Answers to Common Real Estate Questions
The world of real estate is vast and often downright complicated. Real estate has its own vernacular, its own culture, and regulations that are so foreign to the rest of us. However as strange, as it may be, though, we all have to deal with it. So, to help those who are new to real estate or just want to learn a bit more about it this article is for you. Today, we will try to answer a few of the more common real estate questions like when you should make the move from renting to buying a home or whether you should sell your appliances with the home or not. These and much more are to come, so strap in and enjoy the ride. Remember, though, if you have any more questions after you're done with this article, you can always give us a call here at the Hughes Real Estate Group. We would be happy to field any questions you may have.
When should I make the move from renting to buying a home?
This is one of the most important questions you can ask when you are looking to break into the world of real estate. But really, it depends heavily on your situation - mainly your finances, your location, and space, but more on those later.
There are some benefits and drawbacks to both renting and owning as well which makes it even more complicated. For example, when you own a home you can call all the shots. Want to replace a light fixture? Go for it! But, on the flipside, you have more liability and responsibility. With an apartment, you don't have that liability and you can move and change locations quite easily.
If you are sure you want to buy a home, then the first thing you need to do is look at your finances. You need to be able to afford the monthly payments that are associated with a home which is, in some cases, much higher than those associated with an apartment. The best thing to do is to meet with a loan officer at your bank or with the lender you plan to go with and have them review your finances.
Next, of course, is location. You always hear it in TV and movies, "location, location, location". Well, there is a reason you hear it all the time: it really is all about location. If you can't find suitable housing that meets your budget that is in the wrong location, you may want to look elsewhere or wait to buy. One thing to consider with a location is your distance from work, friends, and amenities like shopping and entertainment.
Now there is space. Space is another important thing to worry about because if you have run out of space where you live, things can get really uncomfortable really fast. While a lack of space is not a reason to commit to a house and mortgage, it is a problem that needs to be addressed. If anything, you may need to look into just renting a larger rental home or apartment.
Should I sell my appliances with my home or not?
This is an interesting topic because there is no single right answer. It all depends on the situation at hand. There are dozens of situations that would call for you to sell all your appliances with your house, but then again there are dozens of reasons to only sell some of them. So what do you do? What are these situations?
Before we get into that, though, what is an appliance? Is it just the Fridge, the dishwasher, and the washer and dryer? No! In fact, there are a few more appliances that some people forget to mention. Some of these include the stove and oven, microwaves that are mounted, the furnace and air conditioner, and so on and so forth.
When it comes to the appliances that will usually be sold with the home there is the stove/oven, the dishwasher, mounted microwaves, the furnace, and the air conditioner. These are usually kept in the house because they are built into the house - at least in the case of the climate control devices. These appliances are also kind of awkward to move with you so it's just best to plan on leaving them. In the chance that you have an expensive stove/oven then you can always take it, that is no problem. Just be sure to specify that with your realtor.
When it comes to the rest of the appliances like the fridge and such you may consider leaving them if they match the rest of the kitchen or the house. This won't be very often, but it does happen.
What determines a house's price?
There is a lot that goes into the pricing of a home. The person who does the pricing has to be able to take into account the home's age, condition, location, size, style, and a host of other factors. They then have to take all that information and weight it against the current market to find out the home's estimated value.
If you are selling a home, there are only two people you should trust when it comes to pricing: your realtor and an appraiser. Most people have their real estate agent do the pricing because they are trained to do it and can usually get a pretty accurate price. An appraiser is someone who comes up with house prices all day long. They will be able to get a more accurate estimate of the home's value and their opinion on house pricing will usually carry more weight in a negotiation than that of a realtor. However, the biggest reason that you might want to have your real estate agent price your home instead of an appraiser is the cost. Your real estate agent gets paid as part of the sale of the home so they will price it for free. An appraiser, on the other hand, will need to be paid to do the appraisal. Usually, if a potential buyer is serious about buying a home they will pay for an appraiser themselves.
Now, these answers only cover a small portion of the questions you might have about real estate. We would love to cover the rest but we just don't have the time and space in a single article. So, if you have any more questions about real estate or real estate in Boise just call or send us an email. We would love to hear from you.