Edwin St. Aubin's Blog
- Make lists of all the things that need to be done, so that you don't wake up in the middle of the night wondering if you forgot to do something important. Staying mentally organized is one of the keys to feeling like you have some control over all the chaos that's going on in your life. Writing things down is also the first step to getting them completed. Keeping track of appointments, documents you need to gather, and professionals to confer with can also help prevent delays, miscommunication, or confusion.
- Schedule time for recreation, entertainment, and physical activity. Selling a home can bring with it a lot of ups and downs, so activities like socializing with friends, going for a walk in nature, or meditating can help maintain a positive outlook and a more balanced perspective on things.
When you find a home that you love, you probably already have been pre-approved by a bank for a certain amount that will enable you to buy a home. Once you put in an offer on the home and it’s accepted, however, you may need to take a step back. The appraisal can help you to know what the value of the home actually is. The bank may decline your loan based on the appraisal This is one of the most important steps to obtaining the financing that you need to purchase a home.
What Is An Appraisal?
In a nutshell, an appraisal protects the bank from investing in a property that’s worth less than what they’re paying for it. This process also protects you as a buyer from buying a property that’s worth less than what you’re expecting it to be worth.
Although the appraisal makes sense financially, it doesn’t mean that the process won’t be emotional for you as a buyer and for the sellers as well. The appraisal can in fact make or break the purchase of what you consider as your dream home. There’s a lot of data that’s collected for the appraisal, which can cause nerves to be shot on both sides while the value of the home is being calculated.
What’s The Difference Between The Inspection And The Appraisal?
A home appraisal is much different than an inspection. The home inspection is important in its own right. As a buyer, you hire a home inspector to find any potential problems or hazards that could be big issues for you in the future as a homeowner. While property appraisers will make note of glaring issues, they won’t check out the nuts and bolts of the home like a home inspector will. The home inspector checks out everything from the air quality to the chimney to the toilet and sinks. There’s many things that will affect your home appraisal. In other words, if you’re a seller, you want to get major issues fixed before you put your home on the market. Home inspections will be very important for different reasons to you as a buyer since it will be valuable to you in the future. Appraisers may request an inspection if they notice something serious within the home, but they are more interested in the value of the property than the direct problems that are within the home.
Who Will Pay For The Appraisal?
Generally, the seller will pay for the home appraisal along with the closing costs. This can be a few hundred dollars. In certain circumstances the buyer may agree to pay for the appraisal, however.
What Goes Into Calculating The Worth Of A House?
Appraisers look at many different factors including:
- The square footage of the property
- The number of bedrooms
- How many bathrooms the home has
- The condition of the home
- How much have comparable properties have sold for in the area
- Safety issues
- Other factors pertaining to health and safety
The appraisal process can seem complicated, but once you’re educated on the matter, you’ll be prepared when it gets to that point in the home buying process.
Finding the ideal home for your family's needs is no easy task, but if you stay organized and focused, the right property is sure to come along!
One of your most valuable resources in your search for a new home is an experienced real estate agent -- someone you trust and feel comfortable working with.
They'll not only set up appointments for you to visit homes in your desired price range and school district, but they'll also help keep you motivated, informed, and on track. Once you know and have shared your requirements (and "wish list") with them, your agent will be able to guide you on a path to finding the home that will best serve your needs -- both short- and longer term.
In addition to proximity to jobs, good schools, and childcare, you'll probably want to pick a location that's close to supermarkets, recreation areas, and major highways. If you have friends or family in the area, then that would also be a key consideration.
While your immediate needs are a good starting point for creating a checklist of requirements, it's also a good idea to give some thought to what you may need in the future. Plans to expand your family, possibly take care of aging parents, or adopt pets are all factors to consider when looking at prospective homes to buy.
If you have college-age children or recent graduates in the family, you might have to save room for them in your new house. Many grads need a couple more years of financial and moral support from their parents (not to mention home-cooked meals) before they're ready to venture out on their own. Houses with a finished basement, a separate in-law apartment, or even a guest cottage on the property are often well-suited for multigenerational households.
In many cases, people tend to buy a home based on their emotional reaction to it, and then justify the purchase with facts. For example, if the price was right and a particular house reminded you of your childhood home, then that combination of elements could prompt you to make an offer on the house -- assuming those childhood memories were happy!
Sometimes prospective buyers might simply love the look and feel of a neighborhood or the fact that there's a spacious, fenced-in back yard in which they can envision their children or dogs happily (and safely) playing.
According to recent surveys, today's buyers are attracted to homes that have energy efficient features, separate laundry rooms, and low-maintenance floors, counter tops, and backyard decks. Gourmet kitchens, stainless steel appliances, a farmhouse sink, a home office area, and outdoor living spaces are also popular features. Although your tastes may differ, many house hunters also like design elements such as subway tiles, hardwood floors, shaker cabinets, pendant lights, and exposed brick.
When it comes to choosing the home that you and your family will live in for the next few years, your top priorities will probably include a sufficient amount of space, plenty of convenience, and a comfortable environment in which you and your loved ones can feel safe, secure, and happy for the foreseeable future!
If you’re trying to sell your home, there are many things you need to think about. One of the reasons that it’s wise to hire a realtor is that they can handle a lot of the difficult stuff for you. From home showings to phone calls to sealing the deal, your realtor will be with you every step of the way.
One thing that you can do to help your realtor out is trying to avoid things that will scare off buyers in your home. While some things are out of your control (we’re looking at you radon), you can check and remedy a lot of problems before a buyer even sets foot in your home.
Leaky, Aging Roof
Roofs last around 20-25 years. If it’s been forever since you have paid attention to your roof, you’ll need to take a second look before selling. Your buyer is going to either ask for some kind of rebate or go for a home with a newer roof. Roofs are one of the things that home inspectors often see the most problems with.
If your gutters are in disrepair, you might want to have them cleaned or replace them altogether. Faulty gutters are often what causes problems with the roof. If rain water or snow melt can’t properly drain from the gutters, more leaks may be found in the home.
If your appliances are outdated, consider replacing them. Buyers don’t want to move into a new home only to need to head out to buy a new refrigerator, range, or dryer. Buyers like things to be ready for them, and they’re willing to pay for it. You’ll definitely get a return on your investment when you buy new appliances.
Outdated Or Neglected HVAC System
It’s important to keep up with regular maintenance when it comes to your heating and cooling system. Keep it clean and keep regular maintenance appointments. These systems are costly to repair and buyers do not want to deal with these issues immediately (or ever if they could avoid them!) Get the HVAC system serviced before you put a for sale sign out front to keep your buyers happy throughout the inspection and sale process.
Your realtor will be a big help in assisting you to price your home right. They will perform a CMA (comparative market analysis) in order to help you find the sweet spot for pricing your home. An overpriced listing will make buyers wonder. A property must be priced right in order to get buyers through the door to even look at the home.