the time, you may need to reassess whether you can really afford the real estate you’re thinking of buying.
You may want to continue looking to find something that needs fewer repairs or that you can get at a lower price.
Do I Have The Know-How?
Granted, there is a lot of do-it-yourself information out on the Internet. However, if you don’t have the necessary knowledge to understand what they’re saying, you’ll either have to research more, or hire someone.
Being knowledgeable on what you’re doing may not be so important when, say, you’re painting the living room, but it’s incredibly important if you need to rewire a room or want to knock down a wall.
The main key when deciding on what property to buy, what renovations need to be made and whether to do it yourself is simple: Be realistic. Be honest with yourself.
Can you really do this? Can you really afford it? Remember, if the answer is “no,” it could just mean “not right now.”
Don’t be afraid to wait until you have everything in place before picking your investment properties. If you’re careful with your time and money management, you may find yourself able to buy that dream real estate investment property.
Call your trusted real estate professional today and let them help you find the perfect real estate investment property.
Dec 4, 2013 | Real Estate Tips
Any real estate agent will tell you that it’s harder to sell your home in the winter. The days are colder and shorter, leaving less time to show your home to potential buyers.
The good news is that most of the buyers who are looking at houses in the winter aren’t just killing time. They’re serious enough about finding their new home to go house hunting at a time that most people would rather stay inside.
There Are A Few Things You Can Do To Make A Good Impression On Home Buyers This Winter:
- Make sure all walkways are safe. Spread out ice melt or sand to provide traction during snowy weather. Shoveling the snow on the driveway and sidewalks will make your real estate appear more inviting and well-maintained. Be sure to place a mat for visitors to wipe their feet on.
- Warm up the house. Buyers will remember the house that was pleasantly warm on a frigid day. In addition, you will be able to demonstrate to the buyer that your furnace is in good working order.
- For a welcoming scent, bake cookies the day of the showing. Some people are sensitive to the fragrances in air fresheners and perfumes, so skip spraying those when expecting someone to look at your house.
- Serve snacks in the kitchen. Give the buyer a reason to linger in your home by leaving a light snack in the kitchen. If the weather is cold, consider providing chili or soup in a crockpot to keep it warm with festive disposable bowls. Or, to keep it simple, you can provide coffee or hot chocolate and cookies. Be sure to talk with your real estate agent before leaving these snacks so he or she knows they’re for the buyers.
- Make your house appear warm and inviting. Turn all the lights in the house on; place warm-toned throws and decorator pillows around the living room. Put on some soothing classical or jazz music; keep the volume low enough that buyers can talk quietly to each other.
You can make your home seem more inviting this winter by using these proven techniques.
Are you ready to sell your home? Call your trusted real estate professional today.
Apr 18, 2013 | Real Estate Tips
An open house gives you a great opportunity to look more closely at Worcester County area real estate you might be interested in buying.
It also affords you the chance to chat with the owner or real estate agent so you can bring up any issues or hesitations you have with the home.
Knowing what to ask can be difficult, so below are examples of questions to ask at the next open house you attend.
Why has the seller decided to sell now?
If you ask why the seller is moving, you could learn valuable information to help determine your offer — or possibly whether or not you want to buy the home.
Knowing whether the owners are about to go into foreclosure, have experienced trouble in the neighborhood, or if they’ve retired and completely paid off the home can help you understand how urgently they need to sell their property.
Has the seller had any other offers?
Don’t forget that you are not only negotiating with the seller for a price, you are also competing with other potential buyers.
It really helps to know what you are up against.
It is important to understand that you might not get a 100% straight answer to this question as most sellers know that competition – or perceived competition – can cause a potential buyer to move forward more quickly and at a higher price.
If you’re comfortable in this discussion, you might want to try and see if you can find out the details of any other offers.
Does the property have special ownership costs?
Ask the agent or owner about the other costs associated with owning the property, such as Home Owners Association fees within a condo complex or a gated community.
It’s important to know about these extra expenses in advance so you can make an informed offer.
You may also want to ask about any pending litigation concerning the property. Litigation is not always a deal killer, but it’s better to know the details before you sign closing documents.
What furniture and appliances are being sold with the house?
Most of the time, a seller will include their major appliances such as the refrigerator, stove and dishwasher with the home, but this isn’t always the case.
If you don’t already have these items, it’s important to know whether they are included in the purchase price.
Is there anything else that you want to leave with the home?
This is an important question to ask. Especially if there are specific things in the home that you have a strong interest in.
Perhaps there is custom art work or a pool table that fits perfectly in the game room.
The seller may be eager to part with those items and include them in the sale of the home or sell them at a large discount.
The open house is a great opportunity to learn more about a home before making the decision to buy it, so be sure you ask the right questions.
Apr 9, 2013 | Real Estate Tips
When you make an investment in Massachusetts real estate, it’s important to consider your options for turning a profit even before you write an offer.
It might be best to rent out the property to cover your mortgage and build equity providing the home cash-flows with solid rents and demand.
Or, you could fix up the home and flip it so that you can sell it quickly for a larger amount than you invested.
Both strategies may be appealing options, so here are some important factors to consider before making your decision.
Flipping May Lead To Short Term Profits
Flipping a house can be tricky, so you will want to have enough experience to know what you are doing, or work with an experienced advisor who can guide you around the most common pitfalls.
If you are thinking about fixing and flipping a house, you will need to have enough capital to invest in the property so you can make the required improvements and repairs.
Many people find themselves short of working capital after closing on the new purchase.
It is important to factor in carrying costs, or monthly mortgage payments while fixing the home, into your overall budget.
Do your research so you’ll know what renovations will have the most impact on the value of your real estate.
You will also need to know if the market in the area will support your new price point.
Make sure your flip property is in a very buyer-friendly community for your best chances of a positive return.
Renting Is The Buy And Hold Strategy For Investment Real Estate
Flipping a house gives you quick cash, but renting it out instead may give you monthly cash flow and a potentially larger long-term profit if the property appreciates over time.
If you don’t mind being a landlord and you have the time to screen for reliable renters, then renting out the property might be a better option for you.
This option also means that you will have the home later on in case you want to live in it.
Of course, don’t forget to factor in additional upkeep costs, such as repairs, utilities and property taxes.
Seek Professional Counsel
Investment real estate has consistently been considered a solid way to get your money working for you.
Whether you rent out or flip your investment property will depend on whether you are interested in a long-term investment or a short-term project.
A great next step while you are planning your investment real estate purchase would be seeking the advice of a qualified, licensed real estate professional.
Apr 4, 2013 | Real Estate Tips
When looking to buy or sell Worcester County area real estate, confusing terminology can leave you feeling somewhat uneasy.
From a multitude of numbers to marketing jargon, property listings can provide you with an overwhelming amount of information — and it’s hard to know what’s important.
So, brush up on the terms below and don’t get fooled this April.
Sale-to-List Ratio
This is an important number to pay attention to when choosing a real estate professional to sell your home.
The percentage is calculated by what a home was initially listed for, divided by the actual sale price.
The closer an agent’s percentage is to 100, the better.
If it’s low, that could be an indication that they routinely list homes too high, or you may be in a slow market which would favor the home buyer.
On the other hand, if it’s high, it could show that your agent markets their listings well and your market might favor home sellers.
Median Days on Market
The median days on market is the midpoint of how many days it took for homes in that area to sell.
If it’s 30 days, then half of the homes sold quicker and half took longer than 30 days.
If you compare the real estate you’re considering to its area’s median days on market and you find that it’s been on longer, the sellers might be willing to take a lower offer.
Distressed Property
Properties are listed as distressed when the owners have defaulted on their mortgage loans or are about to.
As a buyer, you might be able to get a good deal on a short sale or a foreclosure, as banks many times list them below market value to try and recoup some of their loss and clear the property from their books.
An Active Versus Pending Status
If you find your dream home and then notice that it has a pending status, brace yourself for disappointment.
An active status on a home means the owners are accepting offers, while a pending status indicates that they’ve already accepted an offer.
If you know it’s the one for you, you can still place a bid in case the first offer falls through.
While there are many new concepts and terms you will learn when purchasing your new home, the benefits of home ownership far outweigh any fear that you may have.
If you’re looking to purchase a new home soon, please contact a licensed real estate professional who can cut through the jargon and find the home of your dreams.
