Renovations That Get The Most Bang For Your Buck
If you’re going to dedicate the time and money to making home improvements, you may as well make sure the projects will bring in a decent return on investment. If you’re looking for projects you can do around the house, these will bring in the most bang for your buck: Minor Bathroom Remodel Doing a simple update of a bathroom can get you a 102% return on investment. It does not have to be an expensive or invasive project to bring in a significant return. This could be as easy as retiling a bathtub with decorative and trendy tiles, installing a new vanity, or replacing the flooring. An easy remodel like this will actually get you a higher ROI than doing a full bathroom remodel. Paint Nothing brings a feeling of freshness to a home like a new coat of paint. Paint will make a space seem cleaner and brighter. Hiring a professional can be expensive, so you could do this yourself if you are on a tight budget. A gallon of paint and the supplies to go with it will cost you around $75, and you would get all of that back and more if you were to sell your home. Adding Landscaping Planting some annual flowers or a few shrubs will give your curb appeal a boost and increase your home value. According to the National Association of Realtors, desirable curb appeal can increase a home’s value by 7%. This is an easy afternoon project and does not need to cost a lot of money. If you have a green thumb, you can visit your local nursery and buy whatever is on the clearance. You can often find plants for less than $5 each and have them all planted within a couple of hours. Install or Refinish Hardwood Floors Old, worn-out flooring is a major turnoff. If you have pets or kids who have damaged your floors, you should consider installing hardwood. Hardwood floors are classic, and homebuyers love them. Refinishing hardwood floors will recover 100% of the cost when you sell the home, while installing new hardwood floors will recoup 106% of the cost. Let’s Get To Work Whether you’re looking to list your home for sale or want to freshen up your home, these inexpensive projects will do the trick. They should only take a couple of hours to complete, so you can easily get them done this weekend. If you are working on your home with the hopes of putting it up for sale in the near future, let’s talk. We’d be happy to offer our expert opinion on different home renovation projects and how much they could increase your home’s value.
Types Of Repairs Buyers Can Ask For
We recommend that every single buyer we work with get a home inspection during the escrow period. Types Of Repairs Buyers Can Ask For Since we are in a hot seller’s market, many buyers are waiving contingencies that would protect them from entering into an unfavorable situation. One of the contingencies that is getting waived is the home inspection. This is not something we want our clients to forgo. During the home inspection, a licensed inspector will check to make sure all the home systems are working. Those are the HVAC, water heater, electrical panel, major appliances, and pretty much anything else that is built into the house and has an on or off switch. If it is revealed that something doesn’t work, the buyer can ask for that item to be repaired before the transaction closes. While there isn’t a standard of what can and can’t be asked for, These are some of the most common items that home buyers successfully ask to have repaired: Roof Repairs- If a roof leak is discovered, you should ask to repair it immediately to avoid further damage. Water Damage – If there is evidence of water damage, you will want to have it inspected further to ensure no mold is present. If there is, you should ask for it to be removed and for the damaged items to be repaired. HVAC – If the HVAC is not working, you should ask to repair or replace it. You cannot live in a house without air conditioning in the hot summer months. Of course, just because you can ask for anything doesn’t mean you should. Asking the seller to make unnecessary repairs may make them upset and reduce the likelihood of them agreeing to make repairs that are needed to make the house livable. We do not recommend asking for the following: Replacement of old systems – Buying a pre-owned home comes with the understanding that you will need to replace appliances and systems at some point. If something is in working condition but is old, don’t ask for it to be replaced. Renovations – Don’t ask the seller to paint a wall or replace tiles or any other cosmetic renovation. It may turn them off, and you can risk losing out on the home since many homes are receiving multiple offers. Inexpensive Miscellaneous Items – Repairs under $100 should not be asked for. You can do those yourself once you move in. As your trusted real estate agents, we will help you sort through the inspection report to strategize and determine which items are worth asking for and which are not. Remember, the seller does not have to make any repairs, but if they deny your request, you have the right to walk away from the transaction as the buyer. If you are ready to start the home buying or selling process, we are here to help. Give us a call!
What Post-COVID Forbearance Means For The Real Estate Market
Millions of homeowners and renters have avoided foreclosure or eviction through these programs What Post-COVID Forbearance Means For The Real Estate Market The mortgage forbearance and eviction moratoriums, which were part of the CARES Act, are set to expire at the end of June, as it comes to an end, what happens next? Home Owners If you are one of the millions of homeowners who are nearing the end of your forbearance period, you may be wondering what your options are. The payments and interest you missed while in forbearance will be due unless you are granted another extension. You do have options as to how you repay. You can: Pay the amount in full Break up the amount into smaller payments that you will make over a predetermined amount of time. This amount will be in addition to your regular monthly payment. Defer payment. This means you won’t pay the missed amount until you sell the home. Modify or lengthen your loan. Refinance. If you’re able to refinance, this could be a smart move for you. Most lenders will require you to have three months of on-time payments before you can qualify for a refinance. It is of utmost importance that you keep in touch with your lender to discuss your options. Getting back on track is crucial to avoid foreclosure. Landlords Many landlords have not been paid since the beginning of the pandemic and eagerly await the end of the eviction moratorium. Hopefully, your tenant has been keeping in touch with you and trying to work out a solution that works for both of you. If not, you will likely need to proceed with the eviction process. You may want to consult with an attorney to make sure you are doing everything in compliance with the CARES Act in order to avoid huge fines. Lenders Believe it or not, lenders do not want to foreclose on homes. They lose more money through the foreclosure process than they would through loan modifications or even forbearances. But, as the loosened forbearance requirements come to an end, lenders may need to move forward with foreclosures. It is reported that 2.1 million mortgages are currently in forbearance, with close to another 2 million mortgages behind at least 60 days in payments. Does that mean that banks are going to foreclose on all of them? Probably not. Wells Fargo has already said that they will not move forward with foreclosures until 2022 and have agreed to extend forbearance periods through the end of the year. Other major banks have not made comments about how they plan to proceed but were happy to report that at least 90% of the mortgages that were previously in forbearance are now back on track. Real Estate Market Real estate prices around the country have been skyrocketing mainly due to low inventory. The low inventory can be blamed on a slowdown in home construction, people choosing not to sell their homes during a pandemic, and the lack of bank-owned properties on the market. Bank-owned properties make up a small percentage of real estate listings and have been absent last year. More listings on the market will slow down the appreciation of home values which is great news for buyers. Experts do not predict that the small increase of homes on the market will cause any sort of real estate crash, so everyone can remain calm. If you have any real estate questions or concerns, The Villa Group at PAK Realty is here for you. Give us a call!
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