Ways a Floor Plan Will Help Sell Your Home

Floor plans are important. In fact, they’re so important they can help you sell your house faster. It’s no surprise that you want your home to stand out, appeal to buyers, and do well in your local market. You need an extra edge on the competition. That’s where your floor plan comes in.

 

Why is a floor plan so powerful? Simply put, it helps accurately express exactly what your home has to offer. Photos are great, but they often don’t give the full picture. Homebuyers need a way to really understand your home beyond the photos, and your floor plan can do that. Here’s are the ways your floor plan can help you sell your home faster.

 

 

1. Floor Plans Save Time

Since the majority of homebuyers browse online for nearby homes for sale, you need to make things easier for them. Buyers spend so much time arrangement appointments, traveling to homes for tours, and researching. They don’t want to also wonder about the floor plan on top of all that.

 

If you have your floor plan online, you help buyers understand more about your home. Beyond the photos, they now have a way to picture your home’s layout before they even make an appointment. That will help you find better-fit buyers the first time around, before even making an appointment.

 

2. Show Accessibility

Some buyers really worry about a home’s accessibility. If someone in their family has a disability, special needs, or is aging, knowing the layout really matters.

 

With a floor plan, potential buyers can see where doors and entryways are, as well as whether it’s easy to navigate in the space. This really sets your property apart.

 

3. Help Buyers Personalize the Space

You want your prospective buyers to really picture themselves in the space. The more they can see themselves at home in your property, the more likely they’ll make an offer.

 

When you share your home’s floor plan, they can see how their things will fit in the space. They might notice the bedroom is the perfect size for their king bed, or that the kitchen has room for the table they’ve always wanted. Thes things really help set expectations. Floor plans put the buyer “in” the home so they can see themselves living there.

 

4. Stand Out

Last but not least, using a floor plan in your online listing or during an open house will help you stand out. Too many buyers feel like they lose track of the homes they tour, and that means they might have a hard time remembering which home was yours.

 

When you offer a floor plan to anyone visiting or searching online, they’ll be able to remember your space more easily. Simply put, you stand out. In addition, you’ll come across as much more professional compared to the homes that didn’t include any kind of floor plan.

 

Practical Tips for Including Your Floor Plan

How can you make the most of your floor plan? Before you use your floor plan in your listing or at your open house, consider these key tips:

 

• Include dimensions and measurements to help buyers see their furniture in the space
• Add a site plan to see how the home fits in the total property area
• Print your plans in full color
• Include windows, doors, and other important details
• Keep your floor plans simple and easy to understand

 

Put Your Floor Plan to Work

These are the ways your floor plan can help you sell your home. Believe it or not, floor plans are often overlooked during the home selling process. In most competitive markets, you can’t afford to give up this advantage over other sellers.

 

It’s time to put your own floor plan to use with these tips above. You’ll be attracting more buyers in no time!

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Is It Smart to Buy Another Home in Another State Like Snow Birds Do?

Snowbird is the term given to someone who heads south for the winter, like a bird. When the weather starts to cool off, those who have a second home somewhere warmer move homes for the winter. This is most commonly done by people in retirement, but anyone can be a snowbird if they own a home in a warmer location.

 

Dealing with cold weather is always a chore. It comes with things like shoveling snow, winter storms, and icy roads. On the other hand, escaping somewhere warm provides you with relief from all of those winter pains. However, with that second home comes twice the responsibilities. In this guide, we’ll talk about whether you should buy another home in another state like a snowbird.

 

 

What are the benefits of owning a second home?

Owning a second home is a dream for many people. Owning a second home in a warmer state is even more spectacular, especially if you live in a cold climate prone to winter snow and ice. With a second home, you have a lot of benefits when you move to warmer weather such as:

 

• You can stay there as long as you want. Whether you vacation in your home or stay for months at a time, it’s yours to do what you want with.
• It can earn you money. If you’re able to rent out your vacation home, this can be a great source of income.
• Bring your family together. As a snowbird, you’ll likely bring some family members with you who will want to enjoy your winter location.
• There’s a sense of community. There’s a real sense of togetherness and community when you choose a place common with snowbirds, particularly in your retirement years.
• Escape the cold weather. Of course, the main draw of a second home is to escape the cold winter weather that’s harder to deal with as you age.

 

As you can see, there are a lot of perks to owning a home in another state like a snowbird. Not only do you get to enjoy the better weather, but you also gain a new sense of community.

 

What are the issues of owning a second home in another state?

While there are many things to look forward to when owning a second home in another state, there are also new challenges. More homes also mean more responsibilities. Here are the most common cons to keep an eye out for:

 

• There will be twice as many repair costs. Because you have two homes to maintain, you’ll need to worry about twice as many repairs and maintenance problems.
• Beware bad weather. Because you’ll have homes in two climates, you’ll also have two extremes to worry about. In the winter, you’ll need to make sure your first home is safe. In the summer, you’ll need to worry about storms and possibly even hurricanes for your snowbird property.
• There’s less flexibility. If you like to vacation is new spots, owning a second home in another state might not be for you. Because you already have a home you’re paying for, this will be where you’ll spend most of your vacations.
• It’s hard to rent. If you plan to rent out your property when you’re not using it, this comes with its own challenges, especially if you live out of state.

 

Is owning a second home in another state right for you?

Ultimately, it’s up to you to decide what’s right for your situation. Owning a second home in another state as a snowbird is a great way to escape the winter blues, but don’t make the mistake of thinking it’s a permanent vacation. There are a number of challenges that come with escaping into the sunshine.

 

In 2030, 1 in 5 Americans are expected to be in their retirement years. With numbers like that, it’s no wonder so many people are looking into the possibility of a second home before the real demand hits. Are you considering a second home in another state?

 

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How Long Can It Take To Close Escrow?

Finding the house that you want to buy is only half the battle. After finding your dream home, you have to go through an extensive closing process before you can finally move in.

 

One major aspect of buying a home you should be familiar with is the escrow process. This period during the closing process can be pretty overwhelming, so you should be prepared to deal with it when the time comes.

 

Essentially, escrow helps protect both the buyer and seller during the closing process. It ensures that both parties are satisfied before the transaction is complete.

 

Let’s take a closer look at what escrow is and how long the escrow process can last.

 

 

What is Escrow?

Escrow is simply a financial agreement in which a third party holds funds while two parties work to complete a transaction.

 

In the home buying process, a third party holds the money being used to purchase a home while the buyer and seller satisfy each other’s terms before closing. Payment is only released once both parties are satisfied and ready to close the deal.

 

 

How Escrow Works

The escrow process is basically as follow

 

1. First, the buyer and seller agree to purchase terms, which includes agreeing on which third party will hold the money for the transaction.
2. The buyer deposits money into an escrow account to be held until the transaction is completed.
3. The buyer and seller satisfy all of the conditions of the transaction.
4. To complete the transaction, the funds from the escrow account are disbursed.

 

This is essentially how the escrow process plays out. In a real estate transaction, things like home inspections, repairs, and more are completed while the money is being held in an escrow account.

 

 

Why Escrow is Important

The escrow process is very important for one primary reason: protection.

 

As a buyer, you don’t have to pay the seller anything until all of your terms have been satisfied. After getting a home inspection, requesting repairs, and setting any other terms or conditions, you can safely deposit your money to a third party while the seller accommodates your requests.

 

As a seller, escrow ensures that you won’t have to spend any time or money to satisfy the buyer’s conditions only to end up not receiving payment.

 

 

How Long Does the Escrow Process Take?

To put it shortly, it depends.

 

In order to complete the escrow process, buyers and sellers have to satisfy all of the terms of their purchase agreement.  This includes things like home inspections, pest inspections, disclosures, securing financing, and more.

 

That being said, the escrow process can take as little as five days or as long as two months.

 

 

Potential Delays

There are a number of things that could delay the escrow process, including:

 

• Delayed loan approval
• Your payment method
• The seller’s chosen disbursement method
• New liens on the home
• Expired mortgage offer
• Poor communication
• And more

 

These issues, among others, can be the difference between closing your real estate transaction in a week or closing after several months.

 

The most important thing to do when trying to get through the escrow process is to be in constant communication with your buyer or seller.

 

By being prepared for this process, you can move into your new home as quickly as possible.

The post How Long Can It Take To Close Escrow? appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-long-can-it-take-to-close-escrow/

Which Direction Should a Ceiling Fan Rotate in the Summer?

It’s important to know how to keep your home cool during the hot summer months. While AC can get the job done, it can also drive up your utility bill.

 

Relying on your ceiling fans is a great way to get a cool breeze going throughout your home. But you might not know that changing the direction that your fan rotates can make a major difference during the summer.

 

So, what direction should your ceiling fan rotate in the summer? Let’s take a quick look at how you can keep your home cool this summer.

 

Save on Energy Costs

It can be tempting to blast your air conditioning to keep your home cool, but this could result in you spending hundreds of dollars extra on your utility bill throughout the summer.

 

While AC may be the easiest solution, there are plenty of other ways to keep your home cool during the summer without significantly increasing your expenses.

 

A great start to cooling down your home is to make sure you know which direction your ceiling fan should rotate to improve air circulation and create a cooling breeze.

 

Which Direction Your Fan Should Rotate During the Summer

Most ceiling fans are reversible. When rotating one way, the fan will push air down to create a nice breeze. When rotating the other way, the fan will suck air upwards to help distribute heat.

 

To help make your home feel more comfortable in the summer, your ceiling fan should typically rotate counter-clockwise. This will produce a cooling effect that will make your home more comfortable.

 

It should be noted that, while most fans operate this way, some don’t follow this standard. The easiest way to check if your fan is rotating in the right direction for the summer is to stand directly underneath it. You should feel a nice breeze, like when you fan yourself with a magazine.

 

Ceiling fans don’t cool rooms themselves, but they do create much better air circulation. This effect can greatly improve the comfort of your home when it gets a little too hot outside.

 

Other Ways to Stay Cool

Aside from ceiling fans and central AC, there are plenty of other ways to help keep your home comfortable during the warmer months. This includes:

 

• Keeping exterior doors and windows closed, but interior doors open to improve airflow
• Use window AC units to cheaply cool individual rooms
• Keep your blinds and curtains closed to prevent your home from heating up quickly
• Use a programmable thermostat
• Use a dehumidifier

 

These methods are great ways to mitigate the effects that hot temperatures have on your home. By combining these tips, you can drastically improve the comfort of your home during the summer without having to cough up hundreds of extra dollars for your utility bill.

The post Which Direction Should a Ceiling Fan Rotate in the Summer? appeared first on National Cash Offer.

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The Life Expectancy of Common Household Components

In a perfect world, everything in your home would last the lifetime of your home. You’d never have to worry about costly repairs or replacements. Unfortunately, life isn’t perfect. Even new appliances and common household components break from time to time, and everything has a shelf life.

 

The more you understand the life expectancy of common household components, the better you can prepare. For example, if you know you’ll need to replace your washing machine every 10 years, you can prepare to save that money. The average American spends over $4,900 a year on home repairs and appliances, so the more you can budget, the better.

 

 

Exterior Home Components

First, let’s look at the life expectancy for the exterior components of your home. These are the things that take the biggest beating. They’re constantly exposed to the elements, and they need a lot of maintenance to stay in top shape.

 

• Window A/C Unit (10 Years) – If you have a window air conditioner, it can last up to a decade if it’s well maintained. Always clean the filter to keep it lasting longer.
• Roofing (25 Years) – It’s good to know your roof can last a while! Always repair your roof if you find even small problems to prevent them from becoming more damaging.
• Garage Door (12 Years) – Garage doors get a lot of use and need a lubricant spray to keep the springs active and functional.
• Home Siding (30 Years) – If you regularly clean your siding and repair problems, you can expect it to last up to 30 years.
• Wooden Deck (30 Years) – Similarly, if you have a deck, it’s likely built to last. If you keep up with repairs, it’ll live a long life.

 

As you can see, a lot of maintenance goes a long way. If you’re proactive about repairing things quickly and making updates when needed, you can get a lot of use out of the interior components of your home.

 

Interior Home Components

It takes a lot of work to maintain the interior of your home, especially when it comes to making sure your home looks modern and on-trend. You might find yourself replacing things before they’ve lived their life just because they’re no longer in style. Similarly, the more you take care of these things with proper cleanings and maintenance, the longer they’ll last you.

 

• Carpet (1o Years) – While it might seem like your carpet is impossible to clean, proper steaming before it becomes visibly dirty will go a long way.
• HVAC System (20 Years) – This can be one the most costly repairs or replacements, so always get your system serviced on a yearly basis to keep up with problems. In addition, change your filters every month to keep the system from overworking.
• Faucets and Water Fixtures (12 Years) – Your faucets and water fixtures work hard, and you should too. Always clean out hard water residue and remove any clogs.
• Countertops (50 Years) – Did you know your counters might be the longest-lasting thing in your home? If you reseal them every few years, they can last half a century or more.
• Windows (30 Years) – Unless you live in an area prone to extreme weather, windows should last you several decades.
• Washing Machine (12 Years) – If you’re using your washer properly and checking for signs of wear, it can last you over 10 years.
• Dryer (12 Years) – Similar to your washer, your clothes dryer can also last over a decade as long as you clean your lint trap before every use.
• Oven (15 Years) – Finally, your oven can last a long while if you’re proactive about inspecting the coil burners and replacing them when needed.

 

As you can see, just like with the exterior of your home, the interior needs a lot of ongoing care. To learn more about the life expectancy of your home’s components, check out the ATD inspection guide.

 

Conclusion

Taking care of your home can feel intimidating, but it doesn’t have to be. As long as you know your home’s problem areas and stay on top of them, you’re gearing up for a long life with the components you use the most.

 

Don’t underestimate the power of repairs and maintenance. A bit of care here and there will make a huge difference. Now that you know the life expectancy of these common household components, where does your home stack up?

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Things You Should Know About Request for Repairs

When you’ve fairly found the home you want to purchase, there are a few extra steps you need to take before closing.

 

One of these steps is requesting repairs to be done on the home before you actually close the deal. Many homes on the market aren’t in perfect. Whether you found cosmetic issues that you want to be repaired or the home has any structural issues, it’s important that these problems are addressed before the sale is finalized.

 

Before buying your home, there are a few things you should know about requesting repairs in order to ensure that your new home is in great condition when you move in.

 

Get a Professional Inspection

Before buying a home, you should absolutely hire an independent, qualified professional to perform a home inspection.

 

A professional home inspector will be able to identify any and all issues that need to be addressed in your new home. It can be incredibly difficult to find these issues on your own. Additionally, most buyers won’t be willing to fulfill your requests if they aren’t backed by a home inspector.

 

Qualified inspectors will check a variety of areas to search for potential issues, including:

 

• Foundation
• Basement
• Plumbing
• Electrical systems
• Appliances
• Windows, doors, and walls
• Attic
• And more

 

If you want your requests for repairs to be taken seriously, you need to get a professional home inspection before closing.

 

Sellers Are Responsible for (Most) Repairs

After identifying any potential issues, requests for repairs should be directed towards the seller of the home. You, as the buyer, should not be responsible for any major repairs that can present safety or structural integrity issues.

 

Of course, there are instances in which you are responsible for repairs. This includes things like cosmetic issues which aren’t necessary for your home to be considered safe or in good condition.

 

Common Repairs

There are a number of important issues that are commonly present in homes. If you identify any of these issues, you should request repairs accordingly. These issues include:

 

• Roof damage
• Galvanized water pipes
• Old HVAC systems
• Old or damaged water heater
• Cracked foundation
• Poor insulation
• Ungrounded wiring

 

Issues like these need to be addressed immediately. They can present safety issues to you and your family and can cause damage to your home if left unchecked.

 

You should be sure to make requests for repairs to your seller if your inspector identifies issues like these in your new home.

 

Repair Requests You Shouldn’t Make

Technically, you can make any repair requests you want. You’re always free to make your offer conditional. However, by making certain, unnecessary requests for repairs, you may frustrate the seller and cause them to reject your offer.

 

Requests that you should avoid include:

 

• Repairs for areas of the home you plan to renovate
• Cosmetic issues
• Minor water damage
• Minor electrical issues (like a broken light switch)
• Anything that is not flagged as a safety issue or code violation

 

In a seller’s market, you want to avoid making requests that will encourage sellers to move on and find a new buyer. If some issues aren’t urgent, then you may want to avoid asking for them to be addressed.

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The Difference Between a Home Warranty and a Homeowner’s Insurance Policy

Homeowner’s Insurance and Home Warranty Policies are both great pieces of protection to have, though they are far different in terms of what they cover. While we highly recommend purchasing both of these types of protection, understanding the differences before you do so is very important.

 

The decision to own a home is probably one of the biggest decisions that you will ever make. Protecting your home isn’t just a good idea, it’s a necessary one. Having both a home warranty and a homeowner’s insurance policy will ensure your ultimate protection.

 

 

Homeowner’s Insurance

Homeowner’s Insurance is made to cover anything that is accidental in your home. These accidents can range from fires to storms to theft and beyond. Your insurance policy will typically be split into a few different categories: theft, loss and damage, interior and exterior, and general liability, in case someone were to get hurt when in your home.

When you get a home, you will typically be obligated to get a homeowner’s insurance policy before they give you the mortgage. That policy has to be renewed every year. Every time you make a claim, you’ll have to pay your deductible, though the insurance company will take care of the rest.

 

 

Home Warranty

A Home Warranty is a type of contract that will pay for appliance and component replacement if things fail. Let’s say that your AC system fails in your house, or even your washer and dryer. Typically, your home warranty will cover these things. Some warranties will even cover your pool. These contracts will typically last for about 12 months, though banks and lenders don’t force you to buy them when you buy your home.

 

With that said, it is still a great purchase to make. You can typically add on other smaller appliances and systems for under $100 per month as well. This is great if you have multiple refrigerators for example.

 

Let’s say something happens with your pool. A licensed technician will come out to your home, analyze the issue. If they deem the issue is a cause of wear of tear and it is still under the warranty terms of service, the contractor will make the repair. All you will have to pay at that point is the service call fee.

 

 

Conclusion

Sometimes you just have to prepare for the unavoidable in life. The best way to make sure that you are prepared for the breakage of your home and the things inside is to have both homeowner’s insurance and a home warranty. Not only will all of your stuff be covered and fixed by professionals, you also won’t have to deal with shady, third-party contractors or repairmen when things break.

 

We hope that this article was helpful in differentiating these two types of protection. Have you ever had a breakage where you needed to utilize your homeowner’s insurance policy or home warranty? How was your experience? Make sure to let us know about it in the comments!

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Why Many Sellers Are Staging Homes Virtually

We are truly living in a digital age, and it’s about time that home selling caught up. While we’ve had online listing websites and virtual tours for a while, it seems the real estate world has recently made big strides when it comes to home staging.

 

This new concept is known as virtual staging. It’s when you arrange computer-generated furnishings and props in key rooms, making it possible to stage bare-bones, vacant homes. Unlike traditional staging, there’s no heavy lifting or expensive costs. It’s all done in just a few clicks. However, before you start downloading all of the virtual staging apps, let’s talk about why many sellers are staging homes virtually and whether it’s the best option.

 

Virtual Staging Example from Virtual Staging Studio

 

What is Virtual Staging?

As we just mentioned, virtual staging is when you use an app or other digital software to add interior design elements to a space. With some apps, it’s as simple as using a drag and drop feature to bring furniture and more into a room.

 

How does it work? You start by uploading a photo of the space into what’s known as a virtual staging platform. When choosing a photo to use, it’s best to look for one of an empty room. If there’s existing furniture, it can be hard to work around.

 

Once your photo is uploaded, you can place selected furnishings from a digital catalog. You’ll find computer-generated items like couches, chairs, mirrors, rugs, plants, and more. It’s all about creating ambiance. Virtual staging has come a long way, and it can make the home look very realistic with its design. To see it for yourself, check out the Virtual Staging Lab.

 

Why Use Virtual Staging to Sell Your Home?
Virtual staging makes sense for home sellers since you need to catch buyers’ attention online. People are scrolling quickly through online listing platforms. If your home doesn’t look like anything special, it won’t stand out.

 

With virtual staging, you can make an empty space feel like home. Here are the benefits of using virtual staging:

 

• Affordable – First and foremost, it’s affordable. This only costs as much as it is to download whatever app or platform you use. There’s no need to buy or rent furniture, most of which can be costly.
• No Heavy Lifting – One of the biggest challenges of staging a home is lifting heavy furniture. With a staging app, it’s as simple as using a drag and drop feature. There’s no need to lift anything heavy, and that can be a big help and time saver.
• Accessible – This is a tool even amateurs can use. While it definitely helps to have the help of a designer or a real estate agent, you don’t need any fancy skills or experience to stage virtually.
• Services – Finally, there are even virtual staging services nowadays that will stage the photos for you in a realistic way so you don’t have to worry about the cost of downloading an app and learning how to use it.

 

A picture really is worth a thousand words! When it comes to selling homes, you can’t slack on photography and staging. According to a recent study, homes with high-quality images sell 32% faster. That means buyers are looking for photos that show a home’s true potential.

 

Virtual Staging Best Practices

However, like all virtual tools, you need to follow some best practices when using virtual staging to sell your home. First, don’t disappoint your viewers. A lot of platforms will let you change major features about a home, such as the wall color or kitchen upgrades. Changing these things might be a good way to get attention, but you’ll only disappoint your viewers when they come to the open house and see what it really looks like.

 

Another important practice is to always disclose your virtual staging. If you’re not clear upfront, this could become a legal issue. Always disclose any digitally altered photo by labeling them as possibilities for the property.

 

Finally, don’t cover up any issues. If there are any flaws in the home, avoid covering them up digitally. This is misleading and will only lead to problems further down the line. Remember, virtual staging is a great way to transform an empty space into a home, but it shouldn’t change fundamental aspects of the property.

 

Is Virtual Staging Right For You?

Now, it’s clear why many sellers are staging their homes virtually. This technology really has made big strides in the past few years. It’s easy to see why it’s such a popular choice, but there are still a lot of things to keep in mind.

 

If you’re thinking of using virtual staging to sell your home faster, you might be onto something. It’s easier than ever to make sure your home shines online. Give this technology a try for yourself to see just how far it can take you.

The post Why Many Sellers Are Staging Homes Virtually appeared first on National Cash Offer.

source https://nationalcashoffer.com/why-many-sellers-are-staging-homes-virtually/

What’s the Difference Between a Fully and Partially Amortizing Loan?

Are you ready to buy a new home? If so, it’s important to decide how to finance your home purchase.

 

One aspect of financing that’s important to understand is the difference between a fully and partially amortizing loan. Almost every loan fits into one of these two categories.

 

Both options have their advantages and disadvantages, so it’s important to learn the differences and decide which type of loan meets your needs.

 

Let’s take a look at the difference between fully and partially amortizing loans.

 

Fully Amortizing Loan

Fully amortizing loans are an extremely common type of loan that you’re probably familiar with — even if you don’t recognize the term.

 

These loans are paid off through equal monthly payments over a certain period of time. So, if you were to take out a 15-year loan, you would repay it via 180 equal monthly payments. Each payment would apply to both the interest and principal of the loan.

 

By the end of this repayment term, you will have repaid your loan in full.

 

Partially Amortizing Loan

Partially amortizing loans work a little bit differently.

 

Like fully amortizing loans, partially amortizing loans require you to make monthly payments of the course of your loan term. However, these payments will not cover the entire balance of your loan.

 

Instead, partially amortizing loans require you to make monthly payments based on a longer loan term that your actual term, so the monthly payments are smaller than they would be with a fully amortizing loan. With these types of loans, you have to make a balloon (lump sum) payment at the beginning or end of your loan term to cover the remaining balance.

 

Balloon payment mortgages fall into this category. With these mortgages, you have to make a lump sum payment at the end of your loan term to completely pay off your loan.

 

Pros & Cons

The main benefit of partially amortizing loans is that they give you a little bit of additional cash flow over your loan term. Lower monthly payments mean you have more money available to cover other expenses, like home improvements.

 

On the other hand, the biggest downside is the lump sum payment you have to make at the end of your mortgage term. These balloon payments are typically very large and you may not have the cash available to satisfy these payments.

 

Additionally, you may not be able to refinance when you take out a partially amortizing loan. Even if you are able to refinance, it likely won’t be with favorable terms. This can be a big disadvantage as you may be missing out on huge savings on interest due to not being able to refinance.

 

Which Should You Choose?

Ultimately, it’s up to you to weigh the pros and cons of partially and fully amortizing loans to decide which is best for you.

 

If you are sure you’ll be able to make the balloon payment at the end of your mortgage, and you were able to secure a low interest rate, then a partially amortizing loan can be a good option to give you a little bit of extra cash flow.

 

Before taking out a mortgage, it’s important that you understand your options so that you can choose the one that best meets your needs.

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source https://nationalcashoffer.com/whats-the-difference-between-a-fully-and-partially-amortizing-loan/

What’s the Difference Between a Jumbo Loan and a Conforming Loan?

When buying a home, there’s usually a lot of confusion around the mortgage process. What loan do you need? What different types of loans are there?

 

One of the biggest areas of confusion is the difference between a jumbo loan and a conforming loan. Which can you expect to need when buying your next home? What happens if you need a jumbo mortgage? Keep reading to answer these questions and more.

 

 

What is a Jumbo Loan?

First, let’s talk about jumbo loans. As the name suggests, jumbo loans are for very large mortgages. These are only available in certain U.S. counties and they have to be in excess of $484,350.

 

Because they fall outside of conforming loan restrictions, they aren’t backed by Fannie Mae or Freddie Mac. Any non-conforming jumbo loans are loans that exceed the jumbo limit in their county, usually only for special instances such as if the borrower is very well-off or seeking an interest-only mortgage.

 

How are jumbo mortgages used to buy homes? Whenever you purchase an expensive property that needs to be financed, you’ll need a jumbo mortgage that comes with different rules. They usually carry higher interest rates than conventional mortgages, and they’re harder to qualify for.

 

Here’s what you’ll need to qualify for a jumbo mortgage:

• High credit score – You’ll need a credit score that’s above “fair” or 620. Many lenders want a credit score above 700.
• Credit history – Along with a high score, you’ll also need to show you’re able to pay your accounts responsible. Even a single missed payment could be enough to disqualify you.
• Large down payment – As you might expect, bigger loans require bigger down payments. While you might only need to put 2.5% on a conventional or conforming mortgage, you’ll need much higher for a jumbo loan.
• Mortgage payments – Aside from the downpayment, you’ll also need to have more money in your account to show you can afford several months of higher mortgage payments.
• Debt-to-income ratio – Your debt-to-income ratio will need to be lower to show you aren’t biting off more than you can chew.

 

What is a Conforming Mortgage

Now that you know what a jumbo loan is, let’s talk about conforming mortgages. A conforming mortgage is any mortgage that fits with the requirements set by Fannie Mae and Freddie Mac. These are the two government sponsor entities that buy mortgages from banks to sell to investors.

 

Another term that’s often used in relation to a conforming loan is a conventional mortgage. A conventional mortgage is any home loan that is not connected with the government, such as an FHA or VA loan. The national maximum for conforming conventional loans is currently $484,350 for a single-unit home, though this number changes every year.

 

In competitive areas where housing costs are higher, you’ll likely see a higher maximum loan limit. For places like New York City and San Fransisco, this maximum can be over $700,000.

 

Finally, most conventional loans are backed by the federal government, making them more reliable for lenders and the average home buyer. Lenders take on more risks when they take on a jumbo mortgage.

 

Which Type of Loan Do You Need?

Now that you know the difference between these mortgage types, which is right for you? It will all come down to your financial situation as well as the cost of the home you’re currently purchasing. If you’re getting a home under the $484,350 mark, you won’t need to consider a jumbo loan.

 

Knowing the difference between a jumbo loan and a conforming loan will help you stay educated as you start the mortgage process for yourself. The more you know, the more prepared you’ll be to make the right financial choices about your future.

The post What’s the Difference Between a Jumbo Loan and a Conforming Loan? appeared first on National Cash Offer.

source https://nationalcashoffer.com/whats-the-difference-between-a-jumbo-loan-and-a-conforming-loan/

Which Cleaning Appliances To Buy For Your Home

Though we’re not quite living in the age of the Jetsons, modern homes seem packed to the brim with appliances. While we seem to consume far more than we need when it comes to home gadgets and appliances, there are a few must-have appliances that your home shouldn’t go without.

 

If you’re looking to optimize your cleaning days at home, stick with us as we go through the top 5 cleaning appliances to buy for your home.

 

 

1. Washing Machine and Dryer

If you live in a modern household, having a washing machine and dryer is absolutely necessary. If you have an older home or a small apartment that is strapped for space, you may not have these clothes cleaning machines. Instead, you probably visit the laundromat.

Lucky for you, washing machines and dryers and far cheaper and much more energy efficient than they used to be. You could easily find a good washing machine for under $300 if you only need a small one.

 

 

2. Water Heater

A water heater is an essential piece of the modern household, even in areas where temperatures stay fairly warm. Think of how many things a water heater is responsible for in a home. It provides you with nice, long showers and hot water for doing dishes. You don’t really think about it until you don’t have hot water.

Unfortunately, there are many extremely old properties that weren’t built with water heaters attached. The good thing is, there are a wide range of high-quality, budget-friendly water heaters for those in small home. Most are universally made so that they fit to the plumbing in bathrooms or kitchens.

 

 

3. Vacuum Cleaner

Tired of sweeping your floors or trying to run your mop along the entire length of your house? This is where vacuum cleaners come in handy. You’d be surprised at how cheap you can find a good vacuum cleaner for. With that said, if you want one that is powerful, durable, and reliable, with added features, you might have to throw down a couple hundred dollars.

 

 

4. Dishwasher

A dishwasher cannot only save you hundreds, if not thousands of dollars per year in water costs, but can also save you an average of 230 hours per year in time compared to washing dishes with your hands. Conventional dishwashers are a must-have for the modern household, especially if it’s a family home with plenty of dishes to be washed.

 

 

5. Extendable Duster

While the extendable duster doesn’t really match up to the other items in terms of cost, it is still incredibly important. Dust mites can trigger asthma symptoms if not taken care of properly. This is why it is important to dust weekly to make sure that you are breathing the freshest air possible. Extendable dusters help you to get into those hard to reach places.

 

 

Conclusion

Ready to get cleaning? We hope that this article has helped you to figure what cleaning appliances you should have in your home! A clean home is the key to a happy and healthy mind! Any must-have cleaning appliances that we missed? Let us know in the comments!

The post Which Cleaning Appliances To Buy For Your Home appeared first on National Cash Offer.

source https://nationalcashoffer.com/which-cleaning-appliances-to-buy-for-your-home/

Things That Can Damage The Roof Of Your Home

Your roof is the thing that separates you from the rest of the outside world. Without it, you don’t truly have a home. While a roof can seemingly last a lifetime, there are a surprising amount of things that can damage it and shorten its overall lifespan. It’s incredibly important to have your roof inspected regularly if you want to make sure that it’s in good condition.

 

Not sure about our claims? Check out some of the top culprits of roof damage and you’ll likely change your mind.

 

 

1. Wind

Wind is the leading cause of damage when it comes to roofs. If winds are strong enough, they can lift up the shingles on your roof, leaving everything underneath exposed. If you are living in an area with strong winds, it’s important to check your roof more than often, especially after windy days. A good sign of damage is if you see shingles or pieces of roofing on the ground after a storm, whether from your house or others in the area.

 

 

2. Debris

If you live in an area with lots of trees and foliage, you may have a lot of debris on your roof. Debris can be anything from branches to pine needles. Unfortunately, those things aren’t even the worst of your problems. The main culprit of damage in this instance is the moisture that collects on those pieces of debris. It can wear down the shingles on your roof over time if you don’t constantly check.

 

 

3. Animals

Think about all of the animals that you see in your neighborhood. Most suburban areas are home to squirrels, birds, rats, raccoons, and opossums. These animals can eat away at your shingles, not to mention claw and chew their way into your house through the walls. If you check your roof and find animals either living or congregating up there, it may be time to call pest control.

 

 

4. Sun

Yup, your roof is no match for the power of the sun and its unholy UV rays. The more exposure your roof has to UV rays, the more damage and rot can come about. Unfortunately, you may not notice this type of damage right away, and there’s not much you can do about it besides maybe planting a few trees over the top of your home. If you live in a sunny climate such as a desert or beach, you may need to check your roof more than the next person.

 

 

5. Snow and Ice

When temperatures reach levels below the freezing point, ice can form. Ice, much like wind and sun, can be unavoidable depending on where you live. When the ice melts, water forms and can damage your shingles if it pools there. We recommend getting your roof inspected after every winter if you are living in an area with snow.

 

 

Conclusion

We hope that by now you understand how important it is to have your roof inspected and repaired to prevent further and greater damage. Your roof is the one thing that separates you from the outside world. Without it, you’d essentially be living in a giant, square bucket.

 

Have you ever had your roof inspected or repaired before? What was your experience like? Let us know in the comments!

The post Things That Can Damage The Roof Of Your Home appeared first on National Cash Offer.

source https://nationalcashoffer.com/things-that-can-damage-the-roof-of-your-home/

How to Improve Your Home’s Earthquake Resistance

There’s nothing scarier than being in your home when a natural disaster hits. If you live in an earthquake-prone area, you’ve probably already experienced some of those frightening tremors yourself. A serious quake can be downright terrifying, and, if you’re not careful, a disaster for your property.

 

Luckily, thanks to modern tools and technology, we now have more tools and resources at our disposal to help improve our home’s earthquake resistance. If you’re in a quake-prone area, you need this guide. Let’s talk about how to improve your home’s earthquake resistance so you can have some much-needed peace of mind. With an estimated 500,000 detectable earthquakes happening around the world each year, you can never be too careful.

 

 

What Causes Earthquake Damage?

What exactly causes your home to move and shake so much during an earthquake? While you probably already know how the tremors shake the ground from movement in one of the Earth’s fault lines, what exactly happens to your home?

 

The most damaging motion, believe it or not, is not the vertical component of the Earth moving up and down. In fact, it’s the horizontal movement. Your home wants to stay in a single place as the Earth shifts from side to side, and this creates a lot of sideways forces on the walls, pointing them in a diamond shape. This is known as “shear forces,” and it can lead to your walls crumbling down.

 

Now, let’s identify clear ways to make your home more “earthquake proof.” It’s important to note that no building will ever be 100% safe from natural disasters, but you can take preventative steps both when building your home and styling it.

 

Improve the Flexibility

The more mass a structure has, the higher the shear loads will be in the case of an earthquake. If a structure has “flex” and “give,”  it’s much more likely to absorb the seismic energy. This is what’s been used with much success in places like Japan where there’s a high chance of experiencing an earthquake.

 

One of the materials with the greatest flexibility is fiberglass. These fiberglass composites have a high strength-to-weight ratio and flexibility, making them very strong in the case of an earthquake.

 

Reinforcing Existing Walls

If your home is built with materials that are known to handle poorly when there are ground tremors, you still have options. What materials are notoriously bad with earthquakes? Older masonry, concrete, and earth materials are very poor choices.

 

That being said, these materials can be improved with reinforcing steel, bond beams, and roof diaphragms. This is definitely an investment needed to improve the longevity of these materials. Always avoid unreinforced masonry walls which are prone to collapsing.

 

Check the Foundation Moisture

Your foundation moisture affects the land around the base of your house. This base is especially affected by things like moisture and water, so you should try to keep these conditions constantly.

 

Always keep your gutters and the area around your home clean. Don’t let any rainwater pool on the ground. It could be worth having your home inspected to look for any moisture problems.

 

Use Flexible Utilities

While it’s not possible to make sure everything in your home is flexible in the case of an earthquake, you can still take measures. There are such things as flexible pipe fixtures that can be used to avoid gas or water leaks. These will be a lifesaver if your utilities are damaged during a disaster.

 

Move Furniture and Decorations Away From Beds

Hanging pictures over your bed might be fine if you’re in a place that isn’t prone to earthquakes. However, these can quickly become a danger if they fall down on you during any ground shaking.

 

Things like bookshelves, large furniture, and electronics, as well as decorations, can become a danger once an earthquake strikes. Not only should you properly secure these things to your walls, but you should also keep them away from places you’re likely to be resting, like chairs and beds.

 

Better Safe Than Sorry

Protecting your home from an earthquake doesn’t have to involve any big overhauls. It’s easiest to look for properties that already have sound, flexible construction in place to cut down on these problems. However, even if you live in an older home, you have options.

 

It’s all about being safe rather than sorry when it comes to the best ways to improve your home’s earthquake resistance. Your build and property can have a big impact on your resistance, so it’s important to take these tips seriously.

The post How to Improve Your Home’s Earthquake Resistance appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-to-improve-your-homes-earthquake-resistance/

The Top 5 Home Staging Mistakes

Home staging is a critical part of the home selling process. It’s important to do it correctly in order to generate interest in your property.

 

However, home staging isn’t as easy as you might think. It’s not quite as simple as making sure your house is clean and presentable. There are a number of additional things you should be sure to do and not do.

 

By avoiding these five common home staging mistakes, you can help make sure that potential buyers have a great experience.

 

1. Bold Colors

Experimenting with bold colors on your wall and furniture can be fun, but it’s not the best idea when you’re trying to sell your home.

 

The reasoning is pretty simple: buyers want to be able to imagine your home as their own. If your living room walls are bright orange, it can be very off-putting for buyers that prefer neutral or dark colors.

 

When you’re staging your home, it’s best to stick to inoffensive colors like grey, beige, earth tones, and similar colors.

 

2. Personal Items

Personal items, like family photos, should be cleared out when you are staging your home.

 

These items can be very distracting as they remind buyers that the house they’re touring belongs to somebody else. This can make them feel uncomfortable as they may feel like they are intruding in someone else’s home.

 

In order to make sure guests feel comfortable when viewing your home, be sure to put away any and all personal family items.

 

3. Clutter

One of the most important aspects of home staging is decluttering. This applies to everything from furniture to small, insignificant items.

 

You should be sure to get rid of unnecessary furniture that takes up a lot of room in your home. Additionally, put away things like pictures, toys, small appliances, and other similar items.

 

Clutter not only makes your home seem messy and unpresentable, but it can also make the rooms in your house seem smaller than they actually are.

 

4. Pets

Potential buyers may not love your pets as much as you do. While your cats or dogs may not be dangerous or messy, an essential part of home staging is making sure your pets are out of sight and out of mind.

 

The solution is simple enough. You can put your pet into daycare, ask a friend to take care of it, or create a room specifically for your pets.

 

If you want to make sure your guests have a great experience during your showing, be sure to make a plan for your pets.

 

5. Over-Staging

Last but not least, be careful to avoid over-staging your home. Meaning, don’t go overboard on decorations, furniture, accessories, etc.

 

It’s important to design your home tastefully while still leaving room for imagination. Too much can make your home feel small and cluttered. It can also make it so viewers can’t imagine your home being decorated any other way.

 

Tasteful but minimal decorating is one of the most fundamental aspects of home staging.

 

By avoiding these common home staging mistakes, you can easily increase your chances of finding a suitable buyer.

The post The Top 5 Home Staging Mistakes appeared first on National Cash Offer.

source https://nationalcashoffer.com/the-top-5-home-staging-mistakes/

What’s the Difference Between Contingent and Pending Listings?

There are a lot of confusing terms in the real estate world. If you don’t know everything, it can sometimes feel like everyone’s speaking a different language whether you’re buying or selling a home.

 

Are you confused about the difference between a pending and contingent home sale? These are terms you’ll discover a lot on online listing websites, but what do they actually mean? If you come across a home with these terms, can you still place an offer? In this guide, we’ll uncover the differences between these two terms so you can enter the home buying process with confidence.

 

 

What is a Contingent Home Listing?

First, let’s talk about the term contingent. What does contingent mean in the real estate world? This term is always attached to some kind of condition. If a home sale is contingent, that means the offer has been accepted by the seller but the listing is still active until this condition has been met by both parties.

 

What are the conditions? These are defined by the parties involved with the home sale. It could be for the homeowner to replace the roof or make some other kind of repair. The listing will still be “active” status until it becomes pending status. Here are some of the most common real estate contingencies:

 

• Home inspection contingencies – The lender might want to make sure the home is actually worth the loan amount, so there will need to be an inspection to approve the value of the home.
• Appraisal contingencies – Most lenders also require an appraisal which is when the appraiser determines the value of the home as well as looks for features that add or subtract from the previous value.
• Financial contingencies – A financing contingency is a way out of the sale in case the loan falls through or the seller is no longer able to afford the home.

 

If you see any of these contingency conditions, you’re still able to place an offer on the home. However, it’s not guaranteed that the homeowner will look at it.

 

What is Pending Status?

Now let’s discuss pending status.  Pending is the period of time between the contingencies being met and the closing of the sale. This means the sale is still being finalized, but it likely will be finalized soon.

 

A home is pending sale when the offer was accepted and both parties decided to move forward to the sale. This is the final status before “sold,” which indicates the home is no longer on the market. If the home is pending, the homeowner is likely no longer taking any offers. There are only two common pending instances when a homeowner might still be willing to consider offers at this point:

 

• Pending short sale – If the home is under contract and still is waiting to be approved from the bank, it’s pending short sale. Short sales are a way to avoid the foreclosure process, but these sales can take especially long and they’re prone to falling through.
• Pending taking backups – Finally, another pending option is known as “taking backups.” This means the seller is concerned that the deal won’t be finalized, usually due to financial issues. If this is the case, you can still place an offer on the property which will be considered if the first one falls through.

 

Understanding Common Real Estate Terms: Contingent and Pending

As you can see, contingent and pending mean totally different things in the real estate world. When a home is listed as “sales contingent,” it’s already under contract between the buyer and seller. However, this contract is contingent on some kind of external factor, from inspection to financial.

 

On the other hand, a home listed as “sales pending” is in the final stages of a purchase. That being said, you’re still free to submit a backup offer that might be considered if the original sale isn’t completed for whatever reason.

 

You’re free to put in an offer in either situation, but realize the homeowner might not consider it right away. However, if you’ve found your dream home, feel free to go for it. When in doubt, talk to a real estate agent about the best offer for your dream property.

The post What’s the Difference Between Contingent and Pending Listings? appeared first on National Cash Offer.

source https://nationalcashoffer.com/whats-the-difference-between-contingent-and-pending-listings/

What is Title Insurance?

Chances are you’ve never heard of title insurance. At least not until you’ve gone through the process of buying a house.

 

However, title insurance can be extremely beneficial for homeowners. This type of insurance can potentially save you a lot of money and protect you and your home.

 

If you’re a first-time buyer or a homeowner, it’s important to understand what title insurance is, how it works, and how you can find the perfect policy for you.

 

What is Title Insurance?

Essentially, title insurance is a type of indemnity insurance that protects you from any unknown claims being made against your home.

 

Common claims filed against a title include:

 

• Back taxes missed by the title company
• Conflicting wills
• Liens

 

In some cases, claims against a title could result in you losing your home. There are numerous scenarios in which a person could make a claim against your title, so it’s important to protect yourself against these claims.

 

Title insurance helps make sure that you, your family, and your home are protected in case someones makes one of these claims.

 

How Does Title Insurance Work?

In order to buy or sell a home, a clear title is a necessity. Before titles can be issued, they have to be checked for any outstanding liens or claims. Checking a title helps confirm that a party has legal ownership of a property.

 

If a title is not clean, then property owners and lenders are susceptible to damages and losses due to liens, claims, and ownership by another party. Whereas most insurance protects policyholders from potential future events, title insurance protects owners and lenders from past occurrences.

 

A basic policy will include coverage for:

 

• Flawed records
• Ownership by a different party
• Fraud
• Forgery
• Outstanding lawsuits or liens

 

Like any other type of insurance, you purchase title insurance as a preventative measure. While you may not end up needing it, it’s important to have this protection in place so that there are no surprises after purchasing your home.

 

Types of Title Insurance

There are only two main types of title insurance: owners’ insurance and lenders’ insurance.

 

Owners’ insurance is typically purchased by the seller of the home. This is used to protect the buyer against title defects, claims, and liens. Owners’ insurance is an optional measure. It is up to the buyer and seller to decide whether or not it is necessary.

 

Lenders, on the other hand, almost always require buyers to purchase lenders’ insurance. This helps lenders protect themselves in case the seller does not have the legal right to transfer the title to the buyer. Lenders’ insurance is a common closing cost that you’ll likely face when buying a home.

 

How to Purchase a Policy

You will typically only purchase title insurance during the closing of a real estate transaction. Sellers typically purchase owners’ insurance while buyers generally are responsible for lenders’ insurance. Unlike other types of insurance, title insurance requires a one-time, upfront payment.

 

Your lender will likely have a preferred insures. In which case, you may be better off going with this choice. However, buyers can purchase from whichever insurer they choose.

 

It’s important to research and compare coverage from different providers to find the best insurance policy possible for you and your lender.

The post What is Title Insurance? appeared first on National Cash Offer.

source https://nationalcashoffer.com/what-is-title-insurance/

How Pricing Your Home For Sale is a Marketing Strategy

When you’re selling your home, it’s the small details that matter the most. One of the most overlooked ways to generate excitement about your home is actually with pricing. Think about it this way: you never hear about the home for sale with the crazy-high asking price, do you?

 

On the other hand, you’ve probably heard some buzz about a home priced competitively. These are the things that get the word out and that drive home buyers to take action.

 

When marketing your home, you need to consider the facts. You need to think seasonally, understand your home’s unique characteristics, and take a close look at local marketing conditions. Only then can you think of how pricing your home for sale is a marketing strategy in itself. In this guide, we’ll talk about how to leverage your home’s selling price as a marketing tool as well as the best strategies for naming your price.

 

 

Consumer Psychology and Mindset

One of the biggest factors in understanding how home pricing works is to think about consumer psychology. This is the psychology that plays a role in everything we purchase. It’s how we interact with stores and products, and it’s also at play when buying a home.

 

Any time you make a purchase, you most likely look into the price. For buying a home, most buyers are shopping online. They usually use price to guide their search, and we can use this knowledge to price our property accordingly.

 

There are 3 key ways psychology influences price:

• $19.99 Syndrome
• The Power of 4 and 7
• Utilizing Zeros

 

While these might seem a bit out there, they’re based in research and fact. Let’s break each of them down in greater detail.

 

1. $19.99 Syndrome

According to Robert Mctague, $19.99 Syndrome is a common belief in marketing that by pricing something at $19.99 rather than $20, you’ll make it seem like a better deal. You see this with any number of homes priced $199,999 for instance.

 

This actually hurts your listing since the people searching in the $200,000+ range aren’t likely to see your listing online in a refined search. That means you’re actually not attracting the right buyers with this mentality. You need to understand how people search for homes.

 

2. The Power of 4 and 7

Why are the numbers 4 and 7 so powerful in pricing? It’s because a home priced at $334,000 will seem much more precisely priced than one priced at $330,000. This makes a point to the buyer that the seller knows what he or she is doing.

 

Another reason this is so valuable is the Right Digit Rule. This rule states that consumers look to the right digits first, meaning that the price of $227,000 looks better than $229,999.

 

3. Utilizing Commas

Finally, the way you use commas matters as well. The more zeros you add to your price, specifically a promotion, the more significant of a deal it seems to be. If you’ve discounted your property by $10,000, for example, listing it as a $10,000.00 price cut looks more significant.

 

How You Price Your Home Matters

So how do you actually price your home now that you understand how this number can be used as a marketing strategy? While these ideas about consumer psychology are important to keep in mind, you’ll still need to consider your particular home and the competition in your local area.

 

Your home’s price is often the first thing buyers see when they’re browsing for properties. Make sure your price stands out, whether you choose to price it below the competition to start a bidding war or you choose to rely on the rule of 4 and 7.

 

There’s most definitely a psychology behind pricing homes. Price can be one of the largest motivators for selling any product, including property. You need any edge you can get over the competition, so why not be smart with pricing? This is a free marketing tool. Why not take advantage of it?

 

The post How Pricing Your Home For Sale is a Marketing Strategy appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-pricing-your-home-for-sale-is-a-marketing-strategy/

Trust & Why It Matters in the Home Buying Process

The home buying process can be complicated. From finding a great realtor and looking for the perfect home to negotiating prices and closing deals, buying a home can be difficult.

 

In order to make this process easier for all parties involved, it’s important that you are able to trust your realtor and the home seller.

 

When buying a home, you’ll depend on your realtor to help you find the right home, perform market analysis, and get you the best deal possible on your dream home. Additionally, you’ll have to trust sellers to be honest about the condition of the home and to make a reasonable offer.

 

Without trust, the home buying process becomes much more difficult and stressful for you, your real estate agent, and the seller.

 

Trust Your Real Estate Agent

Real estate agents perform an incredibly important job. While it can be tempting to take on a more involved role in the home buying process, you need to trust your agent to help you find the perfect home for the right price.

 

First and foremost, real estate agents are extremely experienced and well-connected. They can help you find listings that you wouldn’t be able to find via your own methods.

 

Additionally, when it comes to negotiating, real estate agents are experts. Leaving negotiations to the professionals will help ensure that you are able to get your home for the lowest price possible.

 

Lastly, for first-time buyers, real estate agents and realtors can help guide you through the entire buying process — from getting a mortgage to closing the deal on your new home.

 

Real estate agents and realtors have to abide by a strict code of ethics, so you can feel confident that your agent will always have your best interests in mind.

 

Trusting Sellers

It’s also important to trust sellers during the home buying process. Though, it can understandably be difficult to do so. After all, you and the seller have conflicting interests. Primarily, you want to purchase their home for the lowest price possible while the seller wants to get as much money from the sale as possible.

 

Be that as it may, you, as the buyer, have to depend on the seller to be truthful about the details of the home that they’re selling. First, the homeowner will know of any potential safety issues present in the home. Ideally, a home inspection will be performed before closing. But, even if an inspection is completed, there still may be some issues present that only the homeowner is aware of.

 

Moreover, it’s important to trust and verify that sellers are being fair in their listing prices. Listing a home for a higher price than it is actually worth in order to create more room for negotiation is a common, deceptive practice.

 

It’s important to find a home seller that you can trust in order to ensure that you are not taken advantage of when buying a home.

 

Be Cautious

While trust is incredibly important, that doesn’t mean you shouldn’t still be cautious.

 

Buyers, particularly first-time buyers, are always susceptible to being taken advantage of. It’s important to always verify information and do your own research in order to ensure that you are getting a fair deal.

 

By trusting your agent and the home seller, but still being cautious when appropriate, you can make the home buying process a much better experience for everyone involved.

The post Trust & Why It Matters in the Home Buying Process appeared first on National Cash Offer.

source https://nationalcashoffer.com/trust-why-it-matters-in-the-home-buying-process/

Old House Or New Build: Which Is The Better Investment?

The main question that seems to come up when someone gets ready to build a new investment property is whether or not it is better to invest in a brand new home or an older place. Unfortunately, there is no golden answer. Each one of these options has advantages and disadvantages. We’re going to be discussing some of those options so that you can hopefully narrow down your choice!

 

 

Why To Buy New

 

Everything In The Home Is New

Appliances and construction features have come a long way, even in the past few decades. There are many modern characteristics of homes that are extremely popular at this point, including open-floor plans, granite counters, high-tech electrical systems, and stainless steel appliances. If you buy old, you’ll likely have to upgrade these things to help sell that home to the large majority of buyers.

 

Less Of An Introductory Cost For Upgrades

With older homes, you typically need to account for renovation costs so that the home is livable. You’ll have to take more time to fix those necessary items, which may mean hiring third-party contractors to do work. Not only does this require a lot of effort, it also requires you putting trust in others with the property that you just purchased.

 

Increased Energy Savings

Thanks to modern systems, newer homes tend to be far more energy-efficient than newer homes. You can save a massive amount of money if you end up paying for it yourself or you can use it as an incentive when trying to entice renters.

 

 

Why To Buy Old

 

Unique Character

While newer homes might be more “comfortable” and “clean” for the modern family, they often lack the character that you find in older homes. Think of the gorgeous crown molding, casement windows, Spanish tile, and wood panelling, that you’ve likely seen in older properties. These characteristics give you a huge selling point.

 

Low Purchasing Cost

While you may have to spend some money on maintenance and upgrades, you might still end up paying far less than you would with a new home. Many buyers can find old homes in the same range as new homes for initial costs more than 20% lower. You’ll also have a better ability to get a lower price on the home, as it is easier to make deals with current homeowners vs. developers.

 

Better Location Choices

Many great neighborhoods in prime locations have already been completely developed, meaning housing developers often have to look in less desirable areas to build. This means that you might not be able to find a new home in a popular district or local hotspot. Location is one of the biggest deciding factors in home-buying, meaning you may have an easier time selling, even if you get a house that is more run down in an attractive neighborhood. Just think of the million-dollar shacks that line the streets of San Francisco.

 

 

Conclusion

Hopefully this article has helped to narrow down your decision as you look for a new investment property. Each choice has its own pros and cons, so it’s up to you to decide which path you want to take and how much work you want to put in or money you want to save.

 

Have you ever purchased a new or old property before? What was your experience like? Let us know in the comments!

The post Old House Or New Build: Which Is The Better Investment? appeared first on National Cash Offer.

source https://nationalcashoffer.com/old-house-or-new-build-which-is-the-better-investment/

Is It Worth It to Buy a Beach House?

The sun, sand, and fun all make a beach house an alluring dream for many people. Who doesn’t want somewhere to call home that’s right on the beach? However, you might be asking whether it’s worth it to buy a beach house in reality.

 

Sure, on paper a beach house sounds amazing. You have somewhere to vacation every time you want to get away, and you might even be able to rent it out when you’re not there for some extra cash. The being said, there are a lot of downsides to owning a beach house that you need to consider before you sign on that dotted line. In this guide, we’ll discuss whether it is worth it to buy a beach house once and for all.

 

 

The Pros of Owning a Beach House

First, let’s talk about why you might consider a beach house in the first place. As you might expect, this goes beyond the pretty view. There’s a popular saying that the only way to avoid feeling homesick while on vacation is to simply buy property, and this is definitely true.

 

Why might you want to buy a beach house? Here are a few of the top reasons:

• Location, location location – Buying property in an ideal location (like on or near the beach) is usually a good indicator of a positive return on investment. You know there will always be interest in the location, so you’ll feel more secure in your property.
• Instant retreat – Another perk is always having somewhere to vacation that you’re comfortable with. If you frequently vacation to the same area, this can even be cost-effective.
• Rental potential – Finally, you always have the option to rent out your vacation property, leading to a passive income stream.

 

As you can see, there are a few major pros to owning your own beach house. However, like everything in life, things aren’t always picture perfect.

 

Cons of Owning a Beach House

When reality sets in with your beach home, you’ll quickly realize the beach comes with its own challenges. Whether you choose to vacation in your beach home or live there full-time, there are a lot of unique things to consider.

 

Some of the cons of owning a beach house are:

• Rental challenges – If you choose to rent out your property, that comes with its own problems. If you don’t live nearby, you’ll need to hire a third-party or a manager to handle any day-to-day rental issues. In addition, there are limits to the rental season, so you likely won’t be able to rent your property out year-round.
• Insurance – Unlike at home, you’ll probably pay more in insurance for your house by the beach. You’ll need additional coverage for things like storm insurance, flood insurance, and so on depending on the location. This adds up quickly.
• Maintenance – It also goes without saying that the beach itself will take a toll on the property. You can expect to spend 1% (or more) a year of the home’s value in repairs alone. This doesn’t include the cost of a property manager if you choose to rent.
• Vacation blues – Finally, having a vacation home by the beach ties down where you can take your vacations. If you like to explore new places when you get away, you’re likely better off just renting a home or staying in a hotel.

 

It comes as no surprise that the beach brings its own difficulties to owning a home. That being said, it still might be worth the investment for you to own a beach home.

 

Should You Buy a Beach Home?

It’s absolutely possible to own a beach home and get a good return on investment. If you get a good rate on the property, factor in the costs, and have a plan for renting it out, you can make your beach home a valuable asset for yourself.

 

However, if you think your beach home will be a quick and easy getaway property, think again. There’s a lot of maintenance to consider, and renting your vacation property isn’t as easy as it sounds. You’ll need to be prepared to put in the work. At the end of the day, if you want flexibility in where you vacation, owning a beach house probably isn’t right for you.

 

Are you planning to buy a beach house? Make sure you consider the pros and cons before making the decision. A startling 33% of vacation home buyers purchased a home in a beach area, so clearly, this is a popular choice. However, you need to make sure it’s the right one for you and your goals.

The post Is It Worth It to Buy a Beach House? appeared first on National Cash Offer.

source https://nationalcashoffer.com/is-it-worth-it-to-buy-a-beach-house/