Investors • Renting • May 4, 2023

Finding a Tenant For Your Rental Property

by Marsha Hick

Tenant Screening Checklist

When it comes to finding the right tenant for your rental property, it’s important to do a thorough screening to ensure they’re a good fit. Here’s a checklist of things to consider when screening potential tenants:

1. Application Form

Begin by asking tenants to fill out a detailed application form. This includes their personal information, employment history, and rental history.

2. Employment Verification

In addition verify the tenant’s employment. Contact their employer to confirm their income and job security.

3. Rental History

Contact the tenant’s previous landlords to verify their rental history. Including not only payment history but also whether they caused any damage to the property.

4. Credit Check

Run a credit check on the tenant to determine their creditworthiness. This helps to ensure they have a good history of paying their bills on time.

5. Criminal Background Check

Perform a criminal background check on the tenant. For the purpose of ensuring they don’t have a criminal record that could pose a risk to your property or other tenants.

6. References

Ask for personal and professional references. Thus, getting a better understanding of the tenant’s character and behavior.

7. Income Verification

Verify the tenant’s income to ensure they make enough money to afford the rent and other living expenses.

8. Pets

Determine whether the tenant has pets. If so, what kind and how many. Decide if you’re willing to allow pets, then what your pet policy will be.

9. Smoking

Decide whether you’re willing to allow smoking in the rental property or if you prefer a non-smoking tenant.

10. Move-in Date and Lease Terms

Determine the move-in date and lease terms with the tenant. Include the length of the lease. The amount of rent, and any security deposit or other fees.

By following this checklist, you can ensure that you find the right tenant for your rental property who will be a responsible and reliable renter.

Know Your Responsibilities as a Landlord go to equalhousing.org for more information.

Sellers • May 3, 2023

Price Your Home To Sell

by Marsha Hick

If you’re planning to sell your home;

One of the most important decisions you’ll make is determining the price. Pricing your home correctly is key to attracting potential buyers. Eventually, getting the best possible sale price.

“Pricing your home to sell” means setting a price that is competitive. Both with similar homes in your area and your home’s unique featured selling points. It’s important to strike a balance between these two factors. Chiefly, to attract the right buyers and maximize your sale price.

One effective pricing strategy is to start by researching the prices of comparable homes in your area. Look for homes that have similar features and are in a similar condition as your own. This will give you an idea of the general price range for homes in your area.

Once you have a sense of the market, you can set your initial asking price. It’s important to keep in mind that your asking price is just a starting point. You may need to adjust it based on market conditions and buyer interest.

Markdown mode is when you price your home below market value to generate more interest and potentially spark a bidding war. This strategy can be effective in certain markets. It is important to understand the risks and benefits before using it.

When pricing your home to sell, it’s important to work with a real estate agent who has experience in your local market. They can provide valuable insights into market trends, buyer preferences, and pricing strategies that can help you get the best possible sale price for your home.

Buyers • May 2, 2023

How to Choose the Right Mortgage When Buying A Home

by Marsha Hick

How to Choose the Right Mortgage as a Homebuyer

If you’re planning to buy a home, one of the most important decisions you’ll make is choosing the right mortgage. The mortgage you choose will impact your finances for years to come, so it’s essential to make an informed decision. Here are some tips to help you choose the right mortgage:

1. Understand the Types of Mortgages Available

Before you start looking for a mortgage, it’s essential to understand the different types available. Here are the most common types:

Fixed-Rate Mortgage: This is a mortgage with a fixed interest rate for the life of the loan. This means your monthly payment will remain the same, making budgeting easier.
Adjustable-Rate Mortgage: This is a mortgage with an interest rate that can change over time, usually after an initial fixed period. This means your monthly payment can go up or down, depending on the market.
FHA Loan: This is a mortgage insured by the Federal Housing Administration. It’s designed for first-time homebuyers or those with lower credit scores.
VA Loan: This is a mortgage backed by the Department of Veterans Affairs. It’s available to eligible veterans, service members, and their spouses.

2. Consider Your Financial Situation

When choosing a mortgage, it’s essential to consider your financial situation. Here are some factors to keep in mind:

Your credit score: Your credit score will impact the interest rate you’re offered. The higher your score, the better the rate.
Your debt-to-income ratio: This is the amount of debt you have compared to your income. Lenders look at this ratio to determine how much you can afford to borrow.
Your down payment: The amount of money you can put down will impact the type of mortgage you’re eligible for.

3. Shop Around for the Best Rate

Once you’ve decided on the type of mortgage you want and have a good understanding of your financial situation, it’s time to shop around for the best rate. Here are some tips:

Get quotes from multiple lenders: This will give you an idea of the interest rates and fees available.
Compare the APR: The APR (annual percentage rate) includes the interest rate and fees, giving you a better idea of the overall cost of the loan.
Ask about discounts: Some lenders offer discounts for things like setting up automatic payments or having a high credit score.

4. Read the Fine Print

Before signing on the dotted line, make sure you read the fine print. Here are some things to look for:

Prepayment penalties: Some mortgages come with a penalty for paying off the loan early. Make sure you understand the terms.
Closing costs: These are the fees associated with closing the loan. Make sure you understand how much you’ll be paying.
Loan term: Make sure you understand the length of the loan and the monthly payment.

Choosing the right mortgage can seem overwhelming, but with these tips, you’ll be well on your way to making an informed decision.

Home Improvement • April 29, 2023

Remodel Your Bathroom Impacts The Value Of Your Home

by Marsha Hick

Remodeling your bathroom is a great way to increase the value of your home and improve your quality of life. As a realtor, I highly recommend updating your bathroom if you’re planning to sell your home in the near future. Here are some tips for remodeling your bathroom on a budget:

Update the Fixtures: When remodeling your bathroom, focus on the essentials. Such as a new toilet, shower/tub, and sink. These are the most important features that will have the biggest impact on your home’s value.
Add New Lighting: Lighting is an important element in any bathroom. Updating your fixtures can make a big difference. Consider adding new sconces, a statement pendant light, or recessed lighting. Even just updating the bulbs in your existing fixtures.
Paint the walls: A fresh coat of paint can do wonders for any room. The bathroom is no exception. Choose a light, neutral color that will appeal to a wide range of buyers.
Replace outdated hardware: Replacing outdated hardware, such as faucets and drawer pulls. Certainly can make your bathroom look more modern and updated.
Install A New Vanity: Storage is always a plus in any bathroom. A new vanity with built-in storage. Installing floating shelves also adds storage..
Upgrade the flooring: New flooring can add value to your bathroom and make it look more modern. Consider materials like ceramic or porcelain tiles, or even luxury vinyl planks.
Don’t forget the small details: Little details like new towels, a decorative mirror, or a fresh plant can add a lot of character to your bathroom. Without breaking the bank.

By focusing on these key elements, you can give your bathroom a much-needed update without spending a fortune. Remember, a well-designed and updated bathroom can be a major selling point for potential buyers, so it’s well worth the investment.

Investors • Renting • April 27, 2023

Rental Property Investment Strategies for New Real Estate Investors

by Marsha Hick

Rental Property Investment Strategies for New Real Estate Investors

Investing in rental properties can be a lucrative venture for real estate investors. It can generate passive income and provide long-term financial stability. However, it can also be a complex process that requires careful planning and execution. Here are some strategies for new real estate investors to consider when investing in rental properties:

1. Choose the Right Location

Location is one of the most important factors to consider when investing in rental properties. A good location can attract high-quality tenants and increase the value of the property over time. Look for properties in areas that have low crime rates, good schools, and easy access to public transportation and amenities.

2. Calculate the Cash Flow

Before purchasing a rental property, it’s important to calculate the cash flow to determine if it will be a profitable investment. This involves estimating the rental income and subtracting the expenses, such as mortgage payments, property taxes, insurance, maintenance, and vacancy costs. The goal is to have positive cash flow, which means that the rental income exceeds the expenses.

3. Screen Tenants Thoroughly

Having reliable tenants is crucial to the success of a rental property investment. Be sure to screen tenants thoroughly by checking their credit history, employment status, and rental history. You may also want to require a security deposit and set clear expectations for rent payments and property maintenance.

4. Maintain the Property

Maintaining the property is essential to attracting and retaining high-quality tenants. Regular maintenance can also help prevent costly repairs and increase the value of the property over time. Consider hiring a property management company to handle maintenance and repairs, especially if you have multiple rental properties.

5. Consider Financing Options

Financing options can have a significant impact on the profitability of a rental property investment. Consider different options, such as conventional mortgages, government-backed loans, and private financing. Be sure to shop around for the best interest rates and terms, and factor in the costs of financing when calculating the cash flow.

6. Have a Long-Term Strategy

Investing in rental properties requires a long-term strategy. Be prepared to hold onto the property for several years to realize its full potential. Consider factors such as appreciation, rental demand, and market trends when developing your long-term strategy.

Conclusion

Investing in rental properties can be a rewarding venture for new real estate investors. However, it requires careful planning and execution. By following these strategies, you can increase your chances of success and generate long-term passive income.

Sellers • April 27, 2023

Staging Your Home for a Quick Sale

by Marsha Hick

The way a home looks can significantly impact its selling potential. Staging is an effective tool to showcase a property’s best features. Also, helping it sell quickly. Here are some tips on how to stage your home for a quick sale:

Declutter and Depersonalize

Before staging your home, it’s essential to declutter and depersonalize it. Remove any excess furniture, personal items, and clutter. This will create a more open and inviting space. Allowing potential buyers to envision themselves living in the home.

Make Repairs and Refreshments

Ensure that your home is in top condition. Making any necessary repairs. Refreshing it with a fresh coat of paint, new fixtures, and updated hardware. This can make a significant impact on potential buyers and help them see the value of the home.

Focus on Curb Appeal

First impressions are crucial, so ensure that your home has excellent curb appeal. This can include landscaping, cleaning the exterior of the home, and ensuring that the entrance is welcoming.

Highlight Your Home’s Best Features

Showcase your home’s best features by using furniture and decor to draw attention to them. This can include highlighting architectural details, creating focal points, and showcasing any unique features that your home has.

Use Neutral Colors and Decor

When staging your home, it’s best to use neutral colors and decor. This can help potential buyers envision themselves living in the space, and it can also make the home feel more spacious and inviting.

Keep It Clean and Tidy

Finally, it’s crucial to keep your home clean and tidy during the selling process. This can include regularly cleaning and decluttering, as well as keeping the home staged and ready for potential buyers to view.

By following these tips, you can effectively stage your home for a quick sale. Remember that staging is an investment that can pay off in the form of a quicker sale and a higher selling price.

Real Estate Investing • Real Estate Trends • April 25, 2023

Trends shaping the Lower Bucks County Real Estate Market:

by Marsha Hick

Five trends shaping the Lower Bucks County real estate market:

An Increased Demand for Single-Family Homes: As a result of the pandemic, many people are looking for more space and privacy. Leading to a surge in demand for single-family homes in Lower Bucks County. This has caused prices to rise, making it a seller’s market.
Emphasis on Home Office Spaces: More people working from home. There is an increased demand for homes that have a dedicated workspace or home office. Properties with home office spaces are becoming more popular and can command a premium price.
Interest in Sustainable and Energy-Efficient Homes: As people become more environmentally conscious,. There is a growing interest in homes that are sustainable and energy-efficient. Properties that have energy-efficient features such as solar panels or geothermal heating and cooling systems can be more attractive to buyers.
Rise of Virtual Home Tours: Since the pandemic, many buyers are opting for virtual home tours before in-person showings. This trend has continue even as the pandemic subsides. It provides a convenient way for buyers to view properties from the comfort of their own homes.
Shift Toward Suburban Living: There is a growing trend of people moving out of cities. Into suburban areas. Lower Bucks County, with its proximity to Philadelphia and its suburban feel, is a perfect option for those looking for more space and a quieter lifestyle. Leading to an increase in demand for homes in the area.

Buyers • April 18, 2023

What You Need to Know About a 15-Year Mortgage

by Marsha Hick

What Home Buyers Need to Know About a 15-Year Mortgage

When buying a home, most people tend to gravitate towards a 30-year mortgage. However, a 15-year mortgage can also be a good option for those who want to save money and pay off their home faster. Here are some things home buyers need to know about a 15-year mortgage that they may not be told:

Pro: Lower Interest Rates

One of the biggest advantages of a 15-year mortgage is that it typically comes with a lower interest rate compared to a 30-year mortgage. This is because the lender is taking on less risk, as the loan is being paid off in half the time. A lower interest rate can save home buyers thousands of dollars in interest payments over the life of the loan.

Con: Higher Monthly Payments

The downside of a 15-year mortgage is that the monthly payments are higher than a 30-year mortgage. This is because the loan is being paid off in half the time, so the payments are larger. Home buyers need to carefully consider their monthly budget and whether they can afford the higher payments that come with a 15-year mortgage.

Pro: Pay Off Your Home Faster

Another advantage of a 15-year mortgage is that it allows home buyers to pay off their home faster. This means they will own their home outright in 15 years, compared to 30 years with a traditional mortgage. This can provide a sense of financial security and peace of mind, knowing that the mortgage will be paid off in a shorter amount of time.

Con: Less Flexibility

A 15-year mortgage may offer less flexibility than a 30-year mortgage. The higher monthly payments may limit home buyers’ ability to save for other financial goals, such as retirement or college tuition. Additionally, if unforeseen financial circumstances arise, it may be more difficult to afford the monthly payments of a 15-year mortgage.

In conclusion, a 15-year mortgage can be a good option for home buyers who want to save money and pay off their home faster. However, it is important to carefully consider the higher monthly payments and potential lack of flexibility that come with this type of mortgage. Home buyers should work with a trusted lender to determine whether a 15-year mortgage is the right choice for their financial situation.

Buyers • April 18, 2023

How to save money on your mortgage

by Marsha Hick

How to Save Money on Your Mortgage: Tips for Homebuyers

Buying a home is likely the largest investment you will ever make. With the cost of housing continuing to rise, finding ways to save money on your mortgage is becoming more important than ever. Here are some tips to help you save money on your mortgage:

Shop Around for the Best Rate

One of the most effective ways to save money on your mortgage is to shop around for the best rate. Interest rates can vary significantly between lenders, so it is important to compare rates and terms from multiple lenders. Be sure to consider both fixed and adjustable-rate mortgages, and don’t forget to factor in closing costs and other fees.

Improve Your Credit Score

Your credit score is one of the most important factors lenders consider when deciding whether to approve your mortgage application and what interest rate to offer you. Improving your credit score can help you qualify for a lower interest rate, which can save you thousands of dollars over the life of your mortgage.

Make a Larger Down Payment

Making a larger down payment can help you save money on your mortgage in several ways. First, a larger down payment will reduce the amount of money you need to borrow, which will lower your monthly mortgage payments. Second, a larger down payment can help you avoid paying private mortgage insurance (PMI), which can add hundreds of dollars to your monthly mortgage payment.

Consider a 15-Year Mortgage

While a 30-year mortgage may be more popular, a 15-year mortgage can help you save a significant amount of money on interest over the life of the loan. The downside is that your monthly payments will be higher, but if you can afford it, a 15-year mortgage may be a better option.

Refinance Your Mortgage

If interest rates have dropped since you purchased your home, refinancing your mortgage can help you save money on interest and reduce your monthly payments. However, be sure to factor in the closing costs associated with refinancing to determine if it is worth it.

In conclusion, there are several ways to save money on your mortgage as a homebuyer. By shopping around for the best rate, improving your credit score, making a larger down payment, considering a 15-year mortgage, and refinancing your mortgage, you can save thousands of dollars over the life of your loan.

To find out what you need to know about 15 year mortgages click here What you need to know about 15 year mortgages.

Buyers • April 14, 2023

Tips for a Home Buyer

by Marsha Hick

Tip #1 – Determine your budget:

One of the most important things you can do when buying a home is to determine your budget. This means taking a realistic look at your finances and figuring out how much you can afford to spend on a home. There are a few factors to consider when determining your budget:

Income

Start by looking at your income. How much money do you make each month? This will give you a starting point for figuring out what you can afford to spend on a home.

Expenses

Next, look at your expenses. How much do you spend on things like rent, utilities, groceries, and other bills each month? Subtract your expenses from your income to get a sense of how much money you have left over each month.

Debt

If you have any debt, such as student loans or credit card debt, you’ll need to factor that into your budget as well. Consider how much you’re currently paying each month towards your debt and whether you can afford to take on a mortgage payment in addition to those expenses.

Down Payment

Finally, you’ll need to consider how much money you have available for a down payment. A larger down payment can help you get a better interest rate and reduce your monthly mortgage payments, but it may also mean that you need to save up for a longer period of time before you can buy a home.

Once you’ve taken all of these factors into account, you can start looking for homes that fit within your budget. Remember to be realistic and avoid stretching yourself too thin – buying a home is a big financial commitment and it’s important to make sure you can comfortably afford it.

Home

Properties

About Me

Blog

Neighborhood News

© CENTURY 21 2023 - 2024. All rights reserved. CENTURY 21®, C21® and the CENTURY 21 Logo are registered service marks owned by Century 21 Real Estate LLC. Franchisee Legal Entity Name (not the dba) fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with, or related to Century 21 Real Estate LLC nor any of its affiliated companies.