S P E C I A L S E C T I O N : R E A L E S TAT E
5. BUYING: Enjoy the view?
It’s obvious that homes with a view can sell big. In fact, Realtor.com states that homes
with a view of the city sell the fastest, with an average of 83 days on the market, while
homes with an ocean view sit for 98 days (mostly due to the elevated price of oceanfront
property). If you are in love with a home that has a view, be sure it is there to stay.
Although you may see rolling hills through your living room window now, who’s to say a
real estate developer won’t see that same space as the perfect opportunity to build more
homes? Check with your local municipality for land use regulations to make sure your
view will remain.
6. BUYING/SELLING: Get a second opinion.
When you have lived in your home for years, it’s easy to overlook problems that
potential buyers may spot right away. Have a relative or trusted friend come over to spot
any small fixes that you can make prior to putting your home on the market to make sure
it’s in optimal condition for selling. When considering buying a home, it’s also helpful to
have someone who would not be buying the home go with you to take a look. He/she
will be able to point out potential issues that you may not see when trying to make such
an important decision.
7. SELLING: Ignore the housing market.
Don’t waste your time watching the housing market for the best time to sell. According
to Investopedia, “it doesn’t matter what your home is worth at any given moment except
the moment when you sell it. Being able to choose when you sell your home, rather
than being forced to sell it due to job relocation or financial distress, will be the biggest
determinant of whether you will see a solid profit from your investment.”
8. SELLING: Will renovating always increase
my resale value?
Make conscious decisions when renovating your home. While newer will entice
potential buyers, be cognizant of what rooms you update and how you do it. An updated
kitchen will increase the value of your home, but be sure to appeal to a wide range of
tastes. A good place to start is with the appliances. Realtor.com states that homes with
stainless steel appliances sell 15 percent faster than those without. Updated bathrooms
are easier to satisfy a wider range of buyers’ desires for luxury, but be sure to keep the
colors neutral.
9. SELLING: Don’t spend earnest money!
Many sellers make the mistake of depositing and spending earnest money before
closing day. If the transaction doesn’t go through or the buyer pulls out due to repair
issues, it is up to the seller to return the cash. It is recommended to have a real estate
agent or broker hold the deposit. Most buyers’ earnest money will be held in an escrow
account until the closing day, allowing the money to remain untouched by either party.
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