Buying a home today might seem like an entirely different ballgame than it was just 6 or 9 months ago. With rising interest rates, and headlines that tell us the Federal Funds Rate is likely to continue going up, some home-buying hopefuls are wondering if they will have to wait a while to buy or lower their budget significantly.

Does that sound like you? If you are concerned about whether now is still a good time to buy a home, check out these pros and cons to help you make a decision.

Pros of Buying a Home in Today's Market

There are some benefits of buying a home that are true no matter what the market looks like, which is why so many financial experts agree that buying a home is one of the key factors to building wealth.

Lock in the Cost of Housing

Locking in your housing cost is a major perk of buying a home, as opposed to rent prices that are subject to change at every lease renewal. With a rising market, you can almost guarantee that your rent is going to go up in the next year or two.

Buying a house means locking in today's housing prices, and you may even be able to lower that price over time through refinancing in the future.

Even land can be a great option right now for building later! We know several folks that bought land and are sitting on until the market shifts in order to build. A land loan may be a great option for the time being. 

Begin Building Equity

Buying a home, whether it is your first or your fifth, puts you in a position to begin building equity. Experts predict that homes will continue to appreciate in the coming years, even if they do appreciate at a slower rate than we have seen in the past two years.

This means your net worth with naturally grow simply as a result of buying a home, without any additional investment from you over time.

Enjoy the Non-Financial Benefits of Homeownership

There are also plenty of pros of owning a home that are not exactly financial but priceless. These include having control over if and when you move, being able to renovate and decorate however you want, and establishing a tight-knit community with neighbors.

Benefits Unique to this Market

Today's market also provides some unique benefits as it shifts from an entirely seller's market to something more balanced, working in your favor as the buyer. These pros include:

• Sellers are motivated, often willing to help pay closing costs, cover discount points to buy down your rate, or finance repairs and improvements before closing
• You as the buyer have more negotiating power today than you would have this time last year, meaning you may be able to offer a lower price without getting outbid by competition
• You won't need to waive inspections, as some desperate buyers were a year ago
• A slower paced market gives you more time to consider your purchase
• The results of the home inspection can give you a chance to negotiate, which we weren't seeing much of in the recent past
• Contingency contracts are back on the table, after being nearly impossible to offer in the past couple of years
• If you need a longer contract to close, now is the time to ask for it

Cons of Buying a Home in Today's Market

You are probably hearing lots of doom and gloom reports about how bad today's market is for buyers. The way we see it, there is really only one drawback presented by today's market: higher interest rates.

A higher rate will likely affect your budget and require you to get creative, but it doesn't mean you cannot buy right now. Negotiating with sellers and asking them to cover some of the initial costs, or discount points to secure a lower rate, may make buying now more doable than you think.

And the great thing about interest rates? They change. The past few months may not have changed in your favor, but when the market shifts in the other direction you can always refinance to take advantage of the favorable change.

Want to learn more about buying a home? We would love to help. Contact us any time to find out what you might be approved to borrow or to ask other questions.

Let's chat about how we can price your home and prepare for a successful home sale. To learn more about selling your home this fall, contact us any time! For more information about preparing your home for sale, contact us any time!  Contact our office for information on Carson City home styles or Dayton NV real estate.

More for Sellers:

5 Tips to Selling Your Home in the Fall

Checklist for Decluttering Your Home Before Selling

Boost Your Curb Appeal With These Amazing Front Doors

What are Home Buyers Looking for?

Are you thinking ahead toward listing your home in the near future? Many people wonder what buyers are looking for, so they know where to focus preparation efforts as they get the house ready. We always recommend talking with us before investing any time and money into getting your home ready for listing; we can tell you where your resources will be best spent for the highest ROI. Give us a call any time to get started!

To give you an idea in the meantime, we've put together a list of the top things buyers are looking for. Keep in mind that your home doesn't need to have everything on the list to sell well, but you may benefit from adding in a few of these things as you prepare your home for listing.

Laundry Rooms

One of the top features many buyers are looking for is a laundry room. While laundry hookups in the garage, basement, or a closet are still far better than none at all, a true walk-in laundry room is on the wish list for most buyers. In fact, according to one survey, at least 87% of buyers in 2022 were looking for a home with a laundry room.

While it is likely out of the question to add a laundry room before selling your house, consider it if you are planning a remodeling project. This will add value to your home and become a major selling point.

Ceiling Fans

Ceiling fans are another big perk for many buyers. While their absence is unlikely to be a dealbreaker, buyers love to see ceiling fans in bedrooms and living spaces. As a more energy efficient alternative to air conditioning, ceiling fans represent a money saving solution.

If you are already planning on upgrading lighting in parts of the home before listing it, find out if your wiring will accommodate a ceiling fan in any of the rooms. This relatively minimal investment may really catch the eye of your ideal buyer.

ENERGY STAR-rated Windows

Windows can be a costly upgrade, but if you know your home needs new windows anyway, it makes sense to go for the option most buyers are looking for: ENERGY STAR. These efficient windows represent a climate and budget friendly alternative to the single paned version you may currently have.

Patio or Outdoor Living Space

Many buyers are looking for outdoor living space, whether it is a back patio, a front porch, or another seating area on the property. Consider staging a part of your outdoor space to show its potential, or adding on to the existing hardscaping to create a larger outdoor living space.

Walk-In Pantry

Walk-in pantries, much like laundry rooms, are on the wish list of many buyers today. Also like laundry rooms, you likely cannot add a walk-in pantry unless you are already planning a remodeling project before listing.

If your home does have a walk-in pantry, highlight it with some staging by going for an attractive and organized space, adding lighting to showcase this coveted feature.

High Efficiency Appliances and Lighting

You likely already know that buyers are looking for energy efficiency. They want to be kinder to the earth, and to their wallets. If you plan to upgrade any appliances or lighting fixtures before listing, focus on finding high efficiency options and making sure to note these upgrades to us so we can highlight them to potential buyers.

Hardwood or LVP Flooring

Many people choose to update their flooring before listing. Depending on how old and worn your existing flooring is, providing either new flooring or a flooring credit can be virtually essential. If you are going to replace the flooring before listing, focus on hardwood or luxury vinyl plank (LVP) flooring that most buyers are looking for today, especially in the living areas.

Ready to get started? Let's chat about how we can price your home and prepare for a successful home sale. To learn more about selling your home this fall, contact us any time! For more information about preparing your home for sale, contact us any time!  Contact our office for information on Carson City home styles or Dayton NV real estate.

More for Sellers:

5 Tips to Selling Your Home in the Fall

Checklist for Decluttering Your Home Before Selling

Boost Your Curb Appeal With These Amazing Front Doors

4 Simple Ways to Attract Buyers

Considering selling your home this fall? While the busiest real estate season is coming to an end, there are still plenty of buyers looking to settle into a new home before the holidays. Check out these 5 tips to make sure your house is prepared to attract the ideal buyer this fall.

And as always, we are here to help you prepare your home for sale and provide expert guidance every step of the way. Don't hesitate to reach out to learn more!

Related: Checklist for Decluttering Your House Before Selling

1. Clean up the exterior

Keep up with exterior maintenance and yard work while your home is on the market. One of the fastest ways to bring down your curb appeal is to leave the front yard full of leaves and twigs, making it look like you haven't done your part to care for the property.

Make sure you are keeping the garden beds tidy, raking leaves and debris from the yard, and keeping some fresh mums or other season flowers blooming out front for a great first impression. You'll also want to clean the gutters, weed flower beds, aerate the lawn, and trim any overgrown shrubs or trees.

2. Schedule cleanings and inspections

Serious buyers will want to see a home that has clearly been well-maintained. During the fall, there is some seasonal maintenance that should be dealt with, helping your home shine during a home inspection.

Before listing, schedule:

• A fireplace and chimney cleaning
• An HVAC tuneup
• A gutter cleaning

3. Embrace the subtle seasonal decor

Help your home put its best foot forward by adding some subtle seasonal touches. A few ideas for this include:

• Simmering a pot of apples, oranges, and cinnamon sticks before any open houses or showings to provide a pleasant aroma
• Place a few pumpkins and a seasonal welcome mat at the front door
• Use cozy, textured throw blankets and pillows to make the living room inviting

Additional: The Perils of For Sale By Owner

4. Prepare for showings

Preparing your home for stagings involves a combination of decluttering, cleaning, and staging. Start by decluttering your home to avoid looking like the house offers insufficient storage or has been poorly maintained. Pack away any personal items that can be stored somewhere else. clear counters and surfaces, and make sure closets and cabinets are not overstuffed.

Next, make sure the home has a good deep cleaning done before listing, and then keep up with it before each show. A clean home is one of the most underrated selling points for many buyers. You may even want to consider hiring a housekeeper for the period of time that your house is on the market.

Finally, take the time to stage the home. This does not have to include a full redecorating or purchasing all new staging furniture. Simply make sure that the decor is neutral and appeals to a wide range of tastes, and consider whether each space in your home is furnished in a way that makes its function obvious. If you feel overwhelmed by staging for the sale, we can provide you with tips or a contact for a professional designer.

5. Price your home appropriately for today's market

The real estate market has experienced dramatic shifts in the past two years. The best way to do this is to collaborate with a team of real estate professionals who understand your local market and its nuances of it. We can help you determine the best listing price for you home, striking a balance between listing too high to end up with a property that sits on the market too long and listing too low to not capture the attention of your ideal buyers and leave money on the table.

Even with rising interest rates, it's still a seller's market. Let's chat about how we can price your home and prepare for a successful home sale. To learn more about selling your home this fall, contact us any time! For more information about preparing your home for sale, contact us any time!  Contact our office for information on Carson City home styles or Dayton NV real estate.

As you prepare to list your home, one of the best things you can do is declutter. This essential step in the staging process will help potential buyers envision themselves in the house, rather than being distracted by personal belongings. Decluttering also makes it far easier to keep the home ready for showings with last-minute notice.

To declutter your home in preparation for selling, follow this checklist.

Tidy the Front Yard

We often think of decluttering as an interior chore, but it actually begins in the front yard. The first impression your buyer gets when arriving for a showing is your home's curb appeal; the tidiness, or lack thereof, in the front yard is a major factor. In addition to potential buyers who have scheduled a showing, people may drive by and see your for sale sign out front, making a quick subconscious judgment about the condition of the home based on the status of the front yard.

To tidy the front yard, regularly check that no trash or debris has blown into it. Keep up with any weeds or yard work that needs to be done, even temporarily hiring a lawn care service if you know you won't keep up with it during this busy time. Sweep the front porch and keep patio furniture clean and placed where it belongs to keep a put-together look.

Pay Attention to the Entryway

Much like the front yard, the entryway of the home makes a major first impression as your potential buyers walk through the door. Look around the entryway of your home and determine whether there are any items that "live" there for practical use but are not aesthetically pleasing.

For example, many people have a shoe basket or coat rack by the front door that often looks quite cluttered. If that's you, find a temporary home for shoes, coats, bags, umbrellas, and other things that tend to get dropped by the front door.

You may also have an entry table where you drop mail, car keys, or other items you carry in the door. This things should also find a new home, and be replaced by simple, decorative items during the time your home is on the market.

Pet Items

Most pet owners are so used to the items that are out for their pets that they don't think of them as clutter, but potential buyers may see it differently. Before a showing, put away food and water bowls, beds, toys, and other items that belong to your pets and be sure to vacuum any pet hair that accumulated near them.

Simplify on the Kitchen Counters

A common area for clutter is kitchen counters. While it may serve a functional purpose to keep a basket of miscellaneous items, a notepad with a grocery list, or multiple small appliances on the kitchen counter, during showings it will be best to keep your counters virtually empty. A few decorative items like fresh flowers, a fruit bowl, or a candle are all you need to keep the kitchen from feeling bare.

Otherwise, remove just about everything from the outliers to help the kitchen put its best foot forward, with an emphasis on the space itself rather than all your personal items.

Related: Boost Your Curb Appeal with These Front Door Hacks

Put Away Personal Hygiene Products

While your house is on the market, get in the habit of putting away all personal hygiene items from bathrooms. This includes any shampoos and conditioners that do not fit easily in a shower shelf, toothpaste and toothbrushes (even if they are in a cup), and any curling irons or hair dryers.

Personal towels and robes should also be put away, with decorative towels used for staging put in their place. Think of the way your favorite hotel bathroom looked when you walked in; you want your potential buyers to walk in and envision themselves owning the bathroom, not walk in and be reminded that someone else showered there this morning.

Read more: 6 Great Exterior House Colors 

Laundry Room

Laundry rooms are notorious for clutter. Be ruthless about keeping a tidy laundry room while your home is on the market, keeping nothing but nicely staged detergent or an attractive laundry basket in the room.

Miscellaneous Clutter

Walk through your home looking for miscellaneous sources of clutter. This might be a closet or cabinet that is stuffed full, piles of papers or books on a nightstand, or any other space that looks crowded with personal belongings. Any way you can get a head start on packing and remove personal belongings from the home, even by storing them in boxes in the garage, will help allow your home to shine.

For more information about preparing your home for sale, contact us any time!  Contact our office for information on Carson City home styles or Dayton NV real estate.

Easier moving can start with thorough preparation. Not only are expecting moms required to handle the chores of prepping the new place on top of packing the old, but they must always be thinking of what’s OK for the baby. One of the first things to do to help is to consult the doctor. Recommendations on avoiding heavy lifting may already be at the forefront of your mind, but medical experts could offer further advice.

This also presents an opportunity to gather necessary medical information and documents to have for a new doctor once the move is complete. While stress can’t be completely removed, these suggestions and more like them can help the move be less stressful. For further tips and a handy timeline on moving while pregnant, please see the accompanying resource.

Graphic created by New City Moving.

Read more: 6 Great Exterior House Colors 

 Contact our office for information on Carson City home styles or Dayton NV real estate.

Your front door welcomes you home at the end of each day and is one of the most influential factors in your home's curb appeal. To boost your curb appeal and enjoy driving up to your house each day, check out these front door design ideas.

Don't Underestimate the Power of Paint

A new paint job in a fresh new color is one of the easiest ways to make major design impact. Whether it's a pop of color on the door, stenciling a new pattern, or changing the color of the trim, paint can be a quick and affordable way to give the front door an entirely new look.

Additional: Is it better to paint or stain a deck?

Update the Screen

Screen doors serve a practical purpose, and many people find that they love that addition of a screen door during the warmer months. Screens can show their age, and sometimes take a beating that detracts from the home's curb appeal.

If your screen door is bent, stained, faded, or otherwise showing its age, consider swapping it out for something new to refresh the look of the front door.

Upgrade your Hardware

Without changing the door itself, you can make a major visual and functional upgrade through the hardware on the door. Upgraded hardware can give an entirely different look, while also coming with some special features.

A smart lock can look high end while also providing convenient smart home features like keyless entry and a security camera. Maybe you'd like to add a knocker for an old-fashioned look. Changing the finish of the hardware is another great way to switch up the look, swapping out brass for matte black or bronze for brushed nickel.

For a particularly affordable way to change the hardware, consider removing it, spray painting it, and re-installing. For just the cost of paint, you can give the door an entirely new look.

Add Glass Accents

If a new front door is in the budget, consider one that incorporates glass. A front door with a window is both an aesthetic statement and a beautiful way to let in more natural light. Some people prefer a frosted or etched glass for security and privacy, while others love being able to see through the front door. Another alternative is adding a glass door in front of the existing door, allowing you options depending on the season and occasion.

Get Creative with Shapes and Sizes

Consider selecting a different shape or size of front door to make an exciting change. This will likely require hiring a professional to reframe the space. Arched doors are a popular choice, and a double door is a classic upgrade that makes a statement for curb appeal.

While you're reframing, it's a great time to upgrade to crown molding or another special trim on the interior frame of the front door. These subtle upgrades add to the high end appeal of the home, and by upgrading both the interior and exterior of the door you will improve both the first and last impression of your home.

Don't Forget the Details

Styling makes all the difference. Don't forget to add finishing touches like a beautiful welcome mat, potted plants, and sufficient lighting on the front porch or patio. These details are what take your curb appeal to the next level, and are easy to change as the seasons change.

Read more: 6 Great Exterior House Colors 

 Contact our office for information on Carson City home styles or Dayton NV real estate.

Buying a home is a complex process, with so many moving pieces and major decisions it's easy to feel overwhelmed. In addition to working with a trusted agent, one of the best ways to minimize stress in the house shopping process is creating a thorough wish list. By identifying what matters to you before you shop, you will be prepared to make the right decision for your household.

Not sure where to start? Here are a few things we recommend everyone consider when making their home shopping wish list.

Wants vs Needs

We all have a dream home in mind, and sometimes we are lucky enough to find it at the right time for the right price! Most of the time, though, we have to decide which features of a home are must-haves and which are icing on the cake.

Make a list, together with your partner if you are shopping for a house together, of the features the home absolutely must have. This might include the number of bedrooms or bathrooms, a kitchen that is not in need of renovation, a fire place, a spacious backyard, or any other feature that matters to you.

Make another list of things you would love to see in the home that you could live without. For example, you might like to have an extra half bath, but if a home has everything on your must have list you could easily be happy with one less bathroom.

These lists are highly specific to your own household, so take your time to identify your wants, your needs, and your top priorities. Deciding what matters most to you before you begin the search for your home will make decision making much less stressful and much more efficient.

Future Plans

As you consider a home, think about how long you plan to live there. Of course plans may change, but if you know you plan to grow your family, begin working from home, or start caring for an elderly parent in the near future, you will want to keep those plans in mind as you decide if a home is right for you.

Buying a home you love right now that you will quickly outgrow or need to change may be a major frustration in the future.

Budget Flexibility

We cannot overemphasize the importance of getting pre-approved for your mortgage before beginning the home shopping purchase. This will provide you with real numbers, as well as make you ready to put in an offer as soon as you would like to. Looking at your mortgage pre-approval, determine the budget you are comfortable with, and how flexible it is. Setting these numbers before you begin your home shopping journey is one of the best ways to decrease stress and set yourself up for success.

Location

The location of the home is one of the only features you will not be able to change. Don't risk falling in love with a home that is in the wrong location. Instead, decide which neighborhoods in the area will work for you, and let us know exactly what you are looking for.

This might be a certain commute time, proximity to certain community amenities, a school district you would like to be in, or the walkability of the neighborhood. Whatever you are looking for, decide which locations will work for you before you shop to streamline your process.

Ready to begin your search? We are here to help. Contact us to get started on any Carson City home styles or Dayton NV real estate.

Curb appeal is not just important in boosting home value, it’s also essential for creating a setting and lifestyle tailored to the home’s inhabitants. The best exterior house design trends offer a variety of ways to curate the outdoor space so that it achieves unique character and style. 

Dark, Earthy Siding Colors

Siding is an easy way to bring instant impact to a home’s exterior look. Exterior siding trends are set to prioritize dark, earthy colors that communicate strength, vitality, and stability, all qualities that are ideal for making a house feel more like a safe haven. Maroon, navy blue, burgundy, forest green, and dark brown are among some of the most beautiful dark siding selections that will be seeing a boost in popularity.

Big Texture

Another big design trend for exterior house layouts in 2022 is integrating visual texture into the home’s facade. Instead of a smooth wash, visual texture in specific areas can help highlight the home’s unique architectural features and bring added interest and character to the exterior. Visual texture can be achieved in many areas, including the window trim, roofing, and fascia, but siding remains the easiest and most popular place for creating additional visual texture.

Black Accent Color

Black is forecasted to be a wildly popular accent color in the coming year, so it will be used for door trim, window trim, soffit, porch banisters, and more. Partnered with brown, white, or other colors, using black as an accent can create a wide variety of stylish looks. 

Variation within a Color Family

Another exterior house design trend in 2022 is to veer away from contrast and approach coordination from a more subtle angle. This means sticking within the same color family when selecting accent colors for trim and roofing. For example, light grey siding with dark grey trim or light brown siding with dark brown trim — this approach of staying within a single color family will create a fresh way to upgrade a home’s exterior in 2022. 

Serious Outdoor Living Spaces

Seating is still important, including rocking chairs, swings, and outdoor sofas, but other outdoor furniture setups will see a surge, too, such as outdoor kitchens, sinks, grills, and dining spaces. Covered spaces, like pergolas and sheltered lounges are also popular this year. Basically, more robust outdoor spaces that can accommodate prolonged time outdoors will be key to exterior house designs.

Materials Made to Last

Finally, prioritizing durable building materials over affordable, short-term products that will require repair or replacement relatively quickly.The housing market continues to illustrate that homeowners are looking for quality features in exterior home designs, and are selecting materials that are built to last and perform without fail. 

Contact our office for information on Carson City home styles or Dayton NV real estate.

Insulation for your garage is typically the same insulation you use inside your home to plug up air holes and reduce the amount of colder air coming into the space and the warmer air leaving the space. It makes sense to insulate your garage, especially if you're planning to heat the space.

Some types of insulation are better than others for a garage, depending on whether the space is finished or not. You may also want to look at insulating the garage door, which has different installation requirements than walls or ceilings. It pays to insulate your garage if you're adding a garage heater, whether on a permanent or as-needed basis. If you're not adding heat, there's little point in insulating.

It's a popular misconception that insulation adds warmth. In reality, insulation merely slows the transfer of heat through the insulated barrier, which is good for hot and cold climates. Some say that insulating an unheated garage that is attached to the house may offer an additional thermal buffer between the exterior of the home and the outdoors. But no state requires the entirety of the garage to be insulated as part of an energy-efficiency mandate.

It's also unlikely that this minimum improvement in energy transfer will offset the costs of adding extensive insulation. The walls that are shared with the house, however, should always be insulated to their maximum value.

Air Sealing

It's also important to realize the value of air sealing in conjunction with insulation. Garages typically aren't built to be airtight and have lots of air gaps to the outdoors. Before insulating, go around the garage with a can of low-expanding spray foam and seal all gaps and cracks that let in the daylight. Waiting to do this after the insulation is installed tends to be a messy job. Also, make sure weatherstripping along the bottom of the garage door, window, and door frames are intact to seal off drafts.

Fiberglass Insulation

Fiberglass is the most commonly used type of insulation in garages. It's sold in precut batts and long blankets that fit between wall studs and ceiling joists. You can also get loose-fill fiberglass, which is suitable for blowing into a garage attic space above a finished ceiling. If the walls and ceiling will remain open, it's a good idea to use paper-faced or encapsulated fiberglass bats that are wrapped in a plastic film. These will give the walls a slightly more finished look, and you won't have the itchy fibers of the insulation exposed and ready to catch dust at all times.

Cellulose Insulation

Cellulose is a loose-fill insulation that is growing in popularity. Made primarily from recycled newspapers and treated with a fire retardant, cellulose is usually blown into wall and ceiling cavities with a special blowing machine that also aerates the cellulose and fluffs it up.

Blowers can be rented at many tool rental stores, and home centers will sometimes loan you a free one if you buy your cellulose from them. If the garage is already finished, you can install cellulose by cutting strategic holes in the wall material, spraying the insulation into the cavities between framing members, then patching the holes.

Don't insulate your garage walls and ceiling without insulating the big garage door, too. Keep in mind that the structural metal ribbing of garage doors is an excellent conductor of heat, and this typically doesn't get insulated. As a result, the overall thermal performance of the door will be well below the rated performance of the insulation itself. Air sealing is particularly important with garage doors. 

A great garage can be a big upsell and add value when selling and listing your home. For more secrets to getting the most out of the sale of your home, contact us today! We specialize in buying, listing and selling homes in Carson City, Dayton NV real estate, properties in Lake Tahoe and Wellington Nevada. 

So you’ve just finished renovating your very first property. Now, it’s time to decide if you’ll keep it as an ongoing rental or flip it for a one-time profit. The decision isn’t always easy, but the following tips from the Corcoran Group can be a big help.

Time Considerations

One of the first things you have to consider is whether or not you have the time to become a property manager/landlord right off the bat. According to The Property Management Coach, there’s a lot that goes into it, including pricing, taking photos, showing, and handling paperwork and applications. All of this takes time to learn and do.

Goals

Before you make a decision, think about your goals. Do you want to have a portfolio of properties for rent? If so, do you have the money to invest in other homes or is it all tied up into this one? Once you know your desired outcome, you can decide if it makes the most sense to have a small amount of money coming in each month or to take the profits and invest in more properties.

Marketing

If you ultimately go the rental route, you have to market your property. Social media is usually the best option for those, especially if you’re on a budget. Fortunately, you can design banners online with this free template. You can then share your marketing imagery on your Facebook, Instagram, Twitter, or other social sites. It’s easy to find a banner that will work with your brand, and it does not take long to add elements (including images, videos, and animations) that give your property a bit of personality.

Property Finalization

Is your property really ready for rent? Before you post an ad, it might help to hire a property inspector for a final walk-through. Bankrate explains that this may cost you an average of $400, but it’s a small price to pay for peace of mind. This way, you’ll get a better idea if there’s any damage that needs to be fixed before you take on a tenant or list it for sale. If you have broken windows, for example, this will give you time to contact a window repair company or two to get quotes – window repair averages $650 per window, so make sure to get at least two quotes, read online reviews, and check their licenses and referrals.

Calculating Equity

When you choose to sell, you’ll need to know how much you can expect to get out of your property. For this, you’ll have to know how much equity you have in it. As Merrill Lynch explains, your home-equity amount will change based on the market. But, a good way to know about what you can expect is to take your appraised value minus your current mortgage balance. You’ll also need to count any real estate and other fees that you’ll have to pay out-of-pocket to make the sale happen.

Pricing A Rental

Before you choose to sell based on equity, you should also pay close attention to how much you can expect to pull in each month from renting. This depends on the property’s value, local rent prices, and demand. You’ll also need to factor in your ongoing expenses, including your mortgage and HOA fees, and whether or not your property has features, such as a swimming pool, that might make it lease for more than similar homes.

Ultimately, the decision to sell your fixer-upper or turn it into a recurring income property depends on your personal goals. But, no matter what you choose to do, make sure that you understand marketing, including how to establish a functional social media presence. You also need to get your calculator and decide if a lump sum is your better option.

For more information on selling your home in Carson City or Dayton real estate, contact us at any time.