Real Estate Tips Archives | Page 19 of 21 | Blessings Realty

How the Age of Your HVAC System Impacts Your Home’s Resale Value

November 6, 2020 By Claire Garlick Leave a Comment

When considering what to upgrade before you sell your home, it’s just as important to think through your home’s mechanical systems as it is your home’s aesthetic elements. After all, aesthetic elements are often easier and less expensive to change than mechanical systems.

One of your home’s most important mechanical systems is your HVAC system. Even though it’s not immediately visible, it can have an outsized impact on your home’s resale value. Here are different ways your HVAC system’s age can affect your home’s resale value:

Comfort During Home Tours

One of the most obvious things to keep in mind is that your HVAC system can provide comfort to potential buyers during home tours. If your system is too old to provide reliable comfort, potential buyers are sure to notice. While some buyers will be able to overlook this issue, it will be a turn-off for other buyers, meaning that you will have less competition for your home, which could then lower the eventual selling price.

Selling Disclosures

To avoid financial mistakes, the home-selling process is regulated to be transparent. One way this happens is through selling disclosures that must be presented to the buyer before the transaction closes. The age of HVAC systems is one component that appears on these seller disclosures, meaning that potential buyers will be fully aware of the age of your HVAC system. Therefore, even if your older HVAC system works well, it could still turn away some buyers once they see how old your system is.

Selling Concessions

Even if a buyer chooses to offer the original asking price for your home, you may still lose out on money when the details are worked out. That’s because the buyer may ask for concessions from you, which may include replacing all or part of your HVAC system. Considering the cost of a new HVAC system, this could significantly cut down on your sale proceeds.

Energy-Efficiency

While an older HVAC system could be a liability when it comes to the selling price, a newer one could prove to be an asset that could boost the selling price. This is because you can advertise the energy savings of your newer HVAC system when compared to other similar homes. For a buyer that’s looking for the total package, this could be the feature that convinces them to put an offer on your house.

It’s important to remember that just because you have an older HVAC system doesn’t mean that your home will be hard to sell. While it may affect the value of your home, there will still be buyers who are eager to have your home, even if it means that they’ll have to do some work on the HVAC system down the road.

Article originally published at http://blog.rismedia.com/2020/hvac-impacts-homes-value/.

Do You Have Enough Money Saved for a Down Payment?

October 30, 2020 By Claire Garlick Leave a Comment

One of the biggest misconceptions for first-time homebuyers is how much you’ll need to save for a down payment. Contrary to popular belief, you don’t always have to put 20% down to buy a house. Here’s how it breaks down.

A recent survey by Point2Homes mentions that 74% of millennials (ages 25-40) say they’re interested in purchasing a home over the next 12 months. The study notes, “88% say they have significantly less savings than the average national down payment amount, which is $62,600.”

Thankfully, $62,600 is not the amount every buyer needs for a down payment in the United States. There are many different options available, especially for first-time homebuyers (millennial or not). That amount can also be significantly less, depending on the purchase price of the house.

According to the National Association of Realtors (NAR), “The median existing-home price for all housing types in August was $310,600.” (These are the latest numbers available). NAR also indicates that:

“In 2019, the median down payment was 12 percent for all buyers, six percent for first-time buyers, and 16 percent for repeat buyers.” (See graph below):

That means if a qualified first-time buyer purchases a home at today’s median price, $310,600, with a 6% down payment, in reality, the down payment only amounts to $18,636. That’s nowhere near $62,600.

Knowing there are also programs like FHA where the down payment can be as low as 3.5% of the purchase price for a first-time buyer, that up-front cost could be significantly less – as little as $10,871 for the same home noted above. There are also other programs like USDA and loans for Veterans that waive down payment requirements.

The Point2Homes study also shares how much millennials have indicated they’ve saved for a down payment. As we can see in the graph below, 39% have already saved enough for a down payment on a median-priced home. Another 47% are close to reaching that goal, depending on the purchase price of the home.

Unfortunately, the lack of knowledge about the home-buying process is keeping many motivated first-time buyers on the sidelines. That’s why it’s important to contact us to understand the requirements in our area if you want to buy a home. Our team and your lender can guide you through the process.

Bottom Line

Be careful not to let big myths about home-buying keep you and your family out of the housing market. We would love to meet with you to help you better understand and plan for your options today.

Article originally published at https://www.keepingcurrentmatters.com/2020/10/13/do-you-have-enough-money-saved-for-a-down-payment/.

Regain Your Garage: Simple Tricks for Getting Organized

October 16, 2020 By Claire Garlick Leave a Comment

A thoughtful approach to garage storage makes the most of this valuable space and keeps every necessity at your fingertips.

If your house is bursting at the seams, or simply short on storage options, the solution may be as close as your garage. To make the best use of this space, however, you first need to corral its current chaos.

This is, fortunately, a relatively simple task if you incorporate a few good storage ideas. With careful planning and a little effort, you can transform your garage from a messy catchall to an efficient, well-organized household annex.

Divide and conquer

First things first: Get rid of anything you no longer use. After you’ve winnowed down the contents of your garage, sort everything into groups. Keep garden tools with garden tools, and sports equipment with sports equipment. Items used together ought to be stored together.

Where possible, place like items into clear plastic containers with lids. It’s fine to use opaque bins, just be sure to label each one. Stackable containers are especially handy. They keep your belongings clean, protect against insects and rodents, increase the amount of usable floor space, and cut down on visual clutter.

What goes where?

The efficient use of space partly depends on positioning stored items in a thoughtful, strategic way. Are there certain items you’re likely to need on a regular basis, such as cleaning supplies? If so, store them near the door so you can access them quickly and easily. Stash rarely used or seasonal items, like sleds and skis, in harder-to-reach spots.

Off the wall

The key to garage storage and organization is getting things off the floor. Capitalizing on wall space enables you to fit the most into your garage, while keeping it all visible and easy to access. The type of wall storage you choose depends on your storage needs, project budget and personal preferences. Many homeowners opt for one or a combination of the following storage standbys:

Pegboard. A favorite for generations, pegboard is inexpensive and easy to install. Because it can be outfitted with an array of compatible hooks, clamps, bins and shelves, pegboard can be used to store and organize just about anything, as long as the item to be stored isn’t especially heavy.
Open shelving. Whether a wall-mounted track system or a set of stand-alone units, open shelves are affordable, versatile and user-friendly, and they keep everything in plain sight. Plus, depending on their construction, 12- or 16-inch-deep shelves are typically capable of holding heavier items.
Closed cabinetry. If you plan to park your car in the garage, cabinets with doors may be the most desirable option, because closed storage means not having to come face-to-face with paint cans and garbage bags every time you leave or arrive home. Cabinets are available in countless materials and styles, but generally speaking, they are more expensive than other solutions. And because they are unable to accommodate very large items, cabinets are most effective when used in conjunction with another storage system.
Panelized systems. Here, entire walls are covered with specially designed panels that hold any number of companion add-ons, such as hooks and shelves. Unlike pegboard, panelized systems can handle heavier items. But that strength and utility comes at a cost, especially since some proprietary products must be installed by licensed professionals.

Look up

For certain infrequently used belongings, the ceiling provides ideal, out-of-the-way storage space. Ladders and seasonal gear can be kept here, hung by clips or straps fastened to the ceiling joists. Or you can take advantage of hoist pulley systems, which cleverly operate like the cords on window blinds. Bear in mind, however, that ceiling storage must be oriented so that it doesn’t interfere with the operation of the garage door.

Safety steps

As you’re organizing your garage, it’s important to keep safety in mind. It’s unsafe to store gasoline and propane in the garage; a single spark could lead to tragedy.

Likewise, if you have children or pets, you should store hazardous materials like fertilizer and pesticides far out of reach. Locked cabinets are a good solution for these toxic materials, and they’re also a smart place to store power tools and sharp implements.

Article originally published at https://www.zillow.com/blog/garage-tricks-getting-organized-168713/.