Karen Adelson's Blog
Here are five things you need to put in check before putting your house out for sale:
Curb appeal and Entrance
The saying "don't judge a book by its cover" does not apply to real estate. Both the front and back of the home should be eye-catching. Making sure to mow the lawn, plant flowers, ensure paint is fresh, and the door is free from cobwebs or dirt, check that screens aren't sagging or broken and that the porch is clean and free from debris.
Applying a new coat of paint will make your house look fresh, clean and updated. It's like a bit of skincare for your walls and will cover all the cracks, chips, and the occasional dent. Before you paint, cover any holes with putty and sand them smooth, and for more significant damage, spray texture to make it look less noticeable. Also, don't forget to look up; if your ceiling looks old, give it a fresh coat of paint as well.
Flooring gets the most wear of all the parts of your house. If your flooring is begging for some personal care, consider doing so before you put your house on the market. Carpets should be free from stains or damage; tile and hardwood should be clean and free from cracks. Make certain linoleum is clean and free from holes or gouges. Replacing the flooring in the entire house is not advisable unless necessary. Do replace flooring in high traffic areas. If you are in the market to put a new floor in, hardwood is the gold standard for what buyers want most of the time, and there are a variety of cost options for most budgets.
Buyers aren't just in the market for a roof over their head; they are looking for a roof that doesn't leak, sag, or need a ton of repairs. If your roof doesn't need a complete overhaul, make sure that there aren't any shingles that need replacing. While you are up there, it is also a great time to clean out those gutters and caulk them.
New windows are expensive, but nothing takes an older home up a few notches above average than new windows. If you can't afford to put new windows in, make sure that they are cleaned inside and out by a professional to help them look their best. Look at the sills and if they are cracked or yellowing, paint them. Lastly, make sure that the blinds are clean and in good condition. If they aren't, consider replacing the window coverings to make them look top-notch.
To get a good profit off your home after selling it, you have to ensure a proper and thorough refurbishing. Speak to a real estate agent in your neighborhood on how to get the best value for your home.
If you want to take advantage of the market and to get a good deal on a foreclosure, apart from having sufficient cash, there are some few things you need to know before you complete the transaction. Before you get started, you should understand what foreclosure means. Succinctly, a foreclosure is a bank-owned property, often known as real estate owned (REO). For whatever reason, the actual owner stopped the payment of them, so the lender (e.g., Wells Fargo, Bank of America, etc.) legally took ownership of the property. When a Foreclosure is a good deal When you intend to buy a foreclosure, here is how you know you are in for a great deal:
1. “I love it” - This is what you will say after you have viewed the property, driven around the neighborhood and carefully checked the property fundamentals. You love the home because it is almost what you were aspiring for in becoming a rental property owner or new home.
2. “ I plan to own it for a long time” - This will be your reply when asked. Regardless of how good a deal you think you are getting, the primary point when it comes to ownership is a minimum of five years. If you don’t intend to own the property for that long, it is best you remain a renter. Remember, the three most vital words in real estate are “Long-term ownership."
3. “It is in good shape” - This is what you will say when your family members and friends ask you about the physical state of the property. A vast majority of buyers do not know how much a property renovation will cost. Here is the reality, repair is expensive and could take a very long time beyond your imagination, so make sure the contractors purchase the fixer-uppers.
4. “ The price is similar to recent sales in the neighborhood” - This is what you will notice when you conduct a comparable market analysis of properties nearby.
Confirm Your Suspicions
To further help you confirm that you are about to make good foreclosure deal, you need to compare mortgage rates, get contractor estimates, and check at least eight other properties so you will be sure what the market has to offer. Following these steps will reduce any risk and ensure the foreclosure you bought was indeed a “great deal.”
To get the best deals and avoid buyers remorse, talk to your real estate agent about the local area and any insider information.
128 Revolutionary Road, Concord, MA 01742
Investing in real estate investment is still a viable option, consider these few trends.
Construction of new homes is on the increase in the U.S. Although the Census Bureau reported that new home sales in January 2019 had dropped 6.9 percent as compared to the same period last year. The U.S. median property sales went down from $373,100 to $317,200.
It is clear that conditions are somewhat optimal. Given the current economy, high seller’s price, excessive supply, and fewer buyers which will eventually force the median sales price down, the best time to profit from real estate investment is now.
The years ahead will be the best ever for those who want to make a fortune in real estate. If you currently own a home, don’t be tempted to sell it off. However, if you are still on the fence observing, here are the primary reasons you should jump in now.
1. It can be a lucrative venture
After the current slowdown, the market is expected to appreciate more and more for the next three to five years. With the housing price projected to drop soon, the second quarter of this year will be the ideal time to plunge in and make your profit. The earlier you understand this fact and prepare yourself, the better you are securing your future in property investment.
2. There is enough available capital
Apart from borrowing from banks to finance your real estate deals, there are private lenders (and the numbers are increasing) willing to provide financing in exchange to part of the returns.
Still, many private lenders offer loans and low-interest mortgage financing provided you fulfill other conditions. A wise real estate investor can leverage the lower interest rates and build serious cash flow in this industry.
3. The process can be stress-free
These days, the process of investing in real estate is so easy that even the least tech-savvy person can manage it easily. With technology, the majority of the work takes a little time and energy to accomplish.
You have the option to contract out the business of managing your real estate to a reliable property manager, or you can handle it alone. Conversely, you can use apps and software to advertise your property, conduct property analysis, and even collect rent.
The wealth from real estate investment has the potential to transform lives, families, and even businesses. Whether you are coming on board for the first time, or you want to maximize your portfolio's earning capacity by outsourcing the management to a property company, it is time to take advantage of the real estate market.
Your real estate agent is likely familiar with local property management companies, so ask them for suggestions when it comes to whom you hire.