Real Estate Information

One major factor to consider is when you know the move is not permanent.  If you know you will be returning in a few years, and it may be a good idea to lease while you are away so you will not have to house hunt upon your return. 
 

Take a close look at the financial aspects of renting your house: 

- Landlord’s insurance premiums may cost more than a homeowner’s policy. Talk to your insurance agent about the differences in cost. 

- If you have equity in your house, or the money a sale will generate will allow for a nice deposit on another, you really should consider a sale. 

- Do the math--if you have a loss after all your expenses (insurance, repairs, property taxes, etc.) are deducted from the rental payments, it would be a better idea to sell. 
 

Take into consideration that in larger areas, there may be times of a vacancy.  Can you handle your current mortgage and rent or mortgage payment in the new place?  If not, put the house on the market. 
 

Renting may be a good choice if the house needs repairs or improvements to bring a good sale price, and the cost of those fixes all at once is out of your budget. 
 

Consider the occasional tenant that will not care for the property as you do. Landlord insurance will not cover normal wear-and-tear, nor intentional damage. 
 

Things can happen, and even good tenants are suddenly unable to pay rent on time--or worse, stop paying rent--and you will be stuck with the mortgage payment, not to mention the possibility of the costs of going through the eviction process.  
 

If you live in an area that attracts visitors or tourists, consider short-term leasing with an online booking company. Be sure you are within your city’s regulations for short-term rentals and consider the frequent cleaning costs and other risks taken when renting to tenants that you have little means to check into before they enter your house. 

- Every prospective property seller will receive a disclosures form from their listing agent.  This form should be filled out truthfully and to the best of the seller’s knowledge. 
 

- Most states want these items disclosed to the buyer:  lead paint or asbestos, previous repairs or additions, mold or water damage, pest issues, drainage problems, foundation cracks, problems with HVAC and other appliances, and roof condition/age. 
 

- The listing agent will be aware of all government disclosure requirements--federal, state, and local.  Transparency from the seller is a must at this point of the property sale. 
 

- “Better safe than sorry,” should be the homeowner’s motto when it comes to disclosures.  For instance, if there is a possibility that mold is an issue under the house, an inspector should have a look. 
 

- Disclose minor things that you have learned to live with.  Items a seller considers small--such as a rattling window on a windy day, or a repair made many years past--can be big things to the buyer. 

The disclosure should be ready before the seller accepts an offer--for their protection. 

- Once a potential buyer receives the disclosure statement, they should read it over carefully and without distraction. Any questions should be marked or written down and questions presented before the disclosure form is signed. 
 

- The added expense of having a home inspection is vital to this part of the sale.  When the buyer meets the inspector, the disclosure form should be in hand so each item can be checked out thoroughly. 
 

- Check local government building permit and zoning information to make sure any additions were performed legally by licensed people. 
 

- If negotiations about any disclosure’s issues break down, it may be best for the buyer to walk away from the sale. 
 

- In the end, doing due diligence is the best way for a buyer to find problems that will be a major issue after the sale. 
 

The all-important first step: before going to a lender, make sure your credit is in good standing. 
 

Being pre-approved for a mortgage does not impress many sellers, so it is important to be pre-qualified. Talk to different lenders to line up the best deal for you and your budget. 
 

Do not overestimate how much you can afford. Avoid properties on your initial search that are truly dream homes. The pre-approval process will offer a reality check because your approved mortgage amount is set. 
 

Applying for a loan for a new car, credit cards, or even new furniture to go in your home can hurt your credit score during the mortgage process. 
 

Sometimes buyers assume that all costs of buying a house are included in the loan amount, which is not the case. Closing costs, on average, are 2-5% of the purchase price of the home, and there is earnest money and a down payment to be made. 
 

Do not let your finances deter you from buying a home! While the process may take more time, there are several programs ready to assist first-time home buyers. Many require less than 20% down. Other programs provide financing for those who live in rural areas, as well as those with credit issues or lower income. Go to realtor.comⓇ for a list of available programs. 

Drywall holes can be intimidating, but there is no need for a drywall expert to come in for this job.  Lowe’s shows us how to patch the hole and spend much less than the cost of a repair bill. 
 

A squeaky wood floor can be charming or irritating, so if it is the latter, you can fix it with talcum powder as long as it is not due to a loose board. If it is not loose, sprinkle talcum powder over the seams, and rub it in with your fingers or a thin plastic card. Walk over the area to listen for the squeak, and apply more powder if necessary. 
 

Is there a cabinet door that does not want to close completely?  For a few dollars, you can purchase magnet catches and install them in no time. There can be issues with the hinges, too, and it may just need a simple adjustment. 
 

The two most common toilet bowl leaks are a leaky flapper or a bad fill valve.   For less than $20, you can replace either of them.  To get started, check out this information from Today’s Homeowner to test for the correct leak, and go from there.  The internet is chock full of videos and how-to articles for either fix. 
 

When your clothes dryer drum stops turning, do not fret--the belt is easy and inexpensive to replace, thanks to this guide and video from Sears, and no appliance repair service needs to be called!  
 

Doorknobs take a lot of abuse and eventually need replacing, or maybe you just want to upgrade your door hardware. Buildipedia offers this how-to video for this simple project--no locksmith required! 

As soon as possible, secure the house:  check all doors and windows and be sure any valuables are safely stored away, preferably in a safe deposit box. Valuables now include anything that connects to the internet:  smartphones, tablets, and computers. 
 

Security is a must, and that could simply mean adding timers to lamps in different parts of the house to make the home look inhabited. Cancel newspaper and other regular deliveries, and have mail forwarded or check the mailbox daily.  Make sure the neighbors are aware of the death and ask them to look out for the empty home.  
 

Cleaning out the house may be difficult, and some want to start immediately after the funeral, while others may want to take their time.  In the case of larger families, set a date to begin, and have a plan in place so it is easier on everyone. 
 

Many families decide to have an in-house sale for items they will not be keeping. Set everything up in categories, and mark prices clearly; price them to sell!  If there is any speculation of something being valuable, have it appraised before you make a sale.   
 

If the house will need to be sold, contact Robbins Real Estate to help you get the house ready for the market.  Updates may be necessary for the best price, so be prepared to make changes to the home. 
 

On the other hand, some people have lived in the same house for fifty years, and never changed so much as the carpeting.  If you decide to sell as-is, your agent will know how to set the asking price.  While there are buyers who are specifically searching for a time capsule, they are not as common as those who want a turnkey house. 
 

Most importantly, installing a water heater is not an easy DIY unless you are an electrician or plumber. Saving a few hundred dollars is not worth the peace of mind of a properly and safely installed water heater. 
 

Traditional tank water heaters are the least expensive to purchase and have installed. When it comes to the real money saving--the energy costs associated with heating and maintaining the temperature--it is not the least expensive, as the radiant heat loss while being stored is great. 

- The average family of four would need a storage capacity of forty gallons, adding ten gallons for each additional family member. 

- Because of government-mandated regulations, this type of unit has become larger over the years, making replacement an issue. 

- Storage-type water heaters have a lifespan of ten to fifteen years. 
 

Tankless or on-demand heaters can be installed in smaller spaces, and this is important if you are upgrading to a larger unit and the available space is not sufficient. 

- There are whole-house water heaters as well as smaller electric-only units that are installed under sinks for almost instant hot water whenever it is needed. 

- Tankless heaters use, on average, twenty to thirty percent less energy than storage-type heaters, meaning the higher cost of the unit will pay for itself in energy cost savings. 

- Some utility companies offer a rebate for qualified on-demand heater installation. Type in your ZIP code at the Energy Star website to see if there is a program in your area. 
 

Solar water heaters will need a stand-by traditional unit in case the water is not heated to the set temperature. The expense of installation of a solar unit will pay for itself over time, and they have a life expectancy of about twenty years. 
 

Heat pump water heating systems use less energy and are considered to be the best bang for your buck.  There are space and temperature requirements, however, so choose this water heater wisely. 

One indication that you are running out of space is clutter. Totes of stored seasonal clothing stacked in the bedroom corner, or maybe you no longer invite friends over because the clutter is embarrassing. It is either time to declutter or move! 
 

Another sign to look for is furniture that is crammed into any available spot. 
 

If it is hard to walk through the maze of pieces you have acquired over the years, they need to be displayed or set up properly so you can enjoy them. 
 

Probably the most aggravating thing about living in a house that is too small is having to wait for a bathroom! Even a bath-and-a-half may not be enough.  It may be time to find a house with two or more full bathrooms. 
 

If you are one of the millions that are working from home now more than ever, your home office has probably taken over previously public space in the house. A house with square footage for a home office will allow everyone to get back in their own room!  
 

In today’s world, it may be necessary for the grown and flown children to come back to the nest. Have you changed their bedroom into a craft room or knocked the wall out to enlarge another space? Other than putting the wall back up, find a new home with room for everyone. 
 

On the other side of the coin, do your parents need to move in? That will mean giving up your own space so they can have some independence and privacy.  Purchasing a larger home with an in-law suite would be a better solution.