The final walk-through on your new home is an exciting event. It means you have successfully maneuvered through negotiations, inspections, and financing approval, and are on the verge of signing your closing papers. Most buyers attend the final walk-through with thoughts of furniture placement and paint colors in their heads. But the walk-through is about more than just making sure your favorite chair will fit by the fireplace. Be sure to do your due diligence to make sure there are no issues that should be resolved before you reach the closing table.
The purpose of the final walk-through is to ascertain that the home is being conveyed to you in the same condition it was when you agreed to purchase it. Here are a few of the things you should check:
1) Make sure no damage has occurred to the home that the sellers are responsible for repairing. Weather conditions or careless movers can cause accidental damage, and old and forgotten damage may be uncovered when the sellers’ belongings are removed.
2) Check that appliances are still in working order and no new plumbing or electrical issues have popped up. While you aren’t doing a complete home inspection, you can visually check for obvious problems that should be repaired before you move in.
3) Confirm that items contractually conveying are present. If the sellers agreed to leave particular furniture, décor, or equipment, see that it has not been removed.
4) Make certain the sellers have removed all their belongings. You don’t want to arrive with the moving truck only to find out that the sellers left behind an assortment of unwanted furniture or trash. The sellers should be held responsible for removing everything that doesn’t convey with the sale.
Although currently dimly lit and a little rough on the eyes, your unfinished basement still has a lot of potentials. With just a little love and the help of the following ideas, you can spice it up in no time and get some great use out of the space.
The early spring through the summer are generally the busiest times of the year for home sales, but the fall can be a particularly advantageous time of year for sellers. Housing inventory drops off during the fall months, so sellers have less competition. That means you can expect higher offers, fewer contingencies, and less scrutiny from buyers. You maintain more power over your terms.
Fall buyers are serious buyers! Early in the year you can get lots of lookers who are just thinking about buying at some point, but by fall the buyers still looking are ready to get under contract and often have a deadline. Many fall buyers are anxious to get settled before the holiday season and, if they have children in school, they will want to get them in their new schools before too much of the school year passes.
Employers who pay to relocate employees also like to shop off-season to save on moving costs. If you live near a large hospital, university, technology center, or industrial area, your home may be attractive to relocation services.
Fall is also prime time for buyers who aren’t shopping school districts. Young professionals and empty nesters are two populations more likely to shop in the fall. If you are marketing to these populations, you might want to show off multi-use spaces for exercise rooms, a home office, or game room.
The fall is much more fun for showing a home than the dead of summer. Use the mild weather and a festive atmosphere to enhance your home’s showing potential. As the temperatures cool and we welcome crisp, clear fall days, it becomes easier to maintain your yard and add to your curb appeal. You can use fall colors and foliage in your home décor to create a cozy atmosphere. Don’t forget some pumpkin spice scented candles or warm oatmeal cookies to warm buyers up for a sweet deal.
If you’re thinking about selling but can’t decide between listing now and waiting until after the holidays, now is the time. Give us a call, and let’s tie the whole process up in a pretty red bow long before the new year.
Deciding if it is time for your family to upsize or downsize is not always a clear choice. There are factors to consider that might push you to take the leap or stay put for a while longer. Whether you are thinking about upsizing so your family can spread out or purging possessions so you can downsize, here are some questions to ponder.
1. How are you using your current space?
Do your family members feel like they don’t have adequate privacy or space to do their own thing? Are you tired of working at the dining table and really need an office or workshop? Is having the kids share bedrooms just not working out? Maybe an upsize is warranted. On the other hand, do you have rooms that aren’t being used, or are you tired of paying property taxes on more house than you need? Check for the downsize column!
2. Have you considered the maintenance costs?
If upsizing is on your mind, consider the added costs for maintaining a larger home and property, whether in money or time. Will you be able to keep up with cleaning, lawn care, and general maintenance issues that come with owning a home? If you are ready to cross maintenance off your to-do list, perhaps you are ready to downsize to a more manageable property or one where the HOA handles part of the job.
3. What are your outdoor space needs?
Are you ready to give up having a yard or garden to downsize to a maintenance-free space? Do you have pets that need outdoor space? Do you need more outdoor space for your children to play or your dog to run around in? The size of the house is one thing, but the property is important also.
4. Have you looked to the future?
What do you expect your needs to be in the next five, ten, or twenty years? Do you want a large home where your children and grandchildren will come for vacations and holidays, or will you be spending those times at their homes? Will you want to entertain groups of friends, or do you foresee going out for your entertainment? What will happen if your spouse passes; will you want to stay in the home on your own?
5. Do the financial implications add up in your favor?
Can you handle the higher costs involved with a larger home, or are you ready to cut costs with a downsize? Consider where you stand on your current mortgage. Are you alright with starting a new mortgage at this point in your life, or are you in a position to purchase in cash? What are the tax implications for your move?
6. Is it the right market to upsize or downsize?
A seller’s market is hot for those looking to sell a larger home and downsize. Upsizing may be riskier in a big seller’s market, but if your family would be happier in a larger home, it might be worth the leap.
Whatever questions you have about purchasing your next home, we'd be honored to assist you. So let’s work together to make sure your next move is the right one.
When Should I Refinance?
Low-interest rates have many homeowners wondering if it’s a good time to refinance. Refinancing can save you a lot of money in the long term when done correctly. It’s important to consider the drawbacks as well. Here are some reasons why you might want to refinance, and a few things to be cautious of.
Reasons you may want to refinance:
1. To lower your monthly payment. If today’s interest rates are lower than when you purchased your home, refinancing to a lower rate will reduce your monthly payment down, freeing up cash to help with other bills, your children’s education, or to save towards retirement.
2. To pay off your mortgage earlier. A great way to use the money you save with a lower mortgage payment is to apply it right to your principle, which will help you pay your loan off earlier.
3. To take advantage of a better credit score. If your credit score has increased significantly since you bought your home, you may get a better loan if you refinance.
4. To save on total interest. For some, the desire to pay less interest overall makes refinancing an attractive option. Reducing the interest rate and/or the loan term will save you money long term.
5. To change loan types. If you have an adjustable-rate mortgage that has been increasing or is nearing the end of the fixed period, you may want to switch to a fixed-rate mortgage.
If you have extra cash on hand to make larger monthly payments, it may make sense to change to a 15-year mortgage so you can pay it off earlier.
6. To consolidate debt or take cash out. If you have built up equity in your home, you may be able to borrow against your home to obtain cash to pay off higher-interest debt, to make improvements on your home, or for things like your children’s education or medical expenses.
Be careful when borrowing against your home. If the cash you take out goes to increasing your debt rather than resolving it, then you could end up putting your home in jeopardy.
Don’t forget about the closing costs involved in refinancing. You will have fees associated with your new loan just like you did when you purchased your home, so remember to figure the closing costs when you do the math.
Also, be cautious about extending your loan term. If you refinance with a 30-year mortgage when you are 10-15 years or more into your current mortgage, you’ll end up paying way more in interest overall, and have extended your payments for many more years.
Of course, a mortgage lender is the best resource for answering your financing questions. If you need someone to talk to further, we are happy to give you a referral.