Five Topics to Discuss With Your Real Estate Agent When Buying a Home

Five Topics to Discuss With Your Real Estate Agent When Buying a Home

Whether you’re ready to settle into your first home or looking to buy your fifth; are moving cross-country or cross-town, it’s smart to identify which attributes of a new home are most important to you. Be sure to sit down with your real estate agent and discuss your needs and wants for your new house. Here are five topics to think about when buying a home:

1) What You Can’t Live Without Our lifestyle choices are often reflected in the homes we buy. Are you a motorcycle fanatic? If so, a roomy garage would be important to you. Have a big family? You’ll likely need to buy a home with at least four bedrooms. Perhaps you or your spouse is a gourmet cook. In that case, a well-designed kitchen could be a must for you. Before your real estate agent begins a home buying search for you, he or she will want to know which home attributes you can’t live without.

2) Schools and Family Needs The quality of school systems has long been of importance to home-buying families. If you have children or are thinking about having children in your new home, you’ll want to discuss school information and statistics with your real estate agent. Not only is it important to consider the location of your home relative to area schools, but you’ll also want to think about the quality and diversity of local school offerings. Your real estate agent can provide statistics and information about both public and private schools in all the neighborhoods in which you’re considering buying a home.

3) Commuting For many people, commuting from home to work and back is a necessary evil. A long commute can detract from a home-buyer’s quality of life and the time he or she gets to spend at home. Commuting should be a critical factor in home selection, because in many communities, traffic backups are increasingly common. And today, this phenomenon applies to urban, suburban and even rural areas. If having little or no commute to work is important to you, convey this to your real estate agent.

4) Community Details Whether you hope to live in a vibrant urban neighborhood, or a charming rural town, the demographics, details and community statistics of a particular area are almost as important a consideration when buying a home as the details of the house itself. Do you want to live in the thick of the action? Prefer to get away from it all? If a particular aspect of a community is important to you—like a defined downtown area, or a strong recreation component—be sure to tell your real estate agent so that he or she can gather community information and keep this consideration at the forefront of your home search.

5) Budget Of course, the most rigid constraint of a home-buying search is typically the buyer’s budget. Defining budget parameters quickly and early focuses a home search to a particular segment of the market. However, with the creative lending solutions available today, budget constraints are not as rigid as they once were or as many home-buyers assume them to be. Many innovative mortgage options are now available to both first-time and veteran home-buyers. Before beginning a home search, you should talk to both your real estate agent and your lender about your finance options and ultimately, your budget.

The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.

Common Issues When Buying a Home to Remodel

Common Issues When Buying a Home to Remodel

Remodeling a home starts with a dream. A gourmet kitchen! Skylights! A gigantic walk-in closet! But, the dream may turn into a nightmare if you don’t plan ahead. Buying a home will arguably become your most important financial investment, as well as a major emotional investment. And, remodeling that home can make it better suited to your lifestyle and increase the house value. However, the remodeling process can seem overwhelming at times. If you’re buying a home that you plan to remodel, here are some issues to consider.

It’s always important to make home improvements to satisfy your needs and desires, not just to raise the house value. After all, you’re the one who will be living in the home and enjoying the improvements. However, if you’re making improvements in order to increase the resale value of the house, be careful not to overdo it. It is possible to add too much house value in relation to the other homes in your area, and can be difficult to recover these improvement costs when you sell the home. Also, some expensive choices, like particular fixtures or flooring, may actually make your home more difficult to sell. Talk with your Coldwell Banker® real estate professional about your remodel plans before putting on your work gloves.

While the specifics of the home you are buying will determine your remodel plans, certain improvement projects have historically provided high ROI’s, or Return On Investments. According to Remodeling Magazine, improving the quality of a kitchen—whether upgrading appliances, changing the layout, counters and cabinetry, or simply painting and swapping out drawer pulls—provides the highest ROI of any remodel project. Also, remodeling or adding a bathroom is a proven way to increase house value.

Before you purchase a house with the intention of remodeling and raising the home value, be sure to investigate the zoning restrictions and environmental regulations. Many older homes come with zoning restrictions, including pre-determined setbacks from property lines, limits on roof height, etc. If the home is on a municipal historic register, regulations will likely be even more stringent in order to preserve the house’s historic character. If the home you are buying is in an environmentally sensitive area—adjacent to wetlands or protected open space, for example—or contains a significant natural resource, additional regulations may limit your remodel plans. Such regulations can impede on house size, paving, grading soil, cutting down trees and removing native plants.

Your attorney can help you determine zoning and environmental regulations and determine if you have the correct permits to begin any home improvement project. In most parts of the world, a legal permit is required before you make structural changes to your home. The building permit and associated inspections and approvals can provide assurance that the remodeling project meets local building codes and safety regulations. If you live in a historic district this process may also provide assurance that exterior changes to your home are in keeping with neighborhood guidelines.

Lastly, before buying a home that requires a remodel, be aware that some problems simply can’t be fixed. Whether the desired improvement is prohibited by local regulations, or can’t be undertaken with your budget or timeframe, it’s important to recognize the limitations of your home’s potential.

The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.

Tips for First-Time Home Buyers

Tips for First-Time Home Buyers

Like any other life changing experience, buying a home for the first time can seem like an incredible challenge. However, once first-time homebuyers are able to organize their priorities, conduct some useful research and interact with a trusted real estate agent, confusion can quickly turn into excitement. Keeping in mind some of the basic tips outlined below can help pave the way to a successful first-time home buying experience.

Prior to researching the real estate market and hunting for mortgages, you will need to analyze your family’s goals and priorities. Take some time to reflect and determine if it is the right time to purchase your first home. You may also want to ask yourself where you want to be in the next few years and consider how purchasing a home for the first time fits into your family’s long-term goals.

Once you determine you are ready to purchase your first home, you may want to research the details of the home buying process. Though you may not understand everything you read, any insight you gain will help you avoid unwanted headaches further along in the process.

The next important step in the home buying process may seem obvious but is often overlooked during the excitement of purchasing a first home. Very simply, as a first-time home buyer, you need to determine what you can afford. Too often, first-time home buyers underestimate or simply miscalculate the costs of owning a home. Before searching for your first home, ask yourself if your income is both adequate and reliable enough to afford mortgage payments.

There are also upfront costs to consider when buying a home. Though the amount required to cover a down payment and possible closing costs will vary, there are usually some out of pocket expenses to incur when closing on your first home. Being prepared for these expenses, as well as any unexpected costs that occur after you have moved in will help your transition into home ownership.

After determining what your family can comfortably afford, you should start shopping around – for both homes and mortgages. By this time, you should have a good idea of what types of amenities you are looking for in a first home and what neighborhoods best match your family’s needs. As your search advances, you may want to attend some open houses in your neighborhoods of interest. Even if you don’t find the perfect home right away, being active in the market will give you a better chance of finding the best fit for your family.

While looking at homes, you may also want to see what types of mortgages are available to your family. If you are able to determine what rates you qualify for and estimate your mortgage payment before actively bidding on a home, you can narrow down your price range and make a confident offer when the time comes.

Though following the previous steps can help a first-time home buyer find the right home, buyers never need to go it alone. After conducting your own research, it is a good idea to find an agent you can trust. Besides being able to assist you when searching for the right home, a reliable real estate agent can help guide you through the home buying process.

If you are patient with the home buying process and do your homework before purchasing your first home, your diligence will most likely lead you to the perfect home for your family.

The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.

Making the Best Decisions When Purchasing an Older Home

Making the Best Decisions When Purchasing an Older Home

There is much information that points to the benefits to buying an older home. Older homes generally have lower purchase prices relative to newer houses. They tend to be located in established neighborhoods with an existing history of schools, transportation and commercial center offerings. Older houses have mature landscaping and period-style architecture and craftsmanship. If this type of home-buying information is important to you, you may want to consider an older house. Still, older homes come with their own set of issues. In order to make the best home-buying decision, here are five information topics you may want to discuss with your real estate agent.

1) Structural Issues The structural condition of older homes can vary greatly. It if has been maintained, the structure of an older house will likely reflect the quality craftsmanship of earlier times and will only need minor repairs, reinforcement or maintenance. More recent additions may have been built to a lower standard than the original home, and can need major repairs or renovations. If the original building has not been well maintained, you may be in for a serious structural overhaul. Neglected crawlspaces can have foundation and floor structure defects. Continuous water intrusion or past fires could have damaged structural areas that are now concealed. Be sure your home inspector investigates the structure of an older house thoroughly.

2) What is Involved with Remodeling Many people purchase an older home with the intention of remodeling it in order to make the house more comfortable and raise the home value. Like many equations in life, the decision to remodel an older home boils down to time or money. If you decide to spend more of your time and less of your money, you’ll need to be handy and have your weekends free of other commitments for several months. If you prefer to save your time, but spend more money, your real estate agent can refer you to a contractor who specializes in raising house value by remodeling older homes.

3) Zoning Issues Before you purchase an older house with the intention of remodeling and raising the home value, be sure to investigate the zoning regulations. Many older homes come with zoning restrictions, including pre-determined setbacks from property lines, limits on roof height, etc. If the home is on a municipal historic register, regulations will likely be even more stringent in order to preserve the house’s historic character. If you’re considering alternative uses for your older house, like turning it into a commercial office, building an in-law apartment, etc., be sure to ask your real estate agent about zoning specifics.

4) Cost of Operations Higher repair and maintenance expenses should be factored into the budget when calculating the total cost for purchasing an older home. Renovations, repairs and even pre-purchase inspection costs can be considerably higher than if purchasing a newer house. Also, the lack of modern insulation materials means bigger gas and electric bills in order to heat and power the house. And, major appliances, plumbing and heating systems will likely need maintenance within the first few years of your ownership.

5) Termites In an older home, it’s possible that termites and other wood destroying insects could have damaged timbers and structural supports for years before they were detected. It would be highly unusual for a house to survive for 100 years without any kind of termite/ant/beetle infestation. It’s important to determine whether there are any signs of current infestation, and the extent of the damage of past infestations. If a wood destroying insect has eaten away at the structural support of a house for a significant amount of time before being discovered, you may need to add some reinforcement to the beams and posts in the basement. It is also very important to protect against future infestations. You may want to consider having a pest control company do preventative treatments as well as periodic visual inspections.

The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.

What to Look for During Your Home Inspection

What to Look for During Your Home Inspection

Before making an offer on a home, nearly all real estate experts recommend conducting extensive inspections. Home inspections are designed to protect you from unexpected repairs and costs after move-in. If any problems are found during a pre-sale inspection, the buyer can then negotiate with the seller to have the issues resolved before closing or incorporate the cost of repairs into the offer. By assuring the buyer that they are purchasing the best home for their money, home inspections are an invaluable resource in the home buying process.

In most cases, home inspections analyze a number of factors both inside and outside the home. We begin with the six most critical inspection concerns for the exterior of the home.

• Foundation – The most important thing to check for in the foundation are cracks. If any cracks or irregularities are noticed in the foundation, a further inspection may be needed to check the integrity of the construction.

• Roof – When the roof is inspected, it must first be determined if any leaks are present. If the roof is free of leaks, a proper inspection will then attempt to determine if the roof possesses any flaws that could cause leaks in the future. During inspection, it is also important to notice if any large trees hang over the home. Wet leaves from such trees can sometimes cause serious problems for homeowners.

• Drainage – The most important thing to consider is how the home is situated on the property. To ensure adequate drainage and prevent flooding in the home, the surrounding land should slope away from the home and 6-8 inches of the concrete foundation should be visible. Additionally, all gutters and drainage spouts should be angled away from the home.

• Windows and Doors – Besides looking for broken glass, a check of the windows should cover many factors. Ideally, all windows should open and close properly with a good seal, be free of rot around the window sills and have all screens intact. Similarly, all doors opening to the exterior should open and close properly with a good seal to prevent extra heating and cooling costs.

• Siding, Trim, Gutters and Paint – An inspection of the exterior siding or paint should check for the presence of bubbling or peeling. Also, all exterior fixtures that do not impact the structural integrity – such as ornamental trim and rain gutters – should be checked for overall condition.

• Decks and Porches – If the home has a deck or porch, the inspection will try to uncover the presence of rot or insect damage.

Now, we will look at six factors that should be thoroughly inspected within the interior of the home.

• Walls, Floors and Ceilings – All walls, floors and ceilings inside the home should be checked for the presence of water damage – usually present as mold or other stains – and signs of insects or pests. The areas near plumbing fixtures should be given extra attention to check for mold and water damage, while gaps or cracks in exterior walls should be checked for the presence of insects. Lastly, all wall and floor surfaces – such as paint, plaster, wood floors, tile bathrooms and carpet – should be checked for overall condition.

• Appliances – Typically, home inspectors will run one dishwasher cycle and check all functions of the oven and stove. If the home is being sold with a full set of appliances, it is wise to check the working order of refrigerators, washers, dryers and microwaves.

• Electrical, Heating and Cooling Systems – These inspections of the home’s infrastructure are some of the most telling assessments of a property’s quality and, by extension, value. An inspection of the electrical system will typically test all outlets, light fixtures and circuit breakers. If it is an older home, an inspection should look for updated features such as ground fault interrupt (GFI) outlets in the bathrooms and kitchen. When checking heating and cooling systems, inspectors typically test the furnace, monitor the response of the thermostat and assess the overall ventilation of the home.

• Plumbing – The inspection of the plumbing system begins with a check for leaks around all fixtures and pipes. Next, both cold and hot water pressure should be tested by turning on multiple faucets. In the bathrooms, the areas around each bathtub and shower should be inspected for water damage. Lastly, try to ensure that the hot water heater is up to code and functioning properly.

• Basement – If the home has a basement, the most important thing to check for is the presence of water damage. An inspection of the basement is primarily an extension of the previously mentioned check for walls, floors and ceilings.

• Chimney and Fireplace – An inspection of the chimney and each fireplace will check for loose bricks and mortar, assess the overall stability and check for obstructions within the chimney.

Keep in mind, if an inspection uncovers a problem, you should not necessarily be deterred from buying the home. More than anything, the inspection will help you determine the value of the home and prevent you from overpaying or experiencing unwanted repairs. Depending on what is uncovered during the inspection, you may want to conduct an additional inspection of the problematic element or simply work with the seller to resolve the issue as part of your offer.

The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.

Tips to Ensure a Smooth Move

Tips to Ensure a Smooth Move

For many families, moving can be a very stressful event. Besides coming to terms with your new life in a new home, you and your family will also need to think about moving day. Too often, families get caught up in various activities before moving day and fail to make the proper preparations. If you and your family are preparing to move, try to stay calm and organized throughout the process. For a few extra pointers on how to make your moving day a success, consider the simple advice outlined here.

Make a detailed checklist

It can be difficult to keep track of all the tasks associated with moving. Hence, you should try to organize your days leading up to and beyond moving day. If you have a reminder of what needs to be done and where you need to be, you are more likely to have a smooth moving day.

Prepare for day 1

Prior to packing all of your boxes, you may want to assemble one box of necessities for the whole family. As most families finish unpacking their trucks late in the evening, there is often little desire to open several boxes to find pillows and toothbrushes. To prevent a stressful first night in your new home, try to place anything your family might need in the first 24 hours in a separate box, mark it clearly and keep it accessible during moving. Also, if you have any valuable or irreplaceable items – such as jewelry and personal keepsakes – you should try to wrap the items well and keep them with you while moving.

To help with your checklist, you should try to include all of the following items in your day 1 box:

• Personal toiletries
• Soap
• Toilet paper
• Snacks and drinks
• Flashlight
• Screwdriver
• Pliers
• Set of plastic plates and cutlery
• Paper towels or tissue

Pack manageable boxes

Unless you have lots of large, lightweight items – such as down comforters and blankets – you shouldn’t need too many oversized boxes. Oversized moving materials often force homeowners into packing boxes that are too heavy and unmanageable. Instead, try to find plenty of midsized boxes and distribute weight evenly. Furthermore, if you are moving yourself, make sure you have all the necessary materials on hand before packing, including bubble wrap or packing peanuts for fragile items.

Label every box

When packing your boxes, try not to place items for different rooms in the same box. After sealing up each box, simply mark which room the items belong in. When you arrive at your new home, you will be able to take each box to its rightful place and each family member can spend time organizing their own space.

De-clutter as you go

As you prepare to move out of your home, try to organize your belongings and set aside unwanted items. After unpacking in your new home, you will be happy having more space and fewer items to arrange. Before moving out, you can hold a yard sale or make a charitable donation to get rid of your unwanted belongings.

Get the family involved

If you have children, help them get excited about moving. With something to look forward to – like the chance to decorate a new bedroom – children often get more involved in the moving process. Also, you may want to ask your friends and family for help on moving day. Even if no one is able to move furniture with you, a family member could watch your pet for the day or take care of errands.

Though moving day can be a very overwhelming time for families, proper organization can make help turn that stress into excitement. If you follow your timeline leading up to moving day, you and your family will have no problem approaching the big move with confidence.

The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.

Tips for Moving with Pets

Tips for Moving with Pets

If you are in the process of moving into a new home, you are most likely experiencing a number of mixed feelings. As it seems there is always so much to do leading up to moving day, along with the excitement of moving, life may seem very stressful for weeks – or months. Amongst all your own concerns, you should spend a few moments imagining how your pets might feel during this time. They might sense your anxiety and are aware of their changing environment. Likewise, they may spend much of their time inside your home and soon they will not be able to recognize their surroundings. They might be confined in a car or an airplane for an entire day, or more.

While moving into a new home can be difficult on your pets, there are a number of things you can do to make your entire family’s life easier. Here are a number of tips to help you move with your pets, safely and happily.

Make a checklist

Before moving with your pets, take a few minutes to consider what your animals might need during the stressful moving process. Start with this sample travel list for all types of pets and add or subtract to meet your pets’ needs:

• Extra medications if you are moving out of the area
• Beds, pillows and liners for your pet carriers
• Plastic scoops and bags for your dogs
• A 2-3 week supply of your pets’ usual food (in case you have difficulty finding the food immediately after moving)
• Several gallons of water from your old home (some veterinarians believe that changing a pet’s water abruptly can cause confusion and upset stomachs)
• Travel-friendly food and water bowls
• Leashes for cats and dogs
• Litter box
• Cage covers for birds and rabbits
• Paper towels
• Toys

Visit the vet

In the weeks before moving, you might want to visit your pet’s veterinarian. If you are moving out of the area, you can request a copy of veterinary records and obtain rabies and health certificates (these may be required for your pet, depending on where you move). The final visit to the vet before moving is also a good time to catch up on vaccinations and ask for recommendations of clinics near your new home. Lastly, if your pet is old or experiencing health problems, you may be able to obtain a mild sedative for your animal to aid in the rigors of car or airplane travel.

Take your time on the road

If you are traveling to your new home by car, it is recommended that you keep your pets in carriers. The carriers should be large enough to comfortably house your pets, bowls for food and water and a small litter box for cats. While you should stop periodically to let all of your pets stretch their legs and do their business, large dogs should be let out about every two hours.

Keep familiar items nearby

As your pets may become disoriented by their new surroundings, you should surround your animals with familiar items to help ease the transition. While you are traveling, keep a few toys and a favorite blanket handy. As you begin unpacking in your new home, you may want to keep your pets in their carriers with their toys until you have a chance to organize their space.

Create a room for your pets

When you arrive in your new home, you should try to designate one room for your pets. As you unpack, you should leave your pets in the room with their carriers – doors open – until they have a chance to adapt. You can also place their food and water bowls, blankets, toys and furniture in their room to help them feel at home. If necessary, you can also begin your big move by creating a pet room in your old home – a trick which could help pets behave on the road. In both cases, you will be able to organize your belongings while your pets make themselves comfortable.

Adjust to the outdoors

After settling into your new home, you should try to keep all cats and dogs on leashes when outside. Dogs typically adapt to their surroundings – especially outdoors – within a few days, while cats might need a few extra days.

Maintain your pets’ routine

Though the process of moving might throw off your own routine, it is important for pets to stay on schedule. Throughout the entire moving process, try to make sure that your pets are fed and walked at regular times. Like many of the other tips mentioned here, staying on your pets’ schedule can ease a lot of discomfort on moving day. In the end, the key to moving with pets lies simply in being aware of all of their needs. As most pet owners probably do this already, following a few of these tips to make your pets extra comfortable can help them transition into their new home.

The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.

Tips for Moving with Kids

Tips for Moving with Kids

Moving can be a life-altering experience for a child. If you are moving out of the area and your children will be attending a new school, the difficulties for children may only be magnified. However, there are plenty of things you can do for your children during the moving process that can turn a stressful event into a time of excitement. Here are some suggestions.

1. Share the news early

Once you have made the decision to move, let your children know and listen to their opinions. While some kids may be disappointed – especially if you are moving out of the area – they may find some solace in providing input. Furthermore, the more time your children have to prepare themselves for the move, the better.

2. Show some excitement

Rather than expressing regret about the decision to move, let your kids know that a new home will be an exciting opportunity for everyone. Talk about the activities your family can do after moving and the benefits of their new school. As moving day approaches, you may find that your children are looking forward to everything from decorating their bedrooms to making new friends.

3. Get the kids involved

As you make the preparations to move, try to get your kids involved in the process. To help your kids remain focused and happy, work with them to schedule some fun activities before moving out. Find some local guide books or websites that your children can read and let them serve as tour guides after moving into the new neighborhood. When packing, it can also be helpful to let children box up and label their own belongings allowing them to feel more in control of the process.

4. Incorporate some creativity

To help your kids take their minds off the stresses of moving, encourage them to be creative. Younger children might enjoy painting pictures of your old house to display after you’ve moved. Older children can keep a journal or scrapbook during moving and have a story to share later. During the moving process, you could also give your kids jobs – complete with badges and uniforms – to help them stay involved.

5. Have a party

Prior to leaving your home, throw a party for yourself and your kids. Invite the friends of everyone in the family and plan some fun, all-ages activities. Afterwards, make sure your kids receive contact information for everyone they want to stay in contact with.

6. Get acquainted with your new surroundings

Once you have unloaded the truck, try to make the first night in your new home as exciting as possible. Have fun playing hide-and-seek or a board game before worrying about unpacking and organizing. After you have settled in, start taking walks or bike rides around the neighborhood. You can introduce yourselves to the neighbors and the kids might find some new friends.

7. Get back to normal

For the sake of the entire family’s happiness, try not to take too long to resume doing what your family enjoys. If your family had a custom of bowling every Friday, try to find a bowling alley near your new home. You may also want to drive through the area and acquaint yourself with the locations of businesses like grocery stores and restaurants. When Saturday rolls around, try out the pizza parlor you found.

Though moving can be difficult on children of all ages, it can also provide something to look forward to. By keeping your kids involved during every step of the moving process, you will help them feel in control of the situation. After moving into your new home, help them understand that life will be as fun as it always was; it will just take place in a different location. Most importantly, do your best as a family to stay together and have fun along the way.

The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.

How to Prepare for the Closing

How to Prepare for the Closing

After making the decision to buy a home, many buyers are surprised by the amount of work required for a successful closing. To ensure that you are prepared to close on the home, you may want to develop a checklist of necessary steps with your real estate agent. As you prepare to complete the sale and move into your new home, consider the tips offered here concerning the most important tasks facing homebuyers.

After you have filed your loan application and placed a deposit on the home, your mortgage lender will provide you with an estimate of closing costs. As the amount provided by the mortgage lender is merely an estimate and can change prior to closing, you are allowed to inspect all the loan documents the day before closing. Once you have confirmed the amount, including the remainder of the down payment, you will need to obtain a certified or cashier’s check. In most cases, personal checks are not acceptable for payment of closing costs, so work with your agent if you have concerns about the proper methods of payment.

Most real estate professionals recommend performing a final walk-through inspection of the home before finalizing the sale. In most cases, the contract between both parties will include a clause allowing the buyer to inspect the property within the 24 hours prior to closing. At this time, the buyer should make sure the home is vacated, all appliances that the seller agreed to leave in the home are intact and any repairs included in the terms of the sale have been completed. If needed, you can also request that the seller perform a walkthrough with you to explain all of the home’s details.

For the most part, this final walkthrough is the buyer’s last opportunity to ensure the terms of the contract are met. If any problems are uncovered during the inspection, you can work with your agent to obtain funds from the seller for repairs or postpone the closing until all repairs are made.

Another requirement of the closing process is the purchase of homeowner’s insurance. Required by nearly all mortgage lenders, this insurance protects both homeowner and lender against loss in case of damage to the home. Most homeowner’s insurance policies will include personal liability for the buyer – protecting the homeowner in the event of accident or injury on the property – and a combination of coverage against theft, fire, flood and region-specific weather concerns. By working with your real estate agent and mortgage lender, you should be able to find an acceptable policy that meets the requirements of the loan. At the time of closing, you will need to provide proof of insurance to the mortgage lender before finalizing the sale.

In some cases, title insurance may also be required by your mortgage lender. This simple policy protects both the buyer and lender in the event that problems with the title are uncovered after the sale is finalized. If required, both the lender and homeowner need individual title insurance policies, yet these are usually combined into a joint policy to be financed by the buyer.

Prior to the closing date, the buyer should also transfer all utility accounts from the seller. Besides being a required part of many closing proceedings, this small step will ensure that your new home is ready for move-in after the sale is completed.

On closing day, you can expect to sit down with the seller, your agent, your lender and the legal representation required to finalize the sale. If you have completed the steps outlined here and arrive with proper documentation, you can expect a smooth closing. In fact, if you follow your checklist prior to closing day, you can begin focusing on life in your new home as soon as you like.

The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.

Things for Buyers to Consider when Determining the Appropriate Property Value and Offer Price

Things for Buyers to Consider when Determining the Appropriate Property Value and Offer Price

Determining the value of home can be sometimes a difficult task for a buyer. Just as there are many factors that can impact a home’s value, the details and potential success of your offer also rely on several pieces of information. If you are thinking about buying a home, you may want to consider the following tips to gain a better understanding of property values. By utilizing these recommendations and discussing the findings with your agent, you might be able to not only find the best house for your money, but also a home that surpasses all of your expectations.

1. Investigate Locally

When searching for a new home, many prospective homebuyers start by checking local listings. After the search is narrowed down to a few neighborhoods of interest, walking or driving through these areas can give you a better idea of overall neighborhood quality. As you narrow your search, it might help to attend a few open houses in the local market to gain an understanding of pricing trends and witness how much interest is being paid to the homes already for sale.

In the early stages of shopping for a home, it can also be helpful to have your agent perform a Comparative Market Analysis. This report will show you the past sales prices of homes in the area and allow you to contrast those statistics with the current homes for sale.

2. Get behind the numbers

After you have compared the list prices of the homes you are interested in with other homes that have sold in the area, there are a few assessments of value you may want to consider. The most telling estimate of a home’s value will be a professional inspection.

Another statistic that will provide you an estimated value of a home is the assessed tax value. However, as the assessed tax value sometimes doesn’t take into account the amenities of a home, upgrades to the property or the nuances of the housing market, this value can vary from a professional estimate. Work with your agent to compare the details of your appraisal and the assessed tax value, taking into account all of the home’s amenities and any issues of particular importance to your family – including such factors as the quality of the neighborhood, local schools and even how the home matches up to your long-term goals.

3. Think about the market

When trying to determine the value of a home for sale, it might also help to consider the status of the overall housing market. First, take into account national trends and determine whether it is a “buyer’s market” or a “seller’s market.” Next, compare the local housing market to the national trends, considering both the neighborhood of the home for sale and a broader geographical region incorporating the surrounding city or other nearby communities. It is quite possible that a particular area may not be affected by national market trends, creating for instance a small seller’s market within a broad buyer’s market, or vice versa.

4. Pay attention to the details

Besides looking at local and national housing trends, there are a few more issues that can affect the value of a home and the details of your offer. First, you and your agent should find out how long the home has been on the market. It is believed by many that if a home has been for sale more than 30 days, sellers are often more motivated to sell and are more receptive to lower-priced offers.

In addition to the time spent on the market, you and your agent should also try to find out if there are any additional factors that could motivate the seller for a quick sale. For instance, if the seller has already purchased another home or is relocating to another state, you may receive a better response to your offer sheet.

After taking all these factors into account, you and your agent should be able to determine both the market value of the home and the right amount to bid if making an offer. Furthermore, the more you take the information you’ve gathered into account, the better you will be able to prevent potentially overbidding – which, of course, costs the buyer more money – or underbidding – an error that could discourage a seller from further negotiations.

Lastly, try to remember that the process of ascribing value to a home is not an exact science. Each time a house is sold on the open market the sales price will represent careful negotiations between the buyer and seller, with all of the factors here taken into account by each party. Therefore, above all else, the right home should not only represent a good value when analyzing appraisals and various market factors, it should also be the best value for you and your family.

The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.

Five Topics to Discuss With Your Real Estate Agent When Buying a Condo

Five Topics to Discuss With Your Real Estate Agent When Buying a Condo

If you’re looking for home-buying information, you’ve come to the right place. One of the first questions in deciding to buy a home is house or condo? If you’re leaning toward a condo, read on. Here are five important topics to discuss with your real estate agent before beginning your home buying search:

1) What You Can’t Live Without

If your version of the American Dream doesn’t include mowing the lawn, a condo might be a great choice. If you can’t live without your own backyard, a big garage, or plenty of space between you and your neighbors, your needs may be better suited to a detached single-family residence. However, if the idea of a condo sounds right, talk to your real estate agent about other important aspects of your future home. For example, a gourmet cook might seek out a well-designed kitchen. Someone who works from home might need dedicated space for a home office. Additionally, there are decisions specific to condo living which you will need to think about.  What types of association amenities are you looking for?  These can include pools, covered parking, clubhouses, and 24-hour security. Do you have a pet?  Some condo associations have restrictions regarding pet ownership or even such things as having outdoor barbecues.  Be sure to include all aspects of your home buying requirements in the information you provide to your real estate agent.

2) Schools and Family Needs

The quality of school systems has long been important information for home-buying families. If you have children or are thinking about having children in your new condo, you’ll want to discuss school information and statistics with your real estate agent. Not only is it important to consider the location of your condo relative to area schools, but you’ll also want to think about the quality and diversity of local school offerings. Your real estate agent can provide both public and private school information for all the neighborhoods in which you’re considering buying a condo.

3) Commuting

For many condo-owners, commuting from home to work and back is a necessary evil. Some people feel that a long commute can detract from their quality of life and the time they get to spend at home. Commuting should be a critical factor in home selection, because in many communities, traffic backups are increasingly common. And today, this phenomenon applies to urban, suburban and even rural areas. If having little or no commute to work is important to you, convey this to your real estate agent.

4) Community Details

Whether you hope to buy a condo in a vibrant urban neighborhood or a charming rural town, the demographics, details and community statistics of a particular area are almost as important a consideration when buying a home as the details of the house itself. Even more significant in a condo-living situation is information about your condominium’s own community. Are most of the residents retirees? Recent college graduates? The community information and statistics of both your condominium and the town or city in which it is located are crucial factors in your home-buying decision.

5) Budget and Condo Fees

For some, the decision to purchase a condo is based primarily on the convenience a condo lifestyle offers. For most people however, the most rigid constraint of home-buying and the central reason for choosing a condo is the buyer’s budget. While condos are generally less expensive than houses, a buyer should be aware of additional costs, like HOA dues. Be sure to research the condo association’s dues and exactly what those dues include. It’s a good idea to check out a one-year utility history for the unit you’re interested in, as well.

Thanks to today’s creative lending solutions, budget constraints are not as rigid as they once were. Many innovative mortgage options are now available to both first-time and veteran home-buyers. Before beginning a condo search, you should talk to both your real estate agent and your lender about your finance options and ultimately, your budget.

The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.

Questions to Ask a Seller When Considering an Offer

Questions to Ask a Seller When Considering an Offer

The process leading up to making an offer on a home can be a daunting. After you’ve found the right home, you will still need to assess various factors that can impact both the details of your offer and the seller’s willingness to work with you. If you are considering making an offer on a home, you may want to start by getting some information about the seller and their history with the home. The first question to consider is: Why are you selling?

In some sense, what you are really asking is: “how motivated are you to sell your home?” Assessing the type of answer you receive to the initial question may help you structure a potential offer. For instance, if the homeowner has already purchased another property or the family is trying to relocate, you might be dealing with a flexible seller. Gaining some insight into the seller’s motivation will help you determine not only how motivated they are to sell but also how they might assess your offer.

Another question that can help you understand how the seller might view your offer is:

How much did you pay for your home?

Though this might seem like privileged information, such statistics are actually public record. Generally speaking, the seller who purchased their home for a low price and built up equity in the property over several years may be more flexible when approached with offers. On the other hand, homeowners who haven’t seen such an increase in their home’s value might be more reluctant to lower their asking price.

After gaining an understanding of how the seller might treat a potential offer, you may want to ask questions about the upkeep of the home and the quality of the surrounding neighborhood. Beginning with the quality of the property itself, you will certainly want to inquire:

What types of repairs have been done recently?

You may want to start by asking the homeowner about your specific concerns. Homeowners will always be happy to tell you about upgrades that have been made to the home, but you may want to pay attention to what isn’t mentioned. It is important to ask because you will be able to tell if a kitchen or bathroom was remodeled after viewing the home or consulting the disclosure document, but you might miss some smaller issues that could impact the details of your offer.

To further protect yourself against surprise renovation costs in a new home, you may want to verify the age and working condition of all major appliances. If possible, check the service records of important appliances (furnaces, water heaters, etc.) as these often serve as markers of a home’s overall upkeep. You can also try securing a monthly estimate of utility costs; these statistics will not only help you estimate future costs but could potentially highlight unhealthy energy consumption within the home’s infrastructure.

Lastly, regarding the surrounding neighborhood, try to open the conversation about the area by asking:

What can you tell me about the neighborhood?

Allow the seller to tell you the good and the bad. By asking the seller for their overall impressions of the neighborhood, you will probably learn things about the area that a more specific question might not have yielded. Follow up the seller’s initial response with questions that are important to you and your family. Based on your needs, you could ask questions like the following: Is there any new construction planned in the neighborhood? What are your thoughts about the nearest schools? Are any businesses or schools scheduled to close? How would you describe the neighbors?

The research you conduct with your agent prior to making an offer is one of the best ways to ensure that your family finds the right home for the right price. As you approach the offer stage, remember that you are not alone and can work closely with your agent to learn as much as possible about the property and the details of the buying process. Furthermore, you shouldn’t be afraid to ask for help if you have questions or concerns about a potential offer. Though the process of making an offer on a property may seem stressful, your diligence will pay off when you finally find a house to call home.

The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.

Tips for Reviewing a Purchase & Sale Agreement

Tips for Reviewing a Purchase & Sale Agreement

When selling your home, it’s likely that your primary focus is receiving the highest price possible for your property.  And while this is certainly an important factor, there are other details that must be considered when you receive an official offer on your home in the form of a Real Estate Purchase Contract (REPC).  Negotiating this wordy and legally binding document can seem daunting, but understanding the information contained in the REPC will save you time, money and heartache during the process of selling your home.

The Real Estate Purchase Contract, also known as a Purchase and Sale Agreement, or a Real Estate Contract, is an agreement between a buyer and a seller to purchase real estate.  Your first encounter with a particular purchase contract will be in the form of an offer from a potential buyer. After reviewing the offer, you have three options: to accept the terms of the offer, thus entering into a contract; to change the terms of the offer in a counter-offer; or to reject the offer wholesale.

After considering the price offered by the buyer, savvy sellers will then determine if the Real Estate Purchase Agreement contains any contingencies. One common possibility is that the offer to purchase your property is contingent on the sale of the buyer’s home. If the buyers' property sells, the sale goes through. But, if it does not, the sale is off and the buyers' deposit is usually returned. There are ways to structure a contingent sale offer to make it less risky for sellers. One way is to include a release clause in the contract, which allows sellers to continue marketing their home in the hopes of finding a better offer. If such an offer comes along, the sellers notify the buyers that they must remove the contingency by a certain date and show that they are able to close. Otherwise, they must withdraw from the contract. The sellers are then free to proceed with the other offer.

Another red flag to watch for is a request by the buyer for excessive time to secure financing. This is a reality for many first-time home buyers or even veteran buyers whose credit is spread thin. If you’re not comfortable with the extended time frame, you can request that the buyer provide you with proof of loan application and/or a letter of loan qualification by a certain date. A well-priced offer can also seem less appealing if the seller offers a low earnest money deposit or asks you to pay the closing costs. Feel free to counter any elements of the offer that don’t sit well with you.

And, don’t forget to take note of your requirements in the offer. Some buyers will include a clause that penalizes sellers who don’t move from the property by a specific date. Be confident that you can vacate your home by the date requested before accepting the offer. On the other hand, you may want the closing process to move swiftly. Even if the offered price is less than you wanted, a buyer who can close and take possession quickly can counterbalance the lower price.

It is generally accepted that all attached fixtures and appliances will be sold with your home, but the buyer must list these carefully in the offer to purchase. Such appliances and fixtures can include ovens and dishwashers, window treatments, light fixtures, fireplace mantels and even landscaping features like trees and flowers. Additionally, buyers can request the inclusion of certain furnishings and personal property. If you have items that you do not wish to include when selling your home—whether the washer/dryer, an heirloom rosebush, or all your furniture—it’s a good idea to let your real estate agent know from the get-go, so he or she can help mitigate the expectations of buyers.

The bottom line? It pays to spend 20 minutes reviewing a blank real estate purchase contract as soon as you put your house on the market. That way, when you receive an offer, you’ll be ready to break it down into its specifics, and respond confidently.

The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.

Five Topics to Discuss With Your Real Estate Agent When Selling Your Condo

Five Topics to Discuss With Your Real Estate Agent When Selling Your Condo

Thinking of selling your condo? Whether you live in the condo or own it as an investment property, if you’re ready to sell your home, it’s time to talk to a qualified real estate agent in your area. By evaluating several criteria, including regional markets, time of year, features of your condo unit, as well as your specific needs as the seller, he or she can create a customized marketing plan for your condo. Here are five important topics to discuss with your real estate agent if you want to sell your home:

1) Best Time of Year to Sell Your Condo The specifics of your area do more to determine the best time to put your home on the market than whether you’re selling a condo or a house. While the conventional wisdom is that spring is the best time for selling a home, this belief simply doesn’t ring true in every locale. In recent years the historic patterns have eased, and in some cases, totally disappeared. Still, different parts of the country have periods when sellers can be more aggressive with their pricing. And your real estate agent may suggest a distinct timing strategy for condominium sales, especially if your condo is in a resort destination.

2) Open House Strategy and How to De-Clutter A condo that shows well will sell faster and bring a higher price. Small cosmetic touch-ups can make a big difference. Buyers often suspect that more serious problems may exist if they notice the need for minor repairs. If you want to sell your home, it’s important to make sure your condo is clean, tidy and free of personal clutter. Clear sinks and counters of dishes and toiletries. Neatly stack office supplies and organize storage areas. Replace dim light bulbs and clean windows. Even though your garden area may be commonly owned, do your best to create curb appeal by cleaning front steps and porches, and clearing lawns of toys or equipment.

3) Features to Accentuate One of the best features to accentuate when selling a condo is the lifestyle of ease that comes with condominium ownership. Many buyers are looking for the hassle-free living experience that they can’t find with a single-family detached house. Another important attribute of any condo is the amenities of the association, which can include a hot tub, fitness center, owner’s lounge, covered parking and even concierge services. If you’re considering selling your condo, take the time to walk through it methodically with your real estate agent. Together you can point out which features of the actual condo unit should be accentuated.  Does your unit have a wonderful view? Perhaps the location of your condominium is unique and desirable. Your real estate agent can help accentuate these features in sales and marketing materials.

4) Desired Price and Bottom Line Price When setting the home price for your condo, it’s important to identify your desired price and your bottom line price. By assessing recent condo sale and listing statistics in your area, your real estate agent and a licensed appraiser can estimate your house value and recommend an appropriate target price range. Working with your agent, you can set an initial asking price, as well the absolute lowest home price you would comfortably accept. One advantage of selling a condo is that by assessing the prices of other units in your association that have recently sold or are currently listed, your real estate agent and the appraiser can determine a very accurate house value.

5) Disclosures When selling your condo, you may be obligated to disclose problems that could affect the property’s value or desirability, as well as to disclose HOA minutes and costs of common insurance and utilities. In most states, it is illegal to fraudulently conceal major physical defects in your property, such as a water heater that leaks severely. And many states now require sellers to take a proactive role by making written disclosures on the condition of the condo unit. Ask your real estate agent for the particular laws of your state.

The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.