Realty Executives Midwest
The past year and a half brought about significant life changes for many of us. For some, it meant entering retirement earlier than expected. Recent data shows more people retired this year than anticipated. According to the Schwartz Center for Economic Policy Analysis, 2021 saw a retirement boom:
“At least 1.7 million more older workers than expected retired due to the pandemic recession.”
If you’ve recently retired, your home may not fit your new lifestyle. The good news is, you’ve likely built-up significant equity that can fuel your next move. According to the latest Homeowner Equity Insights report from CoreLogic, homeowners gained more than $50,000 in equity over the past 12 months alone. That, plus today’s sellers’ market, presents a great opportunity to sell your house and address your evolving needs.
The 2021 Home Buyers and Sellers Generational Trends report from the National Association of Realtors (NAR) provides a look at the reasons people buy homes. For those reaching retirement age, the number one reason to buy is the opportunity to be closer to loved ones, friends, or relatives.
If you find yourself farther from your loved ones than you’d like to be, retirement and the equity you’ve built in your home may enable you to move closer to the people in your life who matter most.
Not only can your equity power a move to a new location, but it can also help you purchase the right size home. Lawrence Yun, Chief Economist at NAR, says many homebuyers 55 and older choose to downsize – or buy a smaller home – when they make a purchase:
“Clearly from the age patterns, young people want to upsize, and the older generation is looking to downsize. . . .”
Whatever your home goals are, a trusted real estate advisor can help you to find the best option for your situation. They’ll help you sell your current home and guide you as you buy your next one while you move into this new phase of life.
If you’ve recently retired and your needs are changing, you’re not alone. Talk to a local real estate professional to get a better sense of how to find a home that will match your situation.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
If you’ve decided that you want to rent out your home or investment property, you may think that all you need to do is publish a listing and, voila! You’ve got a new tenant! Well… renting out your property may not be as simple as it seems. Before creating a listing online, there are a few things you need to consider.
/rent_house_73089751-5bfc333346e0fb002602ddbe.jpg)
Choosing an amount of rent that is both fair and competitive is important to securing a tenant. First, make sure to research how much landlords are charging per square foot in your area. This will help you get a rough estimate of what you should charge for your property based on its size and the number of rooms.
Next, consider the advantages and disadvantages of your property to adjust the rental price. Some key aspects to review include:
1. The condition of your rental. Are there any rooms that require renovation? Are there urgent repairs to be made?
The general condition of the property determines the overall opinion of the potential tenants. Therefore, rental units with improvements or those that have undergone repairs are more attractive and have significantly higher prices.
Often times, newly constructed rental properties are preferred by the tenants. Modern housing construction is distinguished by high quality, use of selected materials, and better functionality.
2. The location. Is the property near the city center or is it located on the outskirts? Is it close to schools or shopping? In the current market, the location has the most influence on a residential property’s market attractiveness and price.
Location is becoming more and more important for tenants. Being in proximity to reliable public transportation, parks, and public institutions like schools and universities make a property more desirable and are an incredible advantage when it comes to finding tenants.
3. The elevation of the property. Is your rental unit a top-floor apartment with a great view, or is it located on the lower floors where it is easier to access? Does your home have stairs? Tenants have different requirements and preferences, but make sure to accurately describe your property while emphasizing the perks.
By taking all these factors into account, you will be able to come up with a rent amount that is both competitive and fair.
As a landlord, you must put yourself in the shoes of a potential tenant and think about what would make you want to pay a certain price for a rental, and what would cause you to pass. Consider investing money in improving the aspects of your rental unit that most tenants value. Focusing on improvements that appeal to a small demographic will likely not raise the value of your rental.
After you’ve carefully analyzed the condition of your property, you may want to address some of the disadvantages that it has or enhance some of its key selling points. For example, you may decide that the kitchen is in desperate need of improvement or the bathroom should be retiled. Research the investment to estimate the return on investment that you can expect- some renovations may not make financial sense to undertake.
You wouldn’t invite a complete stranger to your house, would you? You can (and should) apply the same logic when it comes to renting out your rental unit. The more you know about your tenants, the better. Proper tenant screening lets you learn about your applicants’ financial, criminal, and rental history, helping you make a more informed decision and thus greatly increasing your chance of rental success.
Tenant screening reports will often help you notice any red flags in the applicant’s application. For example, you will know if they have been sued in the past by their landlord for past-due payments or if they have a long criminal record. Additional red flags could include a long track record of evictions, a low credit score, legal problems with previous landlords, damages, etc.
Having more information about your potential tenants lets you objectively evaluate and compare applicants. In addition, it guarantees that you are handing over legal possession of your property to qualified tenants that are likely to pay their rent on time and keep your property in good condition.
Before renting out your property, you need to ensure that the lease you will sign with your new tenants covers everything that might come under dispute later down the line. In addition, you need to consider that as a landlord, you can be held accountable for everything not strictly outlined in the lease. Here are some things you should add to your lease:
1. Document the state of the furniture and the rooms of your rental thoroughly. This will ensure that you will be compensated if your tenants happen to leave your property in poor condition.
2. Include areas for the names of all of the occupants as well as an occupancy limit. This will help you prevent any unauthorized visitors from staying on your property.
3. Specify the amount of rent, acceptable payment methods, due dates, and late fees. For example, you likely do not want to receive rent payment in cryptocurrency.
4. Clearly state if you allow pets on the property and if you do, what types and sizes. For example, for smaller rentals, you may allow small pets like parrots, turtles, and fish that aren’t capable of damaging your furniture.
5. Make sure to specify who pays the utility bills as well as the repercussions for late payments.
After you have drafted the lease, make sure that it is signed by all parties.
Deciding to rent out a property is a major choice, and there are several factors that you should consider before finalizing your decision. Take the time to research the local rental market, potential improvements, and the return on the investment. While leasing out properties can be a great opportunity for some owners, it may not make sense for everyone
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
With mortgage rates climbing above 3% for the first time in months, serious buyers are more motivated than ever to find a home before the end of the year. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), puts it best, saying:
“Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.”
But the sense of urgency they feel is complicated by the lack of homes for sale in today’s market. According to the latest Existing Home Sales Report from NAR:
“From one year ago, the inventory of unsold homes decreased 13%. . . .”
With buyers eager to purchase but so few homes available, sellers who list their houses this fall have a tremendous advantage – also known as leverage – when negotiating with buyers. That’s because, in today’s market, buyers want three things:
These three buyer needs give homeowners a leg up when selling their house. You might already realize this leverage enables you to sell at a good price, but it also means you can negotiate the best terms to suit your needs.
And since buyer demand is still high, there’s a good chance you’ll get offers from multiple buyers who are willing to compete for your house. When you do, look closely at the terms of each offer to find out which one has the best perks for you.
If you have questions about what’s best for your situation, your trusted real estate advisor can help. They have the expertise and are skilled negotiators in all stages of the sales process.
Today’s buyers are motivated to purchase a home this year, and that’s great news if you’re thinking of selling. Connect with a real estate professional today to discuss how much leverage you have as a seller in today’s market.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
It's time to prepare your home to withstand winter weather. Follow our fall checklist for must-do repairs and other seasonal maintenance tips.
As the season begins to change, it's time to prep your home for falling leaves, cooler weather, and, eventually, winter storms. Tackling a few fall home maintenance tasks now can help ward off issues later in the season, so you can enjoy everything you love about autumn worry-free. Most of the tasks listed below are well within the average homeowner's ability. But even if you'd rather hire a professional to handle them, it can be well worth the expense. You'll save money in the long run by preventing costly (and potentially dangerous) damage to your home. Follow this fall maintenance checklist and learn essential tips for cleaning gutters, roofs, fireplaces, and more.
Your roof's drainage system annually diverts thousands of gallons of water from your house's exterior and foundation walls, so it's vital to keep this system flowing smoothly. Clogged gutters can lead to damaged exterior surfaces and water in your basement. They are also more prone to rust and corrosion. Before the leaves fly this fall, clean your gutters, then cover them with mesh gutter guards to keep debris from returning.
A home with air leaks around windows and doors is like a coat left unbuttoned. Gaps in caulk and weatherstripping let cold air into your warm home, and sealing up a drafty house can save up to 20% on your heating bills, according to the U.S. Department of Energy.
Weatherstripping is easily the most cost-effective way to rein in heating and cooling costs. This humble material also reduces drafts and keeps your home more comfortable year-round. Because weatherstripping can deteriorate over time, it is important to inspect it periodically. If you suspect a problem with your weatherstripping, try closing a door or window on a strip of paper. If the paper slides easily, your weatherstripping isn't properly sealing the opening. Alternatively, close the door or window and hold a lighted candle near the frame. (Don't let the flame get near anything flammable!) If the flame flickers at any spot along the frame, you have an air leak.
In addition to inspecting weatherstripping, check for missing or damaged caulk around windows, doors, and entry points for electrical, cable, phone, and gas. Seal any gaps with a suitable caulk. If drafts around windows persist, consider getting your windows replaced. Glass with multiple panes, spacers, or filler gasses (such as argon or krypton) will likely solve these problems. A professional can swap out your problem windows with more efficient models that will increase your level of comfort while decreasing your heating bills.
Few homeowner problems are more vexing than a leaky roof. Once the dripping starts, finding the source of the problem can be time-consuming. Stop problems this fall before ice and winter winds turn them from annoyances into disasters.
Start by inspecting your roof from top to bottom, using binoculars if necessary. Check ridge shingles for cracks and wind damage. Look for damage to metal flashing in valleys and around vents and chimneys. Scan the entire roof for missing, curled, or damaged shingles. Look in your gutters for large accumulations of granules, a sign that your roof is losing its coating, which can portend larger problems. Finally, make sure your gutters are flowing freely.
Editor's Tip: Roof-mounted television antennas, even if they aren't in use, may have guy wires holding them in place. Look for loose or missing guy wires. If you see some, and your antenna is no longer being used, consider having it removed altogether.
If you live in an area with freezing weather, take steps to ensure that outside faucets (also called sill cocks) and in-ground irrigation systems don't freeze and burst. First, close any shut-off valves serving outside faucets, then open the outside faucet to drain the line. (There may be a small cap on the faucet you can loosen to facilitate this draining.) If you don't have shut-off valves, and your faucets are not "freeze-proof " types, you might benefit from styrofoam faucet covers ($6, Walmart), which are sold at many home centers.
To freezeproof an in-ground irrigation system, follow the manufacturer's procedure for draining it and protecting it from winter damage.
Furnace filters trap dust that would otherwise be distributed throughout your home. Clogged filters make it harder to keep your home at a comfortable temperature, thus increasing your utility bills. Simple monthly cleaning is all it takes to keep these filters free of debris. Disposable filters can be vacuumed once before replacement. Foam filters can also be vacuumed, but they don't need to be replaced unless they are damaged. Use a soft brush on a vacuum cleaner. If the filter is metal or electrostatic, remove and wash it with a firm water spray.
Once a year, it's a good idea to have your heating system inspected by a professional. To avoid the last-minute rush, consider scheduling this task in early fall before the heating season begins. Here are signs that you should have an inspection performed sooner:
Even if you use your fireplace only occasionally, you should check it annually for damage and hazards. First, inspect the flue for creosote, a flammable by-product of burning wood. Too much accumulation in a flue or chimney can result in a devastating fire. Get your chimney inspected annually for creosote buildup. If you use a fireplace or wood stove frequently, have the flue inspected after each cord of wood burned.
For most people, the best option is to have your entire chimney system inspected by a chimney sweep. Once you know what to look for, you can perform the inspection by shining a bright flashlight up the flue, looking for any deposits approaching 1/8 inch thick. These deposits should be cleaned by an experienced chimney professional.
Additionally, check your chimney for damage or flue blockages. Ensure the flue cap (the screen or baffle covering the top of the chimney) is in place. Birds often nest at the top of unprotected flues; a chimney cap can prevent this from happening. If you don't have a cap, look up the flue to ensure that there are no obstructions. Inspect brick chimneys for loose or broken joints. If access is a problem, use binoculars. Inside, exercise the damper, which is the metal plate that opens and closes the flue just above the firebox. Move it to the open and closed positions to ensure that it is working properly.
Dry winter air can be tough on your skin and airways, but did you know it can also make fine wood more prone to cracking? You and your home will feel more comfortable if you keep your central humidifier in tip-top shape during the months it is running. First, inspect the plates or pads and if necessary, clean them in a strong laundry detergent solution. Rinse and scrape off mineral deposits with a wire brush or steel wool.
Keeping a gas heater in good shape is both a safety and a cost issue. An improperly maintained heater can spew toxic gases into the air of your home, or it could simply be costing you more to operate. Have a professional check these devices annually. There are also some maintenance items you should address. First, shut off the heater. Then check the air-shutter openings and exhaust vents for dirt and dust. If they are dirty, vacuum the air passages to the burner and clean the burner of lint and dirt. Follow the manufacturer's advice for any other needed maintenance.
Wood-burning stoves add cozy ambiance and warmth to your home, but regular inspections are needed to ensure that these devices don't become a safety hazard. Follow these steps to check your wood-burning stove:
Damaged walkways, drives, and steps are a hazard year-round, but their dangers are compounded when the weather turns icy. Fixing issues in the fall is also critical to preventing little cracks from becoming expensive headaches. Look for cracks more than 1/8-inch wide, uneven sections, and loose railings on steps. Check for disintegration of asphalt or washed-out materials on loose-fill paths. Most small jobs are well within the ability of a DIYer, but save major repairs for experienced hands.
At least once a year, do a top-to-bottom review of your home's safety features. This is also a good time to get the family together for a review of your fire evacuation plan. Use these steps to complete a home safety check:
To ensure your lawn's health and beauty come spring, there are several important yard work projects to complete in the fall. Raking leaves and aerating will prevent your lawn and garden beds from suffocating. Fertilizing and winterizing grass, trees, and shrubs will allow your greenery to enter its winter slumber comfortably and properly nourished. Professional lawn care services will make quick work of these projects, freeing up your time for family, friends, and football.
Fall offers plenty of days that are warm enough to work with exterior paint, and a touch-up can help prolong the life of your siding and trim. A fresh coat of paint or sealer on any surface that potentially will be covered with snow, such as porch stairs or wood floors, also is a wise idea. Sooner is better to contact a local painter or attempt the project yourself, as many paints aren't recommended for application on days when the temperature will dip colder than 45 to 50 degrees.
Fall is an ideal time to clean your carpets. The humid days of summer have passed, but the below-freezing days of winter have yet to arrive. It's the best time to open windows for ventilation, which should speed the drying process. If you're not comfortable operating a carpet cleaning machine, let a professional wrangle the bulky cleaning equipment. With a house full of wet carpet, you'll be best suited to get outdoors and enjoy the lingering warm days.
Source: Better Homes & Gardens
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Realty Executives agents are real estate experts. They have the education and expertise you need to navigate through the process of buying or selling a home. From listing at the right price to making the best offer, our Executives have witnessed the best - and most regrettable - decisions homeowners and homebuyers can make. Every day, they are immersed in every aspect of real estate that includes comparable home price analysis, property surveys, credit reports, open houses, HOA agreements, lenders, title companies, homeowners’ insurance, walk-throughs, terms of sale or purchase, repairs, concessions and closing documents. Let our accomplished Executives help navigate you through the process of buying or selling a home.
