Navy Fellas Realty Group

Real Estate, Residential sales and purchase

Small Repairs That Can Raise Your Sales Price

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If you’re actively preparing to list your home for sale, resist the temptation to make major home improvements. Focus on minor projects instead for a better return on your time and money. It’s the smaller projects that tend to have a bigger, long-term payoff.

So, how do you determine which projects are the “smaller ones”? It’s obvious when you think like a buyer.

Consider: Home buyers don’t always notice when your home is in working order. In fact, they expect it to be that way. What they do notice, however, is when things are “broken”. When a buyer sees torn screens in your windows or burnt-out light bulbs, they begin to wonder what else in the home has not been cared for.

This is one reason why — especially during warmer months — it’s sensible to hire an exterminator before selling your home. If a prospective buyer uncovers bugs in your bathroom, it can leave a lasting, negative impression, one that won’t likely lead to a purchase.

So, with “small repairs” in mind, here are 5 simple projects you can tackle in a weekend, that will help your home show better. Each is low-cost and high-impact:

  1. Repair or remove torn screen doors
  2. Fix all leaky faucets and toilets
  3. Touch up holes and cracks in paint, interior and exterior
  4. Apply a lubricant to squeaky doors and cabinets
  5. Get “clutter” into storage and physically out of the way

In addition, you’ll want to pull weeds from your yard, seed any bare spots you find, and lay down fresh mulch, where appropriate.

You won’t need to spend big bucks to get your home ready for sale, but the time spent on repairs will ultimately have a pay-off. Homes that show better often sell much faster and at higher prices.

Negotiating Repairs After a Home Inspection

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So, you’ve found your dream home, made an offer, and had the home inspection done. But wait—what happens next? For many homebuyers, negotiating repairs after a home inspection can be a daunting task. However, with the right approach and some negotiation skills, you can ensure that your new home is in tip-top shape without breaking the bank.

1. Understand the Inspection Report

The first step in negotiating repairs is to thoroughly review the inspection report. Take note of any major issues that could affect the safety or structural integrity of the home. These are the items that should be your top priority during negotiations.

2. Prioritize Your Requests

Not every item in the inspection report warrants negotiation. Focus on the repairs that are essential for the functionality and safety of the home. Structural issues, electrical problems, plumbing leaks, and issues with the roof should be at the top of your list.

3. Consult Your Realtor

Your real estate agent is your partner in the negotiation process. They can provide valuable insight into which repairs are reasonable to request and how to approach negotiations with the seller. Lean on their expertise to guide you through the process.

4. Be Reasonable

While it’s important to advocate for necessary repairs, it’s also crucial to be realistic in your expectations. Remember that no home is perfect, and some wear and tear are to be expected, especially in older homes. Focus on addressing the most critical issues rather than nitpicking every minor flaw.

5. Get Quotes

Before entering into negotiations, obtain quotes from licensed contractors for the repairs you’re requesting. Having concrete estimates will give you leverage during negotiations and help ensure that the requested repairs are fairly priced.

6. Be Open to Compromise

Negotiations are a give-and-take process. Be prepared to compromise with the seller, especially if they are willing to address some of your concerns but not all of them. Consider alternative solutions or concessions that could satisfy both parties.

7. Put It in Writing

Once you’ve reached an agreement with the seller regarding repairs, make sure to document the details in writing. A formal addendum to the purchase agreement outlining the agreed-upon repairs and timelines will help prevent misunderstandings down the road.

8. Consider Credits

In some cases, the seller may offer credit towards closing costs instead of making repairs themselves. Evaluate whether this option makes sense for you financially and factor it into your negotiations if it aligns with your preferences.

9. Stay Focused on the Big Picture

While negotiating repairs can be stressful, it’s important to keep the big picture in mind. Ultimately, the goal is to ensure that the home is safe, functional and meets your needs. Don’t let minor issues derail the entire process.

10. Know When to Walk Away

If the seller is unwilling to address significant issues uncovered during the inspection, you may need to reconsider whether this is the right home for you. Don’t be afraid to walk away from the deal if you feel that the seller is unwilling to negotiate in good faith.

Navigating negotiations after a home inspection requires patience, clear communication, and a willingness to compromise. By following these tips and staying focused on your priorities, you can successfully navigate the negotiation process and move one step closer to making your dream home a reality.

What To Know Before Investing In A New Property

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What To Know Before Investing In A New PropertyAnyone looking to diversify their investments should consider investing in real estate. Because the value of property generally increases over time, this is a great way to use money to make money. Even though purchasing a house may provide a greater return than leaving that money in a savings account, purchasing property is still a major decision. Everyone has to take their time to evaluate each option carefully before purchasing an investment property.

The Time Required

Owning an investment property is not easy, and it requires a significant amount of time. Potential real estate investors need to evaluate the local market carefully, comparing any potential mortgage payment to the rental income afforded by that property. Landlords also have to identify long-term residents to generate a passive stream of income that will cover expenses related to the property. 

The Budget

It is also critical to think about all the expenses that come with owning an investment property. Property owners need to make sure they have enough income to cover not only the mortgage payment but also real estate taxes and homeowners’ insurance. Keep in mind that real estate taxes may be higher for an investment property when compared to a primary residence. Real estate investors should also make sure they have cash aside to cover any emergency repairs. 

The Location

The location will play a significant role in driving any potential return on that investment. Ideally, the property should be located near attractive employment opportunities, major roads, and other amenities such as shopping and restaurants. The most important factor in the value of a property is its location, and this is just as true with investment properties as it is with anything else. A property in a good location will likely appreciate more quickly.

Choose The Right Property For Real Estate Investing

There are numerous factors that everyone should evaluate carefully before deciding to purchase property. While real estate investing can provide a significant return, it also comes with a lot of expenses and responsibilities. Everyone has to make sure they have the time and money to properly manage an investment property. If so, investing in real estate could be a great way to diversify assets and build wealth. 

 

Easy Repairs To Do At Home

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Easy Repairs To Do At HomeDuring the past few months, many people have been stuck at home. Whether this involves working from home or going to school from home, many home appliances are receiving more use than usual.There might be more breaks, clogs, and leaks than most families are used to dealing with.

Many families are tired of spending money on technicians and mechanics and might be looking for a more cost-effective way to deal with home repairs. There are a few key home repairs that homeowners can handle on their own.

Stopping A Leaky Faucet

Leaky faucets are among the most common issues homeowners deal with. There are two shut-off valves under the sink that need to be turned off first. Then, make sure there is nothing coming out of the faucet. Remove the handles from the faucet using a screwdriver and look at the cartridge, ceramic disc, and ball underneath. Remove these parts and replace them with new parts (in the reverse order) and the faucet should stop leaking.

Repair The Window Screen

If there is a tear in a window screen, this is a great way to let bugs in the house. The screen is usually held in place by tension springs or small clips. Remove the screen and locate the cord that runs on the outside of the screen, which is called the spline. Pry the spline up using a screwdriver. Then, remove the old screen. Finally, cut a new piece of screen that is slightly larger than the frame and secure it in place by pushing the spline back into place.

Unclog A Drain In The Bathroom

If the water level keeps rising during the shower, then this can be concerning. While many people are tempted to use chemical cleaners to unclog the drain, this could be dangerous for the pipes themselves. Instead, use a reliable hair snake (which looks like a zip tie with edges) to pull out the gunk. To access the drain, you may need to remove the stopper or unscrew the drain itself. Pull out the material with the snake and discard it.

Handle Repairs At Home

These are a few easy home repairs that homeowners can handle themselves. This can save a lot of time and money.