Congrats #SanJose for easing rules to allow granny units/accessory dwelling units in the rear yards of single family homes #tinyhouse
Author Archives: Realtor Broker Dean Paul
Should you shop for a home during the holidays?
New Water Fixture Laws 2017 Alameda County CA
Is your #home #built prior to Jan 1 1994 in the state of #California? If so, your #water #fixtures are required to meet the following criteria at time of sale starting after #newyears:
If a #toilet flows more than 1.6 gallons per flush (gpf), a 1.28 gpf toilet will be required. If a #showerhead exceeds 2.5 #gallons per minute (gpm), a 2.0 gpm shower head will be required. If a #lavatory faucet flows more than 2.2 gpm, a 1.2 gpm faucet will be required. If a #kitchen #sink #faucet flows more than 2.2 gpm, a 1.8 gpm faucet will be required. (SB407)
If this helped you as a #homeowner or future #seller please like this post and like our page for more relevant #housing updates.
Notes on Reading Home, Roof, and Termite Inspections
After your purchase agreement is accepted you will usually have a window of time to perform inspections. This is your chance to investigate the condition of the property. The most common inspections obtained are the home, roof, and termite reports.
Home Inspection
The home inspection is a general overview of the house, outlining the materials used, the useful remaining life of the structures, and any notable safety or health issues. Pictures are included. As a future homeowner, you will want to look over these items to see which items will need immediate action after possession. Earmarking the document for this purpose will keep you updated on maintenance. Generally, smaller issues can sometimes grow into larger issues over time.
Roof Inspection
While the home inspection mentions the roof, a separate roof inspection is always preferred since it is likely to be more detailed and generated from a roofing contractor (versus a more general contractor or inspector). The roof will mention the immediate deficiencies and the remaining useful life of the roof. An additional charge could get you a 2 year warranty on the roof if you elect the company for the repairs.
It’s best to make roof repairs over the summer while roofing contractors are not busy. I have tried to setup roof repairs during the rainy season for my clients and it is not fun since roofers are booked months in advance.
Termite Inspection
The termite inspection does not only look out for termites– it looks out for damage to any wood members in the house, whether it be from termites, or fungus damage. The findings should be read together with your real estate professional. A bid for work can be found at the end of the document. The lender generally does not have access to this document unless it is explicitly stated in the purchase agreement, however some government related financing agencies may require that work from the termite inspection be completed before loan funds can be given to the escrow company. This is called Section 1 Termite Clearance.
Dealbreakers
Sometimes after review of the report, there might be substantial work in one area of the house that the buyer cannot afford or prefers not to repair. In this instance the buyer has the right to back out if the inspection contingency exists. An alternative to backing out would be to return to the seller to renegotiate the price. Renegotiation will change the original terms of the contract so expect the seller to defend the original terms of the contract, and proceed accordingly. I really cannot specify what constitutes a dealbreaker. People who want turnkey houses may be very picky over those who have decided in advance that they are willing to make repairs.
When to Repair
Buyers, as future homeowners, are at a significant advantage when they can repair after close of escrow versus repairing before escrow closes as a condition of loan funding. Making repairs after close of escrow allows homeowners to shop around the work and the bid and potentially secure same quality contractors at a lower cost. The homeowner may even be able to some repairs themselves. On the contrary, when buyers must repair before close of escrow, their options may be limited only to those contractors who can make the repairs in a timely manner. The repairs may need be done exclusively by a licensed contractor which may limit the buyer’s ability to make the repairs themselves since doing so may pose a risk to their loan funding.
Buying a New Home? Prepare for Potential Delays and Progress Conservatively
Being Flexible
It’s not all the time that there are delays in real estate transactions, however preparing for them is a humble gesture of showing all the professionals helping you that you are flexible.
Early Stage vs. Late Stage Development
After recently closing a few new home sales, there’s a few important things to point out. The first is that each builder has their own phases of development. When the builder’s offering matures, there are less variables that can delay the transaction. It’s always best to ask the builder which phase they are in. It’s one of the first things I ask. Prices might be better at the start, however expect delays since the builder is working with the city, contractors, and multiple parties. If it’s a later stage development, you might be able to pay a little more but you get the security of the builder’s track record for that specific development.
How to Protect Yourself
After you sign the purchase agreement with the builder who is the seller, you have certain liberties of when you give notice to landlord to vacate or when your rate lock starts for your interest rate, assuming you are getting a loan. If you do these items as late as possible, you’ll find you will leave elbow room in the transaction for delays.
Another way I can offer advice for creating leeway is to let your move out date from your rental be later than the closing date of your home purchase. Doing this gives you a huge cushion to move and for any delays.
Why Do Delays Happen in the First Place?
Delays happen because multiple parties are trying to achieve the same goal, and you can see that if one party falls short of the promise, everything else is held back. One of the reasons why real estate brokers and salespersons are so valuable is because your professional can detect and resolve issues before they become game breaking delays. Delays can also occur when the seller or buyer do not perform, so it is also critical that you, the client, performs in the best way possible.
Budget friendly projects with a big ROI
Not all home improvement projects are created equal. Some renovations may cost a lot but not add significant value to your home. This list goes in the opposite direction: Here are some inexpensive home improvement projects that will not only increase your enjoyment of your home, but will also increase the home’s value.
- High quality ceiling fans: In a recent National Association of Home Builders survey, ceiling fans ranked No. 1 as the most-wanted decorative item. If your ceiling fans are outdated, replace them with something in the $400 range—it’ll make a big difference when it’s time to sell.
- Trees: Mature trees can be worth as much as $10,000 toward the value of your home. Trees also protect your home from the elements and prevent erosion.
- Energy efficiency: Buyers are increasingly interested in saving energy, so any efficiency update is worthwhile. Switching from a wood to gas fireplace is a great start.
- Outdoor lighting: Exterior lighting is great for highlighting the accents of your home, and you can typically expect a 50 percent return on investment.
- Molding: You can finish a room with crown molding or railing for as little as $1.50 per foot if you take a DIY approach, and it’s extremely desirable among prospective buyers.
How do HOAs work?
When you purchase a home, there’s a good chance you’ll have to pay a homeowners association fee, especially in gated communities, townhouses, condominiums, and other similar planned neighborhoods. The idea is to keep common areas clean and maintained, and there’s usually an HOA board that is responsible for setting the rules and regulations.
Each HOA is different, but most have the same core elements. You’ll typically pay your HOA fees either monthly or annually, and it’s an important factor to consider when you’re weighing your options for a new home. So what is typically included in your HOA fees?
First, the fun stuff Amenities are typically the big perk of living in a community with an HOA. While you lose out on some of the freedom of living without an HOA, you instead get community amenities like a maintained pool, gym, clubhouse, tennis courts, and other amenities. The HOA fees pay for cleaning and maintenance, so—in theory—you’ll always have a clean pool whenever you want to use it.
Protecting the community HOA fees often contribute to insurance for the community amenities, as well as a fund for unexpected repairs to damaged community property—think damage from weather or accidents.
General maintenance Your HOA fees will go toward maintaining the general safety and upkeep of the community. This means things like elevator maintenance for condominiums, snow removal, and trash/recycling services.
Be active in the association There may be a board of directors, but homeowners associations exist for the betterment of the entire community, and every voice matters. HOA meetings—and the amenities they support—provide great opportunities to meet your neighbors and make your community a better place.
What’s it Worth?
Maybe you’re thinking of selling, maybe you’re thinking of refinancing, or maybe you’re just curious about the market. But the question is, “What is that domicile of your’s worth?”
Such a simple question should be returned with a simple answer, right? Well unfortunately, determining the value of your home–or any home for that matter–can be a tricky process. You can go online and nowadays there are endless websites that will promise you a fast answer with fancy charts and graphs. As tempting as it may be to trust this information, be wary of letting a computer program tell you what your largest investment is worth.
The trouble with these websites is that they have little to no local market information. They are not aware that a new park is being built, or that a four-lane highway is being re-routed, or that you’ve lovingly cared for and maintained your home.
The bottom line is this: If you’re serious about getting an informative valuation for your home you should contact a local real estate professional. These professionals work with the actual people who will ultimately determine the value of your home–the home buyer themselves. This is their profession and they will be happy to sit with you and explain the current market conditions that affect your home value.
Five Ideas for Re-purposing Unused Items
You undoubtedly have some items in your home that you’d like to get rid of or you’re having trouble finding a use for. Rather than throwing them out, consider repurposing them. Here are a few ideas for inspiration:
- Turn an old dresser into a kitchen island: Do you have a beat-up old dresser that’s currently an eyesore? Dress it up with some bright new paint, and then put it in your kitchen. You’ll suddenly have a new surface for preparing food, as well as a colorful accent piece.
- Use that old door as a table or desk surface: Just pick up some table legs from IKEA or order some online, attach them to the door, and now yo’ve got a cool repurposed workspace.
- Convert a wooden ladder into a bookshelf: Attach the ladder to the wall horizontally. The ladder frame will support the bottom of your books, the rungs will serve as dividers, and the wall itself will keep the books from falling off.
- Make a rack out of a wood shutter: Attach the shutter to the wall, and the slots will be perfect for organizing your envelopes and mail. Add hooks for keys and clothespins to attach other objects.
- Add a chalkboard surface to a coffee table: This is a great one for the kids. Get some chalkboard spraypaint from a home improvement store, and use it on your old coffee table. It’s the perfect play surface for Legos, action figures, and more.
Five Apps for Easy Home Decorating
Technology has made it easier than ever to bring your home decor ideas to reality. There are countless smartphone apps that help you plan a space or do some valuable comparative shopping. Here are five apps to use on your next decorating project. Most are available on both iOS and Android devices.
- Color Capture: Ever see a color that would make for a perfect paint scheme? Benjamin Moore’s Color Capture app allows you to take a photo of anything and instantly get a matching paint color.
- iHandyLevel: Hanging photos and artwork? Rather than searching through your toolbox for a level, you can use something that’s already in your pocket: Your phone. The iHandyLevel app functions just as well as a dedicated level, turning your phone into the ultimate picture-hanging companion.
- LikeThatDecor: Let’s say you see the perfect Chesterfield sofa in a coffee shop, and you want to see where you could get one of your own. Use the LikeThatDecor app to take a photo of furniture and instantly see similar items from dozens of retailers.
- IKEA Catalog: Forget about the nightmare of navigating the parking garage, showroom, and warehouse at your nearest IKEA. The IKEA Catalog app allows you to virtually place furniture in a room. If only there was an app for easy IKEA assembly!
- DesignSponge: DesignSponge is one of the best DIY and home decor websites out there. Now there’s an app that makes it easy to access all of their awesome content on your smartphone.