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Should a Vacation Home be a Permanent Home?

(Published on - 7/28/2017 10:05:14 PM)

Ahh the age old question. Should you invest your hard earned money into a vacation home that you always wanted to call your own? That is a tricky question! Realty

Executives International, recently published an article called, “Is It Worth Buying a Vacation Home?” This is a very interesting brief article, because it talks about certain dilemmas that are unique to owning and renting a vacation property.

First off, if you don't have a vacation property already, with the spike in the market for homes in general, it might very difficult to find a good deal on a property. Economist Lawrence Yun said in the article, “With fewer bargain-priced properties to choose from and a growing number of traditional buyers, finding a home for vacation purposes became more difficult and less affordable last year.” This is sound advice. If you have decided that this is the investment you want to make, and have seen a good deal on that property you like, snap it up. With buying trends in the Inland Empire growing, and demand grossly outpacing supply, if you don't take advantage of that prime vacation real-estate someone else will.

Secondly, the article mentioned how there are certain disadvantages to owning a vacation property that may not fit your lifestyle or time constraints. First, as it says toward the top of the article, “[U]sing a vacation home as an investment opportunity also offers up several tax benefits, including writing off expenses in your home as business related while still having a place to stay during your own vacationing every year.”

Definitely a plus for those who want to have the property pay for itself. However, when you rent any property out, the owner is now the landlord and responsible for maintenance. As such you will have to balance whether you have the time, and the finance available to maintain your permanent residence, and the rental property.

Buying a vacation spot is very tricky. This is where as we always mention, having a real estate agent could be very influential. In particular, that local agent will be best able to tell you the values of properties in the region in the past. This is essential to determining whether that property is worth your investment objectives.

Booth Team Real Estate Agents

Marla Booth

909-376-2397

Realty Executives

6370 Magnolia Ave, Suite 200

Riverside, CA  92506

BRE 01233208

www.BoothTeam.com


Is It Time to Sell and How?

(Published on - 7/28/2017 10:04:58 PM)

Hello readers! It the Booth Team at Realty Executives again. We wanted to comment on an article recently that came out from the Realty Executives International Team. In May this year, they released an article entitled, “How to Sell Your Home Quickly in a Hot Market.” That article made some great points, let’s look at them and expand on a few of those tips.

Toward the end of the article, it mentions how important it is to create a sense of home. As the article says, “A Little Hospitality goes a long way.”

The article recommends few important hospitality tips to remember when showing properties in the summer time:

  • Leave the air conditioning on for prospective buyers
  • Offer drinks, such as lemonade or sodas and water, to potential clients

In regards to hospitality, the article noted how these tips“…will make an excellent impression on prospects.”

These points are certainly true. However creating a sense of home is also a great tip to make your home sell faster. Many potential clients, coming to an austere home without many or any fixtures, will make it harder to imagine the spaces filled with clients beloved items. This, along with having refreshments and a climate controlled environment, often always allow the client to imagine the home as their own. Having furniture still in the home, also is a bonus to this situation. This will often allow the client to visualize how the room will fit their own furniture, based upon pieces already there.

In the end, with the market we have today, selling a home is not as hard as it was in years prior. However, there are certain tips out there which make this process the faster and easier than other ways. Again, there is always a need for an expert realtor, and as always feel free to reach out to us here at the Booth Team.

Thanks for reading!


Summer is Here. How is Your AC Doing?

(Published on - 7/25/2017 9:33:45 PM)

Summer is here, and although it came late for Southern California, we need our air conditioning to work great to survive. As an element in your home’s value, AC units need continuous maintenance. Homeowners often forget to maintain their units because we don't use our AC all year around. In an article written by Erin Vaughan, “Getting Your AC Ready for Summer,” Erin notes certain specific steps to keeping your unit in prime shape, will keep you cool throughout the summer.

Some of these tips Erin cites are quite straightforward and can be accomplished by any homeowner themselves. One prime tip for all AC units includes cleaning your AC filter. Vaughan writes, “Dirty filters are a big drain on energy. Changing your filters every four to six weeks makes your unit more energy-efficient and improves its longevity. Clogged filters create extra resistance inside your system, meaning your unit has to work overtime to carry cooled air to you. That extra effort eats up energy and it can wear down your components over time, shortening the life of your system. Fifteen dollar filter or $500 compressor replacement? You see where we’re going here.” Vaughan wrote an extensive article about how to do basic maintenance and checking, and it’s well worth your time to read.

However, many of us live in older homes that use swamp coolers. A different set up than AC units entirely, there are some specific steps to take care of them as well.

According to the University of Arizona Cooperative Center, you should wait to turn on your cooler, until the temperature reaches 85 degrees. Further, turn on your water pump a few minutes before turning on the fan, which helps the cooler reach cold temperature faster. For more information on swamp coolers see the link below, as these units often require more care than a AC system, to operate at peak performance.

 

Booth Team Real Estate Agents

Marla Booth

909-376-2397

Realty Executives

6370 Magnolia Av., Suite 200

Riverside, CA  92506

BRE 01233208

www.BoothTeam.com

 


Did You Check Your Plumbing? Necessary Information for Selling a House in California

(Published on - 6/12/2017 11:54:03 PM)

Hello again! For today’s blog, we present to you information about an often forgotten law. Anyone in the State of California, who is selling a “single-family dwelling, the seller needs to disclose to a potential buyer if any plumbing fixtures inside the home are noncompliant. These requirements came from Senate bill SB 407. The Bill states that as of January 2017, “…a seller or transfer of a single-family residential real property shall disclose in writing to the prospective purchaser of transferee the requirements of subdivision (b) and whether the real property includes any noncompliant plumbing fixtures.” However, according to Section 1B of California Association of Realtor's Water-Conserving Pluming Fixtures and Carbon Monoxide Detector Notice, the installation of water-conserving plumbing is NOT a point of sale requirement.

Per SB 407, if you are a seller, you will need to check all the fixtures to make sure they are in full compliance. This also applies to owners of properties who are undergoing renovations to their single-family dwellings with costs over 250,000 US dollars. Plumbing fixtures with the following water usage are deemed non-compliant: “Any toilet manufactured to use more than 1.6 gallons of water per flush, any urinal manufactured to use more than one gallon of water per flush, any shower head manufactured to have a flow capacity of more than 2.5 gallons of water per minute, any interior faucet that emits more than 2.2 gallons of water per minute.”

Therefore it’s very important to actually check your faucets and fixtures to see if they are in compliance. Former director of the National Association of Realtors, Bob Hunt writes in his article that most units have this compliance since 1992. He writes that “Federal law has required such fixtures to be sold since 1992.” It’s a great idea before you undergo a whole home renovation or a sale, to check all the fixtures. Further, if you are still occupying the home, replacing your fixtures with low-flow units can save you dozens of dollars from the first moment they are used.

 

Click on the link to view RESIDENTIAL PROGRAMS & REBATES offered by Eastern Municipal Water District.

Click on the link to view RESIDENTIAL PROGRAMS & REBATES offered by Western Municipal Water District.

 

As always, the Booth Team and Realty Executives, we are here to answer any questions you may have regarding purchasing and/or selling your home. We are an expert in our industry with an excellent track record in helping home buyers and sellers in Riverside, CA. Contact us today to learn how we can make a difference for you.

Booth Team Real Estate Agents

Marla Booth

909-376-2397

Realty Executives

6370 Magnolia Av., Suite 200

Riverside, CA  92506

BRE 01233208

www.BoothTeam.com


To Sell or Not to Sell?

(Published on - 6/7/2017 9:53:26 PM)

Hello again from the Booth Team! The article we want to spotlight today talks about whether you should sell your home. This can often be a very difficult decision for someone to make. Many factors come into play, as well as the emotions of selling a home you may have spent many years in. Here are some factors you should consider according to the article from realtor.com.
The first step in deciding whether you should sell your home or not comes with looking at the equity value of your home. According to the article, the equity means what value is in the home, minus what you may owe on the mortgage. This is how blogger Jamie Wiebe explains it, “Here’s how this calculation looks with actual numbers: Let’s say you purchased your home for $300,000, but its market value has risen to $325,000. Let’s also assume that you’ve whittled down your mortgage over the years so that all you owe is $75,000. To get your home equity, subtract $75,000 from $325,000 and you have $250,000 in home equity, which is pretty sweet!” The other factors mentioned in the same article are also fairly obvious. Interest rates, along with determining if you’re in a buyers’ or sellers’ market are also large considerations. As Wiebe explains, depending on the average transaction prices in your neighborhood, this may be a good sign whether to hold out or sell. If sale prices are above the listing price, it might be a good time to sell.
Another factor in helping you make this decision is asking your local real-estate agent. No one will know the market conditions better than your local agent. If you decided to sell your home, but it did not sell in the appropriate amount of time, you may lose money in the end. Having trusted real estate firm or agent who has worked in your community for many years, and knows the appropriate values for your home, can be more valuable than your own research.

 

Booth Team Real Estate Agents

Marla Booth

909-376-2397

Realty Executives

6370 Magnolia Av., Suite 200

Riverside, CA  92506

BRE 01233208

www.BoothTeam.com