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Carport, Detached, or Attached Garage?

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garageShould you buy a house with a Carport, an attached garage or a detached garage? This is tough decision for many buyers when it comes to purchasing Real Estate. The reason there are so many different styles of parking even in today’s market is because every buyer has their own preferences in regard to parking. Here are a few of the best attributes when it comes to a carport, attached garage and detached garages.

Carport

Carports are open and airy which limits the potential for mildew, another bonus with a carport is that because there are no mechanical pieces such as a motor or spring much like a garage which in turn means that the maintenance on a carport is much less than other options. As the most affordable option, a carport provides protection from the elements whether it be sun fading, or hail, as well as provides a place to stay dry while loading or unloading the vehicle.

Related: Pros and Cons of a Gated Community

Attached Garage

Perfect for those who want to be able to go from the house to the car without exposing themselves to the elements. Whether it be taking in groceries without worrying about the rain, or simply not wanting to throw on a pair of shoes to run to the car to grab something, this is a huge positive with an attached garage. Attached garages also provide a great sense of security in that you are able to lock your vehicle indoors, limiting exposure to both the elements as well as potential theft.

Detached Garage

A detached garage is great for those who want to keep their vehicles out of the elements but don’t like the aesthetic of an attached garage, also known as a “garage home.” Additionally, detached garages make a great conversion space and can double as a home gym, office space, and in some cases even a rentable space.

Related: Should we Buy or Rent?

All options provide their own assets, and while there isn’t necessarily a wrong choice when choosing between the three, you have to decide whether a carport, attached garage or detached garage will fit your personal preferences. It is helpful to decide which feature you prefer prior to house hunting as this will help limit the homes that you see and tour to ensure you are only viewing homes that fall within your desired criteria.

If you’re currently searching for a new home, are ready to work with a qualified agent to list and market your property, or if you have any questions regarding Carolina Real Estate, please feel free to contact our officeat any time

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Short Sale and Foreclosure, What’s the Difference?

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You may be seeing the terms Short Sale and Foreclosure being tossed around in the Real Estate World, and while most American’s have a rough idea of what the two mean, there are a few very distinct differences between the two. While in both cases the owner of the property has for one reason or another, lost the ability to pay for and tend to their home, the way they go about forfeiting and potentially selling their property via a Short Sale or Foreclosure are quite different.

Related: Do I Have to Accept the Highest Offer?

Short Sale

A Short Sale is only allowed when the homeowner communicates with their lender regarding their inability to pay their current mortgage/loan. In a Short Sale the lender gives the homeowner/borrower approval to list the property and cease payments. All sale negotiations and approvals are dealt between the buyer and the lender, and not the real estate agent and the homeowner. Short Sales are often referred to as “pre foreclosure” as it is the lenders way of trying to recoup some of the balance they are owned from the homeowner. Once the homeowner has discussed the Short Sale with the lender, they can also request additional time in the home if needed, this allows the homeowner to live mortgage free while they try to get their affairs in order.

Foreclosure

A Foreclosure is involuntary and not something that is not communicated between the homeowner and the lender. In a Foreclosure, the owner of the home will simply stop making their mortgage payments without communicating with their lender. The Foreclosure process will not begin until you are 120 days past your first missed payment. After the first 120 days, you may be evicted and asked to the leave the property, owing the outstanding balance.

Related: Why Was my Offer Rejected?

In conclusion, with both a Short Sale and a Foreclosure you as the owner are essentially losing your home. The main difference is if you are doing so with the lenders approval or if you are simply falling behind on payments and beginning the foreclosure process. In both cases, the homeowners will often remain in the home throughout phases of the selling processes, living essentially mortgage free which can contribute to the poor care of the home and often require more elbow grease, cleaning and upgrades upon selling.

If you’re currently searching for a new home, whether it be a Short Sale, Foreclosure or traditional listing, are ready to list your property, or have any questions regarding Carolina Real Estate, please feel free to contact our office at any time.

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Additional Tips for Buyers

Should We Buy or Rent?

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Buying one’s first home understandably fills one with a real sense of pride and accomplishment. It’s often hailed in American society as a major achievement of the American Dream, but is it right for you? Should you buy a home now or continue to rent and wait to see what the future has to offer? There’s no shame in either option, but it’s important to decide which path is for you. Let’s discuss reasons to rent and reasons to buy a home.

Reasons to rent

Should We Buy or Rent?

 

 

According to i Property Management, approximately 36.6% of households rent their homes in the United States. While it may seem less ideal to rent a home over buying one, there are plenty of reasons renting may be the best option for you and your family right now.

  • Financial feasibility – One of the key reasons to rent has to do with one’s budget. Perhaps you’re still in debt with bills and other expenses and adding a mortgage on top of that makes little sense. Because owning a home comes with more monthly payments in a variety of areas, it may be a better option to rent for the time being and save for a buy in the future.
  • Liability – Another reason renting can be more appealing lies in the fact that any broken appliances like a dishwasher, sink, shower, or AC unit gets covered by the landlord. You won’t have to fix it yourself or pay a professional. This can save on hundreds of dollars that could be used to save up for either buying a home or paying down debt.
  • Mobility – If you are looking to move up in your company to a position that may require moving or are the type of person that doesn’t envision staying in one place for the long term, renting makes more sense. It’s much easier to get out of a rental lease agreement than it is to get out of a mortgage.

Reasons to buy

As with renting, there are also reasons buying a home makes the most sense for you at this point in your life.

  • Planting roots – If you’ve been married for a while or are at a stage in life where you’d like to put down roots and raise a family, buying a home makes a lot of sense. Perhaps there’s a neighborhood that has been drawing you for some time, and you’d like to spend a number of years living there. This could give much peace of mind to live in the area of your dreams.
  • Equity – Something that adds even more excitement to owning a home is the potential to build equity in its value. Often times, the home you buy that is properly taken care of ends up adding to its value down the road, allowing you to sell it for a profit.
  • Tax benefits – Although paying property taxes on assets is certainly a pain, this could actually be to your benefit during tax season. As stated on Dave Ramsey’s website: “Many of the costs of owning a home—like property taxes—are tax deductible. And if you’re paying off a mortgage, you’ll get to count your mortgage interest as a deduction when you file your tax return.”
  • Sole ownership – Buying a home means you own it. This means you have significantly more freedom to renovate and upgrade your home as you see fit, rather than having to acquire approval from your landlord or HOA. It allows you to truly make your house more than just a building but a representation of you and your family’s interests. This can also bring stability to the fact that what you invested in is truly yours.

Whether you end up choosing to buy or rent a home, make sure it lines up with you and your family’s best interests in both the short and long term. Don’t simply jump in because that’s what is expected of you. Do the right thing, and you’ll reap the rewards in the long run.

 

If you’re currently searching for a new home, are in need of a qualified seller’s agent to assist you in the sale of your property or have any general questions regarding real estate or the current market, please feel free to contact my office at any time. We specialize in Sunset Beach real estate and the surrounding area.

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Additional Tips for Buyers

Why Was my Offer Rejected?

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Your offer was accepted! This is something nearly all home buyers want to hear after placing an offer on a property, however, in some cases, you may not be receiving the news you had hoped for. We tend to hear about accepted offers more than offers that were rejected, however, rejected offers happen nearly just as often as those that are accepted. There are many different reasons as to why an offer could be rejected, however here are a few of the most common.

Related: 5 Ways to Get Your Real Estate Offer AcceptedWhy Was my Offer Rejected?

Your Offer was Low

This is generally the most common reason for an offer being rejected, especially when you are purchasing in a seller’s market. When the market is hot homes will generally receive multiple offers and thus, your offer may be less than others that are placed which in turn, results in your offer being rejected.

Closing Times Clash

This can go many different ways. For example, if the seller wants to close asap, but you as the buyer want to close at a later date, the seller may reject your offer and choose to accept an offer that aligns with their desired close date.

All Cash Offer

Even if you placed an offer that was at full price, and in some cases even above asking price, your offer will generally always be rejected if the seller has received an all cash offer. Financial institutions always prefer to work with all cash offers, so unfortunately there isn’t much you can do to rectify the situation or counter with a different offer.

Requested Repairs

It is fairly common for offers to be placed with the contingency of repairs being made. This can be a small repair such as replacing broken slats on a back deck, or larger repairs such as roofing or electrical. In some cases, a seller is perfectly fine accepting the repairs and either fixing them themselves or deducting the cost of the repairs from the sale amount, however in other instances, a seller is not interested in completing or compensating for the repairs and thus could reject the offer.

Related: 4 Things to NOT Pack When Moving

Contingencies

Offers that are placed without contingencies are nearly always accepted faster than those that include them. Placing an offer with a contingency isn’t a bad thing, and oftentimes protects you as the buyer from unforeseen issues, however, placing contingent offers can play a huge role in your offer being rejected vs. accepted.

If you’re currently searching for a new home, are in need of a qualified seller’s agent to assist you in the sale of your property or have any general questions regarding real estate or the current market, please feel free to contact my office at any time.

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Additional Tips for Buyers

Home Repairs and Upgrades – What to do When

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Home Repairs and Upgrades - What to do When

Home Repairs and Upgrades – Purchasing a home is one of the single best decisions you can make to help invest in your future, especially when purchasing a home that is likely to provide a great return to investment. Whether you’re purchasing your first home or your 5th it is easy to want to instantly make improvements or upgrades to bring a true sense of pride and ownership to the house you now call home.

While there is nothing wrong with fixer-upper projects or home improvements, you want to be sure that you pace yourself and plan out the projects you hope to complete. In general, it is best to limit your “to do” list to 10 items at once, this helps you stay organized, create accurate budgets, and helps eliminate the risk of becoming overwhelmed. Once you’ve completed the first list, you can then move on to creating your next list of “to do’s.”

Related: How Do I Refinance my Home?

Once you think of the first 10 projects you want to tackle, you should sit down and figure out a few things. First, try to prioritize your list by need vs. want. You should generally always tackle the “need” section first so that if there are small problems or upgrades that need attention you can fix them before they cause further problems or damages. Upon prioritizing your list, you can then do research on budgets and costs for each project, this will help you figure out what you can afford and when, which will help you from starting a project you won’t be able to finish.

In a perfect world you can complete your items 1-10 and move onto your next list, however, it is important to take a few things into consideration when choosing to start a project. The time needed to complete the job, costs associated with the job, as well as potential risk or damages that could arise are all things that should be considered prior to choosing and beginning to tackle a project.

Related: Making Your Home the Best on The Block

As a homeowner you can take great pride in improving and upgrading your home, whether it be by choice or need. Whether you choose to purchase a fixer upper or a turn-key new construction home, always try to plan for repairs as needed and set aside a small amount monthly to help cover any unexpected costs and repair bills.

Schedule a Consultation

If you are currently searching for a new home, are in need of a qualified buyers agent or listing agent, or have any questions regarding today’s markets, please feel free to contact our office at any time. 

Additional Tips for Buyers and Sellers

5 Ways to Get Your Real Estate Offer Accepted

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You want your offer to be accepted but what if there are multiple offers on the table? How do your offers stack up to the others and how can you make it stand out. Because we worked with buyers for decades we know key negotiating strategies that will help our buyer’s offer get accepted, but there are some tricks of the trade. Here are five ways you can get your real estate offer accepted.5 Ways to Get Your Real Estate Offer Accepted

Work with a real estate agent.

Anyone can technically make an offer on a property but if you don’t know all of the legal jargon and real estate terms, you could be missing out on how to write up a solid and tight offer. Always have your own agent representing you, the buyer, when submitting an offer.

Make sure your offer is first.

Some sellers will hold off accepting offers just in case they might get more offers. However, being the earlybird can have benefits. Try to ask your agent to get in an offer early and always be the first one.

Be careful about contingencies.

Sellers technically have the upper hand in a multiple offer situation so the price isn’t the only thing that will get your offer accepted. Minimal contingencies can also be very attractive. While we don’t highly recommend waving home inspection, it can entice sellers to accept your offer knowing that there are minimal things standing in the way from you buying the home.

Consider a higher price.

Sellers are more likely to review your offer if it is over the asking price. You have to be careful, though, because you want the home to appraise for the inflated asking price. If you are in a hot market, writing an offer over the asking price you feel the deal for the seller.

Write a letter.

Agents have long since touted the benefit of writing a letter to the seller but this isn’t always a good idea. We had a seller who received seven offers in two weeks, five of them had letters and they ended up going with the offer that didn’t provide a letter. So it depends on the seller. Having your buyer’s agent talk to the listing agent may make this tactic more clear.

Again, working with a seasoned and experienced real estate agent on how to write up a solid and tight offer is really the key to getting your offer noticed and accepted.

Schedule a Consultation

If you are currently searching for a new home, are in need of a qualified buyers agent or listing agent, or have any questions regarding today’s markets, please feel free to contact our office at any time. 

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