When you sell your home, you want to sell it as quickly and profitably as possible. But in today’s market and economic climate, how, exactly, do you do that?
A recent video from realtor.com outlined some steps you can take to increase the chances that your home will stand out and sell quickly in today’s market, including:
- Work on your curb appeal. You only get to make a first impression once, and for potential buyers their first impression of your home takes place before they ever step foot inside. As such, if you want to sell your home quickly and profitably, make sure you’re making a good impression as soon as buyers pull up to the curb by mowing your lawn, planting flowers, and cleaning up your driveway and/or walkway.
- Hire a home inspector. If you sell your home, your buyer is going to hire an inspector. But why not get ahead of any problems the inspection might find by hiring an inspector yourself? By commissioning your own inspection, you can identify and tackle any necessary repairs before you list, which can make for a faster and smoother home sale.
- Find the right agent. Your real estate agent plays a huge role in how quickly you sell your home, and how much you’re able to profit from the sale. If you’re thinking about listing your home, make sure to do your research and find the best agent for your home sale.
When you sell your home, you want it to appeal to as many buyers as possible.
But there are certain things that can instantly make buyers say “no thanks” to your home, even if the issues are easily fixable and the home could actually be a good fit for them.
So what, exactly, are those turn-offs, and how can you avoid them to ensure your home is as appealing as it can be?
A recent article from realtor.com outlined visual elements that can be a major turnoff for buyers, including:
- A junk-filled yard. As they say, you can only make a first impression once. If buyers drive up to your home and are immediately greeted by a yard full of junk (for example, a broken down RV, or old, broken children’s toys scattered around the yard), many will just keep on driving. Before you start showing your home, make sure to clear your yard and other outdoor areas of any junk, trash, or debris.
- Dated wallpaper. Some buyers have a hard time seeing a home’s potential. So if the home features extremely dated or out-of-style wallpaper, many will see the property as dated and undesirable, even though swapping out wallpaper is a pretty simple fix. If your home’s wallpaper seems dated, consider replacing it with something more modern, or removing the wallpaper and painting the walls in a neutral color — like off-white or gray — which is almost universally appealing.
- Mismatched flooring. Homes with multiple types of flooring can lack visual flow and make the home feel disjointed. If you have a variety of flooring styles (for example, multiple types of tiles and vinyl flooring), consider installing hardwood floors throughout. While it’s a big project, it can help sell your home for a higher price and, as far as home projects go, has a solid return on investment. According to the article, the ROI on installing hardwood floors generally falls between 70 and 80 percent.
If you’re a renter—or planning to become one in the near future—you’ve probably noticed that rents are high. That’s no surprise, especially with housing markets booming and the cost of living rising.
For many people, renting often feels more affordable than buying a place of their own, even if it comes with the sting of watching a significant chunk of their paycheck disappear every month.
But here’s a question: Have you ever paused to consider just how much you’ll pay in rent in your lifetime?
It’s probably not something you want to think about, but understanding the bigger picture of your rental expenses could be a game-changer, potentially saving you both time and money in the long run.
The Average Lifetime Cost of Renting
According to a study done by Self Financial, the average American will spend a staggering $333,065 on rent and related expenses over their lifetime. That’s roughly $25,620 per year from age 22 to 35. This figure includes about $241,303 in rent payments alone, with another $68,074 spent on utilities, and $12,145 on moving costs.
Of course, these numbers can vary widely depending on where you live. For example, if you’re renting in Hawaii, you could be looking at a lifetime rental cost of $599,242, or $46,096 per year, which is the highest in the U.S.
But it’s not just about geography. The study factored in that renters often move every couple of years, don’t recover about 25% of their security deposits, and spend a considerable amount on furnishings — some of which might be unnecessary or extravagant.
4 Tips for Keeping Your Average Lifetime Rent Costs Down
Now, before you start panicking at the thought of handing over a small fortune to a landlord over the years, let’s talk strategy. Here are 4 ways to minimize how much you spend on rent in your lifetime:
- Live at home with family for as long as possible. While not everyone has the luxury of living at home with their family between the years that they are 22 to 35-years old, many do, but just choose to rent a place because they want their freedom and autonomy.The reality is, a lot of young adults also find themselves eventually moving back home to live with family anyway, due to financial reasons. The good news is, according to a recent survey, 85% of parents are thrilled to have their adult kids move back home!
So, consider just living with your family for as long as possible, and make an effort to save money until you can afford to buy a place of your own, and avoid renting altogether.
- Don’t move as often. The study revealed that the average renter moves every 27.5 months, and it costs them over $12,000 each time. If you absolutely have to rent a place, try to avoid moving every couple of years, and that can add up to significant savings.
- Don’t damage your rental. The study referenced that 26% of renters surveyed claimed to have lost their security deposit at least once, and estimated that renters likely lose 25% of their security deposits over the course of time they rent.Landlords can’t just keep your security deposit for no good reason, or even normal wear and tear, but they can certainly keep some of your deposit if you damage their property. If you give your landlord no reason to keep your deposit, this can add to your net savings over time.
- Furnish frugally. Another area where renters tend to overspend is on furniture. The allure of furnishing your space with stylish, new items can be hard to resist, but it’s not always necessary. Consider using hand-me-downs, buying second-hand, or opting for more affordable, yet durable, furniture pieces that you can eventually take with you when you do buy a home. Remember, every dollar you save on furniture is a dollar you can put toward future homeownership.
- Become the landlord. Look into buying either a multi-unit house, or a single-family house with enough space you can share with roommates, and charge them rent. Doing this will not only help you save money on housing costs, it could actually make you money every month.
Renting a place to live for at least some period of time in life is unavoidable for many people, and some people spend their entire life renting. There’s absolutely nothing wrong with renting. But if you want to buy a home in the future, every year you spend renting nips away at the money you could be saving toward a down payment.
Hopefully just being aware of how much money gets spent on rent by the average person will give you enough motivation to put some of these tips into action, and cut down on how much you spend on rent, no matter how long you’re a renter!
The Takeaway:
Renting can drain a significant chunk of your paycheck over your lifetime, with the average American spending over $333,000 on rent and related expenses.
To cut down on these costs, consider staying with family longer, or at least minimizing the number of moves you make, avoiding damage to your rental, and furnishing frugally, if you do rent.
Or, turn the equation around entirely and become a landlord! Buying a multi-unit house, or a single-family home with extra space you can rent out, could not only save you from spending hundreds of thousands on rent in your lifetime, it could make you money instead.
When you’re under contract to buy a house, it may be tempting to ask the seller for certain accommodations.
Sometimes sellers are super cool and agreeable with anything the buyer of their home requests during escrow. Others, not so much.
Obviously a lot depends upon the seller you’re dealing with, and the dynamics between you. But here are 5 common requests buyers make before closing day, that even the coolest seller may not agree to:
1) Endless Visits to the House
Of course the seller will expect you to need to get into the house for the necessary home inspections, and maybe even a pop-by or two for personal reasons. But some buyers think they can just ask to come over as much as they want to, and whenever they want to, to take measurements, get estimates from contractors, or even just to show their friends and family the home they’re buying.
Try to keep your need to swing by the house down to a minimum. The owner is still living there, and living their day-to-day life, on top of getting ready to move out. They don’t need a parade of people constantly coming through their home.
2) Moving in Early…
It’s not uncommon for a buyer to be in between places to live for a period of time before closing on a home. It could be because their lease ended, or the house they were selling closed sooner than the one they’re purchasing. No matter what the reason, it can be difficult and/or costly to find a short-term place to stay, so some buyers ask the seller if they can move in before closing day, and offer to pay rent for that time period.
That’s a tough request if a seller is trying to time their own move. But even if the seller has already moved out of the home you’re buying, they may not agree to let you move in early. While you may have no bad intentions, many sellers hesitate to agree to this because they don’t want to take on the legal risks involved with having a tenant, especially if the deal ends up falling apart before closing day.
3) …Even if It’s Just Some of Your Stuff
And that also goes for your belongings. They may have plenty of space in the garage, their attic, or basement, but that doesn’t mean they want you storing your stuff in it. Again, not only is it just the inconvenience or disruption it may cause in their lives, but it can also be that they just don’t want any legal issues if things go wrong before closing day.
4) That Also Applies to Deliveries
It’s pretty common for a piece of mail to be delivered to your new house before you even live there, since you’ll likely be changing your address ahead of time with many of the important contacts and services in your life. But deliberately sending things you’re ordering on Amazon and Wayfair to the house in order to save some effort on moving day is a no-no.
5) Getting a Head Start on Renovations
Whether the house is a fixer-upper, or move-in ready, there’s usually some kind of project a buyer wants to get done before they move in. But that paint job, or floor sanding should be scheduled for after the closing date.
It’s one of the largest and most expensive assets most of us will ever own. It’s where we lay our head down at night, the place we make memories and call home. Selling it can be one of the most overwhelming and stressful experiences you may ever go through. So here are 18 tips for living in your home while it’s for sale to help you through the process:
- Yes, make the beds every day!
- If you smoke, don’t do it in the house! And if you’ve smoked in the house it would pay to have a restoration company come try to treat it or consider having it completely painted to rid the smell.
- Dishes up. 🙂
- Keep closets and storage areas organized, the larger they appear the better!
- Keep it smelling nice. If you cook something strange, air it out!
- Keep the temperature comfortable and season appropriate.
- Fresh flowers inside and out are always a nice touch.
- Keep your refrigerator clean and organized in case they look.
- Keep your trash cans emptied.
- Keep the floors vacuumed.
- Keep the yard tidy.
- Leave whenever possible and take pets with you; it makes the buyers feel more at ease. You want them to take the time to appreciate your home, right?
- Don’t talk to the other agent or buyer directly more than you have to. You hired your agent for a reason, so let them do their job.
- Be prepared for lights to be left on, doors left unlocked, and heaven knows what else I’ve had happen over the years. It’s not often but it’s also not the exception to the rule unfortunately these things happen sometimes.
- Wait patiently for feedback from your agent. Sometimes it takes a few days to hear back from the other agent and the buyer.
- Be as patient as you can throughout the process and try not to blame your Realtor if it doesn’t sell right away. If you chose the right agent, they have no reason in the world not to do everything they can to get your home sold as soon as possible and for that matter, for as much money as possible. They don’t get paid unless and until you get paid.
- Remove any really valuable items. Consider taking them to a safety deposit box or storage unit just to be safe.
- Breathe. When it’s meant to sell, that right buyer will come along. 🙂
For many people, a large, sprawling home is part of the American Dream. But with additional space comes bigger utility bills and oodles of upkeep. Depending on your lifestyle, you may suddenly find yourself with more house than you actually need or want.
While the thought of moving to a modest home can be daunting, you don’t need to sell off all your belongings and join the tiny home craze to downsize effectively. Also, as you shed square footage, you’ll find that you gain a range of benefits that make a big difference to some homeowners.
Wondering if it might be time to look for a smaller abode? Ask yourself these seven questions and you’ll have your answer.
1. Is routine maintenance taking up too much of your time?
If you find that your weekends suddenly slip away as you attempt to keep up with your landscaping or just maintain your home’s interior, you may be ready for a little less housework. Sure, you could hire someone to take care of these tasks for you, but that’s less money in your wallet.
2. Do you have too much house?
Are there some rooms in your home that you don’t enter for days at a time? Even if you’re not using them, you’re still paying to heat or cool them. (And did we mention dust and vacuum them as well?) Unless you’re planning to try your hand at AirBNB and rent out a room or two, you may want to think about downsizing.
3. Are your house-related expenses eating away at your savings?
If your income has shrunk due to retirement or an unforeseen unemployment, you don’t want to have to tap into your savings each month just to make ends meet. A smaller house will require less maintenance while lowering your utility bills. You can also consider downsizing in an area where the cost of living is lower so your overall expenses will decrease.
4. Has your home appreciated substantially?
Are homes in your ‘hood fetching top dollar? This could be the time to lock in your profit and
add that windfall to your retirement savings. Or, spend a little and see the world beyond your picket fence. Vacationing is easier when you leave behind a smaller home — especially one like a condo or townhouse where outdoor maintenance is handled for you.
5. Are you feeling isolated?
If the kids have moved away and your neighbors have also downsized, you may feel like you’re the last man standing on your block. If the only person you recognize in your area is your mail carrier and that leaves you feeling isolated, it may be time to plan a move to a place where you’ll see some familiar faces.
6. Has your lifestyle changed?
Even if you once reveled in the majesty of your two-story entryway, if the thought of climbing 28 stairs to get to your bedroom now leaves you wanting to sleep on the couch in the living room, it’s time to move. As many homeowners get older, they seek the ease and convenience of one-level living. If your house has become too large for you to comfortably and safely maneuver, make a change.
7. Are you sick of having too much stuff?
Whether you’re looking to explore the minimalist lifestyle or just wondering when and how you’ve accumulated so much stuff, you may want to consider streamlining your belongings. Holding a garage or estate sale is a great first step when thinking about downsizing. Organizations looking for donations abound online, with many offering free pickup and removal. Living in a tighter space forces you to really take stock of each item you allow through the door. Though it seems counterintuitive, having a smaller home may force you to really stay organized and not let clutter dominate your dwelling.