Can you increase your home’s value with a bathroom renovation? It is well known in the real estate industry that kitchens and baths sell a home. Homebuyers are looking for homes that need little updating to suit their decorating tastes. A bathroom renovation will indeed increase the value of your home. Appraisers will consider the condition of the bathrooms when they are valuing the home for the lender. Normal wear and tear is more evident in the bathroom of the …
What Do Brooklyn Homebuyers Need To Know About Homeowner’s Insurance?
Brooklyn homebuyers will need to obtain a homeowner’s insurance policy when they purchase their new home. There are two reasons you will need to purchase a policy. To protect your possessions.To satisfy the mortgage lender’s requirements. If you are financing your home with a mortgage, the lender will require a one-year prepaid homeowner’s policy to be in place before you can close on the house. Most lenders will require the insurance company to list the lender on the policy. In addition, lenders require dwelling and liability coverage on the home at 100% replacement value. This requirement protects the lender …
The Hidden Costs Of Brooklyn Homeownership
Finally, you are experiencing Brooklyn Homeownership. You found the perfect home and have settled in comfortably. You may have been surprised by the expenses you had incurred in the buying process. Closing costs, down payment, and moving costs added up to more than you expected. There is more to the cost of Brooklyn homeownership than those initial costs incurred. Let’s take a look at some of the hidden costs of owning a home. 1. Home maintenance and repair. Home maintenance and repair may be a significant expense of Brooklyn homeownership, depending on the age and condition of the home you purchased. Some items that fall into this category are: Lawn maintenanceCleaningGutter maintenancePest preventionWeatherproofingExterior maintenanceRoof maintenanceHVAC maintenancePlumbing maintenanceEmergency repairs 2. …
Why Is It Important For A Brooklyn Homeowner To Price Their Home Correctly?
Determining the right price to offer a home for sale can be difficult for a Brooklyn homeowner. Yet, even in this unprecedented real estate market we have been experiencing, setting the right sales price is extremely important. The seller determines the sales price, but the buyer determines the value by what they are willing to pay for a home. A fallacy that I often hear from Brooklyn homeowners is that they can ask for a…
Smooth Move For Brooklyn Home Sellers
Once a Brooklyn Home Seller accepts a buyer’s offer on their home, it is time to prepare for the move. No rest for the weary when it comes to closing on a home and preparing to move. Your preparation should begin before you put your home on the market. A big part of preparation is decluttering. Purging the items that you no longer need or use before listing your home for sale can save you time when you start packing your home for the move. You will also save money on moving expenses if you sell or donate your unwanted furniture, clothing, and household items before starting the packing process. Brooklyn home sellers should consult with the …
10 Brooklyn Homeownership Misunderstandings
There are many misunderstandings about Brooklyn homeownership that I have heard in my 30+ years of experience. I continue to listen to some of the same myths from homeowners and homebuyers. Today I discuss ten misunderstandings that I repeatedly hear about Brooklyn homeownership. 1. Renters don’t have to pay taxes and insurance. Although a renter does not directly pay these expenses to the governing bodies and insurance companies, the landlord will consider them in his rent calculation. When a landlord calculates the amount they will charge for rent…
Watch For Red Flags During Your Brooklyn Home Search
When you begin your Brooklyn home search, you are full of excitement. You imagine yourself comfortably settled into your new home. The thrill of knowing you have achieved the American dream of homeownership is exhilarating. You have found the home with the right number of bedrooms, baths, and a backyard that will be able to host a professional football game. You have mentally placed your furniture in every room of the house. It is understandable that you would be excited. Purchasing a home is one of the most significant investments you will make. Protect your investment by watching for red flags along the way to ensure you are…
Brooklyn Homeowners, Now Is The Time To Transform Your Outdoor Space!
Spring has sprung in the yards of Brooklyn homeowners. Our thoughts are turning from cozy fireplaces and warm blankets to outdoor grilling and relaxing. Entertaining options are opening up slowly, but entertainment choices may still be limited this summer. You may want to consider transforming your outdoor space for your summer enjoyment. An updated outdoor living space can add value and appeal to your home. Depending on the construction materials, a new deck addition can add anywhere from 73% to 77% value of the cost to …
Can You Over-Improve Your Brooklyn Home?
Yes, you can over-improve your Brooklyn home. What does it mean to over-improve Brooklyn home? Simply put, you over-improve your Brooklyn home when you make improvements that are not typical for the neighborhood. More money is spent on the improvement than you can recoup when the property sells. A home’s value is determined by the location, square footage, and comparable home sales in a neighborhood. The finishes inside may help the home sell quicker but may not increase the home’s value equal to the cost. You cannot expect a …
Considerations When Buying A Brooklyn Home
Are you considering buying a Brooklyn home this year? There are many considerations you will need to work through before you are ready to purchase. First, you need to decide whether purchasing a home is the best move for you at this time. Financially, buying a home can be a brilliant decision, but there are times when it doesn’t make sense. There are many reasons why you may decide to purchase a home. It may be the right time in your life – both financially …
Is Staging Important Before You List Your Brooklyn Home?
If you want to list your Brooklyn home for sale, you have probably heard about home staging as part of the preparation process. What exactly is home staging? Home staging is not to be confused with interior design or interior decorating. Home staging is a marketing tool used to help a home sell faster and for more money. By preparing the home to appeal to most buyers, you will have more people looking at the house and possibly receive multiple offers. According to statistics from the National Association of …
What To Expect In The Brooklyn Home Closing Process
It is important to be familiar with the Brooklyn home closing process, whether you are a buyer or a seller. Uncertainty of the next steps can be anxiety-provoking for both buyers and sellers. Although your agent will walk you through step by step, there is some comfort in having an overview of the Brooklyn home closing process. Take the time to familiarize yourself now before you begin the buying or selling journey. Your real estate agent should begin with a consultation, whether you are a buyer or a seller. Each…
Avoid These 10 Mistakes Brooklyn Homebuyers Make
When buying a home, you want to avoid these ten mistakes that Brooklyn homebuyers make. The home buying process can be confusing if you do not have a real estate agent with the experience to guide you. You need to understand that the home buying process should start well before you are ready to go out and look at homes. Saving money and monitoring your credit score will set you up for a smoother experience. Like you would build a home on a solid foundation, you need to plan your home purchase with a solid foundation. As a Brooklyn …
How To Price Your Brooklyn Home To Sell Quickly
It is so important to price your Brooklyn home correctly when you first offer it for sale. It is essential to take advantage of your home’s initial phases of entering the market because this is the time you will see the most activity. Some homeowners believe that they will set the home’s price higher than the market value to have some bargaining room. That is an inferior strategy because you create a situation where you are listing your home for more than it might be worth. Proper pricing will attract the right buyers. Overpricing your home by only $5,000 could eliminate the right buyers from…
Why Was My Offer On A Brooklyn Home Rejected?
You finally found it and you are ready to submit an offer on a Brooklyn home. You have a vision of the perfect home in mind. Knowing what you want and don’t want are the keys to finding your ideal home. Over my years of selling homes in Brooklyn, I can tell by the buyer’s reaction before they say anything when we have found the right home for them. The signs I see from buyer’s include: They are anxious to get inside.Their excitement level increases as we walk through the home.They start placing their furniture.The…
Do You Want To Buy A House In Brooklyn In The New Year?
Out with the old and in with the new! Are you ready for something new? Is it your time to buy a house in Brooklyn in 2021? In light of the pandemic, I think we are all ready for something new. It has been a challenging year. You have decided you want to purchase a home, what do you do now? Let’s take a look at the steps you need to take to buy a house in Brooklyn in 2021. Obtain a Pre-Approval To begin with, you will want to meet with a mortgage lender and obtain a pre-approval for a mortgage loan. The lender will look at your credit report to determine the amount …
Selling Your Brooklyn Home During The Winter
Some people may advise you that selling your Brooklyn home during the winter is a bad idea. Sometimes you just need to get the house on the market for various reasons regardless of the season. There isn’t a wrong time to sell a home if you do all the necessary steps to prepare for the sale. Houses sell at all times of the year. If you are considering putting your home on the market, I will encourage you to do so. You may be surprised to hear me say that. Let me explain why I would encourage you to consider selling your Brooklyn home during the winter. Reasons to sell your Brooklyn…
How To Prepare Your Brooklyn Home For Fall 2020
Fall has arrived and it is time to prepare your Brooklyn home before winter comes. It seems it was just the beginning of summer, and then I blinked, and we are talking about preparing for winter. An essential part of homeownership is the proper maintenance of your home. Many of the items I see that turn up on home inspections are merely delayed maintenance. I often hear the homeowner remark how they wish they would have done it sooner so that they could enjoy the…
Is Now the Best Time to Consider Purchasing a Home
Is this spring really the best time to purchase a home? According to real estate experts, springtime is the best time to purchase a home. But this year, spring is different. It is anything but typical or ordinary. Many real estate agents are now working remotely and conducting most of their business online. And buyer and seller consultations are done virtually. But many home shoppers are wondering if now is really the best time to consider purchasing a home. Coronavirus or Not, Always Weigh the Factors Social distancing because of the coronavirus is attempting to cripple our economy…
What You Need to Know About Reverse Mortgages
Before you sign any papers, it’s very important that you understand everything you need to know about Reverse Mortgages. Seniors, are you having trouble getting through retirement? Have you’ve heard about Reverse Mortgages and how other seniors have pulled the equity out of their homes to help them get through retirement? Does all this Reverse Mortgage information confuse you? It’s important to understand what a Reverse Mortgage is as well as the benefits and risks of this type of loan before you sign any papers. Banks offer information on these types of loans, but you may find…
Want to Celebrate the American Dream This Year?
Owning a home is part of the American dream. Start living your American dream this year! What does the American Dream mean to you? How would you define it? Investopedia defines it as “the belief that anyone, regardless of where they were born or what class they were born into, can attain their own version of success in a society where upward mobility is possible for everyone.” James Truslow Adams described it as “that dream of a land in which…
Do You Know How to Qualify for a Mortgage?
Home ownership is more of a possibility than most people realize. Find out how you can qualify for a mortgage and start shopping. If you don’t know what it takes to qualify for a mortgage, you’re not alone. This lack of knowledge prevents people from even trying to purchase their first home. Is this you? If so, understanding the whole process better will clear up a lot of confusion. Read on to find out how to qualify for a mortgage and which type of loan is best for you. Down Payment Requirements Are you wondering how much of a down …
Taxes You Need to Pay When Selling Your Rental
Taxes – UGH! Unless you’re an accountant with a love for numbers, the word probably brings with it a feeling of dread when you hear it. Some folks pay them annually to the IRS. Others must pay them quarterly. And we all get to pay them daily when we purchase stuff. Like death, they cannot be avoided! And if you’re selling your rental, there are a couple tax basics you should know. First, your rental is a business asset. So the…
How to Overcome the Overwhelm of Buying a Home
Overcome the overwhelm of buying a new home. Find out the answers to these 7 important questions before you make an offer on that house. Have you found THE home? How exciting! Are you feeling overwhelmed with a flood of questions that are coming to mind? If you are, it’s totally understandable since purchasing a home is probably the biggest decision you’ll make in your lifetime. But buying a home doesn’t have to be overwhelming. It can actually be a lot of fun. And obtaining the right information before buying THE home is just what you need to overcome the overwhelm. Ask Questions to Overcome the…