Oct 9, 2013 | Home Selling Tips
Home inspections are a tense time for everyone. Sellers are fervently hoping that nothing major is wrong with their home that could hold up the transaction.
Buyers are eager to hear that their new house is in prime condition. Whatever the wishes, one thing is for sure; any news from an inspector is usually bad news.
Home inspectors have a tough job. They have to be trained to spot hundreds of potential issues with a home and be knowledgeable of local codes, community restrictions and residential permit parameters.
Stay one step ahead of your home inspector by reading the list of common home inspection issues below. Then hopefully your inspection won’t reveal any unwelcome surprises.
Electrical Wiring
This is a common bubble-busting issue, especially in older homes. Wiring might have been up to code when the home was built, but it now violates code and is a fire hazard.
Look for ungrounded outlets, shoddy wiring or a mass of confusing connections in the electrical panel. Replacing an entire electrical system can be expensive, but it’s worth it not to risk a fire.
Plumbing
Look for signs of water damage in the ceilings. This could be a sign that something above, like a bathtub or sink is leaking into the floor or walls. Look around toilets and inside kitchen cabinets for traces of wet flooring or wood.
While external leaks are easy enough to fix, interior pipes might require you to rip up flooring.
Foundation And Framing
Examine the foundation and framing of your home for any structural issues. You’ll want to keep an eye out for cracking in the foundation due to water runoff or settling. Also, look for signs of wood rot or termite damage.
These issues affect the framing of your home and could cause scary structural problems if left unattended.
Roofing
While it’s probably too difficult for you to inspect the roof yourself, just stand back in the yard and see if you can notice any bare spots. Also, check for water damage around the roofline from rain leaking in. Don’t get too discouraged about roof issues. It might not call for a complete replacement, but just a repair on one section.
These common home inspection issues affect both sellers and buyers. As a buyer, you’ll want to keep a eye out for these problems so that you know what you’d be getting for your hard-earned money.
As a seller, it’s good to stay one step ahead of the home inspector so that whatever price is agreed upon goes through.
Oct 8, 2013 | Home Buyer Tips
If you are looking to buy a home, you might be wondering whether you should be looking for properties that are right in the center of the city or whether a better option would be to buy a property on the outskirts or in a rural area a short drive away.
The rural or urban decision will ultimately be up to you, as there are advantages and disadvantages to either option. The main difference will lie in your priorities – what type of lifestyle is most important to you?
Living In The City
One of the main perks of buying a property that is located in the heart of the city is that you will be able to enjoy convenient public transportation and you won’t have to use a car to get everywhere.
You are likely to have a shopping center and a supermarket within walking distance of your home, as well as other important amenities such as a doctor’s office, a pharmacy, a post office and more.
Also, if you enjoy attending concerts, visiting art galleries or enjoying other artistic events, you will find much more of these concentrated in the city center. You will also enjoy more options when it comes to shopping.
Of course, living in the city center means that property prices are usually a lot higher and you will likely end up with a lot less space for your money. Your kids might not have as much room to run around (unless you find a home near an urban park or a playground). Also, the hectic pace of the city, with all the traffic and high rise buildings, can be stressful for some.
Living Outside Of The City
When you buy a home just a few miles outside of the city, you will find yourself experiencing a completely different lifestyle. You will be a lot closer to nature, with plenty of walking trails and wild areas right outside your back door. The air will be cleaner and you will be able to see the stars better at night time.
Many people feel safer letting their children play outside in the countryside and the cost of housing is usually lower than in the high density downtown core. Some people also prefer the peace and quiet of the city and would much rather go for a walk in the woods or have a campfire than attend a cultural event – so the country is the right place for them.
Of course, the disadvantages of rural life is that it can be inconvenient and time consuming to drive into town to get supplies to meet up with friends. You must own a car in order to get around, as the public transport system will not be as good as it is in the inner city.
These are just a few factors to consider when determining whether you would choose the city life or the country life.
For more information on buying a home, whether in the heart of the city or on the outskirts, contact your trusted real estate professional.
Oct 7, 2013 | Housing Analysis
This week’s economic news commentary has been dominated by the “what ifs” of a government shutdown; opinions of potential consequences are limited only by the number of commentators sharing their opinions.
Unfortunately, more concrete examples of the shutdown were evident last Tuesday and Friday.
The Department of Commerce delayed release of August’s Construction Spending report that were due last Tuesday and The Bureau of Labor Statistics delayed the release of September’s Non-farm Payroll and Unemployment that were due last Friday.
The ADP Employment report for September posted a reading of 166,000 private sector jobs added against expectations of 180,000 new jobs added. September jobs added surpassed August’s reading of 159,000 new jobs added in the private sector.
Mortgage Rates Remain Near Record Lows
Freddie Mac’s Primary Mortgage Market Survey released Thursday brought a third consecutive week of falling mortgage rates. 30-year fixed rate mortgages had an average rate of 4.22 percent down from 4.32 percent the previous week.
The average rate for a 15-year fixed rate mortgage fell by eight basis points from 3.37 percent to 3.29 percent and the average rate for a 5/1 adjustable rate mortgage fell to 3.03 percent from 3.07 percent.
Discount points were unchanged from last week at 0.70 percent for both 30-year and 15-year fixed rate mortgages and rose from 0.50 percent to 0.60 percent for 5/1 adjustable rate mortgage loans.
Weekly Jobless Claims were lower than projected. The reading of 308,000 new jobless claims was better than the 313,000 new jobs expected, but was higher than the prior week’s 307,000 new jobless claims.
What‘s Coming Up Next
This week’s scheduled economic reporting is also subject to adjustment if the federal government’s budget is not resolved. The most recent FOMC meeting minutes are due on Wednesday; if released they are expected to provide details about the Fed’s decision not to change its current quantitative easing program.
Weekly jobless claims and Freddie Mac’s PMMS survey of average mortgage rates are due Thursday. The University of Michigan Consumer Sentiment Index for October is set for release on Friday.
Oct 4, 2013 | Around The Home
Whether you just got a puppy, have newly mobile children or built a pool, there are a multitude of reasons for wanting to keep people and animals in your yard, while preventing other from entering.
Picking the perfect fence can be difficult, so below we’ve outlined the main fencing materials to choose from and characteristics to consider about each.
Wood
Wood seems to be the most common material used in yards across the country — especially when wanting privacy. Depending on the type of wood you purchase, you’ll probably want to stain the planks to protect them from rot and ultra-violet light. Be prepared to retreat and maintain your wooden fence about every four years.
Chain Link
This economical option does its job well as a security fence. It’ll keep pets in and people out. And with the new black or green plastic coating chain link comes in, it almost blends into any background.
Chain link fences shouldn’t require any maintenance for at least 10 years, and they usually come with warranties for at least that long.
Wrought Iron
If you’re in the market for an ornate fence that you can see through and provides high security, then wrought iron should be your pick. These fences are actually made from steel and aluminum and need virtually no upkeep. Don’t expect to see any issues for at least 20 years.
Vinyl
You like the look of wood, but you hate the upkeep. Well, if you’re willing to spend the extra dough, usually four to five times the cost of wood, then you can have a man-made product that looks like the real thing.
Faux-wood fencing is usually seen in white, but can come in a variety of colors and even look almost identical to actual wooden planks. The best part is — no maintenance required!
Whatever your reason for building a fence, such as privacy, security, safety or to add curb appeal, you’ll have hundreds of options to choose amongst. Be sure you carefully consider each of the main fencing materials above, along with their look and maintenance requirements before you make the investment.
Oct 3, 2013 | Home Selling Tips
When you own a home, there are additions that you can make to the property that will improve the value of your home. For example, a newly renovated kitchen or bathroom is a popular choice that will really make the home more desirable to buyers.
Also, adding storage space or a well-thought-out family room or other practical space can be a very good investment that will bring up the home’s value.
However, there are other projects that are not really worth your time or money and will allow very little opportunity to recover your costs when it is time to sell the property. Here are a few examples of things that you think might add to the value of your home, but really don’t.
An Elaborately Landscaped Garden
A beautifully landscaped garden might make the home more visually attractive to buyers when they are looking at the property, but it will not likely add to the selling price.
This is especially true if the new buyer is not interested in putting in the effort to keep the garden well-maintained and sees it as a burden. If they don’t have time to do the landscaping, they will need to hire a gardener which will add to their expenses.
A Hobby Specific Room
Are you tempted to convert a bedroom into a room that is specific to one of your particular interests, such as an art studio, a library or a wine cellar? This will not add a lot of value to the home, because the next buyer is not likely to share your passions.
It might even make the home less than desirable, because the next owner will not want to spend the time and money renovating the room back into a bedroom.
You can create a hobby room; just make sure that you make non-permanent chances to the room so that you can quickly and easily switch it back to a bedroom.
A Renovated Garage
Redoing your garage and turning it into a family room or a play room might give you a short term benefit, but you might regret it when you go to sell the home. Most people want a garage to serve its original purpose – as a place to protect their cars from the elements and store their shovels, garbage cans, leaf blowers and other outdoor things.
These are a few examples of home additions that will not add to the resale value of your property. To find out more about selling your home, contact your real estate professional.
