17
Oct
By First Rate Financial Group
Real Estate

Pros and Cons of Replacing Your Roof Before a Listing

Pros and Cons of Replacing Your Roof Before a ListingYou might be wondering whether to replace your roof before listing your property. Most reputable real estate agents will advise you only to do so if your current roof isn’t likely to pass inspection or if replacing it will significantly raise the value of your home. 

Here is some valuable information to help you decide.

Pros Of Replacing Your Roof Before You Sell

Buyers are attracted to homes with curb appeal and online photos highlighting a new roof will attract a lot of traffic. That means you may sell your home more quickly. Roofing replacements also help you when it comes time to negotiate a sales price. Buyers will be willing to pay more for the security of knowing they won’t need a new roof anytime soon.

Cons Of Replacing Your Roof Before A Listing

Putting on a new roof is a huge financial commitment. It may not be one you’re willing to assume before moving into a new property. Other problems may arise that delay construction or cause cost overruns. Both of these scenarios impact your ability to look for a new home right away, meaning you can’t put the current one up for sale.

Consider Repairing It Instead

If your roof is in decent shape, talk to an expert about whether it needs to be repaired. If there’s structural damage, chances are an inspector or appraisal will request repairs prior to closing anyway. You may want to just get it taken care of. If the roof is in good shape but doesn’t look great, it may just need to be cleaned and spruced up. A roofing expert can give you some great ideas that are within your budget.

Should You Replace Your Roof?

Ultimately, it’s your decision. It’s important to determine how much a new or repaired roof adds to the price you’re likely to get. Dealing with construction on a home that no longer meets your needs is stressful. If the roof needs a lot of work, it may be worthwhile to offer a concession to the buyer — you essentially give them the money to fix it when they move in — so you can move out and move on sooner. Your time frame is another factor. If you don’t have a lot of time, this may be your best option.

If you are in the market for a new home or interested in refinancing your current property, be sure to contact your trusted home mortgage professional to discuss current financing options.

11
Oct
By First Rate Financial Group
Real Estate

3 DIY Home Improvement Projects You Can Complete Before Thanksgiving

3 DIY Home Improvement Projects You Can Complete Before ThanksgivingIt’s the time of year when many people are making their holiday plans: booking travel, making shopping lists, and getting their home ready for guests. Hiring a house cleaner, having the carpets steamed, and buying new furniture ahead of the holiday season are all common, but what about completely updating a room (or two)?

It’s easy to think that home improvement projects are too expensive or will take several weeks or even months to complete. However, there are several simple, affordable do-it-yourself projects that can be completed in a weekend to give outdated rooms a fresh new look — in plenty of time to host holiday guests. 

Refinish Kitchen Cabinets The Easy Way

Painting cabinets is an excellent way to totally transform a kitchen. This fun budget-friendly project can be done in a weekend or spread out over a couple of weeks if necessary. With adequate preparation and attention to detail, the “new” cabinets will look great for years to come.

Minimal supplies are necessary for this project and there is no limit to the looks that can be created using different paint colors, stains, and seals.

Create A Shiplap Accent Wall

Arguably one of the most popular home decor trends is the rustic farmhouse look, and shiplap is at the center of that. Using basic tools that are likely already in the garage and some plywood from the local hardware store, it’s easy to create a unique shiplap wall and dramatically change the look of a room.

The most fun part about DIY shiplap is that it’s so customizable. Use reclaimed or pallet wood, paint unfinished planks, or try using boards cut to different lengths. 

Update Flooring With Vinyl Or Laminate

Replacing outdated flooring is perhaps the biggest bang-for-the-buck DIY project that can drastically freshen up a space. Changing the floors in even one room can have a tremendous impact on the look of the entire home. 

With so many budget-friendly options such as click-together laminate panels and peel-and-stick vinyl tiles, choose different looks for different rooms or go for one cohesive look throughout the house.

Giving a home an entirely new look doesn’t have to involve a complicated renovation project. Major home improvement stores and websites have step-by-step tutorials to make it as simple as a few coats of paint and some elbow grease.

If you are in the market for a new home or interested in refinancing your current property, be sure to contact your trusted home mortgage professional to discuss current financing options.

10
Oct
By First Rate Financial Group
Real Estate

How To Stage A House For A Faster Sale At A Higher Price

How To Stage A House For A Faster Sale At A Higher Price“Staging” a house means to prepare it for sale in ways that make it more attractive to potential buyers. Homeowners can do much of this staging work themselves and should get suggestions from their real estate agent. They can also hire a professional to do the staging work for them.

Value-Added Staging

A study of 4,200 sold homes, conducted by Home Staging Resource (HSR), found that 85% of the staged homes sold for 6% to 25% more than a home that was not staged.

Forbes reports that 95% of staged homes sell in 11 days or less. This is 87% faster when compared to the time it takes, on average, to sell a home that is not staged.

An average home sells for 10% to 20% less than the asking price. It may be even more beneficial to stage a home that would otherwise have to sell as a “fixer-upper.” When listing a home, which is in disrepair, the asking price must be at a steep discount from the market value of a similar home that is in a better condition. This steep discount may be reduced by staging the home properly.

The general rule-of-thumb is that every $100 dollar invested in staging may return up to $400 in a higher sales price.

Staging Priorities

The National Association of REALTORS® published the 2017 Profile of Home Staging, which says the staging priorities are:

  • Declutter: Decluttering a home creates more open space that makes the home look bigger. Remove at least half of the items in the home and two-thirds of the stuff in the closets. De-personalize the home by removing photos, kid toys, items for pets, etc.
  • Cleaning: The entire house needs to be immaculately clean, inside and out, to the level of a five-star hotel.
  • Carpet Cleaning/Replacement: Carpet needs to look and smell like new or it should be replaced.
  • No Pets or Children: Do not have children or pets in the home, when showing it to potential buyers.
  • Renovations: Repairs, re-painting, and re-decorating should be done tastefully and by using neutral colors that appeal to most people.
  • Rooms: Priority staging concentrates on these rooms, in this order: 1) Living Room; 2) Kitchen; 3) Master Bedroom and Bath; and 4) Dining Room.
  • Vacant Home: A vacant home will probably sell much easier when staged using rented furniture.

Conclusion

Staging a home for sale makes perfect sense and is worth the investment of time, energy, and money. The benefits are that the home usually sells for a better price, probably sells more quickly, and the investment in staging usually makes a profit for the home seller. Your real estate professional is available to offer guidance in selling your home quickly for a great price.

If you are in the market for a new home or interested in refinancing your current property, be sure to consult with your trusted home mortgage professional to discuss current financing options.