Navy Fellas Realty Group

Real Estate, Residential sales and purchase

3 Important Things To Consider Before Listing Your Home on Airbnb

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3 Important Things To Consider Before Listing Your Home on AirbnbAirbnb has become an attractive way for homeowners to make income from their property. Although Airbnb’s is known for its reputable insurance policy, there are a few things you should consider before listing your home online.

Time Commitment

People have a tendency to think more about what they can gain from hosting on Airbnb than what hosting will do to their life. Having a steady stream of guests is quite a time-consuming endeavor; you’ll have to respond to inquiries online, clean your guest’s space and do laundry after every booking, and make sure your home is constantly neat and tidy.

This may seem like a small to-do list, but if you have a new guest every 3-4 days that could add up to 10 extra loads of laundry per month. Yikes!

As a host, you will also need to be present to check guests in and out of your home, which means you’ll need to book time off from your other commitments to properly welcome your guests and fulfill your hosting requirements. Hosting on Airbnb is just like having a real B&B, it is a business and requires time as such.

Risky Business

Needless to say, allowing strangers to stay in your home comes with inherent risk. Although Airbnb has insurance to protect its hosts and their homes, hosts are still vulnerable to theft or property damage. This can be especially devastating if sentimental items, such a wedding rings or family heirlooms, are stolen by a guest.

Another risk for Airbnb hosts to be aware of is squatting scams. Some scammers have taken advantage of the fact that when a guest stays in a home for longer than 30 days, they may gain squatting rights to the property, making it difficult for their host to force them to leave.

To avoid this situation, do not accept bookings that are longer than 30 days, and/or be very clear in your communication to guests that they are only allowed to stay at your property until the agreed upon departure date, and explicitly state that they must vacate your home after that time.

Be Realistic

It is unlikely that listing your home on Airbnb will provide you with enough financial freedom to quit your job and travel the world, though it may provide you with extra funds to contribute towards your mortgage payments. Be realistic about your expected hosting income, and don’t make any major financial changes based on your expectations until you have experience as a host and can accurately predict your monthly Airbnb profit.

Are you ready to find an ideal income property for Airbnb guests? Speak with your local real estate professional today!

3 Things You Must Do after Inheriting a Home

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3 Things You Must Do after Inheriting a HomeThere can be a lot of excitement when it comes to the realization that you’ve inherited a home, but simply because it’s an inheritance doesn’t mean there aren’t a few strings attached. Whether you’re expecting to be gifted with a home in the future or you’re currently going through this process, here are a few things you may need to watch out for.

The State Of The Mortgage

Once a home has been effectively handed over to you, it’s important to determine the status of the mortgage with the lender and if anything is still owed. While you have the option of taking over the mortgage in a lot of cases, in the event that there’s a reversible mortgage or you’re choosing to rent it out as a second property, you may not be able to transfer the mortgage. While this can often be a rather seamless process, if money is owed there can be other factors to consider.

Determine If You Want It

If you already have a first home and don’t want to take care of your second property as a rental unit, it’s important to realize that keeping the home may not be the best decision for you. While you have the option of organizing a short sale if you’d like to get it off of your hands, you can also contact a real estate agent who will be able to provide you with advice on how to proceed if you’re unwilling (or unable) to take control of the property.

Is It In Good Condition?

Whether you want to keep the home or not, there can be cases where it’s not even a question if it’s a home that you’re going to end up investing money into without much return. In the situation that a lot of money is owed on the house or there are serious issues with its general condition, you may want to release yourself from the inheritance and move on with your financial situation still intact.

There can be an instant feeling of acquired wealth in the event that you’ve inherited a home, but a home in bad condition or that you don’t want to take care of can end up being more of a headache than anything else. If you’re currently considering your options when it comes to a home inheritance, contact your local real estate professional for more information.

How to Market Your Home to Renters Online

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How to Market Your Home to Renters OnlineMany people think that marketing their home is best left to the realtor since they have the expertise and knowledge to succeed at selling. However, there are plenty of ways that you and your realtor can approach the marketing for your home for an even more positive impact. If you’ve made the decision to put your home on the market as a rental, here are a few tips so you can be sure to find the right renters.

Make Use Of Social Media

Sites like Craigslist have long been popular for finding a place to rent, but in the times of social media, there are plenty of other ways to reach people who are looking for apartments or homes. Instead of having to rely on traditional means of marketing, take to Twitter or Facebook to post about your home rental and include a few pictures with a brief description. Not only will this reach all your friends and followers, it will ensure that they can pass the information along too.

Create A Home Website

There are many old-school means of marketing a home to interested parties, but the tricks don’t necessarily change when it comes to finding an ideal renter. If you’re entrusting your home to the reliability of renters, a professional website with a respectable realtor is still one of the best means of attracting the right crowd. With a selection of professional photos and a complimentary description, you should have a few good options in no time.

Splurge On Professional Pictures

There’s a reason that professional photography is expensive, but when it comes to marketing your home online, a good picture is one of the best tools you have in finding your audience. Because a professional photographer knows all the small stuff about lighting and accentuating your home’s best features, they’ll be able to provide you with the kind of images that are sure to capture attention. In addition, a professional photograph can go a long way towards getting the rental price you’re asking for.

There was a time when renters walked the neighborhood to find the best rental options, but with so much of the search having gone online, there are other ways to market your home to potential candidates. If you’re planning on purchasing a second home and are putting your own up for rent, you may want to contact one of our local real estate professionals for more information.

3 Things to Consider Before Renting to Students

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3 Things to Consider Before Renting to StudentsWhether you have a second property that you’re going to move into or you’re planning on being away from your dwelling place for a while, you may be considering putting your home on the market in order to boost your financial outlook. While students comprise one demographic that is always entering the rental market to scoop up available properties, here are some things you may want to consider before deciding on a younger renter.

Will Your Home Be Rented Consistently?

Many students will require a place to rent out since most of them don’t have the money savings or stable income to purchase a home, but if you’re doing this to make ends meet on your properties, renting to student may not be the best way. While some students may plan on hanging out over the summer, there are those who will be heading home in order to live with their parents and save money for the Autumn semester. A contract’s a contract, but a renter can always flee the coop if it’s inconvenient.

Will They Take Good Care Of Your Home?

From furniture to family mementos, most people’s home is pretty personal to them, and that’s why it can be of supreme importance to have a renter that will respect your home and take good care of it in your absence. While there are plenty of responsible students in the world, you should ensure before settling on anyone that it’s someone you really trust who won’t damage your house or wake up the neighbors every Saturday evening.

What Rental Price Are You Looking For?

If you’re trying to make financial ends meet with your property, you’ll probably want to charge the maximum amount you can while still having a renter in your home. The risk with students is that they may not be able to pay the dollar amount you’re looking for so that you can effectively maximize your investment. While this doesn’t necessarily mean you’re taking the financial brunt, it’s important to get the monthly amount that your living space can garner on the market.

There can be a number of downfalls when it comes to renting to students, but there’s also the possibility that you’ll have a responsible renter who will stick around for more than a couple seasons. If you’re currently on the market for a second home, contact your local real estate professional for more information.

Thinking About Buying A Waterfront Home? Check Out These Important Tips!

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First Time Home Buyers: What You Really Need to Know About Buying a Beachfront HomeThe idea of an idyllic beachfront home is appealing for many people, but there are a number of factors involved in this type of home purchase that should be considered before getting serious. Whether it’s a home to live in full time, or a vacation property with investment potential, there are a number of issues to take note of. So, if you’re on the fence regarding waterfront property, here are some things you should keep in mind if beach life might be right for you.

The Ever-Shifting Shoreline

It goes without saying that the times are changing, and erosion of beachfront property is set to be a more pressing issue in the years ahead. If you’re planning on living in a house by the beach, you’ll want to research the surrounding area to ensure your investment will be sustainable over time. If significant shore erosion does occur, you could suffer a loss in regards to your most expensive asset.

In The Event Of Extreme Weather

Home insurance exists to cover you in the event of theft or fire, but if you’re planning on buying by the beach, it’s important to purchase an insurance package that will have you covered for many of nature’s calamities. Instead of leaving this to chance, double check that your home is protected against wind or water damage, as leaving this out could cost you a lot of money down the road.

Do Your Market Research

If you’re buying by the water and you’re looking to live there into the foreseeable future, it may not be necessary to do a lot of research, but if you plan on having renters it’s important to know that someone will be able to make your investment more feasible. If the market is down and people are not flocking to the beach during the months you’ll require renters, it may not be wise to invest huge amounts of money into a property.

Everybody Loves The Beach

It’s important to do research before you decide to invest in a beachfront home, but you will want to keep in mind that a home by the water will probably end up being more valuable than a home in the same town that doesn’t sit on a patch of sand. If you’ve done your research and everything looks good, this may be an investment well worth it.

Beachfront property has its own set of risks and rewards, but if you do your homework it can be an ideal investment. If you’re looking for homes in your area and are interested in waterfront property, you may want to contact your local real estate agent for more information.

Thinking About Selling in 2016? 3 Reasons You’ll Absolutely Need a Great Real Estate Agent

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Thinking About Selling in 2016? 3 Reasons You'll Absolutely Need a Great Real Estate AgentWhether you’re familiar with the market or you’ve never sold a home before, an effective real estate agent can be exactly the thing you need to make for a positive market experience. With the world of real estate in a constant state of flux, here are a few reasons why the right agent can successfully guide you through the muddled waters of the market.

A Skill For Communication

In the case that the real estate market makes you nervous, it’s particularly important to have the kind of agent who will keep you in the loop and give you the information you need to make an informed selling decision. An agent with the powers of communication will be able to give you honest advice when it’s required, like if it’s time to lower the price of your house, so that you can have success in achieving the offer you’re looking for.

A Willingness To Work Hard

There are many agents out there who won’t be willing to put in additional effort for a client, but the kind of agent you’ll want to choose should be someone who is a go-getter and will chase potential business for you. Instead of waiting around, an ideal agent should be following up with potential buyers and ensuring that they’re chasing any leads that may guarantee the purchase of your home. If you have to ask them to be proactive, they’re probably not the right person for the job.

A Bevy Of Client References

A real estate agent that is worth their salt should not hesitate to provide you with client references so you can make an informed, educated decision. Instead of asking for their personal references, though, request the names of their last ten clients as this should give you a pretty good grasp of what their capacities as an agent are, and how they will serve you. If they are cagey about providing references, you’ll want to move on to your next potential agent.

The real estate market is rife with a lot of things to know and it can be complicated to jump into the tides, but the right agent can actually make the process of selling your home a lot less stressful. If you’re currently looking for homes and are not sure where to turn, you may want to contact one of our real estate professionals for more scoop on the market.

Video: What Is A Counter-Offer?

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What Is A Counter-Offer?

The video puts this in more visual terms, but basically, a seller can respond to a buyer’s offer with changes – a “counter” – that improves the terms.

You need to put yourself in their shoes and construct a modified offer that you think they might take that meets more of your needs. Then it’s their turn – accept, reject, or construct yet another counter.

It’s an efficient market process, but beware: clauses and costs matter. Your broker should be closely involved in constructing a counter. Successful bargaining is best done with a win/win approach where each side is meeting their biggest needs and compromising others to reach an agreement.

Remember that outside conditions like interest rates, and supply and demand, will keep evolving so you’ll need to be patient but decisive to craft an counter-offer that works for both sides.

What Is A Counter-Offer?

Mythbusting: is Winter a Bad Time to Buy a Home? No – and Here’s Why

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Mythbusting: is Winter a Bad Time to Buy a Home? No - and Here's WhyThe cooler months of winter often seem like the best time to hibernate into your house and wait for spring to appear, but it can actually be a prime opportunity to start looking for a new home. If you’re not interested in waiting until next season, here are a few reasons you may want to get started on your home search a little earlier than expected.

Opportunity For A Lower Price

With prime moving time occurring during the months of fall and spring, there’s a good chance that a home purchase will end up costing you less in winter than it will during other times of the year. Most home sellers are not going to want to keep their house on the market for an extended period of time, so if it happens that their house is still for sale when the winter comes, they’ll likely be willing to consider a lower offer.

More Attention From Your Agent

Since fewer people will be selling and buying in the winter months, it’s quite likely that your real estate agent will have a lot more free time on their hands and will be able to give you more of their attention. Instead of sitting back and waiting for the New Year to arrive, take the opportunity to redefine your needs to your agent so – no matter the season – you’ll have someone who’s truly prepared to tackle the market for you.

The Added Perks Of A Slower Season

Most home sellers will have been advised by their real estate agent that the winter market is a lot slower, so you may be able to get some added benefits along with your purchase that make for a better deal. Whether you can garner a better negotiation, a quicker closing date or provide an offer that includes updated home appliances, there will probably be a few opportunities which will make the cooler winter search worth the effort.

The winter months can be a great time to hibernate, but they can also be ideal for searching for a home if you’re in the market. With the slow selling season, you may be able to take advantage of lower prices and more perks along with your purchase.

If you’re planning on moving a little bit sooner than expected, you may want to contact one of our local real estate professionals to see what opportunities are on the market.

How Do I Determine The Initial Offer?

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As you’ll see in this video, unless you have a buyer’s agent remember that the agent works for the seller. Make a point of asking him or her to keep your discussions and information confidential.

Listen to your real estate agent’s advice but follow your own reason on deciding a fair price.

Calculating your offer should involve several factors: what homes sell for in the area, the home’s condition, how long it’s been on the market, financing terms and the seller’s situation.

By the time you’re ready to make an offer you should have a good idea of what the home is worth and what you can afford.

Be prepared for give-and-take negotiation which is very common when buying a home. The buyer and seller may often go back and forth until they can agree on a final price.

How Do I Determine The Initial Offer

Real Estate Terminology 101: What Exactly Is A “Buyer’s Market”?

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Real Estate Terminology 101: What Exactly Is A If you’ve been following the real estate industry for any length of time, you’ve probably heard the phrase “buyer’s market” at some point. And although the meaning may seem apparent, it takes some study to understand what actually constitutes a buyer’s market.

Who decides whether it’s a buyer’s or seller’s market? What’s the threshold for deciding between the two? Here’s what you need to know.

Supply And Demand: Economic Factors That Govern…Everything

If you studied economics in school, you’ll probably remember an early lesson on supply and demand. Essentially, supply and demand are the two factors that influence what a commodity is objectively “worth” in a free market. They’re also a great way of characterizing whether a market is hot or cold, and whether or not it’s a good idea to invest at any particular moment in time.

In a nutshell, supply is the amount of something that is available for purchase, while demand is the amount of that same thing that people want to buy. When supply goes up while demand stays the same, buyers have more choice with respect to whom they want to buy from – and that means the price goes down because the commodity is freely available. When demand increases while supply stays the same, we see the opposite effect – the value (and price) increases because there’s not enough of the supply to go around.

The Buyer’s Market: What You Need To Know

A buyer’s market is a real estate market where the supply of homes available is greater than the demand for housing – it’s a market where there are more homes for sale than there are people willing to buy. This is a great situation for buyers, because their freedom of choice gives them a significant amount of power when negotiating prices. In a buyer’s market, sellers may have to accept a lower price in order to make the sale.

How To Navigate The Buyer’s Market

For buyers, the buyer’s market means lower prices and fewer bidding wars. But there are still some basic principles that savvy buyers ought to follow. Don’t lowball too far below the asking price, even if it is a buyer’s market – if homes in an area have recently been selling for $400,000 and the asking price is $450,000, offering $350,000 will only insult the buyers.

A buyer’s market means you can find your dream home at an affordable price, but there are certain nuances you’ll want to pay attention to. A professional real estate agent can help you to read and navigate the market, which means you’ll have an easier time finding your ideal home. Contact your local real estate professional to learn more.