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Buying a Home While Relocating is a Smarter Choice

April 8, 2021 by Cachet Real Estate Finance

Buying a Home While Relocating is a Smarter ChoiceThe idea of buying a home is challenging enough as the process requires a lengthy approval validation, paperwork, financing, and the actual move with logistics. However, when one really looks at what typically occurs with relocation, buying versus renting can start to make more sense over time.

Finances Have to be In Order

Buying a home more than once every ten years requires a good amount of discipline on one’s personal finances. Most of the initial decisions and approvals will depend heavily on keeping one’s debt versus income ratios in line and viable. That also means saving up a lot to have sufficient cash flow for fees and your down payment. It also means not letting credit cards get out of hand or taking on other significant debt unless necessary as both weigh against one’s ability to obtain new financing for the next home purchase.

Renting Versus Owning

Renting or leasing tends to be the go-to option during a relocation because it tends to be easier upfront, has fewer requirements to achieve, and involves less of a significant commitment financially. After all, what happens if there is another relocation just a year later? However, most relocations are fairly defined in time. Anything under a year would make sense for renting, but when one starts getting beyond a year, buying starts to become far more appealing.

First, all the dollars one pays in rent are a sunk cost. If one buys, some of that money goes into home equity. Second, many companies and organizations who relocate their people often have connections for quick purchasing and residential needs, leveraging corporate interests for their employees. This allows for the rotation of homes from one employee to the next and makes buying easier for longer-term stays.

Third, a purchase for a shorter-term stay doesn’t have to be a full-scale home. Smaller units that cost much less are easier to close and can work just as well for temporary living. Relocating buyers should really consider a wide range of housing options in a buy versus just a strict replacement of what they had before.

Finally, market costs in the target location have to be considered. Some markets are very affordable and might be cheaper than renting month to month but others are astronomical, and it simply doesn’t make sense to buy in these regions for a short-term stay.

The Bottom Line

Understand with renting everything paid is gone and won’t be recovered in any form at all. It’s a lost expense. That can be thousands of dollars after one year alone. Buying will have fees, but the money spent on the mortgage each month buys equity which can be recovered in a sale, plus a possible gain as well down the road. Buying doesn’t work in every situation where one is relocated, but it can be a viable option in affordable markets and when one is staying longer than a year.

As always, check with your local real estate professional for the best advice on your relocation and your personal financial situation.

Filed Under: Real Estate Tagged With: Home Ownership, Real Estate, Renting

Why A Carpet Change Can Boosts Your Home Sales Price

April 2, 2021 by Cachet Real Estate Finance

Why A Carpet Change Can Boosts Your Home Sales PriceWhen selling a home, it is rare for folks to see in bold big letters, “new carpet just installed”. However, on a practical level, replacing the carpet in a home just before selling can go a long way to helping the deal close.

A Brutally-Beaten Leftover

In just about every used home, the carpet has taken a beating. Even if the home has only been owned for a few years, carpets have taken a tremendous amount of traffic, walked-in dirt, funky smells, and dust that build up over time. That not only changes the color of the existing carpet, it also impacts the air in the house as smells are permanently trapped in that same carpet. And, if the existing homeowner had or has pets, the issues can be ten times as strong.

A Sure Formula

By replacing the existing carpet with a new one that is a neutral color and just installed, it adds perceived value to the home and comes a lot closer to competing with new homes in the area. Everybody buying a home wants to have a sense of newness when entering the home. If it’s an existing home, replacing the carpet will be almost a given for the new homeowner before moving in. So, combining a new carpet with the sale saves the buyer the headache and becomes far more attractive right off the bat.

Removing Embarrassing Conversations

The worst situation to be in is having to explain stains and torn carpet or worn-out patches. Letting them stay practically begs a prospective buyer to argue for a lower price to even disengage. Of course, this issue doesn’t apply so much when it’s a seller’s market and homes are being bid on unseen with high demand. But that isn’t always the case. Rather than handing an argument to a buyer free, adding the carpet could reverse the situation and give you support for a higher sales price.

Case by Case

Your real estate agent will have the best idea of how much a new carpet will apply to your local market for home sales, so start with him or her first. If the current market is looking for lots of quality improvements in a home for sale, you can expect that a new carpet would be to your advantage. And you don’t need to break the bank doing so. Follow the example of builders; use a base level carpet at an affordable price. It will look new, do the job, and help sell your home without paying a premium and cutting into your sale profit.

Filed Under: Real Estate Tagged With: Carpeting, Real Estate, Wear and Tear

Five Places Mold Could Be Hiding In Your Home

March 31, 2021 by Cachet Real Estate Finance

Five Places Mold Could Be Hiding in Your HomeEven the most aesthetically pleasing homes can have mold issues. A type of fungus that thrives on moisture, mold can trigger symptoms such as itching eyes, asthma attacks and bouts of sneezing or coughing.

As a result of the possible health issues, mold is the sort of problem that should be dealt with prior to listing a home, and people who are in the market to buy a home would do well to have a licensed professional conduct a mold test on any home they’re seriously interested in buying.

What follows is a rundown of five places in the home where mold could be hiding.

The Unwanted Basement Tenant

If climate control measures are not implemented, basements can end up becoming breeding grounds for mold. Most basements get little or no direct sunlight, are often more humid than other areas of the house, and get scant ventilation, which can pose a problem should water somehow get into the basement.

Mold can go undetected for years in such spaces since it can grow behind walls, baseboards and insulation. Fortunately, detecting mold is possible not only by sight, but also by scent. A moldy or musty smell should not be ignored since it could be evidence that there is a mold problem.

The Air Conditioner’s Chilly Reception

Unfortunately, mold can take root in places that people cannot easily access and monitor such as on the inside of their air conditioner units. Mold can grow on the coils and, when moisture enters into the picture, a small problem can become a big one quickly.

People who find themselves coughing or sneezing whenever they turn on their air conditioners ought to be suspicious since mold could be the culprit.

Not On The Kitchen Menu

Leaving leftovers in the fridge for too long can create conditions where mold thrives. The mold can then get into crevices where it will have even more places to grow. The problem can become even more serious if contaminated food and appliances transfer the mold to other areas in the kitchen.

Furthermore, kitchens that are insufficiently ventilated can also have negative implications as far as food safety is concerned,

The Chimney: Where There’s Smoke…

Leaky chimneys can cause mold problems that, if not fixed, may end up infecting other areas of the house. In a leaky chimney, moisture can seep into crevices and create mold areas that may eventually make their way down to the walls. Therefore chimneys that are in need of repair should be fixed promptly so that problems don’t pop up later.

If Walls Could Talk

One of the most common places for mold to form and grow is behind walls. Humid air behind the walls can be problematic, particularly if water finds its way back there as a result of things like flooding.

It’s also possible for mold to form behind wallpaper. People can determine whether or not they have mold behind their walls by having an inspector come in and check.

Mold is no laughing matter. Before listing, it wouldn’t be a bad idea to address any mold issues. People who are planning to buy a home should have an inspector conduct a test to ascertain if there are any problems.

Taking the proper steps will help to remedy any mold situation that may be present. Whether you’re looking to sell or looking to buy, the right real estate agent can make all the difference. Call your trusted real estate professional today for more information on how to deal with mold when buying or selling a home.

Filed Under: Around The Home Tagged With: Home Tips, Real Estate, Real Estate Tips

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