When you put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales. There’s rarely a perfect apples-to-apples comparison, so a pricing decision often relies on comparisons to several recent sales in the area.

Here are five criteria to look for in a sales comparison.

1. Location: Homes in the same neighborhood typically follow the same market trends. Comparing your home to another in the same neighborhood is a good start, but comparing it to homes on the same street or block is even better.
2. Date of sale: It varies by location, but housing markets can see a ton of fluctuation in a short time period. It‘s best to use the most recent sales data available.
3. Home build: Look for homes with similar architectural styles, numbers of bathrooms and bedrooms, square footage, and other basics.
4. Features and upgrades: Remodeled bathrooms and kitchens can raise a home’s price, and so can less flashy upgrades like a new roof or HVAC system. Be sure to look for similar bells and whistles.
5. Sale types: Homes that are sold as short sales or foreclosures are often in distress or sold at a lower price than they’d receive from a more typical sale. These homes are not as useful for comparisons.

Selecting the right price for your home isn’t easy and takes a lot of research and understanding your neighborhood and area demographics. Contact me and I’ll make the process easier 954.817.8401

You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders.

But there can actually be financial benefits to putting down a small down payment—as low as three percent—rather than parting with so much cash up front, even if you have the money available.

THE DOWNSIDE

The downsides of a small down payment are pretty well known. You’ll have to pay Private Mortgage Insurance for years, and the lower your down payment, the more you’ll pay. You’ll also be offered a lesser loan amount than borrowers who have a 20-percent down payment, which will eliminate some homes from your search.

THE UPSIDE

The national average for home appreciation is about five percent. The appreciation is independent from your home payment, so whether you put down 20 percent or three percent, the increase in equity is the same. If you’re looking at your home as an investment, putting down a smaller amount can lead to a higher return on investment, while also leaving more of your savings free for home repairs, upgrades, or other investment opportunities.

THE HAPPY MEDIUM

Of course, your home payment options aren’t binary. Most borrowers can find some common ground between the security of a traditional 20 percent and an investment-focused, small down payment. Your trusted real estate professional can provide some answers as you explore your financing options.

 

Revamping your landscaping can be a huge undertaking. It takes a lot of time, effort, and money. So how can you give the exterior of your home a facelift without breaking the bank or taking out a second mortgage. There a many ways to cut costs on landscaping.

Select perennial plants. Choosing perennial plants over annuals can help reduce both cost and time. These plants continue to bloom year over year with less upkeep so you won’t have to set aside more money for new plants and spend time replanting in the coming years.

Shop at the end of the season. Shop for plants, accessories, mulch, containers, and more towards the end of fall for the best savings. Most garden centers and nurseries are looking to clear out plants and tools before winter so you may be able to save up to 50 percent.

Creatively source materials. Often extra materials can be found at construction sites or other landscapers may be giving them away for discounted prices or even free on Craigslist or Facebook Marketplace. Make sure you look around before paying full price for rocks, wood, gravel, and more.

Use a mix of materials. Building surfaces like pathways or patios can often carry a large price tag for both materials and installation. To reduce costs, consider mixing materials, such as gravel with pavers or concrete with cut stone, to create a unique surface for less.

Keep up maintenance. Taking care of your yard throughout the year can save you from high-cost repairs in the future. Make sure to weed regularly, reduce standing water, keep patios and pathways clean, and paint peeling fences.

Finding mold in your house is the last thing a homeowner wants to encounter. Not only is it unsightly and smells unpleasant, but it can pose a serious health threat to you and your family.

You should take steps up front to prevent molding in your home by checking gutters and downspouts to ensure water is draining away from your home’s foundation. Check under sinks and near dishwashers and clothing washers for any signs of leaking and repair immediately. Finally, don’t forget to use bathroom fans when showering to limit moisture.

After taking these steps, if you still encounter mold, don’t fear! Here are our top tips for dealing with it.

• Take precautions. When cleaning mold found in your home, make sure to wear proper protection such as eye covers, face masks, and rubber gloves. Try to keep children and pets out of rooms where mold exists and run fans and dehumidifiers to expel moisture.
• Use proper cleaning solutions. The best way to remove mold really depends on the surface it has grown on. For interior walls and flooring, use a mixture of bleach, detergent, and water with a sponge or mop. For exterior walls or cement, use the mixture alongside a strong bristled brush to scrub the area.
• Clean clothing immediately. To prevent the transfer of mold spores, place clothing worn while cleaning in a plastic bag and wash separately with hot water.
• Consider hiring a professional. If the mold in your home is extensive, it may be beneficial to hire a professional. A good rule of thumb to follow is to call for help if affected surfaces surpass 10 square feet.

When you’re getting ready to list your home, it’s of the upmost importance to ensure you are showing it in the best light. Taking time to highlight its strengths and fix up some of its possible weaknesses can make a big difference in how fast it sells. Here are our top five recommended repairs to make before selling your home.

1. Repaint walls. Giving your home a fresh coat of paint is one of the most cost-effective ways to spruce it up, and generally, it can be a do-it-yourself project. Make sure cover any walls with scratches and chips and consider updating any accent walls with a more neutral coat.
2. Repair floors. Hardwood floors are a very desirable feature in a home, so you want to ensure they look their best by fixing scratches or dull areas. If your carpet is worn or stained, consider replacing them. And don’t forget the tile in your kitchen or bathrooms. Re-grouting can go a long way in making dingy tile work look brand new!
3. Refresh the landscaping. Show buyers your home is the full package by dressing up the outside as well as the in. Clean walkways and driveways, plant seasonal flowers and plants, trim hedges and trees, install outdoor décor pieces and fill in mulch and gravel.
4. Fix your fixtures. Leaky faucet? Rusted drains? Loose drawer handle? Making these small fixes can make a big difference to potential buyers with detailed-orientated minds.
5. Improve your kitchen. An outdated kitchen can be a real eyesore in a home. Updating cabinetry, repairing or replacing countertops, and installing new faucets and sinks may be worth the investment.

Have questions? Contact us for more tips on how to get your home ready for sale! 954.817.8401

Investing in real estate can be a great alternative to traditional investments and many owners choose to rent out their property. Here are some of the top benefits for getting into this line of business!

Increase over time. Money being put towards real estate investments has increased substantially over the past few years. This is due to an influx in demand of rental properties and an increase in rental rates. These continue to trend upwards, meaning your property’s value will continue to increase as well.

Security. Unlike investing in stocks, your investment growth is a lot steadier with a very minimal chance that you can lose it all overnight. Generally, experts can predict when the market will start to dip in advance, and you can adjust accordingly.

Create passive income. Investing in a rental property (or four!) can make you money while you sleep and the rent you collect can cover or exceed your mortgage payment and other expenses, allowing you to bring in extra cash flow.

Tax breaks. As a real estate investor, you can take advantage of several tax exemptions. Rental income is not subject to self-employment tax and government provides tax breaks on insurance, repairs, legal fees, and property taxes.

Inflation. Although normally a bad thing, people who own rental properties actually benefit from inflation because, as the cost of living increases, so does your income.

Flexibility to sell. Renting out a home allows the homeowner the opportunity to be selective about when and if they sell while the home is still appreciating. Once the market is in the right place and the lease is up, they can pull the trigger.

Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don’t forget there will be other costs associated with your purchase then the price of the home.

Here are 5 fees to keep in mind as you begin to budget:

1. Home inspection. This is a crucial step in the home buying process. The findings that come from the inspection can help you negotiate price and repairs. Generally, you can expect to pay between $300 to $500 depending on the home and the location.
2. Title services. Title services encompass the transfer of the title from the seller and a thorough search of the property’s records to ensure to no one will pop up with a claim to the property. Additionally, you may need to buy title insurance which will protect the lender or your investment in the home.
3. Appraisal fee. Before getting a loan, you will likely be required to get an appraisal of the home to determine its estimated value. This will be conducted by a third-party company and the cost can land anywhere between $300 and $1,000, depending on the size of the home.
4. HOA fees. Many communities have a homeowners’ association that enforces monthly fees. This money is used for general maintenance and updates to areas like pools, parks, and more. Typical HOA fees are around $200 per month.
5. Taxes. The taxes each buyer pays at the closing table differ, but it is not uncommon for it to be up to two months’ worth of county and city property taxes. Additionally, there may be taxes for the transfer of the home title.