🛠 Projects that add the most value at resale are the favorites of fix-it-and-flip-it professionals—and they should be high on a homeowner’s list, too. While these upgrades will not recoup all of their cost, some will come close.
🏠 The National Association of Realtors (NAR) cites wood flooring (new or refinished), kitchen renovations (new countertops and state-of-the-art appliances), upgraded bathrooms, and basement or attic conversions as projects with some of the highest return on investment, often recouping 80% or more of their cost at resale. Certain exterior work—including roofing, siding, doors, windows, refurbished decks, and energy upgrades—also delivers a lot of bang for the buck at resale.
Think of them as digital house flippers who scour mountains of data for typically off-market homes.
iBuying Explained
Known as iBuyers, these platforms buy houses for cash online. If the algorithms align well, homeowners who’ve submitted an online form will receive instant offers from interested iBuyers. The entire process usually takes place with no person-to-person contact. After buying the house sight-unseen (except for photos), iBuyers quickly resell, usually to other investors.
Transaction Fees
While iBuying may sound convenient, it has financial downsides. Industry experts say transaction fees can be significantly higher than in traditional home sales. Expect fee rates of around 7% of the home price, but be prepared for fee rates as high as 13%. Additionally, iBuyers most often make offers below market value.
Trust an Expert
You may think iBuyers can save you time and money. But an experienced real estate professional will work to get the best offer for your property and will be there to help find your next home.
Realtor.com® nailed it when they said the U.S. housing market was in for another whirlwind year. Its 2022 housing forecast predicted continued increases in housing prices, rent and mortgage rates in “a mixed bag of housing affordability challenges and opportunities.”
We’ve heard a lot about rising housing prices over the past few years, but rents are projected to increase at a pace of 7.1% compared to 6.6% for home sale prices. The report even goes so far as to say that buying a starter home would be cheaper than renting in some of the country’s largest metropolitan areas.
Choosing whether to rent or buy is a huge decision in any market. Fear of making “the wrong decision” intensifies as the market tightens. Still, you may be surprised to find that you can afford to buy after looking at your financial picture.
Consider these advantages of buying over renting.
Homeownership Is an Investment
At the end of a lease, you’ll walk away with nothing. At the end of a mortgage, you’ll own property with equity.
Stable Payments
Rent payments can rise with every new lease you sign. A fixed-rate mortgage offers stability.
Creative Freedom
A rental property is not yours to change as you please. But when you buy a house, you have the freedom to turn it into your dream home.
When deciding to buy or rent, carefully examine your budget, and think about your lifestyle and goals. If you’re considering buying but are apprehensive about the current market, a real estate professional can help you understand what’s happening in your community.
It’s no secret real estate values increased during the pandemic, with an unprecedented number of homes selling in bidding wars. Due to material shortages, delivery delays and cost increases, new home construction has struggled to keep up with the demand for housing. Lumber prices tripled from pre-pandemic levels, and these costs are often passed along to home buyers.
Although single-family housing starts have decreased, the number of homes under construction is actually up because houses aren’t getting finished. Besides a shortage of building materials, construction – like other industries – has experienced major labor shortages, a considerable hurdle to completing projects.
Despite current construction woes, experts predict home builders will overcome supply shortages this year, enabling them to speed up construction to meet ongoing demands for new housing. More inventory should help keep prices in check and curb last year’s sizable increases in home values.
Analysts are hoping that a gradual tapering down in housing starts may provide some relief, allowing builders to catch up with the backlog of demand.
Routine maintenance can be just as important after you’ve accepted an offer as it is before listing your home. To keep your house well-maintained throughout the transition, Realtor.com® recommends tending to these six areas.
OK, squint a little. See that? That’s the finish line, just ahead of you! After all the anxiety, hard work and waiting, you’ve almost made it to closing day. Don’t end up disappointed about a deal gone wrong because you skipped a few steps.
As annoying as it is, complete all promised repairs. No, you won’t be able to enjoy them, but they can make or break your sale. Plan to have everything finished and in working order at least one week before closing. This will allow time for any last-minute adjustments. Save receipts and invoices, and take before-and-after photos of repaired or improved items.
When flying through those closing documents, slow down when you get to the settlement statement. Check all of these numbers carefully to make sure they match what you were expecting to receive from the sale.
 ©2022 The Personal Marketing Company. All rights reserved. Reproductions in any form, in part or in whole, are prohibited without written permission. If your property is currently listed for sale or lease, this is not intended as a solicitation of that listing. The material in this publication is for your information only and not intended to be used in lieu of seeking additional consumer or professional advice. All trademarked names or quotations are registered trademarks of their respective owners.
The Personal Marketing Company |
Homelight | Jan 28, 2021
We’re continuing in our Weekly Series of “The 7 Most Painfully Expensive Home Repairs to Avoid.”
Today, we’re covering “Termite Damage.”
The average homeowner spent a total of $4,832 on routine and emergency home repairs in 2019. However, some of the most expensive home repairs have the ability to wipe out your entire yearly maintenance savings and then some.
On top of being pricey, major problems like pest infections and structural instability can make your home difficult to market and sell, not to mention tank your property value. With this guide, real estate experts identify the worst home repairs for your wallet and offer expert insights into preventive maintenance and early detection.
If they can find it, termites love to eat the wood in a house. Often, homeowners only discover signs of termite damage after these destructive little pests have weakened the wood in their home to a significant extent. Mitigating this damage can cost a lot of money, so catching termite activity early is key.
Estimated cost to repair:
According to pest control specialist Orkin, $3,000 is the average amount people spend to mitigate termite damage.
Warning signs:
These signs of termite damage should be on your radar:
Key prevention tactics: If you have the ability to avoid contact between wooden parts of your home and the ground, you can reduce your termite risk. Special layers and meshes exist to make it hard for termites to access the home. Moving mulch away from your foundation is also a good idea — you don’t want to create a “red carpet” for termites to waltz into your abode so easily.
Who to call for help:Â
Who to call for help: Call CA Real Estate Group at (714) 476-4637 for our preferred termite and pest control experts to evaluate the situation. Sites with reviews like HomeAdvisor have information on your local pest control specialists; you can usually get a termite inspection from the company with the best reputation and then use their services for mitigation if needed.
Homelight | Jan 28, 2021
We’re continuing in our Weekly Series of “The 7 Most Painfully Expensive Home Repairs to Avoid.”
Today, we’re covering “Electrical Rewiring.”
The average homeowner spent a total of $4,832 on routine and emergency home repairs in 2019. However, some of the most expensive home repairs have the ability to wipe out your entire yearly maintenance savings and then some.
On top of being pricey, major problems like pest infections and structural instability can make your home difficult to market and sell, not to mention tank your property value. With this guide, real estate experts identify the worst home repairs for your wallet and offer expert insights into preventive maintenance and early detection.
An older home’s electrical system easily can become overtaxed, causing fires and injury. In some cases a partial retrofit will suffice to make a house safe to live in. However, a number of old homes still have knob and tube wiring or aluminum wiring, both of which are fire hazards. If your house needs a full rewiring, the cost will be substantially higher.
Estimated cost to repair:
(Source:Â Thumbtack, which tracks estimates from the millions of homeowners who use the site)
Warning signs:
If your breakers blow frequently, you see any visible damage to your wires, or notice a burning scent in the home, call an electrician to investigate the problem. An electrical inspection can determine whether old, outdated modes of wiring the house have put you in danger.
Key prevention tactics:
“In older homes, we’re finding that we need to have an electrician come out to cover lines to the water heater, so it isn’t a bare wire going from the water heater to the wall,” Harrison shares. While this won’t solve all the issues with old wiring, covering bare wires is key to reducing your fire risk, and a more thorough electrical inspection can help you find other concerning areas.
You should also install GFCI (ground fault circuit interrupter) outlets in the bathroom, kitchen, and anywhere outlets may come in contact with liquid. GFCI outlets interrupt an abnormal current flow to reduce the chance of electric shock.
Who to call for help: Call CA Real Estate Group at (714) 476-4637 for our preferred electricians to evaluate the situation, or check out Better Business Bureau’s Electricians Near Me portal helps you identify local electricians with proper credentials and positive ratings from past clients.
Homelight | Jan 28, 2021
We’re continuing in our Weekly Series of “The 7 Most Painfully Expensive Home Repairs to Avoid.”
Today, we’re covering “HVAC Replacement.”
The average homeowner spent a total of $4,832 on routine and emergency home repairs in 2019. However, some of the most expensive home repairs have the ability to wipe out your entire yearly maintenance savings and then some.
On top of being pricey, major problems like pest infections and structural instability can make your home difficult to market and sell, not to mention tank your property value. With this guide, real estate experts identify the worst home repairs for your wallet and offer expert insights into preventive maintenance and early detection.
An HVAC performs the essential function of keeping your home a comfortable temperature year-round. While an HVAC has a typical life expectancy of about 15 years, it can fail much sooner than that if you don’t properly maintain the unit. As a complex piece of machinery, it has also earned a reputation for being one of the most expensive items to replace or repair in a house.
Estimated cost to repair:Â
(Source: HomeAdvisor heating and cooling cost estimate guide)
Warning signs:
If your system is having trouble turning on and off or fails to keep the home at the comfortable temperature that you’re accustomed to, you’ll want to get the HVAC serviced. Checking for problems before your system stops can be the difference between a reasonably priced repair and an expensive replacement.
Key prevention tactics:
Yearly maintenance by professionals can help you catch concerns early. In addition, replacing the air filter every couple of months will help prevent wear and tear.
Who to call for help: Call CA Real Estate Group at (714) 476-4637 for our preferred HVAC specialists to evaluate the situation, or check out BBB’s listings of HVAC Companies. Then check reviews on Google as well as around the web before selecting your top options for an HVAC company.
Homelight | Jan 28, 2021
We’re continuing in our Weekly Series of “The 7 Most Painfully Expensive Home Repairs to Avoid.”
Today, we’re covering “Mold Removal.”
The average homeowner spent a total of $4,832 on routine and emergency home repairs in 2019. However, some of the most expensive home repairs have the ability to wipe out your entire yearly maintenance savings and then some.
On top of being pricey, major problems like pest infections and structural instability can make your home difficult to market and sell, not to mention tank your property value. With this guide, real estate experts identify the worst home repairs for your wallet and offer expert insights into preventive maintenance and early detection.
Mold spores are usually harmless in small numbers, but when they find a warm or wet space that has a surface they can live upon, they reproduce. Some mold is dangerous to health, while other molds cause decay to your home’s structure. Finding mold damage after it has gotten out of control can be costly to repair.
Estimated cost to repair:Â
Average: $1,140
Low end: $60
High end: $4,300
(Source:Â Thumbtack, which tracks estimates from the millions of homeowners who use the site)Â
Warning signs:
If you notice little black spots that creep up the wall behind your water heater, line your basement windowsill, or colonize the area behind your washing machine, you’ve got mold and should take action to remove it.
If you don’t see mold but people in your home are having unexplained allergic or coughing symptoms, you might want a mold inspection. A moldy odor, especially when paired with water damage or a discovery of moisture and leaks, can also be a warning sign.
Key prevention tactics:
If you find small areas of mold (less than a total of 10 square feet), you can take a bleach solution to it. However, cleaning up mold, whether with bleach or another gentler solution, will only handle the mold growth — not the spores.
After the area builds up a resistance to the homemade mixture, the mold will drink up any water you are feeding it. For larger jobs, you’re better off calling a professional mold remediation service. You should also watch your home’s humidity levels and improve ventilation to prevent further mold growth.
Who to call for help: Call CA Real Estate Group at (714) 476-4637 for our preferred mold inspectors to evaluate the situation. Mold inspectors are well-versed in finding and mitigating mold and many will do free estimates for the extent of the work required.
Homelight | Jan 28, 2021
We’re continuing in our Weekly Series of “The 7 Most Painfully Expensive Home Repairs to Avoid.”
Today, we’re covering “Water damage.”
The average homeowner spent a total of $4,832 on routine and emergency home repairs in 2019. However, some of the most expensive home repairs have the ability to wipe out your entire yearly maintenance savings and then some.
On top of being pricey, major problems like pest infections and structural instability can make your home difficult to market and sell, not to mention tank your property value. With this guide, real estate experts identify the worst home repairs for your wallet and offer expert insights into preventive maintenance and early detection.
Water in a home can destroy your ceiling, walls, flooring, and personal belongings, while moisture in the wrong places can lead to harmful mold. You don’t need a flood or other catastrophic event for water to intrude your home, either. A burst pipe, roof leak, clogged gutter, sewage backup, rotted siding, or broken fixture like an old bathtub can all cause water damage.
Unfortunately, water damage is a common home occurrence. Every day 14,000 Americans face a water damage emergency, while 98% of basements will have water damage at some point in their lifetime. However, there are steps you can take to protect your home from water intrusion.
Estimated cost to repair:Â
(Source:Â Data reported by 1,106 HomeAdvisor members)
Warning signs:
Beyond walking down the stairs to find a flooded basement, these are few signs that you’ve got a water leak:
Key prevention tactics:
Since water damage can stem from a bunch of places including your plumbing, roof, or basement, you’ll need a multi-pronged prevention strategy:
Who to call for help: If you have a leaky pipe or stained ceiling or wall, call CA Real Estate Group at (714) 476-4637 for our preferred plumbing experts to evaluate the situation. To remediate water damage, we can refer you to the remediation experts that we work with or you can contact a water damage cleanup professional or restoration service.
Homelight | Jan 28, 2021
We’re continuing in our Weekly Series of “The 7 Most Painfully Expensive Home Repairs to Avoid.”
Today, we’re covering “Roof replacements.”
The average homeowner spent a total of $4,832 on routine and emergency home repairs in 2019. However, some of the most expensive home repairs have the ability to wipe out your entire yearly maintenance savings and then some.
On top of being pricey, major problems like pest infections and structural instability can make your home difficult to market and sell, not to mention tank your property value. With this guide, real estate experts identify the worst home repairs for your wallet and offer expert insights into preventive maintenance and early detection.
Many homeowners, especially those in areas with a lot of sun, wind, and rain, are surprised when an inspection reveals the need for a new roof so soon. Robb Harrison, a top real estate agent in Ocala, FL, says that Florida weather can damage roofs prematurely, and a lack of ongoing maintenance can lead to irreparable problems.
“From the ground a roof can look amazing, but when someone gets up on the roof, you may find that it needs a new one,” says Harrison.
“It’s happened a few times where the inspection report came back that the house needed a new roof and everyone is shocked when it’s only been 15 or 20 years on 30-year shingles. You just really need to keep an eye on it.”
Estimated cost to repair:Â
(Source:Â Fixr, estimates based on data from contractors, subcontractors, material suppliers, and more)
The good news is that a new roof adds value to your home. Data from HomeLight’s Top Agent Insights Survey for Q3 2019, featuring the expertise of over 400 real estate agents, found that a roof replacement costs an estimated $11,992, but recoups an average $10,842 for a 94% cost recovery.
Warning signs:
If you have a ladder long enough to see the roof safely, check for these red flags that it’s time for a roof replacement:
Stains, streaks, or water in the attic are additional signs of a roof problem.
Key prevention tactics:
Kennamer, the general contractor in Alabama, recommends keeping an eye on cracks in roof boots and flanges.
“If they are cracked, you can re-caulk them with an all-weather caulk or replace them if they are decayed. Usually, to do it yourself it would cost in the range of $20-$30 or to hire a professional it will range from $75-$150,” he says.
Consider these additional tips to preserve your roof:
Who to call for help: Call CA Real Estate Group at (714) 476-4637 for our preferred roof experts or you can use the Better Business Bureau’s Roofing Contractors Near Me feature. When in doubt, cross-reference a few different sites to gauge client ratings and reviews for any particular roofer you’re considering.
We’re kicking off our Weekly Series of “The 7 Most Painfully Expensive Home Repairs to Avoid.”
Today we cover “Sinking or Settling Foundation.”
Homelight | Jan 28, 2021
The average homeowner spent a total of $4,832 on routine and emergency home repairs in 2019. However, some of the most expensive home repairs have the ability to wipe out your entire yearly maintenance savings and then some.
On top of being pricey, major problems like pest infections and structural instability can make your home difficult to market and sell, not to mention tank your property value. With this guide, real estate experts identify the worst home repairs for your wallet and offer expert insights into preventive maintenance and early detection.
Your foundation serves as the base for your entire home. It needs to be in solid condition for the rest of your house to remain structurally sound. If it becomes damaged, the issue can spread and compromise almost any other part of the home in the form of jammed doors or sinking or uneven floors.
One of the most common foundation problems you can encounter is settling. Any foundation is going to settle gradually over time. However, trouble arises when there are drastic or sudden shifts in soil moisture levels, which can put pressure on the foundation and cause it to crack.
Here’s a summarized example provided by Family Waterproofing Solutions serving Illinois and Indiana for 25 years: Let’s say your house was built during the rainy season when the soil was damp and swollen. A few years later there’s a drought and the soil dramatically retracts. Because the soil wasn’t properly prepared at the time of the build, the house plunges five inches downward, damaging the foundation in the process.
Estimated cost to repair:Â
(Source:Â HomeAdvisor, project costs reported by 3,102 HomeAdvisor members)
Key prevention tactics: You need to catch and fix foundation problems early on or they will only get more expensive to repair. “Check for cracks in brick or block foundations. If the crack is small and runs in a straight line, it could be settling,” advises Ray Kennamer, a general contractor of nearly 25 years in Albertville, Alabama.
If you suspect a foundation issue, a professional can help identify and diagnose it. Most likely, they will fill in any cracks with a cement mixture and install drainage solutions to halt the changes in moisture levels. Your foundation will thank you for it!
Warning signs:
Who to call for help:Â Call CA Real Estate Group at (714) 476-4637 for our preferred foundation experts or search the Foundation Repair Network to find a local professional who can inspect and make recommendations for foundation repair.
Home maintenance and repairs never come at a convenient time. It’s a good idea to set aside a certain amount each year to pay for expected and unexpected things that may arise.
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