Real vs Personal Property in a Real Estate Transaction

When buying or selling a home, often misunderstandings occur over the distinction between “real” and “personal” property. Real estate agents across the nation frequently end up playing referee in situations fueled by misconceptions, which can create tension and sometimes even kill a sale. Understanding the difference is important to anyone engaged in a real estate transaction.

In simple terms, “real” property is the land and anything permanently attached to it, while “personal” property are items that are moveable. In this sense, real property obviously includes the home itself, along with other structures, such as a detached garage or barn, etc. It typically includes fixtures inside the home, such as lighting, faucets, built-in appliances, garage storage or racks, even curtain rods.

“Personal” property, being moveable, would usually include everything else. A refrigerator that is not considered a built-in could be included on this list. So would a free-standing BBQ Island, or a mounted TV. As you can see, some of these items may be controversial if there is not a clear understanding about what the seller intends to take with them when they move in the contract.

The best practice is for a seller to provide a list of any item they intend to keep that could be confusing and ensure it’s spelled out on the contract. This way, both parties have a clear understanding of the sale and the buyer does not plan a family BBQ on move day and find it gone.

Avoid Short Term Rental Home Mistakes Before You Bu

The short-term rental (STR) market has exploded since the Covid-19 pandemic. As America’s workforce raced home, people realized that they could work from anywhere. This, coupled with the desire to isolate oneself and family from other people during vacations, created a strong demand for STR properties. As the trend boomed, large and small investors jumped into the stream and bought properties to market as short-term rentals.

Owning an STR can be a great investment. In addition to the incremental income, the home appreciates in value, and the owner may even find time to use the property themselves. But owning this kind of rental isn’t as easy as putting a lockbox on the door and washing the sheets. Before investing in a STR, consider these 5 things.

1. Local Zoning and HOA Rules – This may seem obvious, yet every year people buy homes with the intention of using it as a STR only to find that the local authorities prohibit that kind of rental. Often, one must rent the home for 30+ days as part of an HOA or local zoning law.

2. Property Management – The wrong property management company can cost the homeowner time and money. Bad reviews, property damage, and mismanaged funds are just a few of the problems caused by the wrong manager.

3. Property Condition – While it’s important to buy a home the owner can handle. Simple cosmetic changes are easy to fix for a home in the right location.

4. Personal Taste – One of the biggest mistakes investors make is to buy what they like, instead of the right property for a short-term rental. They should consider why someone would come to a STR in that area and find a property that appeals to that.

5. Part-Time Manager – Regardless of how handy the owner is, owning a vacation rental is a full-time job and should be managed by a professional management company.

Renters of short-term rentals are choosing the privacy and intimacy that an STR offers, but they expect to have hotel-quality service. This is a high bar and before buying a home to use as a STR, investors need to carefully consider all the aspects of this kind of ownership

7 Tips to Creating an Amazing Gallery Wall

A gallery wall is a quick and easy way to add visual impact to any room. Adding art and photography to a wall showcases your personality, interests, and style. Merging art with interesting articles, a gallery wall instantly adds depth to a living room or other space. Set against a strong color, the impact is even greater, and the time commitment is minimal, making it a great weekend or evening project.

7 Tips to Creating a Visual Delight

1. Plan and Visualize – One great tip is to use paper cut outs to plan the wall before committing and make sure you have the right tools, such as nails, hangers, Command® strips, leveler, screws, hammer, etc.

2. Choose a Theme or Concept – Create a cohesive, intentional look by working with a concept. This can be the style of art, color palette, or subject matter.

3. Mix and Match – Combine various sizes and mediums for visual interest. Mix paintings with three-dimensional objects like mirrors, plates, or masks. Pay attention to balance so the result is eclectic and not cluttered.

4. Watch the Framing – Frames and matting adds texture and boundary. Affordable options are available in standard sizes and colors in home improvement stores.

5. Play with Layout – Don’t worry about lining up every frame in a grid. Space frames and objects so that they stand out and are displayed to their best advantage.

6. Find a Focal Point – Starting in the middle of the wall, highlight a special piece and work out from there.

7. Add Lighting – Proper lighting is important. Use to highlight a special picture or use track lighting for a subtle glow.

A gallery wall is a great expression of your personality and can be changed quickly. You probably already have the art necessary to make this change today. Don’t overthink the plan and create your visual delight this weekend.

5 Important Things to Consider Before Buying a Fixer-Upper Home

Purchasing a fixer-upper property can be an exciting and rewarding experience. HGTV is filled with programs of amateurs knocking down walls and tiling bathroom floors. The fact is that this is much harder than it looks and before diving headfirst into this kind of project, it’s critical to consider whether you are prepared for the venture.

5 Important Things to Consider Before Buying a Fixer-Upper Home

1. Financial Planning – The first step in buying a fixer-upper home is to establish a realistic budget. Include the purchase price, repairs costs, and any expected expenses for renovation or restoration. Once you have created a “known” list, then add extra for unexpected issues that will arise.

2. Time and Effort – Renovating a fixer-upper takes time and effort, even if you hire a general contractor to oversee the project. Consider the overall scope of the project and evaluate your skills and level of time commitment.

3. Structural Condition – Before making an offer, thoroughly inspect the property’s structure and foundation. Recognize the impact of any issues uncovered and make sure to budget for the proper corrections.

4. Real Estate Market and Location – Even a beautiful home in a terrible area is a bad investment. Consider such factors as property values, market trends and the potential for future appreciation. Work with a financial planner to make sure the investment fits your long-term goals.

5. Legal Considerations – Before writing the offer, familiarize yourself with local building codes, permit requirements, and zoning regulations. Ensure the changes you anticipate align with local requirements.

Purchasing a fixer-upper home can be a wonderful investment and worthwhile project. By evaluating your budget, time commitment, property condition, and potential appreciation, you can be sure to choose the right situation for your goals and experience

Advantages of a Multi-Generational Home

The concept of multi-generational living has been gaining popularity in recent years as more and more Americans are choosing to share their homes with family members of different ages.

For one, financial considerations play a significant role in the rise of multi-generational living. Younger people who may struggle to afford their own homes are increasingly opting to live with their parents or grandparents in order to save on housing costs. This can be especially appealing in expensive urban areas where housing prices are sky-high. At the same time, older parents or grandparents may prefer to live with their families rather than in assisted living facilities, which can be costly.

In addition to financial benefits, multi-generational living also offers emotional support and companionship to family members of different ages. In the past, several generations often lived together and supported each other emotionally and practically. Nowadays, families are rediscovering the benefits of this approach to living. Older family members can offer help and guidance to younger generations, while also receiving care and assistance when needed. This can be especially valuable as family members age and face health issues or other challenges.

Furthermore, multi-generational living can foster a sense of community and interdependence. By sharing a home and living space, family members of different ages can develop stronger bonds and a deeper sense of connection. This can be especially important for children, who benefit from having close relationships with grandparents or other older relatives.

As the trend towards multi-generational living grows, homeowners are finding creative ways to accommodate the different needs and preferences of family members. One popular option is the use of tiny home-style "granny flats," which offer a self-contained living space that is connected to the main house. This allows older family members to have their own space while still being close to their loved ones.

While multi-generational living may require some adjustments and compromises, many families are finding that it is a rewarding and beneficial way to live. It offers financial benefits, emotional support, and a stronger sense of community and interdependence. As such, it is no surprise that this trend is on the rise and is likely to continue to grow in the years to come.

Is This a “Normal” Real Estate Market Yet?

The events of the last few years disrupted almost every facet of our lives and the real estate market was no exception. Buyers and sellers across the country have experienced a market more volatile and unpredictable and are wondering if we will ever return to normal? Will the tougher economic times ahead help balance the real estate market?

As interest rates rise to slow the economy, the housing market is feeling the shift. Gone are the cheap loans and quick home sales. Today’s buyers have the luxury of being choosier and sellers must again offer their homes at a reasonable price in good condition. While this “feels” like a normal market condition, is it?

The essence of a “normal” real estate market would be predictability and confidence, but we are not seeing this yet. True, the slowing economy and rising interest rates have moved us away from the frantic pace of the past few years, but experts question whether this means a traditional “buyers’ market.”

The pandemic changed the way we work, and where, also. People around the world are moving. With remote working a normal occurrence, people can live anywhere they want. Cities are emptying out and some states are seeing an influx of new residents anxious to avoid high-tax states.

With all these added elements, the real estate market may not return to the “normal”, more predictable patterns we’re accustomed to for years, maybe never. For consumers, the most important thing is to make the right decision for their families. There are opportunities in every market, even if it doesn’t feel “normal.”

Tips for Touring Listings with Children

Searching for a new home can be an exciting adventure, but it can also be a stressful experience, especially when you have young children in tow. It can be difficult to keep them entertained and engaged while you're trying to focus on evaluating potential properties. However, with a bit of planning and preparation, it is possible to make touring properties with children a more enjoyable and successful experience.

In this blog post, we'll share some tips and tricks to help you navigate the process and find your dream home while keeping your little ones entertained and happy.

Simple Tips for Touring Listings with Children

· Be Safe – First and foremost, it’s important to keep your children safe. Do not assume that the home is child-proof, in fact, assume the opposite. Kids love to poke around. Be aware that there could be dangerous chemicals and products within their reach. Medicine cabinets could have potent drugs and cleaning supplies may be under the sink.

· Be Respectful – Often family homes have toys and other children’s items within easy reach but it’s important to keep your own kids from playing with these toys. It may be a tempting way to avoid boredom, but be respectful of the home.

· Plan Ahead – Remember that your children may be bored or hungry. Plan ahead; keep food and drink in the car to snack on between showings or consider taking turns with a spouse to allow the children to stay in the car with toys or videos. Finally, if you can, limit the amount of time you are out looking at homes.

Touring properties with children can be a challenge, but with the right approach, it can also be a fun and rewarding experience for the whole family. By keeping your children engaged and entertained, you can focus on evaluating potential properties and finding your dream home. Remember to plan ahead, bring snacks and toys, and involve your children in the process. With these tips and tricks, you'll be well on your way to finding the perfect home for you and your family.

10 Things to Remove from Your Home When Listing for Sale

One of the most common questions from home sellers is, “do I really need to put my family pictures away”? The short answer is “yes,” but maybe not for the reasons you assume. The general principle is that buyers need to be able to visualize their own lives in the home in order to buy the house. There is nothing new about this, but in this complicated age of security challenges, there are also safety reasons to remove your items before showings.

10 Things to Remove

1. Excess Furniture – Consider removing extra chairs, ottomans, side tables, etc., anything unnecessary.

2. Family Photos – You do not know who is coming through your home; protect your family by removing any identifiable pictures, awards, certificates, etc.

3. Religious Art/Collectables – Some people may be offended by these kinds of items. Better to avoid issues.

4. Laptops and Cell Phones – Anything easily picked up and removed should be safely stowed.

5. Jewelry – Again, anything of value should be secured out of sight.

6. Important Files and Papers – Hide any papers that may have banking or social security numbers that can be used for fraudulent purposes.

7. Firearms – Protect yourself and others by securing any firearms.

8. Clutter – Nothing new here, keep the home clean.

5 Modern Details to Update Your Traditional Living Room

Here are 5 cool modern accents you can use to update your living room this weekend.

1. Hyperrealism Art – This art form mimics traditional realistic photography or art, but is designed to evoke an emotion rather than just recreate the scene. Emotional pieces of any kind provide a unique focus to the room.

2. Modern Accent Chair – An accent piece of furniture, such as a chair or table, can immediately add depth to the room. It can be a unique shape or texture; anything that breaks with the overall style of the room.

3. Modern Art Décor – Pillows and vases are a simple way to update a room. Consider adding a low sleek vase for a single rose or perhaps a knot-shaped pillow on the floor by the fireplace.

4. Curves – Soft curved lines are gaining popularity. Gone are the sleek, harsh lines of the past few years. Add a simple round mirror to a corner wall to not only add softness, but a mirror expands the area and reflects light, brightening the room.

5. Extra-Large Lighting – Design magazines are featuring giant, oversized paper lanterns. These can be colorful and boho or soft colored and subtle, but a fun and inexpensive way to add a quick update to a traditional living area.

Whatever you decide, there are endless ways to create a more eclectic living room while giving your home a boost this season.

6 DIY Home Projects That Could Kill Your Home Value

Weekend TV lineups are filled with Do-It-Yourself home improvement programs. One home inspector used to call the results “six-pack projects.” While not all DIY projects end in disaster, some projects can harm home sales because buyers see these “improvements” as changes they will need to make once they buy the house. If you are planning to sell soon, it’s important to realize that potential buyers may not be as impressed with your handiwork as you are.

6 DIY Projects that Can Kill Your Home Value

1. Garage Conversion – Homebuyers love extra square footage, but they don’t want it in the garage. Most buyers will plan to “unconvert” a game room back to space for their cars or storage.

2. New Doors – New doors can add beauty to a room, but if they are not mounted properly, they land on a new buyer’s list of things to fix.

3. Uneven Hardware – If you are trying to update cabinets with new hardware, make sure they are level and line up evenly.

4. Crown Molding – Seems like an easy upgrade but adding elegant crown molding is very difficult and ends up looking sloppy.

5. Painting to Hide Problems – Cracks, gaps, and surface defects only look worse when covered with fresh paint.

6. Kitchen Cabinets – Old, worn cabinets should be replaced if possible. As with the walls, a fresh coat of paint only accentuates the dated look.

Every seller knows they need to freshen their home and add curb appeal to list their home. Before launching into a frenzied weekend of DIY projects, speak to a professional agent or stager and make sure you don’t make things worse in the eyes of your potential buyers

Inflation is Rising – Should I Still Buy a Home?

World events and government spending has led to soaring inflation. The Federal Reserve has only one tool in its arsenal to curb and reduce this trend – raising interest rates. While contemporary home buyers are accustomed to interest rates in the 2-4%, older homeowners remember being excited to get one as low as 8%. As yet, we have no indication such a drastic increase is necessary, home mortgage interest rates are creeping up and potential home buyers may be asking if they should still try to buy a home.

One of the first things to consider is affordability. A higher interest rate will impact the amount of the loan each buyer can qualify for, potentially reducing their spending power. Yet, home prices are also beginning to soften, so it’s possible that this correction will reduce any possible impact from rising rates.

Secondly, home ownership has been a strong hedge against inflation historically. Buying a home locks in the cost of the largest budgetary portion of your expenses – your housing cost. As the cost of living continues to increase, rents will also rise, continuing to add pressure to an already strained household budget.

Finally, things change. Recessions do not last, home prices eventually rise, and home mortgages can be refinanced. Most homeowners move every 5-7 years and so potential home buyers should plan for this timeframe when making decisions.

Is this still the right time to buy a home? Inflation does have an effect, but it does not necessarily mean that one needs to hold off on a good home purchase