By financen | February 7, 2019 - 6:11 pm - Posted in Real Estate
Survey

Estimating the value of a property is necessary for a variety of reasons, including sales listing, financing, insurance, investment and taxation. But the most common reason is to determine the purchase price of a piece of real estate property. This article will provide an introduction on building surveys and why you need it in real estate valuation.

Building surveys provides a detailed evaluation of a property through an extensive inspection. Though it is not the only type of survey available, it is the most common, especially for residential clients.

The survey helps property owners understand the condition of a property. It records the risks and potential expenditures that may be required enabling them to develop appropriate maintenance plans. It can also be prepared for homeowners and buyers, or for investors in portfolios to help inform about future investments.

Building surveys, also known as condition surveys, are generally implemented by chartered surveyors. It may be presented as a report that provides a view of the property at a particular point in time. This would include all the elements accessible and recommendations of any strategic plans for dealing with any issue that may have arisen. You can go to sites like www.woodwardsurveyors.co.uk to know more about chartered surveyors.

The most common buildings that benefit from a survey of this kind are the following:

  • Buildings that are listed
  • Building that are 50 years old or older
  • Buildings that are for renovation or redevelopment
  • Building that were altered, redeveloped or renovated
  • Building with unusual construction designs or features
  • Building that are being purchased

Since there is a lack of standardisation of building surveys, it is important that clients describe what they require clearly and precisely. They also need to inform them if they have any concerns about certain elements. An example would be checking electrical, heating equipments, roof or floor structure. These are usually not included in a standard building survey but it can be requested. Some, the surveyor may not be able to have access to unless they are informed in advance so they can make the necessary arrangements.

Building Survey

What are the objectives of a building survey and the common issues surveors identify?

The most common objective might include the following:

  • Detailing the current condition of the property by highlighting areas of concern or failure.
  • Analyzing the causes of deterioration, past or current.
  • Analyzing the issues that need focus to avoid serious damage.
  • Analyzing enquiries to prevent problems in the future.
  • Citing maintenance and conservation recommendations.
  • Presenting an estimate of the cost of the work required.

Surveyors should be careful when carrying out surveys. Working in high places, confined spaces, or handling dangerous materials are not habitable and can be hazardous to one’s health. They should be very careful in identifying signs of deterioration, unoccupied properties, or buildings where work is being done.

Here are the most common issues that building surveyors identify in a survey:

  • The general condition of the property.
  • Signs of defects.
  • Structural movement.
  • Signs of deterioration because of different types of damp and condensation (check here for more information)
  • Deterioration because of rot and infestation.
  • Air conditioning and heating ventilation services.
  • Electrical, plumbing, drainage and other building services.
  • Checking any alteration made to the property.
  • Other environmental issues.
  • Legal issues.
  • Energy consumption.

Before purchasing, building or renovating a property, a condition survey is important to lay out immediate and potential problem areas. They look for evidence of deterioration, movement, areas that need replacement, areas that need of repair, and any structural failure. Essentially, surveyors are looking for any trouble that may arise before any construction even begins.

They should also identify parts of the property that has not been possible to inspect or identify issues that require further investigation by specialists.

A detailed survey of a normal house can take one day to complete. The final report can take up to 2 or more weeks to complete thereafter. Larger buildings or more complex properties may take more time.

It does not matter whether you are a potential owner, selling the property, renovating or maintaining a property, a building survey will give you a clear understanding of the property’s current condition—the structure and operating systems. It would be helpful in retrieving any evidence of issues that can alert the owners of possible problems.

Real Estate painting

While painting is one of the simpler DIY tasks that can be done around the house, that doesn’t mean it’s as easy as slapping on a coat of paint and calling it a job well-done.

In fact, painting the exterior of your home takes a bit of careful planning and proper preparation in order for the job to be done right.

Below, we’ll go over a few exterior painting tips to help make your next painting project easier.

For more information on exterior painting, check out Michigan Pure Painting Ann Arbor.

Choose a High-Quality Exterior Paint

Although interior and exterior painting is done much in the same way, there are different types of paint that need to be used for each. Exterior paints contain extra binders, which makes them better able to resist the elements compared to interior paints, which lack these additives.

It’s also important to consider the materials that your home’s exterior is made of. If you’re painting flat surfaces such as wood or plastic siding, standard outdoor paint is perfectly acceptable to use.

However, if you’re painting a textured surface, such as brick or stucco, it’s best to use an “elastomeric” paint, which stretches more when applied, allowing it to bridge small gaps and cover the surface more evenly.

Buying a high-quality exterior paint may cost more up-front; however, the investment will pay off in the long run, when your paint job lasts you twice as long as it would if you’d used a cheaper type of paint.

Choose an Exterior Paint Color

The colors you choose for the exterior of your home will create the first impression people get when they first see the structure. So, whether you choose a complimentary color or not, the house will take on its own identity once it’s painted.

Read more about choosing exterior paint colors here.

However, many homeowners miss out on this important opportunity to accentuate their home’s positive attributes by choosing an unflattering color.

So, to help you choose the best color for your home, we recommend that you take a look at its surrounding landscape and consider if there are any color schemes that you can play off of. Another good idea is to choose colors that will accentuate the most attractive aspects of your home.

For example, you might want to choose a color that draws attention to your home’s windows, shutters, or doorways, by painting the rest of the exterior a color that contrasts them.

Home painting

Don’t Forget the Prep

Homeowners often decide to paint their homes themselves since painting is a much easier skill than other jobs such as doing plumbing or electrical work. Still, the most common mistake made by amateur painters is failing to properly prepare the home’s surfaces before painting it.

To prepare the surface, it’s important to scrape all areas that are peeling to remove any flakes of loose paint. Even if the paint has only bubbled up a little bit, the area needs to be scraped and sanded until the paint edges are as smooth as possible.

After that, experts recommend using a high-pressure washer to remove any remaining dirt and debris from the surface. Then, before painting, it’s also a good idea to repair or replace any areas of your home that are showing signs of rot or damage. And, don’t forget to prime any bare wood before painting it.

Prepping your home can be a lot of work. So, if you’re unwilling to properly prepare the surface of your home, you might want to consider hiring a professional painting contractor to do it for you.

Read more exterior paint prepping tips here: https://www.diynetwork.com/how-to/skills-and-know-how/painting/exterior-painting-preparation

Hire a Professional Painting Contractor

Even if you’re planning on painting the exterior of your home by yourself, it’s still a good idea to get an estimate from a professional painting contractor.

This will give you a better idea of the costs involved, and you might even learn a thing or two from speaking with a contractor about the condition of your home, or the types of paint you should be using. Let the contractor explain what they can do for you first, before you decide whether to hire them or to take on the job by yourself.

If your house is relatively small, only one-story, and has minimal peeling, tackling the job yourself might not be a big deal. However, if your house has several stories, or requires a significant amount of prep work, then it might be wise to speak with a professional contractor about painting your home for you.

By charles | January 9, 2019 - 2:21 pm - Posted in Home Buyer, Real Estate
Home buyer
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Price of buying a home and the mortgage rates keep increasing every year. So, if you are planning to buy a home at this time of the year, keep the following points in your mind before jumping into the market.

Having a good knowledge about the market: It is important to do a thorough research on different markets because each market behaves differently during the fall. According to the real estate market reports of August, national home values rose 0.4% from July, making it the third consecutive month where monthly home values rose more slowly than the month prior. However, markets in other places like California, Nevada, Minnesota are moving at a brisk pace of home value appreciation. It will be around 2 percent or higher.  By the time, this year’s selling season comes to an end, we will experience a slowdown in home value appreciation.

Selection is getting limited : There were many frustrated sellers who were not able to sell their properties during the busy season. This might take their homes off the market during the holidays and all actions will come to a standstill. This means that the choices for homes will become even more limited than what it is at the current market.

Using the negotiation skills : If you selected a home few months ago and if it is still not sold, then you can negotiate with the buyer for a lower price. While some buyers may not participate in the current market, others who have been waiting for the best possible price may now be ready to offer a lower quote. On the other hand, there may be some homeowners who are determined to get a set price and others will simply continue to wait for more time.

Checking the maintenance area : Fall is the best time to check the maintenance work like gutter drainage and the general upkeep of the yard. Check your home during this time and see if it needs any repair. During rainy season, you can inside your house and check out the furnace, look for the drafts, leakage issues and other possible structural or maintenance problems. You can keep aside a certain amount of money for repairing your home and then at a later stage, you can adjust the price of your home accordingly.

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By financen | December 17, 2018 - 6:08 pm - Posted in Attorney, Real Estate

Whether you’re a first time home buyer or a seasoned real estate investor, hiring the right help can make a big difference in your real estate transaction. On one hand, the buying and selling of real estate is just another financial transaction that people deal with on a daily basis. However, there are many regulations established by lenders and by the government that complicates each transaction. While these rules are established to protect us, they do tend to complicate matters.

While it’s not required by law that you hire a lawyer, working with a real estate law firm Austin TX can help your transaction go more smoothly. Generally, experienced real estate lawyers are familiar with the intricacies of these kinds of transactions, so they know how to handle the paperwork that complicates the process. They can ensure applications and other forms are filled out accurately and that all deadlines are met, so additional delays can be avoided.

In addition to assisting with the closing process on real estate sales, an experienced lawyer can help you with other matters related to the management of real property. Another major concern for homeowners is leaving their property to loved ones upon their passing. Your real estate attorney can also assist with estate planning, so you can ensure your final wishes will be carried out correctly.

You can also rely on your attorney as a real estate investor. More and more people are buying property as investments, which they rent out to tenants to turn a profit. In addition to making sure you comply with zoning laws in managing your investment, your lawyer can help you protect yourself against lawsuits. Your lawyer will help you avoid complaints of discrimination, substandard housing, and other issues related to the landlord/tenant relationship.

Anytime you’re dealing with real estate, you should consult an experienced lawyer. This is the best way to ensure your rights are protected and you’re not doing anything that could land you in legal trouble. There are many benefits to owning real estate, but, without the right help, you could end up losing more than your original financial investment.

You might assume that buying land or a building is a relatively straightforward process. In reality, it can be complex and challenging and perhaps more than you can understand on your own.

Rather than go into the process totally uninformed, you might want to retain services that will help you be more assertive and confident during the proceedings. By hiring a lawyer experienced in buying, selling, and real estate closing austin tx clients like you can be properly informed and avoid doing anything that would be against the real estate laws in your state.

Legal Help with Selling

If you are a first-time seller, you may not know what is required of you when you put your property up for sale on the market. Selling often requires more than just listing the property for sale. You often have to follow a precise process that is designed to protect you as the seller and anyone who is interested in buying your property.

You can find out what is required of you and then follow through accordingly by hiring a real estate lawyer to represent you and your property. The lawyer can make sure you disclose all of the legal facts about the property. You also will be represented when the contract is signed by both parties.

Legal Help with Buying

A real estate lawyer can also assist you in buying a piece of property. If you are a first-time buyer, you may not be familiar with negotiating a price and then offering a sum of money for a down payment. You may also not be aware of contractual loopholes that will let you out of the transaction within a finite time frame.

The lawyer you hire to represent you can read through the contract and make sure it is legal and covers your best interests. He or she can then advise you of any loopholes about which you should be aware. You can sign the contract knowing you have been properly advised. The entire proceeding will have been done according to the law so both parties are protected.

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By financen | December 3, 2018 - 5:06 pm - Posted in Real Estate

Real Estate

Over the last few years, pocket listing has become one of the best ways to quietly market your home. If you are not familiar with this real estate term, you will come to know about it. All homebuyers and sellers should know few important things about pocket listings.

A pocket listing is an unofficial, off market listing, also known as a “quiet” or “off-market” listing. This is a type of property an agent will keep tucked away in his or her pocket. Although the seller has a signed listing agreement with the real estate agents, the property for sale is not officially listed in the Multiple Listing Service(MLS).

Many years ago, Pocket listing was mainly started for high profile people who are looking for expensive homes and its marketing is done quietly. The properties included in the pocket listing were treated exclusively because they were listed under the radar of mainstream agents, buyers and even the press.

As the real estate market is becoming more challenging, Pocket listing is becoming very popular these days.  In many markets, there are a handful of low inventories and good properties, coupled with buyers who are motivated to see more homes. This might be a perfect reason to push the homes into the market. Sellers, on the other hand, want to sell off their properties, but they are not feeling happy with the current home values. These sellers will keep themselves away from the market and will sell the property only when they get the desirable price.

Once a home is listed in the Multiple Listing Services, the infamous days on market clock starts clicking. If your home is not getting business in the market, it is become staler and hence it starts losing its value. If a buyer notices a home that is on sale for 60 days or more, he will inevitably start with small offers.  The seller on the other hand, who wants a certain price for the home, and is not going to the market, will engage his real estate agent to put the property under “pocket listing”.

A pocket listing will allow the seller and the agent to quietly test the market without adding it to the MLS. They put a certain value of the property to see the reaction of the buyers and the traffic it’s getting, without the MLS clock listing. The agent will use various marketing strategies except the MLS, to get the word out about the home. Sometimes the pocket listing will be recorded in the MLS, but in other cases, they are sold without ever making it into the database.

If you are a seller, you should try pocket listing, just for a week or two, and see how it goes. You have nothing to lose. If you are a buyer, you should work with the local agents because he has long term relationships with other agents in the community. This way, you will come to know about all potential homes for sale.

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By financen | September 19, 2018 - 2:04 am - Posted in Real Estate

4 Tips for Finding Success as a Real Estate Agent Do you dream of showing properties and hosting open houses? Would you love to line your pockets with the commission from selling a multi-million dollar mansion? If you’re ready to become a successful real estate agent, here are just a few tips for making it happen. 1. Educate Yourself If you’re brand-new to the world of real estate, you might be wondering how to get a real estate license. The good news is that there are plenty of programs out there that can get you schooled, certified and licensed in no time. Just make sure that you choose a program that’s properly accredited with your state.

2. Find a Job Once you’ve obtained your license, it’s time to spread your wings and find some work. Don’t assume that you have to do it on your own, however. You can join a real estate firm or real estate network to give yourself a support system while you start out, or you can partner with another agent to share the clients and the burdens as you find your feet.

3. Never Turn Down a Deal This is especially important for first-timers. Even if the buyer has a modest budget that won’t translate into a big commission, they bring value to you in terms of real-world experience. If you make them happy, they might even spread positive word-of-mouth about your services. Never turn someone away when you’re trying to establish yourself in the real estate business.

4. Keep Studying You might not have to hit the books anymore once you’re certified as a professional real estate agent, but that doesn’t mean that you’re done with research. You’ll still need to do your homework about prices, listings, competitors, developments and home features. You can’t sell something to another person until you know what you’re talking about yourself!

These are just a few tips for becoming a well-known real estate agent. It isn’t always the glitzy, glamorous job that you see on HGTV, but it can still be an exciting and rewarding career, especially if you plan ahead for success. Good luck!

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