Updated: Friday, November 15, 2019
Inspection vs. AVM vs. Appraisal
A property inspection is ordered by the buyers. While not required by a lender, its certainly excellent advice and buyers should order an inspection very early in the process. A property inspector will physical examine the property from head to toe noting the functionality of various parts of the home. The inspector will flip light switches, turn on the oven and cycle the dishwasher among a host of others. If any issues pop up, the inspector makes note.nbsp;
Where do you find an inspector? Your real estate agent can provide you with a list of inspectors they have worked with before and recommend. You can choose from this list or find one on your own. However, its the agent that knows the quality of work of each inspector, making sure your property is properly inspected.nbsp;
Many of the items are those that need some attention but wont affect financing. However, when major repairs are needed, the lender might want to have those issues addressed before any funding will take place. If the inspector details a bad roof, the property appraisal will also take note. Minor problems can be taken care of after the sale by the buyers, but some issues must be addressed upfront. A full appraisal calls these issues deferred maintenance items.
Once the inspection has been completed and reviewed, the lender can order an appraisal. The lender wont want to order an appraisal at the outset but wait for the delivery of the inspection. If ordered right away and you have to pay for one upfront, its possible the condition of the home isnt up to conventional standards and the lender cant place a loan on the property.
An Automated Valuation Model, or AVM, is a digital evaluation of the value of a home. An AVM will quickly research the database of similar homes in the area and compare them with the value of the subject property. Many equity loans only need an AVM. When a loan is submitted for an automated approval, the approval will state if an AVM is the proper report required.
An appraisal is also a valuation tool for a subject property but in this instance a licensed appraiser will physically visit the property as well as research recent sales of similar homes in the area. The appraisal can be exterior only or a full appraisal. Again, the automated approval will state which is required. A complete appraisal contains information on both the exterior as well as the interior. Pictures are taken and included with the final report. Most often the appraisal is confused with an inspection because with an appraisal the property is indeed inspected by a licensed appraisal.
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5 Tips to Save Time Setting up Your Christmas Decorations
1. Buy a Christmas Tree With the Decorations Already On
When you want to save a lot of time, consider investing in one of the many p>
2. Have It Organized
When youre putting decorations away this year, make sure that theyre organized to save yourself time next year. If youve ever found yourself unable to find your tree topper, or you feel like youre missing half of your ornaments, youll save yourself a lot of time by packing everything together in a logical way. Keep all totes in the same part of the attic, garage, or wherever you store your Christmas decorations so that you can find them quickly the next year. You can even have a computer file where you catalog where you put everything you pack away. And if you want to ensure that your ornaments will be intact the next year, use felt and other storage techniques.
3. Cut Down
You might be a Christmas decorator who pairs down regularly, but if youre not, take some time every year to cut out the things that are no longer bringing you the same amount of joy. For instance, if youve had Christmas lawn ornaments that are starting to fade or just arent that much fun to see in the front lawn anymore, get rid of them. If theyre in good condition, donate them to someone who will enjoy them. You can cut out hours of unpacking, packing, and setting up every year if youre mindful of what you actually want to keep.
4. Do Outside Decorating Earlier
If you live in a northern climate, you might know what its like to try to put up lights on the roof of a two-story house. You need to be more careful of slip hazards when ice and snow are present. Plus, your hands are freezing, which slows you even more. If you want to cut out some time, put up your Christmas lights before the weather is frozen.
5. Get the Kids Involved or Send them to the Grandparents House
If your kids are old enough, dont do it all yourself. Inviting your children to help with Christmas decorating isnt just a great way to build memories; its also a great way to cut down on the time that it takes to decorate. If youre still worrying that your toddler will stick something into his mouth, take him out of the equation by sending him to his grandparents house.
There are a lot of ways that you can cut down on the time that you spend decorating the tree and the rest of your house. In fact, there are time-saving hacks for cooking and other holiday activities, too. If you want to have a beautiful home for Christmas in less time, think about which projects will bring you the most happiness, and organize so that next year is even easier than this one.
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What Do Millennials Want? We Now Have a Better Idea
Millennials tend to have higher expectations than older homeowners did about their ideal starter home, according to a new survey by Clovered, said REALTOR Magazine.nbsp;
If you look at the buying trends of millennials, its clear that while they may be waiting longer to purchase their first home, their expectations of what that house should include certainly arent lagging. Compared to their parents and grandparents at their age,nbsp;fewernbsp;millennials are homeowners, but millions of younger peoplenbsp;havenbsp;invested in their own propertyand they might not be the starter houses youd expect, said Clovered. Despite living with their parents longer than any generation before them,nbsp;putting off marriagenbsp;for an increased time span, and sometimes strugglingnbsp;to find their dream jobs, millennials are going from perennial renters to owners of whatnbsp;might be their forever homes.
The company surveyed more than 1,000 millennial first-time buyers for insight into which features and amenities were highest on their list. Here are a few of the key points:
Does size matter? It does in pretty much every demographic, but millennials are the most sensitive when it comes to the amount of square footage they want in their home. Baby boomers ideal size home, according to the survey, is 2,949 square feet, Generation X prefers homes at 3,311 square feet, and millennials want the most space at 3,320 square feet.
Number of bedrooms
Millennials prefer 4.2 bedrooms, per the study, to boomers 3.7 and Gen Xs 4.1. While youre probably not looking to add a fourth bedroom just for the purpose of selling your home, this information may help you stage it intelligently. Clearing out that bedroom youve been using as a home gym or storage space and turning it back into a bedroom might be a good idea.nbsp;
The top factors noted by survey participants had several things sellers cant do much about in terms of making their home more saleablethings like affordability of the area, local crime rates, short commute to work, and climate. Sellers can, however, do something about making their home move-in readyanother important factor for millennials.
Its hard to deny the emotional aspect of buying a home, Clovered said. When youre touring potential listings and trying to decide where you want to raise your family or put down roots, youre fantasizing about what life in that home could be like. Instead of thinking about where the house is located or how much youll have to pay in property taxes, its the tangible features of a home that really help sell it for most people.
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