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Posts Tagged ‘tips’
Simple Fixes for Your New Home
Finding the perfect home is tough. There are a lot of properties available in the Syracuse area right now, so there are a lot to choose from. What happens, though, when you finally find the perfect home, only to find that it’s not quite as perfect as you were hoping for? Do you walk away, or just accept the home as it is? What you need to do is figure out if the problems are fixable. Here are some common problems with simple fixes.
- Fleas, ants or other pest problems. Although this is more common in the warmer summer months, some homes have pest problems year round. The current owner should take care of the problem before you move in, but if they don’t (or if the problem returns) hire a professional exterminator. There are a lot of safe and effective ways to get bugs and rodents out of your home, and to keep them out, and a professional will be able to get it done quickly.
- No air flow. If the property has a closed floor plan, meaning that rooms are closed off with doors, it can be hard to get air moving between rooms. Stuffy rooms are no fun, especially when the weather heats up. Consider installing ceiling fans; it sounds a lot harder than it really is, especially if you already have overhead light fixtures. Alternatively, purchase some floor fans to keep air moving in and between the rooms.
- Dark and dingy. You love the home, but it feels like the bat cave. This is a really, really easy fix. Start by painting the rooms lighter colors, and putting up light-colored curtains that let in the light. Clean the windows, floors, walls and other surfaces really well. If the room is still dark, install extra lighting and use higher-quality light bulbs to give the room a more natural glow.
- Outdated… everything. Maybe the home looks like it fell out of a 1970’s Better Homes and Gardens magazine. Older homes, especially if they were owned by older couples, might be in need of a serious make-over. Tear out the shag carpeting and replace it with something more modern. Hardwood floors give the home a timeless look. Paint the walls and ceilings, and consider replacing any older fixtures. Kitchen cabinets can be transformed by a coat of paint and new handles. If you’re looking at new appliances, you might be able to get some great deals (and rebates) on Energy Star models, thanks to new green government initiatives.
If the home is almost everything you wanted, and there are no huge problems, don’t let a few small issues chase you off. Small problems can be fixed, usually with less of a hassle than you might first assume. Ask your Syracuse real estate agent for advice, or visit a local hardware store for information on how to handle the problem. Chances are, with a little bit of effort, the almost perfect home can be the home of your dreams.
Mortgages 101
A mortgage is loan offered by a lender for the purpose of buying property. The word comes from the old French word ‘mort’, which means deed, and ‘gage’, the old English word for pledge. A lender provides the money for your home purchase after you sign several documents stating that you will pay the lender back, plus a hefty amount of interest. If you fail to pay, the lender gets your home in exchange for the amount you still owe.
There are several types of mortgages, but most fit into one of two categories. Adjustable rate mortgages start off with a low interest rate; this rate might stay the same for the first six months to a year or two, depending on the terms of your mortgage. After that, you’ll be paying interest rates based on whatever the current market rate is. It might start out low, at 4% or even less in some cases, but can go up to three or four times that amount during the course of the loan. It depends entirely on what the current interest rates are at any point and time.
With a fixed rate mortgage, the rate you sign up for is the rate you have throughout the length of your loan. If you sign up now at 5.5%, you will be paying that same rate 20 years from now, as long as you don’t refinance your loan. If you are staying in your home for longer than five years, a fixed rate mortgage is often your best option.
Most lenders want 20% of the home’s purchase price as a down payment, not counting fees and closing costs. If you cannot provide that amount, you will have to pay private mortgage insurances (PMI) until you have paid that 20%. If you have good credit, you may qualify for an FHA loan with only 3.5% down. Buyers with poor credit will be asked to pay 10%.
When you refinance a loan, you are taking out a second mortgage to pay back the first. Refinancing a mortgage allows you access to your equity; it also gives you a chance to get a better interest rate. If interest rates have dropped significantly since you took on your mortgage, or if your credit rating has greatly improved, refinancing might be a good way for you to lower your monthly payments.
When you first take out a mortgage, most of your monthly payments are paying off interest. As you continue to make payments, the amount of interest paid drops down, and by the end of your loan, you are paying almost entirely on the home itself, known as the principle. This is known as amortization. It’s frustrating to see the amount you owe on the home barely decreasing as you make your first several payments, but you will eventually pick up speed (as principle payments go up and interest payments go down) and start seeing a sizable dent in the amount you owe.
Mortgages can be very confusing, especially for a first time home owner. Make sure you are working with a lender that will happily answer all of your questions, in a way you can understand, and don’t hesitate to ask. It’s always better to ask too many questions than to walk away confused and unsure of what you’re agreeing to when you accept a mortgage.
Tips for Selling a Home on a budget
With the economy the way it is these days, everyone has on a tight budget. When selling a house, many people think this makes the whole process even harder. There are many things that go into selling a home and there is so much to consider, but there are ways, selling a home can be done on a budget. Here are some ways to save money when selling your home. This way you can move on to your new home and future with even more peace of mind.
Ask your Syracuse real estate agent for advice
Real estate agents help many people buy and sell homes each and every day. Many of these people probably are in similar budget situations. Your agent can offer tips, advice and is a great resource of information to help get you started.
Start looking at the outside of the home
There are many things you can do to the outside of your home to get it ready for selling that does not cost that much money. These include: mowing the lawn, planting flowers, wash the windows, touch up the paint, replace lights and more.
Remove clutter and furniture
You can do this by holding a garage sale which will actually help you to make some money. Other options may include: removing photos from walls and tables, pack up books and bookcases, clean out closets and store items that are not needed, and organize.
Working on the kitchen
If you are on a budget and cannot afford new counters, just consider redoing or fixing them. Re-grouting counters, re-staining, and painting can help save you money and make the kitchen look great at the same time. Also, a good cleaning will also help the kitchen look great
Clean
A good cleaning will make any home look great and it does not cost very much. You can rent a carpet steamer to clean the carpets, dust, make all wood and ceramic floors really shine, and give everything a good washing.
These days every money-saving tip is very important especially when it comes to selling your home. It may take some work and time or some creative thinking, but selling a home on a budget can be done. This way you can save your money for your future and rest easier knowing you were able to sell your home.
Tips for Communicating with your Real Estate Agent
So, you may know that you need a real estate agent to help you buy or sell your home, but you may be wondering about how often to call them. You may also be wondering which questions you should ask, or exactly how to communicate with your agent. Here are some tips for communicating with your real estate agent to help make the process easier for everyone. Good communication will lead to good results for everyone involved.
Ask friends and family for advice
Chances are many friends and family members have worked with a real estate agent at least once. They may be able to offer advice about when real estate agents are available, how quickly they answer messages and what questions they are most often asked.
Look on the internet
The internet is a huge source of information and can offer advice and tips about when to call your agent and when to seek someone else’s advice or help. Real estate agents are a great resource but they may not always be available so it may be important to know who else to contact and when.
Ask your Syracuse real estate agent
When you first meet with your real estate agent, ask as many questions as you can think of. Also, ask them when you should call them. This will help establish communication early on and make things clear and easy for everyone. You can also ask them about e-mailing, text messaging, voice mail messages and more to find out what works best for everyone.
Reasons to call your agent
If you are not sure if you should call your agent this list of reasons may help. This list includes: property information, home prices, steps to buying or selling, mortgage questions, home inspections, purchase offer questions, repair questions, disclosure questions and more.
Unsure always call
If your reason for calling does not fall under any of the reasons mentioned, but you are still unsure, you should always call. Agents are used to people calling frequently with questions and it is better to ask a question then to have a problem happen at the last minute.
Many people do not like to call others and ask a bunch of questions. They are afraid they may be bothering them or that their questions are stupid or unreasonable. When buying or selling a house though, many questions are important and these tips will help you know when to contact your agent. This way you can worry less and enjoy your future more.
Tips for New Landlords: Protect Your Investment
If you are considering taking advantage of the buyers’ market and purchasing a rental home, or if you have recent made the move from home owner to landlord, you’ve no doubt realized by now the work that lies before you. You need to develop a plan, and that plan needs to include the best ways to keep your investment in great shape, without too many expenses.
First, buy insurance. If anything happens, you need to be covered. It’s not always fires that you need to be concerned about; sometimes accidents happen, and you don’t want to get caught holding the bill. You should also take some basic measures when screening possible tenants. Ask for contact information for previous landlords. You also have the right to ask for proof of income.
Have a written plan for repairs. Are there some things (such as repairing leaky faucets) that tenants can do themselves? What can they absolutely not do? If they do a repair on their own, is there a reimbursement plan for parts and the time they put into the repair? There aren’t any right or wrong answers; you need to decide what you feel the most comfortable with. Do you want to be called for every little problem, or would you rather risk a poor repair job that costs more down the road? Most landlords find a happy medium between the two options. You should also have a written agreement for painting and other possible small changes.
Consider your pet policy carefully. A lot of landlords are also responsible pet owners. When you take care of your pets, and keep your home clean, you might not realize the amount of damage that a pet can do. Many landlords don’t allow pets, especially if they are renting nicer apartments. It can take significant effort to get a cat or dog smell out of a home. If you choose to allow pets, ask for a reasonable pet deposit, or require a small payment each month in addition to the cost of rent. While it is important to make sure you’re covered in the case of damage, make sure you aren’t making your tenants overpay. One option is to keep part of the monthly pet payment aside, to return with the deposit if the property is kept in good condition, with little sign of the animal(s) that were living there. That keeps the tenant invested in the care of the property, and covers you in the case of significant damage.
After a tenant leaves, inspect the property carefully before finding a new tenant. It is easier to do a quick inspection, and then rent the property out again as soon as possible. However, you might miss some problems that need to be taken care of. Check everything. Looked for cracked glass (not always the prior tenants fault—smaller planes of glass can shift and crack in the cold Central NY weather), make sure outlets are safe, and check the plumbing for leaks. The sooner you catch problems, the easier they are to repair.
Most importantly, be a hands-on landlord. You’re not only looking for potential problems—you’re building relationships. If you have hired someone to take care of the property in your place, and if they will be the person tenants are expected to go to with problems, have that person visit the property often.
If your tenants feel comfortable talking to you (or your caretaker), they are more likely to call when there is a problem. They are also more likely to take good care of the property, pay rent on time, and contact you if there will be a problem paying that month.
Buying a rental property is a huge decision. Once you have decided to get involved in investment property, you are suddenly faced with a lot of new responsibilities and challenges. There are also a lot of rewards to becoming a Syracuse landlord. With the low home prices and reduced mortgage rates, this could be one of the best times to get started.
After Closing Tips for Home Buyers
So you have finally found the home of your dreams that is just right for you and your family and it is all yours, but you may be wondering what you do now. You need to pack and move and there are so many things to think about and do. Here are some after closing tips to help the process go a little easier for everyone involved. This way you can settle in with fewer worries and just enjoy your new home.
Ask your Syracuse real estate agent for advice
After you are finished closing on your new home, you may think you do not need your agent anymore, but they are still a great resource of information. They can help you figure out what to do next and give you contacts you may need. They are also good to keep in touch with for any future problems, concerns, questions, or future moving plans.
Set up utilities
Make sure to contact the electric, gas, and phone companies to get everything hooked up and working properly. Also, it is a good idea to look through your closing paperwork and see how far the utilities are paid up by the previous owners.
Make any needed repairs
If any repairs are needed, make sure they are completed and everything is working before moving your family in and your stuff into your new home. It also may be a good idea to paint or repaint and decorate your home before moving your stuff in.
Notify people of your move
It is important to notify the post office of your change of address and to make sure all your mail will be forwarded. Other people that need to be notified are banks, employers, friends, family members, caregivers, and schools if you have kids.
Change any locks on your new home
It is important to have the locks changed on your new home. That way only people you know, will have access to your home. If you use keypads or other security systems make sure these are changed and set up as well. It is also a good idea to make sure all locks are working properly.
These tips and advice for after closing will help make the process seem a little less overwhelming and stressful for everyone involved. The moving process can be hard enough and these tips will help remind you of everything you need to get started. This way you can know everything is set up and ready for your move to your new home. Then you can sit back relax and enjoy your new home with your family.
Tips for Renting Out your Home
The housing market is struggling right now in many areas and many sellers are finding it harder and harder to sell their homes. This means that many sellers are paying mortgages and payments for two homes if they already bought a new one or they are losing money by keeping their home on the market. One way that many sellers could avoid losing any more money and time, is to rent out their house. This may also serve as a tax cut for some people and can be a very wise idea in these times. Here are some tips for renting out your home to get you started.
Ask your Syracuse real estate agent for advice
As real estate agents, they know all about selling, buying, and renting and they are a great resource to help you get started or to find possible renters.
Check if your property has rental restrictions
Some properties in some areas have certain restrictions about renting, so it is a good idea to check with the building and zoning authorities to see if your home has any.
Review your mortgage paperwork
Sometimes certain mortgages have rental restrictions while the mortgage is still active, so it is important to look to see if there are any and what they might be.
Interview possible tenants
It is a good idea to interview possible tenants while you are showing the property. It is also very important to ask for applications, security deposits and rental and credit history. That way you know your tenants are reliable and will pay the rent on time.
Walk tenants through your home
On the day your tenants plan to move in to the home, walk through it with them and make sure they sign a “property condition agreement” and report any problems they see with the property by a certain date. Otherwise you can charge them for damages done to your home after that date.
Every seller wants to of course sell their home for the best possible price. However, with the housing market down that may be tough and this way renting your house will bring some money in and you will not lose as much money. Plus your renters could be possible buyers in the future. This will help put your mind at ease and give you more confidence for selling in the future.
Tips for Selling a home during Holidays
Since the holidays are quickly approaching, one of the things many people selling their homes need to consider is whether or not to keep their homes on the market during the holidays. There is so much going on during this time, people saving money, buying food, gifts, helping charities, and more that is hard to think about selling your home as well. Here are some tips to help you out, so you can sell your home and enjoy the holidays as well.
Ask your Syracuse real estate agent for advice
As real estate agents, they know during which seasons and times the market may slow down or pick back up. They will be able to offer advice about selling your home during the holiday season and they are a great resource.
Not able to be available for showings
During the holidays, people are traveling and going in and out of the house shopping and doing this and that and it may get inconvenient to be available for as many showings as before.
Offers will be lower
Many possible buyers are saving up most of their money for gifts, travels, food and other items during the holidays, so they have less money to spend on buying a home. Therefore, offers are your home may be lower than the asking price.
Agent may be unavailable
Most real estate offices close during the holiday season, so your agent may be on vacation and not able to help you show your home or help you may a sale. This will make it harder for everyone and may waste valuable time.
Relist your home after the holidays
If you take your home off the market during the holiday season and relist it in January, it will help you generate more traffic, because the listing will appear new and fresh to possible buyers. Also, there may be more possible buyers after the holidays than during them.
These tips and advice for selling your home during the holidays will help you make the best decision possible for you and your family during the upcoming holiday season. This way you will not have to worry so much about your home or its sale and you can focus more on enjoying the holidays and the future.
Tips to increase Traffic to your Home
Right now with the economy slowly recovering, there are many homes on the market trying to sell, so it is very important in this buyer’s market to get as much traffic into your home as you can. The more people you have seeing your home, the better chances you have for a possible buyer and some good offers. Here are some tips to increase traffic to your home and get you on your way to a sale. This way you can enjoy your new future with less to worry about.
Ask your real estate agent for advice
Real estate agents have experience getting people to see a home and with spreading the word about a home that is for sale. They will be a great resource to help you increase traffic to your home to make a sale.
Use a Lockbox
These boxes allow an agent to show your home even when you are not home and they are safe and secure. An agent should call you first then go to show your home if you do not answer. This will increase the traffic by making the times that your home is being seen more flexible.
Increase your Advertising
Send direct mail to people in your area and surrounding areas that may be interested in your home. Also, try advertising in the newspaper, as well as online on websites such as craigslist or Google. Putting your home on video websites may help increase traffic as well.
Offer Buyer’s Prizes or Books for tours
Offering any possible buyer a prize or book just for touring your home, not only brings in traffic because they want the prize, but while they are there, they just may see something they like, leading to a possible sale.
Offer a lunch during the tour
This way the buyers will stay longer while they eat and agents may be able to answer more questions that a short tour of the home might miss. Plus, with this economy right now, offering a lunch would bring people to your home for sure.
With these tips to help increase the traffic to your home, it should be easier for you to attract plenty of possible buyers, leading to a sale and a reasonable offer. This way the buyer gets a new home that they love and you and your family get to enjoy your new future.
Mortgage Buy down Tips
When you are looking for a new home, there are many things to consider such as location, price, what type of home you want, neighbors, certain features and much more. One of the most important and sometimes difficult things though is figuring out how you will pay for the new home for you and your family. There are many financing options, but here are some tips and benefits of mortgage buy downs for you and your family to consider.
Ask your real estate agent for advice
Real estate agents have experience with all types of financial situations when it comes to buying and selling a home. They are a great resource of information and advice for financial options and choices.
Mortgage buy downs include principal and interest
This means that instead of your payment getting bigger as with some loan option, your amount that you owe actually gets smaller. This is nice for any buyer to hear and to see.
Payments are lower
Mortgage buy down payments are reduced and interest is figured out over a specific time period. The lowered interest rate is paid in cash by the buyer or seller of the home.
Thirty year fully amortized mortgage
This means that the interest rate interests 1 percent for the first three years and then has a fixed rate for the remaining mortgage.
Rates stay low for the first thirty-six months
For the first thirty-six months, rates stay low when a borrower’s income is expected to later increase. This is nice if you expect a raise later or move to a higher paying career because of a new degree.
Mortgage Buy Downs offer many benefits that other financial options may not. These tips and facts can help you and your family to figure out if mortgage buy downs are the best option for you when finding that new dream home. This way you can enjoy your future and have fewer worries and concerns later on.