The Importance of Home Inspections

The Importance of Home Inspections

When you take out a home loan, the bank will require a home inspection to protect their investment. Even if you plan on paying cash for your home, you should still schedule an inspection for any property you intend to buy. While this won’t catch everything that might be wrong with the house, the Inspector will pinpoint problems that may be of major concern.

What Does a Home Inspection Cover?

The home inspection will determine the condition of the major components of the home. This starts with the Inspector visually examining the condition of the roof, foundation, and structure. They will also look at the plumbing, electrical, and HVAC systems. As the Inspector takes a closer look inside the home, they will look at the attic insulation, watch for signs of water damage and mold growth, and check for pest infestations. 

What Won’t the Inspector Do?

There are some things your home inspection won’t cover. In general, you shouldn’t expect the Inspector to look for minor damage that can be easily or cheaply repaired. In addition, the Inspector won’t remove or damage parts of the interior. This means they won’t look behind walls, remove electrical panels, or inspect the insides of chimneys or plumbing pipes. 

What Will the Inspection Report Tell You?

You might be wondering what will happen if the inspection does uncover a problem. Anything the Inspector turns up will be recorded in the final report. When they do find a problem, they will note whether or not the issue will need to be repaired right away. They will also mention whether the problem concerns a safety issue or a major defect. If it’s a minor defect, the report will point that out as well. There may be other issues that don’t pose a problem right away, but the report will recommend keeping an eye on the issue. For example, the Inspector might advise you to budget for a roof replacement even though you don’t need it right away.

A home inspection is a necessary part of the home buying process. It will help ensure you’re aware of the true condition of the house, which will help you make a better-informed decision. Otherwise, you may buy a home that turns out to be an unexpected money pit.

A Look into Zoning Laws

A Look into Zoning Laws

A legislative process, zoning allows the government to divide a property into different zones for different uses. These laws regulate the construction and use of structures on the property. Zoning laws are important to determine whether the types of structures that can be built on a property are compatible with its surroundings. They also determine if an existing structure can be repurposed or if a new one can be built. Understanding the various aspects of zoning is important to ensure that the necessary changes are made to improve the appearance and function of the property. Even if these aren’t changes to your property, your neighbors might try to make these changes and, consequently, negatively affect your property.

To protect the health, safety, and general welfare of the people, zoning laws are designed to ensure that the use of land doesn’t affect the people in negative ways. They also try to minimize the impacts of land use on the people by separating incompatible uses and ensuring that the properties’ value is protected. Developing a comprehensive land-use policy allows for the orderly development of the city. Aside from protecting the health, safety, and general welfare of the people, zoning laws also ensure that the city has adequate public infrastructure.

Cities are generally focused on developing industry as a way to stimulate economic growth as well as developing areas for residential use. However, if the two are developed side-by-side, this can cause upset amongst residents. This is the task of zoning, a process imposed by the government that aims to make both parties happy.

The goal of zoning is to create a set of rules that will allow the community to develop a compatible and sustainable use for their land. After considering the various factors that affect the development of the city, it then divides the city into multiple districts. These laws then regulate the use of structures within each district, as well as the types of buildings that can be built within each zone. Because of the law’s recognition that life is not always black and white, zoning laws can also provide the government with the flexibility to accommodate the changes in the city’s development. Although it’s possible to decide for yourself what type of project you want to develop, given the varying jurisdictions of the city and the complexity of the laws, it’s important to consider taking the advice of a knowledgeable individual.

Real Estate Professionals to Follow Online

Real Estate Professionals to Follow Online

One of the best ways to pump up your real estate professional muscle is to build your own social media following. Learning how other “real estate stars” participate online with the large followings they have engineered can give you a clue about what’s been working for them –- and which might work for you. These folks also frequently offer valuable insights into the industry that you can use.

Here are some examples:

Fredrik Eklund

This guy made his name with the high-profile New York real estate operator, Douglas Eillman. It doesn’t hurt that he has a starring role in “Million Dollar Listing New York,” the Bravo channel TV hit. To top it all off, he’s the best-selling author of “The Sell: The Secrets of Selling Anything to Anyone.”

So, sure, a guy like this is going to garner gazillions of followers. However, other real estate professionals can learn from his high-flying lifestyle and the tenor of what he posts. It’s all about “creating an aura of success” on social media that helps nurture even more success.

Rich Barton

He happens to be the co-founder and CEO of Zillow Group. Barton launched Zillow in 2006 with partner Lloyd Frink and today the company is worth more than $3.4 billion. As a media company serving the real estate sector, Zillow and Barton offer endless insights into what’s happening and what you need to know. For example, his latest Twitter post offers insights on how “work” has been unbound from “location” and the consequences this has for real estate operators.

Gino Blefari

He is the chairman of HomeServices of America and the CEO of Berkshire Hathaway HomeServices. Houston Agent magazine recently named him one of the “10 Most Powerful Influential Leaders and Executives.” Following him on Instagram will help real estate pros find inspirational events and cogent information that can be put into practical use to further a career in this dynamic field.

Eric Wu

He is the co-founder and CEO of OpenDoor. Before that, he founded Movity.com, a location and data analytics firm. He recently posted a guest article in USA Today describing how OpenDoor disrupted the $1.6 trillion U.S. residential market. Clearly a thought leader in the real estate sector, following Wu on Facebook, Twitter and Instagram is a steady source of information that will be relevant to your career.

 

How to Improve your Understanding of Commercial Real Estate

How to Improve your Understanding of Commercial Real Estate

Commercial real estate is closely related to residential property. So, many professionals still get confused when trying to tell the differences. Many property buyers remain uninformed about changes that are occurring in the real estate industry. Becoming a better buyer or seller starts by understanding the fundamental aspects of the industry.

Understand the Basics of Commercial Real Estate

Many commercial real estate owners lack a basic understanding of the business in which they work every day. Some investors continue to work for years without knowing all of the differences between commercial and residential properties. For instance, operating, repairing and maintaining a commercial property is more stringent than running a residential building. The work may require undergoing additional legal procedures along with additional paperwork and longer wait periods.

Think Like a Professional

Every commercial real estate buyer or investor must think like a manager or owner does. To reach professional levels, the buyers must do at least a year of research about commercial buildings and continue their education indefinitely. It’s important to become fully knowledgeable and confident to the point of knowing how to educate other people on the same topic.

Review Industry Trends

Within one year, the real estate industry can undergo several, major transformations. Each year, there are industry trends that affect the types of commercial properties that people buy or invest in. During a pandemic, investors may stop supporting restaurants altogether and invest in retail or grocery stores. Overall, if someone does not know the latest trends, he or she will make costly mistakes when dealing with real estate.

Learn About Specialties

Commercial real estate is not one large field where every business and building is the same. There are many specialties of commercial real estate, such as office, retail or industries, to choose from. Most clients look for professionals who have specialized knowledge in certain subfields.

Commercial real estate is never a simple or straightforward area of study. There are many different types of individuals involved from small business owners looking to rent buildings to companies looking to construct buildings on raw land. Understanding every aspect of commercial real estate is recommended to make the wisest decisions. There are plenty of tips, tricks and resources available to assist in the learning process.

 

How to Make the Most out of your Home Search

How to Make the Most out of your Home Search

Searching for a new home to buy for your family can be a long and frustrating process, but there are things you can do to simplify your search. Some of the practices buyers use to search for homes may actually be hurting their chances of finding their ideal home. By following these tips, you can search more efficiently and find the home that suits you a little faster.

Don’t Refine Your Search

The common problem is that buyers limit their searches to particular criteria in an effort to ensure they find their dream home. Unfortunately, this means excluding homes that have your “must-have” features but may not have other features that you could do without. Keep your home search as broad as possible to find the greatest number of homes that will meet your family’s needs.

Don’t Rely on Photos

Ideally, every seller should hire a real estate photographer to create great staged photos of each room in the home. However, that’s rarely the case, and many sellers simply photograph their homes in as-is condition. Even if you don’t like the photos included in the listing, you should check out the other information that’s provided. If the home seems to meet your criteria, an in-person viewing can help you better understand the property’s true condition.

Read the Listings

Most people skim the headlines for listings and look at the photos. Unfortunately, this means buyers may be missing some key information. For instance, a seller may be especially motivated to sell or features to the home that can’t be captured well in photographs. By reading each listing, you may find homes that don’t appear to meet your needs until you learn more about them. The information contained in the listing can help you get a better deal on a home, and that may make it worthwhile to adapt the home to meet your needs.

 

You should also work with an experienced real estate agent. In addition to assisting you in your search, an agent can obtain paperwork on specific properties that will help you make a better-informed decision. You won’t have to pay the agent a fee, and they can help you find more properties that meet your needs.