A home that is currently occupied can be hard to sell. Thus, tenants can make or break a sale. You cannot simply evict them just because you plan to sell your property. You need to understand that you have to think of the welfare of current tenants, your home, and the homebuyers.
Here are 7 tips when selling a tenant occupied home:
Talk to your tenants in-person
While it is easy to just send a letter to your tenants about your plan to sell your home, personally talking to them is a significant act of courtesy. Discuss why you need to put the property out in the market and ask for their cooperation during the process.
Wait for the contract to expire
It is not the best decision to ask your tenants to move out on a short notice. Let them know that you are selling your property and give them ample time to transfer. When they ask if they could extend the duration of their residency, think carefully how it could affect your sale.
Do not renew the contract
If you already have a sure buyer, do not extend the contract of the current tenants. Doing so might cause the client to just opt for a vacant home rather than an occupied one.
Hire a professional
To avoid legal troubles and the hassle of the selling process, you can opt to hire a real estate professional. Brokers understand how the industry runs. Thus, they can help you sell your home faster and easily without problems.
Sell the home to your tenants
You can ask your tenants if they would want to consider buying your home. If they have lived in it for quite a while, they might be interested in purchasing it. You can offer them the earliest opportunity to be the owner before you start posting ads about the property.
Help the tenants relocate
If the homebuyer has scheduled a specific date of transfer, you can help your tenants move out. Move them into your other rentals if possible, or assist them in finding a new home. Relocation is a dreadful task; help lessen the stress of home searching.
Selling your home requires client visits and inspections. You need the help of the tenants to make the house accommodating. Typically, tenants do not keep a property in a ready-for-viewing condition. And yes, it is hard to sell a grubby home. You could suggest a break or a discount on the rent to entice them to cooperate.
It is a challenging task to sell an occupied property. Reduce the difficulty by creating a sales plan before you put it out in the market.
You’ve finally found the house of your dreams – or so you thought. It’s easy to get caught up with impressive features when you’re looking for a home that you fail to look deeper and ask more questions.
It’s not that sellers don’t always tell the truth about their homes to potential homebuyers but it’s always better to be safe than sorry. Before you put down that deposit, look out for red flags during your home tours or viewings.
Here are 10 home-buying signs that shouldn’t be overlooked:
Run the water in the bathroom, kitchen, laundry, and flush the toilets as well. This will give you an idea if the house has good water pressure and if the sinks are draining properly.
With the increasing unpredictability of rain and climate change, flood zones have become increasingly important. Purchasing a home in a high-risk flood zone can mean a dramatic increase in insurance costs, as well as more difficulty selling the home in the future.
Don’t hesitate to ask the seller how old the roof is. A well-maintained roof doesn’t have three layers of roofing and gutters with plants growing in them. Check for damage, rust, leaks or missing, cracked or sliding tiles.
Check if the switches and outlets in the house function properly. Replacing old and faulty wiring can be very expensive.
If you only smell potpourri all over the house during your tour, the seller is probably hiding something. Take a big whiff of the air inside and outside the house just to be sure.
History of the house
Ask when and why repairs were done. You may also want to know about former inhabitants, deaths in the house and crime reports in the neighborhood.
Though you’re not a structural engineer, you can check out a home’s foundation by its telltale signs alone. Cracks in the walls, ceiling and flooring indicate a foundation problem. Keep in mind that even relatively minor foundation damage can lead to bigger (and more expensive) repairs down the road.
No one wants a home with a pest problem Keep an eye out for unwelcome creatures, droppings, mouse traps and poisons as you tour the house. A clear indication that termites are inhabiting the place is hollow-sounding beams and door frames.
Inspect the carpets and other floor coverings for wear. Lift all the rugs to be sure they are not covering any damage.
You should definitely look somewhere else you if you don’t like the style of a home. Don’t waste your budget for a big facelift.
When you’re house hunting, don’t let looks deceive you. Make it your responsibility to have a keen eye and leave no stone unturned when seeking information or else you’ll end up wasting your hard earned money.
No one likes to see pests wandering and crawling all over their homes. Just the thought of it already sends chills down my spine. Eew. Imagine seeing them while you watch your favorite romantic flick or while you enjoy your day off from work. So, what should we do when we see these pesky critters invading our personal space?
Here are some useful DIY pest control remedies:
Cucumber Ants have a natural aversion to cucumber. Set out peels or slices at their entry point. Pretty soon you will notice they no longer roam around your house.
Vinegar The pungent scent of vinegar repels ants. Spray vinegar on their entry paths and let it dry well. The classic vinegar is generally used for this, but apple cider vinegar is not less effective. Mix it with water in equal amounts and use a spray bottle.
Table Salt Boil water and add soil to it. Put it into a spray bottle and spread it in places where you usually see ants. It is one of the best and cheapest ways to get rid of them.
Add a drop of lavender to ribbons and put them around your windows. The mosquitoes will think twice before entering your home. Lavender is loved by everyone, but these pesky creatures hate it.
Garlic has a strong scent. Like us, even mosquitoes abhor its smell. However, it is an effective mosquito killer. Crush a few cloves and boil it in water for some time. Then, pour this homemade repellent in a bottle and spray it around the room.
Vinegar Combine equal parts of vinegar and water in a spray bottle and coat cracks and opening with the mixture. Afterward, seal the cracks and close the gaps to deny the spiders access.
Citrus Essential Oils Spiders taste through their feet. They hate the taste of citrus which includes oranges, lemons, and limes. Purchase real citrus essential oils and spread them in affected areas. It will make them avoid these places, but it will not kill them.
Peppermint Put a few drops of peppermint essential oil into a spray bottle and add a small amount of liquid detergent. Then, fill it with water. You can spray the mixture on surfaces where spiders creep around.
Eucalyptus Oil Make your home fly-free by leaving a small cloth applied with eucalyptus essential oil in an area plagued by flies.
Basil Grow basil and put it next to your doors or windows to keep flies away from your home. You can even cut a good size and place it on your dining table. There are about a thousand varieties of basil you can choose from; all of them work equally effective.
Beer Fill saucers with ½ cup of beer to repel cockroaches. Place them on the floors near their usual entry points.
Soap and Water
A very effective killer of cockroaches is soap and water. Although it won’t eliminate the nest, it is an easy way to decrease their number. Pour a cup of water into a spray bottle then add one teaspoon of liquid soap. Spray the mixture on a roach when you see one. It clogs its pores so it won’t be able to breathe and eventually die.
Sugar and Baking Soda
Mix sugar and baking soda powder in equal quantity. Apply it on the areas where you frequently see cockroaches. The sweet starchy smell of sugar attracts them. When they eat it, the baking soda in the mixtures combines with their stomach acids and kills them. Sprinkle the mixture to all the possible areas where they loiter to get rid of their presence.
Dry Cement Powder and Cornstarch In a shallow dish, mix an equal amount of dry cement powder and cornstarch. Place it on paths where the rodents usually wander. After feeding on it, they will drink water. It will cause the cement powder to react quickly, killing the pest.
Mothballs Toxic and should not be used in non-ventilated areas or around kids and pets are mothballs. Place them on areas inhabited by mice to get rid of them.
Peppermint Oil Put a few drops of peppermint oil on some cotton balls and leave them where mice are living. However, the oil will dissipate quickly on the cotton balls, so you will need to replace them a couple of times a week until the area is free from the pesky rodents.
Ammonia The scent of ammonia repels mice. Leave small bowls filled with ammonia in places they like to frequent. The smell of the compound will drive the rodents away.
It is an unspoken aspiration that everyone wants to buy and own a home. However, considerations of one’s lifestyle, financial status, and long-term plans play an important role in choosing what type of home a person should own. When investing, everyone should be knowledgeable about the advantages and disadvantages of buying a desired type of property.
To help you decide, here is a list of the pros and cons of owning a specific kind of home:
House and Lot
Ownership & Utter Control of the Property
Ownership of the house guarantees that you have the last decision on everything. The interior furnishings, the number of rooms, and the details of the exterior can be remodeled or changed based on your preference. Thus, your home can be improved with flexibility.
Better Quality of Life
Owning a house ensures that you are unrestricted to maximize and live out your freedom. No one would dictate how loud you can play your music or how long or short the duration of your parties should be. Furthermore, having your own home denotes a higher quality of living. It offers more space for socializing with friends and relatives, playing with your kids, or just leisurely walking alone.
You do not have to worry about your neighbors being noisy since your house does not have to be in close proximity to their houses. Buying your own house signifies that you will acquire an additional personal space.
Repair and Maintenance Responsibilities
As the owner of the house, you are responsible for all the repairs and maintenance. It may include inexpensive repairs like replacing a faucet to costly repairs like fixing a broken water or sewer line.
If you desire to take a dip in the pool, enjoy the fresh air at the park with your family or hit the gym, you need to go out and search for a place that offers these amenities – not unless your house is complete with such facilities.
Some houses are situated in areas that are far from the city. It implies that a longer travel time to reach offices, schools, and commercial establishments is needed.
Condominiums are mostly nearby commercial business districts. It is preferred by young professionals and students who take into consideration the proximity of their place to universities, offices, or commercial establishments.
Little Maintenance & Convenience
Owners do not have to worry about the hassle of mowing and maintaining a yard, landscaping, or repairing the roof. If it is enough for you to get your arms around internal furnishings and such, owning a condominium unit is suitable for you. Also, it is an advantage for people who travel frequently or those who have busy lifestyles.
Many condominiums offer full security services, gated or locked entries, and monitored elevators and walkways. If security concerns you, having these safety measures can be a major perk.
Unit owners share walls and live in close proximity to each other. In high-rise buildings, your condo unit may be located above or below someone else’s unit. Moreover, shared walls usually mean shared noise.
Limited Control Over the Unit and Land Ownership
When you buy a condo unit, you obviously do not own the land beneath you. You do not have the authority to expand the size of your unit, and renovation or improvement has to go through a comprehensive assessment. Moreover, approval is subject to the discretion and regulations of the condominium association and property management.
Specific Rules Are to be Followed
The independence of home ownership is lost when you buy a condo unit. Specific rules and regulations of the management may influence what you bring into your home, the number of visitors you accommodate, and even pet ownership.
Access to Amenities
Owning a townhouse provides you with the privilege of having an access to amenities such as basketball and multi-purpose courts, gym, pools, and clubhouse. Moreover, if the community does not offer or have an amenity that owners desire, they can contribute money to get a specific facility added, for as long as there is an area that can accommodate such feature on the property.
Compared to buying a house or condo unit, it is acknowledged that purchasing a townhouse is more affordable. Furthermore, it requires low maintenance which can save you money from the expense of upkeep.
Owners can easily build positive and lasting relationships with neighbors due to the proximity of houses. You can effortlessly keep a tab on your neighbors and have your neighbors keep a tab on you. There is likely someone around most of the time to help you with about anything. Moreover, when you leave your home for a vacation or business trip, they can keep an eye and ear out for your place.
Houses Share Common Walls
Properties are built in groups that share common walls and roofs. Hence, it limits the privacy of owners. Also, noise may become an issue. Shared walls may mean that neighbors can hear your loud music, conversations during intimate gatherings, and arguments.
Restrictions in Exterior Modification
Coherence in the appearance of townhouses often entails that community maintenance may restrict you from altering the exterior of your house like the roofs, outside fixtures, and driveway.
An access to a large array of amenities is granted to owners. You can take advantage of the use of the swimming pools, workout facility, and playground for kids. These facilities assure you a great time without going too far.
Proximity to Vital Places
Most apartments are located nearby commercial establishments, offices, and universities. It is convenient and desirable if you want to own a property that is close to public transportation and workplaces.
You do not have to worry about landscaping or cleaning outdoor and common spaces. You only have to worry about your personal space and nothing more. The maintenance department usually takes care of any repairs and the maintenance.
Apartment buildings are often crowded in nature and it does not provide much privacy. Furthermore, you have to be cautious and not be the cause of disturbance to your neighbors since you share walls with them.
To maintain a unified theme in the design of the building, you may be restricted from painting the exterior walls of your property. Alteration with the fixtures and fittings may also be limited or prohibited.
Just like condo units, the space that you have is all the space you will ever get – not unless you purchase an additional unit. Otherwise, the possibility of adding an extension to your unit does not exist.
Congratulations! You are now about to take on the next chapter of your adult life. We know how excited you are about this plan because having a property listed under your name and being your own landlord signifies an exciting new beginning. But before you acquire your new home, there are some things to bear in mind in order to avoid regret or any form of hassle in the future.
Here are tips for the first-time home buyers:
Check your finances and make sure that you are ready for this new responsibility. Consider your monthly costs in comparison with your rental expenses.
Look for a housing loan package that best suits your paying capacity. You can check with your local banks for available loans.
Aside from being financially ready, a future homeowner should be aware of the fact that the mortgage is only one of the many expenses that you need to pay for. You also have to pay for taxes, insurance, association dues and regular maintenance cost.
Decide on what type of home you would like to purchase. Is it a condo or a house? How many bedrooms would you want to have? Is it for yourself or do you want it to be ready for your future family?
Since this is your first time, you will need a broker to guide you through the buying process. Real estate brokers have the experience and professional knowledge that can help you get the best deal possible.
In terms of negotiating, a buyer must know when to push a deal or move on to the next best property. This is why you need several options.
Choose your location well. Most of the time, people buy properties that are near their workplace. Such decisions were made to avoid going through heavy traffic every day.
Take time for viewings. There are specific details that a photo simply cannot illustrate so it is important that you see the actual unit you are going to buy.
Check the view and surrounding area. Apart from the overall feel of the interior, it is also vital that the neighborhood and the view from your house impart a vibrant atmosphere.
Take photos of the properties that you visit. This will help you remember them when you decide which of the ones you visited suits you best.
Don’t confuse yourself with too many choices. Narrow down your list to less than 10 properties. There is a tendency to miss out on the good parts when you have too much to choose from.
Which of the units did you like best? Put them in a rank and take a second look at your top choices.
Always remember that this will be your permanent home for a long time, so do not choose haphazardly. Make a list of pros and cons for each item in your shortlist.
Come up with an overall feel that you want your home to have. If there are furnished apartments or houses that suit your taste, include them in your shortlist. But if there aren’t, it is best to buy an unfurnished property so you can choose the furniture that comes into your home.
When you have thought long and hard about which property to buy, stick with it and be happy with your decision. Constantly changing your mind will leave you restless and will cost you a lot more money than you should be spending.