Real Estate For Sale

The Benefits of Living with Mom (and Dad)

Mother’s Day is fast approaching, which means it’s time to celebrate all those things your mom did for you growing up (like not murdering you during your obnoxious teenage years).  While many of us will call or travel to visit mom, others may not have as far to go in order to shower their parent with love and affection.  A greater number of grown adults are choosing to cohabitate with their parents.  We’re not talking living on the couch or setting up shop in a dingy basement either.  Parental living arrangements are growing in popularity and can offer benefits to both parents and children, which you’ll learn all about if you keep reading below…

Increasing Cost of Care

In recent years, the cost of home and private retirement facility care has increased exponentially.  If you’re looking for causes, chalk this one up to good ole supply and demand.  As baby boomers and other generations continue to age, facilities to cater to more active lifestyles brought about by health consciousness and longer lifespans have become increasingly popular.  A greater amount of services, and the lack of corresponding growth in facilities and space has led to higher overall prices.  Many of these cost increases have priced seniors right out of the appropriate medical care or attention they may need, making cohabitating with their adult children an ideal arrangement.

It’s not just seniors who are incurring greater costs for daily assistance.  As more and more U.S. homes are becoming two working parent households, the demand for child care has also increased.  In some cities finding an opening in an accredited facility for young children can be hard enough, much less coming up with the monthly payment.  Having one or more grandparents living at home not only exposes children to valuable intergenerational stories and learning, it also reduces the need for babysitters, nannies and outside the home daycare.

Higher Down Payments Equal Lower Overall Debt

It’s not news to regular Homegather readers that the cost of buying a home has increased exponentially in recent years.  Even accounting for the real estate market earlier this decade, home values have doubled and, in some areas tripled or more, in comparison to median salaries and wage increases over comparable years.  Having two families contributing to the purchase price of a home can make otherwise unattainable home ownership a reality with resulting lower monthly payments and elimination of PMI.  Interest rates continue to hover around all-time lows, but that won’t always be the case.  Experts see the financial benefits of bigger down payments paying off for years to come.

Not as New a Trend as You Might Think

While eliminating the stigma of living with your parents as an adult may seem like the hot new trend in cohabitating, it turns out the U.S. is behind the times.  Across the globe, many cultures not only accept multi-generational households, they would think of the lack of a parent or grandparent presence out of the ordinary, or even downright taboo.

From Asia to Africa to Russia, across continents, religions, and cultures, many societies have embraced the concept of elders continuing to live with their children.  Valuable culture and traditions, stories, recipes and more are often passed down through extended interaction with a family’s matriarch or patriarch.  These traditions would become lost, or have a smaller impact if grandma and grandpa were shipped off to a care facility or maintained their separate residence.

From honoring one’s elders to utilizing knowledge, having older family members live with their families is both an asset and sign of respect.  Whether financial, emotional or cultural support, this is one trending “fad” we can definitely get on board with.

For Sale by Owner: Brilliant Idea or Recipe for Disaster?

If you’ve ever sold a house before you know that the myriad of fees, points and commissions charged by the various people involved in your transaction can rack up fast.  In some cases, these line items can eat significantly into the final amount you’ll end up pocketing when the sale is said and done.

If you’ve been eyeing the current hot home selling market this season and thinking about ways to trim the administrative fat in your home sale, you aren’t the only one.  “For sale by owner” signs have been popping up on properties around the country.  But does going into a home sale unrepresented by an agent really save you in the end?  We’ll break down the monetary and other costs of trying to go it on your own and explain why, in this case, a penny saved doesn’t always equal a penny earned.

Selling Your House is Complicated

While putting out a for-sale sign might seem like an easy task, the truth is that getting a buyer is just the tip of the iceberg.  Selling property has always been a legislative and administrative hassle.  Did you make the proper disclosures regarding lead?  What about that termite damage you had remediated a few years back.  Do you remember to put all the clauses into writing?  Online forms can only get you so far and missing an important addendum, disclosure or another requirement can mean the difference between a closed sale and a lawsuit.

Are You an Expert at Negotiating?

Speaking of those termites, a real estate agent is responsible for more than just baking cookies at your open house.  A licensed, experienced agent is knowledgeable in the market for your particular area and knows what concessions are commonly granted, and which aren’t.  Should you credit your potential buyer for a new roof?  What are other sellers doing when it comes to requests for closing fees?  Your real estate agent is your primary source for negotiating and advising on responses to demands from the buyer.  The wrong move here could cost you thousands of dollars in unneeded fees or credits, or, potentially your sale.

The Cold Hard Numbers

While we’re on the subject of dollars, it may seem reasonable that eliminating an agent reduces your out of pocket expenses but does it really save you money in the long run?  As it turns out, having an agent can actually net you more at the end of the day.  This is because real estate agents are specialized professionals whose sole job it is to market, advertise and promote your property listing.  While they will pocket on average 3.5% of the listing price, this figure is easily made up for by the higher final sales price in most cases.  On average, realtor marketed homes sold for at least 8% more nationwide in 2015.

In addition to higher overall offers, homes represented by real estate agent’s sell faster than for sale by owner homes.  A whole 30 days faster to be exact.  It again comes down to expertise, and also the tools agents have at hand.  It can be difficult, and in some cases impossible, for sellers to gain access to the multiple home listing services that buyers and buyer agents use to help search for homes.  Since the majority of home purchases today are initiated through internet searches, it makes sense that not being included in the online sources limits your potential pool of buyers.  This can end up costing you.

To Wrap Things Up

While we like a good self-motivated homeowner when it comes to basic repairs, maintenance or doing beginning research when looking to buy or sell, the truth is that there’s a reason for the various roles involved in a real estate transaction.  You may save a few thousand dollars in fees, but long term value in cold hard cash, plus the value of your time and potential liability in case things go wrong, can all add up in the end.  While you may be tempted to jump on the For Sale By Owner bandwagon, try sticking with an agent to see real savings and even gains.

What to Expect During an Open House

It’s home buying season.  Markets are on the move.  Properties are coming and going and buyers are on the hunt for the perfect place to call home.  Whether you’re a buyer or seller, one of the most exciting aspects of the real estate dance is always looking for just the right partner.  One of the key courting rituals in the world of homebuyer and selling is the open house.  Buyers open up their homes for an afternoon.  Agents put some cookies in the oven.  Prospective buyers come through in droves.  Before you know it, a connection is made and poof, the house becomes the home of the new individual or family.

But before you ask your agent to rope off a time or schedule a day of caravanning between listings, there are few particulars you may need to know about the open house process.  So sit back and bust out that pen and paper.  Homegather is about to guide you through Open House.

Member Access Only – Is Gated Community, HOA or Other Exclusive Living Right for You?

Admit it.  Ever since you saw your first episode of Dallas, Desperate Housewives or other TV drama featuring picture perfect houses with picture perfect yards, you’ve wondered what it was like to live in a planned, gated or otherwise restricted community.  We can’t blame you.  The perks from controlled access or uniform, clean, landscaped yards can be appealing.  From security to extra amenities to picturesque settings for family gatherings, planned and gated communities have much to offer homeowners.  But, as with most attractive packages, the reality isn’t always as perfect as you’d think.

Nice Yard…Now About That Gnome Statue

One of the most obvious benefits of planned community living, at least to the casual observer, is the uniform attractive appearance of the yards in the neighborhood.  Home Owners Associations, or HOA’s, will generally call for a regular schedule of lawn maintenance or may even provide the service themselves depending on your community.  This picturesque exterior planning can be a dream to enjoy on quiet evenings outdoors and creates instant curb appeal for resale value down the road.

In exchange for not worrying about your quirky neighbor putting a car up on cinderblocks in their front yard, however, there are a few drawbacks to that perfectly manicured front, or even back, yard.  First, many HOA’s will place limitations on types of plants you may grow and require strict maintenance so that nothing appears unruly or untidy.  Go a few weeks without pruning those peonies and you may have a letter waiting in your mailbox or a visit from the neighborhood proctor on your hands.  And if you’re a fan of those quirky statues, flags or other decorations that tend to be found in catalogs strategically placed in the back pouch of airline seats, you may be out of luck.  Garden gnomes, flags or other “fun” decorations tend to be universally frowned upon in planned communities.

Fifty Shades of Beige

Speaking of adding personal touches to the exterior of your home, if you’ve been thinking about painting your front door bright red or adding a splash of neon green to your shutters, if you live in a planned community you may want to think again.  Your HOA, community plan or other neighborhood guidelines will most likely limit the color and material options for the exterior of your home.  And they will most likely be neutral, unexciting shades to choose from.  On the plus side, these limitations can create a uniform appearance to the neighborhood and can help avoid glaring eyesores, like that time our neighbor in elementary school decided bright orange was a happening color for siding.

Welcome to the Neighborhood…Now Where’s Your Pocketbook

If you’re on board so far with obliging HOA guidelines for items like yard maintenance and front door colors, know that with these perks often comes a price.  In exchange for providing governance, your community or neighborhood group or Home Owner’s Association will typically charge monthly or yearly dues in order to defray expenses.

The bigger the perks, the bigger the fees.  Gated communities often have dedicated security officers who need a monthly paycheck.  Common amenities such as a clubhouse, tennis court or community pool also require staff and maintenance.  The bigger the perk and the smaller the community the higher the fees will be.  Some small HOA’s may require a few hundred dollars a year.  Others may rack up bills of thousands a month.

Whether you choose a traditional neighborhood or a planned community, before you buy be sure to inquire about any restrictions your home may face.  HOA or other fees should be disclosed before you enter into any purchase contract.  Limitations on building, painting or other customization are also typically required to be included up front.  As with any home, these communities will have their pros and cons and it’s up to homebuyers to decide what meets the needs of their individual families.

Staging Your Home – A First Impression Could Be the Last Impression

Are you thinking about listing your home or condo for sale?  While there are many aspects to consider when deciding to sell a property, one of the most important considerations a seller ponders is whether to show the home furnished or empty?  Answers to this question vary among experts in the market place and opinions on both sides of this argument offer valid points.  However, the scales tip slightly in favor of leaving a property furnished when showing to perspective buyers.

The Argument for Staging

First, leaving a property furnished, takes the “guess” work out of how an individual may layout and best utilize particular spaces in a home or condo.  Buyers need not wonder if the wrap around couch would fit in the family room or where to hang the big screen television.  They can easily picture how the master bedroom furniture may be arranged.  Another reason is a furnished home with the right style of furniture and layout adds aesthetic appeal and charm to the property.  This concept is apparent in the new trend of professional staging.   Hiring a professional stager to decorate and maximize a home’s potential is always an added benefit, but not all sellers are in the position to seek that type of expertise.

Clean and De-Clutter

When you can’t hire a professional to help stage a home, it is essential a potential buyer’s experience be positive when first seeing the home.  If the property is cluttered, dirty, or emits an unpleasant odor, the seller can say goodbye to any expectations of a written offer.  Bulky or lack luster furnishings and tacky decor may leave a potential buyer unimpressed and uninterested.   The first impression of a property will always determine if a second showing or a written contract is a possibility.  Keeping this in mind can help guide both the realtor and seller in the decision to keep the home furnished or show it empty.

When a seller can’t afford to hire a professional stager, it’s best to try to think like one.  As a seller, if you do decide to keep the property furnished THINK: less clutter, cozy comfortable layouts, neutral interior paint, lighting counts, clean, pleasant odor, and depersonalize.  A potential buyer will take all these things into consideration when viewing a property to purchase.  The first impression must be the best impression.

What Do the Experts Think?

So, why do some experts believe leaving a home unfurnished is better?  One consideration for leaving a home unfurnished is that it allows a potential buyer to view the property as a blank canvas.  Someone else’s belongings in a home, can lead to a buyer relating the property to the previous owner and never personalizing it and seeing it as his or her own.  Also furnishings and decor in a space may not appear attractive to the buyer because personal taste and styles vary among individual home owners.  An empty space enables the buyer to be creative and imagine the exact layout of his or her own belongings arranged in a multitude of ways.  They begin to personalize the space.

Another argument for leaving a home unfurnished is that it provides potential buyers the flexibility to move in as soon as closing occurs.  It also removes the concern that the property could be damaged by the former owner when moving out.  Finally, an unfurnished home provides the buyer more assurance that there is no hidden damage, such as a hole in the wall behind a headboard, or a stain on the carpet beneath the couch.

Pluses and Minuses

Regardless if you are working with an agent, or selling a home for sale by owner, these are important points to take into account when determining if it is best to leave a property furnished or empty.  Both options present compelling sides, thus leaving room for open discussions and different conclusions from the experts.  More professionals in real estate agree that leaving a home furnished is the best way to sell.  This eliminates any conclusion that an empty property means a desperate seller, thus decreasing value.  Also, experts’ site that an empty house can surprisingly feel smaller than one furnished.  Regardless a seller can rest assured that all experts agree; the first impression could be the last impression.  Whether your home was listed and shown furnished or unfurnished, always leave the best impression on the potential buyer, therefore increasing the success of a sale.

Renovations for Home Sale or Home Enjoyment?

With the warming weather underway and your Spring cleaning recently accomplished, now is the time many homeowners start considering tackling those major home improvement projects.  If you’re feeling particularly handy, or have brought in the professionals, to undertake a major home renovation this year, you know the importance of coming up with a game plan.  But before you draft those blueprints for your new addition or masterpiece built in fish tank meets wall unit, take a few minutes to digest a bit of handy guidance on renovations and home value.

Are You Looking to Sell?

Before commencing any remodel on your home, consider when and if you will be looking to list your home on the market in the future.  If your intention is to remain in your home for 5, 10 or more years, you will have more flexibility and a greater amount of time to get a return on your investment.  Do keep in mind that life can sometimes bring the unexpected.  Despite your best laid plans, you may find your job and family relocating sooner than you considered.  While this shouldn’t stop you from enjoying your home now, you may want to keep resale value of any major improvements in mind.

Modern Trends or Timeless Classics

On the topic of resale value, there are numerous factors that will impact your improvements addition (or subtraction) to the value of your home.  We’ve all heard of the obvious considerations here.  Adding or subtracting bedrooms or bathrooms or spending money in high value areas such as the kitchen, are points addressed in most major home improvement magazines.

What is less talked about is the overall look, feel or aesthetic of any improvement you may undertake.  When renovating with an eye to resale it’s better to avoid modern trends and stick to timeless styles.  That all black vinyl counter top may be all the rage this year, but it also instantly dates the renovation and may be a fashion faux pas five years down the road.  Neutral colors and quality materials will always be in style.  If hiring a contractor, consult with them prior to importing that sapphire blue Italian marble, or similar trendy item.  Chances are they’ve worked in quite a few homes in your area and can offer feedback on keeping things classy either now or years later.

The Personal Touch isn’t Always Best

Another overall theme to consider with your renovation is whether you are personalizing the home “too much.”  If you’ve designed the newly refurbished basement to be a home gym, complete with built in weight machines and mat flooring, it will be very difficult for future buyers to change the space to be used for another purpose.  If you don’t have enough perspective buyers that are also gym rats, this can mean you won’t get a return on investment for your upgrade.  For extremely specialized upgrades, future buyers may even consider them a liability or a change that devalues the home.

Making improvements and placing finishing touches on your property is a large part of what makes a house a home.  While making the space your own should always be highly encouraged, if you’re considering a home sale in the near future you may need to rethink your strategy just a touch.  Renovating, refurbishing or other construction on your home is a major undertaking.  Spending a few minutes up front to plan not only the individual logistics of your job, but also the long and short term impacts to home value or resale ability, will return major dividends in the end.

New Construction or Tried and True: Pros and Cons of Buying a New vs Older Home

Life is full of tough choices.  Chocolate or vanilla. Cats versus dogs.  Jelly or Jam.  Okay, so maybe these either-or scenarios might not exactly have life altering effects if you make the wrong choice (dogs are always the better choice) there is one decision you’ll need to make that will have a long term impact on your life.  When it comes to house-hunting, choosing between a new construction or an existing older home will have distinct differences in your overall living experience.  They will also affect your pocket book in varying ways.  Keep reading as we break down the pros and cons to homesnew and old.

Money Well Spent – In Different Areas

One of the primary considerations when making any home purchase is your budget.  With a new home the majority of your investment will go directly into the purchase price.  Generally speaking, new construction will have little to no work needed to get your new home move-in ready.  Homebuilders typically prime new walls to provide a blank palette to new owners so you may need to invest in a few gallons of color, or the services of a professional home painter.  New construction will also usually come with a home warranty good for one to five years, which will cover anything that may go wrong.

An older home on the other hand may need repairs, from minor to significant, in order to make it livable.  Walls are typically painted in colors that aren’t your preference, but at least they are painted before move in.  Unless you have a motivated seller, you generally won’t receive a home warranty which means buyers will be on the hook for potential fixes in the years to come.  A thorough home inspection will be important and can help uncover these potential pitfalls at a time when you are still able to ask for concessions, repairs or credits from your seller.

Established Neighborhood or Build Your Own

Another major consideration is whether or not you will be buying into an established neighborhood.  While some new construction is the result of tear downs of existing homes, many times you will be buying in a brand-new neighborhood next to neighbors that have purchased either shortly before or after you.  This can mean that your neighborhood will lack a sense of structure and community and relationships must be built.  This may take longer to create from the ground up.  On the other hand, in long standing neighborhoods it may be difficult to break into the local bridge game or weekly dinner parties with families who have known each other for years.

Things Can and Will Still Go Wrong

Whether buying new or old, keep in mind that the unknown can and will still happen.  New construction will often settle over the first few years, creating minor, cosmetic cracks that won’t be covered by your typical warranty.  Bigger issues may be covered under your home owners or warranty policy, but only if they have a major impact on your ability to live in your home.

For older homes, appliances and systems have a finite lifespan and even the best inspector may have a difficult time anticipating when a furnace or hot water heater will go bad or when, exactly, that roof will spring a leak.  On the other hand, a solid foundation that has lasted for 30, 40 or 100 years will most likely stand the test of another 50, and older houses were built using wood grown before the modern movement of fast growing trees for construction meaning your materials are more dense.  There is, after all, a reason people throw around the whole “they don’t make things like they used to” line.

Morale of the story, whether new or old, each home will have its own peculiarities.  The important thing for homeowners to consider is each individual prospect’s individual charms, then weigh these against other properties that may have made their way onto your final picks list.  Homes are much like people with individual characteristics and personality.  Spend some time getting to know the quirks of your potential new home before purchase for the best chance at avoiding buyer’s remorse.

Its Big Game Time: Are You and Your Home Ready to Host a Party

You’ve felt it coming for the last few weeks.  Aisles in the grocery store have been filling up with chips, dips and more canned beverages that you can shake a stick at.  Everywhere you turn a distinct sports theme has begun to permeate everything from bakery cupcakes to commercials to (heaven forbid) real estate website blogs.

This epidemic of favorite-team-colors induced madness happens about this time every year and doesn’t end until you and a host of friends hash out your differences around the television this Sunday.  While the Football game of the year may be about just who will come away the pigskin victor, its also a traditional reason for friends to get together, alternating hosting duties for gatherings of friends.  If you’re in charge of the game day party this year, read on.  We have a host of tips for getting your home big game ready.

Seating, Seating and More Seating

Whether it’s a football viewing party or an elegant dinner party, the first thing to consider when having people over is where will everyone be parking their tushes during the festivities.  The easiest solution would involve a quick trip to your local home décor or big box retailer for a host of folding chairs.

If you’re short on storage space though it can seem a bit inefficient to store extra seating for the other 364 days of the year when you don’t have guests.  If you have the time and forethought, consider stocking your living areas with convertible seating such as ottomans with built in storage.  Converting a bay window into a sitting area is also a simple project that can help take the load off your guests and maximize on space in smaller homes.

Separate Viewing Rooms

While most of your guests will be there for the football festivities, consider a separate viewing room in your home for those that want to step away from all the yelling, screaming and popcorn throwing that will be going on in the third quarter.  Another room in the house, such as the kitchen or dining room, with a smaller television turned to a lower volume, can provide a place where your guests can keep an eye on the game while enjoying a glass of wine or a few minutes of conversational catch up.  This is also a great way to allow the less enthusiastic fans in your group to socialize while not feeling like party poopers.

There’s Always Next Year

Let’s face it, there will come a time when your social circle outgrows your current even hosting capabilities.  Whether the kitchen is too small or there’s just no way to cram 30 guests into your one bedroom unit, this is the perfect opportunity to start making plans for next year’s big game.  Super Bowl season marks the beginning of the hectic spring selling season in most communities.

Spend a few minutes this game day perusing the current available listings or making a wish list of items for a new home.  Narrowing down some basic broad details such as neighborhood, approximate size and whether you need room for that outdoor grill, can all make the home buying and shopping process smoother.

The Final Analysis

Whether hosting a couple of friends or a dozen, don’t despair.  Stores are packed full of items from snacks to seating that can help make you game day party a smash hit.  And if you find yourself sitting at someone else’s place, playing Monday morning quarterback on all the ways you could have thrown a better party, don’t despair. Homegather.com has all the resources you need to help get you into the place of your dreams in time for next year’s football extravaganza.