The Langham-Dilmore Team's Blog
Buying a new home is a joyous occasion, one that should be celebrated by family members and friends. However, telling people about a new home purchase sometimes can be tough, particularly for those who may be leaving roommates or others behind.
Lucky for you, we're here to help you alleviate the stress and worry commonly associated with telling family members or friends about a new home purchase.
Here are three tips to ensure you can remain calm, cool and confident as you inform your loved ones about your decision to buy a new home.
1. Prepare As Much As You Can
Purchasing a house is a life-changing decision, and as such, your loved ones may have concerns. Therefore, you should plan ahead for any questions that you could face about your new house.
Why did you decide to buy a home in a particular city or town? How much did you pay for a house? And what does your home purchase mean for your loved ones? These are just some of the questions that you should prepare to face when you share the news about your new home purchase with loved ones.
Also, it is important to realize that you and your loved ones won't always see eye to eye. And if a family member or friend disagrees with your home purchase, accept his or her opinion and move forward.
2. Take a Proactive Approach
When it comes to informing others about your home purchase, it is always better to err on the side of caution. Thus, taking a proactive approach will ensure you can directly inform the most important people in your life about your home purchase.
Communication is key between family members and friends. With a proactive approach, you can inform your loved ones about your homebuying decision and minimize the risk that they will hear the news from a third-party.
Don't leave anything to chance as you determine who to tell about your home purchase. If you believe there is a risk that a loved one will be left in the dark about your new home, be sure to reach out to this individual directly.
3. Understand the Emotions Involved with a New Home Purchase
A new home purchase represents a new opportunity for you and your family. If some family members and friends feel left out of your upcoming move, many emotions may bubble to the surface.
Keep the lines of communication open with family members and friends – you'll be glad you did. That way, loved ones can share their thoughts and feelings about your new home purchase and understand you will allocate the time needed to hear them out.
If you need extra help as you get ready to tell loved ones about a new home purchase, don't be afraid to ask your real estate agent for assistance, either. This real estate professional understands the intricacies of purchasing a home and can provide expert guidance throughout the homebuying journey.
When you put your home up for sale, it can be an emotional time. You need to say goodbye to a place where you have lived for at least a small portion of your life. You created memories in that home, and now, it’s the job of a new family to make new memories.
Once the home is well on its way to being sold, there will be an appraisal of the property. It’s scary as a seller to think that the appraisal has the ability to actually halt the entire sale of the home. It can be a confusing process, to say the least, to have your home appraised. You have determined your listing price and received an offer on the home already. It seems like backtracking to value the home after this part of the sale process is complete.
The Appraisal Removes The Tension
The appraisal is one of the factors that bridges the worlds of the buyer and the seller. As a seller, the things that you think add value to your home may not be all you have hoped them to be. As a buyer, you want to be sure that you’re paying a fair price for the home. Below, you’ll find some common myths about home appraisals and the truth about them.
The Appraisal Is Not The Same As An Inspection
The home inspection is used as a tool to protect the buyer. Although the appraisal is used as a protection for the buyer, the two are separate entities. The inspector looks at everything in the home that can be a problem including leaks, cracks, and faulty electrical systems. The home appraiser is simply meant to find the objective market and the estimated value of the home in that market.
The Appraisal Isn’t How Much The Buyer Will Pay
While the appraisal gives a good estimate of the value of a home, it doesn’t take every single factor into account. It’s one version of how much the home should be priced at. What the appraisal does affect is the contract on the home.
If the appraisal doesn’t match the contract price, let’s say that the home is appraised lower than what you’re paying for it, the lender will not make up the difference. It can become a discussion between the buyer and the seller to see who will pay for the additional uncovered cost of the home. The buyer can pay the difference themselves. The seller may decide to cover the difference themselves. Either way, this is where the home buying process can get kind of messy.
Bigger Homes Don’t Necessarily Appraise For More Money
Just because a home is bigger, doesn’t mean that it’s worth more than the smaller home next door. A larger home could have issues with age such as an older roof, or less complex fixtures. If a smaller home is more updated, it very well could appraise for more. Don’t count on the square footage to dictate the appraisal price of a home.
A vacation rental in Florida can give you the best of both worlds. First, you’ll have a place to stay anytime that you wish throughout the year. Second, you’ll have help paying the bills through renting out the property to tenants who also want some rest and relaxation on vacation.
Florida is one of the best places to buy a vacation rental home. The weather is simply perfect for vacationing any time of the year, so there’s never an off season.
Buying The Home
Buying a vacation rental property is just like buying a regular home. You’ll need to look at your finances, consider where you want the location of the property to be, and you ned to decide how you want to pay for the property.
While buying a vacation rental can be a bit complicated, it doesn’t have to be. There are certain tax write off restrictions that must be considered along with special types of mortgages that may need to be taken out. This is where talking to a lender is extremely beneficial. Your lender can be an advocate to you in the process of buying a Florida income vacation rental property.
If you’re planning on paying cash for your Florida vacation rental, you’ll want to be sure that you understand each and every cost associated with the purchase. It’s important that you have the correct amount of cash available up front for your purchase.
Finding The Right Area
You want to choose a vacation rental property in Florida in an area that you enjoy being in. You also want to know that you’ll have a high chance of renting the property out for the maximum amount of time when you’re not using the home.
Being A Landlord
If you’re renting out a property, you’re a landlord. With this title comes a lot of responsibility. You’ll need to think about things like:
- Demand for the property location
- Marketing the property
- How long will rental terms be?
This gives you a lot to consider for your Florida income vacation rental property purchase. Know that the home is something that you own. If you’re not happy with the location, then buying this type of property may be fruitless. If you do buy in an area that you can see yourself living in, you may be able to make the vacation rental a full time residence for yourself at some point.
If you’re ready to make the leap to owning a Florida income property, you’ll want to speak with a realtor in the area. Whether you live near or far, it can be a great investment for both financial and enjoyment reasons for you.
A hot housing market features residences that buyers want to purchase as quickly as possible. As a home seller, you should do everything possible to stir up interest in your residence, even in a hot housing market. Because if dozens of buyers compete for your house, you may be able generate significant profits from your home sale.
Ultimately, there are several fast, effective ways to ensure you can maximize your home sale earnings in a hot housing market, and these include:
1. Conduct a Home Inspection
A home inspection allows you to identify your house's strengths and weaknesses. Then, you can take the necessary steps to transform various home weaknesses into strengths.
It won't take long to conduct a home inspection, either. Typically, a home inspector can visit your residence, perform the evaluation and provide an inspection report in a single day. This means you can quickly gain the home insights that you need to help you upgrade your residence prior to adding it to a hot housing market.
2. See How Your House Stacks Up Against the Competition
Take a look at the prices of available houses in your city or town that are similar to your own. This housing market data can help you establish a competitive initial asking price for your residence.
Furthermore, analyze the prices of recently sold residences in your area. With this housing market information, you can see just how quickly houses are selling and map out your home selling journey accordingly.
3. Consult with a Real Estate Agent
If you're unsure about how to proceed in a hot housing market, there is no need to stress. In fact, if you collaborate with a real estate agent, you can get the help you need to optimize your home sale earnings, regardless of the current housing market's conditions.
A real estate agent is a housing market expert who understands how to navigate the home selling journey. First, he or she will meet with you to discuss your home selling goals. A real estate agent then will develop a personalized home selling strategy. Finally, this housing market professional will list your home, set up home showings and open houses and help you get the best price for your residence.
Of course, a real estate agent is happy to assist you once you receive offers on your house too. If you get a home offer and don't know whether to accept, reject or counter it, a real estate agent can help you explore the pros and cons of all of the options at your disposal. Plus, a real estate agent can offer a recommendation about how to proceed with an offer, along with plenty of insights to help you make an informed decision.
When it comes to selling a house in a hot market, there's a lot that sellers can do to achieve the best-possible results. Use the aforementioned tips, and you can boost the likelihood of maximizing your home sale profits after you add your residence to a hot housing market.