Virtual Results PubSub, Author at Loftway : Loftway


What is an HOA?

19 Jan 2018 · by Virtual Results PubSub

What is an HOA?

If you’re considering buying a home in a planned community, townhouse or condo, you’ll more than likely become part of a Homeowners Association (HOA). Maybe you’ve heard this term before, but aren’t sure what an HOA is or what it does. Let us answer your most pressing questions.

What is an HOA?

If your community has shared living spaces, then it will be governed by an HOA. In most cases, the HOA board is made up of homeowners who are volunteers. They hold regular meetings where homeowners can discuss and vote on issues that affect the community. When you purchase a home that is overseen by an HOA, your membership in the organization is mandatory. HOAs exist to ensure that everything in the community runs smoothly and functions properly.

What are the advantages?

If your community has shared space – a pool or clubhouse, for example – the HOA is responsible for the cleaning, maintenance and repairs of those facilities. They also keep roads and sidewalks in good condition and often beautify the neighborhood with plants, flowers and grassy spaces. HOAs help keep a community uniform by making sure that properties are maintained so that property values remain stable.

What are the rules?

In order to keep everything running smoothly, all HOAs impose rules on homeowners. They are called covenants, conditions and restrictions (CC&Rs), and you’ll receive a copy of these rules when you purchase the home. In fact, you’ll be expected to sign a contract stating that you will follow the rules. These will depend on your community, and can include everything from what color you paint your house to how many cars you can park in your driveway.

What happens if you break the rules?

While it will vary from one community to another, you will no doubt be penalized if you break the rules. In many cases, HOAs are corporations and can enforce the contracts that homeowners sign. Penalties can include reversing the violation (like repainting your house) or paying a fine. In extreme cases, homeowners can be evicted or forced to sell.

Do HOAs have fees?

HOAs impose fees on homeowners in order to cover their expenses. These dues are paid either monthly or yearly and are determined by the kind and amount of amenities your community has. In most cases, HOA fees run anywhere from $200 a month to $1,000 or more. Occasionally, the HOA may impose a special assessment in addition to your regular dues. This is usually to fund a major renovation or emergency repair that insurance doesn’t cover.

Is an HOA for you?

Before deciding to move into a planned community that is governed by an HOA, you should consider whether or not you’ll be comfortable living by its rules. If you feel you can abide by the covenant, you’ll certainly be treated to amenities that you may not otherwise get in a community that doesn’t have an HOA. Make sure to read all your HOA documents carefully, and weigh the pros and cons before making your decision.




Average Life Span of Loft Appliances

12 Jan 2018 · by Virtual Results PubSub

Average Life Span of Home Appliances

Is it time to replace your furnace? While that question may not be at the top of your mind this holiday season, it matters if you’re buying or selling a Loft. Even though most major Loft appliances are a serious investment, the truth is that they don’t last forever. We’ve compiled a comprehensive list of how long most appliances last. If you’re buying or selling a Loft, take these estimates into consideration as you evaluate a property and determine a fair offer.

Kitchen

The average life expectancy for kitchen appliances can be affected by how often the appliance is used. In addition, keep in mind that older models can sometimes outlast their newer counterparts. “They just don’t make them like they used to” is sometimes correct.

  • Dishwasher: 9 years
  • Garbage disposal: 12 years
  • Trash compactor: 6 years
  • Gas oven: 10-18 years
  • Microwave oven: 9 years
  • Range/oven hood: 14 years
  • Electric range: 13 years
  • Gas range: 15 years
  • Refrigerator: 9-13 years

If you’re planning to replace a kitchen appliance, here are a few ideas about what to do with the old one.

Bathroom

Considering how often a bathroom gets used, its components often last a long time.

  • Cast iron tub: 50 years
  • Whirlpool tub: 20 years
  • Fiberglass tub and shower: 15 years
  • Toilet: 50 years

If properly maintained, many bathroom appliances can last even longer. Keep in mind that while a toilet may last 50 years, some of its internal components will need to be periodically repaired or replaced.

Laundry Room

How long a washer and dryer last will largely depend on how often they’re run. If you have a family of 8, your washing machine will probably not last as long since you’re doing more laundry than a family of 3. While there are pros and cons to both front-loading and top-loading washers, they each last about the same amount of time. The same is also true for both electric and gas dryers.

  • Washing machine: 10 years
  • Dryer: 13 years

One benefit of replacing an old model with a new one is that newer models are much more energy efficient. You could see substantial savings in your water or energy bills and may qualify for rebates.

HVAC

Your Loft’s HVAC system requires regular maintenance in order to keep it in good working condition. Even when they are kept in good working order, they also don’t last forever.

  • Boiler (electric): 13 years
  • Boiler (gas): 21 years
  • Furnace (electric): 15 years
  • Furnace (gas): 18 years
  • Furnace (oil): 20 years
  • Heat pump: 16 years
  • Air conditioning unit: 10 years
  • Tankless water heater: 20 years
  • Electric or gas water heater: 10 years
  • Humidifier: 8 years
  • Dehumidifier: 8 years
  • Thermostat: 35 years

With HVAC systems, newer is often better. Technology is always improving and heating and cooling appliances are becoming more efficient. Having your HVAC system serviced annually will help ensure that it lasts as long as possible. Change air filters and thermostat batteries regularly. Though thermostats can last for many years, new technology has made them incredibly efficient, and it’s often worth replacing them.




What To Do When Your Loft Sale Falls Through

5 Jan 2018 · by Virtual Results PubSub

What To Do When Your Home Sale Falls ThroughHaving your Loft sale fall through can be extremely disappointing. After months of preparing, accepting an offer and having your Loft under contract, it can be crushing to see the deal crumble in escrow. And a recent report from Trulia reveals that Loft sales fell through at double the rate in 2016 than they did in 2015. So what should you do if your Loft sale falls through?

Understand why the deal fell through

First of all, it’s important to understand why your deal might have fallen through. One of the most common reasons a deal doesn’t close is because of contingencies. These can include expensive repairs, a low appraisal or even and open lien on your Loft. Another common reason a Loft sale falls through is because the buyer cannot secure their financing. In some cases, these deals can be salvaged if the buyer is willing to negotiate. In others, though, you may have no choice but to relist.

Make needed repairs

If your Loft inspection revealed an issue that became a deal-breaker, you’ll need to invest in repairs. If not, you will need to disclose to the next buyers upfront what the issue is. You may also want to consider lowering your asking price to account for the repairs the new owner will need to make.

Adjust your listing price

If your Loft appraised for less than the asking price, you’ll need to have a discussion with your agent about adjusting that price. Buyers can only secure financing for the value of the property. If you don’t feel comfortable lowering the price, it might be smart to take your Loft off the market and wait for prices to recover. You can also try hiring a second appraiser to see if they appraise the Loft for a higher value.

Look for pre-approved buyers

While there’s always a chance a buyer’s loan could fall through, you’ll have greater success if you work with a buyer who has been preapproved for a loan. They’ve already been screened and are more likely to secure financing without any issues. Even better – look for buyers who are willing to make an all-cash deal. However, be aware that buyers willing to pay cash will often expect a better selling price than what you would agree to with other buyers who would need financing.

Limit contingencies

If contract contingencies caused your Loft sale to fall through, limit the contingencies on the next offer. One of the easiest pitfalls to avoid is having your sale contingent on the buyer’s sale of their current Loft. With this contingency, if their Loft sale falls through, so does yours. Look for buyers who aren’t relying on the sale of their current Loft to finance the purchase of their next Loft.

Be more attuned to a buyer’s behavior

Did your buyer get cold feet? It happens, especially because buying a Loft is a very emotional process. Be wary of buyers who seem particularly anxious or who don’t seem confident with the purchase. If you have the choice, choose a buyer who is confident, positive and ready to move forward.




New Year’s Resolutions for Buyers and Sellers

2 Jan 2018 · by Virtual Results PubSub

New Year’s Resolutions for Buyers and Sellers

The New Year brings a fresh start and the opportunity to set goals and intentions for the coming months. If you’re going to be buying or selling a Loft in 2018, now is the time to strategize. Here are some New Year’s resolutions that will help you to reach your goals of Loft buying or selling – or both!

Resolutions for Sellers

It’s time to get that to-do list written so you have a game plan for selling your Loft. Here’s what you should resolve to do in 2018 to get a great offer on your Loft:

  • Clean and organize – One of the biggest turn-offs to potential Loft buyers is walking into a Loft that is dirty and cluttered. It makes it nearly impossible to imagine what their life could look like in the Loft. Your first task when getting ready to sell is to get your Loft in order. Thoroughly clean and organize. Remove personal belongings and make needed repairs. Update paint and neutralize your decorations. Consider hiring a professional stager to maximize your existing space.
  • Decide on a timeline – Will you be purchasing a new Loft at the same time you’re selling your current one? You will want to be intentional with your timing, especially if you’re in a competitive market. Trying to pay two mortgages can be tough. Is it possible to delay the purchase of new Loft while you wait for the sale of your current Loft to close? How quickly do you need to be in your new location?
  • Interview real estate agents – Working with a professional makes the Loft selling process less stressful. Get recommendations from friends and family and schedule some interviews.

Resolutions for Buyers

Likewise, if your plan is to buy a Loft in 2018, here’s what you need to do to prepare:

  • Review your finances – Do you have enough money saved for a down payment? If not, how will you reach your goal? In addition, do you know how much you can afford to spend on a Loft? Take time to review your finances to make sure you have what you need to not only make the purchase but also to sustain the monthly payments.
  • Check your credit – Have you checked your credit report? If not, you should do that right away. Many credit reports contain errors and you will need time to have those mistakes removed. Checking your credit score will also give you an indication of what type of interest rates you’ll likely qualify for on your mortgage.
  • Get pre-approved – Speaking of mortgages, you should plan to shop around and get preapproved before you begin your Loft search. Getting preapproved signals to a seller that you are serious about the purchase. It will also show you how much you can afford to pay for your new Loft so that you can target your search.

If buying or selling a Loft is a goal for you next year, please don’t hesitate to contact us. Whatever your plans are for 2018, we hope you have a very happy and prosperous New Year!




Will Hygge Sell Your Loft?

22 Dec 2017 · by Virtual Results PubSub

Will Hygge Sell Your Home?

Have you heard about hygge? It’s the Danish concept of creating warmth and enjoying everyday life, and it’s been a huge trend in Loft design this year. It’s especially popular during the cold, winter months where a little extra coziness is in order. In fact, incorporating a little hygge into your Loft could be just the thing you need to help sell it this winter. Here are our favorite ways to bring this Scandinavian tradition into your space.

Give buyers a warm welcome

The first place that potential buyers will feel a sense of hygge is at your front door, so amp up that warm and welcoming feeling. Be sure the sidewalk and front porch are clean and free of snow or debris. Even though winter brings darkness, you can still highlight your Loft’s exterior features with some soft outdoor lighting. Keep the lights in the Loft on so a warm glow emanates outside and beckons people in.

Bring the outdoors in

Let the season work for you instead of against you by embracing it. Bring some seasonal sights and smells inside. This can include cinnamon-scented candles or simple arrangements made from holly and evergreen. When decorating, use hues that mimic the feeling of the season, including warm reds, earthy greens and rustic browns.

Create warmth – literally

We know that energy bills can get expensive during colder months, but now isn’t the time to skimp. Make sure your thermostat is set to a comfortable level, keeping in mind that your front door may be opening and closing several times. Check that the heating vents in every room are open so they are all warm.

Light it up

A great way to create a sense of hygge in your Loft is with lighting. You want your Loft to be well lit without being harsh. Turn off overhead lights and opt instead for floor and table lamps. Take advantage of those dimmer switches to create a warm ambience. Scatter some battery-operated candles throughout your Loft. We all know that candlelight makes everything look so much nicer.

Decorate with inviting textures

Create a space that makes buyers want to linger. You want them to be able to imagine snuggling up on the couch on a cold winter’s day. Drape soft blankets on couches and add comfortable cushions and pillows to chairs. Use textures like wool, velvet, chenille, and even faux fur.

Offer warm drinks and snacks

Isn’t it nice to sip on a cup of tea or hot chocolate on a cold day? Think about keeping a pot of mulled cider simmering on the stove. It tastes and smells delicious. Set out a plate of warm cookies or even roasted chestnuts. Choose snacks and drinks that feel like a special treat.

Don’t forget the soundscape

Lastly, don’t forget to add warm sounds to your Loft. If you have a wood-burning fireplace, there’s nothing like the sound of a crackling fire. Play soft acoustic music in the background – a little jazz or classical music can make people feel relaxed and right at Loft.

 




Face Your Loft Selling Fears

8 Dec 2017 · by Virtual Results PubSub

Face Your Home Selling Fears

We understand – selling a Loft is tough! It’s one of the biggest financial transactions you’ll ever complete in your lifetime. That can be scary. But don’t let it keep you from putting your Loft on the market. Here are some common fears that you might experience when selling your Loft, and tips on how to face them.

You’ll be overwhelmed

Getting your Loft ready for the market can be a big job. Cleaning, organizing, repairing and painting can take time. You may feel like your to-do list is going to be a mile long, and that you’ll never finish it. While it does take effort to get your Loft ready for showings, you can help yourself by starting early. Tackle your list one item at a time. Don’t feel like you have to complete everything in one weekend. Talk to your agent about which items to prioritize, and let them help you organize your tasks.

Your Loft won’t sell

This is a common fear for most sellers. It’s easy to worry that once you list your Loft, it will languish on the market for weeks or even months. Your fear can be compounded if you know you’ll need that money in order to secure a new place. The best way to face this fear is to get an early start. Work with an experienced agent who understands your local market. Your agent can make sure your Loft is priced right for the current market conditions.

Your agent will underprice your Loft

Another fear that sellers may face is that their agent will want to price their Loft too low. The best way to deal with this is to compare your Loft’s listing price with similar Lofts listed in your area. Are they around the same? If you feel this is a trust issue with your agent, interview other agents. You’ll either discover that your agent’s assessment is on par, or that it’s way off base. The bottom line is – you don’t have to list your Loft with an agent you don’t feel comfortable with.

You’ll feel exposed

Your Loft is your sanctuary. It’s where the most personal moments of your life take place. It’s totally normal to feel uneasy about suddenly opening your Loft to strangers. Especially when those strangers will be making judgments about it. If you are worried that you’ll feel too exposed, take time to remove all your personal belongings from the Loft before potential buyers walk through. Paint rooms in neutral colors. By de-personalizing your Loft, you’ll be able to treat it more like a business transaction.

You’ll be too emotional

Lastly, we know it can be tough to let go of your Loft. You’ve made memories there, and sometimes it’s difficult to move on. You can counteract this by daydreaming about the new chapter of your life that is coming up. Find reasons to be excited about it. It is easier to let go if you have something else to look forward to.




Get Ready to Buy in 2018

6 Dec 2017 · by Virtual Results PubSub

Get Ready to Buy in 2018Is 2018 the year you’ll finally realize your dream of buying a Loft? If you’d like to make that dream a reality, start planning now so you’ll be ready in the New Year. Here’s what you need to do to set yourself up for your 2018 Loft purchase.

Request your credit report

The first, and most important, thing you should do as you prepare to buy a Loft in the coming year is to check your credit. Your credit affects your ability to qualify for a loan and the kind of interest rate you’ll get. The better your credit, the more favorable your loan conditions will be. Even if you think you have excellent credit, you need to request your report. Many credit reports contain errors, and you’ll need time to address them and have them removed. And if your credit isn’t great, you can start putting measures in place to repair it.

Ask for money

When Santa asks you what you want for Christmas this year, tell him you want cold hard cash. All kidding aside, though, consider how much cash you’ll need for closing. Not only do you need money for the down payment – up to 20 percent of the purchase price – but you’ll also need to save for moving expenses, repairs and other unexpected costs. If you are expecting to receive gifts for the holiday, ask for financial contributions toward your Loft purchase.

Determine how much you can spend

Before you begin looking at Lofts in earnest, you need to determine your price range. Use an online calculator to plug in your details and find out how much Loft you can afford. And remember while it’s always fun to fantasize about your dream Loft, you’ll want to be realistic about how much you can comfortably spend each month. Committing to expensive mortgage payments that you have to stretch to make each month is stressful. You’ll enjoy your new Loft more if you aren’t worried about staying current on your loan.

Start looking at neighborhoods

The fun part of looking for a new Loft is researching neighbors and getting a feel for where you want to live. If you live close to the area where you want to move, drive around some neighborhoods, and see them at different times of day. If you don’t live nearby, take a virtual tour with Google Earth and scour the web for information. Start making a list of what you’re looking for in a community, and see which ones fit the bill.

Get pre-approval for a loan

If you’re happy with your credit score and you’re ready to begin your search, then it’s time to get preapproved for a loan. Take time to research lenders and find the best rates and terms. Getting preapproved for a mortgage shows sellers that you are serious about buying a Loft. It’s essential that you get a preapproval letter once you’ve determined you’re ready to start putting offers on Lofts that fit your needs.




Loft Selling Myths Debunked

24 Nov 2017 · by Virtual Results PubSub

Home Selling Myths Debunked

If you’re selling your Loft, you’ve no doubt received lots of advice about the process. Though most folks have the best of intentions, the information they share may not always be accurate. And in some cases, the “facts” they tell you may be downright harmful to getting your Loft sold. Let us save you some time and trouble by debunking some of the more common Loft selling myths.

You’ll get all your money back with improvements

While it’s true that some renovations can increase the value of your Loft, they aren’t all created equal. In fact, there are few that will pay for themselves entirely. Talk to your agent about what upgrades should be tackled before you list your Loft, and which ones to leave for the next owners.

Minor repairs can wait

We understand how annoying it can be to tighten every screw, replace every burnt-out light bulb and repair every leaky faucet. But making minor repairs can mean the difference between getting the price you want and having to accept a lower offer. Most buyers are looking for a Loft that is move-in ready. So now is the time to finally tackle that to-do list of minor repairs.

The seller determines the price

While the Loft seller does ultimately make the decision about the listing price, there are many factors that determine the number. The biggest factor that dictates what you can reasonably expect to get for your Loft is the market itself. Thoroughly research all the comparable properties for sale in your area, and rely on the expert market knowledge of your agent to arrive at the best price.

Price high at the beginning

There are some who believe that overpricing a Loft gives a potential buyer room to negotiate. But what it really does is scare most potential buyers off. With so much information available online, today’s buyers know when a Loft is being listed for an unreasonably high price. And in most cases, buyers will not schedule an appointment to view the Loft. Pricing high will often result in your Loft spending more time than necessary on the market. And the longer your Loft is on the market, the more unattractive it becomes to potential buyers. Do yourself a favor, and price it correctly at the start.

Repaint everything a neutral color

If your Loft is covered in zebra-stripe wallpaper, then you may want to consider toning it down a little. But not all vibrant colors need to go. Sometimes, those bold colors play up a nice feature of your Loft or brighten up an otherwise drab room. If you feel like the color may be a little much, you can play it down with more neutral furnishings.

Remove all holiday decorations before a showing

The holiday season is quickly approaching. If you’re getting ready to sell, you may think you’ll have to keep those boxes of holiday decorations stored until next year. If the thought of not decking your halls makes you sad, know that it’s OK to do a little holiday decorating. Just be sure to keep it simple and tasteful. In fact, those decorations may be just the thing to convince a potential buyer of how cozy and festive your Loft can be.




Using Gift Money For a Down Payment

17 Nov 2017 · by Virtual Results PubSub

Using Gift Money For a Down Payment

Receiving cash to use towards the down payment for your Loft is a generous gift. Especially considering that some loans require you to pay at least 20 percent of the purchase price as a down payment. But there are certain requirements that must be met when using a cash gift towards your deposit. Here’s what you need to know.

Who can give the gift?

Lenders tend to be restrictive when it comes to allowing cash gifts to be applied to a down payment. The gift can’t come from just anyone. In most cases, the money must come from a relative – usually a parent, grandparent or sibling. You may also receive a gift from your spouse or the person to whom you are engaged. If you’re applying for an FHA loan, you’ll have a little more leeway. For these loans, your gift can come from an employer, labor union, close friend or even a nonprofit.

You’ll need a gift letter

In order for the gift money to qualify, it must be properly documented. The first step is to write a gift letter. The letter should outline the amount of the gift, the relationship between parties and the property address. It should also state that the money is a gift and not a loan that will need to be repaid.

Receiving the gift

Once the gift letter has been written, you’re not done yet. You can’t simply deposit the money in your bank account and call it a day. You need to create a paper trail to show where the money came from. Write a check for the exact amount of the gift and make photocopies. The check should then be deposited in person into the account that will be used for closing. Make sure to get a receipt for the deposit, and do not deposit any other money at the same time.

You may also be required to show additional documentation about where the gift money came from. This can include copies of the donor’s bank statements or even documents from the sale of stocks and funds transfer from a brokerage account to another account. When in doubt, save the paperwork.

If possible, try to get the gift money as early as you can. If you can secure the gift money while you’re still in the planning stages, you won’t need as much paperwork down the line as you would with a last-minute gift.

Gift taxes do apply

Once the check is written and the funds deposited, you’re still not done. Be aware that there may be taxes due for the money that was gifted. The donor generally pays these taxes, although both parties can agree to have the tax paid by the recipient instead. Talk with your accountant about what the current monetary thresholds are for incurring taxes and how your gift may affect your tax liability for the year.

If you’re the recipient of a cash gift for your down payment, congratulations! It’s a great way for loved ones to help with your home purchase, particularly if you’re a first time homebuyer. Follow the steps outlined above to ensure that you’ll have no problems using your cash gift come closing day.




Is Your Dog a Good Neighbor?

12 Nov 2017 · by Virtual Results PubSub

Is Your Dog a Good Neighbor?

Is your dog the one on the block that neighbors flock to when they see you out walking? Or is he the one that causes people to cross the street in order to avoid you? Dogs have become undeniable members of our families, and by extension, members of our neighborhoods. Which is why it’s important to consider whether or not your dog is a good neighbor. These tips will help make sure that your best friend is also a favorite neighbor on the block.

Keep a collar on

This applies to your dog, of course – not you. But it is essential that you always keep a collar on your dog with ID tags. Although you may go the extra mile to ensure that your dog is properly secured on your property, some sneaky canines are talented escape artists. Make it easy for your neighbors to identify your dog and to get in touch with you should your dog become lost. Don’t rely on microchips alone, which usually require a trip to the vet or shelter in order to be scanned.

Always use a leash

Even if your dog is the best behaved one on the block, always follow local leash laws. You never know when something will attract their attention or provoke them. It will also help should your dog encounter another dog that is not quite as friendly. Dogs should only run loose in your fenced yard or designated parks.

Know your dog’s behavior

If your dog is shy or does not like to be touched in certain places, make this known to anyone who may approach you. Give instructions to the neighbors you may meet when you’re out walking, and let children know to ask first before petting.

Be sure to curb

This applies to dog owners more than to the dogs themselves. If you’re out walking and your dog takes a break to relieve himself on your neighbor’s lawn, don’t just leave it there. Carry plenty of disposable bags with you so that you can remove the mess and dispose of it properly. Your neighbors will thank you.

Beware of excessive barking

A continuously barking dog can wear on even the most patient neighbor’s nerves. Be mindful of how much your dog is barking and whether or not it may be disturbing your neighbors. Don’t leave your dog unattended for long periods of time. If any neighbors complain about excessive barking, then work through issues in a friendly way.

Invest in canine training

If you’re concerned your dog’s behavior isn’t up to snuff, then invest in some behavioral training classes. These programs will teach your dog how to get along with other dogs, how to walk through a crowd without becoming too excited, and how to come when called. If you’re lucky, you’ll be able to teach him a couple of fun tricks that will delight your neighbors and make them happy and excited to see you when you’re out for your daily walks.

By following these suggestions, you can make your dog not only a good neighbor, but also the star of the neighborhood!




Buying a Loft From Friends or Family

3 Nov 2017 · by Virtual Results PubSub

Buying a Home From Friends or Family

Buying a Loft from someone you know, like a friend or family member, seems like it should be a great deal, right? After all, you already have a relationship with the seller, and you’ll probably get a better price and complete the process more quickly. While buying from friends or family can work out well for everyone, there are some things you should know and prepare for before you jump in.

Make agreements in writing

While it can be tempting to cut some corners when buying from someone you know, you should make sure to get all agreements in writing. This helps to ensure that everyone knows exactly what is being agreed to. It also leaves a paper trail should any problems arise down the line.

Be honest about the relationship

When you are securing financing for the Loft, you need to be honest with the lender about your relationship to the seller. There may be added restrictions when buying from friends or family, and not disclosing the relationship could cause problems. In fact, it could constitute mortgage fraud. That could result in the delay of closing, denying of the loan or the lender calling the loan after closing, making the full balance due. You could even get a call from the district attorney if the lender loses money. The bottom line is – be transparent.

Don’t skip the inspection

If you’re buying from someone you know, chances are you’ve been in the Loft a number of times. You may even be a tenant purchasing a Loft from your landlord. Even if you think you know the Loft inside and out, you should not skip the Loft inspection. Hire a licensed professional who will let you know about any possible issues so that they can be addressed in the deal.

Have the Loft appraised

Likewise, you should also make sure to have the Loft appraised so that you know the estimated value. If you’re financing, the lender will likely require an appraisal.

Agree on a fair price

While it’s normal to want a good deal on your Loft purchase, the seller should not give you any excessive discounts. While a small break isn’t a big deal, the IRS will be watching to make sure the Loft is priced at a fair market value. If not, and you sell shortly thereafter, you could end up paying capital gains taxes.

Hire a professional

It’s wise to get some legal advice during this process, so you may want to consider hiring a real estate attorney. They can help you complete all the necessary paperwork so you aren’t accused of mortgage fraud at a later date. You should also hire a title company to transfer the Loft from seller to buyer. And while you may feel it’s not necessary to hire a real estate agent, it could be helpful to hire one as a consultant. Many agents will work as a consultant for a flat rate to advise you on the process and make sure you’re doing everything necessary to properly finalize the deal.




The Benefits of Going to Open Houses

27 Oct 2017 · by Virtual Results PubSub

The Benefits of Going to Open Houses

Are you getting ready to buy a Loft? Or maybe Loftownership is something you’re planning for in the not-too-distant future? Then you’ve no doubt stumbled across open Lofts and wondered if you should go. Whether you’re ready to buy or getting your finances together to be in the market soon, there can be many benefits to attending open houses. Here’s a look at a few.

Learn about the local market

It’s kind of amazing how much you can learn about the market simply by attending open Houses. First, you can start to get a feel for the kinds of Lofts that are for sale in your area, and what those Lofts are selling for. Second, you can see how much traffic the open Loft gets. From that traffic you’ll better understand how competitive the local market is. When you find the Loft you really want, how quickly will you need to act? Third, depending on how busy the open Loft is, you may be able to chat with the listing agent. From that conversation you can glean more information about what’s happening in the local market, even before that news becomes mainstream.

Understand what you can afford

You’ve been saving for a down payment and have plugged your financials into an online calculator to determine how much you can afford to spend on a Loft. But what is that money going to buy you in reality? By attending several open Lofts in the neighborhood where you’d like to buy, you’ll soon see exactly what your money can get you. You’ll see where you may need to make some compromises on your wish list and better prepare for the reality of what you can reasonably afford.

Get ideas about latest trends

If you’re not sure what you want your new Loft to look like, attending some open Lofts can show you what the latest trends are. Many Lofts are professionally staged so that they look as good as possible to potential buyers. You can get ideas about paint colors, finishes, kitchen designs and more. This can be especially handy if you plan to buy a fixer-upper that will need some cosmetic work. Use the open Lofts to discover what you like and what you don’t like. And if you like what you see, ask the listing agent for contact information for the designer or contractor.

Get to know the neighborhood

If you’re trying to narrow your search to a particular neighborhood, it can help to attend open Lofts in those neighborhoods. Much of the traffic of an open Loft is nearby residents looking to see what’s happening in the neighborhood. You’ll get a sense of the kind of people who live there, how noisy or quiet the area is, and the kinds of amenities that are available nearby. It will also give you a chance to meet other prospective buyers and learn about what they’re looking for in a neighborhood. Talk a walk around the block and get a feel for what it might be like on any given day.

The bottom line is – don’t be afraid to pop into some open Houses if you’re getting ready to buy. Not only is it a great learning experience, you may actually find the Loft you love!