Sunrise Homes & Renovations, Inc.

4 Common Problems Home Sellers May Try to Hide

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Buyer Beware: 4 Common Problems Home Sellers Try to HideIt’s easy for buyers to fall in love with properties when they’re looking at polished hardwood floors, new appliances or renovated kitchens. During open houses and showings, glamorous features get all the attention. However, these dream homes right away can be dangerous.

Asbestos and electrical wiring are hard to get excited about, but ignoring them can be a financial disaster. Buyers risk serious costs and a huge amount of hassle if they don’t do their research.

It can be daunting for buyers to do their due diligence. There are many factors to take into consideration and they’re not always obvious. Being fully prepared before putting down an offer can be difficult, even for the most experienced buyers.

This list of the four most common problems home sellers may try to hide will guide buyers every step of the way, from pictures to purchase.

1. Risk of Water Damage

Water damage can be one of the most expensive issues homes can have. It’s also easy to ignore when they’re especially beautiful or unique.

Homeowners may also be tempted to conceal past, present and future problems, particularly if they’re looking to maximize the price of their homes or make a fast sale. Buyers will benefit when they watch for water damage when looking to make a purchase.

2. Rotting Wood

Rotting or otherwise damaged wood is also relatively simple to forget about, but can lead to thousands of dollars in repairs. Poor drainage, termites and other factors are all factors that should be considered.

Whether it’s the deck or the floor, buyers need to be mindful of the status of wood components in homes.

3. Damaged or Outdated Roof

Roofs aren’t the first things buyers notice, but they’re crucial parts of every home. Damaged or outdated roofs can cause considerable personal and financial stress.

Buyers need to keep important features that are out of sight like roofs top of mind when they’re looking to put down an offer.

4. Codes and Other Regulations

Going through confusing building codes and other types of regulations can be a confusing task. Though it can be very time consuming, buyers can save themselves significant hassle and costs by being familiar with them. Consult your real estate professional for more information about how you can make an informed purchase today.

Buying a New Home? Use This Checklist to Ensure Your Finances Are in Order

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Buying a New Home? Use This Checklist to Ensure Your Finances Are in OrderBuying a home is a significant expense. It doesn’t matter whether you’re a first-time buyer or have experience. Unless you have a large pile of cash, you’ll need to ensure your finances are in order before closing. In this post we’ll explore four financial items you’ll want to check off before buying a new home.

Figure Out Your Current Monthly Budget

First, you’re going to want to sort out your monthly budget. If you’ve never done a budget before, start with something basic. Open up a spreadsheet or take out a piece of paper. Make two columns: ‘income’ and ‘expenses’. Fill in each column with the amounts that you make or spend each month. Bank, credit card and other statements can help with this process. It’s a good idea to go back at least 3 months to ensure you’re capturing your true spending.

Make A Debt Management Plan

Do you have any debts? If so, you’ll want to make a plan for how you’re going to manage these when you buy a new home. For example, you may have a car payment, student loans, a line of credit or credit card debt. Write down your debts, how much you owe and when payments are due. If any debts are due monthly, make sure you include those in your budget.

Keep in mind that your outstanding debts may impact your ability to borrow for a mortgage as well. If you plan on taking out a mortgage to pay for your new home, it’s best to get your debts figured out beforehand.

Understand All Your Real Estate Costs

Next, you’ll want to determine what all your real estate costs are going to be. If you’re not yet close to the bidding or closing process, this might be a bit challenging. But ask your real estate agent for a breakdown of what you can expect to pay for a home in your price range.

Set Up An Emergency Savings Cushion

Finally, you’ll want to set up a financial cushion in case of emergencies. It’s not much fun to think about, but losing a job or having a health event is possible. Most financial experts recommend having at least six months of expenses saved up. Of course, this is always easier said than done. What’s important is that you have at least some cash tucked away, just in case. If you can, save a bit extra each month or from each pay check and add to this emergency fund.

When you’re ready to buy a new home, a licensed real estate agent is your best bet for success. Reach out to us today and learn more about how affordable a new home in your community will be!

3 Key Reasons Why Buying Your First Home Is Like Planning a Wedding

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3 Key Reasons Why Buying Your First Home Is Like Planning a WeddingYou may not see the connection right away, but buying a home and planning a wedding are two experiences that require certain skills and challenge you in similar ways. Check out the three key similarities below!

1. Budget

Whether you’re buying your first home or planning a wedding, you are likely facing one of the biggest financial obligations of your life. That’s why, in both cases, it is essential that you pick a realistic budget and stay within it.

Sounds simple, but in either case it can be difficult! Unexpected obstacles may force you to spend more than you planned, or you may find yourself wanting to overspend as you find things that would be “just perfect” additions even though they don’t fit your budget. These temptations can be expected, but it’s important to remember the big picture. When it comes to your budget, pick it and stick it.

2. Details

When it comes to a home purchase or a wedding, there are countless details to consider. It’s not a simple, pre-packaged purchase, there will always be big decisions that you have to make and if you overlook something you may regret it later on.

Some decisions that you face will be similar in both experiences: Does the location work for you? Does it work for your friends and family? What is the parking situation? Is it appropriate for the climate? Will you be satisfied with your decision in the long-term?

Other details will be more unique to the situation: Do you need a cocktail hour? Do you need a walk-in closet? What style of photography would you like? Is there too much traffic noise?

Either way you’ll have lots to think about, and you’ll become acutely aware of ‘the little things.’

3. You’ve Got Style

Both your wedding and your home say something about you, they’re a reflection of your personal style. When being presented with so many choices that are particularly catered towards your personal taste, you’ll learn what you like and what you don’t. However, you’ll also learn what it is that you absolutely need, and what you’re willing to budge on.

Whether you’re choosing a wedding dress that is both gorgeous and functional for your ceremony or deciding whether or not you need an extra bedroom in your home, you’ll learn what it is that you’d want in a perfect world, and what is absolutely necessary for your current situation.

If you’re ready to start looking for your first home, make sure you do so with a trusted real estate professional. Contact us today.

Six Reasons Why You’ll Need a Licensed Real Estate Agent When You Buy or Sell a House

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Six Reasons Why You'll Need a Licensed Real Estate Agent When You Buy or Sell a HouseAre you in the market to buy or sell a home? If so, you may be wondering whether to work with a real estate agent or not. While saving on the commission might sound tempting, it can cost you later.

Here are six reasons to choose a real estate agent the next time you buy or sell a home.

#1: Agents Get The Best Price

If you’re trying to buy or sell on your own, it’s going to cost you. When buying, real estate agents are able to tap into market data to know the best price to bid. When selling, they can use this same data to ensure you ask for the highest reasonable price.

#2: Agents Know The Market

Is now the best time to buy or sell? You might not be sure, but a real estate agent will know. They have daily access to local market trends that outsiders can’t see. And since they’re working in your market each day, they can get a sense for what’s coming.

#3: Agents Know How To Negotiate

Are you a strong negotiator? If not, you’ll want to let your real estate agent take care of the negotiations. Remember, the other party in the transaction is likely to have an agent. So, without one of your own, you’ll be up against a skilled negotiator with no backup.

#4: Agents Have The Time And You Don’t

Let’s face it: you’re busy. Unless you’re going to take a vacation to deal with your real estate transaction, you don’t have the time. Real estate agents spend all their time working on their client properties. They make the time to handle inspections, negotiations and other activities.

#5: Agents Know What To Look For

If you’re buying or selling for the first time, you’ll definitely want to contract an agent. They know how to spot deficiencies in the house or property. Their experience allows them to see problems that you might not spot on your own. And they’ll know what needs to be fixed and what can wait until later.

#6: Agents Can Deal With The Paperwork

Do you love dealing with contracts, legal forms and other paperwork? If not, this might be reason enough to work with a real estate agent. They will take care of all the necessary paperwork for your purchase or sale. And if you’ve ever participated in a real estate transaction before, you know there’s a LOT to deal with. Leave this to your agent so you can focus on more fun activities.

The above are just six of the (many) reasons to work with a real estate professional. If you’re thinking about buying or selling a home, contact your local trusted real estate professional today.

Master the Autumn Home Buying Season With Our Guide to Finding Local Real Estate Bargains

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Master the Autumn Home Buying Season With Our Guide to Finding Local Real Estate BargainsMost people have a good idea of the neighborhood they want to purchase a new home in. The problem is finding a great deal in the area, especially if it’s a neighborhood that’s very popular.

Thinking outside the box and avoiding the standard real estate listings can result in some bargain properties for sale that most people are completely unaware of.

Contemplate Investing In Foreclosed Homes

When the housing market boomed, many people tried to take advantage by investing in a second home that they couldn’t necessarily afford. This resulted in a huge market full of homes that were foreclosed on when mortgage payments could no longer be made.

This happens frequently whenever the housing market goes through a strong period and these houses and condos are owned by the bank and can be purchased at a great price.

Look At FSBO (For Sale By Owner) Homes

FSBO properties, homes that are being sold privately by the owner, are one of the best bets to find a great bargain. These homeowners have made the decision to try and sell their home without the use of a real estate agent in an attempt to save some money on the sale.

Local real estate agents will be aware of any homes in their neighborhood that are being sold privately and will be able to point you in the right direction. FSBO homes have the best chance of getting a good deal because offers can be made directly to the owner and the earliest offer may just be the most lucrative for them.

When All Else Fails, Take A Drive

Anybody who knows the area they want to invest in can be proactive and beat the market by simply taking a drive up and down the streets and looking at houses. Some owners haven’t taken the time to bother listing a home that they would love to get rid of.

These are either rental properties or family homes that have been willed and left neglected. They can be easily identified by the care that’s been given to the property. An overgrown lawn and overflowing mailbox is a sure sign the owner may be interested in a talk about selling.

After all, there’s nothing to lose.

Staying away from real estate listings to find a home can be tough. Thankfully, most local real estate agents will be tracking these houses so they can help their clients think outside the box. Contact your trusted real estate professional in your area for a better idea of how to make offers on these bargain properties.

Buying a Home This Autumn? 4 Unconventional Ways to Save up for Your Down Payment

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Buying a Home This Autumn? 4 Unconventional Ways to Save up for Your Down PaymentAutumn is a popular time for new home buyers to start looking for their first house or condo. But with that down payment looming, everybody could use a bit of help saving up to make that bulk payment a little less intimidating.

There are plenty of unconventional ways to save up that may seem small, but will quickly add up and put a dent into that down payment.

Create A High Interest Savings Account

Talk to the bank about creating a secondary savings account with a higher interest rate. These super savings accounts usually come with the caveat that no money can be removed for a designated period of time. Using this account for the down payment works in everybody’s favor because it guarantees those extra dollars cannot be used for any other purpose.

Discard One Guilty Pleasure

Enjoy Starbucks coffee? Grab a pint every happy hour? Choose one vice and put the amount that would be spent on it into a jar. Most people will be surprised on how much money they spend each month on one guilty pleasure that can easily be cut out of their life. Every perk that’s cut will increase the amount by a decent margin.

Put Away Any Bonus Money

Holiday bonuses from work, tax refunds, birthday or Christmas presents, income from side gigs, any and all extra dollars that come in from any source outside of the main paycheck should be considered ‘down payment dollars.’ Sure it’s tempting to use that nice bonus or tax refund on a weekend trip or a night out, but all extra income should be saved away for that initial down payment.

Bring On The Roommates

People who already own a home and are looking to relocate can take this unconventional approach. Decent housing is hard to find so anybody with an extra room can rent it out and put that money towards the new house. Having a roommate can be a pain, but it’s for a limited time and can add up quickly.

While saving for a down payment can be stressful, you don’t have to go through the process alone. Your local real estate professional will be able to guide you and provide some helpful tips for how to make that down payment without breaking the bank. These men and women have seen countless couples go through the same thing and their experience can make a world of difference.