American Eagle Realty's Blog
When trying to sell any property, getting the best deal is what you should try to achieve. However, this is not usually the case every time. There are factors, some within and others outside your control that could reduce the overall face value of your house.It helps to know some of the essential things that might prevent you from getting a good deal on your property.
1. Noisy Neighbors
Noisy neighbors are downright annoying and a turnoff. It is one of the external factors that reduce the value of a property. While there is nothing much you can do about this, it can reduce the overall value of a house by 5 to 10%.
2. Registered Sex Offenders
The presence of sex offenders generally limits the value of a home. That is not surprising as no one wants to stay in areas that have a terrible reputation due to that kind of crimes. Records have it that the presence of a sex offender can limit the overall value of a house by as much as 12%.
3. Horrible Schools
Many home buyers give massive preference to top quality schools before choosing a house. Records have it that home closer to high-quality school do benefit from the proximity. An area with good schools increases the overall face value of the property because it becomes attractive to families with children. The reverse is the case as well. Houses in the same neighborhood as low ranking or bad quality school are not usually valued high.
4. Some Renovations
Although renovations add to the overall value of a house, some upgrades can repel prospective home buyers. An example is a swimming pool in environments with cooler climates is a turn-off. This most times is due to the expensive upkeep. Besides, if you have gone overboard to maintain your lawn or garden, it could repel prospective homeowners. The maintenance obligation that comes with owning a carefully tended lawn can be discouraging to some potential buyers.
5. Unusual Colors
Bear in mind that the first things a buyer notice about your home is the color. If your house color stands out excessively among the house or properties in the neighborhood, it could affect the price negatively. Unpopular colors also apply to the interior. With odd colors inside, many potential buyers would dread living in it. Poor color choices might reduce the overall value of your property as the buyer will need to consider the cost of repainting.
Some of the things that affect the overall value of a home are out of your control. However, you can do all in your capacity to make the ones in your control work in your favor. Speak with a local real estate agent to help you assess your property's value before listing on the market.
Moving at the wrong time.
It is very crucial for people who plan on relocating to consider the time of the year in which they would move. Not doing this may influence how stressful their move will be. To be sure, call a professional quality mover. It is advisable to make the first contact between three and four months before the desired move date.
Preparing on the D-Day
For a successful move, it is essential to organize. So it is unthinkable to arrange your boxes or defrost your fridge the morning of your move. Unplug your refrigerator 1 to 2 days before to allow it to defrost and be movable on the D-day. For preparing your cartons, doing that a few weeks in advance can help you manage space.
Not researching movers and insurance
You should entrust your furniture and belongings to the right movers. These professionals will have a heavy responsibility to transport your property in the best possible conditions and without damage. Just as you would not leave your child to just any nanny, it is vital to choose the right mover.
Not estimating the cost of the move
Before making the final decision to go through a professional mover, it is vital to ask for a detailed quote of all the services you will need for your move. Doing this will help avoid financial hassles during your journey.
Underestimate the importance of the inventory
On your moving day(s), you will have to deal with many things; the movers, the last adjustments, the final cleaning touches. A lot of traffic and cardboard in your house and so many upheavals. However, do not neglect the importance of the inventory list.
When preparing all of your boxes, take the time to make an inventory that will help you, on the one hand, to find everything when you unpack your boxes in your new home, but that will also allow you to make a good follow-up check of your belongings during the move. You guarantee that you can track and verify that your property is complete.
It is important to read the list of the inventory at your departure carefully; to check that nothing is left behind. Then do not forget to re-read this inventory when unloading your belongings in your new home. It will be easier for you to do the necessary steps on the day of unloading than a few weeks later.
If you’re buying or selling a home for the first time you’ll likely come across several terms and acronyms you’ve never heard before. When working with a real estate agent, he or she will likely do their best to put things in simplest terms for you to understand. But, it never hurts to do your research ahead of time so you’re prepared for the lengthy and complex process of buying or selling a home.
In this article, we’ll define some of the real estate terms you’re most likely to read or hear during your search for a new home, or when you put your current home on the market.
Common real estate definitions
Adjustable rate mortgage (ARM) - a home loan with a in interest rate which fluctuates throughout the payback term of the loan. The fluctuation typically aligns with changes in the housing market’s average interest rates.
Fixed rate mortgage (FRM) - Fixed rate mortgages have an interest rate that does not change for a predetermined period of time or for the entire length of the home loan repayment period.
Closing costs - Miscellaneous fees associated with buying a home. These include attorney fees, applications fees, taxes (property taxes, transfer taxes), underwriting costs, and more.
Transfer tax - A tax charged for when a property changes ownership. These vary by state. Some states do not have a transfer tax.
Appreciation and depreciation - Appreciation is an increase in a property value due to things like inflation. Depreciation is a decrease in property value due to market deflation, wear and tear on the property, etc.
Equal Credit Opportunity Act (ECOA) - A U.S. law that makes it illegal for a creditor to discriminate on the basis of the following: national origin, race, color, religion, sex, age, marital status, or to the applicant’s status as receiving public assistance from things like food stamps and social security.
Mortgage escrow - an escrow is a neutral, third party agent or company which holds documents or funds until certain terms and conditions are met and a contract is fulfilled or terminated. For mortgages, lenders will often set up an escrow to pay insurance premiums and property taxes. These are typically added to your monthly mortgage bill.
Homeowners association (HOA) - a group of homeowners who regulate, maintain, and manage common spaces in subdivisions and condominiums. Monthly dues are typically required to upkeep common spaces. An HOA board made up of homeowners meets to vote on rules and regulations that members of the HOA must abide by.
Private mortgage insurance - a type of insurance that protects a lender if a borrower defaults on their home loan.
Exclusive agency listing - an agreement between a homeowner and a real estate broker giving the broker exclusive rights to list the home.
Assumable mortgage - a home loan that enables a buyer to take over the seller’s mortgage payments and loan terms.
Fair Credit Reporting Act (FCRA) - A U.S. law which promotes privacy, fairness, and accuracy in reporting your credit score to lenders. This lets you correct inaccuracies and prevent certain information from being used against you when applying for a loan.