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 The Twelve Steps of the Home Purchase
Preparing Your Home to Market
Selecting Real Estate as an Investment
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Nothing pays
dividends to sellers of a house quite like elbow grease. Good housekeeping and repairs,
spaciousness and pleasant aromas will help bring top dollar and fast sales. Conversely...
the demons to the business of home selling are dirt, lack of light and space. Too much
deferred maintenance and bad odors destroy the appeal of your home.
If you're planning to put your home on the market, you will want
your property to look its best. This checklist pinpoints specific items around the home
that can be the key to a successful sale. The list is extensive, but the most salable
properties usually reflect attention to each of the areas discussed. If your home needs
extensive work and time or funds are limited... it may not be practical to cover all the
points, but do the best job possible.
Avoid Making Major
Changes Unless They Increase the Value of Your Property More Than the Cost of the
Improvements
SPRUCE UP OUTSIDE...
- Paint ... There are few
things that you can do that will enhance the salability of your house quite as much as
painting the outside. Before you start, you will need to prepare the surfaces. Scrape or
water-blast the blistered or peeling paint; repair gutters and down spouts and replace
wood showing dry rot. Wood trim, gutters and wrought iron should receive primary
attention.
- Front Entry... Give
special care to this area. This is where buyers get their first opportunity to make a
close inspection and they will pick it apart looking for flaws... so eliminate them. All
woodwork should be freshly and neatly painted, including the door if necessary.
Replace a badly worn or broken doorbell button. Polish any door brass. Paint or replace an
unsightly mailbox and put out a new or clean doormat.
- Yard... Mow and trim
the lawn. Weed flower beds and remove or replace dead plants and trees. Water regularly
during the growing season. With desert landscaping, make sure that no underlying plastic
is exposed and that weeds and grasses are removed.
- Swimming Pool... Adjust
chemicals until the pool sparkles. Hose or dust away any cobwebs from filtration
equipment. Store chemicals and tools neatly in a clean dry area.
- Driveway - Garage - Carports... Clean up grease and oil spots. Remove any oil stains or
cover them up. Make sure that your garage door opens freely. If you have an automatic door
opener, make sure that it is in good working order. RV's or boats should be parked on the
side of the house or in the garage, if possible. Old cars or ones that are being worked on
should not be visible from the street and preferably should not even be present.
- Fencing... A few
missing stakes or slats are a real eyesore to buyers. They are inexpensive and easy to
fix. Repair, paint or stain, as necessary.
A Buyer Will
Determine Within Minutes
Whether They Are Interested In Your Place
- Roof... Remove
any visible debris or leaves, including any tree branches bearing on the roof. Check
for broken shingles and replace, if needed.
- Patio... A
nice spread of outdoor furniture looks very appealing. If you can borrow some from a
friend to enhance the showability of your patio.
- Air Conditioners... Paint
or replace any rusted exposed metal. Correct any improper draining and repair as
necessary.
LOOK AT THE BASICS...
- Windows... Repair or
replace torn or bent screens. As a last resort, remove them entirely. It's
better to have no screens at all than to have unsightly ones. Replace any cracked or
broken panes and have your windows squeaky clean. Take notice of any foliage near or
around your windows. If foliage is restricting the light coming into the room, cut
it back. A window framed in plants can give a warm, homey feeling. Drapes
should be affixed to the walls and work smoothly. They should be reasonably clean and hang
properly.
- Doors... Repair
or replace any doors with holes in them. They should open and close freely,
including the closet and patio doors or sliders. Oil any squeaks and tighten the
hardware particularly doorknobs. While you're at it, tighten the hardware on the
kitchen and bathroom cabinets also.
- Walls... As
with the exterior, painting inside the home will pay unexpected dividends proportionately
way over the time and effort spent. Wallpaper should be clean and adhere smoothly to
walls. Patch all major holes in wallboard and plaster. Loose handrails on stairways should
be secured firmly to the walls. Clean or paint air vent covers.
- Floors... Repair
or replace missing or damaged pieces of tile and make sure it is washed and polished. You
can have older carpets professionally re-stretched and dyed. There are companies that will
replace your carpets for 90 days the same as cash if your carpets are badly worn or
stained. This will improve your home's appearance dramatically. Steam cleaning is the best
answer for soiled carpets. Shampooing seldom does the job where showability is concerned.
If pet odors are present, clean the carpet several weeks prior, then before your home is
placed on the market to be sure the odors have been eliminated. Loose carpet, especially
on the stairs, should be anchored properly.
CHECK MECHANICALS...
- Lights... Every
light socket in and around the house should have a good bulb of adequate wattage. Don't
overlook those outside and in the garage. Remember, the utility room, halls, closets, over
the kitchen sink and the exhaust hood.
- Switches and Fixtures... Repair or replace wall switches, outlets and light
fixtures that don't work. Replace any broken switch plates with upgraded ones that
will give your home a well cared for appearance. NOTE ... If you are not fully
competent to handle these repairs, call in a professional electrician.
- Appliances... Those that will be staying with the home should be in
good working condition. If specific equipment does not work and you do not intend to
repair it, point this out.
- Plumbing...
Badly chipped or irreparable stained sinks and tubs can and should be
re-enameled, patched, or replaced. Leaky or excessively noisy toilets should be fixed, as
well as any dripping faucets.
- Sprinkler System... These
should be working properly with no broken heads and sidewalk over spray kept to a minimum.
Overstuffed Rooms
and Closets
Look Smaller Than They Really Are !
A SPACIOUS LOOK...
One of the best and
least expensive ways to improve the showability of your home is to open up as much space
as possible.
Openness stimulates
positive feelings in the mind of buyers. You can't change the size of the rooms, but you
can try presenting them in a pleasing way.
- Closets & Storage Areas... One
of the most frequently voiced requirements of buyers is for closet and storage space.
Open up your storage area by getting rid of items you aren't using.
- Counters & Cabinets... The same principle applies here. Overcrowding gives
the impression of inadequacy. This applies to bathrooms and kitchens, with the
kitchen being most important. Store infrequently used countertop appliances out of
the way. Do some prudent discarding from your cabinets and start thinking -Yard Sale.
- Garage... Buyers
will pay a premium for a garage, if they can visualize it being of value to them.
It's hard to sell the virtues of a garage when it's filled to overflowing. If your
garage has become a two car attic really start thinking Yard
Sale or move the excess to a mini-warehouse while your house is on the
market.
HOUSEKEEPING HINTS...
- Bathrooms... Few places in the home can get dirty so fast and yet will
"unsell" a house as fast as dirty bathrooms. Vanity, sinks, faucet
hardware and mirrors are the focal points, but don't forget other areas of potential
problems. Soap residue in a shower, a moldy shower curtain, accumulated dirt in the
track of a sliding shower door, soiled or missing grout, stained toilet bowls and dirty or
old bathmats.
- Kitchen...
Like the bathroom, kitchens get dirty all by themselves. Most buyers
will inspect this area carefully, so the extra time invested here is well spent.
Clean the stove inside and out. Replace badly stained reflector plates under the
heating elements on range tops and don't neglect the kitchen exhaust hood. Buyers
frequently check this area as a clue to your general housekeeping.
- Water Heaters & Softener... Perhaps
because it is so unusual, a clean water heater or water softener really impresses
buyers... Yet it takes so little time and effort.
SNIFF OUT ODORS...
- Wet Towels & Washcloths... Residents of a home frequently aren't aware of what a
potential source of bad odors these are. Replace all used towels with fresh ones
after a shower or bath.
- Soiled Clothes... When the home is being shown, keep dirty laundry out of
the living areas. Move it to the utility room, garage, or storage area. This
especially applies to a diaper pail.
- Dogs and Cats... Get
them out of the house, if not off the property altogether. Nothing will turn a buyer off
more than having a dog growling or barking at them. Some people do not like dogs, (to a
dog lover, it's hard to imagine, but it's true). No one likes having a dog, even a
friendly one, jumping up on them. If they are there, be sure to clean up after the dog
before any showings. Cats can be just as objectionable as a dog to the person who doesn't
like or is allergic to them. As a first step however, move the cat's litter box out of the
house if possible. Invariably a cat will single out the cat hater and use them as a
rubbing post.
- Garbage... Take all trash and garbage out of the house, particularly any
food-related discards from the kitchen. Make sure no potatoes or onions are going bad
under the sink or in the pantry.
- Valuables... You may have valuable possessions that you like to display in your
home, but when the house is being shown to strangers, then is not the time. Never
leave small valuable items lying around on counters or visible in closets or cabinets.
Get them out of sight, if not out of the house.
- Keys... As you are
readying the house for market, make a note to gather all the keys for the house and keep
them in a secure location. Include the keys for doors, dead bolts, garage doors and
any padlocks you may have lying around. Don't
invite a problem. Make
it a game, so that anytime anyone leaves their keys out, they will have to buy ice cream
for everyone!. After all, the new owners will need them later on.
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Applies to California
purchases. Your state process may differ.
- First Contact: Normally a buyer will
make contact with a real estate professional. Informal information will be exchanged and
an appointment will be set for you to meet with the real estate agent.
- Pre-qualification: The agent may have a
lender present at your first meeting. To more quickly establish your home purchasing
range, the lender may contact you by phone prior to your appointment. You will need to
have readied your most recent pay stubs or other income information, current monthly debts
and their present balances. In addition, he needs to know your liquidity (how much money
you have). With this information, he can tell you about the many programs available to you
to help you make your buying decision.
- The Hunt: At this time, the buyers,
confident with their financing alternatives, begin shopping for their new home. When you
select a property, the agent will negotiate price, loan terms, and length of closing time
and services to be used. Your agent will submit a pre-qualification letter from your
lender with your offer to the seller. However, to strengthen your offer, it is wise to
meet the lender prior to making your offer. Filling out your loan application and getting
a pre-approved loan tells the seller you are a serious buyer who is able to perform.
- Opening Escrow: Once your offer is
accepted, escrow will be opened. Escrow is the impartial third party who makes sure the
terms of your contract are followed prior to closing your purchase.
- Application: If you have not yet filled
out your loan application you will need to do so at this time. The lender will ask you for
income documentation for the last two years. You will need to provide your monthly
obligations including, child care, child support, alimony, business expenses, installment
and revolving debt. It is important to be thorough in your gathering of this information,
as it could adversely effect your qualifying for the loan you desire.
- Appraisal, Credit and Verification:
After your application has been submitted for processing, the lender will verify the
information you provided. This includes your credit, employment, assets and an appraisal
of your new home. As this information comes in, the lender may contact you for
clarification or further documentation to substantiate credit-worthiness.
- Title Search: At the same time, a title
company will research any liens against the property, the seller or you that could
prohibit the transfer of title. This information is made available to you and your
lender.
- Termite Inspection: On re-sale
transactions, most lenders require an inspection for termite damage. If there is damage,
it needs to be repaired prior to closing.
- Underwriting: Once items 6 and 7 are
completed, your file will be submitted to an investor for underwriting approval. On
the basis of the information compiled on you and the property, the investor makes the
decision on whether to grant full or conditional loan approval. A file with
derogatory credit may be declined. Though unlikely, this may occur because companies with
the best interest rates have higher credit standards. In this case your lender
should have a back-up source ready.
- Mortgage Insurance: If you have put less
than 20% down, the investor will also submit your loan for Private Mortgage Insurance
approval. It is normal for this approval to be made after investor approval.
- Completion of Loan Documents: Now that
your loan is investor-approved and all approval conditions are signed off, your loan
documents will be ordered. Escrow will make an appointment with you to have you come
to their office to sign the documents. Escrow will also request a cashier's check
for the rest of the funds you need to close your escrow. Normally your loan will
fund two days after you have signed the documents.
- Funding: Congratulations, once the
investor receives and reviews your loan documents, your loan will be funded.
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A carefully chosen income property is a unique investment
that can form the basis for future financial independence. Yet income property is not for
everyone.
No investment other than real estate offers you such an advantageous
combination of four features. First is control. You own and manage it, with external influences at a minimum.
Most other investments are susceptible to mismanagement, undue government interference
(foreign and domestic), and collective emotions.
Second is leverage. If you
invest $50,000 in a $200,000 property, you are using someone else's $150,000, and it's the
$200,000 that appreciates. Assuming a four percent appreciation rate, the investment will
be worth $208,000 after one year. The return due to appreciation is $8,000 on your $50,000
(16%), consequences of the four to one leverage.
Third is favorable tax treatment.
Even a real estate investment producing positive cash flow often yields shelter for other
income. Additional income tax advantages are the capital gains treatment of profit and the
tax deferred exchange potential.
Fourth is limited risk. Unlike
most other investments, you risk only your down payment. Your other assets are safe. Even
the loss of your entire down payment represents an unrealistic worst case scenario.
Assuming you wish to include real
estate in your financial planning, consider a conservative course.
Avoid speculative situations that invariably increase risk and pose
management problems. Avoid restricted ownership arrangements such as limited partnerships
and avoid non-equity investments altogether. Look for an exiting structure, in a growing
area, that has no material defects such as a through-street location or aircraft noise.
Become a sole owner if possible or form a partnership with a trusted friend.
If you are disposed toward income property ownership, good advice is
to buy now. Implementation details are secondary. Too many potential investors are
derailed from primary goals by overanalyzing the marketplace. Your success probability
will be greater than with any current alternative investment.
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