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From Big to Small: How to Downsize from a Large House to a Smaller, More Efficient Home

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From Big to Small: How to Downsize from a Large House to a Smaller, More Efficient HomeIf you’re moving from a large home into a smaller house or condo, you’re probably looking forward to enjoying a lower utility bill and not having to do as much cleaning. But before you move, you’ll want to take certain precautions to ensure that you’re not overwhelmed.

A smaller home won’t have as much room for your belongings, which means you may need to get creative. Here’s how you can downsize without losing your mind.

Decide What You’re Going To Keep

Before you do anything else, choose which of your belongings are coming with you. Unless you’ve habitually been getting rid of things you no longer need over the years, chances are you have a large stash of things you’ll never use again. That’s the kind of clutter you’ll need to eliminate before moving into a smaller home.

The obvious exceptions would be anything of significant sentimental or monetary value, but you’ll want to get rid of lots of your everyday objects – for instance, there’s no reason why you need three soup ladles. Having trouble deciding what to throw out? Here’s a simple rule of thumb: If you can’t remember the last time you used it, you probably don’t need it.

Have Anything In Storage? Find A Storage Solution Now

Most homeowners nowadays have the luxury of large storage spaces like basements or attics – but if you’re moving into a condo or a small starter home, storage will be at a premium. And that means anything stored in your basement, garage, or attic will probably need to find a new home. You’ll want to look for a storage solution earlier rather than later.

Perhaps you could rent a storage locker in your neighborhood, or let children or relatives hold onto your belongings until you decide what to do with them.

On Your Moving Day: Move Large Items First, And Put Away Stored Items Before Anything Else

When the day comes for you to move into your new home, you’ll want to try to find the best configuration for the space right away – before your new home is filled with boxes stacked six feet high. Before you do anything else, move your furniture and other large items into the space first, and get them set up so they’re out of the way.

Once all of your boxes are in your new home, put storage items away before anything else – it’ll help you avoid unnecessary stress and sorting later.

Downsizing can be stressful, but with a solid plan and a great real estate agent, you can find a smaller home and move in without issues.

Six Key Questions to Ask when Hiring a Real Estate Agent to Market and Sell Your Home

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Six Key Questions to Ask when Hiring a Real Estate Agent to Market and Sell Your HomeThe work of a real estate agent can make or break how a prospective buyer feels about the property. Now that it’s time to sell your home, you want to find the right agent to market it.

How do you find someone you can trust who will make you feel confident they can sell your home quickly for the best price possible? Here are the questions you should be asking.

Are They Licensed?

This one is the easy one. You should be working with a member of the National Association of Realtors®. It is also important that you check whether they have any complaints on record about their practices.

You can check with your state’s real estate department as well.

Are They Successful?

A successful real estate agent is more than the number of sales they have completed. You should also find out the average difference between listing and selling prices on their most recent sales.

If an agent is closing deals at far below the original asking price consistently, that might be a red flag.

How Busy Are They?

Make sure you ask in advance how often the agent will contact you and how they will keep you informed of potential buyers. If you’re going to be working with one of their associates at times, you should know.

How Familiar Are They With Your Neighborhood?

A real estate agent is not just marketing your home – they’re marketing your entire community. If they have closed nearby sales before, they are familiar with the selling points of the neighborhood as well as the right price range for properties similar to yours.

How Much Commission Do They Expect?

Normally you will pay the agent about 6 percent of the sale price. If you find one that offers their services for a low percentage, you should know why. Are they just trying to stay competitive? Or do they expect you to do a large share of the marketing yourself?

Do They Have A Plan?

The real estate agent should be able to tell you exactly which marketing techniques they would use for your home and how they plan to promote the listing. They should come to the table with ideas from the very beginning.

Now that you have a clearer idea of the basics, use the internet to find trusted real estate agents in your area. Then pick up the phone and begin your journey toward becoming a successful home seller today.

Three Key Tips for Assessing Value To Find Out How Much Your Home Worth in Today’s Market

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Three Key Tips for Assessing Value To Find Out How Much Your Home Worth in Today's MarketIf you’re thinking about putting the house on the market, or are simply curious about its value in the current economic atmosphere, it’s essential to get an honest assessment of its value. An overly inflated figure won’t hold up and will only turn potential buyers away.

It’s best to get a fair assessment in order to ask a reasonable price or avoid over-extending oneself when it comes to taking out a home equity loan. Consider these three key tips to get a true assessment of a home’s value.

Identify Positive Features About The Home And Property

When seeking an appraisal for a home, it’s important to look at the big picture. While the neighborhood and specific location are important, as well as the size and condition of the home, it’s also essential to tally up any improvements or upgrades. Any recent renovations are a plus that are sure to give a boost to a home’s value.

Outbuildings and swimming pools add more positives that will increase the initial value of a home. The most important thing any homeowner can do is to stay on top of repairs and give the property a facelift periodically to keep things fresh. This will be taken into consideration during an appraisal.

Pay Attention To The Competition

Whether homeowners try to estimate their home’s value on their own or bring in the professionals, it’s important to pay attention to the surrounding real estate. Take a close look at other properties in the area and their price tags when they come up for sale. It’s especially helpful to look at properties that compare in size and condition. From that point, the most expensive and least expensive homes should be tallied as well, providing a price range for the concerned individual’s home.

Think About Present Circumstances

Be sure to consider if the area is in a recession or showing a period of strong economic growth. If a home is located in an area that is booming, this will inflate the value of the home. It is all part of the law of supply and demand. When buyers are coming in droves, home sales will be ripe for the picking and homeowners can ask a higher price.

However, if the population is dwindling and people are migrating elsewhere because job opportunities have fallen, there is a much greater chance that the home’s value will decrease. For those who want to sell, the best bet is to strike when the iron is hot and put the house on the market during a period of economic strength. If the economy is failing, it may be necessary to wait or cut ones’ losses.

Act Now To Learn More

There is no better time than the present to contact a name you can trust in real estate. Discover all the ins and outs of assessing your home’s value, discuss your options, and find out ways to boost your property’s potential as you seek a reliable assessment.

Considering a Major Home Addition? Why a Detached Garage Can Drastically Improve Your Resale Price

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Considering a Major Home Addition? Why a Detached Garage Can Drastically Improve Your Resale PriceBefore you make a major structural change to your property, it is important to consider how this will affect your resale value. While there are many steps that you can take to improve your property, the addition of a detached garage may be beneficial to you and may drastically improve your resale price when you are ready to sell.

You can contact a trusted real estate agent today to obtain customized information about how the addition of a detached garage may affect your property’s value.

Adding Square Footage to Your Home

As a property owner, you may be well aware that one of the most common ways the value of your property is determined is by the market rate for price per square foot of homes in the area.

While factors such as age of the property, condition of the property and amenities in the neighborhood may affect whether your property’s price per square foot is above or below market average, the kind of the improvements has a direct impact on property value.

While adding a detached garage adds overall square footage to the property, it generally won’t be considered at the same rate as finished square footage within the home.  However, outbuilding improvements do add value to your property and a real estate agent can help you to determine the true financial gain you may experience through this addition.

Increasing Appeal to Potential Buyers

Properties that are more appealing to potential buyers may sell for a higher price. When you add a detached garage to your property, you may be adding style and function to the property by adding a place to park vehicles and to store items like seasonal items and lawn equipment. You can also create a detached garage with a workshop or another functional area for added appeal.

Transforming Existing Space

Some home additions will add a detached garage to a property because a garage was never constructed on the property, but others will be added because the homeowner wants to transform the existing garage attached to the home into a more functional area. For example, a new home addition, may turn the existing garage into a living room, a bedroom or another functional area. With the addition of a detached garage, the property owner can retain the benefits of having a garage while also improving the functional use of the main area of the home.

The addition of a detached garage can benefit you and your family in a number of ways, and it can also improve the resale value of your home. By speaking with a real estate agent, you can get a better idea about how this addition will affect your property.

Recently Inherited a Home That You Don’t Need? Here’s How to Get It Sold Without Too Much Stress

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Recently Inherited a Home That You Don't Need? Here's How to Get It Sold Without Too Much StressHas a loved one or family member recently passed on and left you with their home? Inheriting a house can be a delightful gift, but it can also present a significant number of challenges that you must navigate.

Let’s explore how to deal with an inherited house and, should you decide to, how to sell it without incurring too much stress.

Are Emotions Involved?

The death of a family member or other loved one can be a trying time emotionally. Depending on how the deceased left the property, you may also have to deal with cleaning out personal belongings and reviving old memories. A battle over a will or the proceeds of an estate can compound the situation, making things worse.

If you are emotionally involved, it is best to work with a real estate agent who can do much of the heavy lifting. That way you can focus on supporting your family and keeping your stress levels down.

Understand Your Legal Obligations

Although real estate inheritance is common, there are still some legal issues that must be considered. As such, you will need to understand what your legal obligations are regarding the will or estate process. Are you the executor of the will, or is someone else? Is the property included in a trust, or is it free-standing and gifted directly to you? Has the probate period passed, or can a family member or relative still challenge the will? If you haven’t already, it is best to speak with a real estate professional or experienced lawyer to get their advice.

Consider The Tax Implications

As with any financial windfall, there are going to be tax implications that need to be considered when selling an inherited home. For example, it’s unlikely that you will qualify for the home sales tax exclusion unless you have been living in that house as your primary residence. Once you sell the home, you will also need to report the proceeds of the sale to the IRS. There are also a variety of different taxes that need to be factored in, including estate taxes, inheritance taxes and more.

Consult An Experienced Real Estate Agent

Selling a home that you have inherited in a will or as part of an estate can be an emotionally draining process. Before you make any moves, it is best to speak with a real estate professional. Contact our office at your convenience and we will be happy to meet with you and share our guidance.