Real Estate Information

Everyone thinks that the costs of renting are limited to, well, rent! On the other hand, there is a laundry list of expenses we all know go along with owning a home.

But many people aren't aware of the hidden, surprising costs associated with both owning AND renting a home, and it's what you don't know that has the potential to derail your rent vs. buy decision-making, so here are the Top 5 Hidden Costs of both renting and owning your home:

Top 5 Hidden Costs of Owning

1. Special assessments. HOA dues to maintain the complex come as no surprise to condo owners, but hefty special assessments to make unexpected (and unbudgeted) repairs to the roof, windows, boiler or even foundation often catch unit owners unawares. Even if your home doesn’t belong to an HOA, don’t be surprised to see special assessments tacked on top of your property tax bill, covering public services including things like street lighting, tree trimming, pest control, libraries, and even schools.

2. Utilities and services you didn’t need while renting. Many renters have never had to pay for things like gas, garbage, water and pest services, and they've also looked to their Electric, gas, garbage, alarm, water, pest, home warranty – which mitigates larger surprise costs of unexpected major repairs, gutter cleaning/maintenance, snow removal/winterizing, etc)

3. Private mortgage insurance. Today’s savvy homebuyers are well aware that they’ll have to pony up for private mortgage insurance, or PMI, if they’re putting less than 20 percent down on their mortgage. But the cost of PMI has spiked over the last year, and the amount definitely catches buyers off guard.

4. Penalties and fines. HOA rule violations, like parking in the wrong spot, installing hardwood floors in an upstairs unit, or painting your home a forbidden hue can result in surprising fines, on top of the costs of remediating the issue. Even single-family homeowners can get ticketed and/or fined by their city or town for violations like having overgrown weeds or other building code violations – especially those which create fire and safety hazards.

5. Items you didn't need while renting, but you do as a homeowner. This varies based on your climate and the type of home you own, as well as on the services you outsource, but can include landscaping equipment (e.g., lawn mower, snow/leaf blowers), washer/dryer, fridge, window treatments, and light fixtures.

Top 5 Hidden Costs of Renting

1. Opportunity Costs. When you rent, you lose out on the chance of equity – which can mean an increase in your home’s value but, even in a down market, can also mean the chance of ever owning the place you live free and clear.

2. Income taxes. If you earn above a certain level of income, the income taxes you’re paying as a renter will be substantially higher than they would be if you owned a home and could deduct your property taxes and mortgage interest.

3. Storage. Many a renter simply has too many personal belongings to stuff into their small apartment, so it’s not uncommon for tenants to also pay for a storage space, without calculating that expense into their “housing” budget.

4. Costs of improving the property. Long-term renters may paint, replace the flooring, and do other improvements to make the place livable. But since it’s not technically“their” home, when they do move out, all the cash they invested is lost. In fact, some landlords may require them the pay or forfeit deposit money to bring the place back to its original, neutral décor.

5. Lost deposits. Anyone who has rented more than a couple of apartments is well aware of the chances of losing some or all of your security or peet deposits, no matter how well you care for your home

We all know that real estate professionals use comparable sales also known as "comps" that include properties that have recently sold in the area, to see what the Lake County CA market bears for a listing price or value range marketing.

But how will know how my Lake County CA home compares?

The expertise of a highly knowledgeable real estate professional can save you many hours of research and headaches. Most people don't really know how to compare real estate properties, which is why they hire real estate professionals. Good real estate professionals take the work out of selling your home and give you solid reason to understand why your home is priced at a particular price point.

Location, upgrades, amenities, sale date, extras, foreclosures, short sales, and unique nuances of the home all affect the listing price and how your home is compared to another.  Paying attention to what home buyers are looking for is also just as important.

Real estate professionals always place emphasis on things that make your home stand out. They search for the best characteristics to showcase and, when comparing your home to others that have sold, they look to see how yours stacks up from a buyer's perspective.

Real estate professionals can add value to a home that might not have, say, for instance, the pool. Instead, your home might have an extra bedroom or den complete with floor-to-ceiling, high-quality bookcases.

Reviewing the comps can provide a lot of insight about sales in your neighborhood. Physically viewing the properties can be even more eye-opening. Real estate professionals who routinely work in the neighborhood will have an excellent grasp of which homes will sell fastest. It's not just a lucky guess.

They've been inside these homes and have seen the notable upgrades or the tragic flaws of a home. They also know which homes were foreclosures or short sales. Generally, a foreclosed home is in poor condition. However, a short sale can be in much better condition. Both of these sales are at discounted rates. So, if a comp is used from one of these types of sales, your real estate professional will take careful consideration to evaluate the distinct differences that may increase the value and, ultimately, the listing price on your Lake County CA home, so be sure to contact a knowledgeable real estate professional and get your home sold today.

You may be ready to make some changes this year and selling your home in Lake County CA may be one journey you are getting ready for and taking advantage of these steps will ensure you Lake County CA home get noticed and you get offers.

You have a couple of options when it comes to selling your Lake County CA home.  You can always partner with a real estate professional or may choose to sell your Lake County CA home on your own.  There is no right or wrong when it comes to your decision but going with a real estate professional will lessen your frustrations and make the home selling process much more enjoyable.

Today, many home buyers search online for specifics when trying to find the perfect home so having pictures and even videos that showcase your Lake County CA home is a must. Not only does this entice home buyers to ask questions and get more information, it allows for more exposure.

You can think of it this way…when you see an ad for a new car and see the pictures or videos; you may get enticed a little further and start calling the car companies.  The same goes for selling your Lake County CA home- pictures sell and just as the old saying states, “pictures are worth a thousand words”, it is true!

You can use your digital camera or camcorder to take some spectacular photos or videos of your Lake County CA home or your real estate professional will do this for you.  There are many online portals that can showcase your home and spread the word that your Lake County CA home is for sale.

The New Year is fast approaching and I am wishing Lake County CA a Very Happy New Year!  There is still time to find your perfect home; whether you are looking to upsize, downsize or move to Lake County CA and even with the New Year literally days away, I can help!  If you are planning or ready to sell your home in Lake County CA then contact me today and we can schedule showings, open houses  and give incentives for potential home buyers and get your home sold so your New Year starts off with a bang! Go ahead, start your New Year off the way YOU want to and contact your local real estate professional, we can spark the interest in every potential home buyer and get your home sold quicker!

If you are planning or ready to sell your home in Lake County CA then you should know that one of the absolute favorite rooms for potential home buyers is the kitchen.  There is no luck needed and you don’t need a fortune to make your kitchen shine at its’ best.  After all, you want potential home buyers to realize the potential your home has to offer so here are some tips to make your kitchen shine every time:

Deep cleaning or Spring cleaning and even in the winter months, nothing can beat a clean kitchen.

Get the gloves out and scrub down your appliances inside and out. Believe it or not, potential buyers open and look inside of your appliances and a dirty appliance will turn away countless buyers.  It is very true.  No one wants to buy a dirty appliance,

Add a touch of class or hardware and you can buy this in bulk.  It doesn’t cost a lot to change cabinet hardware or paint and it adds style a fresh look.

Clutter-free and organized spaces are more welcoming than you may think.  You can even add simple touches by installing trim work around shelves and doorways.

There’s no need to spend a fortune making your home its’ absolute best and luck is not needed so with a little help and planning from your local real estate professional, we can spark the interest in every potential home buyer and get your home sold quicker!

In this unsure and unstable economy, sellers of residential real estate are faced with a variety of challenges and often find themselves overwhelmed or frustrated. The concerns are legitimate and that is why it is important to team up with a knowledgeable real estate professional that not only wants you to succeed in the sale of your home but works hard for you and finds a home buyer that is ready and able to purchase your home.

There are many alternatives for home sellers in the real estate market today and short sales, sales to investors and first time home buyers are reasonable solutions.  If you are thinking about selling your home in the Lake County CA area then contact a real estate professional today!  We can create a plan of action that delivers results, gets your home sold and increases visibility to those serious home buyers that are looking to settle down or make an investment.

Thinking about waiting until after the holidays or procrastinating until the market becomes “better” may not be the solution that is right for you.  The sale of your home creates a win-win for everyone and lets you focus on settling down with your family in a new chapter of your life.

You may be feeling a little overwhelmed this season if you have your home on the market for sale in Lake County CA and with so much to do with family, friends, shopping and entertaining, who really has time to sell a house during the holidays?  Even more overwhelming is the constant clean-up to make sure your home looks its absolute best for home buyers but you don’t have to feel that way.

And even with a long list of reasons, including having to pack and move during the holidays, may be strong enough to take your house off the market during the holidays…BUT…what happens if you do?

For starters, you could miss out on that offer from a home buyer you have been waiting for and have been working so hard for so instead of taking your house off the market during the holidays, let your real estate professional take the load off your plate!

Before you decide take your home off the market during the holidays, consider the following:

·         Even if home buyer activity seems less active, the home buyers that are out looking at homes are very serious!

·         Relocating families is often less stressful when there is time off for the holidays and these families want to get settled in sooner.

·         Ambience is phenomenal and when home buyers come to view your home during the holidays, it makes it that much easier to picture themselves there enjoying the holiday fun with their own family.

·         With some sellers taking their homes off the market during the holidays, inventory is not as abundant and this gives you a leg up on other homes for serious home buyers.

·         You can always negotiate with your buyers if you do get an offer or contract so that it is a win-win for everyone. If you do get a contract, you can expect to close about 30 to 60 days and that is plenty of time to enjoy the holidays with your family in your home and then pack without overwhelming yourself.

So, if you are still undecided whether you should keep your home on the market in Lake County CA during the holidays or not, contact your real estate professional and together, we can create a plan that works best for you and your family during the holidays and get your home sold!

I have said it before that today’s first-time home buyers are naturally very nervous about entering the market but it truly doesn’t have to be that way and as the seller, you can make them feel more comfortable.

Remember when you, the Seller, started out on your home buyingadventure?  Put yourself in the first-time home buyer’s shoes and remember how scary it was…buying a home is a big decision, but that doesn’t mean it has to be that way!  Partner up with a knowledgeable and helpful real estate professional today and put an end to the worry associated with Real Estate

Autumn is coming just around the corner and truly it is welcomed by taking place of the oppressive heat of summer.  Autumn also brings options for home owners as it is an opportunity to prepare for colder months that lie ahead.  Not only can home owners in Lake County CA take advantage of preparing their home, if you are thinking about selling your Lake County CA home or thinking about making home ownership a reality, then keep reading.

So as the season are changing, be sure to contact Lake County Fine Homes for more tips or to view properties that are available- properties that every home owner has taken pride in, has already completed the necessary seasonal prep and is ready to help make YOUR homeownership dream a reality!