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8 Real Estate Documents to Keep

8 Real Estate Documents to Keep

8 Real Estate Documents to Keep

8 Real Estate Documents to Keep

 

After a real estate sale, there are a lot of documents to organize. But do you have to keep them all? After all, you don’t want to have to file all of it if you don’t have to; but you also don’t want to chuck something crucial.

Your closing company is required by law to keep a record of your closing documents, so that’s a good fallback in case you misplace yours. Still, it’s smart for you to keep important documents on hand—particularly if, later on, you need to file a claim against the seller or your professional representation team (i.e., your real estate agent, home inspector, or mortgage lender). Hopefully, that doesn’t happen, but it’s wise to be prepared.

Full disclosure: I’m a real estate agent, but I’m not a naturally organized person. In fact, until a few months ago, I kept the documents from my home purchase in a folder in my closet labeled “Keep Docs.” (I’m not joking!) But the important thing is, I know what forms I have to hold onto.

1. Buyer’s agent agreement

When you choose a real estate agent, you sign a buyer’s agent agreement—a contract between you and the brokerage, stating that the agent represents you in the purchase of your home.

This agreement outlines the terms of the relationship with your agent—including who pays the agent’s commission (in most cases, the seller), the length of the agreement (90 to 120 days is standard in most markets), and the terms for terminating the agreement.

Why you should keep it: This contract spells out what services your agent agreed to provide you with—and it can come into play if you have an issue with your agent after the transaction closes.

2. Purchase agreement

Every home sale starts with a real estate purchase agreement—a legally binding contract signed by home buyers and sellers that confirms that they agree upon a certain purchase price, closing date, and other terms.

Why you should keep it: The provisions stated in this contract must be followed to the letter. If you or the seller fails to fulfill these duties, there could be legal ramifications.

3. Addenda, amendments, or riders

These types of documents alter or amend the terms of your purchase contract. For example, if a survey reveals that there’s an encroaching fence built by a neighbor, and you’d like the fence removed, the sales contract has to be formally amended.

Why you should keep them: Addenda, amendments, and riders are often related to home inspections or appraisals, and because they change the original terms of the signed contract, they’re worth holding onto.

For instance, if both parties signed a repair addendum, where the seller agreed to make certain repairs based on the home inspection, you’ll need this addendum if you find issues with the repairs down the road.

4. Seller disclosures

Sellers are required by law to disclose certain problems with the home, both present and past, that they’re aware of that could affect its value. While laws vary by state, these disclosures might include lead-based paint, pest infestations, and renovations done without a permit.

Why you should keep them: If major problems crop up with your home after you move in, these disclosures can be the basis for a future lawsuit against the seller. If you lose them, you might have trouble holding the seller accountable in a court of law.

5. Home inspection report

After your home inspection, your inspector should produce a report with detailed notes on the condition of the home and any potential problems.

Why you should keep it: This document is an extremely detailed list of everything that the home inspector finds, and it typically includes photos of problem areas. By keeping this report, you’ll have a record of any repairs that you may need to make to the property in the future.

6. Closing disclosure

Mortgage lenders must provide borrowers with a closing disclosure (also called a CD) at least three business days before settlement. This document spells out things such as your loan term (typically 15 or 30 years), loan type (a fixed-rate or adjustable-rate mortgage), the interest rate, and closing costs, among other financials.

Why you should keep it: Your CD is an itemized list of all the costs associated with closing and your mortgage, and it’s important to have for future reference. It’s also the document you’ll need when you go to file your taxes, since you can take deductions for things such as mortgage points.

7. Title insurance policy

Title insurance offers protection against any competing claims to a home. As part of the process, the insurer will run a title search of public records, seeking loose ends such as liens against the property or fraudulent signatures on ownership documents.

Why you should keep it: You’ll need this document in the event another party, such as a previous owner, tries to claim the property. Note that there is separate title insurance to cover lenders versus buyers, and you would do well to get a policy for yourself.

8. Property deed

When you take title and become the sole owner of the property, you’ll receive a deed—a legal document that confirms or conveys the ownership rights to the home, says Anne Rizzo, associate vice president of Detroit-based title insurance company Amrock.

“It must be a physical document signed by both the buyer and the seller,” Rizzo says.

Typically, the property deed is mailed to you after the title transfer documents are recorded in your county’s public records office.

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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When Is the Best Time to Sell Your House?

When Is the Best Time to Sell Your House?

When Is the Best Time to Sell Your House?

When Is the Best Time to Sell Your House?

Timing can make a big difference in terms of selling your home quickly and for the most cash. But here’s the thing: The rules on pinpointing that best time might not be what you think.

The assumption that spring is always the best time to sell is not necessarily true. The general direction of your local economy and mortgage interest rates come into play as well.

There’s no crystal ball for reading the housing market, but there are ways to stack the deck in your favor. Here are five things to consider before putting your house on the market.

1. Spring isn’t always the best season to sell your house

Though conventional wisdom maintains that the spring home-buying season (April to June) is the best time to sell, that’s not always the case. In fact, one recent study even found that sellers typically net more above asking price during the months of December, January, February, and March than they do from June through November. Surprised?

One reason may be that the spring home-buying season generally means you’ll have more competition from other home sellers—and that may require you to price your home more aggressively in order to attract buyers.

“Listing in the spring means you are positioning yourself to compete with several other homes,” says Cheyanne Banks. “So as a seller in the spring, you have to price and market your home flawlessly to show buyers that your home is more desirable than the place next door.”

Additionally, a number of experts recommend listing a home in February or March so that the property hits the market before the competition ramps up—which may explain why a 2018 study by ATTOM Data Solutions of 14.7 million home sales from 2011 to 2017 found the second-best day of the year to sell a home is Feb. 15, with sellers netting an average premium of 9% above their house’s estimated market value on that day. (Sellers nab a 9.1% premium above market value on June 28.)

Winter is also a hot time of year for people relocating for jobs, says Jennifer Baldinger.

“One of the biggest months for corporate relocation is January-February, so those buyers who need to move quickly are out in full force looking for new homes,” she says.

2. Keep an eye on the local economy

The strength of the U.S. housing market as a whole certainly plays a role in home prices. According to a realtor.com analysis of annual price growth rates, a home’s value generally increases 3% to 4% a year when the economy is strong, driven by inflation and natural population growth. From 2011 to 2016, the national housing market was recovering from the bubble at a slightly higher speed: 6.3% a year, on average.

You’ll want to assess your local economy’s conditions when figuring out when to list your home. One benchmark you can use is the S&P CoreLogic Case-Shiller National Home Price Index, which monitors single-family home sales in 20 major U.S. cities. Another valuable resource is the Metropolitan Median Area Prices and Affordability tracker from the National Association of Realtors®.

3. Mortgage rates matter, too

Generally, more people buy homes when mortgage rates drop, historic data shows. As a result, prospective sellers should be monitoring the mortgage market, says Jack Guttentag, author of “The Mortgage Encyclopedia.”

4. Wait until your home’s in good shape

To fetch top dollar for your home, the property must show well. This may require you take time to make repairs to your house.

“Any defect or condition that affects the intended function or operation of a major house system should be fixed,” says Kathleen Kuhn, president of HouseMaster, a national chain of home inspection offices.

Translation: Taking care of leaks, built-in appliances not functioning properly, insect infestations, plus any imminent safety or environmental hazards, is crucial before listing your home. Even making cosmetic changes (e.g., repainting the kitchen or sprucing up the property’s landscaping) can make your home significantly more appealing to home buyers.

Keeping up with your neighbors is also important. If all the houses on your block are beautifully furnished and landscaped, then it’s likely worth it to spend the extra cash—and the time—primping your own home for sale.

5. Your personal preparedness is a priority, too

Yet no amount of timing should eclipse what time is right for you—personally, professionally, and otherwise. Are you ready to move on, or up into bigger digs? Though most experts advise you to live in your home at least ten years, there are circumstances where it just makes sense to sell. Many homeowners sell when they change jobs or when their children switch schools, or when the kids fly the coop and the parents are ready to downsize. So, take stock of your own situation when deciding whether to put your house on the market now or wait.

 Source

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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Everything to Know About Move-In Fees

Everything to Know About Move-In Fees

Everything to Know About Move-In Fees

Everything to Know About Move-In Fees

Landlords are responsible for determining what fees tenants will pay to help cover the costs of maintenance, repairs, and other expenses associated with their rental — often in the form of a move-in fee. 

Move-in fees are similar to rental security deposits, but they need to be handled differently by both landlords and their tenants. We outline everything you need to know about move-in fees, from how much they cost to limitations landlords should be aware of. 

What Is a Move-In Fee?

A move-in fee is a non-refundable fee imposed by a landlord that a tenant pays before moving in. The fee helps cover certain expenses associated with managing the rental property, such as covering repairs or changing the locks on the doors. 

Unlike security deposits, there are fewer laws landlords need to abide by when handling move-in fees. Non-refundable fees do not need to be kept in an interest-bearing account or returned once the tenant moves out, making them easier for the landlord to manage. 

How Much Does a Move-In Fee Cost?

Move-in fee costs can be anywhere from 20% to 50% of one month’s rent price, depending on where the rental property is located. Some states do restrict how much landlords can charge in move-in fees, so it’s important to reference your local landlord-tenant laws to ensure a landlord is not overcharging.

The Difference Between a Move-In Fee and Security Deposit

A security deposit is a sum of money that is often refunded at the end of the lease term, unless a portion needs to be used to repair property damage caused by the tenant. Some local ordinances require landlords to provide a security deposit receipt at the start of the lease term, displaying where the fee is being stored and for which rental property it was collected. Once it’s time to return a tenant’s security deposit, the landlord will also need to provide a security deposit return letter outlining how much of the deposit is being returned and what’s been deducted from it. 

Move-in fees are usually non-refundable, meaning landlords do not have to provide proof of where the fee is being stored or return any portion once the tenant has moved out. Move-in fees also typically cost less than security deposits, since some states place restrictions on the total cost landlords can charge tenants.

Can Landlords Impose a Move-In Fee and a Security Deposit?

There are no laws prohibiting landlords from imposing both a move-in fee and security deposit. However, charging both fees can deter tenants from applying for your rental, since this can cause financial strain. 

Most landlords prefer charging move-in fees due to fewer regulations regarding how to handle them. But landlords can charge either a security deposit that is returned at the end of the lease term or a one-time fee upon move-in, depending on their preference.

Are Non-Refundable Move-In Fees a Scam?

Although it can seem like non-refundable move-in fees are a scam, that’s often not the case. Move-in fees are intended to help cover maintenance costs that pop up throughout the lease term and other sudden expenses a landlord may incur. Move-in fees reduce the chances of landlords having to cover operating expenses towards their rentals out-of-pocket. 

However, move-in fees usually need to fit within a certain price range, so tenants should check local regulations regarding non-refundable fees to ensure they’re not overpaying. 

Can Move-In Fees Be Negotiated? 

Move-in fees can usually be negotiated as they are often not set in stone by most landlords. If a tenant has discovered that the move-in fee is higher than the limit stated in local landlord-tenant laws or higher than other local rentals, then this can be used to negotiate a lower price.

It’s important to note that not all landlords will be willing to lower the move-in fee, since it’s intended to help cover costs associated with managing the rental. 

Renting a Home through RE/MAX Heritage

Searching for homes for rent – we can help. Here at Bardell we have been meeting the real estate needs in the Disney Orlando area for over thirty years during which time we have built a tremendous reputation for service and support.

The same commitment also applies to our Residential Property Management. Owner and tenant services and customer service are vital to our reputation. We work openly with our clients in a way that forms positive professional relationships – here are a few things that we do … and a few things that we don’t do!!

Click Here or call our office for more information and learn more! (863)424-2309

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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How To Buy and Sell a Home at the Same Time

How To Buy and Sell a Home at the Same Time

How To Buy and Sell a Home at the Same Time

How To Buy and Sell a Home at the Same Time

 

Buying a house while simultaneously selling your current home is always a treacherous tight wire to traverse—but in today’s high-priced, high-interest-rate housing market, it’s both a blessing and a curse.

The good news for home sellers is that over the past year, demand for homes has driven prices through the roof, pushing home equity to record levels. Homeowners are essentially sitting on a pile of cash, which would definitely come in handy if they start shopping for a new home.

Yet any homebuyer out there today will also face steep mortgage interest rates, which have more than doubled over the past year to the 7% range. This has raised the cost of housing by around 70% compared with a year earlier, according to a recent analysis by Realtor.com® Chief Economist Danielle Hale.

Most sellers who move would need to get a new mortgage, at a higher rate. It’s no wonder, then, that many are deciding to stay put.

“Two-thirds of homeowners right now are sitting on a sub-4% mortgage, and about a quarter are sitting on a sub-3% mortgage,” says Lisa Sturtevant, chief economist of the Bright MLS. “And so you can imagine existing homeowners, even if they wanted to move, are really reticent to give up their very favorable mortgage rate. It’s like golden handcuffs where you’re locked in.”

Still, it’s worth noting that some home sellers might be able to justify and absorb the higher interest rates since their home sale will likely bring a windfall of cash. And in theory, that money could go toward making an all-cash offer on their next house—and getting a very good deal on it, too.

“With home prices still high and buyer competition thinned out due to high mortgage rates, it may be a good time for some sellers to make a move, especially those who may not need a mortgage to make their next home purchase,” says Hale.

Still, an all-cash offer is a lot of financial eggs in one big basket. Is it worth the risk?

If you’re one of these homeowners sitting on a nice chunk of equity and looking to sell your house and buy another at the same time, there are ways to navigate today’s current financial terrain to your advantage.

Should home sellers buy or sell first?

The first question most home sellers ask themselves is: Should I buy or sell first? Each decision comes with its distinct pros and cons.

“Buying first gives you an opportunity to move out before putting your prior home on the market,” Hale says.

This helps a seller avoid the headaches of living in a home that is for sale, which means keeping it in pristine condition and being ready to vacate often (and at short notice) when buyers want to stop by for a tour.

On the other hand, “Selling first lets you know just how much you’ll make on the sale before shopping for your next home,” Hale says. “But it may mean finding a temporary place to live in between.”

Hale suggests asking yourself the following questions if you’re planning to sell and buy at the same time:

  • Where do I want to live next?
  • How disruptive will it be to have the home I live in on the market?
  • Can I handle the possibility of two mortgage payments—and if so, for how long?

While buying first allows you to avoid the annoyance of finding temporary living quarters and moving twice, it’s definitely more risky financially.

If your old property does not sell quickly, you could end up paying for two properties at once. This is a particularly strong possibility right now, since homes are lingering longer on the market than they did last year, and the market is bound to get even more sluggish if mortgage interest rates remain high and as we glide toward (and beyond) the holidays.

Options for sellers who want to buy first

For those who do want to buy first, “there is some risk, but also some great upside if done correctly,” says Mark Hardy, managing partner at Churchill Morgage in Orange, CA. “There are bridge loans that will allow for short-term use of equity from your current property to serve as a down payment for the next property if this is needed. This can position you to make a noncontingent offer and secure a much better price or better terms.”

Current rates on bridge loans range from 6% to 16% with the idea that you’re paying off the loan as quickly as possible, as soon as your original house sells.

Homeowners who want (or need) to sell quickly (because you’ve bought a new home or for other reasons) also have many new options today for getting a sale through fast.

“One bright spot for today’s sellers is that there is much more innovation in the real estate landscape and ways to get assistance with buying and selling at the same time than ever before,” Hale says.

Options for sellers who want to sell before buying

For homeowners who prefer to sell first, one way to avoid moving into temporary accommodations is to negotiate a lease-back from your home’s buyers—where they agree to let you remain in your current home, paying rent, until you find a new home you want to buy.

Just keep in mind that, even after your home sells, it may be a while before you see that money.

“Getting the proceeds from the sale of your home can take some time, maybe longer than you expect,” warns Hale. “So if you’re trying to time the purchase and sale of a home, be sure to allow enough time for the proceeds from your home sale to be in hand before you schedule your closing purchase.”

Should sellers make an all-cash offer if they can?

If you’ve built up some sizable home equity and your home sale gives you enough to make an all-cash offer on your next place, that’s an attractive prospect in today’s high-interest-rate environment. It can also get you a deal since all-cash offers typically result in a 3% to 4% discount over a financed offer, Hardy notes.

An all-cash offer might also be tempting to try since it will likely set you apart from any competition you may have from mortgage-backed buyers. That said, you should not feel the need to funnel all your proceeds into an all-cash offer if that makes you uncomfortable or stretches your finances too thin.

“Don’t pay in all-cash because you think you have to be the most competitive offer,” Sturtevant says. While all-cash offers ruled during the ultracompetitive market last year, that’s no longer the case today.

Another option that’s less risky but still helps your offer stand out is to finance a smaller portion of the property.

“If there’s an opportunity to put 50% down, it makes it a little bit easier to swallow that bitter pill of a 7% mortgage rate if you’re financing a lower loan,” says Sturtevant.

Hale adds that “with mortgage rates near two-decade highs, minimizing the amount of borrowing you need to do to buy a home can make a big difference.”

Another option is to make an all-cash offer, then get a mortgage on your home later once interest rates go down.

An alternative to all-cash offers: Become a certified homebuyer

Homebuyers without as much equity built up in their home have other ways to keep their offer on new homes competitive. Hardy points to the strategy of becoming a “certified homebuyer,” which allows sellers to close quickly, without the need for a loan contingency.

Similar to a mortgage pre-approval process, the process of becoming a certified homebuyer requires proof of income, assets, employment, identity, and credit score. The difference is that all financial documents are reviewed by an underwriter, which gets you conditionally approved for financing.

“We’ve found this is a great way to help a seller feel very comfortable in accepting our client’s offer and secure terms quite close to what a cash offer would receive,” Hardy says. “The end result is that a buyer can better use the cash—and can now reinvest as desired—and has also purchased a new property at a much better price.”

 

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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Ways To Lower Cost of Buying New-Construction Home

Ways To Lower Cost of Buying New-Construction Home

Ways To Lower Cost of Buying New-Construction Home

Ways To Lower Cost of Buying New-Construction Home

 

While buying any home is an expensive endeavor these days, buying a brand-new home—where everything is in pristine condition—will understandably cost a bit more.

Recent data from the National Association of Home Builders and the U.S. Census Bureau found that the price for a newly built home currently hovers at a national median of $436,800. Compare that with a preexisting home’s median price of $396,300, and it’s clear that buying brand-new might set you back tens of thousands of dollars extra.

Many homebuyers may find the added expense of new construction well worth it, due to the money they stand to save on renovations and repairs that might crop up in an older home. But homebuyers should also know that they can lower the costs of new construction right when they make the purchase through some smart negotiation tactics.

1. Buy into the community early

If your timeline is flexible, one prime opportunity to score major savings is by being one of the first people to purchase in a new community—even before the homes have been built—when developers are particularly eager to get buyers on board.

“There are pre-construction pricing opportunities that will likely allow you to purchase a home at a lower price,” says Bill Samuel, owner of Blue Ladder Development. “Since the potential pre-construction savings amount varies for each development, it is in your best interests to call around to every development to find the best deal.”

Samuel suggests prospective homebuyers create a spreadsheet of the different developments in their area and ask the sales representative for each development about the specific bonuses on offer.

Another potential benefit of “getting in on the ground floor” is that people who buy into a project early tend to have built-in equity by the time they close due to natural price increases as the builder sells more and more properties in the community. Translation: Your home will probably already be worth more than you paid once it’s finished.

2. Minimize the number of upgrades

Similar to a car, new-construction homes have “base models,” which come with the bare minimum. But if you want any fancy bells and whistles (think: high-end kitchen countertops or a custom paint job), this will typically jack up the price.

Homebuilders will generally have a list of what is included in the base price of a new-construction home, often referred to as the “specification level.” Beyond that, many builders offer personal selections or options that a buyer can choose to add for an additional fee.

Minimizing the amount of extras selected during your new home build is going to be one of the most significant ways to realize savings. Samuel suggests prospective buyers spend time touring the model home in any development being considered.

“Review the list of extras being offered while touring the home to see what you are happy passing on,” says Samuel.

However, keep in mind that if you do think you might want these extra features someday, you’ll probably get a better deal by adding them during construction than you will if you decide to renovate later on. This is for two reasons: One, builders buy at scale, so they get better deals with suppliers and can pass those savings on to you. Two, it saves the cost of demolishing or removing whatever items you are ultimately going to replace.

Basically, it’s always cheaper to build a new home the way you want at the beginning rather than retrofitting it down the line.

3. See if you can negotiate the sales price

While sellers of existing homes are nearly always willing to negotiate the sales price of their home, this isn’t always the case with builders. But you can try.

“Some builders won’t negotiate under any circumstances, but it is always worth a shot,” says Cliff Johnson, vice president of new homes at Realtor.com®. “Builders have [reasons] to keep prices close within the community to ensure they don’t end up with other upset buyers who discover their neighbor got a significantly better deal, though they purchased a home around the same time.”

So while you might be able to negotiate down the price of a new-construction home a little, be wary of trying to lower it too much, as that could ultimately work against you.

“Lowering the sales price, especially in a community where the builder has more homes to sell, is not a great strategy, nor is it good for the appraisals in the community,” says Kimberly Mackey, founder of New Homes Solutions and a sales and marketing management consultant specializing in residential homebuilding. “If the home values start to fall in an area, it isn’t good for the builder and the surrounding property values.”

As a result, a better bet might be to try to negotiate savings in terms of builder incentives (more on those next).

4. Find out what builder incentives might be offered

Builder incentives are basically promotions that developers use to attract buyers, and may include things like money-saving financing options (e.g., builders help with closing costs or buying down the home loan interest rate) or premium upgrades (e.g., installing high-end kitchen countertops for a fraction of the usual price).

Typically, favorable financing can be a boon to buyers during tough financial times when money is tight, whereas premium upgrades benefit buyers who long for a more custom, luxurious home without paying big bucks. Developers tend to offer more incentives during the beginning and end of a project, or during economic downturns that may slow the pace of sales. But it’s always worth asking what incentives can be offered.

One prime time to find incentives is near the end of the year.

“Sometimes a builder will provide incentives at the end of their fiscal year which is late fall of the end of the calendar year for most builders,” says Bob Seeman, vice president of sales, new homes for Realtor.com. “They want to show strong results for the whole year and the summer buying season has ended, so the incentives are often in place to extend that buying season.”

5. Go for the in-house designer’s suggestions

Another cost-cutting tactic for homebuyers is to take advantage of professionally curated “bundles” suggested by the builder’s on-staff designer.

These upgrade packages or bundles of popular features and color choices offered by some builders can save buyers money by keeping them from overspending in the selection center. Also, by offering these packages, the builder can buy premium materials in bulk and pass the savings on to the buyer.

“These bundles can keep a buyer from overimproving a home and assure them that the colors and selections will look great together,” says Mackey.

6. Be flexible on your home’s location

Don’t mind if the house is situated on a (slightly noisier) corner lot rather than tucked into a quiet cul-de-sac? Then this could help you snag a lower price that won’t affect your quality of life there.

“One easy way to get a lower price is to accept a lot that isn’t in a prime location,” says Seeman.

Similarly, if the developer has numerous projects in the works that you’re willing to explore farther afield, this flexibility could work to your advantage as well.

“If the buyer is flexible, they may find that they can get a better offer at a nearby community, depending on how that community is [selling],” Seeman explains.

7. Hire a real estate agent who knows about new construction

It is important to note that not all real estate agents have experience or understanding of new construction, and it can be a slightly different experience from purchasing a pre-existing home. So having an agent who knows this niche can save you money as well.

“I recommend that buyers work with a real estate agent who has received additional training in new construction,” says Mackey. “Buyers should ask their real estate agent to pull the comps before they make an offer on a new home so they can see the sales price others are paying in that neighborhood to put their minds at ease over the values there.”

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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Rental Property Walk-Through Checklist

Rental Property Walk-Through Checklist

Rental Property Walk-Through Checklist

Rental Property Walk-Through Checklist

 

Before a tenant moves into your rental, it’s important first to complete a rental property walk-through inspection to take note of your property’s condition. Failing to do so can make it harder to decipher if any property damage was caused by the tenant or was previously there before they moved in.

When to Do a Rental Walk-Through With Your Tenants

Generally, landlords perform a rental walk-through twice a year — before the tenant moves in and shortly after they move out. You can also inspect during the lease term to catch early signs of property damage before the tenant moves out.

But before doing so, refer to local landlord-tenant laws on handling inspections while a tenant is living in your rental property.

How to Complete a Rental Walk-Through Checklist

Similar to a move-in and move-out checklist, there are certain things to look for when inspecting your rental. Here are six things to look for as a landlord:

1. Inspect Every Room

Living rooms, kitchens, bedrooms, and bathrooms experience the most wear and tear when a tenant is living in your rental, which is why it’s important to inspect every room. Check for holes in the wall, the light fixtures and outlets are working, the floor or carpet is free of damage, and the ceiling, and the windows function properly.

You can also take notes on if the tenant has renovated the property in any way (i.e., installed wallpaper, replaced the handles on the drawers and cabinets, painted the walls) to ensure they leave the property in original condition before moving out.

2. Check for Safety

If you’ve installed smoke and carbon monoxide detectors throughout the property, you can check to see if they’re working correctly or need to be replaced. This can also be a great way to address maintenance issues your tenant has escalated that may impact the safety of the rental.

3. Test for Plumbing Issues

Plumbing issues are expensive to resolve and can result in a negative renting experience. For that reason, checking for leaks and water damage in the bathrooms and kitchen can help you catch issues early. In the bathroom, you can also check for large cracks or chips in the tub and if the sink and toilet are working properly.

Some landlords hire a contractor to inspect the plumbing more in-depth, but this is not necessary to test for plumbing issues.

4. Check That Appliances Function Properly

If you’ve recently installed new appliances, you can check to see if they’re properly functioning or have any damage. Examples of appliances to check are refrigerators, dishwashers, microwaves, washer units, and dryer units. Any clear signs of damage that are not considered normal wear and tear should be noted to look at further once the tenant moves out.

5. Open Cabinets and Drawers Attached to the House

Open the cabinets and drawers attached to the house to see if they open and close properly or have any signs of damage. As noted above, you can also see if the tenant has changed the knobs on the cabinets to remind them on the importance of putting the original knobs back before moving out.

6. Check The Backyard (If Applicable)

If your rental property has a backyard, check for any signs of damage or items that don’t belong in the backyard, like a trampoline. This can also be a chance to see if tenants are picking up after their pet (if allowed on the backyard) or caused any damage to your backyard that may need to be addressed.

Looking for an Experienced Residential Property Manager?

If you have a home to rent in the Orlando area be assured there is no substitute for experience. Covering Clermont, Winter Garden, Windermere, Dr Philips, Kissimmee, Davenport, Champions Gate, Hunters Creek and Haines City. We remain focused on this greater Orlando area to ensure we are able to provide outstanding service to our Clients without sacrificing performance. Looking for an experienced residential Property Manager in the Orlando area with a demonstrable track record – look no further.

Call us today to find out more (863) 424-2309

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