If you’re planning on buying or selling your home, you’re going to want to work with a real estate professional.
But what kind of professionals are available to help you buy or sell your home—and what are the differences between them?
A recent article from realtor.com answered key questions around the different types of real estate professionals, including real estate agents, brokers, and REALTORS®—and the differences between the three—including:
What is a real estate agent? A real estate agent is a real estate professional that has completed educational, training, and licensing requirements (including passing a licensing exam), which allows them to help people buy, sell, and rent real estate.
What is a real estate broker? A real estate broker is a real estate agent that has pursued further education on a variety of real estate-related issues, including ethics, contracts, taxes, and real estate law—and has passed a broker’s license exam. In order to get their broker’s license, candidates need a certain level of experience and tenure as a licensed real estate agent—generally three years. As such, real estate brokers are generally more experienced and well-versed in all things real estate.Some brokers use their license to manage or run a company or an office of other agents, and do not work with clients anymore. Others continue to help buyers and sellers.
What is a REALTOR®? A REALTOR® is a licensed real estate agent that’s also a member of the National Association of REALTORS® (NAR), an industry group that holds agents to a certain set of standards and ethics. Essentially, REALTORS are real estate agents, but with an extra level of accountability thanks to their association with NAR.
The Takeaway:
Understanding the different types of real estate professionals that are available to help you buy or sell real estate can ensure that you partner with the right professional for you—whether that’s a real estate agent, a Realtor, or a real estate broker.
Kevin and Jennifer Hanley are REALTORS! Give us a call today and let them help you with all your residential and commercial real estate needs. Kevin and Jennifer Hanley, REALTORS, The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com
There’s many reasons why you might be considering having your mother-in-law (or your mom) move in with you. Perhaps it’s for health reasons. Maybe it’s due to finances. Or, it could just be that you all want to be closer to each other.
There’s no single definition of what comprises a mother-in-law suite. But, in the grandest sense, they are often considered to include a bedroom, bathroom, kitchen (or kitchenette), a living room, as well as an entrance that’s separate from the main house. Sometimes they may be free-standing structures, known as “accessory dwelling units” (ADUs). In other instances, homeowners get creative and simply repurpose a room in the house, basements, attics, or even garages to accommodate their loved ones.
For a variety of reasons, multigenerational living continues to increase in popularity. In fact, in 2016, a record 64 million people, or 20 percent of the U.S. population, lived with multiple generations under one roof, according to the Pew Research Center’s analysis of census data.
Some families choose to buy a home with an in-law suite, or add one to their existing property because it makes financial sense. In other situations in which both parents work full-time outside the home, having built-in babysitters who are ready and willing to lend a hand is a welcome relief.
That said, blending generations isn’t always easy, especially after years of both parties living independently.
Whether you’re overjoyed or not-so-secretly seething at the thought of your mother or mother-in-law becoming a permanent fixture on your property, there are certain things you’ll want to consider.
Here are four questions to consider before moving in with your in-law.
1. Can everyone coexist peacefully?
It’s one thing to visit with your in-laws during the holidays, it’s another to see them 24/7. No one wants to watch the phrase “Familiarity breeds contempt” come to life in their own home. Still, you don’t need to be a family therapist to know that too much togetherness can quickly lead to trouble.
Chances are you’re accustomed to having your privacy, as is your mother-in-law. A separate entrance, kitchenette, and soundproofing can go a long way toward establishing boundaries that will ensure your relationship survives your new roommate status. But will these be enough to allow for harmonious living?
It’s not a bad idea to give the scenario a test run by having Mom spend a week or two and see how it goes before you commit to adding on to your home.
2. Will your city or town allow it?
If you’re considering constructing an addition for your in-laws, check with local and city zoning regulations as many have strict building codes. You may or may not be able to extend your house, or enough to accommodate your plans.
Some homeowners contemplate placing an entire new structure—an accessory dwelling unit (ADU)—on their property. Again, you’ll have to check on zoning laws before just plunking down a free-standing structure on your property.
But even something quite simple as renovating the garage, a basement, or section of the house with a separate kitchen area may not be allowed.
Every municipality will have different regulations. Check with yours before making any concrete plans to move mom in.
3. How much will it cost?
Whether you add on to your home or repurpose an area within it, most likely it won’t be cheap. According to Realtor.com, an in-law suite will set you back anywhere from $40,000 to $125,000, while ADUs (aka Granny Pods) are estimated at $85,000 to $125,000.
You may also want to separate the utilities between the unit and the primary residence if possible, to divide expenses. This can also save money if your relative goes out of town for lengthy periods, and you want to shut down the utilities temporarily.
Compare these expenses to the cost of an assisted living facility or nursing home if your motivation is to ensure the safety of older family members.
You should also weigh your options to buy a house that is already set up with a mother-in-law suite. It may actually cost you less (and easier), than doing construction on your existing house.
4. How will it impact your resale?
Because few homes include in-law suites, having one can attract multigenerational families. So when it comes time to sell your home, you may find that you have a lot of interest. Or at least specific interest from buyers who this would appeal to.
However, the layout and flow of the house may not appeal as much (or at all) to buyers who have no need for this kind of set-up. So, it may also reduce the pool of buyers your house will appeal to.
Not that resale value, or the ability to resell it, should dictate whether or not you create this sort of space in your home. You need to make the decision based upon your own situation, wants, and needs. Life needs to be lived, and enjoyed. If resale value is higher in the future, great. If not, perhaps you can renovate it back to the original layout if it makes good financial sense to do so.
While these are certainly not every question you may want to consider before making a decision, it’s a good start. And, hopefully, taking the time to ask and answer questions before moving Mom in, will save you time, money, frustration and, most importantly, your relationships.
We helped several customers over the years who bought a home with an in-law (or adult child) suite. We are ready to help you! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners 904-515-2479 HanleyHomeTeam.com
We’ve all experienced the stress and tension of moving, right? Even after you’ve done all the footwork to find the perfect place, you’ve still got to deal with utilities, packing, moving trucks, lukewarm fast food meals, lost and broken items…
Oh, and if you’ve moved more than 20 minutes away, even after you’ve unpacked, you’ve got to find a new grocery store, school, park, favorite restaurant, etc. etc. etc….
So yeah, we all know…
Moving is a seemingly endless stress buffet.
When someone you love is going through it, how can you help to alleviate that stress? Well, outside of paying for their movers (PS SO WORTH IT), you can give them one of these moving/housewarming gifts. Some are gifts of time, some are thoughtful treats, and some are available on Amazon so even if your friend is moving to a new town, you can send Prime to the rescue! Best of all, you don’t have to get cutesy or craftsy; you can send any of these goodies as-is.
Check ‘em out and you, too, can be the most thoughtful friend/family member ever when you send housewarming gifts people actually want…
1. FOOD
At the end of a long day of taking all their worldly possessions off of a truck, your friends are going to be HUNGRY. And this isn’t any run of the mill hunger; it’s more like an I-just-ran-a-marathon hunger. The really bad part of this is that they won’t have food in the house and will probably be too tired to hit the ol’ grocery store. Solve this problem by sending them dinner. If you’re in town, you can bring it by (but don’t stay a long time), and if you’re not, you can send DoorDash or UberEats to feed these hungry folks for you.
2. COFFEE
Ahh, the first morning in a new house. So calm, so quiet, so… WAIT, where the heck did we pack the Keurig? And what box are the K-pods in?! Doing a Starbucks run (or, again, sending a delivery driver to do it for you) will have your tired pals crying happy, caffeinated tears faster than you can say Cinnamon Dolce Latte.
3. WINE / BEER / COCKTAILS IN A CAN
When your friend is done bringing in boxes, they probably want to relax with a frosty adult beverage. Let them know you’re thinking of them with booze in a can. Canned bevvies are all the rage right now and so easy to enjoy. No need to locate the bottle opener, corkscrew, or bar accessories; they can just pop the top and sip away.
4. YOUR ELBOW GREASE
While this is the least fun option, it’s also probably the most appreciated. Whether it’s running to buy more boxes and tape, helping to load that absurdly heavy table, or sitting and chatting while you both unpack the kitchen, your friend will appreciate you for pitching in on their hardest days. Also, they’ll owe you one heck of a big favor.
5. CLEANING SUPPLIES
Running out of paper towels and Windex when you’ve got to clean out the fridge in the place you’re leaving is just about enough to make a person cry. Same thing when you get to the new place and it’s… less than spotless. Coming by with a box of essentials will elevate you to a godlike status… and if they don’t end up using them right now, you know they’ll get used in the future.
6. BATHROOM ESSENTIALS
Just like the paper towels, there are other paper products that you absolutely, positively HATE to run out of. Bring a package of TP — the GOOD stuff, not the kind that feels like tree bark… and some premium hand soap. Again, you know they’ll appreciate it mucho and it’s definitely not going to go to waste. (Err, no pun intended.)
7. A CLEANING SERVICE
If you owe your friend-on-the-move big time, or you’re just #ballerstatus, send them a cleaning service. Having someone do the work for you is a beautiful thing, and walking into a sparkling clean home when you’re still trying to get everything in your life back to normal brings such a sense of relief. It might not even be as expensive as you think. Depending on the size of the house and the location they’re in, you might be able to get this great gift for less than $100.
There’s nothing like a fresh, new start at a fresh, new house, and nothing says, “Welcome!” quite like a fresh, new doormat. There are so many neat ones available on Amazon or at your local Target. No matter what their taste is, you’ll be able to find something that applies.
9. PLANTS
Houseplants lend a homey vibe no matter what the season. Bring over a few potted plants and know that you’re enriching your friend’s new home environment — both with a pretty plant AND with life-giving oxygen. Not sure if your friend is a plant-y person? Bring a succulent or two; they’re notoriously hard to kill.
10. A LIST OF FAVES
If your friend is moving into your area, save them a ton of time by bringing them a list of neighborhood favorites. Add things like restaurants, things to do, and local services they might need. Big ol’ bonus points if you have a trustworthy babysitting reference — that alone is worth its weight in gold.
11. POOL FLOATS
Did they get a new pool along with the new digs? Pool owners LOVE getting goodies for swim time. Ride on floats, beverage floats, remote-controlled boats — it’s all good! Also, it’s almost guaranteed you’ll secure an invite to go swimming when summer hits.
No pool? No problem. Get them something to help them enjoy their new garden or patio… whatever form of the great outdoors they have. After all, no matter how nice the house is inside, sometimes it’s nice to hang out outside, too!
12. KITCHEN TOWELS
When you’ve got a sparkly new kitchen, putting your dingy old towels on the counter is kind of a downer. Gift your pal some spiffy, clean kitchen towels and they’ll think of you every time they walk into the kitchen.
13. A SUBSCRIPTION CRATE
From candy to coffee, dog treats to dinners, there’s a subscription crate for just about anything your friend is into. If they’ve moved away, let them know you’re thinking of them on the regular with a monthly crate. It might not get there on moving day, but it will relieve some stress and make them feel loved all the same!
14. NOTHING PASSIVE AGGRESSIVE
This should go without saying, but sometimes well-meaning people think that just about any time is a good time for “advice.” Moving time is NOT the time to gift a Dave Ramsey book (even if the house is on the pricey side), nor is it a time to ask why they have so darn much stuff and then offer a trip to Goodwill. Your friends are already under enough stress, so no matter how much you “wonder if you ought to say something,” the answer is NO — or at least, not right now.
We have some good advice about buying a home so you get some house warming gifts, too! (BTW – we give some darn good closing gifts to our customers!) Give us a call – Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com Team@HanleyHomeTeam.com
Thanks to historically low inventory and rising prices, today’s real estate market has been challenging for many buyers. But what, exactly, are the biggest challenges facing buyers today?
According to recent data from the National Association of Home Builders, nearly half of buyers in Q1 2021 (45 percent) cited continually losing out on bidding wars as the reason they haven’t been able to successfully purchase a home. (Not being able to find an affordable home was the second most cited reason, with 32 percent of buyers being unable to find a home in their price range.)
The Takeaway:
So, what does that mean for you? If you’ve been thinking about buying a home, it’s important to understand the challenges of the current market; that way, you can better prepare yourself for bidding wars—and be prepared to make offers that grab the attention of a seller and increase your chances of getting that offer accepted. We have worked in this type of market in the past and are experienced in helping our customers WIN the home they want and deserve! Give us a call…Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com
Ideally, when you’re ready to buy a home, you’ll have spent a significant amount of time socking away money for your down payment. But sometimes, you find your dream home earlier than expected—and you need a way to come up with some extra cash for the down payment, fast.
So, the question is, if you find yourself in that situation, what options may be available to help you get the cash you need to buy your home?
Your 401(k). Most 401(k) plans allow you to borrow against the balance—often up to 50 percent of the balance or $50,000. Generally, you can access funds in about a week—but keep in mind that if you withdraw funds from your 401(k) early, you may have to pay a penalty and those funds will be counted as gross income, and it can also have tax implications.
Your IRA. Generally, withdrawing funds early from your IRA carries the same penalty as withdrawing from your 401(k)—but that penalty is waived for first-time home buyers. So, if you have a balance in your IRA and you’re buying a home for the first time, it’s a better resource to tap for your down payment.
Explore down payment assistance programs. Certain cities, states, and local nonprofit organizations sometimes partner with banks to offer down payment assistance. If you need help getting the cash for your down payment, do your research to see if there are any local programs you qualify for.
The Takeaway:
Bottom line? You should definitely invest time into saving for a down payment—but if you need a bit of extra cash (and quickly), these resources can be a great way to get the funds you need to buy your home. But, since many of these options may have tax or financial implications, you should consult with your accountant or financial advisor before doing so.
Need more tips or are you ready to get started on your home search? Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com
The COVID-19 pandemic has forced many of us to spend more time at home than ever before—and, for many homeowners, all that extra time at home has translated to extra spending.
A recent survey from Cinch Home Services found that more than half of the 1,000+ homeowners surveyed (52%) spent more on their homes since the pandemic hit—$1,329 on average.
So what, exactly, did homeowners spend on during the pandemic? Top home-related purchases included:
Furniture (54 percent)
Appliances (48.5 percent)
Decor (47.1 percent)
Home improvement tools and products (44.3 percent)
Homeowners cited a variety of reasons for increasing their home spending during the pandemic, including improving home comfort (57.2 percent), modifying home atmosphere (37.9 percent), and improving home organization (29.8 percent).
The Takeaway:
So, what does this mean for you? If you invested in your home during the pandemic, you’re not alone. Lots of people weren’t just spending more time in their home, they were also spending more on their home. If it made the experience of lockdown more tolerable and comfortable, it was money worth spending.
Ready to find out what those improvements did for your home price? Get in touch today for a FREE market analysis of your home. Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty 904-515-2479 HanleyHomeTeam.com Team@HanleyHomeTeam.com
A lot of people dream about building their own home from the ground up. But do the benefits outweigh the challenges?
A recent article from realtor.com outlined the pros and cons of building your own house (versus purchasing an existing property), including:
Con: It’s generally more expensive. Building a home typically costs more than buying an existing home—so if you want to build a home, you’ll need a bigger budget than if you were to buy an existing home of a similar size.
Pro: Less maintenance. When you build a home, everything is brand new. That means you’re much less likely to have to deal with any significant maintenance or repair issues in the early years of living in your home—which can save you time, money, and frustration.
Con: More time-intensive. Depending on the size and complexity of the home, building a house could take anywhere from months to years. Home builds are also notorious for running into delays and taking longer than the builder or homeowner originally anticipated—and waiting that long for their home to be move-in ready just isn’t feasible for some people.
The Takeaway:
What does this mean for you? Building a home is a big decision. There’s no right or wrong decision, but if you’ve been thinking about building your own home, it’s important to understand both the benefits and the drawbacks—so you can make the best decision for you.
Interested in building a home? Get in touch today and let’s see if it’s the right decision for you! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2700 HanleyHomeTeam.com
With the inventory of homes so low, some buyers are binge-watching HGTV and beginning to consider buying a fixer-upper. Fixing up a property can be a fun, fulfilling experience for many homeowners. But fixer-uppers can be challenging in the best of times—and with some of the challenges in today’s market, this doesn’t exactly qualify as “the best of times.”
A recent article from realtor.com outlined some of the reasons why now might not be the best time to buy a fixer-upper property, including:
Material costs are high… The pandemic has created a high demand for home renovations, which has sent the prices for materials through the roof, doubling—or even tripling—in many cases. So, the renovations that you need to make on a fixer-upper property? They’re likely to cost significantly more than they would have at this time last year.
…and crews are busy. The demand for home renovations also has many contractors booked out for months—which means that, if you buy a fixer-upper, you could have to wait a significant period of time to start tackling projects.
There’s a higher risk for issues. Any property could have issues you don’t notice on your initial viewing—but the risk of safety, environmental, or inspection-related issues is much higher for older homes that need a lot of work.
The Takeaway:
Bottom line? There are definite challenges associated with buying a fixer-upper in today’s real estate market—and buying a new construction or a newer home with fewer necessary repairs is probably going to be a safer bet. But if you’re set on making a fixer-upper purchase? Talk to your real estate agent (us!) as we can help you better understand the challenges associated with buying a fixer upper—and help you get a plan in place for navigating those challenges. Kevin and Jennifer Hanley, REALTORS http://www.HanleyHomeTeam.com The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside
COVID-19 has caused many people to reevaluate their living situations—and, as a result, many of those people are planning to relocate to an area that better suits their needs.
Relocating is always a process—but if you don’t do it right, that process can quickly become stressful and overwhelming.
But how, exactly, do you do it right? What mistakes do you need to avoid to ensure the relocation process goes as smoothly as possible?
A video from realtor.com outlined the key mistakes to avoid when relocating to a new area, including:
Listing your home before you know where and when you’re relocating. Homes are selling extremely fast in today’s market—so before you list your home, you’ll want to have clarity on where and when you’re relocating.
Not researching your new area. Every area is different—and before you decide to relocate, you need to know that your new area has the amenities and features that you’ll need. For example, if you have children, research the schools and childcare options before you commit to moving to a new town or city. If you’re planning to work from home, make sure the neighborhoods you’re considering have high-speed internet so you can do your job effectively.
Expecting your belongings to arrive and be available immediately. If you’re doing a long distance relocation and shipping some of your belongings, there could be delays—so if you know you’re going to need an item, make sure to keep it with you and transport it yourself.
HOMEOWNERS INSURANCE FEELS LIKE A “NECESSARY EVIL.” BUT IT DOES SERVE A SAINTTLY PURPOSE—TO PROTECT YOU. SINCE YOU HAVE TO PAY IT EVERY MONTH, THE TRICK IS TO PAY AS LITTLE AS POSSIBLE FOR AS MUCH COVERAGE AS POSSIBLE. HERE’S WHAT TO LOOK FOR.
If you own a home free and clear, you are not required to have homeowners insurance (also called hazard insurance). But if you have a mortgage on the property, your lender will require you to carry it. Here’s how to get quotes to compare prices and coverage.
What is a homeowners insurance quote?
A quote is an estimate of the price you’ll pay for a policy. It’ll be given to you either as a yearly, 6-month, or monthly amount. Make sure you’re comparing apples to apples when looking at different quotes.
A quote will be based on the size of home, location and likely replacement value of the home, condition you want to replace it to, how far it is from a fire house, etc.
Each company uses its own formula to calculate house insurance quotes, so prices can vary widely. You boost your chances of finding the best rate when you compare homeowners insurance rates from several companies. Get at least three quotes! The rate and amount of coverage can vary by hundreds of dollars.
A quote is only an estimate at the time it’s given. The actual amount you’ll end up paying will not be determined until the policy is issued. It’s usually close to the quoted amount, though.
Who gives homeowners insurance?
Many companies, including the companies that you might already be insuring your car with. Examples include USAA, Farmer’s, State Farm, Travelers, Wawanesa, Desjardins, Allstate, and many others.
What do you get from having homeowners insurance?
Protection in case of damage or loss. These amounts can vary! These are broad averages only. If you get three different quotes, you’ll begin to see what kind of coverages are available for your property and can compare. For instance, if two quotes are similar, but one offers $8,000 of additional living expenses in case of a claim, and the other offers only $6,000, then the first might be a better policy for you (if all other factors equal).
How your price can change…
In addition to the standard coverages shown above, you’ll also need to make choices when you compare home insurance quotes. These choices will affect your price, so make sure you use the same choices when comparing different policy quotes.
Your deductible. This is the amount you pay out of pocket, before the insurer will pay anything per claim. It’s typically $500 to $2,000 per instance. Choosing a higher deductible will lower your monthly premium payment. If you choose a higher deductible, make sure you can afford to pay that deductible.
Earthquake, flood or windstorm coverage. Standard insurance doesn’t cover earthquake or flood damage, and windstorm coverage is limited in some hurricane-prone regions. If you live in an area affected by these risks, you may want to ask about optional coverage. Flood insurance is required for some properties in high-risk zones.
Replacement cost coverage for your belongings. Most standard homeowners insurance policies won’t pay to replace old items with new ones unless you choose this upgrade. You can ask for more coverage for your belongings (like computers, clothes, art pieces, dishes, etc.).
Extended or guaranteed replacement cost coverage for your home. Standard policies won’t pay more than your dwelling coverage limit to fix your house. Extended replacement cost coverage will pay out more if repairs require it, up to a specified limit, and guaranteed replacement cost coverage will pay the full cost.
How to get a homeowners insurance quote
You can call a local insurance agent or broker who can give you a quote. It’s often nice to talk to someone who specializes in insurance in your area.
You can also contact insurance companies online and fill out their online quote request form.
I prefer talking to an agent, because many of the items in the online forms are not applicable, and you’ll end up having questions. The live agent can help you faster, and often make suggestions you won’t get online. However, it might be wise to get at least one online quote, once you know what you want to be comparing.
KNOW SOMEONE WITH QUESTIONS ABOUT BUYING A HOME? PUT THEM IN TOUCH WITH US FOR HELP. Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside http://www.HanleyHomeTeam.com
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