Our Real Estate Blog
Starting a new renovation project can be overwhelming. Of course, there are tons of details to consider, so you might find yourself at a loss when it comes to visualizing your end product. Before you begin your remodeling project, you need to have an idea of how you want the result to look. To make it easy for you to articulate your vision for your project, here are some remodeling questions to ask yourself.
What do I want to change about the space?
Start by thinking about pain points in the room as it is presently. Perhaps you don't have enough storage in your bathroom to handle your belongings, or there isn't enough counter space in your kitchen when you bake cookies. Then try to visualize what you would love to see instead. Maybe you’ve always wished for built-in cabinets to store your grooming products or a kitchen island to cook and entertain the family.
What do I love about my space?
Next, you will need to think about what you like about your current space. Some people believe this is not important, but it is. It gives you an idea of what can stay during your renovation. It will also give you an idea of your overall budget. For example, the price for a bathroom renovation with modern fixtures in a new layout will be different from simply replacing the vanity.
How much can I truly afford?
Now to the finance aspect. Start by determining how you intend to pay for the project. Are you using your savings? Will you be financing the project through a home equity loan? Next, develop a budget based on your available funds. Sticking to your budget gives you and your contractor a clear picture of what you want and what materials to purchase.
What colors do I like?
Ensure that your designer knows about your color preferences from the beginning. Do you like a warm palette or muted tones? Are you more comfortable with bold and bright hues? Do you want the furniture to speak louder than the walls, or do you enjoy seeing a lot of color on each surface?
What style do I like?
The last box to check is your taste. There are tons of options to choose from when it comes to interior design. Do you love transitional, traditional, or modern? Browse the Internet or home magazines to get design inspiration or request a photo book from your interior designer.
Need a design professional? Contact me for a few recommendations!
If you’re a homeowner considering selling your home as an investment property, timing is important. From a financial perspective, just as you probably bought strategically, you want to sell strategically too. The trick is knowing when the right time arrives. Here are four common metrics people use to determine when it's time to sell their property.
Amount of Equity in the House
A primary factor to look at is how much equity is in the home. Ideally, to sell a home as an investment, the seller can make a tidy sum. If mortgage payments are still owed, this may negate any potential profit made, but not necessarily. If you're looking to broaden your investment portfolio, be certain you can sell your house for enough money to pay off your debt with a sufficient amount left over to re-invest. If you don’t have enough equity to do this, you’re better holding off.
Market Conditions Are Good
Many owners who bought low and can sell high find this to be a strong motivator to put their property on the market. Since market conditions eventually shift to a buyer’s market, it’s a smart strategy to sell when the housing market favors the seller. Owners who have held their property for a long time or purchased as the housing bubble burst between 2007-2012, are likely going to make a better profit than investors who purchased when prices were at their peak.
Tax Code Advantages
Buyers are often motivated to sell if there are tax code advantages. For instance, the IRS currently offers a tax-deferred advantage to investors looking to sell one property to buy another. Under tax IRC Section 1031, sellers are required to find another property to purchase within 45 days and then buy it within 135 (180 days total).
By selling and making a similar real estate investment, investors can defer paying their federal and state capital gain taxes. It’s a good strategy to use if you want to leverage real estate and broaden your portfolio.
Taxes Are Going Up
If local taxes are going up, often buyers find this to be an incentive to sell. For instance, if a town severely limits commercial activity, the tax burden falls to homeowners. Over time, the tax bill may become too exorbitant. If you own enough equity in your property and the housing market is in your favor, high taxes might be your tipping point.
Looking to buy a house in the near future? If your answer is "Yes," you may want to start reviewing housing market data. That way, you can gain the insights that you need to make data-driven decisions throughout the homebuying journey.
Ultimately, there are many housing market data that you'll want to assess as you prepare to buy a house, such as:
1. Mortgage Interest Rates
Mortgage interest rates fluctuate constantly. As such, if mortgage interest rates are low, you may want to move quickly to capitalize on them.
Meeting with banks and credit unions generally is a great idea if you plan to buy a house. These financial institutions can keep you up to date about mortgage interest rates and help you get pre-approved for a mortgage. Then, once you have a mortgage in hand, you'll be ready to pursue your dream house.
2. Average Amount of Time That a House Stays on the Real Estate Market
Differentiating between a buyer's market and a seller's market often can be difficult. Fortunately, if you examine the average amount of time that houses are listed in your city or town, you may be able to determine whether you're preparing to enter a buyer's or seller's market.
In a buyer's market, houses may be listed for many weeks or months before they sell. Also, these houses may be sold below their initial asking prices.
Comparatively, in a seller's market, homes may be available for only days before they sell. Homes that are available in a seller's market may be sold at or above their initial asking prices as well.
3. Prices of Houses in Various Cities and Towns
If you're open to living in a variety of cities or towns, you'll want to evaluate the prices of houses in many areas. That way, you can narrow your house search accordingly.
Oftentimes, homes in big cities are more expensive than those in small towns. On the other hand, big cities may provide quick, easy access to a broad range of attractions and landmarks that you simply won't find in small towns.
If you are ready to check out housing market data and begin a home search, it pays to hire a real estate agent too. In fact, with a real estate agent at your side, you should have no trouble enjoying a quick, seamless homebuying experience.
A real estate agent is happy to provide you with a wealth of housing market data. Plus, a real estate agent will teach you the ins and outs of buying a house. He or she also will keep you up to date about new houses as they become available and negotiate with a seller's agent on your behalf to ensure you can acquire a terrific house at a fair price.
When it comes to buying a house, it helps to be informed. If you assess the aforementioned data, you can obtain comprehensive real estate market insights to help you throughout the homebuying journey.
More Info on this Property | New Listing Alerts