Question: When is it a good time to buy or sell a home?
Answer: Short answer is whenever it makes sense for you. People buy and sell properties every day of every year for a variety of reasons (Death, Divorce, Job Change, Lifestyle Change, etc). Buying or selling a home is a deeply personal decision. If the time is right for you then feel confident anytime is a good time.
Question: How much of a deposit do I need to buy a home?
Answer: Much of that depends what your finances look like. If you’re paying cash then typically 10% of the list price is a common initial down payment. This is also known as “Earnest Money Deposit”. If you are financing with a mortgage the down payment can range from a low as 3.5% for an FHA loan, to a minimum of 5% to over 20% of the list price for a Conventional loan. There are other costs such as loan origination, taxes, inspections and miscellaneous fees that are part of the home buying process which are often several thousands of dollars.
Question: What updates or improvements give me the best return on investment?
Answer: The 3″D” rule applies immediately:
De Clutter: Get rid of most of the stuff that is in a room. The room should like the room it represents with the least amount of “stuff” in it. The more stuff in the room the smaller the room looks. Pick things off the floor. Reduce the amount of furniture. Clear off countertops, shelves and furniture tops. Keep furnishings to a minimum for maximum room size affect.
Deep Clean: Clean everything. Floors, windows, cabinets, appliances etc. The cleaner and fresher a house looks and smells the greater the likelihood potential buyers will be willing to pay or exceed your asking price. Clear out closets as well. Nothing shows lack of storage more than an overstuffed closet. Give, donate or store off site anything that does not improve the overall appearance of the home.
De Personalize: This is a tough one. Remove most if not all the family vacation and holiday photos. This gives potential buyers the feeling of intruding in on your space. When the memories are removed the buyers can picture themselves in the home much more clearly. This gives them a sense of ownership and belonging and the likelihood of submitting a strong offer.
Final thought. One of the least expensive things you can do for a greater buyer experience is paint. Painting rooms with a light neutral color opens up the space and brightens the home. Keep the same color throughout. You will be shocked how much bigger the space feels with coat of new paint.
