Home Improvement List: Order of Operations

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A leaking roof, a sinking foundation — these issues are about as urgent as a house fire. Hopefully you never have to encounter such problems as a homeowner. But when it comes to the smaller things, where should your priorities lie? What fixes should happen first? Where should you focus your attention when nothing is *that* wrong?

The answers lie straight ahead. We’ve got the rundown, renovation order of operations that you’re looking for.

Know Before You Buy

Before buying a house, a home inspection should tell you exactly where some of the problem areas lie.

Keep a running record or write in a calendar when you’ll need to fix these issues. Make sure you address the issues before they truly become a problem. For example, if the water heater is 6 years old, know that you have between 2 to 6 years left before you’ll need to replace it. You can start budgeting for these fixes now instead of getting slammed with financial surprises later.

General Replacement Timeline

Wondering how often you need to repaint the walls or when to repoint your brick? Let this renovation table serve as a guide:

Home TaskRedo or Replace Every…
Painting walls5-7 years
Painting home exterior5-10 years
Tuckpoint or repoint brick25-50 years, more often in wetter climates
Repipe plumbingCopper pipes: 70-80 years
Brass & steel pipes: 80-100 years
Redo insulation80 years
Replace vinyl siding40 years
Replace roof20-30 years

Here’s another guide on when to replace basic appliances (assuming that your appliance doesn’t die and need replacing sooner).

Home ApplianceLife Expectancy
Water heater10-15 years, 15-20 years if tankless
Dishwasher7-12 years
Oven15 years
Refrigerator14-20 years
Washer and dryer12-18 years (dryers usually last longer)

Aesthetic Changes

What if you just want to redo some things around your house, solely for aesthetic purposes?

While you can technically replace certain things whenever, you should try to time things around other changes. For the sake of color coordinating, for example, you might want to hold off on updating kitchen fixtures until you need new appliances.

That being said, if you’re up to date on your home improvement list, nothing major needs replacing, and you’re hankering to finally add some backsplash and update your shower, go for it! Aesthetic changes add a ton to your home’s value — sometimes they are just as important as functional changes.

How to Keep Track

Keeping track of your home’s changes and renovations is critical. Not only does it remind you of when things were replaced or renovated, but it also helps inform future buyers and get the best value for your home.

One of the best ways to keep track is to create a spreadsheet documenting changes. It’s also a good idea to keep receipts or reports as well. However, you can make tracking changes into a fun project: for those with huge renovations underway, a scrapbook is a great way to show off your hard work!

Feeling inspired to make your home the very best? Want to start buying and flipping houses? Proud of your home’s progress but feeling ready to sell and start anew? Work with RealtyHive! From buying to selling, our time-limited events can do it all.

How to Market Your International Property

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What do cooking, painting, decorating, outfit planning, and real estate marketing all have in common? They all are proof that the devil is in the details. 

While we could talk about the details of accessorizing outfits or line movement in art, we’ll stick to what we know best. Because while marketing an international property might seem the same as marketing a domestic one, you’re about to find out how the details make these two selling situations drastically different.

Detail #1: Vernacular is very important.

Thinking of buying a house and renting out bedsits? Do you need a letting agent or a barrister to do so?

While bedsits (single-occupancy rooms) and barristers (lawyers) are U.K. English words, it goes to show that language differs a lot — even across English-speaking countries. For this reason, it’s essential to know the lingo that your international buying audience uses and searches for.

Here are some tips to ensure your listing is linguistically accurate:

  • Measuring units: Convert to metric or imperial measurements when necessary (or consider using both if your buying audience is also international).
  • Use outside resources: Find websites with real estate glossaries specific to a region or talk to someone local who has great insight.
  • Keep it simple: Sometimes it still makes sense to list in English even if your buying audience doesn’t speak American English. If that’s the case, avoid lengthy and descriptive text — a text is considered difficult to read even when a person understands 98% of the words. When potential buyers can’t understand what you’re writing, they’re much more likely to give up on your listing.

Detail #2: Pictures are priceless.

Most of the time, international properties are not sold to locals but to buyers living outside of the region or country. When traveling takes hours or even days, you need knockout, professional photos that show buyers this property is worth the trip. 

With that in mind, honesty is crucial. If your property is further from the beach but your listing makes it seem closer, you’ll turn off potential buyers. Make sure photos accurately depict your property so that potential buyers know what to expect when they visit.

Detail #3: Amp up amenities.

This Dubai condo certainly has some brag-worthy amenities.

This detail is definitely a real estate marketing tip that transcends borders. Everyone wants to know what your property has to offer! Is your house walking distance to downtown? Does it come with a pool? Are the views sensational? Is the bathroom newly remodeled with a to-die-for shower? Every property has its own unique benefits — use photos and your listing to make these benefits both enticing and clear.

You might want to downplay the less-than-stellar aspects of your property (HOA fees, anyone?) but being upfront is essential. If a potential buyer feels like something is sprung on them, they’ll most likely back out. Honesty is always the best policy.

Detail #4: Web presence is powerful.

While very rare, it is possible to get away with a newspaper ad or sign out front for a domestic real estate listing. However, we can’t emphasize enough that a web listing is virtually necessary for marketing your property. This becomes even more true with international real estate marketing — you will likely never sell an international property without an online listing.

But this is where it gets tricky. Since sites like Zillow don’t list internationally, how can you get your overseas property out there? 

RealtyHive is the answer. We offer marketing and international listings to get your property the attention it needs. And since we always list international properties, we have the marketing skills you’re looking for. Sell with RH today!

How to Become a Real Estate Agent

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Thinking of making a career change? If being your own boss, seeing beautiful homes, and helping people achieve their dreams sounds great, becoming a real estate agent should be in your cards. Take a look at the process, pros and cons of agent life to see if it’s the right career move for you.

The Process of Becoming an Agent

Steps to Becoming a Real Estate Agent

  1. Study your state’s agent licensing requirements.

    Every state has different requirements. It’s important to see what’s expected of you before diving in. Keep in mind, you can become licensed in multiple states as well.

  2. Take a prelicensing course.

    Find a school with a good reputation and an equally good track record for post-graduates.

  3. Apply for your real estate salesperson exam.

    Each state has specific rules on when you can take this exam and whether or not you qualify. Some states require background checks and fingerprints which take awhile to process — know what you need to submit far in advance before you actually are ready to take the test.

  4. Pass the exam

    Hopefully you’ve studied and feel confident for your exam, but it’s OK if you don’t pass it the first time — you can retake it.

  5. Find a broker.

    Every agent legally needs a broker. Even though agents can also become real estate brokers, it’s best to interview multiple brokers and find one to work with (especially when you’re just starting out). After a sale, you will pay this broker through something called “commission splits.”

The Pros of Becoming a Real Estate Agent

You’re an independent contractor. You get to set your own rules! Take vacations when you want, work when you like — you set the pace for your work.

You get to work with others. Becoming an agent is a great job for anyone who loves working with people. While challenging, it is insanely rewarding to help people fulfill their dreams of owning a home.

You learn a ton of valuable knowledge. Knowing the ins and outs of real estate is immensely helpful when you’re looking to buy or sell your home. 

You don’t need to go to college. While you have to take a prelicensing course, it’s much less expensive than paying for tuition. The course cost ranges by state but is usually $500 to $2,000.

You can start at the age of 18 or 19. Most decent paying jobs are unavailable to the youngest adults, but that’s not the case with agents. As long as you’re an adult who is also a legal resident, you hit the basic criteria for becoming an agent (though, as mentioned, you might have to also pass a background check, depending on state).

The Cons of Becoming a Real Estate Agent

Before diving in, we’d just like to point out that many of these “cons” could also serve as “pros,” depending on the person and the situation.

You won’t have any benefits. While there are some definite advantages to becoming an independent contractor, one of the biggest downsides is not having benefits. You’ll have to provide your own health insurance and set up a retirement fund.

You’ll need a solid network. If socializing and networking are your cup of tea, this isn’t a negative. However, you will struggle as an agent if this isn’t the case. Those living in rural areas or who just moved to a new city will definitely have an uphill (though not impossible) battle.

You probably won’t make as much as you think. At least, not at first. In fact, the median annual salary for a Realtor with 2 or fewer years of experience is $9,300. This leads us to our next point:

Most people aren’t full-time agents. Again, this isn’t necessarily a negative, but whether it’s because of the work, the time, or the lack of income (or all three), most people do other work on top of being an agent. It’s important to note that many agents don’t re-up their license once it expires for the first time (after five years).

While there are both pros and cons to becoming a Realtor, don’t let the negatives discourage you! RealtyHive works with agents, buyers and sellers alike. We can help you stand out in your market, differentiate from the competition and sell more properties. Become a member, market your properties, or represent a buyer with RH.

Think You’re A Real Estate Pro? Take the Quiz and Find Out!

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When it comes to real estate knowledge, are you as seasoned as an agent or still renting a studio? See how you stack up with our real estate quiz!

1. What does a buyer do FIRST when they find a house they want?

A. Hand over cash to the seller.
B. Set a closing date.
C. Write an offer.
D. Sell their current house.

2. True or False: A house can’t fail a home inspection.

3. What happens when a real estate agent refers you to another agent?

A. You pay both agents separately.
B. The referral agent gets a cut from the selling agent’s commission.
C. The agent who is referred gets their entire commission.
D. The referral agent automatically gets the next closing.

4. Which of the following is NOT a downside to FSBO (For Sale By Owner)?

A. It’s a lot of work.
B. A property could sit on the market for a longer period of time than normal.
C. A property could sell for less than if the sellers had an agent.
D. Sellers won’t have to pay agent commissions.

5. What can a non-recourse loan be used for?

A. Purchasing a home.
B. Purchasing just a vacation rental property.
C. Purchasing just a long-term tenant rental.
D. Purchasing properties that are turned into rentals (regardless of type).

6. Why is “We Buy Houses For Cash” a bad idea? Choose all that apply.

A. It’s a scheme that only offers cash for sales.
B. It’s a scheme that preys on the vulnerable.
C. Sellers tend to massively lose out on their home’s actual value.
D. It’s a scheme that takes any property, which hurts future buyers.

7. True or False: It’s a bad idea to list your home in the fall.

Friendly neighborhood with porches and sidewalk.

8. What is an escalation clause?

A. An addendum that sellers include in their home listing.
B. An addendum that buyers can add to their offer.
C. An addendum that real estate agents write up at closing.
D. An addendum that lawyers add in at closing.

9. Which of the following is NOT an advantage to building a house?

A. Getting to customize the design.
B. Having more control in a house’s structure/overall look.
C. Typically more expensive than buying.
D. Can add in features that are more expensive to install on an existing house.

10. What’s the difference between a vacation rental and long-term tenant rental?

A. Long-term tenant rentals are for people living in the property for a longer amount of time (usually on a lease), vacation rentals are for guests to rent during travel.
B. Vacation rentals are only in tropical locations, long-term tenant rentals are in cities.
C. A vacation rental has to be listed on Airbnb and a long-term tenant rental is listed with VRBO.
D. Long-term tenant rentals are exclusive properties that people rent first, then buy.

Answers

1. What does a buyer do FIRST when they find a house they want? 

A. Write an offer. The sellers have to accept the offer in order for the sale and eventual closing to go through.

2. True or False: A house can’t fail a home inspection.
True. Home inspections solely look at the conditions of a house. Even if your house has major repairs needed, you won’t “fail” an inspection.

3. What happens when a real estate agent refers you to another agent?

B. The referral agent gets a cut from the selling agent’s commission. Referral agents traditionally get 25% of a closing agent’s commission.

4. Which of the following is NOT a downside to FSBO (For Sale By Owner)?

D. A property could sell for less than if the sellers had an agent. Real estate agents have more of a pulse on listings and pricings and can get sellers the best deal.

5. What is a non-recourse loan used for?

D. Purchasing properties that are turned into rentals (regardless of type). As long as the home was built after the ‘40s and is not the owner’s primary residence, a property will qualify.

6. Why is “We Buy Houses For Cash” a bad idea? Choose all that apply.

B. It’s a scheme that preys on the vulnerable.
C. Sellers tend to massively lose out on their home’s actual value.

7. True or False: It’s a bad idea to list your home in the fall.

False. That myth might have once had more truth to it, but in this day and age you can still list your home in the fall (or winter, for that matter).

8. What is an escalation clause?

B. An addendum that buyers can add to their offer. Escalation clauses give a buyer’s offer a boost. If there are other interested buyers, this clause allows buyers to say “I’ll increase my offer by [x incremental dollars].”

9. Which of the following is NOT an advantage to building a house?

C. Typically more expensive than buying.

10. What’s the difference between a vacation rental and long-term tenant rental?

A. Long-term tenant rentals are exclusive properties that people rent first, then buy.

If you got all 10 right…

You are a seasoned real estate pro! Are you sure you’re not a real estate agent?

If you got 7 to 9 right…

You are at least a second-time homeowner! You have tons of insights that you’ve gained over the years.

If you got 4 to 6 right…

You’re a first-time homebuyer! You’re learning lots and it’s starting to show.

If you got 3 or less right…

You’re a renter! Good for you for building your real estate knowledge — keep going!

How to Find a Good Deal on Real Estate

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If you’re a coupon saver, wholesale shopper, wait-for-it-to-go-on-sale-er, it only makes sense that you want the best deals possible when buying a house. But truly, who doesn’t want to save money on one of the biggest expenses of their life?

The best way to find real estate deals isn’t limited to buying with cash or knowing where the next “big” area will be. There are a few other ways that you could potentially score some substantial savings.

Find a motivated seller.

Motivated sellers are just what they sound like: homeowners who are really determined to sell their house ASAP. This might be the case if:

  • The seller doesn’t have the means to or interest in fixing up their house.
  • The seller’s house has been on the market forever.
  • The seller has another house and/or mortgage to pay for.
  • The seller isn’t living in their house’s area.

Because of these circumstances, motivated sellers are likely to reduce the price or meet the buyer’s terms. Compared to your average competitive market where the seller holds all the cards, finding a motivated seller is a great way to get a deal.

Buy out of season.

For a long time there existed a stigma about buying (or listing) a house in the fall or winter. While the season doesn’t automatically determine a buyer’s or seller’s success, there are still plenty of people who think it’s best to wait until spring or summer to look or list.

Looking “out of season” means you might face less competition and that the buyers are more desperate to leave their house. Moving in the winter is far from ideal but hey — who wouldn’t want to save thousands of dollars just for a few hours of moving in the cold?

Work with a real estate agent.

Real estate agents will likely know how long a property has sat on the market — and they’ll know how long is “too long” in your area. This insight could point you in the direction of a motivated seller who’s desperate to sell.

Look above your price range.

When every buyer goes for the same house price range, the competition drives up the price. Consider raising your ideal price by 15% when looking for a house. You’ll likely come across houses that similar buyers to you have missed. Plus, you could even put in an offer that’s within your existing ideal price range and end up paying just that!

Consider houses with a death or divorce situation.

Is it morbid? Oh yeah. Is it a good strategy? Absolutely. The general public is superstitious and tends to shy away from houses with bad juju. 

In some areas, it’s required to disclose deaths and that usually hurts the value of the house. If you’re able to make an offer before the house is listed, you might still snag a great deal and the family or estate of the deceased could get more than what they might through putting it on the market.

In situations of divorce, people tend to want to sell fast and move on. This information is not something you’ll find on a real estate database, so your best chance for getting a deal is probably knowing of someone in your personal network. Of course, if you know someone getting divorced, have some tact and respect. The last thing you want is to make it seem like you’re just here to capitalize on their trauma.

Buy through a time-limited event.

Most buyers don’t think to look at time-limited events for some potential house deals. But the fact is that all TLE sellers are motivated sellers! RealtyHive has countless listings that you can look through and make a pre-event offer on. Look through our listings today — you just might score the deal of a lifetime.

Do DIY House Projects Hurt Your Home’s Value?

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No matter what style house you have, no matter where you live, you share something in common with every other homeowner on the planet. At some point, your house will need improvements and repairs.

Repairs range from annual (like sealing your house from drafts) to hopefully once in your lifetime (such as replacing your roof). Home improvements (think renovating your kitchen or repainting your living room) aren’t usually as time-sensitive as repairs.

But whether it’s a repair or an improvement, both are time-consuming and range from financially inconvenient to scarily expensive. It’s natural for most people to think about solving the issue themselves rather than fork over hundreds or thousands of dollars. However, are the short-term savings of a DIY home fix worth potentially decreasing your home’s value? If you fix things on your own, will it come back to bite you?

Spoiler Alert: DIY projects can hurt your home’s value.

But only if they’re not done correctly. If you try fixing or improving home issues on your own and are unsuccessful, one of two things will happen:

  • Future homebuyers will have to pay for them, lowering the price of your home OR
  • You will have to pay for the fixes if the homebuyers include this as a contingency in their house offer (and you accept the offer).

However, you don’t have to put down that nail gun just yet. There are plenty of times when DIY projects won’t negatively affect your home’s value.

When do DIY home projects make sense?

Smaller, low-stakes projects are OK to tackle on your own (if you want to). Some examples include:

  • Changing out door knobs or handles
  • Updating kitchen fixtures
  • Painting
  • Sealing leaks throughout your house
  • Minor plumbing issues (like a toilet that won’t stop running)
  • Replacing a door

Most of these fixes require attention to detail, confidence, and being thorough, and access to YouTube doesn’t hurt. They’re all fairly inconsequential — for example, choosing the wrong paint color is no fun, but it’s an easy mistake to remedy.

DIY home improvements also make sense if you want to take the project on and it’s manageable. It’s fun to learn new skills while bettering your home.

When should you hire a professional?

There are three main situations for when you should hire a professional:

  1. Structural projects
  2. Dangerous projects
  3. “I don’t want to do this” projects

Structural Projects

Repairing the foundation, repiping plumbing, installing a new heating system (such as switching to geothermal), or home improvements like adding a new room — all of these are structural projects that require a professional. Making a rookie mistake on a foundational project isn’t just expensive in the long run, it’s downright dangerous.

Dangerous Projects

“Electricity” and “danger” go hand in hand, which is why you want to leave these type of home improvements up to the pros. Becoming a journeyman electrician can take 5 to 6 years, with much of that time including apprenticeship. That’s more time than most people spend in undergraduate programs, and it’s because electrical work is tricky and dangerous.

Other dangerous projects involve working with certain chemicals or materials that are hazardous for health (asbestos removal is a prime example) or anything involving heights and power tools (think tree trimming or roof replacement). Professionals have the necessary equipment to handle these types of projects. Hiring a pro not only helps maintain your home’s value, but it also ensures your safety. 

“I Don’t Want to Do This” Projects

Lacking the time to complete a necessary house project (or learn how to do it)? Think DIY home improvements should stay on HGTV? Hire someone instead! Home projects often reflect the attitude going into them — if you really don’t want to retile the bathroom, you’re more likely to speed through and do a sloppy job, which will only cost you more later.

DIY home improvements can save you money, but at the end of the day, if the job isn’t done well, it will cost you. Professional work and craftsmanship will always reign supreme in the land of home appreciation, but that also doesn’t mean you can’t learn the skills to fix things on your own.

If you’ve read through this with a sinking feeling, thinking of your home’s DIY fixes that work for you but might not for the next inhabitants, don’t despair! Sell with RH for a time-limited event (you can even get cash back with Cashifyd). Even if your house isn’t in the best possible condition, we can still help.

What Exactly Is a Title Company?

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When it comes to selling or buying a house, everyone knows about real estate agents. Many people know about house offers and contingencies, and even more people know about the need for homeowner’s insurance. But there’s one very crucial element to real estate that remains somewhat of a hazy mystery:

What exactly is a title company?

What is a title?

Before buying a house from someone, you need to make sure that they legally own the property. A title company does just that. They run a search to ensure that, before a sale goes through, the current homeowners legally own the home. 

People sometimes confuse titles with deeds:

  • A deed is a legal document that transfers the property between owners.
  • A title is a legal document that states who owns the property. When you become the new homeowner, the title is now in your name — sort of like registering your car.

When is a property legally owned?

A property that’s owned free and clear has no mortgages or liens associated (the house is paid off). However, you can still sell a house when you have a mortgage.

In this event, you’ll give your money to a middle man (usually the title company that holds the escrow) and they’ll pay off the seller’s mortgage. The proceeds will then roll into a new property, their bank account, etc.

Here are some instances where a property might not be legally owned:

  • Unpaid taxes
  • Outstanding mortgages (mortgages that weren’t previously discussed)
  • Illegal boundaries or encroachments
    • Ex: A house that is not entirely on the land that it’s zoned/surveyed for (such as a house that’s partially built on a neighbor’s land) would bring up issues.
  • Restrictions, leases, or easements: A person can still legally own a property with any of these, but they must be disclosed to the buyers.
  • Problems with the deed
    • Ex: The previous sellers bought the house from someone in their family or in some other “under the table” format but there is no deed to prove they own the house.

Every homeowner needs title insurance.

The last thing you want is to buy a house with a legal issue. If that happens, the problems of the past homeowners become your problems unless you have title insurance.

Title insurance protects you in case the home you’re planning on buying is not legally owned.

Title company ≠ title agency.

A title agency represents the title company; the title company itself underwrites and distributes title insurance. When you close on a house, you’ll most likely meet with a title agency (and you can choose which agency you work with).

Can title companies get something wrong?

It’s scary to think about but it’s true nonetheless: sometimes title companies make mistakes. 

In all honesty, many times what might seem like a mistake is actually a lack of comprehension or understanding on the part of the buyer or seller. This is why it’s essential to have a lawyer or real estate agent with you to go through the closing paperwork.

However, when a title company truly is at fault, they are liable. Be sure to carefully look over everything before signing and again, bring a lawyer with you. 

Will title companies continue to play such a vital role in the future?

It’s more than likely, but the paperwork part might change. Instead of printing massive amounts of paper for reading over and signing, there’s a chance that title agencies will go paperless in the future. Cook County (where Chicago, IL is located) uses blockchain for closing transactions, eliminating paper.

Whether you’re a seasoned vet or complete novice in the real estate industry, RealtyHive has the resources you need. Sift through our listings to find a home near you (and get cash back with Cashifyd), sell with a time-limited event, or browse through our blogs for the latest in real estate info.

Does it Make Sense to Own a Home While Still Renting?

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Buying your first house but not living in it — seems pretty crazy, right? To many people’s surprise, it’s a housing market trend that’s spiked in recent years, particularly among millennials. But why is this happening, and is this real estate trend a good idea?

Why buy a house you’re not going to live in?

Millennials prefer urban living. Unfortunately, their tastes in location can’t compete with city housing prices. Buying a house in a city is astronomically more expensive than buying outside of one.

However, cities offer job opportunities that smaller towns don’t. Instead of driving 45 minutes to an hour (or more) every day for a commute, many millennials opt for living closer to their job.

This leads to the current housing market trend: buying a house you’re not living in. Millennials will sometimes buy a house outside of the city that’s more affordable while still renting a place out in the city. Here’s why:

  • Opportunity to rent out. Renting out a house could cover part (if not all or more) of the mortgage on a home. Eventually, this investment property could turn into a source of income.
  • Place to settle later. Whether decades down the road or in the next few years when their employers finally allow people to work remotely, having a house to settle in is a wonderful source of comfort.
  • Passion project. For those flippers who love turning a property for a profit, it might make sense to spend nights or weekends working on a house outside of the city.

When does it make sense to buy a house while still paying rent?

While this trend might sound lucrative, it’s still a bit risky. The last thing someone wants is to pay for a mortgage, homeowner expenses, and expensive rent every month. However, there are a few situations where this might work:

Your current rent isn’t bad…

If you don’t break out into a sweat paying rent every month, you might be in good shape to own a house on top of it. We’d like to think that if you’re sharing a place and paying $700 or less in monthly rent, you might be in a good spot to pay an $800 to $1,000 mortgage. But again, you’ll know your finances and what you can handle best.

…AND you could rent out the house you’re considering.

Find a property that you know could turn a profit (or at the very least, lower or eliminate your mortgage)? That’s a great sign. And don’t limit yourself to long-term tenant rentals, either. Vacation rentals or even flipping houses can help your financial portfolio grow.

The house could appreciate massively in the coming years.

Of course, buying in an area that will be popular but isn’t quite there yet takes some finesse. But if you’re nearly positive the house you’re considering could sell for significantly more than what it’s worth right now, it’s likely a good investment property. A diet of rice and beans and frugal living until you sell your house could very well pay off.

You see yourself living in this home (and can afford two rents until then).

Maybe you’re waiting for your novel to get published or your boss to let you work remotely. Maybe you and your partner are starting a family soon and one of you can (or wants to) stay home with your child. No matter the situation, it could work in your favor to buy a house, even if you still have to rent a place in the meantime. It might work better to have a place set up instead of entering the housing market when you’re “ready.”

While paying rent and a mortgage is not ideal, many people are making it work. What’s more, many are actually profiting off of this real estate trend. When you’re ready to jump into the housing market (or are even just ready to think seriously about things), jump in with RealtyHive. In addition to our listings, we offer cashback opportunities for homebuyers. Get started today!

Should you list your home in winter?

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It’s the most wonderful time of the year, but is that true for real estate?

Conventional wisdom states that winter is the worst time to buy or sell a home, but we haven’t had a conventional real estate market in a while. People used to be less interested in buying and selling during the hustle and bustle of the holiday seasons, but the rules have been rewritten.

Why you should list your home in winter

The Internet Has Changed Everything

The internet lets buyers explore a new home without ever leaving the comfort of their own. Part of the old argument against listing your home in winter was the fact that shorter days meant fewer daylight hours. It’s hard to get a good look at the exterior of a home when it’s dark out. The internet has once again made this concern obsolete. If you do list your home in winter, it is a good idea to make sure the exterior of your home is well light. Focus on making your home look inviting for any prospective buyers who drive by or come to a showing.

Inventory is Down

The lack of housing inventory is well known. Factors such as the strong economy, the low unemployment rate, the Millennial generation coming of age and Baby Boomers looking to downsize has meant stiff housing competition.The McMansions that were so popular just before the housing crisis in the late aughts have faded from favor and instead smaller, more affordable homes are in high demand. Regardless of the type of home you have, listing in winter means you’ll face less competition on the market and your home will stand out.

Flaunt It If You’ve Got It

Winter is a great time to show off some of the special features of your home. Whether it’s a fireplace, built-in sound system, or formal dining room. With the holidays around the corner and entertaining on the mind, if you list your home in winter, these “extras” will really make your home stand out.

It is also a great time to showcase any energy efficiency upgrades you have as well.  Depending on where you live, winter may also bring out some of the challenges in a home. Think frosty windows and icy gutters–so being able to show your home at a challenging time, as long as your home stands up to the challenge, will help buyers see the value.

Nosey Neighbors Need Not Apply

Winter tends to bring out serious buyers. While there are great advantages to buying and selling a home in the winter, the fact of the matter is that most people are not looking for a new home during the holidays. This also means that the ones who are looking are serious about making a deal happen. You can expect that if you list your home in winter, any person who shows interest is motivated and ready to make a deal.

Winter can be an excellent time to sell your home, although it isn’t for everyone. If you’re considering putting your home up for sale this holiday season do you research, find an agent you trust, and enjoy the process. After all, it’s the most wonderful time of the year!

Should You Downsize Your Home?

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Downsizing was once considered pretty mainstream. As homeowners grew older and as kids moved out, relocating to a smaller house became the go-to move. 

But as more people continue to stay in their homes, the relevancy of downsizing is up for debate. RealtyHive is here to investigate: Is downsizing worth it, or has this trend phased out?

The Benefits of Downsizing

Downsizing homes was a popular trend for reasons that are still pretty valid:

  • Less to manage. Taking care of a 3- or 4-bedroom, two-story home or massive yard/property is often very challenging for older folks. Smaller homes are much easier to manage.
  • Less expensive. Energy bills are significantly less in smaller homes. Especially if you’re not using all the space of your home anymore, it doesn’t make sense to pay for it.
  • More accessible. Navigating stairs in older age isn’t just tricky, it’s downright dangerous. Moving to a smaller home can eliminate many of the hazards in a bigger home.
  • Could be profitable. If you bought your house for the median price of $47,200 in 1980 (we know, our jaws dropped too), you could very well pay for a smaller home outright after selling. Of course, this is assuming your existing home appreciated in value.

Why People Aren’t Downsizing (As Much)

A big reason for this is that humans are living longer. Whereas a person in their 50s might have looked into downsizing several decades ago, many people in the 21st century are fully functional in their homes, well into their 60s and 70s.

The other main factor is that technological advances make it easier than ever to stay in a person’s home. Stairlifts, chair lifts, and even elevators take hours or days to install. Smart homes are designed with convenience in mind. Many people would rather make their current home more accessible if it means they get to stay put.

The “Silver Tsunami”

Zillow reports that “33.9 percent of owner-occupied U.S. homes are owned by residents aged 60 or older, and 55.2 percent by residents aged 50 or older.” In the next few decades, nearly 90% of houses will become available as the baby boomer generation passes away. While many people struggle to find a house, this will rapidly change in the coming years.

But what does that mean for downsizing? 

Since people stay in their homes longer, there’s a shortage of available homes and the housing market is incredibly competitive. For many boomers, it’s currently a struggle to close on a smaller home that makes financial sense. Downsizing has a lot of potential benefits, but not if buying a new home will wipe out a person’s savings.

Is Downsizing Worth It?

If you…

  • want to downsize AND
  • find a smaller home that’s well within your budget AND 
  • you can make a substantial profit through selling your current one

then downsizing is a good option. But if you want to stay in your home and age in place and have the means to do so, that will also work. 

One of the most important things to remember: nothing in life is certain, and this becomes even more true as we get older. You might plan on downsizing and living in your new house for a decade or two, then deal with unexpected health issues that require assisted living. No one likes thinking about it, but it’s necessary to keep in mind.

If downsizing feels like the right move for you and it makes financial sense, then go for it! If you have to tap into your retirement to downsize, if the housing market is not favorable for downsizing in your area, or if making your current home more aging-friendly will take much less time and money, then don’t feel the need to downsize.

Ultimately, the decision is yours, but RealtyHive can help. Look through our listings to find a home in your area (or even somewhere far away) to see if downsizing would work for you.