Utah Real Estate Lawyer - When Renting Out Your Property, How Much Should You Keep in Reserves?
Buying a house usually is at the top of the list of most couples or any individual that knows the value of having a beautiful and sturdy home that could last a lifetime of wear and tear from its owner.
This is where dreams are made of. A young family may have plans of purchasing their first home based on certain ideals or categories.
People with highflying careers that prefer living in the city opt for the condominium type ones. While old-fashioned, country-hearted individuals prefer the farm type or the suburban neighborhood ones.
Below are some of the things that must be taken into considerations before any purchase is made.
If the family owns a car or any mode of transportation that would enable them to easily reach common needed destinations such as the grocery store, school, church or the hospitals, this is a plus point.
What better way to gauge any purchase to be made than to weigh one's capability to pay for the same.
Home mortgages must be within the monthly budget of the family or couple, allowing still, some portion for the payment of basic needs or bills such as electricity, fuel and water.
Is the neighborhood a safe one? Is its near a school, hospital or the grocery (most that should be considered if one does not own a car)?
But whatever one's preference over a house is, usually at one point in time or another, he or she (or the whole family) might have the idea of reselling it for various reasons.
This may be due to one or more of the following:
- Relocation. A job offer at another state (for an individual or to that of his or her spouse or partner) more often than not requires relocation. This would entail moving on to a house closer to the place of work to avoid stress in going to and from work.
- Financial capacity. Not all high end careers last forever. Should an individual or couple suffer from financial burdens, most move to a house that costs less to maintain.
Likewise, a promotion or a surge in the income may also prompt a move, that is, to a much larger house that is much favored by the individual or which can accommodate a growing family.
- Deterioration. Should a house need constant repair, it the puts a strain to the financial standing of a family, thus, most prefer to move to a much smaller one that does not require costly maintenance.
- Natural calamities. If a place is usually hit by tornadoes, storm or is always flooded, the natural tendency of most would be to move to another house that is not subjected to these problems.
All of the stated information above might prompt any individual or family to sell the house and move to another location.
But reselling of one's house is not an easy task. It requires great planning to ensure that it would be attractive to prospective buyers, and be able to fetch the highest value possible.
Here are some pointers to raise the value of one's house before it is put up for sale:
1. Repair. Anything that needs to be repaired should be attended to. Is the bathroom faucet leaking? Is the stair baluster disengaged? Or does the roof have cracked where leaking occurs during rainy days?
All of these problems should be attended to. A house that has no, if not very little repair, is more attractive than a moldy, leaky one.
2. Clean out the attic. Family mementos that are usually forgotten are often put up in the attic. Most times, people think that it has lost it value, only to find out later that they have found a use (or an emotional need) to have it again.
Be sure not to leave anything of great importance that might not be retrieved. Also, it is a sign of courtesy to the next occupant. Let them have a roomy attic to store their less needed stuff.
3. Clear out the weed. This would make the place look larger and more appealing. A little well-maintained garden usually is eye-catching and would surely attract buyers that love these kinds.
4. If furniture and other equipment is included in the sale, make sure that everything is in its good working condition.
It would be advisable if wood furniture are polished, or silver and brass items gleaming.
5. Clean. If not everything is in perfect condition, at least make sure that everything else is clean. If bedroom linens are included, make sure that it is stain-free.
6. Water and electrical wirings. The lights should be functioning well and water faucets running at full strength when opened.
7. Windows. These should have the proper locks and no broken glasses.
8. Flooring. If carpets were used, a stained one would surely be a sore to the eyes. If it cannot be replaced, at least remove the stains.
9. Doors. Most especially the main door, it should be in good condition
10. Most importantly, the individual or the family must be emotionally ready to let go of the house, because believe it or not, when one thinks about childhood memories or happy moments, a house is usually included.