Buying And Selling - The Costs You Need To Know About

If only buying and selling a home was as easy as putting pen to paper to transfer the deeds. According to the National Association of Realtors, home sales were down 3.2% in January 2018 - the second month in a row that a decline was recorded. So, why are sellers failing to attract buyers and why are buyers holding back from making a purchase? One thing that could be to blame is the rising costs of properties. The average selling price of a home is now $240,500 and when you factor in the additional costs of buying and selling, you can see why individuals are put off from making the leap. This is especially true for those looking to buy a first home who particularly feel the financial squeeze.

Tips for sellers

As a seller, it’s your job to make your home the best it can be to lure potential buyers through your front door. You might think investing in a new kitchen or bathroom suite is a waste of time and money, but if it’s going to add value to your home and, ultimately, sell your property then it’s cost definitely worth considering.

When the deal has been done and a price agreed, one of the first things your buyer will do is request a professional home inspection to ensure that the property is kosher and doesn’t have any significant problems, such as damp or electrical faults. Should the inspection pick up any issues, then your buyer might pull out of the sale, request a reduced price or demand repairs are completed before the purchase continues. Therefore, to prevent delays and higher repair costs, it’s best to have your home checked for any issues prior to sale and get them sorted before placing the for sale sign outside your home.

What should buyers consider?

Does the house you’re buying require extensive renovations? If so, you need to consider these costs when making your offer. It’s all well and good comparing the property you’re considering making an offer on to the sale price of the one across the road, but if it requires $20,000 of work, then it’s probably not such a good deal after all.

Additional costs when buying a home soon mount up. There are legal fees to shell out for, between $350 and $550 for a home inspection and when you’re in your new property home insurance is a must to ensure your property, its foundations and your personal belongings are protected in the event of a natural disaster, such as a flood, an accident or a burglary. You’ll likely also want to complete some renovations and basic DIY work when you move in, too, such as giving the kitchen a lick of fresh paint or putting down new flooring in the hallway. To be sure you can afford everything that comes with a home, you may be best putting down a smaller deposit on your home and saving the extra cash to cover your additional costs.

There’s no denying that buying and selling property can be expensive, but, thankfully, there’s plenty of things you can do to ease the pressure of these fees and to ensure a smooth purchase.

Save on Your Home Energy Costs with These Renovations and Changes

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There's no secret that homeowners’ bills have been going up over the past decade, as the cost of living is always on the rise. Unfortunately for many families, increases in wages haven't kept pace making the rise in the cost of living all the more impactful. According to the U.S. Department of Energy, the average person spent $3,052 per year in energy in 2012, so now six years later you can expect that the total is more.

If the costs of your home energy bills are causing you to stress, then it may be time to look for solutions. There are a number of renovations and changes you can make in your home that will make a difference either immediately or over the long-term, and will help to bring down your energy bills.

Replace Your Windows

Replacing your windows can end up being one of the most effective ways to bring down your home energy bills. When you replace single-paned windows, you can expect to save anywhere from $126-465 a year. Now if you look to upgrade from single-paned to double-paned, you'll be able to save even more.

Obviously replacing all your windows is an investment. The average price to install a remodelled PVC window with a fusion-welded frame is on average $553 according to https://porch.com/project-cost/cost-to-install-remodeling-windows. If replacing all the windows in your home is too much at one time, start with one floor.

Switch Out Old Appliances

Another energy-guzzler in your home is old appliances. All old appliances should be switched out over time and replaced with the latest energy-star rated models. These appliances use up much less energy, and they run more efficiently since they are using today’s technology. Appliances such as your fridge, stove and dishwasher are a must, but don’t forget your electronics like your computer, televisions, stereo and more.

This is the kind of thing you can do over time, focusing on the oldest appliances and electronics first.

Install Dimmer Switches Throughout the Home

Here's a much less expensive tip and one that you can often do yourself. Installing dimmer switches around your home allows you to control how much energy is being used by your lights. As an added bonus, dimmer switches also allow you to better set the mood and atmosphere in a room.

Make Use of Ceiling Fans

If you find you are spending a lot to cool and heat your home, air circulation may be a problem in the space. To help circulate the air better, install ceiling fans throughout the space. In the summer you will want the blades to turn counter clockwise, while in the winter you will reverse the direction and have them move clockwise.

Tips and Changes that Really Add Up in Savings

Depending on the kind of budget you are working with you may only be able to do some of these changes, or perhaps you can do them all. Regardless of what you pick, you will start to see a difference in the amount you spend on your home energy bill.