Lee Morof's Real Estate Blog

Selecting the right home to purchase for a family is a monumental task, and this process can seem even more challenging for those with a large or growing family. A common goal may be to give everyone ample space to stretch out and feel relaxed, but some home buyers may also be focused on other factors like location, cost and even the general style of the home. While choosing the perfect home for a large or growing family is not easy, the process can be simplified by focusing on a few points.

Focus On Storage Space

There are few things that can make home life more miserable in the coming years than a lack of storage space. When a large family does not have adequate storage space in closets, the attic, the garage and cabinets, their items will likely find a home on the counters, on the floor and in other undesirable locations. Home buyers can consider looking for a home that has more storage space than is needed right now to ensure that the new home can accommodate growing needs over the years.

Think About Function Over Size

Many people who are looking for a new home will focus on finding a home that has a specific minimum square footage or a minimum number of bedrooms, but function is generally more important. For example, if a home has bar-style seating at the kitchen counter, the family may not need as large of a breakfast room to accommodate its needs. The family may also get more use out of a home that has a second living area, such as a game room, rather than a formal dining room that may rarely be used.

Choose The Right Floor Plan

In addition, consider reviewing the floor plan of the home carefully. Many prefer to have the kids’ rooms away from the master room, a study placed away from the kids’ game room or an open area where the kitchen and family room are connected so that a parent can oversee the kids while making meals. Home buyers should consider how they live and their likes and dislikes about their current space to determine which floor plan is best for them.

Deciding which home to purchase is rarely easy to do, but your trusted real estate professional can assist home buyers with this process. Those who are searching for a new home for a large or growing family can call their local real estate agent for further assistance.

Many people make the decision to move from the country or the suburbs into the heart of the downtown area for a number of reasons, such as to enjoy proximity to work or to enjoy the urban lifestyle. With the higher cost of real estate in central urban areas and with real estate space at a premium, many who make the decision to relocate will need to downsize from a larger house to a smaller condo or apartment. While this can be challenging, it can be accomplished by following a few steps.

Choose The Right Pieces To Keep

When downsizing from a larger house to a smaller apartment or condo, it is often necessary to get rid of some furnishings. It is important to select furnishings that are best suited for the size of the new space as well as the individual’s needs. Items that will not have a place in the new home can be donated, stored in a storage unit or given to a family member or friend.

Think About Storage

When living space is downgraded, storage of everything from dishes to linens and clothing becomes a concern. Storage features in downtown apartments and condos is often minimal, and this means that those moving into these units may need to invest in special storage features. For example, storage bins that can slide under the bed, pull-out features for kitchen cabinets and various other types of storage features can all be put to use to improve organization and to maximize the limited amount of space available in the property.

Get Back To The Basics

While storage features can be useful, the fact is that most people who are making this transition will need to get rid of some of their items or store them in a storage unit. A smart idea is to consider only the basic items that are truly necessary for living as a first step. If space permits, additional luxury items can be added to the space provided there is room in the apartment or condo.

Downgrading from a larger home to a smaller living space can be frustrating and stressful, but eliminating the unnecessary items and improving storage and organization can go a long way toward streamlining this process. Those who are searching for a new place to live in the city can request personal assistance from their trusted real estate professional.

There are numerous factors that you may review when choosing a new place to live. If you have children, the quality of the schools and the level of education that your kids will receive in the schools is important. However, you may not be certain how to determine if a school is good or not. When you are looking at schools, use this helpful checklist to guide you in making a great decision.

Achievement Data

One of the easiest factors for you to research about different school districts and individual schools is achievement data. This may include the percentage of students graduating high school versus dropping out, the enrollment percentage for college, SAT and ACT scores and other relevant data. This is typically published online, or a call to the district’s office may provide you with the information.

Student to Teacher Ratio

The student to teacher ratio can vary drastically between school districts. This will impact how much personal attention your child receives as well as how crowded the classrooms are. Generally, the lower the number, the better overall experience your child may receive.

A Safe Location

The last thing you may want is for your child to be exposed to safety issues or to feel threatened or intimidated in school or while getting to or from school every day. You can research crime statistics online for the area surrounding the schools, and you can visit the school personally to visibly inspect the area.

Extracurricular Activities

The school age years are a time for kids to experience many new things. Everything from a drama and art club to a wide range of sports can benefit kids. Consider reviewing extracurricular activities available for younger and older students alike so that you can get a better idea for the experiences that a child may have outside of the classroom.

A Positive Environment

A final important factor to consider is the environment in the school. You will need to set up a tour of the school to experience this yourself. The staff members and students should be happy and positive. Remember that this is a place where your child may spend many long hours each day.

Where you choose to live will impact what school your child attends. Therefore, it is important to review the schools carefully before you make a final buying decision for a new home.

Real estate sales contracts can be confusing, and there seem to be contingencies and special circumstances for many different events built into a standard contract. One option that your real estate agent may ask if you are interested in is an escalation clause. This is typically an optional clause that you can choose to invoke if you desire, so you should take time to learn more about what it is before you make your offer.

What Is an Escalation Clause?

It can take a considerable amount of effort and time on your part to locate the perfect home to purchase, and the last thing you may want to do is to lose the home that you have fallen in love with during a bidding war with another buyer. However, you also do not want to make an offer that is so high that it is not attractive or beneficial to you. Ideally, you want to get your dream home at the lowest price possible.

An escalation clause essentially permits you to make an offer, but it has a built in option for a higher offer that will go into effect if the seller receives an offer higher than what you have offered. Essentially, it serves as an immediate response to a second offer to protect you in the event you are involved in a bidding war.

How to Use an Escalation Clause

An escalation clause can be highly beneficial, but you do need to understand how to use it. First, your initial offer should be competitive enough so that the seller shows interest in it. Second, your escalation clause offer should serve as your maximum offer. This offer ideally will remain in the limits of the market value of the home. It also should still be affordable for you to purchase. If you are not comfortable making a higher offer or if your higher offer would price it out of market value range, you may consider not using the escalation clause.

The ability to automatically raise your offer with an escalation clause can be beneficial when this clause is used properly. You can speak with your agent more about the interest in the home by other buyers as well as the overall market conditions to determine if using an escalation clause would be beneficial for you when you are structuring an offer to present to a seller.

All real estate transactions come with at least some negotiations, and some transactions are heavily negotiated from start to finish. As a home buyer, you understandably want to negotiate the best overall deal possible while successfully reaching your goal of closing on the home you have fallen in love with. To be truly successful with this process, it is important that you understand how to negotiate with the seller and the seller’s real estate agent.

Understand The Seller’s Position

In order to be successful with negotiations, you will need to understand the motivations and desires of the other party. A seller may have an emotional attachment to his or her home, but he or she also may have a desire or need to move. Some may have a firm bottom line for a price that they can accept or concessions that they are able to pay for out of pocket. While some may be unreasonable, most are willing to compromise and negotiate provided that your offer is feasible for their financial situation.

Define Your True Requirements

Just as a seller will have a hard and fast bottom line, you also may have specific requirements that you need to meet. This may be a firm closing date, the need to have some of your closing costs paid or a firm sales price that you do not want to exceed. While negotiations inevitably may have you asking for slightly more than what you truly need, it is important to define for yourself what your true requirements are and to remain focused on these when negotiating.

Be Willing To Compromise

When offers and counter-offers are flying back and forth between a buyer and seller, it is easy to feel stressed and even challenged by the other party. While there are times when a seller’s counter-offer may be unreasonable, most are reasonable and fair within limits. You may decide to submit a counter-offer as well, but some compromise will show the other party that you are willing to work with them.

From negotiating a sales price to asking the seller to make some repairs to the home after the inspection has been completed, there may be different times during the process when you need to negotiate. Consider these tips to help you more successfully negotiate with the seller and seller’s agent. A skilled real estate agent can also be instrumental with representing you during negotiations, and you can seek assistance from an agent today.

It was very common decades ago for several generations of a family to live together, and this may have included kids, parents, grandparents and even great-grandparents in some cases. Today’s modern homes are generally designed to accommodate a more traditional modern family, which includes only parents and kids or for only a married couple without kids. When you are buying a home for other generations as well, it is important for you to pay attention to a few important points.

The Right Living Spaces and Accommodations

Generally, a home with a floor plan that is most suitable for multiple generations is one with different wings of bedrooms and several different living areas. There is something to be said for togetherness, but you may find that having several different living areas as well as having a floor plan that keeps older family members’ bedrooms away from the bedrooms of younger family members is a good idea.

After all, there will be plenty of times when older family members may want to chit chat or read a good book in a living area while others may want to turn on the TV or music. In addition, they may have different sleeping schedules, and noise from either of their rooms can be bothersome.

Special Considerations for Older and Younger Generations

You should also think about the special needs of older and younger generations. Very young family members, for example, may benefit from a large, enclosed backyard, a play room and well-insulated windows or a home location removed from loud busy roadways. Older generations may prefer a bedroom on the first floor, special safety features in the bathroom and a home without many steps or steep elevations outdoors.

It may be challenging to find a home that can accommodate older and younger generations perfectly, so some modifications may need to be made to a home after purchasing it.

Finding the perfect home for a basic nuclear family is rarely easy, and your challenges may be more significant when you are searching for a home for a multi-generational family. While you may have more needs and desires when looking for a home that is ideal for a larger number of people with more variation in their ages, the fact is that most will be able to find a great home that is ideal for most or all of their needs with a little time and effort.

When you purchase a new home, escrow is a word that you will hear numerous times from different parties. There are several types of escrow accounts that will be established, and you may be wondering where your money will go when placed in an escrow account or how it is applied to your transaction. By taking time to learn more about the escrow process, you can be a more informed buyer.

Your Initial Escrow Deposit

Within a short period of time after your offer is accepted by the buyer, you will be required to make an escrow deposit to the title company. Typically, you will write a check for the escrow deposit, and your title agent will hold the funds in a non-interest bearing account. These are funds that will be applied to your down payment at closing, and they serve as a good faith of your interest to proceed to the seller.

In the event you back out of the contract after the option period has passed, the escrow deposit may be handed over to the seller and would not be refunded to you.

Escrows for Taxes and Insurance

In addition to this type of escrow deposit, you may also hear about an escrow account for your property taxes and insurance. Setting up this type of escrow account may be a requirement by your lender, but it is not always required. Essentially, this is the account that your property taxes and homeowners insurance will be paid out of. You will pay a specified amount of money into the escrow account to establish a balance at closing, and a portion of your monthly payments will be applied to taxes and insurance as well.

The amount of money that is required at closing will be dependent on the month that you close as well as the annual costs for taxes and insurance.

Essentially, escrow accounts are established to pay for specified expenses that you are required to pay for as a buyer. The initial escrow deposit for the sales contract is a short-term type of escrow account, and the property tax and insurance escrow will remain intact until your mortgage is paid off in most cases.

Now that you know more about the escrows that you will be required to contribute money to as a buyer, you will be a more informed buyer when making your real estate purchase.

Whether you are buying property, selling property or both, the process can be challenging, stressful and even overwhelming at times. Just as you may use various mobile apps to streamline and simplify other aspects of your life, you can also use some well-designed apps to improve your overall experience when you are buying or selling property. These are some of the best apps for you to use as you move forward with your real estate plans.

iBank

This app is not free for you to download, but the small fee that you pay to use iBank may be well worth paying for. This is an app that you can use to track your bank account balances and living expenses. Financial strain is one of the most significant sources of stress for those who are moving, and this is an app that you can use to ease your money management challenges.

PowerOne FinancePro Calculator

The property that you choose to purchase will impact your budget in a number of ways. The most obvious difference will be a change in your mortgage payment, but there are other expenses that will change as well. For example, there will be changes to your property insurance, property taxes, homeowners insurance and more. This is an app that will help you to better estimate your total housing expenses.

GoodReader

You can accumulate a mountain of paperwork when buying or selling property, and GoodReader is an affordable app that will help you keep track of the paperwork. You can scan the items into the system and keep them stored for easy access and portability.

Zillow

You may already use Zillow on your PC or laptop, but you may love the experience of using it on your smartphone. This is a property search app that buyers can use to get details about property listings while on the go. It can also be used to help you learn more about other listings and their prices that your own home may be competing with when you list a property for sale.

Although property search apps like Zillow are a good resource for general information, working with your trusted, local real estate agent is always a better option when you are seriously considering a property purchase. Your agent may also offer a local app that you can download to access the most current, relevant property search data.

ScannerPro

When you need to scan documents to send digital copies of them, ScannerPro is a great app to use. This is an affordable app that works with your iPhone or iPad. Essentially, it creates a photo image of your documents, and you can then transmit them or store them as desired.

Buying and selling real estate can be cumbersome and complicated, but it does not have to be. Working with a trusted real estate agent is always the first step to buying or selling a home. These apps can simplify the process, but they are never a replacement for a knowledgeable real estate agent.

As a home buyer, you may go through a number of different steps to ensure that the property that you purchase is in great condition. For example, you may complete an initial walk-through or even several home tours before you make an offer. You may also order a property inspection and even negotiate for the seller to make some repairs on your behalf.

A day or two before your closing date, you may set up a final home inspection to ensure that the home is still in the same condition as the initial walk-through. In most cases, there will be no problems with the final inspection. However, in the event that there is a problem with the final inspection, you will need to know how to handle it.

Work With Your Real Estate Agent

As a first step, you should discuss the issues with your real estate agent. Your real estate agent may have some strategies or ideas that can be used to help you overcome the issue in the best possible way. Minor issues may be resolved with a last minute negotiation to the sales contract. More significant issues may need to be rectified prior to closing, and you may need to delay the closing by a few days or longer until any issues are resolved.

Consider Walking Away

It may be rare for a property to have issues during the final home inspection, and most issues that do arise at this late stage in the buying process may be resolved through negotiations between the buyer and seller. However, in the event that the seller plays hardball and refuses to work with you to resolve the matter, or in the event that the issue is so significant that you are not comfortable with it, it may be an option to walk away from the property.

In most sales contracts, wording is present that requires the property to be delivered to the buyer in the same condition as it was when the contract was signed less general wear and tear. Walking away may not be ideal, but it may be the best option in some cases.

Making a final home inspection is not a requirement, but it is advisable. It can ensure that the home your purchase is in the same condition as it was when you did the initial walk-through, and you can apply these tips if you discover that the home is not in the same condition.

Whether you are preparing to purchase your first home or it has been many years since you last walked through the home buying process, you may be starting to feel overwhelmed at the thought of all of the work that lies in front of you. From concerns about finding the right home to the physical act of relocating all of your belongings after the closing, there is certainly a lot to think about. While each home buying transaction is unique, the most successful home buyers have typically adopted a few behaviors. You may keep these in mind to help you navigate through the process with success.

Keep An Eye On Your Budget

Financial stress when buying a home is common. You may have saved for years to afford your down payment, but there are various expenses that some may have not calculated or planned for. It is important to leave extra funds available for unexpected expenses, such as paying for the appraisal up-front on the home you have fallen in love with. Likewise, keep a close eye on your budget so that you are aware of your financial situation at all times.

Be Available And Flexible

It is imperative that you remain available and flexible as much as possible. Your real estate agent may call you at the last minute with a great new listing that has come on the market, and you may need to be flexible with your schedule to see this property before other buyers do. In addition, you may need to be flexible and accommodating with regards to contract negotiations, working with title company requests and more.

Seek Advice And Knowledge

Buying a home does not have to be stressful, but it also is not something that you do every day. There is a lot for even an experienced home buyer to learn, and you should be prepared to seek advice and to educate yourself along the way. Ask questions as necessary, and use the Internet for additional research.

Home buying is a process, and you may consider taking one day at a time as you proceed through the journey to reach your ultimate goal. A skilled real estate agent can guide you through the process and can help you to more successfully reach your goal. Reach out to a real estate agent today to begin looking for your new home.