Real Estate Information Archive

Blog

Displaying blog entries 1-4 of 4

Moving? Should You Sell or Lease?

Tuesday, October 26, 2021
by Scott Darling


When the time comes to relocate, the thought of selling your home while purchasing another seems too much, so renting your current place sounds like a win-win for you. The extra income sounds great, knowing your house is still there in case you need it is another nice thought.  There are pros and cons to this decision, however, so look through these tips to help you finalize your decision: 

 

  • One major factor to consider is when you know the move is not permanent.  If you know you will be returning in a few years, and it may be a good idea to lease while you are away so you will not have to house hunt upon your return. 
     

  • Take a close look at the financial aspects of renting your house: 

  • - Landlord’s insurance premiums may cost more than a homeowner’s policy. Talk to your insurance agent about the differences in cost. 
     

  • - If you have equity in your house, or the money a sale will generate will allow for a nice deposit on another, you really should consider a sale. 
     

  • - Do the math--if you have a loss after all your expenses (insurance, repairs, property taxes, etc.) are deducted from the rental payments, it would be a better idea to sell. 
     

  • Take into consideration that in larger areas, there may be times of a vacancy.  Can you handle your current mortgage and rent or mortgage payment in the new place?  If not, put the house on the market. 
     

  • Renting may be a good choice if the house needs repairs or improvements to bring a good sale price, and the cost of those fixes all at once is out of your budget. 
     

  • Consider the occasional tenant that will not care for the property as you do. Landlord insurance will not cover normal wear-and-tear, nor intentional damage. 
     

  • Things can happen, and even good tenants are suddenly unable to pay rent on time--or worse, stop paying rent--and you will be stuck with the mortgage payment, not to mention the possibility of the costs of going through the eviction process.  
     

  • If you live in an area that attracts visitors or tourists, consider short-term leasing with an online booking company. Be sure you are within your city’s regulations for short-term rentals and consider the frequent cleaning costs and other risks taken when renting to tenants that you have little means to check into before they enter your house. 

 

The stress of renting just might be greater than the house-hunting in the case of a temporary move.  Talk to other property managers in your area and look at your financial information before you make the final choice. When you decide to sell, call Chester County PA Realtor Scott Darling. 

 

Photo credit: dreamstime.com

Add Comment

Chester County Market Trends Report County PA Real Estate Market Trends for September 2021

Wednesday, October 20, 2021
by Scott Darling

Chester County PA Real Estate Market Trends for September 2021

Chester County PA single-family homes saw pending sales decrease by -17.9% in September 2021 when compared to September 2020. 739 homes sold in September with a median sales price of $420,325. The average days on the market fell by 14 days. If you are thinking about selling your home get a free instant home evaluation Learn More. 

 

Add Comment

A Seller and Buyers Guide to Property Disclosures

Wednesday, October 13, 2021
by Scott Darling


Realtor® Magazine’s definition of disclosures is “federal, state, county, and local requirements of disclosure that the seller provides, and the buyer acknowledges.”  In most states, this means that a seller must let a buyer know about known problems with the property they are selling.  Disclosing issues with a house is important for both buyer and seller. Understand more about property disclosures in this guide: 

 

Disclosures and the Seller 

  • Every prospective property seller will receive a disclosures form from their listing agent.  This form should be filled out truthfully and to the best of the seller’s knowledge. 
     

  • Most states want these items disclosed to the buyer:  lead paint or asbestos, previous repairs or additions, mold or water damage, pest issues, drainage problems, foundation cracks, problems with HVAC and other appliances, and roof condition/age. 
     

  • The listing agent will be aware of all government disclosure requirements--federal, state, and local.  Transparency from the seller is a must at this point of the property sale. 
     

  • “Better safe than sorry,” should be the homeowner’s motto when it comes to disclosures.  For instance, if there is a possibility that mold is an issue under the house, an inspector should have a look. 
     

  • Disclose minor things that you have learned to live with.  Items a seller considers small--such as a rattling window on a windy day, or a repair made many years past--can be big things to the buyer. 

  • The disclosure should be ready before the seller accepts an offer--for their protection. 

 

What the Buyer Needs to Know 

  • Once a potential buyer receives the disclosure statement, they should read it over carefully and without distraction. Any questions should be marked or written down and questions presented before the disclosure form is signed. 
     

  • The added expense of having a home inspection is vital to this part of the sale.  When the buyer meets the inspector, the disclosure form should be in hand so each item can be checked out thoroughly. 
     

  • Check local government building permit and zoning information to make sure any additions were performed legally by licensed people. 
     

  • If negotiations about any disclosure’s issues break down, it may be best for the buyer to walk away from the sale. 
     

  • In the end, doing due diligence is the best way for a buyer to find problems that will be a major issue after the sale. 
     

Disclosures should be a seller’s protection plan, and smart sellers will be completely honest, and even disclose more than necessary.  Sellers should make sure that their state laws ask them to disclose things like traffic noise, undesirable neighbors, or even paranormal activity!  Choosing a Realtor® with experience will help sellers through the disclosures process so that buyers will have full confidence in the property they are purchasing, which makes for a quick and smooth sale! 

 

Courtesy of Chester County PA Realtor Scott Darling. 

 

Photo credit: realtor.com

Add Comment

Taking Care of the House After a Loved One's Passing

Friday, October 8, 2021
by Scott Darling


As if the stress and grief after a relative passes away are not enough, there is sometimes the responsibility of the family to take care of personal belongings, investments, or, most often, the home.  Emotions can be very raw and that can make it difficult to think practically when the time comes to take care of a home and its contents. These practical tips should help the process go smoothly: 

 

  • As soon as possible, secure the house:  check all doors and windows and be sure any valuables are safely stored away, preferably in a safe deposit box. Valuables now include anything that connects to the internet:  smartphones, tablets, and computers. 
     

  • Security is a must, and that could simply mean adding timers to lamps in different parts of the house to make the home look inhabited. Cancel newspaper and other regular deliveries, and have mail forwarded or check the mailbox daily.  Make sure the neighbors are aware of the death and ask them to look out for the empty home.  
     

  • Cleaning out the house may be difficult, and some want to start immediately after the funeral, while others may want to take their time.  In the case of larger families, set a date to begin, and have a plan in place so it is easier on everyone. 
     

  • Many families decide to have an in-house sale for items they will not be keeping. Set everything up in categories, and mark prices clearly; price them to sell!  If there is any speculation of something being valuable, have it appraised before you make a sale.   
     

  • If the house will need to be sold, contact a RealtorⓇ to help you get the house ready for the market.  Updates may be necessary for the best price, so be prepared to make changes to the home. 
     

  • On the other hand, some people have lived in the same house for fifty years, and never changed so much as the carpeting.  If you decide to sell as-is, your agent will know how to set the asking price.  While there are buyers who are specifically searching for a time capsule, they are not as common as those who want a turnkey house. 
     

Many real estate agents have already served families in the same situation and can offer advice on many aspects of the sale, so ask questions when the time comes. This last chore can be a labor of love if you allow it, so honor your loved one with a smooth sale and closing of their estate.  

 

Courtesy of Chester County PA Realtor Scott Darling.  

 

Photo credit: sonja smith funeral group

Add Comment

Displaying blog entries 1-4 of 4

Syndication

Categories

Archives