Author: Marlowe Clark

Risks And Regulations Concerning Lead Poisoning

One may think that with advances in infrastructure and healthcare, lead poisoning is a thing of the past. That’s not quite true, especially given the potential age of some homes. Lead-based paint was quite popular prior to 1978, and may still be present in homes built before then. That was less than fifty years ago, and homes can last quite some time, so there are still a lot of homes built before 1978.

That’s why there are regulations in place. Federal law mandates three specific actions when selling a home built before 1978. One is disclosure obligations. The seller must provide any information they are aware of regarding the use of lead-based paint in their home, including any test result and abatement efforts. The second is a required form in the contract that outlines information about lead-based paint. Finally, buyers will have up to ten days to conduct a lead inspection or risk assessment. In anything is found, this will be necessary for their repair or mitigation negotiations.

You may also be wondering what exactly lead poisoning looks like. The symptoms can differ between children and adults, and are much more severe for children. In either case, they occur due to exposure over a period of months or years. In children, lead poisoning can affect brain development, leading to slowed growth, learning disabilities, or behavioral issues. It can also cause hearing problems. In adults, lead poisoning can result in high blood pressure, muscle and joint pain, digestive issues, and problems with memory or concentration.

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What To Bring On Closing Day

The most important part of purchasing a home is closing day, when the official transfer of ownership takes place. If you are prepared, it should go smoothly. However, one missing document means a failed or postponed closing, so review your closing documents ahead of time. Closing day will involve executing the paperwork, paying any required fees, and ultimately getting the keys to your new home. Plan on having your ID, evidence of homeowner’s insurance and your closing cost funds. If you are not sure about anything, ask your agent or make a call to the closing office.

There are also a few things you should make sure to do ahead of time that don’t involve bringing a physical object. Confirm the closing fees before you arrive, and have any questions for your lender answered. Prior to the closing meeting, review the seller’s responsibilities and make sure they have been satisfied. Your agent can provide you with the final completion documentation for any seller obligations. If you pay attention to these details and all is in order, you should be able to walk away with keys in hand.

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How To Make Your Home Presentable On A Time Constraint

Whether it’s for guests, a house viewing or anything else, when you’re short on time and need to get your home looking presentable quickly, it’s all about prioritizing and simplifying. This is even easier if there are other people to assist you, and you are able to delegate tasks.

Prioritize high-traffic areas. This includes the living room, kitchen, and entryway, but most importantly, the bathroom. It’s often the most frequently used room by guests and the most off-putting when dirty, so it’s a top priority. Wipe down the sink, faucet and countertops and scrub the toilet. Replace the hand towel with a fresh one and empty the trash if needed. If you’re really short on time, use disinfectant wipes for speed. Unless you’re showing your home, there are probably rooms your guests won’t enter, such as bedrooms or home offices. If you don’t have time to clean them, just close the doors.

The next thing to do is remove clutter. A cluttered floor and tables makes any room feel messy. Even if you have an organization scheme in place, your guests don’t need to see all your personal items. Grab a basket and collect any things out in the open so they can be temporarily stored out of the way. This can be any number of unrelated things, such as toys, shoes, or paperwork, as long as they’re safely out of the way. You can deal with sorting it later.

There’s another way to quickly make your home feel more inviting that doesn’t involve cleaning at all. Light a candle or spray a fresh scent. It only takes a minute and creates a more welcoming atmosphere.

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Negotiation Tips For Any Situation

As with any sort of business deal, buying or selling a home involves a lot of negotiation. Fortunately, there are techniques to aid in negotiation that apply not just to real estate or business, but nearly any situation, even simple discussions among friends. It even comes with a handy mnemonic: Negotiation expert Jacqueline Twillie has coined the acronym L.A.T.T.E. to help with all your negotiating needs.

L: Look at the details. Making sure you’re fully informed about every detail and potential outcome will help you to decide what decisions you can make.

A: Anticipate the challenges. It’s probably a given that you’ll receive some pushback or have some hurdles to overcome during the conversation. Make sure you’re ready for the kind of questions or resistance you might face while negotiating and have your responses prepared.

T: Think about what you want to walk away with. Be clear in your mind about what you actually want from the negotiation, what you are prepared to be flexible on and which parts of your desired outcome are not up for negotiation. Also, be sure to consider what the other party wants from the conversation for a stronger approach.

T: Talk it through! Practicing talking through your points out loud will help you be confident and collected when it comes to the real thing. You may even find that hearing your points out loud helps you identify where your tone or approach might need to change.

E: Evaluate your options. Before making a final decision, give yourself time to review the outcomes you’ve been offered from the negotiations to make sure it’s what’s best for you.

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Why Is California So Much More Expensive Than Most Of The US?

California has always been an expensive place to live, and it’s only getting more and more expensive. The median home price is about 2.5 times higher than the national average, and 11 times the median income. Of course, prices are trending upwards across the nation. Appreciation over time is normal, and has accelerated in the wake of the 2020 pandemic. But these things affect everyone — so why is California specifically so much more expensive?

It’s not just as simple as having higher desirability, although that is certainly the case. The primary issue is a lack of affordable housing. There are multiple reasons for this. California may be the third largest state by area, but it also has the highest population of any state. It’s not among the densest, but it is rather sprawling. There’s just not a lot of open land to build on, particularly land that fits all the various zoning restrictions that are in dire need of updating. However, updating zoning laws is getting pushback from residents. Construction costs are also up. While construction companies typically would rather build multifamily residences, they have to build what’s in demand — which is mainly single-family residences.

In addition, because purchasing a home is so expensive, landlords are better served continuing to rent out their homes and units rather than attempting to sell, even though selling would decrease home prices. This is exacerbated by property tax laws in California. Prop 13 limits the rate at which property taxes can increase until a property exchanges ownership. Therefore, people who have owned a home for a long time can pay very little in property taxes, reducing the likelihood of any sort of market activity.

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More: https://calmatters.org/explainers/housing-costs-high-california/

Don’t Panic If An Inspection Finds Mold

Prospective homebuyers are prone to backing out immediately if the home inspection uncovers mold. This is usually a hasty response. Some level of mold is, in fact, quite common in homes. Of course, that doesn’t mean you should simply ignore it, but there’s also no need to panic.

Feel free to ask the inspector questions about the mold they found. You’ll want to know how severe the issue is and what the root cause of it is. If the issue is minor, you may even be able to fix it yourself — however, you’ll want to make sure of that beforehand, since mold can hide in places that aren’t visible.

Also, keep in mind that the inspector is neither a mold testing service nor a mold removal service. And yes, these are different things — while a mold removal service often will test for mold, there’s a potential conflict of interest if the same company is both testing for and removing it. If you think you’ll need professionals to deal with the problem, do your research. You’ll also want to know whether your homeowner’s insurance covers mold removal and associated repairs, as policies can differ.

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Why You May Want To Sell Your Home In The Fall

There isn’t necessarily an ideal time to sell your home, but there are definitely seasonal trends. Home sales are generally highest in spring and lowest in winter. There are several reasons for this, but there are also two seasons that are neither spring nor winter — summer and fall — and they also have advantages and disadvantages. So, why might you choose fall?

From a pragmatic standpoint, there isn’t a lot of competition in the fall, but there’s still some demand. Many sellers wait until spring, assuming that because that’s when most people buy, it’s the ideal time to sell. However, this results in an abundance of available properties, making it harder for any single home to stand out. In contrast, fall’s quieter marketplace means your home has a better chance of catching buyers’ attention. At the same time, it’s not winter, when many buyers aren’t looking to buy at all. Of course, there’s less of a difference in California where much of the state doesn’t have freezing temperatures. This isn’t limited to buyers and sellers, either — the entire industry runs at a more comfortable pace. Lenders, real estate agents, lawyers, surveyors and appraisers all tend to have less work during the fall, meaning the process can happen much quicker and more smoothly than in the busy spring and summer months.

Secondly, the cozy ambiance of fall can really enhance your home’s appeal. First impressions are important, and many people perceive fall to have a natural beauty, with its colorful leaves. Typical fall decorations, such as pumpkins and scented candles, can also feel warm and inviting. Moreover, cooler temperatures make house hunting more pleasant, encouraging potential buyers to attend open houses and viewings — though in California, this is more typical of the latter half of fall, as heat waves are not uncommon in September. All of these elements can create a strong emotional connection for potential buyers.

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How To Deal With Low Offers

If you’re selling your home, you need to be prepared to potentially receive offers below asking price. That’s just the way negotiations work. It’s important to examine the offers objectively, without getting offended, and understand why a prospective buyer might offer what appears to be a low amount. The reason could differ from person to person, and knowing what the buyer is thinking is important for understanding how to respond to the offer.

Obviously, you can’t read the buyer’s mind, but you can talk to your agent. Your agent may have insights into market conditions or particular wording in the offer, and can also speak to the buyer’s agent. It’s possible that your home is overpriced. This doesn’t necessarily mean that someone made a mistake in valuing your home — sometimes a home is actually worth more than surrounding homes, but is at a price point that isn’t appealing to people looking in that area. This could require compromise. It’s also possible the buyer is simply leveraging the nature of negotiations, expecting you’ll counter higher than their offer, but below your initial asking price. Another possibility is that the buyer is well-qualified up to a certain amount, and is hoping for a quick and uncomplicated transaction. If, however, the offer is egregiously low and the buyer is not willing to compromise, it’s probably best to forget about it.

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Stainless Steel Appliances Are In

When you’re trying to remodel your home to sell it, the best way to get ahead of the curve is to focus on the kitchen. Kitchen remodels can be very expensive, but that’s because they’re also very valuable. Even if you do nothing else, a well-done kitchen remodel can be highly cost effective, even if the cost is high. That means staying up to date on the current trends in the kitchen.

Right now, that’s stainless steel. Stainless steel is durable and easy to clean, and at least right now, considered aesthetically appealing. While some go as far as to include stainless steel countertops and cabinets, you don’t need to go that crazy. Stainless steel everything can feel cold and industrial, but you can balance that with marble countertops, traditional wood cabinets, or even just splashes of color. You could also pick between large or small appliances, and make one of those categories stainless steel; either one has the same effect.

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Negotiating Repairs Or Credits

As a prospective buyer, if you see something about a property you’d want to fix or replace, you’ll probably want to negotiate repairs or credits with the seller. The question is whether you want the seller to manage the repairs or you to manage the repairs. Neither choice is inherently better or worse, but certain circumstances or goals may cause you to opt for one or the other.

When buyers opt to negotiate repairs, the primary reason is that they simply don’t want to deal with it, and would prefer for it to already be finished by the time they move in. This is certainly a valid reason, but there may actually be a more important one. Many — though not all — loans require the property to meet a minimum standard of condition, and if the property falls short, you’ll need the repairs to be done before the sale is finalized if you don’t want the loan to be rejected. You should check your loan requirements before making a decision.

The most common reason for asking the seller for credit is that the changes the buyer wants are either minor or subjective. Minor repairs will still take time and delay the sale process if the buyer asks for the seller to take care of them. Repainting or choosing colors or materials are updates that require the new owner’s oversight, so it doesn’t make sense to put it in the hands of the seller. If your loan will allow it, you may even want credit for major repairs. This could be because you want more agency in the process, you have the skill to repair it yourself, or you’re on a time constraint and don’t want to delay the sale.

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How To Deal With Summer Pests

For many people, summer is supposed to be the ideal time to relax. Unfortunately, summer also comes with a few annoyances — namely, pests and overbearing heat. Fortunately, if they’re dealt with effectively, you can still enjoy your summer.

Different types of bugs have different living conditions. That can make it hard to cover for every single type, but it becomes easier if you know why they’re coming. Dealing with fruit flies and dust mites can be made easier by simply cleaning, but there are also more specific things you can do. Fruit flies are attracted to overripe fruits, and dust mites like high humidity. There’s also a trick for mosquitoes — they can’t fly well in windy weather, so you can use fans as a substitute to deter them.

As for the stifling heat, it may be that some rooms are hotter than others. In fact, this is probably the case even if your AC isn’t on — but it’s especially the case if your AC is on and there’s a problem with it. Your ducts may not be properly sealed, or the fan may not be working right. If applicable, direct more cool air to upstairs areas, since the heat rises. The heat can also cause issues for doors, as heat and humidity can cause wood to expand. This could make your doors stick or jam. You may need to adjust weather stripping, or possibly even shave the door down.

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What Type Of Roof Is Best For You?

Obviously, a roof is a very important thing to have. After all, the term “a roof over your head” is often used to represent the entire house. But most people only consider whether or not their roof is in good condition. They don’t think about what kind of roof best suits their needs.

Different roofing materials have different advantages. Which is right for you depends which factors are most important to you. Are you looking for something durable that will last a long time? Try metal or slate roofing. Metal roofing is increasing in popularity due to its longevity and customizability options, but slate roofs do last a fair bit longer, and are still considered visually appealing despite a lack of color options. Do you just want the most cost-effective option? Look no further than asphalt shingles, which are one of the cheapest roofing materials and can be replaced individually if damaged, rather than replacing the entire roof. Perhaps you’re into energy efficiency and eco-friendliness? Wood shingles and shakes can be sustainably sourced and have natural insulation, and tile roofs are energy efficient as well, while also resisting weather conditions, fire, rot, and insects and coming in a variety of colors and patterns.

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Which Factors Most Influence Home Values?

There are a significant number of factors that could potentially affect what your home is worth. It can sometimes be hard to pinpoint exactly how much buyers are likely to be willing to pay, even for experts. This is especially true in a changing economic climate. However, there are a few factors that can give a pretty good idea of a home’s value.

The first thing an agent will look at to determine a home’s value is recent sales of similar properties in the same or a similar area. This is called a comparative market analysis (CMA), and is the primary method of predicting home values. Unless the economy is particularly unstable, a home similar to yours in a similar area that sold recently probably sold for approximately as much as your home is worth. Looking at currently listed properties can help, but it’s looking at actual sales that is more valuable, because you know at least one buyer definitely was willing to pay that much, otherwise the sale would not have happened.

The reason CMAs look at specifically the same or similar areas is that prices vary extremely widely by neighborhood. Schools, shopping centers, public transportation and recreational facilities can significantly enhance a home’s desirability. On the other hand, high crime rates or noise pollution may detract from a property’s appeal. And it’s important to note that a similar area doesn’t necessarily mean a nearby area. Neighboring communities could be vastly different from one another, but there could be another neighborhood a bit farther away that has more features in common.

But the research isn’t done as soon as a CMA is complete. It may be difficult to find exact matches for your property, particularly when the market is slow. Granted, if you live in tract housing, this can be slightly easier — but only if other properties in the same tract have been sold recently. To combat this, agents adjust the value to account for differences between the comparative properties and your own property. This can include age of the property, condition, and upgrades, as well as property size, lot size, and features.

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New California Law Reduces Security Deposits

Much of the consideration for renting over buying comes from the lower initial cost. However, with quickly rising rents and increasing access to financial assistance especially for first-time homebuyers, that gap is closing somewhat. AB 12, which went into effect at the beginning of July, seeks to lessen the upfront cost burden on renters.

Under AB 12, no landlord can charge a security deposit greater than two months’ rent, and in some cases, it’s limited to one month’s rent. The one month limit applies to landlords who own either more than two rental properties or more than four units, as well as when the tenant is a military service member. In all other cases, the limit is two months. Unlike prior law, whether the unit is furnished or not is not taken into account.

What remains to be seen is how easily this law can be enforced, particularly whether landlords adhere to the one month or two month limit. Previously, the difference was whether the unit was furnished or not, something that could be easily confirmed or denied. However, landlords are under no obligation to reveal to tenants how many properties or units they own in total. Moreover, since a landlord can refer to either a person or a limited liability corporation, it’s possible to put properties managed by the same landlord under different names. There may be protections in place for tenants who discover a landlord attempting to sneak by this rule, but they may have a hard time proving it.

More: https://www.ocregister.com/2024/07/01/rental-security-deposits-in-california-cut-substantially-under-new-law/

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How To Prepare For Moving Day

You may think that if you hire movers to do your moving for you, you can just sit back and relax while they take care of everything. Unfortunately, that’s not the case. Even if you choose to make your next move with professional movers, there will still be plenty to do on moving day while the professionals do the heavy lifting.

Some of the work can and should be done ahead of time, but you still need to make sure it’s settled by moving day. This includes making a plan for kids or pets, establishing where the movers should park, and ensuring the movers have access to everywhere they will need to reach. You may also want to set aside some items that you intend to transport yourself, whether it’s because you don’t want them to break, you don’t want them stolen, or you simply want to retain access to them during the moving process.

You can’t rest when the moving process begins, either. It’s true that you don’t want to get in the way of the movers doing their job. And obviously, the best way to get out of the movers’ way is to simply not be there. But you also need to be available in case of questions or concerns. Not to mention that you probably want to keep an eye on the movers in case they do something shady, or just innocently misinterpret your instructions.

There are also tasks to complete after the movers are finished. First of all, make sure they took everything they were meant to take, and didn’t take things you intended to leave behind. Do a thorough check for small personal items that could be overlooked or fall on the floor. The property should also be cleaned after the movers finish, whether you do the cleaning yourself or schedule professionals.

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Can You Make An Offer On A Pending Property?

The short answer is yes, you can. This would be called a backup offer. However, it may not be worth your time, unless you’re very invested in the property. To understand why, let’s take a look at what a pending sale actually means, and what making an offer on a pending sale looks like.

When a property has the “sale pending” status, what it means is that the seller has accepted an offer, but the sale hasn’t yet been finalized. There are potentially several steps before a sale can be finalized, which can include contingencies, inspections, appraisals, and negotiations. Inspections and appraisals always take time, but may not be required. Not all sales have contingencies, but they come in multiple forms, some of which could take a long time — such as waiting for the sale of another property to close.

So while you could submit an offer on a pending property, not even the seller can know whether they will be able to accept it for a potentially extended period of time. If the pending sale falls through, they may accept or reject it, or want to negotiate further. Even if all of that works out, the property will then be pending with your offer. If you’re on any sort of time constraint, it’s probably not worth it. Furthermore, most pending sales don’t fall through, and half the potential reasons it could may reveal major issues with the property that might result in you not wanting it anymore.

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What Is A Buyer Agency Agreement?

When a buyer and an agent enter into an agreement for the agent to represent the buyer in the purchase of a home, that agreement is called a buyer agency agreement. If the agent is not performing per the agreement, the buyer may cancel the agreement by providing written notice to the agent. It is important for the buyer to make sure the right conditions are outlined in the agreement. A buyer agency agreement usually spells out the duties the agent has towards the buyer in finding and closing on a home. The buyer can participate in negotiating the terms of the agreement.

Buyer agency agreements have typical term lengths of 90 days but can be negotiated for any length. A buyer can specify the kind of property being sought so the agent keeps on track during their search. The terms of the agent responsibilities should also include negotiating on behalf of the buyer and making sure the sales transaction successfully closes.

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Create A Summer Vacation In Your Own Home

As summer is about to start, you might be thinking about summer vacation. Or, you may be lamenting that you can’t go anywhere this summer. Fortunately, you don’t have to. Transforming your own backyard into a getaway paradise is easier than you think. Not only will it bring the vacation to you, but it could also actually increase the value of your home if you’re looking to sell.

Typically, vacations are all about relaxing and getting away from your everyday reality. If you have a private yard, you can achieve this simply by adding outdoor seating and some plants. This will give it the feel of a private vacation. Of course, choose plants that are easy to take care of, otherwise it won’t feel like a vacation.

If you prefer for your summers to be filled with friends and fun, there are multiple ways to achieve that. Better yet, they’re often upgrades that you can take advantage of at any time, as well as investments in your home’s value in the future. If you like outdoor cooking and dining, consider an outdoor wood oven, paired with low-maintenance seating and hardscaping. If you like games, think about mini bowling or golfing, or maybe a pool table. For those who just like to sit, talk, and relax, a fire pit and ambient lighting could be perfect.

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Advantages To Buying A Fixer-Upper

Most buyers never consider purchasing a property that isn’t in a livable condition. And in many cases, there wouldn’t be much benefit to it, since they are planning to live there. But if you think of the purchase as an investment in your future, there could be advantages — that’s why most people who do purchase fixer-uppers are investors.

It should come as no surprise that fixer-uppers tend to cost less than move-in ready homes of a similar size, lot area, and location. But this isn’t the correct way to look at the investment. What it also means is that you can find properties in need of fixing with a larger lot or better location than a move-in ready home for the same price. Furthermore, the property continues to yield a return on investment as you upgrade, repair, and remodel. You end up with a property that has equal or potentially higher value than similar properties, while paying a fraction of the cost and building equity the entire time. It also might drive up the area’s desirability, further increasing property values overall, including your own.

Financial benefits aren’t the only reason to buy a fixer-upper. Though you won’t get as much freedom as with buying an empty plot of land, fixer-uppers still have a lot of flexibility in what sort of changes you can make. Even major additions and remodels can be done without needing to worry about building an entirely new foundation. If you have the means and the imagination, it’s not too far off from being a newly designed and built home with a much lower initial investment cost. Even if you don’t make too many or too significant of changes, it can be a learning experience if it’s not something you’ve done before — particularly if you choose to do some DIY repairs.

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Could You Benefit From Some Lesser Known Financing Options?

When people think of financing a home, what immediately comes to mind is getting a mortgage loan. For some people, this isn’t an option, or would be difficult to achieve. Fortunately, there are options that don’t involve loans or might make a loan easier to get, some of which you may not be aware of.

One option is a rent-to-own agreement, which can come in two basic forms. It can be a lease option agreement or a lease-purchase agreement. Both allow a prospective buyer to lease a home for a period of time before purchasing it, with a portion of the rent going towards the purchase price, in exchange for a small upfront fee. But there are differences. With a lease option agreement, the tenant has an exclusive right to purchase the home at the end of the lease term, but may also decide not to, forfeiting that right. A lease-purchase agreement creates a legal obligation for the tenant to purchase the home at the end of the lease term. This may sound like it’s strictly a negative, however, a lease-purchase agreement also locks the home price at the time the parties enter the agreement. Given that home prices tend to appreciate over time barring unexpected economic situations, this could mean your purchase price will be lower than market value. In most cases, you will still need a loan at the end of the lease term, but you will be accruing equity in the meantime and likely improving your credit score.

Another option that might allow you to bypass the need for a loan entirely is a shared equity arrangement. A shared equity arrangement is relatively simple, but might require connections. It involves seeking out others, typically investors, to share both financial responsibility as well as equity for a home. This is an excellent option for those who cannot get a loan, but can be a significant disadvantage when it comes to sell the property, since you won’t be getting nearly as much equity from your home’s value appreciating over time.

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