SPECIAL SECTION : REAL ESTATE |
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BUYING / SELLING : Get a second opinion . |
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BUYING : Protect yourself !
It ’ s easy to get wrapped up in signing papers and losing sight of what you are agreeing to when buying a home . Fortunately , contingency clauses can protect you from losing what is yours . An example is a mortgage-financing contingency ; if you lose your job or your loan falls through , you ’ ll get your “ earnest money ” back in full . Otherwise , you may be obligated to follow through with purchasing a house you can no longer afford .
BUYING : Enjoy the view ?
It ’ s obvious that homes with a view can sell big . In fact , Realtor . com states that homes with a view of the city sell the fastest , with an average of 83 days on the market , while homes with an ocean view sit for 98 days ( mostly due to the elevated price of oceanfront property ). If you are in love with a home with a view , be sure it is there to stay . Although you may see rolling hills through your living room window now , who ’ s to say a real estate developer won ’ t see that same space as the perfect opportunity to build more homes ? Check with your local municipality for land use regulations to make sure your view will remain .
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When you have lived in your home for years , it ’ s easy to overlook problems that potential buyers may spot right away . Have a relative or trusted friend come over to spot any small fixes that you can make prior to putting your home on the market to make sure it ’ s in optimal condition prior to selling . When considering buying a home , it ’ s also helpful to have someone who is not buying the home go with you to take a look . He / she will be able to point out potential issues that you may not see when trying to make such an important decision .
SELLING : Ignore the housing market .
Don ’ t waste your time watching the housing market for the best time to sell . According to Investopedia , “ it doesn ’ t matter what your home is worth at any given moment except the moment when you sell it . Being able to choose when you sell your home , rather than being forced to sell it due to job relocation or financial distress , will be the biggest determinant of whether you will see a solid profit from your investment .”
SELLING : Will renovating always increase my resale value ?
Make conscious decisions when renovating your home . While newer will entice potential buyers , be cognizant of what rooms you update and how you do it . While updated kitchens will increase the value of your home , be sure to appeal to a wide range of tastes . A good place to start is with the appliances . Realtor . com states that homes with stainless steel appliances sell 15 percent faster than those without . Updated bathrooms are easier to satisfy a wider range of buyers ’ desires for luxury , but be sure to keep the colors neutral .
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SELLING : Don ’ t spend earnest money !
Many sellers make the mistake of depositing and spending earnest money before closing day . If the transaction doesn ’ t go through or the buyer pulls out due to repair issues , it is up to the seller to return the cash . It is recommended to have a real estate agent or broker hold the deposit . Most buyers ’ earnest money will be held in an escrow account until the closing day , allowing the money to remain untouched by either party .
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