Hints And Ideas To Help You Sell Your Home

Before you can even advertise your home for sale, you have to take care of a good number of things first. If you take care of these things first, your sale will go much more smoothly.

The process of selling a house can be quite Byzantine in nature. It involves a lot of paperwork, a lot of meeting with people and most of all, a lot of time. As such, you would like to be ready for the task even before it starts. Before you step out there with "for sale" sign in hand or post a "for sale" ad on the 'net, you must make sure that some things are duly taken care of. Because if you do, and we promise these should not be too daunting if you come to think of it, you should not have much difficulty selling your house.

Here are a few suggestions for things that you should do prior to putting your house up for sale:

Do you plan to hire a realtor? If so, you should probably do some research to find one. You want to find someone with whom you are comfortable and who has experience selling homes. Last thing you want is to deal with some freckle-faced greenhorn fresh out of college, or worse, fresh out of high school. If you want to sell it yourself, you should probably pick up a book on the topic or do some Internet research. Try looking up "FSBO", which is short for "For Sale By Owner."

Is your property all set to be sold? Is it in tip-top shape? Does it need paint? A new roof, perhaps? Yard maintenance? Preparedness is a virtue when selling your house, so make sure your house is prepared. Always remember that it is so difficult to make a good first impression, yet so easy to make a bad one that may last forever. And cleanliness and maintenance also applies to your home's interior. Before that fateful open house day, you should make it a point to clean everything up inside.

Pre-approved loans - can they help? Yes they can, and you will have to work quickly here, primarily if you are going to be buying a new house after selling the old one. This will take away a good part of the burden of shopping for a new home afterwards. Or you could apply for a home equity line of credit on the home you presently own - this is a clever, and very easy technique to employ. The benefit of such an easy tactic is ensuring you have enough down payment for your new home should you spot one quickly enough, like while you are still trying to sell your old home.

Consider having the house appraised. It is hardly likely that you would actually have a good idea of how much your home can sell for unless you work with a realtor. Plus, both mortgage and appraisal fraud are quite common these days. It wouldn't hurt to have an appraisal that is independent of the realtor or lender.

Selling a home isn't particularly complicated; millions of them are sold every year. But the more prepared you are to sell yours, the easier it will be.

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Keep This In Mind When Buying A Home

Buying a home can be a daunting experience. You are left wide open to all sorts of dodgy things being to you by the seller, their estate agent, and your own estate agent, if you have never done it before. However, as with many things in life, a little knowledge goes a long way. If you're buying a home, here are some things you should know.

First thing to consider is that you won't go wrong if you set a budget and stick to it. Work backwards to include agents' fees and other expenses such as surveys after you have worked out what you can afford. The maximum price that you should pay for your house is your budget minus the fees and expenses. You will struggle and get yourself into all sorts of bad debt if you go over and it's hard to get out once you get into debt.

Next, it's important to always have a proper survey done as well. They're expensive, so it can be tempting to skip it or try to do it yourself from a checklist you found in a book, but it will be much more expensive for you if you buy the house only to find something that the survey would have. This is one reason why it isn't a good idea to buy houses at house auctions they will sometimes have drastic structural defects that a survey would have found, but you've just committed to buy the house without one.

Taking your time is actually the last piece of advice I have for you. When you decide to move, you would be tempted to just dive in and see as many houses in a week and then try to buy one of them. The people who find the best houses, though, take a year or even more, looking at only a few good houses each week, until they find one that really grabs them. If you do it this way, not only will you be less stressed, but you'll also be much more likely to be happy with the result.

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How To Prevent Being Fooled By Home Staging

According to a report just out, it is too easy to be fooled by home staging. Gradually, we are becoming familiar with a certain term called home staging. When selling the house, it is the idea that we try to create the best impression of our home. It used to be just run the vacuum over it and do the dishes but nowadays there is a whole set of rules to follow!

A staged home will stand out from all the others and because of this fact, it will get sold more quickly. There are reports of sellers hiring storage units cart their junk off to and this is an example of it being carried to extremes. Encouraged to be put into the storage by professional 'home stagers' are larger furniture in order for the house to look bigger and more spacious.

Another instruction is to remove anything personal like photographs, so that the prospective buyer can visualize the house as their own. Closets are de-cluttered so that they look more spacious and all bathroom paraphernalia is supposed to be gone from the counter top! Other things that are removed and hidden from sight are garbage bins.

Home staging can also be deliberately used and this has been suggested in order to hide a multitude of sins.

The National Association of Exclusive Buyer Agents (NAEBA, who solely represent buyers in the realty business) has suggested that as much as 82% of buyers are sidetracked from the important issues by a well-staged house. This organization also concedes that home staging works because it actually nets more cash and faster sales.

In staging, there are some underhand tricks that are used and these include using smaller furniture to make a room look larger, placing rugs over damaged parts of the floor, or using curtains to hide rotting sills. Another thing that's specified is the practice of putting a cheap paint job so that the defects will be covered. Your Realtor is legally obligated to let you know of any defects, but only if he actually knows about them!

Urged by the NAEBA to be cautious are the buyers and they should remember that when the house is sold, the stage is taken away. The tricks of home staging do not improve the floor plan, or the square footage of the home or the quality of the neighborhood, and these are the qualities that you will be re-selling at a later date.

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Look For These Things If You Are Considering Reselling Your Home Later

That's a good thing to consider. What you want to consider is buying a home that will later on give you a good resell value.To do this, look at the type of home you're planning to purchase that may be attractive to future buyers. When you're looking to purchase a home, check to see if some or all of these features are offered.

Consider the location of the home. Find out if the home is located in a good neighborhood that is close to stores, freeways, schools, etc.

Check the crime rate for the area you're thinking about purchasing in. Find out what the crime rate statistics are. Do you think that the neighborhood is safe?

Did you check if there is an anticipated growth for the areas such as stores, future planned homes, new schools, etc. Find out how this will affect you in the future.

Try to make sure the square footage of your home is at least 1200, in order to increase the likelihood of being able to resell.

Homes that have at least three bedrooms is what you should look for as part of your prospective home purchase. This will be a huge help when you are reselling your home in the future.

You may want to look at whether or not the home should have one or two stories. For most people who are purchasing homes, they are more interested with those that have two stories. However, the elderly or individuals with certain disabilities may want to purchase a home that is a single story.

If the home you are considering of purchasing has a pool, then if you decide to sell your home keep in mind that this may limit the number of prospective buyers. Aside from not necessarily adding much value to the home, pools can also be expensive to maintain.

Having a garage which can accommodate a minimum of two cars is what you may want to consider. This feature is usually an attractive and expected one for buyers.

The number of bathrooms is also important. It is a must to get a home with a minimum of two bathrooms when you are purchasing a home for future resell.

Is the home you are considering have a fireplace, heating system, and air conditioning?

Just think about being able to get a good return on your investment if you had to resell when you are purchasing a home. At a bare minimum, you want to get the money you have invested in your home out of it if you had to sell for some reason and this is what happens in most cases. If you are able to make a profit on your sale, then that would be even better. I thought so, just be wise when you're purchasing your home, it's an investment in your future!

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Selling More Real Estate Rentals

Selling real estate rentals is quite different from selling houses. You can paint a house, and get a little more because it looks nice. Rental properties, especially larger ones, are different, because they're bought by investors, who look at income more than new paint. By increasing the income, you can increase the value to investors.


Learn about capitalization rates. If the capitalization rate that investors are expecting in your area is 0.08, then it means that they want to get a net return (before the loan payments and taxes) of 8% on the purchase price. So if your three-plex generates $12,000 net income annually, they'll value it around $150,000 ($12,000 divided by .08). If you can raise the net income to $16,000, then the property would be worth $200,000.


Finding More Income From Real Estate Rentals


Raising rents is the obvious way to boost income, if you can justify it. See what similar units are renting for. If your units are $60 below the going rate, then you can raise it and not lose your renters. Increasing the rent $60 for three apartments means $2160 more net income annually. Your property will be worth $27,000 more with a 0.08 cap rate.


There are other ways to raise rents. Your tenants might agree to pay $30 more monthly if you have a carport added. That's $1080 more net income annually, meaning roughly $13,500 more value added to your property. (That's $30 x 3 units x 12 months equals to $1,080 divided by 0.08 cap rate, which gives you $13,500.) If you spent $4,000 on the carport, then it was a good return on investment, right? What more do they want?


Think beyond higher rent. Storage sheds can be rented to tenants or you could put in a coin-operated washer and dryer. With a larger income property, you could install pop machines.


Reduce Expenses Of Real Estate Rentals


Can you have more insulation so you can reduce the heating bills? If you pay $80 a month for lawn care, could one of the tenants do it for less? Can you get cheaper insurance? Any way you can reduce expenses raises net income (unless it scares away tenants). A new $4,000 furnace that saves $800/year on heating costs means you just turned $4,000 into a $10,000 higher sales price.


The appearance and other factors are also important. But increasing the net income is the surest way to increase the value of your property. If you can, make the changes a year or a few months before selling the property. You must also learn to do the math.

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