14
Jul
By First Rate Financial Group
Mortagage Tips

4 Ways To Choose The Right Home Service Professional

4 Ways To Choose The Right Home Service ProfessionalAs a homeowner, there are numerous situations in which someone might need a home service professional. On the other hand, this can also create a sense of vulnerability because people might not know who to choose. In order to find the right home service professional, there are a few tips that people need to follow.

Confirm Credentials

Credentials and experience are great markers of a home service professional’s training and track record; however, it is still important to confirm these credentials. Be sure to ask the contractor for references regarding his or her prior work.

Then, take the time to confirm these references. This will help homeowners make sure they are getting the right person for the job. If the past contracts went well, the future ones are likely to meet expectations as well.

Talk About Licensing And Permits

Home service professionals need to have the right licensing and permits for the project. In some cases, it might be the responsibility of the homeowner to collect these permits. If someone doesn’t have the right permits for the job, this could lead to a ticket. This might also impact the home’s value when it comes time to sell it. A contractor should be able to help homeowners work through these issues.

Ask About Insurance

All contractors need to have insurance for their work. In some cases, problems might arise as the project unfolds. This could lead to expensive home repairs. Contractors are supposed to have insurance to cover the cost of these repairs. If not, the contractor is opening himself or herself up to a lawsuit. Ask to see the contractor’s proof of insurance upfront before the project starts. This will provide an extra layer of protection.

Get Everything In Writing

Finally, all expectations need to be written down. While some contractors might not like to have their words set in stone, professionals who are confident in their ability to deliver should not have a problem with this. This is particularly true when it comes to price quotes. Make sure that all guarantees are received in writing and kept organized. Any agreements on behalf of either the client or contractor need to be tracked. This way, everyone is held accountable.

03
Jul
By First Rate Financial Group
Mortagage Tips

Pros And Cons Of Completing Home Renovations Before Selling

Pros And Cons Of Completing Home Renovations Before Selling

Whether you originally bought a fixer-upper or you’re just a homeowner who wanted to update their house, chances are you have seen your share of home renovations. Home renovations have the potential to greatly add to the value of your property, but they can also add to your own quality of life. Hopefully, you have completed your home renovations and gotten plenty of use out of them before listing your home for sale. 
If not, you may find yourself wanted to move before all the renovations are complete. What’s the best course of action? Should you put the time and money in to finish? Or should you cut your losses and list the home for sale? What are the pros and cons of completing home renovations before selling?
Pro: The Home May Sell Easier
Your real estate agent will be happier if your home is fully renovated. That’s because they know that the home may sell easier in a fully renovated condition. Of course, you could get a prospective DIY homebuyer eager to put their own “stamp” on the home, but that is nothing you can count on.
Con: You May Not Recoup The Extra Expenses
Not all home renovations equate to value-added improvements that you can count in your wallet. If your renovations are small things like replacing door hinges, patching a hole in the plaster, or stripping outdated wallpaper, you are unlikely to see an equal increase in what you can get for your home sale.
Pro: There Will Be Less Explaining
If you have finished the renovation, you have nothing to explain and no excuses to make to anyone. In the renovated condition, the home is what it is. Even if a prospective home buyer does not happen to like the new paint color you have chosen, they still can?t complain that it is old or worn looking. 
Con: You Will Need To Delay Your Listing
Home renovations can take up a lot of time, as you may know, if you have done a lot of them already. You will have to delay listing your home, which in turn will mean putting your moving plans on hold for what could be an extra month or two. Depending on your future plans, this could impact your child’s school entry date and more.
No one will force you to complete half-finished renovations. But consider these pros and cons before deciding how to proceed.

Whether you originally bought a fixer-upper or you’re just a homeowner who wanted to update their house, chances are you have seen your share of home renovations. Home renovations have the potential to greatly add to the value of your property, but they can also add to your own quality of life.

Hopefully, you have completed your home renovations and gotten plenty of use out of them before listing your home for sale. 

If not, you may find yourself wanted to move before all the renovations are complete. What’s the best course of action?

Should you put the time and money in to finish? Or should you cut your losses and list the home for sale?

What are the pros and cons of completing home renovations before selling?

Pro: The Home May Sell Easier
Your real estate agent will be happier if your home is fully renovated. That’s because they know that the home may sell easier in a fully renovated condition. Of course, you could get a prospective DIY homebuyer eager to put their own “stamp” on the home, but that is nothing you can count on.

Con: You May Not Recoup The Extra Expenses
Not all home renovations equate to value-added improvements that you can count in your wallet. If your renovations are small things like replacing door hinges, patching a hole in the plaster, or stripping outdated wallpaper, you are unlikely to see an equal increase in what you can get for your home sale.

Pro: There Will Be Less Explaining
If you have finished the renovation, you have nothing to explain and no excuses to make to anyone. In the renovated condition, the home is what it is. Even if a prospective home buyer does not happen to like the new paint color you have chosen, they still can?t complain that it is old or worn looking. 

Con: You Will Need To Delay Your Listing
Home renovations can take up a lot of time, as you may know, if you have done a lot of them already. You will have to delay listing your home, which in turn will mean putting your moving plans on hold for what could be an extra month or two. Depending on your future plans, this could impact your child’s school entry date and more.

No one will force you to complete half-finished renovations. But consider these pros and cons before deciding how to proceed.

 

29
May
By First Rate Financial Group
Mortagage Tips

4 Surprising Things That Might Increase Your Home’s Value

4 Surprising Things That Might Increase Your Home's ValueYou’ve probably heard that living near excellent schools or having curb appeal can boost the value of your home. However, a home’s value is dependent upon a lot of different factors. Some of these things are more obvious than others. Things that might seem insignificant can have an impact on your home’s worth. Here are some surprising things that can affect the existing value of your home or how much a buyer is willing to pay for it.

#1 A Blue Kitchen or Bathroom

Painting your home is an easy and cost-effective way to update your home. Just make sure that you select the right colors. Based on recent research, walls that are painted cool neutral colors like blue are more likely to appeal to buyers. According to a 2017 study by Zillow, homes with blue bathrooms sell for an average of $5,500 more than expected. Houses that had blue kitchens sold for $1,809 more compared to similar homes that had a white kitchen.

#2 How Close You Are To A Supermarket

Being next to a well-known supermarket can increase the value of your home. If the supermarket is considered upmarket, then the increase in value is even higher. According to “Zillow Talk, The New Rules of Real Estate,”  homes that are near a Trader Joe’s or Whole Foods grocery store appreciate up to 40 percent faster than other homes. The presence of a popular store like Trader Joe’s has a positive effect on market values over time.

#3 A Joanna Gaines’ Aesthetic

Joanna Gaines’s urban farmhouse aesthetic is more than just chic; it can have a surprisingly positive effect on the value of your home. According to a Zillow analysis of home sale descriptions from 2016, houses that had the keywords “farmhouse sink” and “barn door” sold quicker and at a premium compared to similar homes. Listings that had the words “barn door” sold 57 days quicker and for 13.4 percent more than similar homes. For sale listings that included a “farmhouse sink” sold for 8 percent more. So, if you plan to make interior updates in your home, you might want to watch a couple of episodes of “Fixer Upper” for inspiration.

#4 Your Proximity to Starbucks

Do you live within a quarter of a mile from a Starbucks? If so, then you are in luck? A study released by Zillow in 2015 found that homes that were within a quarter of a mile from the Seattle-based coffeehouse increased by 96 percent on average from 1997 to 2014. This number is well above the average of 65 percent of all U.S. homes.

Whether you are in the process of buying a new home or updating your existing home, think about the above factors as they may play a role in the value of your home.