Navy Fellas Realty Group

Real Estate, Residential sales and purchase

4 Common Problems Home Sellers May Try to Hide

by

Buyer Beware: 4 Common Problems Home Sellers Try to HideIt’s easy for buyers to fall in love with properties when they’re looking at polished hardwood floors, new appliances or renovated kitchens. During open houses and showings, glamorous features get all the attention. However, these dream homes right away can be dangerous.

Asbestos and electrical wiring are hard to get excited about, but ignoring them can be a financial disaster. Buyers risk serious costs and a huge amount of hassle if they don’t do their research.

It can be daunting for buyers to do their due diligence. There are many factors to take into consideration and they’re not always obvious. Being fully prepared before putting down an offer can be difficult, even for the most experienced buyers.

This list of the four most common problems home sellers may try to hide will guide buyers every step of the way, from pictures to purchase.

1. Risk of Water Damage

Water damage can be one of the most expensive issues homes can have. It’s also easy to ignore when they’re especially beautiful or unique.

Homeowners may also be tempted to conceal past, present and future problems, particularly if they’re looking to maximize the price of their homes or make a fast sale. Buyers will benefit when they watch for water damage when looking to make a purchase.

2. Rotting Wood

Rotting or otherwise damaged wood is also relatively simple to forget about, but can lead to thousands of dollars in repairs. Poor drainage, termites and other factors are all factors that should be considered.

Whether it’s the deck or the floor, buyers need to be mindful of the status of wood components in homes.

3. Damaged or Outdated Roof

Roofs aren’t the first things buyers notice, but they’re crucial parts of every home. Damaged or outdated roofs can cause considerable personal and financial stress.

Buyers need to keep important features that are out of sight like roofs top of mind when they’re looking to put down an offer.

4. Codes and Other Regulations

Going through confusing building codes and other types of regulations can be a confusing task. Though it can be very time consuming, buyers can save themselves significant hassle and costs by being familiar with them. Consult your real estate professional for more information about how you can make an informed purchase today.

Buying a New Home? Use This Checklist to Ensure Your Finances Are in Order

by

Buying a New Home? Use This Checklist to Ensure Your Finances Are in OrderBuying a home is a significant expense. It doesn’t matter whether you’re a first-time buyer or have experience. Unless you have a large pile of cash, you’ll need to ensure your finances are in order before closing. In this post we’ll explore four financial items you’ll want to check off before buying a new home.

Figure Out Your Current Monthly Budget

First, you’re going to want to sort out your monthly budget. If you’ve never done a budget before, start with something basic. Open up a spreadsheet or take out a piece of paper. Make two columns: ‘income’ and ‘expenses’. Fill in each column with the amounts that you make or spend each month. Bank, credit card and other statements can help with this process. It’s a good idea to go back at least 3 months to ensure you’re capturing your true spending.

Make A Debt Management Plan

Do you have any debts? If so, you’ll want to make a plan for how you’re going to manage these when you buy a new home. For example, you may have a car payment, student loans, a line of credit or credit card debt. Write down your debts, how much you owe and when payments are due. If any debts are due monthly, make sure you include those in your budget.

Keep in mind that your outstanding debts may impact your ability to borrow for a mortgage as well. If you plan on taking out a mortgage to pay for your new home, it’s best to get your debts figured out beforehand.

Understand All Your Real Estate Costs

Next, you’ll want to determine what all your real estate costs are going to be. If you’re not yet close to the bidding or closing process, this might be a bit challenging. But ask your real estate agent for a breakdown of what you can expect to pay for a home in your price range.

Set Up An Emergency Savings Cushion

Finally, you’ll want to set up a financial cushion in case of emergencies. It’s not much fun to think about, but losing a job or having a health event is possible. Most financial experts recommend having at least six months of expenses saved up. Of course, this is always easier said than done. What’s important is that you have at least some cash tucked away, just in case. If you can, save a bit extra each month or from each pay check and add to this emergency fund.

When you’re ready to buy a new home, a licensed real estate agent is your best bet for success. Reach out to us today and learn more about how affordable a new home in your community will be!

3 Key Reasons Why Buying Your First Home Is Like Planning a Wedding

by

3 Key Reasons Why Buying Your First Home Is Like Planning a WeddingYou may not see the connection right away, but buying a home and planning a wedding are two experiences that require certain skills and challenge you in similar ways. Check out the three key similarities below!

1. Budget

Whether you’re buying your first home or planning a wedding, you are likely facing one of the biggest financial obligations of your life. That’s why, in both cases, it is essential that you pick a realistic budget and stay within it.

Sounds simple, but in either case it can be difficult! Unexpected obstacles may force you to spend more than you planned, or you may find yourself wanting to overspend as you find things that would be “just perfect” additions even though they don’t fit your budget. These temptations can be expected, but it’s important to remember the big picture. When it comes to your budget, pick it and stick it.

2. Details

When it comes to a home purchase or a wedding, there are countless details to consider. It’s not a simple, pre-packaged purchase, there will always be big decisions that you have to make and if you overlook something you may regret it later on.

Some decisions that you face will be similar in both experiences: Does the location work for you? Does it work for your friends and family? What is the parking situation? Is it appropriate for the climate? Will you be satisfied with your decision in the long-term?

Other details will be more unique to the situation: Do you need a cocktail hour? Do you need a walk-in closet? What style of photography would you like? Is there too much traffic noise?

Either way you’ll have lots to think about, and you’ll become acutely aware of ‘the little things.’

3. You’ve Got Style

Both your wedding and your home say something about you, they’re a reflection of your personal style. When being presented with so many choices that are particularly catered towards your personal taste, you’ll learn what you like and what you don’t. However, you’ll also learn what it is that you absolutely need, and what you’re willing to budge on.

Whether you’re choosing a wedding dress that is both gorgeous and functional for your ceremony or deciding whether or not you need an extra bedroom in your home, you’ll learn what it is that you’d want in a perfect world, and what is absolutely necessary for your current situation.

If you’re ready to start looking for your first home, make sure you do so with a trusted real estate professional. Contact us today.

Master the Autumn Home Buying Season With Our Guide to Finding Local Real Estate Bargains

by

Master the Autumn Home Buying Season With Our Guide to Finding Local Real Estate BargainsMost people have a good idea of the neighborhood they want to purchase a new home in. The problem is finding a great deal in the area, especially if it’s a neighborhood that’s very popular.

Thinking outside the box and avoiding the standard real estate listings can result in some bargain properties for sale that most people are completely unaware of.

Contemplate Investing In Foreclosed Homes

When the housing market boomed, many people tried to take advantage by investing in a second home that they couldn’t necessarily afford. This resulted in a huge market full of homes that were foreclosed on when mortgage payments could no longer be made.

This happens frequently whenever the housing market goes through a strong period and these houses and condos are owned by the bank and can be purchased at a great price.

Look At FSBO (For Sale By Owner) Homes

FSBO properties, homes that are being sold privately by the owner, are one of the best bets to find a great bargain. These homeowners have made the decision to try and sell their home without the use of a real estate agent in an attempt to save some money on the sale.

Local real estate agents will be aware of any homes in their neighborhood that are being sold privately and will be able to point you in the right direction. FSBO homes have the best chance of getting a good deal because offers can be made directly to the owner and the earliest offer may just be the most lucrative for them.

When All Else Fails, Take A Drive

Anybody who knows the area they want to invest in can be proactive and beat the market by simply taking a drive up and down the streets and looking at houses. Some owners haven’t taken the time to bother listing a home that they would love to get rid of.

These are either rental properties or family homes that have been willed and left neglected. They can be easily identified by the care that’s been given to the property. An overgrown lawn and overflowing mailbox is a sure sign the owner may be interested in a talk about selling.

After all, there’s nothing to lose.

Staying away from real estate listings to find a home can be tough. Thankfully, most local real estate agents will be tracking these houses so they can help their clients think outside the box. Contact your trusted real estate professional in your area for a better idea of how to make offers on these bargain properties.

Buying a Home This Autumn? 4 Unconventional Ways to Save up for Your Down Payment

by

Buying a Home This Autumn? 4 Unconventional Ways to Save up for Your Down PaymentAutumn is a popular time for new home buyers to start looking for their first house or condo. But with that down payment looming, everybody could use a bit of help saving up to make that bulk payment a little less intimidating.

There are plenty of unconventional ways to save up that may seem small, but will quickly add up and put a dent into that down payment.

Create A High Interest Savings Account

Talk to the bank about creating a secondary savings account with a higher interest rate. These super savings accounts usually come with the caveat that no money can be removed for a designated period of time. Using this account for the down payment works in everybody’s favor because it guarantees those extra dollars cannot be used for any other purpose.

Discard One Guilty Pleasure

Enjoy Starbucks coffee? Grab a pint every happy hour? Choose one vice and put the amount that would be spent on it into a jar. Most people will be surprised on how much money they spend each month on one guilty pleasure that can easily be cut out of their life. Every perk that’s cut will increase the amount by a decent margin.

Put Away Any Bonus Money

Holiday bonuses from work, tax refunds, birthday or Christmas presents, income from side gigs, any and all extra dollars that come in from any source outside of the main paycheck should be considered ‘down payment dollars.’ Sure it’s tempting to use that nice bonus or tax refund on a weekend trip or a night out, but all extra income should be saved away for that initial down payment.

Bring On The Roommates

People who already own a home and are looking to relocate can take this unconventional approach. Decent housing is hard to find so anybody with an extra room can rent it out and put that money towards the new house. Having a roommate can be a pain, but it’s for a limited time and can add up quickly.

While saving for a down payment can be stressful, you don’t have to go through the process alone. Your local real estate professional will be able to guide you and provide some helpful tips for how to make that down payment without breaking the bank. These men and women have seen countless couples go through the same thing and their experience can make a world of difference.

Buying a Solar-Powered Home? Watch Out for These Symptoms of Future Problems

by

Buying a Solar-Powered Home? Watch Out for These Symptoms of Future ProblemsSolar-powered homes are becoming more commonplace, and are an excellent step in the right ecological direction. That said, there are some aspects to consider if you’re thinking about investing in solar energy. Read on for some salient points about living by the sun.

The Sun And The Economy

As solar power has grown in popularity, the government has introduced incentives to help homeowners combat the once-high costs of purchasing and installing solar panels. And companies are springing up to rent you panels and cover the cost of installation. This means that your initial costs are smaller, but also that those third party companies reap the government incentives and may not always maintain strong relationships between you and your utility company.

The Sun And Your Roof

Roofs are the primary locations for solar panels, particularly on homes. Ensure that your roof has enough strength for the added weight of the equipment, and enough space for the proper placement (away from the edges, for example). The equipment comes with a lifetime guarantee so if the roof it’s on is already old, consider updating it before installation (which is an extra but necessary cost).

The Sun And Your Surroundings

A solar-powered home is all about location, location, location. Watch for tall and shady trees, or for high buildings that will shadow your panels and decrease or prevent their output. Look forward, too are there any plans for development in your neighborhood that would introduce such impediments in the future?

The Sun And Cloudy Days

The most obvious hiccup with solar power is that bane of a sunny existence: cloudy days. Location has influence here too: the climate of your area will determine how many panels you’ll need, where you’ll need to place them and how much energy you’ll be able to glean in each season. There are batteries you can purchase for collecting and storing solar energy but they’re still an expensive option. And solar power is still somewhat unattractive in the global economy because of how variable it is. Fossil fuels are more dependable, and therefore more marketable, than an energy source so tied to the weather although that looks to change if solar energy continues its rise in popularity with the masses.

All things considered, there is a deep and growing draw to solar-powered homes, but don’t enter into anything without looking at all sides of the equation. If you have questions, or want to know more about how solar energy works in your neighborhood, contact your local real estate agent.

Moving with Children? Here’s How to Quickly Assess Whether a Community Is Family Friendly

by

Moving with Children? Here's How to Quickly Assess Whether a Community Is Family FriendlyIf you’re looking for a home that’s in a family-friendly neighborhood, there are a few key things you can look for to make sure your new house is a good fit for both you and your children.

Quality Public or Private Schools

Are there good public schools nearby? If so, do they span from kindergarten all the way to high school? Finding a home in an area with a great elementary school can be a good fit for several years, but if you’re looking for a home that will be convenient in the long-term it’s important to consider your proximity to both primary and secondary schools.

Parks And Other Relaxing Green Spaces

If you’re looking for a family-friendly neighborhood with free sources of entertainment, make sure that there is at least one park or playground nearby. Playgrounds can provide endless amusement for younger children, whereas a park can offer entertainment for kids of any age. Either way, have a park in the area will help boost the quality of your family’s leisure time.

Recreation Facilities And Other Amenities

For even more great leisure opportunities, check out the local recreational facilities. Public swimming pools, community centers, and recreation centers often offer a wide variety extracurricular activities and programs. These can be a great support when it comes to supplementing what your kids’ education with skills that are learned outside of school, and can encourage a healthy lifestyle as well.

Shopping & Services

If you’re looking for a convenient lifestyle, perhaps one of the most important factors to consider is what stores and businesses are located nearby. Is there a grocery store, doctor’s office, cafe, drug store, gas station, or other essential businesses nearby? Make your life easy! If there are stores nearby that meet your needs it will help boost your neighborhood satisfaction for years to come.

A Short (Or At Least Tolerable) Commute

If you commute to work, it is also valuable to consider how long of a drive it is between your place of employment and potential new home. The less time you have to spend on the road, the more time you’ll have with your family.

Neighbors You Will Enjoy Associating With

Finally, it is important to consider who else lives in the area. Is the neighborhood you’re looking at full of other young families? Are there other children for your kids to play with? Does it seem like a close-knit community?

Although you can’t predict how relationships will blossom in a new home, you’ll set yourself up for success if there are people with similar interests and lifestyles as you. If the people seem great, chances are the neighborhood is, too!

Ready to find the perfect home to raise your family in? Contact your trusted real estate professional today.

Feeling the Squeeze of Rising Rents? Here Are 3 Reasons You Should Consider Buying a Starter Home

by

Feeling the Squeeze of Rising Rents? Here Are 3 Reasons You Should Consider Buying a Starter HomeWith real estate becoming more affordable, new homes being sold in a range of prices and the cost of rent going up, there has never been a better time to consider buying a starter home.

Put That Rent Money Into Your Own Property

People who live in areas that have become trendy know the pain of rising rent rates. At what point is the amount of money being spent on rent more advantageous to put into a new home?

Starter homes are not the crazy investment they used to be. With the increase in condo developments and the lower entry price for smaller homes, it’s never been easier and less expensive to put a down payment on a new home and put that rent money into a place that you actually have a financial stake in.

A Starter Home Is Not A Fixer Upper

There was a point in time when starter homes were considered to be houses that required a lot of work to renovate them to a point where they could be sold for a profit. This was before really affordable condo developments started to spring up in every city and began to provide younger people the opportunity to own a home.

Some people still think of a starter home as a fixer upper, an old house that will require a substantial investment and time, something that most first-time home owners do not have an abundance of. In today’s market, starter homes can be brand new and will be in the best condition imaginable.

It Can Act As A Source Of Income

Some homeowners find that when it’s time to finally make the move from their starter home into their forever home, they no longer need to sell. In some cases they prefer to hold onto it and use it as a rental property to bring in a second source of income to help with the new house.

This is more common with condos in neighborhoods that have experienced tremendous growth around them in the years after the purchase. When the price of rent skyrockets in these areas, the investment actually has more value as a rental property until the time is right to sell.

There are many reasons to invest in a starter home and the area you want to buy will change depending on your own reasons. Contact your local real estate agent so you can pinpoint what you want out of a starter home and receive some valuable insight into the kinds of homes you should be considering.

Real Estate Investing: 3 Insider Tips to Winning House, Land or Foreclosure Auctions

by

Real Estate Investing: 3 Insider Tips to Winning House, Land or Foreclosure AuctionsHouse, land and foreclosure auctions can be one of the most nerve-wracking ways to buy a property. However, if you prepare yourself with proven bidding tactics, auctions can be a great way to purchase your dream home at a competitive price.

If you’re in-it-to-win-it, familiarize yourself with these top three tips and tricks before attending a real estate auction.

Give The Right Impression

While you may not have control over what other bidders are willing to pay for a property, you do have some control over their perception of whether or not bidding against you is worthwhile. Come well-dressed and maintain a confident demeanour to give the appearance that you are a serious buyer, one whom ‘the other guy’ likely can’t out-bid.

To enhance this appearance, do not make an offer right away. Wait until the bids have reached approximate 80% of your maximum price and then join in, as it will knock out the bargain hunters. A big first bid can be intimidating to others, making them question whether they stand a chance against you. Following bids should be made quickly and confidently to send the message that you are the person who will be closing this deal.

If you are extremely anxious to place bids, consider hiring a professional bidder to do the work for you. A seasoned pro will be able to maintain their cool while placing bids strategically to maximize your chances of getting the property you want at the price you want.

Know Your Limit

Never go into an auction without knowing your absolute limit. If you are emotionally invested in the property it is best to write your limit somewhere on the inside of your hand, so that you are forced to remember it when you’re tempted to exceed it.

In terms of setting a limit, pick a figure that isn’t rounded. Many buyers will set limits such as $500k or $1.2 million, and will drop out after these round figures have been reached. If your limit is $515k or $1.25 million, you will have an extra cushion than may just barely outbid your rivals – and that’s all you need to win.

Ask The Hard Questions

Do your research beforehand and ask the auctioneer about the property’s flaws. Questioning whether the deck is up to code or whether there is still a possibility of road widening could make other bidders second guess the property and drop out before bidding has even begun.

Ready to blow the competition out of the water? Make sure you are completely prepared for an auction, contact your trusted real estate professional today.

Buying for Retirement: 3 Reasons Why You’ll Want to Buy Your Retirement Home Before You Retire

by

Buying for Retirement: 3 Reasons Why You'll Want to Buy Your Retirement Home Before You RetireMany people dream of buying their ideal retirement home after their career has come to a conclusion – with all that extra free time it seems like it’d be the most logical time to shop around.

However, many real estate professionals strongly recommend that their clients find a retirement property before they’re off the payroll. While it may seem like a big time commitment to find a new home while you’re still busy with your work there are several significant financial benefits to purchasing your retirement home before you actually do retire. Here are our top reasons why.

It Makes Your Mortgage Easy

When you are employed it is easier to get approved for a mortgage. If you wait until after you retire to buy your retirement home, you may not have the income require to qualify for the mortgage that you need. Don’t limit yourself! Buy while you’re still employed to keep your options open.

It Leaves You With More Spending Money

Buying a new home while you have an income provides you with more security with your expenses, such as mortgage payments and planned upgrades or renovations. Having an income can also mitigate financial stress should you run into any unexpected expenses after closing.

It Leaves You Ready For Reality

You may think you can accurately predict the expenses of your new home, but if you buy the property before retiring it gives you time to get to know the true amounts of your monthly payments. This can help ensure that you have enough saved to retire and live comfortably in your new property, with no surprises for your budget. You’ll be in a better position to create a financial plan once you know the reality of owning your new home.

An Added Bonus: It Can Be An Income Property

If you decide to purchase your retirement home before you retire you don’t have to move into it right away. You can rent it out as an income property until you’re ready to settle in, which will not only help cover mortgage payments but will also allow you to see first-hand what the monthly expenses are for the property.

This will also prevent you from having to deal with a move while working; you can wait until you do finally retire before packing up your current home and moving into your new one.

Ready to find the perfect retirement property? Contact your trusted real estate professional today for more advice to set yourself up for the future.