For Buyers

Market conditions have never been better for buyers, but finding the right property, negotiating the best deal, and managing all the details are as complicated as ever. Whether you’re a first-time buyer, a current homeowner, or a real estate investor, you need a trustworthy, knowledgable real estate professional to help you through the home buying process. You need an Executive.

Executives Versus Agents

A real estate Executive is more than an agent. An Executive is a trusted source of local information, familiar with every block of every neighborhood, and able to help you understand how and where you’d fit best. An Executive understands local market conditions, so you can make a conservative but fair offer that will get you in the right home at the right price. Above all, an Executive is a professional, with years of experience negotiating deals and managing legal and regulatory red tape. When you’re dealing with an Executive, you can relax and focus on finding the perfect home, knowing you’re in good hands.

The Perfect Home

A home is more than a number of bathrooms and bedrooms. While amenities set baselines and standards for your search, an ideal home is one that meets your needs for things that can’t be measured in bedrooms, bathrooms, and square footage. Style, safety, history, neighborhood character, local schools, cultural resources, and how much you can reasonably afford are just a few of the factors your Executive will consider during your home search. A perfect home should stir your emotions, and an Executive will help you find the home that does just that–without letting emotions get in the way of your negotiations.

Negotiations and Financing

An Executive is an expert negotiator who knows where to start an offer, how far to push, and when to walk away. Executives can also help you understand the “hidden” costs and fees associated with the home buying process to ensure that you don’t get in over your head. Once your offer is accepted, an Executive will walk you through inspections and other contingencies, closing, underwriting, and escrow, so you can move into your new home without any worries.

I’ve included some relevant blog posts and links for your review. If you would like more information on how an Executive can help you find you dream home, please contact me.

Other Links:

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Additions and Remodeling: Return on Investment

Posted on January 11, 2012 by lisawilson

Posted on January 3, 2012 by Realty Executives

Major structural renovations can increase livability, but generally aren’t good short-term investments 

Remodeling can be a fantastic way to breathe life into an older home, but be careful about the type of work you choose to do.

According to Remodeling Magazine’s Cost versus Value report, the only midrange or high-end remodeling project that will recoup its costs is a steel front door replacement, which increases an average the average selling price of a home by a paltry $25. Everything else is a money-losing proposition, so if you’re hoping to dramatically increase your home’s value, look elsewhere. Remodeling is not a way to make a quick buck.

So why should you remodel? There are two very good reasons: to build the home of your dreams and to help your home stand out in a crowded market. The trick is understanding which is more important, because they don’t play well together.

Major structural remodeling (such as adding a bedroom or garage) can dramatically increase your home’s livability. It can add an office or workshop, make room for more storage, or prepare a house for visitors or children. Unfortunately, these enhancements are very specific, and your buyer’s idea of an “improvement” might be very different from yours. As an investment, structural improvements are usually a losing gamble, but if they help you love your home enough to keep it, they’re often well worth the money. Sample structural remodels include:

Home office remodel: 45.5 percent return
Sunroom addition: 48.6 percent return
Bathroom Addition: 53.3 percent

If you’re looking to make your home “pop” to prospective buyers, consider less expensive, more superficial remodeling that freshens the look of a home without making major decisions for the buyer. Adding a garage yields a 53.6 percent return and costs more than $90,000, while simply replacing a garage door costs only $3,545 and returns 69.8 percent. Likewise, a deep kitchen remodel is far more expensive and less profitable than a far cheaper refacing of cabinets, fixtures, and countertops.

If you really want to sell your home, do your best to put the property’s best foot forward, but save major changes for the home you plan to buy.

 

Posted in For Buyers, Home Improvement | Leave a comment

Tips for Buying a Rental Property

Posted on January 11, 2012 by lisawilson

Posted on December 30, 2011 by Realty Executives

A college crowd can increase turnover and wear-and-tear. 

There are plenty of reasons to purchase rental properties. They can provide steady, passive income when the housing market is slow, allowing you to sell only when conditions are right. They can allow first-time buyers to enter the market when they’re priced out at home, and are an excellent way to build equity in a retirement or vacation home.

Whatever your reason, if you’ve decided to buy a rental property, follow our five tips to make the process as smooth and economical as possible.

1. Do not expect a quick profit

If you have visions of flipping your rental property in just a few years, stop now. Historically, rental properties have been an excellent source of long-term income, but their resale prices are based more on income streams than spikes in home prices. This is particularly true of multi-unit dwellings, and is even more pronounced in a depressed market. There’s little debate that you will be able to sell your rental property at a tidy profit some day, but unless your primary focus is on building equity and earning passive income over time, you’re in the wrong part of the business.

2. Know your market

Generally speaking, you want to buy a rental property in the best neighborhood you can afford. An ideal neighborhood would have low crime, a population influx, and proximity to transportation, employment, and amenities. Of these, crime is the most important, as it has a direct impact on your tenants’ comfort level and potentially impacts the physical safety of your investment.

Even beyond statistics, the character of your neighborhood is important, as well. A 3-bedroom duplex will have faster turnover and receive more wear-and-tear in a college town than a sleepy family community. A high-end rental home in the suburbs might be a short-term fix while a couple searches for a purchase, but the same home in an urban area could be a long-term rental for a busy businessman.

3. Play the waiting game

If you price your property too high, you may lose money on an extended vacancy. If you price too low, you risk losing money over time. After you have a few years of ownership in your neighborhood under your belt, weighing the trade-offs will become easy, but when you’re starting out, you’ll want to seek the advice of an experienced professional. Start by asking your REALTOR©, who may be able to refer you to other rental property owners.

4. Know your tenants

Bad tenants will damage your property, run up maintenance bills, call you (or your management company) at odd hours, and leave you holding the bag for months of rent when they abandon your property. Good tenants provide a predictable revenue stream and respect your investment. Do not cut corners with due diligence when choosing a renter. Credit checks are important, but checking references is critical.

Once you find your perfect tenants, be open to working with them. Be flexible with improvements or changes they’d like to make to the property. If they’re going through hard times, a minor rent adjustment could be well worth the long-term payoff. In the end, you need the tenants as much as they need you.

5. Be prepared

Rental properties require a fairly substantial cash reserve, as well as other preparations. You’ll want to be able to cover several months of mortgage payments to address vacancies and payment processing time. Rental properties require a larger downpayment (often 25-30 percent) than evidential properties, so budget accordingly.

You should also line up contractors and maintenance staff as soon as you purchase a property. Again, your REALTOR© or network of other landlords can point you in the right directions. Check references, pre-negotiate rates, and ask for backup referrals for times when your primary contractors are not available. Be sure to ask your tenants for feedback on the contractors’ work and conduct, as well.

 

Posted in For Buyers | Leave a comment

First Time Home Buyer’s Checklist

Posted on October 7, 2010 by Realty Executives

Your first home purchase is exciting, but it can also be stressful. Here are some tips to limit the trauma and help you find the home of your dreams the first time around.

The most important step in selecting a home is knowing how much you can spend. If you already use an electronic budgeting system, you’re ahead of the game. If not, track your expenses for the past several months to a year. Try to quantify the “gray areas” of cash withdrawals that disappear on small purchases. Now add up your current rent and other related expenses. If you’ve been saving money toward your down payment, note that, as well. Finally, ask yourself where you can tighten your belt with your existing discretionary purchases. This is the maximum amount you could pay per month. Now ask yourself if this is reasonable, given your current savings and possible expenses. Only you know the answer to that. When you’ve arrived at a comfortable number, write it down, and save your calculations. You’ll take this to the bank when you apply for loan preapproval. For now, you have an estimated payment you can use while shopping online.
Continue reading – First Time Home Buyer’s Checklist

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4 Tips to Determine How Much Mortgage You Can Afford

Posted on October 7, 2010 by Realty Executives

By: G. M. Filisko
Published 2010-03-11 16:55:18

By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget.

Homeownership should make you feel safe and secure, and that includes financially. Be sure you can afford your home by calculating how much of a mortgage you can safely fit into your budget.

Instead of just taking out the biggest mortgage a lender qualifies you to borrow, consider how much you want to pay each month for housing based on your financial and personal goals.
Continue reading – 4 Tips to Determine How Much Mortgage You Can Afford

Posted in For Buyers, Home Finance | Tagged , , | Leave a comment
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