Beware of Bidding Burnout

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Buying a home, Jacksonville Real Estate, Making an offer, Making an offer on a home, Making an offer on a house, Pre-approval

As real estate markets continue to improve, and the neighborhood you’ve had your eye on is suddenly the “hot spot” on the map, there’s a real risk you could end up paying too much for your next house. One of the major culprits? A little phenomenon called “bidding burnout.”

There’s a serious emotional roller coaster associated with finding the right home, putting in an offer, discovering you’re in a competing offer situation, and then losing the home to someone who’s willing to pay more, or can squeak through on an all-cash deal. The highs and lows can take a real toll. Just when you’ve imagined what it will be like to put the hunt behind you, you feel like you’re back to zero.

When it happens once, it’s a hassle. When it happens five times? It’s downright traumatizing!

Bidding burnout sets in when you find yourself too fatigued to hold firm on what you’re willing to spend, and you begin making major financial decisions based on the desire to simply “be done with it.” You may have been pre-approved for $500,000, but had been planning to only spend $390,000. Suddenly you find yourself itching to pull the trigger on your full pre-approval, even though a little voice is telling you paying the premium will cost you in the long run.

In addition to paying too much, bidding burnout often leads to compromises in other areas. Before long, you’re looking beyond the borders of the neighborhood you’d wanted. Rationalization sets in: “What’s an extra 10 minutes added to my commute?” And: “Maybe it’s not that big a deal to settle for a different school district.” Full fever sets in when you find you’re far, far away from all of the qualities you told yourself were “must haves” for your next home.

While there are times where spending a little more may be justified, it can be wise to regroup and cool off before chasing the next listing. A professional agent will understand if you need to sit out a few rounds and see what develops. They’re also willing to help talk you through your priorities for the home again and see which, if any, compromises should be made first.

We love helping buyers find the right home for the right price in the Jacksonville area. Don’t succumb to “bidding burnout”! Contact us today: Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside http://www.HanleyHomeTeam.com

How to Escape a Rental Lease

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breaking a lease, does it make sense to break a lease, landlord, lease agreement, Mediation, monthly rental payment, negotiating with your landlord, Opt-out clause, rental agreement, renter, security deposit, Subletting

If you’ve been thinking of buying a home, but the prospect of breaking your apartment lease has you holding back, you might be glad to know there are options available to you as a renter. A lease isn’t always an iron-clad agreement with all the rights on the side of your landlord. Of course, buying a home isn’t the only reason to break a lease. There are many reasons to break a lease: Your job may have changed, you might find the rent too steep, or you may have lost a loved one who used to share the space with you. Here are a few things you can do to help extract yourself from the situation:

1. Find the opt-out clause. You may not have read your lease very carefully when you were excited to move in, and now is the time to go back and pick it apart with a fine-toothed comb. Many leases will have clauses which allow you to legally break your obligation to stay for the full-term of the agreement. This might involve a fee of some kind, but can often be worth the expense if the conditions are right.

2. Negotiate with your landlord. If you’re on good terms with your landlord, come out and explain your situation honestly. The landlord (or property management company) can elect to let you out of the lease, even without an opt-out clause. See if you can do anything to “sweeten the pot” for the landlord, such as finding a replacement renter, or propose a sum to buy your way out. (Get anything you agree to with your landlord in writing.)

3. See about subletting. Look at your lease agreement and see what your rights are regarding subletting the apartment to someone else. While some forbid the practice, others may create allowances for subleasing your apartment to someone for the balance of the agreement. If the agreement is unclear about subleasing, talk with your landlord about your plan and get an agreement in writing. (Recognize you’re risking your security deposit if the subletter doesn’t take care of the place.)

4. Go to mediation. If you can’t come to common terms, consider enrolling the help of a mediator. Local housing advocates and “renter’s rights” groups may be able to connect you with people who can help.

This all assumes, of course, that you’re not leaving because your landlord is a deadbeat. If you’re battling a landlord who refuses to fix up the place or otherwise has been combative, you may have a legal case to make to break your lease. The key is documentation. Document everything with photo or video evidence, and keep meticulous records of your complaints.

Shouldn’t your monthly payment be paying you instead of a landlord? Talk to us today about taking the first steps towards home ownership: Kevin and Jennifer Hanley, REALTORS, Keller Williams Realty Atlantic Partners Southside www.HanleyHomeTeam.com

How to Declutter Your Home

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declutter, declutter before selling your home, home appeal, manage clutter, preparing your home for sale

Before you sell, you must make sure your house is appealing to buyers. This means decluttering! Follow these handy tips to make the chore less of a burden.

Preparing your home to sell means presenting a home which is attractive to buyers. If you’re going to be living in the home while it’s on the market, and you’re choosing not to stage it, you absolutely must go through a decluttering process. It can feel overwhelming at first, but we assure you the process can be broken down into manageable steps which will help your home sell potentially faster and for a better price.

1. Take photos of what you’re up against. You might think things look pretty good until you see your home with the unflinching eye of the camera. Photograph every room from multiple angles and you’ll begin to see what buyers will see. Don’t forget to snap the closets, laundry rooms, and garage.

2. Plan a room-by-room attack. This doesn’t have to be done in a day, a weekend, or even a week. Depending on your timeline, tackle as much or as little as you can reasonably manage before burning out. If you try to do too much at one time, you’re likely to start making unfortunate compromises about what stays and what goes.

3. Use a checklist. When you assess a room, list what needs to be done and then the order in which it makes the most sense to do it. Visualizing the process will prevent you from wasting time. For example: You may find that certain pieces of furniture can go, and if you haven’t planned for help moving them out, you can get stalled.

4. Be ruthless. You have clothes you haven’t worn in years, piles in the garage you’ve moved around, and shelves of unread or dispensable books. Start thinking of those “perfectly good” somethings you’ve been hanging onto as anchors dragging down your home’s appeal.

5. Stay motivated. Tell yourself: Less is more. Remind yourself: Every box that goes to charity is a box you won’t have to lift, relocate, and unpack on moving day. This is an opportunity to refresh your life!

6. Pile it up. Sort things into “give away,” “throw away,” and “sell.” Some things can go to friends, others can go to charity. Keep in mind the real market value of items if you plan on selling them online (they’re probably worth less than you think). Some you can unload curbside, other items may be destined for freecycle.org, Craigslist.org, or a local junk pick-up service.

If you need someone who can see your home with a buyer’s eyes, don’t hesitate to invite us over. We’d be happy to provide you with a fresh perspective on your decluttering mission. Get in touch today: Kevin and Jennifer Hanley, REALTORS 904-422-7626 http://www.HanleyHomeTeam.com

 

Tips for Choosing a Reputable Remodeling Contractor

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choosing a contractor, choosing a reputable contractor, home improvement, Investment properties, Referral to a contractor, renovation project

With the number of foreclosed or bank-owned properties floating around out there, we often speak with folks who are preparing to embark on a renovation project.

Unfortunately, with a rise in remodeling comes a flood of disreputable contractors looking to cash in. We do our best to protect people by providing referrals to reputable contractors, but there are plenty of people out there we don’t get a chance to talk to.

If you know someone who is about to undertake a major renovation project, we urge you to share this excellent article published by the Federal Trade Commission, “Home Sweet Home Improvement.” It includes a PDF guide your friends and family will find helpful.

The guide covers:

• The types of home improvement specialists
• How disreputable contractors operate
• Questions to ask contractors
• How to check references
• Understanding payment options
• The “Home Improvement” loan scam
• …and several other useful points

Here’s the link to the article on the FTC website:
http://www.ftc.gov/bcp/edu/pubs/consumer/products/pro20.shtm

Also, you can download the PDF file directly here:
http://www.ftc.gov/bcp/edu/pubs/consumer/products/pro20.pdf

Do you need a referral to a contractor or two? Are you in the market for a property to fix-up and call your own (or use as an investment property)? We’d be happy to help. Give us a call or shoot us a message today: Kevin and Jennifer Hanley, REALTORS, Keller Williams Realty Atlantic Partners Southside – 904-422-7626 http://www.HanleyHomeTeam.com