Realtor Vivian Wang

house, pool, interior design

A DRY FOUNDATION IS A HAPPY FOUNDATION

Keeping water away from your home’s foundation is an important part of maintaining your home’s structural integrity. Water can cause soils to expand and contract as well as do damage to the interior of the home should it flood. Keep your gutters clean and make sure downspouts will divert water to a place where it can drain away. If your home is equipped with a sump pit you may want to install a pump, or if you have a pump make sure it is operating properly. If your basement has a drain be sure it is clear in the event that you have an interior water leak, such as a broken pipe.

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FIVE THINGS TO KNOW ABOUT HOME INSPECTIONS

Home inspection is an important part of the home sale process, both for buyers and sellers. When it’s time for you to hire an inspector, here are five things you should be thinking about:  1. It’s your choice: You are not bound or obligated to use any particular inspector. Your real estate professional may have some recommendations, but it’s ultimately up to you. Ask around and choose wisely—better to pay a little more now for a highly-respected inspector than to be surprised by a problem that the inspection didn’t reveal.  2. Looking for big problems: The inspector will be focused on the integrity of the home—safety, electrical work, foundation, load-bearing walls, etc. The inspector is not there to point out problems with ugly paint colors or light fixtures.   3. The report: There are hundreds of items to inspect in a home, so the inspector’s report will focus on the basics: What’s damaged, what needs repaired, etc. The report should be easy to read and understand.  4. Code of ethics: Though the inspector is working for the party that pays the inspector’s fee, the inspector will not deliver a report that intentionally hides or omits damaging information about the home. The report is private between you and the inspector, but if you’re the seller, you’re required to disclose any problems that the inspection reveals.  5. The inspector is not liable: Even the best inspectors can’t find every single problem in a home. They can’t see inside the walls or through the floors, so there could still be problems lurking. If a problem is revealed down the road, the inspector can’t be held responsible.

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HOW AN AGENT CAN HELP ALLEVIATE STRESS

Purchasing a home can be a stressful experience, whether you’re a first-time buyer or you’ve been through the process before. But that’s one of the reasons that working with a real estate professional is so worthwhile. With your agent’s guidance, buying a home should be enjoyable, rather than stressful. Here are some of the more unique circumstances where your agent can make your life much easier. Out-of-town buyers: If you’re looking for vacation homes or moving to a job in a new city, there’s a good chance that viewing homes will be difficult—you could be a long drive or even a plane ride away. With today’s video messaging apps like Skype or Facetime, your agent can walk you through a property virtually. It’s not the same as walking through in person, but it will at least give you an idea about whether a property is worth pursuing further. When life is just too crazy: If you’re just getting too busy with everything else going on in your life, a good buyer’s agent should be able to recognize the situation and help you take a step back. They can suggest that you take a few weeks off from your home search to recharge, or only focus on properties that exactly fit your wants list. Inspection issues: You’re dreaming about move-in day, and then some unforeseen issues turn up during inspection. A good agent can work out those issues by negotiating a lower offer—to cover costs of repairs—or by getting the seller to fix the problem.

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BEFORE YOU TAKE THE PLUNGE WITH A FIXER-UPPER, THINK ABOUT RESALE VALUE

We’ve all watched the HGTV programs that show a run-down old house transforming into a dream home. Tackling a big renovation project on an outdated property can indeed pay off big—both with the home of your dreams, and with a return on investment. If resale value is a primary concern, consider these factors as you’re making your fixer-upper plans. Is the price right?How much can you invest in a home beyond the sale price while staying in line with the value of homes in the neighborhood? You don’t want to improve a home to the point that it’s worth far more than the norm for the area. You’ll enjoy the property while you’re living there, but if you ever decide to sell, your ROI could be limited by the market value of nearby houses. Low cost, instant equityThere are a lot of low cost and DIY improvements that will add equity almost immediately, such as rehabbing the landscaping and adding fresh coats of paint. These improvements add value to the property almost instantly.  What’s worth spending on?A little elbow grease goes a long way, but there will inevitably be projects that require some serious spending. If you’re concerned with getting a return on your investment, focus your dollars toward the roof, floors, and the home’s exterior. They’re not flashy upgrades, but they’re important for future buyers. On the other hand, luxuries like a swimming pool are unlikely to see any return on investment.

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THREE WAYS TO EASE YOUR FEARS ABOUT MAKING A MOVE

With low inventory in many markets throughout the country, many homeowners are afraid to sell their homes because they’re concerned that they may not be able to find a new one.  This can be a real problem, but if you are seeking to sell—whether to upgrade or find a new neighborhood—there are a few ways to combat the low inventory. 1. Look to buy firstIn most markets it is a real mistake to put your home up for sale before you start looking for your new property.  Identify the geographic area where you are interested in buying. Even if you don’t see anything on Zillow, it doesn’t mean you can’t or won’t find the right home.  2. Think outside the boxBe proactive! Keep in mind that there are probably many people like you who want to make a move but are afraid as well. Have your real estate agent send a letter to the neighborhoods in the geographic areas where you want to live. The letter should be heartfelt and personal while announcing that you are ready to buy a home in that neighborhood. You could find a home to buy that may not even be currently listed or for sale.  3. Protect yourself legallyEach state varies in how the purchase process is conducted. Talk to your real estate professional about adding a clause in the purchase contract for the home you are selling that will enable you to not sell the home if you cannot find a suitable home to buy.

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HOW YOUR DAILY DRIVE TIME CAN FACTOR INTO YOUR MORTGAGE

It’s easy to overlook some of the things that can affect your budget and purchasing power when you’re considering a home, and one of the biggest factors that buyers overlook is the cost of their daily commute. We’ve all heard that real estate is all about “location, location, location,” and properties in more desirable locations typically come with a higher price tag than similar properties that aren’t in a hot neighborhood. Yet the overall cost of living for choosing one location over another might be negligible when you factor in the commuting costs that are required—gas, vehicle maintenance, insurance—if you purchase a home that is significantly further from your workplace. If your mortgage is $200 less per month, but you’re spending an extra $200 in commuting costs, are you really saving money? Commuting costs aren’t just about the disposable income left in your bank account, either. It can even affect how much money you can borrow. If you’re a long-distance commuter, a loan officer may factor your travel costs into your debt-to-income ratio. Aside from how commuting affects your purchasing power or disposable income, there’s also the question of how it affects your quality of life—no one wants to spend hours a week just getting to and from work. The real estate market varies greatly from location to location, so the best way to get a complete picture of your purchasing power—and all the factors that go into your home budget—is to speak to a trusted real estate professional.

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THINKING OF SELLING? NOW MAY BE THE TIME.

Low inventory is a problem in many markets throughout the country. In a healthy market a particular neighborhood would have six months of inventory. Many neighborhoods are seeing inventory as low as one or two months. This means home buyers are not finding the homes they are looking for. Eric Sachs, President and Co-founder of BreakthroughBroker.com, said he speaks with Realtors throughout the country, and the main concern voiced by Realtors is that there are not enough listings. One agent told of a recent story where a new listing had 19 offers on the first day listed. As the spring selling season approaches, now is the time to list if you have thought about selling in the past or may want to sell in the future. Call your trusted real estate advisor to see if you live in a low inventory area.

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FIVE WAYS YOU CAN GET EARNEST MONEY BACK

Earnest money is a deposit you pay when you make an offer on a home—it’s a way to show the seller that you mean business. Usually you can’t get it back, but there are several circumstances that allow you to recover your earnest money.   1. Appraisal contingency: With an appraisal contingency, you can recover your earnest money if the home is appraised for less than your offer. This gives you a better negotiating position—if the seller doesn’t agree to a lower price, you can get your earnest money back and walk away from the deal.  2. Major problems with the home: It may be your dream home at the surface level, but an inspection could reveal major, major problems—such as issues with the foundation, or flood damage. In that case, you can get your money back if the seller doesn’t agree to a lower price.  3. The seller backs out: Obviously, if the seller changes their mind about the transaction—maybe they decide not to sell, or accept a higher offer—you get your earnest money back.  4. Your house hasn’t sold: Many buyers can’t afford a new home if they’re still financially responsible for their old one. In this case, you can work a sale contingency into the contract, and get your earnest money back if the home doesn’t sell soon enough.  5. Financing issues: Though there are some limits on financing contingencies, you can get your money back if you’re unable to get a loan.

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HIDDEN HOMEOWNER COSTS

Factor these hidden costs into your budget when you’re planning to buy a home. Budgeting for buying a home can be difficult enough when you’re just weighing mortgage options and a purchase price. But there are many other factors that go into the cost of home ownership. Some of them are one-time expenses that you’ll pay during the home buying process, while others will be recurring costs for as long as you own the home. Closing costsThere are several smaller fees that add up to a rather large sum when you’re going through the closing process—loan fees, attorney fees, underwriting fees, and more. They typically add up to 2–5% of the purchase price. For a $300,000 home—roughly the national median—that’s in the neighborhood of $10,000, so be sure to budget for it. AppraisalYour lender will require an appraisal, and the appraisal fee (a few hundred dollars) comes out of your pocket. InspectionThe few hundred dollars you’ll pay for a home inspection is money well spent, but it’s something you have to keep in mind during the purchase process. You’ll have the peace of mind of knowing the house is free from any major issues, and you’re making a smart, solid investment. InsuranceAlthough homeowners insurance isn’t legally required, it’ll almost certainly be required by your lender. Further insurance, such as flood insurance, may also be required (depending on your location). Home Owners AssociationIf you’re living in a property or community with shared spaces, you’ll almost certainly have an HOA fee. This pays for things like trash removal, maintenance of common areas, and for recreational facilities like gyms and swimming pools.

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FIVE TIPS FOR REDUCING CLUTTER

It doesn’t take much time to go from a perfectly organized room to a cluttered, chaotic mess. Papers pile up on surfaces, coats and bags end up on furniture, shoe boxes and shopping bags get stuffed in the first place you can find. But if you’re proactive, you can avoid the common clutter traps. Here are five ideas for reducing clutter:  1. Have a place for the things you bring into the house each day: Do what you can do create an easy place to put your outerwear, mail, keys, phone, and the other things you bring home each day. Coat racks, mail holders, and a catch-all basket give you an easy, consistent place to put your everyday items.  2. Get a basket for once-worn clothes: There are some clothing items that may not need to be washed or put away immediately after one use, like sweaters or denim. These items often end up on the bedroom floor. Instead, put them in a specific basket for items that aren’t yet ready for the laundry room.  3. Keep kitchen tools off the counter: It’s really easy to let items pile up on the kitchen counters, and all that clutter can be frustrating when it’s ready to make a meal. To reduce clutter, use wall racks to keep cooking utensils off the counter.  4. Designate a no-clutter zone: This one’s simple. Simply choose an important surface or space (like a coffee table), clear it of clutter, and focus on keeping that one area totally organized.  5. Keep the dining room table set: Not only is a set table pleasant to the eye, but it also makes it nearly impossible for the table to gather clutter. Thanks to the plates and silverware, there’s no room for your junk mail.

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