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If you're planning on making the transition from apartment renter to homeowner in the near future, you can be sure that the experience will be both exciting and challenging!
While some first-time home buyers are fairly well prepared for the changes that accompany homeownership, others encounter a myriad of unexpected expenses, neighbor problems, and household emergencies. Keeping surprises to a minimum and knowing how to handle difficulties when they come up are two strategies for keeping your life on an even keel in your new home.
When taking your initial plunge into homeownership, here are a few things to keep in mind to avoid problems and get the most from your new home.
Budgeting for expenses: When you're a renter or living with your parents, three things you generally don't have to concern yourself with are home repairs, appliance replacement, and yard maintenance costs. The longer list of homeowner expenses that could take a bite out of your paycheck or bank account includes furnace and AC services, chimney cleaning, snow removal, landscaping, exterminator services, plumbing leaks, and lighting installation. Many first-time home buyers also need to buy items like a lawn mower, clothes washer and dryer, and furniture. Although you can delay or spread out some of these expenses, they do need to be considered when creating a household budget.
Privacy is a factor: Depending on the proximity of houses, the openness of your yard, and the extent to which you want to get to know your neighbors, you might find yourself wanting to have some fencing installed or privacy hedges planted. Ideally, these are alterations you'd want to have done shortly after you move in -- if not before. That way, next door neighbors will have less of a tendency to take it personally when you erect barriers between you and them. And speaking of privacy, curtains and blinds are often a priority that needs to be taken care of immediately. While some homes for sale may include window treatments, there's a good chance your home decorating shopping list may include curtains!
Neighbor relations matter: If you happen to have neighbors who are easy going, relatively quiet, and likable, then consider yourself very fortunate! Being a good neighbor is, of course, a two-way street, so try to keep your noise level down to a "dull roar" and be the kind of neighbor you'd like them to be! That's no guarantee, of course, that everyone's going to get along famously and be the best of friends, but mutual respect and showing a modicum of friendliness to neighbors does help establish a cordial neighborhood atmosphere.
By creating a realistic household budget, being neighborly, and factoring in your need for privacy, you can begin setting the stage for a satisfying and fulfilling homeowner experience.
A buyer's market can challenge even the most diligent home seller. Fortunately, we're here to help you stir up plenty of interest in your house, regardless of the current housing market's conditions.
Now, let's take a look at three tips to help you get ready to sell your residence in a buyer's market.
1. Assess the Housing Market
You know a buyer's market favors homebuyers over home sellers, but you still have no idea how this market operates. Fortunately, if you allocate time and resources to learn about the local real estate sector, you'll be better equipped than ever before to maximize the value of your home.
Take a look at the prices of recently sold houses in your city or town. That way, you can see how long these homes are generally available before they sell. You also can examine the sold prices of these houses to better understand how you should price your residence.
Furthermore, you should assess 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 price for your residence from day one.
2. Perform a Home Inspection
A home inspection commonly is performed after a seller accepts a buyer's offer on a house. However, if you perform an inspection before you add your residence to a buyer's market, you can take a proactive approach to address various home problems.
During a home inspection, a property expert will examine your residence and detail his or her findings. You then can use the home inspection results to prioritize home improvement projects and upgrade your residence. As a result, you can enhance your house and find ways to differentiate it from the competition.
3. Consult with a Real Estate Agent
Selling a home in a buyer's market is exceedingly difficult, especially for those who choose to work alone. Thankfully, real estate agents are available to guide you along the home selling journey and ensure you can achieve the optimal results.
By hiring a real estate agent, you can receive extensive assistance at each stage of the home selling journey, even in a buyer's market. First, a real estate agent will learn about you and your home, as well as your home selling goals. This housing market professional then will offer recommendations to help you enhance your home and ensure it stands out to potential buyers. Next, a real estate agent will list your residence and host open house events and home showings. And if a buyer submits an offer on your house, a real estate agent will help you review this proposal and make an informed decision.
When it comes to selling a home in a buyer's market, there is no need to worry. Take advantage of the aforementioned tips, and you can separate your residence from the competition and boost the likelihood of a profitable home sale.
