Published at Friday, February 15th, 2019 - 22:53:03 PM. House. By .
Buying A House - Design and Style Tips : We are going to start this entry with a basic overview of the designs and styles of houses. The different types are as follows: Ranch - One level Split Level Split Foyer 1.5 Story 2 Story Patio Home Condominiums Town House To understand the difference between the types of houses we should look at things someone would normally consider when they buy a house. If someone does not want to walk up and down stairs it would be a natural assumption a ranch or patio style house would best suit their needs. Someone that does not want to cut grass would be more interested in a condominium or town house. The people with children or an expanding family would probably lean toward a split level, split foyer, 1.5 story, or 2 story. Especially if they need their own space. Does the House Conform When we ask if the house conform we are asking a basic question. Does your house look like the Jones down the street? We all want to be different in some ways but being different in Real Estate is not always a good idea. This can drastically affect the value of the house youre buying. If the house is a lot bigger or smaller than the other houses in the neighborhood, it does not conform. When buying a house you never want to buy the biggest house because the value will never be maximized to its full potential. If you are going to buy a house that does not conform, buy the smaller house. Think of it with this example, if Donald Trump lived in your neighborhood would his house help or hurt your value? The answer is Donald Trumps house would help the value of your house because he is always going to have the very best house. Your house on the other hand would hurt Donald Trumps value because your house would bring his value down. This is why you see similar designs and styles in a neighborhood. The reason for buying a house smaller than any others in the neighborhood is because the only way the value can go is up. The most inexpensive addition anyone can make to a house is adding square footage. No one ever tears down part of their house to make it conform to their neighbors. Things You Notice But Do Not Realize Have you ever noticed there are always more condominiums, town houses, and patio homes for sale in a neighborhood than there are in a traditional neighborhood? There are many reasons for this activity but we will cover the most important. When buying a house you should examine competition. Competition is what is for sale in the neighborhood, how many and for how much, compared to the house youre interested in buying. For these types of homes, they are usually a first or last time home buyer. This means the young married couple or the elderly that down-sized. In these neighborhoods, there is always what I refer to as a fire sale. Someone is expecting a baby and needs more room so they need to sell fast. When a fire sale takes place there is always a drop in the asking price to try to sell it before any of their neighbors. This is a good strategy for them since all of the homes are identical. This is not good for you though. This is also called the principle of substitution. Why pay more for the exact same thing when you can get it on sale down the street? The value in these neighborhoods struggle to appreciate and go up in value because there is so much competition compared to a traditional neighborhood. How and Why to Bargain Shop When Buying a House It is unfortunate to have as many deals on the market as there are today. It does not make you less of a person to look for a foreclosure or short sale when youre buying a house. A house is your greatest savings account. If you look at these types of houses they will most likely need repairs. This is perfect for you as a buyer. The market is slow and Lowes is not selling as much. If Lowes isnt selling as much then contractors are not working as much. This benefits anyone buying a house if they will use the discounts available to them in the market. The house down the street is selling for $150,000, but the foreclosure is selling for $65,000. The foreclosure looks horrible and not very appealing in its current state. Take the blinders off and imagine it like the house down the street once the repairs are completed. Lets say the repairs cost $30,000, with the foreclosure. You saved $55,000, instantly by buying the foreclosure. If you buy the house down the street you are going to paint it at the least to match your taste. Now youre in debt because you paid full price and spent money after the fact. There are mortgage loans to buy and repair from the very beginning so take advantage of them. The most recognized is the FHA 203(k) loan. There is also Homepath sponsored by Fannie Mae. You can look at their website for available houses in your area. You can also visit the HUD Home Store. When youre buying a house make sure you dont buy with short sighted thoughts. Buying a house is an investment you are making today but is one of the most important investments you are making for your future. If you buy a house right today, it will provide the equity for security in the worst Real Estate market. Its a long term saving account to draw from if its ever needed.
Top 8 Open House Mistakes a Seller Can Make : When youre ready to sell your house, you will need to get it in its best possible condition, especially in todays competitive environment. An open house presents an opportunity to showcase the best features of your home and allows the potential buyers to get a feel for the property. If you re a fist time home seller, you may think of the open house as the point at which your Realtor waits until you leave, turns into a magician and with a flick of his/her wrist, completely transforms your home into something out of Bravos Million Dollar Listing. But here is the truth of it Your real estate agent is not practicing wizardry on the side. And you arent completely free of responsibility when it comes to the open house. In fact, although you arent present for the open house (and you never, ever should be, if you want to sell the home), there are still quite a few ways that you can mess it up and drive away potential buyers. These eight things could very negatively impact your chances of having a successful open house-and, potentially, the house sale. Leaving your pets at home/Open house mistakes Pets bring a lot of joy into our lives. Nevertheless, they can be a real problem when youre showing your home. This is true for several reasons. Logistically pets make things difficult because you will have to keep them separate from the potential buyers, who might not like pets and certainly cannot picture themselves living in a house that once housed cats or dogs. This means that you will have to block off areas of your home, a real no-no in an open house. Pets also behave unpredictably. The last thing you want is your pet leaving his/her mark on the floor right in front of the viewers or even scaring the potential buyers. Which could also prevent them from viewing rooms and prove to be a distraction overall. Take your pets to a friends for the day when youre showing your house. You should also do your best to eliminate any signs of pet habitation, including bedding, toys, smells and stains. Selling a house with pets takes extra consideration and care. There are some home buyers who will see any signs of pets as a complete turnoff. This is definitely one of the top open house mistakes you should avoid. Ignoring your kitchen needs/Open house mistakes You may be surprised by how many home owners ignore their kitchens when selling their house. Putting the dirty dishes in the sink doesnt make them invisible. Even if the rest of your house is staged to perfection, a repugnant kitchen will turn off the potential buyers-and that goes for the dishwasher too. The potential buyers will most likely want to investigate the fridge and open the dishwasher during the open house, hence its vital that you prepare your home accordingly: Clean and store the dishes, and remove any smelly food from your fridge. You should consider removing any kitchen appliance that can be neatly stored instead of being left on counter tops. The less clutter, the more spacious and inviting your kitchen will feel. If its an appliance that is used daily, such as a toaster or coffeepot, be sure to wipe it clean after each use. Open house mistakes made because of the Kitchen not showing well, can kill just about any deal. You should also ensure that you check out and clean the other rooms in your home, even those that you think the potential buyers will not bother checking out, such as the closets garage or laundry room. Because guess what? They totally will. You arent selling part of your home; you are selling your entire home; hence you should ensure that everything the potential buyers will see during the open house is in showcase condition. Not hiding your dirty bath towels/Open house mistakes Keeping the bath towels you have used (and intend to use again) tucked away in a closet benefits you two-fold: Not only does it make the bathroom look well staged, but it also keeps them free of germs and dirt from the days parade of viewers. Instead, swap in a clean set of decorative hand and bath towels for each open house. You do not want (people) wiping their dirty hands on the bath towels you wipe your body with. Cleaning solo/Open house mistakes When you think about how much money a house actually costs, its easy to understand why people expect cleanliness in an open house. Surprisingly, not everybody meets the mark when it comes to a clean house. If you have to hire a cleaning service to get the job done, do so. Professional cleaners will scrub all the hidden spots you may miss (think switch plates and base-boards), they can also help eliminate messes and odors that go back years. Preparing for showings is particularly important when there are potentially a large number of visitors dropping by for a look. Showing dirty, messy homes to potential buyers is by far the greatest mistake most sellers make when holding an open house. Not getting a second opinion/Open house mistakes After you have cleaned and staged your house, a blunt tongued neighbor can be a blessing. Over time, you can easily get used to odors and smells that may linger in your home, even after a thorough cleaning. You need a neutral third-party wholl tell you like its, not what you would like to hear. So do not be offended if the third-party tells you that your place stinks- literally or figuratively. You arent in a position to be all ego, you are trying to sell your home - and that is what you should focus on to avoid simple open house mistakes. Not maintaining the yard/Open house mistakes The front yard is the first thing the guests see, so ensure it is spotless. You want the potential buyers to focus on the curb appeal of your home - not your collection of yard tools. Additionally, objects strewed every which way can also be dangerous. You should also make sure that the grass is trimmed nicely and any bushes or flowers are in good shape. And unless its trash day, keep your bins out of sight. Nothing turns potential buyer off faster than a pile of trash and the thought of potential yard work. Dirty exterior/Open house mistakes Depending on where you live, the exterior of your house may gather a significant amount of grime as the seasons turn. You might not have noticed it if it occurred gradually, but visitors to the open house are sure to see the mildew and mold on the siding, the dingy windows and the clogged gutters. Like the homes interior, the exterior should be fresh and clean-looking if you want to impress the potential buyers. Dont make these simple to fix, open house mistakes. Photos, religious art, drugs and politics need to go/Open house mistakes When the potential buyers walk into your home, they should picture their family living in the house, not yours. They do not need to see your family photos or be able to tell your religious or political views as they walk through the house. These are huge open house mistakes. There is a reason home staggers de-personalize your house. Certainly, they want the buyers to visualize themselves living within its walls-but they also want to remove any ammunition that may be used against you during the negotiating process. One of the places to look is the medicine cabinet, which should be emptied during the open house. The same goes for family photos and things such as canes and walkers: For instance, if you are elderly, they may consider underbid your price under the assumption that you can no longer be able to take care of your house. Keeping the potential buyers from learning your personal details is not just good staging.
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