Samson Kimani's Blog
Adding a home to the real estate market offers a great first step to sell your residence. However, before you list your house, you'll want to consider the short- and long-term ramifications.
Ultimately, there are several key decisions for home sellers to make before they list their residences, including:
1. What Are My Future Plans?
After you sell your house, where will you live? You'll need to consider life after your home sale so that you can map out the home selling journey accordingly.
For example, if you've recently accepted a new job in a new state, you may need to sell your home as quickly as possible. This also may require you to find a new place to live immediately.
On the other hand, if you already have another residence lined up, you may be able to slow down the home selling process. This will ensure you can take your time, perform plenty of housing market research and do everything possible to maximize the value of your home sale.
2. How Much Is My Home Worth?
What you originally paid for your house is unlikely to match your home's present value. As such, you'll need to understand what your home is worth today so you can price it appropriately.
A home appraisal will make it easy for you to learn about your house's strengths and weaknesses. During this appraisal, a home inspector will examine your property's interior and exterior and identify any problem areas. Then, you can better understand the true value of your house.
Don't forget to look at the prices of comparable houses in your city or town too. This can provide you with valuable housing market data and help you understand whether you're getting ready to sell a home in a buyer's or seller's market.
3. What Can I Do to Enjoy a Fast, Seamless Home Selling Experience?
The home selling journey can be tricky, particularly for those who are preparing to sell a house for the first time. Lucky for you, real estate agents are available in cities and towns nationwide, and these housing market professionals can help you enjoy a fast, seamless home selling experience.
A real estate agent boasts comprehensive housing market experience. He or she can offer tips to help you revamp your house's interior and exterior before you add your residence to the real estate market. That way, you can boost your chances of a quick home sale.
Also, a real estate agent will go above and beyond the call of duty throughout the home selling journey. This housing market professional will set up home showings and open houses, keep you up to date about offers on your home and negotiate with homebuyers on your behalf. And if you ever have home selling questions, a real estate agent is happy to respond to your queries immediately.
Collaborate with a real estate agent as you prepare to embark on the home selling journey, and you can move one step closer to maximizing the value of your residence.
If you’re buying a fixer upper, whether you plan to live on the property or flip it, there are plenty of things that you’ll need to consider. So you can budget appropriately, below, many of the costs and fees are laid to so that you can see what you’ll need to budget for when rehabilitating a home.
The Overall Costs
The costs that you’ll incur in buying and finishing a home that needs to be rehabilitated are as follows:
- The team needed for rehabilitation
- The purchase price of the property
- The cost of owning the property
- The cost of selling the property (if you plan on flipping the home)
The people that you put together to rehab your home will be very important to the entire rehabilitation process. You should take the time to research each person that you’re hiring to be sure that they are a good fit for the job.
Professionals who will be involved in the process include:
- Insurance agent
- Home inspector
You can ask your realtor or other trusted contacts for recommendations. Putting a team in place helps to make the entire, sometimes cumbersome process of house rehabilitation a bit smoother.
Buying The Property
These costs are pretty standard as if you were buying any other home. You’ll need to pay closing costs, attorneys fees, realtor fees, and more. Costs typically included in a home purchase are:
- Purchase price
- Closing costs
You should budget for all of these typical home buying costs when buying a rehab home.
The Costs Of Home Rehabilitation
This is where things get expensive. You’ll need to first pay a contractor just to consult with them to see how they will create your vision for the property. You could also take another route an consult with a home inspector who has experience in construction. They can give you an idea of what the construction expense will be and what needs to be addressed.
When you do get to meet with contractors, you’ll want to understand their construction experience and feel comfortable that they can produce the work that you need at a high level of quality.
Owning A Home
Once you have the home in need of rehabilitation in your possession, you’ll need to pay the typical costs of any homeowner. These include:
- Mortgage payments
Even if you’re not currently occupying the home, once the property is purchased, all of these costs will need to be covered and considered.
If you decide to flip the property and sell it, you’ll need to consider additional costs including realtor’s fees and other closing costs.
How do house fires happen?The eight most common causes of house fires are:
- dryers and washing machines
- kids playing with fire
- tree decorations
Play investigatorTo prevent some of the causes of fire listed above, gather your children and put on your investigator hat. Make a checklist of the following and scour your house together to search for clues of fire hazards, taking care of them as you go along. Look for:
- Overloaded power strips and damaged power cords
- Dryer vents that are clogged up or dirty
- Stove burners that are near flammable items like curtains
- Smoke detectors checked
- Extra batteries located
- Escape route noted (see below)
- Ensure kids know the rules about candles, cooking, playing with fire, etc.
Plan your escapeTeaching kids a fire escape route can be tricky. It might get confusing for them or they might forget or panic in case of an actual fire. Therefore the best way to teach kids a fire escape plan is to practice it often. Have monthly or bi-monthly fire safety checks with your kids and go over your escape plan and test your smoke detectors. Yearly, participate in fire safety week, which also covers escape plans and best practices but turns it into a weeklong series of activities you can do with your kids. When it comes to the actual fire escape plan, grab some graphing paper and colored pencils and sit down with your kids to create your home. Include in your plan the names and escape routes (2 minimum) of each room and the outdoor meeting place. Have kids draw their own (age appropriate) to help them understand the plan better and get them involved. Once you've drawn the plan, run through it a few times with your kids. If you have infants or very young children who can't get themselves out of the house, plan who will retrieve them from their room in case of a fire. Remember to tell the kids not to wait for others before getting outside, and to not try to take belongings with them.
Stick to your routineThe hardest part about fire safety is making it a habit. At school, your kids have mandatory fire drills. At home, however, parents get busy with work or forget and tend to ignore fire safety. So, you'll have to find ways to make sure you and your family stick to the plan. If you have a family calendar hanging in your home, make sure you pencil in your bi-monthly fire safety meeting. Similarly, anyone in your family who uses a calendar on their phone or computer should add it there as well and invite the other family members. Make sure the event is fun for everyone to ensure no one dreads it. You could make a plan to take the kids out to dinner or somewhere fun after to make it a night everyone looks forward to every couple of months.