Sunrise Homes & Renovations, Inc.

Selling Your Home? Here’s Why You’ll Want to Keep Your Emotions out of It

by

Selling Your Home? Here's Why You'll Want to Keep Your Emotions out of ItSelling your home can be an extremely emotional process, but it’s important that you don’t let your emotions get the best of you. Learn which common mistakes emotional sellers make when selling their home so that you can identify them during your own sale and overcome them before it’s too late.

Price Paralysis

You love your home, you know the value it provides to its owner, and you think it’s special compared to other houses on the market… and that it should be priced as such!

Be wary of this thought pattern though, as sellers who are emotionally attached to their home tend to overprice their listing, ignore market data, and be stubborn in negotiations.

It is perfectly normal for your emotions to cloud your judgement when first listing, but it is important that you listen to your real estate agent’s advice and stick to reason, or you may find your home failing to close.

Pricing Based On Need

Your home has a market value, and you can’t ignore that. It’s a fact.

When moving to a new property, it is essential that you understand that you cannot price your current home based on the amount of money you need to purchase your desired next home. This mindset is unrealistic, and can drag out your home sale.

If the purchase of a new home is contingent upon how much you make from selling your current home, be sure that you do not celebrate too early. Wait until you have closed the deal before gauging what you can afford to buy next, or stick to a property that is definitely within your budget.

Maintain An Open Mind

While you may love the way your personal items and interior design pieces make your home feel, it is best to stage your home very impersonally for showings. This may require re-painting rooms to more neutral tones, taking down your favorite family photos, and using professional staging furniture rather than your own. Doing so isn’t admitting that you have bad taste, but rather accepting that buyers have a wide variety of taste themselves, and you want to appeal to them all.

You should also keep an open mind when it comes to who you sell your home to. You may have an idea of what you consider to be the perfect buyer, but ultimately the goal is to sell your home. What the buyer does with it after the fact is up to them.

To avoid these emotional home-seller mistakes, work with your trusted real estate professional who can guide you through the process and keep you on the right track.

4 Tips For Negotiating a Better Rental Agreement

by

4 Tips For Negotiating a Better Rental AgreementRenting is hard. It’s easy to get lost in the length and language of rental agreements, but it’s important not to get discouraged when that happens. Rental agreements are fundamental documents that lay out the details of your tenancy, so when you’re ready to negotiate their terms, give them the attention they deserve with the help of these tips.

Research the Property

Like prepping for a job interview, make sure you know about the property you’re negotiating. Research the market so you know a reasonable price to ask for (and to expect). Read up on comparable properties in your neighborhood so you can use them as references during the rental discussion. There are resources that can help here, including online rent indexes that list comparable prices and vacancies for major cities.

Research the Landlord

As a tenant, you’re in partnership with your landlord, so get to know them. Look at other properties they own to see those rental rates. The more prepared you are (to a reasonable degree but leave off the Facebook stalking), the more comfortable you will be while negotiating. And remember that negotiations are two-sided; so try when you can to consider what both parties will get from the deal. Be ready to compromise.

Read the Contract

It’s worth repeating, even though it sounds obvious. But rental contracts need to be read, and read carefully, so that you know what rights you have as a renter, and what responsibilities are yours (versus your landlord’s). Have a lawyer, or a law-minded friend, read over the contract if possible. And when negotiating changes to an already existing agreement, be sure you write them all down and both you and the landlord initial them, on each copy of the contract. This ensures the changes are legal and binding.

Rent Isn’t The Only Negotiable

Rent isn’t the only element of your tenancy that you can negotiate. If the landlord is unable or unwilling to lower the rent, even after you’ve done your research and asked for a reasonable decrease, you can address other aspects. Look at landscaping, or maintenance of the unit. Perhaps you can do a little yard-work to offset some of your other costs. Think creatively.

Approach your rental agreement negotiation with respect and preparation and you’ll be well on your way to a better contract. If you have any questions or concerns, get in contact with your local real estate agent. They know your neighborhood and will be able to help you negotiate it.

4 Ways to Safeguard Your Home While on Vacation

by

4 Ways to Safeguard Your Home While on VacationEveryone needs a vacation at some point, and worrying about your home should be the last thing on your mind while you’re out of town. Here are 4 ways to boost home security when you’re not around.

1. Enlist The Help Of Others

Even if you’re only gone for a short amount of time, asking someone you trust to keep an eye on your home can offer a big-time boost in security.

Hiring a house-sitter to collect your mail, mow your lawn, and make your house look lived in can be a great option for longer vacations, as physical changes to your property can tip-off burglars that you’re out of town.

For short trips, it is worthwhile to ask a neighbor to keep an eye on your home and to report any suspicious activity to the authorities. Having someone who is aware you’re not around can nip crime in the bud, as they’ll be less hesitant to call the police if they notice any unexpected guests around your home.

2. No Give-Aways!

Sharing your vacation photos on social media can be a convenient way to share your experiences with your friends, but it’s best to do so after you’ve returned home. The fact that you’re not around is information that can easily fall into the wrong hands on the web, making you a target for crime.

If you decide to change your voicemail greeting while you’re away, be careful that it does not explicitly state that you’re out of town. It’s fine to tell callers that you’re unable to accept calls for a period of time, but they do not need to know it’s because you’re a thousand miles away.

3. Leave It To The Pros

If you’re looking for a security measure that’s even more reliable than your neighbors, it may be worthwhile to install a home alarm system. Houses that lack security systems are burglarized more often than ones that have an alarm installed, making them a worthwhile investment for frequent travelers.

4. Don’t Forget Internal Threats

It’s not only outside threats that you have to consider before heading on vacation! Make sure you prep your home for your absence by unplugging any appliances (toaster, computer, TV) that are at risk of a power surge.

If you live in a cold climate and your pipes are at risk of freezing, ask someone you trust to stop by your home every few days to run the water. Make sure to show them where the water main shut-off is in case a pipe bursts while you’re away.

Interested in more neighborhood safety advice? Contact your trusted real estate professional today!

3 Important Things To Consider Before Listing Your Home on Airbnb

by

3 Important Things To Consider Before Listing Your Home on AirbnbAirbnb has become an attractive way for homeowners to make income from their property. Although Airbnb’s is known for its reputable insurance policy, there are a few things you should consider before listing your home online.

Time Commitment

People have a tendency to think more about what they can gain from hosting on Airbnb than what hosting will do to their life. Having a steady stream of guests is quite a time-consuming endeavor; you’ll have to respond to inquiries online, clean your guest’s space and do laundry after every booking, and make sure your home is constantly neat and tidy.

This may seem like a small to-do list, but if you have a new guest every 3-4 days that could add up to 10 extra loads of laundry per month. Yikes!

As a host, you will also need to be present to check guests in and out of your home, which means you’ll need to book time off from your other commitments to properly welcome your guests and fulfill your hosting requirements. Hosting on Airbnb is just like having a real B&B, it is a business and requires time as such.

Risky Business

Needless to say, allowing strangers to stay in your home comes with inherent risk. Although Airbnb has insurance to protect its hosts and their homes, hosts are still vulnerable to theft or property damage. This can be especially devastating if sentimental items, such a wedding rings or family heirlooms, are stolen by a guest.

Another risk for Airbnb hosts to be aware of is squatting scams. Some scammers have taken advantage of the fact that when a guest stays in a home for longer than 30 days, they may gain squatting rights to the property, making it difficult for their host to force them to leave.

To avoid this situation, do not accept bookings that are longer than 30 days, and/or be very clear in your communication to guests that they are only allowed to stay at your property until the agreed upon departure date, and explicitly state that they must vacate your home after that time.

Be Realistic

It is unlikely that listing your home on Airbnb will provide you with enough financial freedom to quit your job and travel the world, though it may provide you with extra funds to contribute towards your mortgage payments. Be realistic about your expected hosting income, and don’t make any major financial changes based on your expectations until you have experience as a host and can accurately predict your monthly Airbnb profit.

Are you ready to find an ideal income property for Airbnb guests? Speak with your local real estate professional today!

3 Things You Must Do after Inheriting a Home

by

3 Things You Must Do after Inheriting a HomeThere can be a lot of excitement when it comes to the realization that you’ve inherited a home, but simply because it’s an inheritance doesn’t mean there aren’t a few strings attached. Whether you’re expecting to be gifted with a home in the future or you’re currently going through this process, here are a few things you may need to watch out for.

The State Of The Mortgage

Once a home has been effectively handed over to you, it’s important to determine the status of the mortgage with the lender and if anything is still owed. While you have the option of taking over the mortgage in a lot of cases, in the event that there’s a reversible mortgage or you’re choosing to rent it out as a second property, you may not be able to transfer the mortgage. While this can often be a rather seamless process, if money is owed there can be other factors to consider.

Determine If You Want It

If you already have a first home and don’t want to take care of your second property as a rental unit, it’s important to realize that keeping the home may not be the best decision for you. While you have the option of organizing a short sale if you’d like to get it off of your hands, you can also contact a real estate agent who will be able to provide you with advice on how to proceed if you’re unwilling (or unable) to take control of the property.

Is It In Good Condition?

Whether you want to keep the home or not, there can be cases where it’s not even a question if it’s a home that you’re going to end up investing money into without much return. In the situation that a lot of money is owed on the house or there are serious issues with its general condition, you may want to release yourself from the inheritance and move on with your financial situation still intact.

There can be an instant feeling of acquired wealth in the event that you’ve inherited a home, but a home in bad condition or that you don’t want to take care of can end up being more of a headache than anything else. If you’re currently considering your options when it comes to a home inheritance, contact your local real estate professional for more information.

How to Market Your Home to Renters Online

by

How to Market Your Home to Renters OnlineMany people think that marketing their home is best left to the realtor since they have the expertise and knowledge to succeed at selling. However, there are plenty of ways that you and your realtor can approach the marketing for your home for an even more positive impact. If you’ve made the decision to put your home on the market as a rental, here are a few tips so you can be sure to find the right renters.

Make Use Of Social Media

Sites like Craigslist have long been popular for finding a place to rent, but in the times of social media, there are plenty of other ways to reach people who are looking for apartments or homes. Instead of having to rely on traditional means of marketing, take to Twitter or Facebook to post about your home rental and include a few pictures with a brief description. Not only will this reach all your friends and followers, it will ensure that they can pass the information along too.

Create A Home Website

There are many old-school means of marketing a home to interested parties, but the tricks don’t necessarily change when it comes to finding an ideal renter. If you’re entrusting your home to the reliability of renters, a professional website with a respectable realtor is still one of the best means of attracting the right crowd. With a selection of professional photos and a complimentary description, you should have a few good options in no time.

Splurge On Professional Pictures

There’s a reason that professional photography is expensive, but when it comes to marketing your home online, a good picture is one of the best tools you have in finding your audience. Because a professional photographer knows all the small stuff about lighting and accentuating your home’s best features, they’ll be able to provide you with the kind of images that are sure to capture attention. In addition, a professional photograph can go a long way towards getting the rental price you’re asking for.

There was a time when renters walked the neighborhood to find the best rental options, but with so much of the search having gone online, there are other ways to market your home to potential candidates. If you’re planning on purchasing a second home and are putting your own up for rent, you may want to contact one of our local real estate professionals for more information.