Boston Property Management: Pricing your home right

Boston Property management

Boston Property Management: Pricing your home right

It takes a lot of effort to sell your home for financial and personal reasons. For starters it may be because you have spent so much time there and you may need more space. It is tough to move on but it happens. The most important step before selling is to price your home. This is where the real estate agent comes in and prices your home according to the market value. Some sellers make the mistake of pricing the home on their own and they may end up overpricing it. This means that the home does not end up being sold and you have to wait longer.

Home’s original value

It doesn’t matter what you paid for your home back then as the current value will be different. There can be either an increase or a decrease over time. So you can’t be guaranteed of an increase unless the market is doing really well. The price factor is due to a multitude of reasons and you can’t just pinpoint it towards one.

Boston Property Management: The cost of home improvements

So you paid for a lot of home improvements at home, so that the value will go up. Unfortunately, the price of the home does not rise in proportion with the cost of the improvements. For example, market economics dictate that the value won’t go up by $30,000 just because you paid the same amount in home repairs. The best way to get the right value is to make smart upgrades where they are needed. A real estate agent will be able to help you out there.

The power of emotion should not ruin the sale

When you end up pricing the property, you should do it properly without mentioning unnecessary details. The buyers aren’t interested in your special moments over there as they need to know the important features.  So make sure that you price out the best features so the sale is a done deal. After all your property is an investment and you need to be professional about it.

Your next home’s price

When you price your home well and you make a good profit, you can use that to buy a new home. Just make sure you don’t overprice it because when the home sale doesn’t go through, it will stop you from getting the funds required for your new home. So be smart and don’t overprice your property.

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Property Manager MA: Factors which affect your home sale

Property Manager MA

 Property Manager MA: Factors which affect your home sale

When you are about to go out and sell a home, you have to factor in upon the location, product and the timing. This means that the product and location have to be in the right location and should be the perfect home. Timing could come down to anything and that is something which will not be within your control. So it could be a sale when home sales are slow or it could be during a fast period.

First step

When you are about to sell your home, you need to get word on the value from an independent appraiser. They have a great understanding of the market and they are mandatory as part of the buyer-seller negotiation. After all banks won’t go ahead with the sale till they get confirmation of the value. This is done by getting a physical look of the home. So this will be when they go through everything within the home with a fine tooth comb. Following that it is time to check the entire neighborhood to examine similar homes. However, they have to be appraised from outside and not inside. This can either help your appraisal or bring down the value.

Property Manager MA: Homes which are hot in Demand

There have to be certain features within a home for them to be in great demand. It could be any hot new feature which could help increase the value of the home. Sometimes those features can be installed quickly and they can enhance the value greatly. Sometimes they may not be in demand anymore and they may have no effect on the value of the home. So perhaps it’s an extra room which you have built, a backdoor pool or a brand new kitchen with modern features. They could all give you a premium price. Strangely enough sometimes the interior colors can also have some impact on the value of the homes. However, don’t think that adding all those will increase your value as there are certain areas where it won’t make a difference.

Adding Value

Those sellers who are always on the ball with maintenance don’t find any problems selling their homes. If you end up deferring maintenance, you will have a lot of trouble. It usually ends up costing them more to get it fixed and this can affect your bottom-line. Try and invest in keeping the interiors and exteriors well-maintained.

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Property Manager MA: Getting the best deal

 Property Manager MA

Property Manager MA: Getting the best deal

When you are going around looking to buy a property, you need to make sure you get everything right. There are a few things you need to consider before you end up signing that contract. People who rent are more likely to be stringent so they don’t make any mistakes before they get the home they need.

First Step

The first step in the process is to start looking up listings online. That is when you can see which ones are suitable for you. It doesn’t hurt to dream and go for something beyond your budget. You can always remove that listing when you know you have to shortlist something more practical. The good thing about this process is that at least you will see what you need in a home and how the prices differ across different areas. You will also find out how long it will take for a home to sell. This is the best part of the research as you can do what you like without being approached by the sales team. This is the best time to choose.

Property Manager MA:Second Stage

The second stage of the process is when you go about checking the listings in person. That is when you go around to open houses or making appointments to check the shortlisted ones. You can also use this time to contact the listing agent for questions you may have. It is extremely rare for someone to buy the first home they see. It requires a great deal of effort to find the perfect one. You may have to go around a lot before you find the one you need.

Don’t forget to find a good local real estate agent who can help you out. Don’t just pick one out randomly. It helps to have recommendations and to get a good one who can do a great job for you. Don’t forget that you don’t have to pay anything to work with a buyers’ agent. He/she will do a good job and there won’t be any payment till you buy the house.

Last Stage

They say that human beings have great gut instincts. So if you feel that there is something wrong, then share it because it could lead to more problems later. If you think there is something wrong, you should share so that any potential problems can be resolved.

Eventually when the right one comes along, you will be able to narrow your choices and lock that property in. You will know it’s worth it when you walk in and live in your new home.

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Boston Property Management: Hurricane Insurance

Boston Property Management

Boston Property Management: Hurricane Insurance

Hurricanes have a tendency to hit the East Coast of the US from mid August to Late October. One can remember the effects of Hurricane Sandy and how it affected everyone. This is why it helps to check and see if there is adequate insurance protection for a hurricane.

Homeowner

Homeowners with standard homeowners insurance policies are covered for a lot of things but then Hurricanes may only be partially covered. The most important point to remember is that you need to have enough coverage so that you can rebuild if there is extensive damage. This includes the costs it takes to rebuild your home so you have to make sure you have enough dwelling coverage.

Renters don’t have to worry about the damage if they live in a building as the landlord will cover it. The only issue is when you have to buy for protection for items within the apartment.

Boston Property Management: Flood Insurance

An important thing to remember is that Hurricanes lead to floods. This means that a lot of houses are vulnerable. Usually homes and renters insurance do cover water damage but they don’t cover flooding. So don’t assume that your current policy will save you as you will be in for a lot if something happens. Hurricanes bring about a lot of rain and storms which can be damaging. So this means that floods could occur anywhere. It doesn’t matter if there has been no flooding before. Just because it hasn’t happened before, doesn’t mean it won’t happen.

The amount of damage to your property means that you will be wishing that you had taken the insurance, as it would have saved you the money. There are some lenders who make you get the insurance as part of the deal though it doesn’t really matter if you live in a region where it’s not bound to happen.

Another thing to remember is that when there is a hurricane you have to file a different deductible for them. You need to pay a certain amount towards a claim. Important to remember that this claim comes out of your pocket. The good thing is that you have to pay lower premiums if that is the case.

Insurance Companies

Insurance companies on the East Coast have to deal with hurricanes so this is why they have deductibles for that category. The value is set to a percentage of the home’s value. This means that if your home is valued at $400,000 you would have to pay the deductible at the rate set for it. A good example is the former with a rate of 3 percent of the value. So you have to fork over the cash before the insurer steps in.

So before the storm comes in, check with your company to know what your policy entails. This will help you have less sleepless nights.

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Property Manager MA: Renter’s Insurance for College Students

 

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Property Manager MA: Renter’s Insurance for College Students 

College students have a lot going on in their lives especially when they are living away from home. They need to have it because they need to have coverage for their items. It is not like being covered while living at home.

It can be a nasty surprise finding out that the rent won’t cover insurance. The property may be insured but it does not cover the possessions. This means that your furniture, electronics, clothes, liability and kitchenware is not covered if you don’t have renter’s insurance. In the event of any disaster or damage to your property, you will be able to claim as insurance will pay for it. The worst case is that if someone gets injured on your property, your insurance will cover it.

 Is it Necessary?

Experts say that it is not necessary unless your landlord or property manager demand you go for it. The downside of not going for renter’s insurance is that you will end up footing the bill for everything if something were to happen to it. If you have a lot of valuable items, then it can be a huge problem for you.

Another important point to remember is that you need to decide how much insurance you need. So check to see what the value of your products should be before you go about insuring them. Take inventory of everything and write down their values. Keep all receipts with you and keep them in a safe place. Keep the valuations and list in a fireproof box.

Property Manager MA: Expensive Items

If you have a lot of expensive jewelry, you will have to purchase a policy which covers those high value items. The downside is that you will pay a lot more but at least your items will be protected.  A normal policy doesn’t give you so much coverage while a high value one goes much higher.

Renters insurance isn’t really that expensive as you are only paying to insure your own items. The landlord or property manager is paying more to protect the structure. It is more expensive to rebuild a structure than it is to replace all items which are lost. It will barely cost you $12 per month to cover yourself.

Since students have a lot on their minds, it is a good idea to get insured as they can concentrate on their studies. The cost of insurance is as good as skipping one takeaway meal a month. Having to deal with more expensive problems will only lead to more stress. So go for renter’s insurance so that your future is much safer.

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Boston Property Management: Fire Safety

Boston Property Management

 Boston Property Management: Fire Safety

When there is a fire at your place it can totally take some time for you to recover. This post takes a look at how you are able to take steps to take control.

Cleaning the Exterior

It is important to keep in touch with your insurance company so that you can get everything sorted. So make sure you send records of all the repairs and damages. In the event that you can’t get any documents at home because it’s unlivable, get them forwarded elsewhere. Start checking every place so you can assess the damage and document it. It is a good idea to wear safety gear before you go about it. If you can get a hard hat go for it as this will protect you.

Experts recommend getting a green signal from the fire marshal before you enter the premises. It helps taking a notepad and a camera to document everything. At the same time make sure your family is safe and in some other location.  This is the best time to see cracks in the foundation and any structural damage. You can also see if any chemicals were used to get rid of the fire. This is not a good time for you to clean as you are there to assess the damage. It is best to see what sort of damage has been done so you can find out which method is the best to take action later.

If the damage is such that it can be cleaned and your home will be in tip-tip order, then you can do it yourself. So start cleaning everything up and put it in bags and clean it. In the event the damage is extensive, hire a professional to do it. Sometimes you could end up getting someone to rebuild certain portions as the fire may be a bit too much.

Boston Property Management:Interior

When you need to assess the interior of your home, you have to do everything very carefully. This means that you need to take a lot of caution when evaluating everything. There could be structural damage within which could make things collapse. A good idea is to get a fire marshal to check the interiors before you do anything. It is also helpful to check and see if there is any gas leak. If there is one, then you can call the fire department. Also make sure you inform your neighbors so they are safe.

In the end you need to do everything the right way, so that your home is livable again. It is best to get a professional to handle everything for you. Plus, when you keep records it will be easier for you to claim insurance and a tax deduction.

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Property Manager MA: Commission Costs

Property Manager MA

Property Manager MA: Commission Costs 

You don’t have to pay through the nose for a real estate commission on a home sale. The good thing is that commission fees are negotiable. The way it works is that the seller pays the commission to the realtor when the home sells. That is the reward for the realtor who works hard to make the sale happen. This commission is paid to both the realtor from the seller’s side and the buyer’s side.

You can Negotiate

Fortunately, you can use leverage to lower the price of the commission. It doesn’t mean you have to pay through the nose to get it all done. These days a number of buyers and sellers have been receiving discounts so it’s not all that bad. Due to commission from bigger brokerages, agents have lowered their fees. They have such low fees that realtors have to keep their prices low in order to compete. Some of these services will even throw in freebies such as giving them premium listings, getting professional photos taken, adding the floor plan as well as setting up a panoramic view for potential buyers. Not only that but they will set you up with a good agent to help walk you through the sale.

Property Manager MA: Commission Saving Tips 

Here is a good way of saving money on commission when you hire a realtor. Be upfront and let them know what you are looking for. Ask them for their fees and then negotiate your way to an agreement. Have the conversation before you sign the contract, otherwise it will be very awkward. You also need to get a clear picture of what the process will entail but do add an escape clause in case it doesn’t go according to your expectations.

If your realtor is open to negotiation, then that is good news for you. Some can tend not to be flexible about it. If someone is showing signs of aggression, then you should not go for it as the sale will not go as you want. There can be some who will charge lower fees but then you will probably not get the quality you want. Beware of those who promise lower rates, but will tack on hidden charges. A smart one will make sure that everything is covered before the contract is signed. Don’t ever sign up for a bargain offer where there are no professional photos to help sell the house. That will definitely not get you the price you want.

Lastly you need to give the buyer’s agent a good rate so that the sale goes through. If the commission is not good enough, you can be assured you won’t get the right price. Also make sure you check with other agents and see if you can get the right price you are looking for.

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Boston Property Management: Homeowner Sale vs Agent

 Boston Property Management

Boston Property Management: Homeowner Sale vs Agent

When property prices are at a high and people are ready to buy, you will wonder if it’s a good idea for you to sell it via an estate agent or sell it yourself.  When you get a realtor to do the job for you, you will have to pay a commission which is split both ways. The other alternative is to sell the home yourself. You can do a comparison of what a real estate and homeowner sale entails.

Real Estate

A good real estate agent will do a proper comparative market analysis so that your home can be priced. The agent will also suggest what you need to do to get the sale through. This means suggesting what renovations or repairs you need.

This is followed by the real estate agent getting professional photos taken and putting them on listing service. A professional agent will make sure that the pictures are of high quality so that it can attract offers. The photos may cost a lot but they can add a lot more to the value of your home.

The agent will also ensure that there is a sale sign outside your home and will be prompt in sharing details with the buyer’s agents. Not only that but the agent will also field all calls and stay in contact with the buyers. They will also ensure that everything is coordinated and arrange for open houses so the sale is done faster.

The agent will never force you to accept an offer you don’t like. They will act in your best interests and get you a good deal. Not only that but they will deal with the paperwork so you don’t have to worry about it.

Boston Property Management: Owner selling house

It is a totally different ballgame when you decide to sell your home yourself. Not only will you have to do your own market analysis but you also need to hire a photographer and arrange for the photo shoot. This will also take a lot of your time. You also have to decide on what repairs you need to work on before you put the home on the market.

This is followed by hiring another company to put your home on listing sites. There will be a fee which you have to pay for it though. Another cost is when you pay for a sale sign outside your house. It will not be easy when you put your home online, as you will have to field all calls from interested buyers. This also means being flexible and arranging for them to see your place. Then you have to decide on whether you want to accept an offer or not. It is followed by hiring a real estate attorney and going through the paperwork. Then there is the appraisal process, home appraisal, inspection, final walk through and signing.

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Boston Property Management: Hidden costs of buying a home

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Boston Property Management: Hidden costs of buying a home

When you end up buying your home, you will be surprised to find out there will be plenty of hidden costs. It doesn’t matter that you spent a lot of time researching the perfect home and getting the right price. You will still have to shell out quite a bit so that you can get everything done. A smart buyer will prepare himself by having extra cash to help with the extra costs.

Extra costs will come even if you are prepared

Even if you think you are fully prepared you will still have to pay extra. There will be costs like insurance, closing the sale, appraisal and lender fees. You will have to probably buy new furniture or new appliances and work on new fixtures. This can be a pain especially if you did not account for it. A smart buyer will ensure that appliances are part of the transaction.

Boston Property Management: Home Inspection Costs and other expenses

You will also have to pay for the cost of a home inspector whose job is to find defects issues within the home. It is their job to be objective and to look for something which could be an issue for you. So if the home has a bad foundation, you will be informed and you won’t go through with it. If you are lucky, there will be minor problems which will help you get a better offer. This means you don’t have to spend more and do repairs. If the problem is very serious you can decide against it. If you think you can handle it, you will have to pay a lot. Another problem is that you will end up having problems you did not anticipate. Maybe your home isn’t built for drilling nails or installing the wiring for cable. If you are a new homeowner, you will find the cost of utility bills a huge shock as you will be responsible for it for the first time.

Do your Research

If you don’t do your research well you will be out of money in no time. This is why it is essential for you to come up with a budget before you do anything. You have to make a realistic budget to see how improvements would cost after you buy a home. Don’t assume that you can do it for a cheaper price as it will eventually cost you a lot more. So do your research and ask for help because you can’t afford to make a costly mistake.

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Property Manager MA: Educating the Homebuyer

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Property Manager MA: Educating the Homebuyer

Buying a home will be quite expensive and overwhelming. It doesn’t matter how much you have as you know you need to pay a lot of money. It will require you to review a lot of documents and sign them. It also requires signing a lot of documents. At this stage you don’t know what you are up to. This is why it always helps to consult a professional home adviser. They don’t cost an arm and a leg and you will get the help you need.

Not everyone knows about home advisers as it’s a well-kept secret. They make life much easier for those who are on the fence. Not only do clients feel at ease but it reduces the load for them. There are many advisers who will advise you and the best part is that their fees is less than 200 dollars. They will offer you advice on how you can improve your credit rating (if you have problems), payment problems, prep you on the challenges, develop your budget etc.

Experts believe that those who are counseled by advisers tend to understand the process better and are quick with understanding the dynamics of the market.

Property Manager MA: Educate the buyers

Educating the buyer is an important goal for all home advisers. Even mortgage companies are happy when borrowers do a pre-purchase course. They offer closing cost incentives to first time buyers who complete the course. It makes sense for them as it reduces a lot of paperwork and makes the process smoother. Other lenders will give you an interest rate reduction or a loan which makes it more affordable for low income borrowers.

The interesting part is that a lot of borrowers are unaware of the programs. They don’t seem to realize that the program is for everyone. All it requires is the fee which is quite affordable. Home buyers just need to get their documents reviewed. If they were aware it would make things easier for everyone and help reduce some of the stress.

Furthermore the home adviser is paid to be on your side and will never make a decision to favor the seller. They are truly independent and will make your life much easier. They will always give you good advice and never tell you to do something wrong. The best part is that since they have a foot within the industry they know it really well and will be able to tell you things you are not aware of. In fact they can even tell you about down payments and other assistance programs in case you don’t qualify.

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