SkyFive Properties Blog

Are you wanting to sell your house?

If so, there’s never been a better time to place your home on the market. After all, real estate is selling faster than ever, and prices are through the roof. That makes it the perfect time to maximize the return on your investment.

The key to selling your house fast and getting as much money as possible is to increase the property value. Fortunately, this article can help.

Here we take a look at home improvements that can increase your property value overnight with as little investment as possible. Keep reading to learn more.

1. Laminate Wood Floors

Let’s start with your floors. After all, you can quickly increase your property value by replacing carpet or vinyl with high-quality, laminate wood floors. This is a great way to refresh the interior of your home with the look of hardwood floors without the expense.

Plus, laminate wood floors are easy enough to install that you can do it yourself. No matter if you intend to simply upgrade the kitchen and living room, or the entire house, it will make your interior look amazing.

2. Repaint the Exterior

It’s also a good idea to add a fresh coat of paint to the exterior of your house. Regardless of your home’s age, repainting the exterior is a quick way to wipe away years of wear and tear. This is great for upgrading curb appeal and boosting resale value.

3. Replace Your Roof

When it comes to keeping your family warm and dry inside your house, there’s nothing more important than the quality of your roof. Homeowners who live in areas that experience severe weather often have damage to their roofs in need of repair.

When you invest in your roof, you not only help keep your family safe and reduce monthly energy costs, but you also significantly increase curb appeal, thus increasing the overall property value of your home.

Be sure to hire the best roofing contractor in your area.

4. Upgrade Your Landscaping

Speaking of curb appeal and property value, you’d be wise to seriously consider investing in your landscaping. Adding trees, flower boxes along the perimeter of your home, and placing water features throughout your property can quickly create a lush, beautiful environment. It’s also a good idea to repair any cracks in your driveway.

5. Upgrade Your Light Fixtures

Many people make the mistake of taking their interior and exterior light fixtures for granted. And yet this is a great opportunity to take the beauty of your home to the next level. Upgrading your light fixtures is an affordable way to create warmth and nuance and to make your home feel more inviting.

Increase Your Property Value With These Home Improvements

Selling a house can be exciting, but it can also be a lot of work. Fortunately, this guide to home improvements will help you sell your house for the best possible price.

Continue exploring the unique and informative articles listed on our blog to discover additional content filled with great real estate-oriented tips and advice.

Did you know that approximately 842,000 homes were sold in the United States in 2020?

Selling your home can be a stressful experience. Between lawyers, movers, realtors, and everybody else, it can be hard to keep your sights set on the end goal: a successful sale and a fair home price.

You want to sell your home quickly, without compromising on its value. Taking the time to research a few common home seller mistakes streamlines the process and can help you make the right decisions.

We’ve put together this helpful guide to show you what to avoid – read on to learn more.

1. Waiting Too Long to Sell

While spring and early fall are cited as the best times of year to sell your home, this doesn’t mean you need to wait around for months. In fact, it’s possible to generate interest and sell your home quickly.

Potential home buyers won’t want to wait around, either. Fixating on what time of year it is can draw out the selling process and cause unnecessary stress and worry.

If you want to sell your home, go for it. With the right plan, you’re sure to make a sale. This guide explains how to find cash buyers fast.

2. Pricing Too High

Nothing turns off potential home buyers like an overvalued property. Of course, you want to get the best deal possible, but you also have to be realistic.

Use an online valuation service to determine what other homes in your neighborhood are selling for. Then, work with a realtor to come up with a realistic price point.

Bear in mind that you may still need to compromise. Set a bottom limit for negotiations and stick to it going forward.

3. Refusing to Make Changes

It’s normal to feel attached to your home. However, you are selling up, and it’s time to let go. Getting sentimental and refusing to make any changes to your home can hamper your efforts in getting a sale.

Remember, you need the property to look appealing to potential home buyers. Save your own design preferences for your new home once you move.

4. Neglecting Curb Appeal

When it comes to preparing homes for sale, first impressions are extremely important. You want to create a wow factor for any potential home buyers who view your property.

There are many simple things you can do to boost interest in your property and get a better valuation. Paint your house, hire a landscaper, and ensure your windows are always clean.

You want people to picture themselves in your home – so give them something they would be proud to come home to.

Don’t Make These Home Seller Mistakes

Getting a fair home price fast is every home-sellers dream. You owe it to yourself to do a little research beforehand and make that dream come true.

By avoiding these home seller mistakes, you have the best chance to make a sale and start a new chapter in your life. So, what are you waiting for? Get out there and make a deal today.

If you found this article helpful, check out the rest of our blog for more.

In March 2022, the annual inflation rate in the U.S. stood at 8.5%, the highest since the early 1980s. One way the Federal Reserve (Fed) combats high inflation is by raising interest rates.

The central bank raised rates a quarter of a percentage point. But they say there could be up to six more potential increases this year.

Whether interest rates are high or low, they affect real estate prices. So let’s discuss how lower interest rates affect estimated home values and mortgages.

Supply and Demand in Real Estate

Of course, supply and demand for real estate and replacement costs of developing new properties affect real estate costs.

Right now, the market is a “seller’s market” because there is more demand than supply. As a result, inventory is short, so prices go up. Buyers also often need to provide better offers to secure a property.

This could be making an above-ask offer, paying all cash, or getting rid of contingencies.

But the market is more complex than that.

Interest Rates

Interest rates, capital flows, and financing rates also affect median home prices. Investors use the income approach to determine home value. This approach takes net cash flow (NCF) into account.

The central bank sets the interest rate, which banks use to determine the range of annual percentage rates (APRs) they offer customers. A lower interest rate set by the central bank means a lower APR on your mortgage.

Thus, you can take out a mortgage to finance a property and pay less in interest over the loan’s lifetime, saving you money.

But, the Fed raises short-term interest rates to control inflation, which affects long-term rates. One example is the yield on the U.S. Treasury 10-year bond.

30-year mortgage interest rates correspond directly with the U.S. Treasury 10-year bond, further showing the link between interest rates and housing costs.

Higher interest rates increase the cost of debt, which discourages spending and slows down demand. Hence why the Fed recently raised rates and says more hikes are coming.

Slowing down demand will help lower housing costs, which increased nearly 20% last year.

Capital Flows

Because interest rates affect the cost of financing and mortgage rates, they also affect property-level costs and home values.

When interest rates are low, the cost of funds is reduced, and money flows into the system. But, when rates are high, the availability of funds decreases.

Changes in capital flow impact supply and demand in the real estate market. For example, a lower interest rate provides more funds and, therefore, more property buyers. Over time, the market gets more competitive and expensive, so the Fed has to step in to raise rates.

Although the Fed will raise rates steadily this year, interest rates are still low compared to other times in U.S. history.

How Lower Interest Rates Affect Real Estate

With a better understanding of how lower interest rates affect median home prices and mortgage rates, you can determine whether now is the right time for you to move or not. Speaking with a financial advisor can also help you make this decision.

If you gained valuable insights into the real estate market with this article, don’t miss other great content on our blog.

Everyone loves being outdoors in the summer. Relaxing on the porch, cooking on the grill, and living in the pool are just a few of the outdoor activities that families love. Sometimes, however, the weather outdoors does not cooperate. The weather can get excessively hot, it can rain, and it can even storm. This is why it is essential to protect an outdoor kitchen with patio covers. Family members can stay dry and comfortable, and patio covers will keep outdoor kitchen appliances and materials protected and help them to last longer. Keep reading to find out more benefits of patio covers.

Grilling Under Patio Covers

There are various types of patio covers, and many can be purchased online at sites such as Texas Home Improvement. Do not use a charcoal grill under a covered patio or porch. Charcoal grills can stain the walls of the home, and they can be difficult to remove. There is also a risk of creating a fire in a small space. Always grill in an open area so there are no fumes or grease fires. If there is good ventilation and a high enough ceiling, grilling with a gas or pellet grill is fine under a covered patio. 

Safety Tips When Grilling Under Patio Covers

Because gas and pellet grills do not make much smoke, they are popular options for patios. Make sure, though, that the patio ceilings are high enough. Also, do not leave grills unattended while they are on. Accidental fires can occur when homeowners are not paying attention and leave the site even for just a few minutes. Grills should be left clean and clear of ash and unburned coals before they are turned off. 

To minimize risks, always keep a grill at least three feet away from the house. When cooking on the grill, avoid letting food drippings fall into the fire. Finally, be sure to clean the grill at least once a month with soap and water before cooking on it. This will minimize grease and the possibility of a grease fire. 

Consider Climate and Environment

Depending on what climate you live in, the weather may or may not cooperate for outdoor parties. Instead of having to cancel parties and get-togethers, patio covers will help homeowners be able to enjoy parties even in the rain. Covering an entire outdoor space is not always required. Sometimes, it is enough to protect the grill or the cooking space with a cover. 

Shade Can Be a Necessity

Some homes are located in relatively mild climates that allow outdoor recreation without a lot of shade. Other climates, such as the southern United States, get very hot and humid in the summer. To enjoy an outdoor kitchen and recreational space in areas like this, it is necessary to have some cover and protection from the sun. Consider placing seating areas under pergolas or patio covers. The best scenario, of course, is to locate the table and chairs right next to the kitchen and have all of this area enclosed under a cover. 

While homeowners want to be spending time outside, they don’t want to deal with the hassle and inconvenience of poor weather or hot weather. Choosing the right size and material for a patio cover will make an outdoor space become a relaxing oasis in which to spend time. Consider all of the options available before making final choices on style and design. 

If you’re a property manager, then you know the importance of keeping your commercial property in good condition.

Whether it’s making sure the grounds are tidy or dealing with any repairs that may be needed, it’s essential to stay on top of these maintenance activities for safety and financial reasons. In this post, we’ll go over the best practices for keeping your commercial property in tiptop shape.

Why is maintaining your commercial property important?

There are a variety of reasons why it’s important to care for your commercial property. First and foremost, it’s a matter of safety. Keeping your property in peak condition helps to ensure that everyone who enters the building – employees and customers alike – is safe from potential hazards.

Well-maintained commercial properties enjoy several benefits, including increased tenant satisfaction, higher property values, and even greater profitability. A recent article from Forbes indicates that your property’s sale value can be greatly affected by the way you maintain your property.

If your property is well-taken care of it will attract potential customers and tenants, which can help to improve your bottom line. Additionally, regularly caring for your property can help to prevent costly repairs or replacements down the road.

So if you’re a business owner, it’s important to remember that your commercial space sends a message to potential customers about your company. Therefore, keeping your property in top condition is essential for creating a positive image and maximizing profits.

Keeping the property clean

As any business owner knows, safety is always the number one priority. This means taking every possible precaution to ensure that your employees and customers are protected from harm. Part of this involves keeping commercial properties clean.

Dust, dirt, and other debris can lead to slips and falls, while clutter can create fire hazards. A clean workspace is a safe workspace, so by taking the time to regularly clean commercial properties, businesses can help to reduce the risk of accidents and injuries. Not to mention prevent the spread of illness and disease.

If your property is in Sydney, Australia, getting help from a Sydney commercial cleaning company not only protects your employees and customers but also helps to protect your business’ reputation. In addition, regular cleaning can also extend the lifespan of furniture and equipment, saving money in the long run.

For these reasons, it is essential to maintain a high standard of cleanliness in all commercial spaces. By doing so, you can help to ensure the safety of everyone who works in or visits your company.

Organize waste management

As a business owner or property manager, you know that a well-maintained commercial property is important to your bottom line. But did you know that sorting your waste is also part of being a responsible property owner?

By investing in a good waste management company or system, you can help to reduce your environmental impact and save money on disposal costs. In addition, sorting your waste helps to protect the environment by keeping harmful materials out of landfills and waterways.

As a result, taking steps to properly manage your waste is not only good for business, but it’s also good for the planet. So remember to include regular proper waste management in your agenda.

You’ll be surprised at how much of a difference you can make

Regularly check building/equipment safety

Checking for building safety should be done regularly, especially if there have been many changes to the property. This includes making sure that the electrical system is up to code and that there are no fire hazards.

When it comes to electrical safety in the home or office, portable appliance testing (PAT) is an essential tool. This type of electrical testing checks for electrical hazards in portable devices, such as electrical cords, plugs, and electrical outlets.

In addition, your fire protection equipment will also need regular maintenance and inspection. Things like smoke alarms, fire sprinklers and fire extinguishers usually need to be inspected annually.

Complete repairs and fix damage promptly

As a commercial property owner or manager, you know that repairs can be a major interruption to your operations so it’s important that they should be done quickly. But did you know that tenants are also responsible for keeping the property damage-free?

It’s true that you need to take measures to prevent damage to your rental property but it’s also important to remember that tenants play a role in preventing damage as well. For example, they should be careful not to leave appliances plugged in when they’re not using them, and they should avoid throwing solids down the sink, which can clog plumbing.

By establishing a good rapport with your tenants and making sure they understand their responsibility for preventing damage, you can save them and yourself from the hassle of dealing with repairs.

Maintain the garden

Imagine that a customer had been driving by your establishment for months, but it wasn’t until they saw the beautiful outdoor garden that they decided to do business with you.

They thought that if you’re this serious about making taking care of your surroundings then you will also care for your clients just as much.

This is a fair assessment because a well-maintained garden can say a lot about your business. It shows that you’re willing to invest in its appearance and take pride in its surroundings.

For potential customers, this can be a deciding factor in whether or not to do business with you. After all, if a company is willing to go the extra mile to take care of its property, it is likely that it will also take excellent care of its clients.

A commercial gardening company can keep your gardens and lawns looking pristine which is necessary to attract more customers and create a positive first impression.

Conclusion

Commercial property owners and managers have a lot on their plate. Between making sure the property is up to code, maintaining the garden, and checking for building safety, it can be hard to keep everything in order.

But by following these tips, you can avoid many common problems and keep your tenants happy. It’s important to remember that prevention is key; repairing damage as soon as it happens will save you time and money in the long run.

In addition, a well-maintained garden can add curb appeal to your property and attract new customers. And remember that always a good idea to seek professional help for the best results.

Most real estate owners who deal with their rent do not have time to deal with property management. They probably have some other jobs that take a lot of their time, so they entrust these tasks to companies or individuals who will take care of day-to-day tasks related to the rental residential or commercial space estate.

You can find more information about this profession at this link: https://www.seek.com.au/career-advice/role/property-manager

The Role of Property Manager

Property managers taking care of different estate types will have different obligations. Still, what is in common for all of them is that they have to be available 24/7. For example, a property manager in charge of a large residential building may work closely with the owners to come up with a budget. Together, they decide how much rent to charge and how some costs can be cut.

Managers have to look for renters and be in touch with current tenants. They take care of building maintenance and keep tenants informed of any repairs that need to be made to the property. A property manager works directly with landlords to make sure that all tenants are taken care of.

Managers can also arrange the properties to make it easy for tenants to move in and out. And last but not least, these people are in charge of communicating with tenants about every residential issue they have.

Some property managers have staff that specializes in different aspects of a property. They could ensure that all the finances that the management receives are used properly and fairly. The staff may also help run the day-to-day operations of the property to make sure that everything is running smoothly. And finally, they do most of the communication tasks.

The Importance of Answering Service

You never know when your clients need help. They are maybe trying to reach you to report a maintenance issue. Or they just need advice on a property sale. Regardless of the reason, having an answering number is a wise decision. With a reliable answering service at your side which you can learn more here, you have someone to be online 24/7.

This staff is a source of knowledge and expertise in any issue or concern your clients may have. Whether they are dealing with rent problems, maintenance issues, or other business-related matters, having someone answer their calls and e-mails is always beneficial. An effective answering service like CMS at your disposal will ensure that any incoming phone calls or e-mails are answered on time.

When you are interested in using an answering service for your business, you will want to make sure that they offer all services you need. As with any outsourced staff, you need to know their working time, obligations toward you, and the tools they use. These are all details you will agree on when signing a contract.

No Missed Calls

Using an outsourced answering service is not a must but can be quite useful. If you are in charge of a small residential building and receive, for example, 30 calls a month, you could pay for someone to answer these requests, or you could try to handle that yourself.

But if you are managing a property with many tenants, you might be having thousands of calls per month. In a crowd, you could skip some important ones. So, you’ll need the answering service to take these calls and make sure you never miss another call.

An effective answering service at your disposal will ensure that any incoming phone calls or e-mails are answered on time. These services also make your clients feel more secure and safe, knowing that they can always rely on you in case of an emergency.

People Appreciate Talking with Real Person

The only responsibility of the answering service is to provide quality customer support to callers. You can always expect dedication and professionalism from them. That is why people, not machines, do this work. It is something that callers really appreciate because answering machines cannot solve their problems.

Most people will try hard to reach a human operator. Unlike chatbots, live operators will do their best to solve all callers’ problems. In some situations, this would also mean redirecting them to you. But the number of those calls will be far fewer than usual.

Less Stress

In the long run, a reliable answering service can save you a lot of trouble. For example, some tenants may have a big problem with water leaking from the apartment above. They will try to reach you once, but you might be in a meeting or busy with something else. In a sea of all other missed calls, you neglect this one. Until you answer, calls will become more frequent.

But once the caller receives an answer that satisfies them, and when your staff finds a solution, there will be no more calls. It means that a reliable service that receives calls and solves some minor problems can save you a lot of stress.

Answering services are excellent for informing prospective tenants and making appointments. These are tasks you have to deal with, but sometimes it can be too tiring to tell the same things dozens of times a day, so let the operators take over this job.

Reputation Booster

Apart from being a great resource for clients, property managers who use an answering service also have a great advantage by being known as attentive. If you are doing a great job and have a team of people who are available to take messages at all hours of the day, your reputation will be well-established among current and prospective clients.

List of desirable traits for property managers, check here: https://www.forbes.com/sites/forbesrealestatecouncil/2019/07/16/12-key-traits-to-look-for-when-hiring-a-property-manager/?sh=198a2c466278

The same goes for tenants that call you. Whether these are current or prospective ones, your helpfulness in question answering or meeting their needs will be a big plus. Once they make an impression that you take care of them, they will be assured they are dealing with a reputable property management company.

Property management companies or individual managers offer a variety of services to estates owners. This staff will have different roles depending on the clients’ and property requirements. Their everyday tasks will include communication with renters to ensure that the property rental is working by the law and clients’ guidance.

There will be no big disruption in your life as a result of the renovation. Moving to a new home, on the other hand, may feel like a fresh start. Of course, both are costly in terms of both money and time.

So, before you choose the finest solution for you, ask yourself a few questions. Do you adore your house and its surroundings? Do you consider your house to be your eternal home?

On the one hand, homebuyers need to consider the factors affecting the property market before they make any decisions. On the other hand, buying a new home may allow you to have a lifestyle that suits you better.

Let’s say you want to move to Australia and are looking to buy a home in Sydney, you might not have to just settle for buying new. But if you’re staying in the same spot and renovating, this is the opportunity to live in your very own dream home.

So let’s dive into the costs of a renovation to see whether they can measure up to buying a new home.

Different ways to pay for the renovation

Cash

Paying cash is the most cost-effective alternative because you don’t have to pay interest on a loan. If you are making significant changes, you may need to take out a loan. Taking out a loan makes sense if your goal is to increase the value of your house in order to sell it. This is due to the fact that you will be able to repay the loan promptly and there will be a profit.

Loan

Before you decide to take out a loan, you need to think about a few factors. To begin, examine whether you have enough money in your monthly budget to make another payment. You must also know how much money you will require for the project in terms of goods and labor.

They can give you an estimate of how much money you’ll need to finish the project. While professional assistance is necessary, you do not need to spend a fortune to get it. Make sure to compare several quotes before deciding on one.

Finally, limit down your loan selections to the ones that best suit your circumstances and the lenders who are most likely to provide you with the funds you require.

How to plan your renovation

Make a schedule

You should think about the project’s goal when making your plan. This will provide inspiration for the designs you select. Take into account every detail. The plan should also include sketches of the finished project, all project criteria, and the procedures to take, whether you’re working alone or with a professional.

Set a budget

You won’t spend more than you can afford if you have a project budget in place. Examine your financial situation to determine how much money you can set aside for the project. Ensure that all costs are in line with the budget. If some components of the strategy prove to be overly costly, this may necessitate reconsidering them. Remember to set aside 10% of your budget for this.

Apply for permits

You can now apply for permits if the project requires them. Do it far ahead of the start date to ensure that they are ready on schedule.

How save up for a renovation

Renovations can be complicated, allowing expenses to spiral out of control. It’s a good idea to look for ways to conserve money and avoid situations like this. Furthermore, improvements do not have to be costly; in fact, saving money should be a top goal. Here are a few suggestions:

• To avoid paying interest on loans, save money for the project.
• Rather than paying a professional to do a job, do it yourself.
• Reuse and recycle materials.
• When purchasing supplies and appliances, take advantage of bargains and special offers.

Wrapping up

Whether you renovate or purchase, it is always a major decision. Renovation, on the other hand, makes sense for a variety of reasons; if you determine that renovation is the best option for you, apply the suggestions we discussed to secure finance and plan ahead for the project.

Furthermore, whether the budget is large or small, saving is essential. Preventative steps are the greatest approach to keep prepared.

If you really want to get ahead in life, you’ll need to do more than work at a job for years on end. While your career can help take care of the monthly bills and maybe even afford a place to live, you will want to be an investor not just a worker to accumulate true wealth. Investing allows you to use your capital to make money and the compounded returns over time can result in tremendous growth. While some focus their portfolio on the stock market, many savvy investors diversify and make real estate a significant part of their holdings. This allows them to leverage their money and, with research and experience, capitalize on great returns.

Investing in Rental Homes

One of the ways you can get started with investing in rental homes is to use a self-directed IRA that can buy shares of properties. These self-directed accounts are set up so that you can independently make the decisions on your holdings, rather than having them specified by an organization like a bank or brokerage. In this case, the custodian of the IRA accepts and offers rental properties as one of the alternative choices. By carefully setting up these accounts, savvy investors can keep most of their accumulated gains. Rental income generated from the properties is allowed to grow tax-free in the retirement account. By using an IRA that is self-directed you’ll be able to purchase these properties much like you would put money into bonds or stocks.

Location

Of all the considerations when investing in real estate, for residential real estate, the trusted mantra has always been location, location, location. It continues to be the most important factor when looking at potential profits when putting your money in rental homes. There are many factors to look at and consider, from the desirability of the neighborhood to the walkability index, area parks, and green space, and amenities like bars and entertainment venues. You will also want to factor in whether it is an up-and-coming neighborhood that should have future increases in value or more of a neighborhood in decline. The quality of the schools in the area is also critical to the determined value.

Projected Cash Flow and ROI

When you are making the choice as to what to purchase, you’ll want to put together detailed cash flow statement and projections. To do this, you’ll factor in all of the income and expenses from each home you are looking to include in your portfolio. Expenses such as management fees, expected costs of ongoing maintenance and owner paid utilities should be included. Times of high inflation will favor the owner of the property as rents can often rise quickly in those circumstances. Both profits and property appreciation factor into your overall return on investment.

Comparing New Construction and Existing Properties

When it comes to rental homes, there are a lot of different choices in any given market. You’ll want to decide whether you are more comfortable with city or suburban properties, or seek to invest in a combination of both. It’s also important to do a thorough evaluation of whether you want to focus on new construction or existing properties. With new construction, you can find incentive pricing and you will have the option to customize many elements of the home. Ongoing maintenance costs will be extremely low and prospective tenants will appreciate the up-to-date amenities. With existing properties, you often have historic charm, full landscaping and mature trees, and a wider choice of diverse, interesting neighborhoods. You will also have a great selection of options to choose from at a potentially lower cost.

Whether you are in the market to buy or sell a home, it is inevitable that you will be asked for the name of the real estate attorney representing you in the transaction. If you had not thought about hiring someone to represent you or considered foregoing hiring legal counsel, this article may be of help.

Some states have laws that require buyers, sellers or both to retain the services of lawyers to handle all or at least part of the transaction. Other states leave it up to the parties to decide whether they think you need legal advice and representation. To help you decide what to do, here is a brief look at the role of an attorney in a real estate transaction and some of the reasons why you may need one.

Role of the real estate attorney

Lawyers who represent buyers and sellers in real estate transactions have experience in several areas of the law, including:

•         Real estate.
•         Contracts.
•         Mortgages and secured transactions.
•         Zoning.

The lawyers representing each of the parties in a real estate transaction ensure that all legally required procedures for the transfer of clear title to a specific parcel of property are followed.

At the closing, which is when the parties exchange money for the deed transferring title to a new owner, real estate attorneys for the lender and the parties oversee the exchange. It is the job of the attorneys for the lender and the parties to ensure that the buyer gets clear, unencumbered title to the property, the seller receives the correct amount of money, and the lender has a legally enforceable lien on the property for the money it lent to the buyer to purchase the home.

What does a real estate attorney do for a buyer?

When you find the home of your dreams, the role of a real estate attorney is to ensure that your dream does not become a nightmare. Some of the ways your lawyer accomplishes this include:

•         Review and negotiate the purchase contract: Your lawyer ensures that the purchase agreement accurately reflects the terms of the sale, including price, mortgage contingency, pest inspection, and other provisions to protect your interests.
•         Order and review title report: A title search ordered by your lawyer reveals whether there are judgments, liens or defects in title that must be cleared by the seller prior to closing. At the closing, your lawyer arranges for the title company to issue a title insurance policy to protect you.
•         Review mortgage documents: The lender providing funding takes back a lien on the property in the form of a mortgage. Before allowing you to sign the promissory note, mortgage and other bank documents, your real estate attorney reviews them to ensure they accurately reflect the terms of your loan.
•         Oversee the closing: A real estate closing is a flurry of activity with documents and money being exchanged. It is your lawyer who reviews the closing documents, calculates what is owed to the seller and generally oversees the closing to make certain that your rights are protected.

An experienced real estate attorney relieves you of the burden of handling issues that frequently arise when buying a home. For example, if a home inspection reveals a problem with the air conditioning system in the home, your attorney negotiates to get it repaired by the sellers prior to closing.

Reasons why sellers need a real estate attorney

Some states allow the real estate agent handling the sale of your home to prepare a sales agreement containing the terms and conditions of the transaction. Even if that is the law in your state, here are some of the benefits of hiring a real estate attorney:

•         A real estate lawyer drafts and reviews legal documents essential to the sale of your home, including the sales agreement, deed, and transfer documents required by the state to record the deed.
•         When issues arise, a lawyer relieves you of the burden of resolving them. This may include negotiating repair items revealed in a home inspection report performed on behalf of a buyer or matters that arise regarding the sale.
•         The key to a successful sale is the ability of a seller to deliver a clear title to the buyer. Your real estate attorney reviews the title search and works to clear open mortgages, liens, and other impediments to a clear title.
•         At the closing, your lawyer ensures that all mortgages, fees and taxes that you owe as the seller are paid and that you receive the correct amount from the remaining proceeds of the sale.

When you have an attorney handling the sale of your home, it gives you peace of mind knowing that someone you trust is looking out for your interests.

Do you need a real estate attorney?

If you live in a state that does not require the use of a real estate attorney to buy or sell a home, a report from the federal government may offer the best reason to hire one. The government report shows the median price of a new home to be $400,600. When you have that much at stake, you need someone experienced in real estate law looking out for your interest.

The most common mortgage term is 30 years. To put that in perspective, if you borrowed $200,000 and mortgaged it over 30 years at a 5% interest rate you’d pay over $168,000 just in interest.

If you’re able to pay off a mortgage, you can focus on saving for the things you love most in life, from your kid’s college fund to a fun vacation fund. You can even get that sports car you’ve been eyeing up.

Are you a homeowner who is interested in paying off a mortgage and positively impacting your finances in the process? Here are a few tips that will help you get it done.

Take Out a 15-Year Mortgage From the Start

When you first go to take out a mortgage, a mortgage company is going to steer you in the direction of a 30-year mortgage. This is the most common kind of mortgage on the market today.

But you should know that you can also take out a 15-year mortgage if you would like. It’ll force you to pay a little more every month for your mortgage, but it’ll decrease the time that you’ll have to spend paying your house off.

Make Extra Payments on a Mortgage Every Year

Did you know that you could trim years off your mortgage repayment period by making one extra mortgage payment each year? If you can afford to do this, you should, by all means, attempt to do it since it’ll help you pay off a mortgage faster.

Even if you just round up your mortgage payments to the nearest $100, it’ll make a difference in how long it takes to pay it off. You can pay off your mortgage so much faster when you always have extra payments going in.

Refinance a Mortgage If a Better Interest Rate Becomes Available

Your mortgage company will assign you a certain interest rate on your original mortgage loan when you take it out. But you don’t need to stick with that rate for the life of your loan.

You should keep an eye on the interest rates over time. If they get to be very low, you might be able to refinance your mortgage and get access to a new interest rate that’ll allow you to pay off a mortgage much quicker than you would be able to otherwise.

You Can Pay Off a Mortgage in No Time by Taking These Steps

A big part of the home-owning process for most people is paying their mortgage every month. It’s the biggest bill that the average homeowner has.

You should try to get rid of this payment as quickly as you can by taking the steps listed here so that you can pay off a mortgage fast. You’ll feel free from the second that you’re able to cut ties with your mortgage for good.

Look for more home financing tips and tricks in our other blog articles.