Real Estate Information Archive

Moving? Should You Sell or Lease?

Wednesday, October 27, 2021

by Tucker Robbins

When the time comes to relocate, the thought of selling your home while purchasing another seems too much, so renting your current place sounds like a win-win for you. The extra income sounds great, knowing your house is still there in case you need it is another nice thought. There are pros and cons to this decision, however, so look through these tips to help you finalize your decision:

One major factor to consider is when you know the move is not permanent. If you know you will be returning in a few years, and it may be a good idea to lease while you are away so you will not have to house hunt upon your return.
Take a close look at the financial aspects of renting your house:

- Landlord’s insurance premiums may cost more than a homeowner’s policy. Talk to your insurance agent about the differences in cost.

- If you have equity in your house, or the money a sale will generate will allow for a nice deposit on another, you really should consider a sale.
- Do the math--if you have a loss after all your expenses (insurance, repairs, property taxes, etc.) are deducted from the rental payments, it would be a better idea to sell.

Take into consideration that in larger areas, there may be times of a vacancy. Can you handle your current mortgage and rent or mortgage payment in the new place? If not, put the house on the market.
Renting may be a good choice if the house needs repairs or improvements to bring a good sale price, and the cost of those fixes all at once is out of your budget.
Consider the occasional tenant that will not care for the property as you do. Landlord insurance will not cover normal wear-and-tear, nor intentional damage.

Things can happen, and even good tenants are suddenly unable to pay rent on time--or worse, stop paying rent--and you will be stuck with the mortgage payment, not to mention the possibility of the costs of going through the eviction process.
If you live in an area that attracts visitors or tourists, consider short-term leasing with an online booking company. Be sure you are within your city’s regulations for short-term rentals and consider the frequent cleaning costs and other risks taken when renting to tenants that you have little means to check into before they enter your house.

The stress of renting just might be greater than the house-hunting in the case of a temporary move. Talk to other property managers in your area and look at your financial information before you make the final choice. When you decide to sell, call New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.

Photo credit: multibriefs

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7 Budget-Friendly Bathroom Redo Tips

Wednesday, October 20, 2021

by Tucker Robbins

According to Homeadvisor.com, the average bathroom remodel costs about $10,000! When yours is crying out for help but the money for a complete overhaul is not in the budget, there are plenty of options that are easy on the wallet. Find some inexpensive inspiration in the following tips:

Something as simple as updating your light fixture can be a huge improvement. Whether you buy brand new at your local home store or a good-as-new used piece, this is an easy DIY. Call a reputable electrician if you choose to add lighting or move the current connection.
Add style to a plain mounted mirror with a frame! Framing kits come with everything you need for this quick update and are available at home centers and online for less than $100.

Old linoleum that is in good condition can be covered with adhesive-backed vinyl tile or painted with porch paint. Create a custom look by using a stencil. Supplies may cost a bit more than other paint jobs, but it beats the expense of replacing the flooring.
Are the walls covered in thirty-year-old wallpaper? The easiest fix for that is to paint over it! Benjamin MooreⓇ suggests you start by sealing any peeling spots with adhesive and applying clear caulking where wallpaper meets the ceiling or the floor. Save time by using paint with built-in primer, and paint as you would any other wall surface.
A new faucet is a quick way to update the sink. Confident do-it-yourselfers can switch the old with the new with help from this step-by-step video how-to for faucet installation from Home Depot.
The most inexpensive update for the cabinet would be paint and new hardware. Even laminate countertops can be painted or tiled for a fresh look.
If your budget is tight, just the purchase of a new shower curtain, window treatment, inexpensive framed prints, and one nice coordinating towel set can make a huge improvement to a dated bathroom.

Having several remodeling jobs on the to-do list usually means beginning with the most affordable projects. Making budget-friendly bathroom updates will help ease the urgency of needing a full renovation. Save yourself stress and money by holding out just a little longer, and when it’s time, you’ll have the perfect bathroom!

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.

Photo credit: Sherwin-Williams

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A Seller's and Buyer's Guide to Property Disclosures

Wednesday, October 13, 2021

by Tucker Robbins

Realtor® Magazine’s definition of disclosures is “federal, state, county, and local requirements of disclosure that the seller provides, and the buyer acknowledges.” In most states, this means that a seller must let a buyer know about known problems with the property they are selling. Disclosing issues with a house is important for both buyer and seller. Understand more about property disclosures in this guide:

Disclosures and the Seller

- Every prospective property seller will receive a disclosures form from their listing agent. This form should be filled out truthfully and to the best of the seller’s knowledge.
- Most states want these items disclosed to the buyer: lead paint or asbestos, previous repairs or additions, mold or water damage, pest issues, drainage problems, foundation cracks, problems with HVAC and other appliances, and roof condition/age.

- The listing agent will be aware of all government disclosure requirements--federal, state, and local. Transparency from the seller is a must at this point of the property sale.
- “Better safe than sorry,” should be the homeowner’s motto when it comes to disclosures. For instance, if there is a possibility that mold is an issue under the house, an inspector should have a look.
- Disclose minor things that you have learned to live with. Items a seller considers small--such as a rattling window on a windy day, or a repair made many years past--can be big things to the buyer.
The disclosure should be ready before the seller accepts an offer--for their protection.

What the Buyer Needs to Know

- Once a potential buyer receives the disclosure statement, they should read it over carefully and without distraction. Any questions should be marked or written down and questions presented before the disclosure form is signed.
- The added expense of having a home inspection is vital to this part of the sale. When the buyer meets the inspector, the disclosure form should be in hand so each item can be checked out thoroughly.
- Check local government building permit and zoning information to make sure any additions were performed legally by licensed people.
- If negotiations about any disclosure’s issues break down, it may be best for the buyer to walk away from the sale.

- In the end, doing due diligence is the best way for a buyer to find problems that will be a major issue after the sale.

Disclosures should be a seller’s protection plan, and smart sellers will be completely honest, and even disclose more than necessary. Sellers should make sure that their state laws ask them to disclose things like traffic noise, undesirable neighbors, or even paranormal activity! Choosing a Realtor® with experience will help sellers through the disclosures process so that buyers will have full confidence in the property they are purchasing, which makes for a quick and smooth sale!

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.

Photo credit: mwlp

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Maximizing Space in Small Kitchens

Wednesday, October 6, 2021

by Tucker Robbins

Maximizing space in a small kitchen can take a little creativity, and it may be especially difficult for someone who is downsizing or buying a home that was built when kitchen size was not a priority. It is important to use the space you have and being practical with storage and placement. Check out these tips for ways to make the most out of your small kitchen:

- Create a pot rack with a sturdy stylish towel rack and S-hooks.
- If drawer space is at a minimum, keep cooking utensils nearby in an unused cookie jar on the counter, or hang them from small nails on the inside of the cabinet doors.

- Spice racks can also be mounted to the insides of cabinet doors to free up storage space.
- Domestically Speaking has a simple how-to for adding tip-out storage onto false drawer fronts for smaller items like sponges and scrub pads.
- If pegboard storage is good enough for Julia Child, it’s good enough for our kitchens! It can be cut to fit any wall space, painted to match any decor, making it a stylish and convenient place to hang cookware.
- Use magnetic strips to store cutlery or small jars with metal lids on the side of the fridge.
- If the cabinets do not have soffits, utilize that space for lesser-used items. Think out-of- the-box storage, too: keep extra paper towels, disposable plates, or other items that will take up room in more important areas.

- Very small kitchens leave little space for a table or an island, so mounting a folding table or shelf to the wall can help you during prep or mealtimes and fold out of the way when you don’t need it.
- A butcher block stove cover will add useful counter space where space is lacking. It will also keep from having to find a place to stash a cutting board, as it will already be on display!
- Departments and home stores have many different varieties of moveable kitchen carts.
- A cart will offer a prep area as well as storage that can be tucked away when not in use.

The average size kitchen is 70 square feet, according to the building industry, and many homes have an even smaller space. Take a few extra steps to make the space in your kitchen work best, and you will see a difference in meal prep time and clean up, making mealtime more enjoyable!

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.

Photo credit: design indulgences

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