WHY A HOME MAY LOOK TOO GOOD TO BE TRUE

Home investors are always looking to make a nice profit on the homes they flip. Sometimes this leads unscrupulous renovators to make cosmetic upgrades which hide ugly problems. Here’s how to protect yourself.

When inventory is tight and newly renovated homes are wooing prospective buyers, you need to take a step back and remember that the home you’re hunting for is a long-term investment. 

While futuristic appliances and gleaming hardwood floors may seduce you into making a quick offer, understand that there’s much more to a home than what lies on the surface.

Investors who renovate homes want to maximize their profit as quickly as possible. While many are upstanding folks, there are those out there who will cut corners in order to boost their return. Sometimes when a home is renovated, an investor will do a “lipstick flip.” Basically this means fixing up what’s cosmetic and leaving the rest as-is. Paint, flooring, appliances, fixtures… all may get a tune-up. But this doesn’t necessarily take into account foundation issues, leaks, plumbing problems, and work performed without permits.

Once buyers close on a home, they’re responsible for the home. This includes issues which may be costly to repair or remain simply unsafe for habitation. This is why it’s vitally important you take the necessary steps to protect yourself before signing off. Here are some tips to prevent the headache and heartache of a bad “lipstick flip” home:

• Do not waive the inspection. In addition to the usual areas, have inspections for exposed wiring in the attic and mold. Include a termite inspection.

• Ask for a complete list of all work done with receipts for the work. 

• For all work done, make sure the seller used a licensed contractor.

• Ensure the work on the home passed inspection and is up to code. Request a copy of the certificate of occupancy.

• Ask the seller for a current disclosure statement, as required by law.

If the seller balks at these requests, it may be necessary to pass on the home. If issues come up during inspection, you may change your mind about the home, or you may negotiate for repairs or closing credits, depending on your agent’s advice.

Don’t worry, not all flipped homes are money pits. But a trusted real estate advisor can help you be certain that you don’t get burned! Looking for a home? Connect with a real estate professional today!

GET YOUR HOME READY FOR FALL

As the warm months of summer come to an end, consider these quick — but important — home maintenance tasks to finish before fall:

1. Check window seals. Examine the edges of your windows to ensure the caulk shows no gaps. You can tell if a window needs new glaze by lightly tapping the window pane. If it rattles in its frame, new glaze needs to be applied, which will save on your heating bill come fall.
2. Swap out summer plants. Transition your yard from the high maintenance flowers of summer to more hardy plants that will survive the first frost. Good plants for cool weather include pansies and garden mums. Also, now is a good time to prepare for spring blossoms, so plant your tulip and daffodil bulbs.
3. Safety check your chimney. If you have a chimney, regular maintenance is a must to ensure safety. Have it professionally cleaned and inspected this year, and don’t forget to gather enough firewood to get the season started!
4. Inspect smoke and carbon monoxide detectors. Dangerous carbon monoxide leaks can lead to serious harm when a home is sealed up as it is during cold weather. House fires are most likely to occur during the cold months when people use candles, Christmas trees and fireplaces. Make sure your safety detectors are in proper working order before the cold weather arrives, and rest easy.
5. Store outdoor items. Do a clean sweep of your yard, tidying away garden hoses and patio furniture for next year. This gives your curb appeal a boost and also helps you avoid frozen hoses and moldy furniture later in the season.

Are you thinking of selling this fall? Give your local REALTOR® a call! He or she will discuss with you what else you can do to get your home ready to sell.

PROTECT YOUR HOME FROM OLD MAN WINTER

As temperatures begin to dip this fall, "winterizing" your home can stop your heating bills from going through the roof. With some basic maintenance, you'll also save yourself from expensive emergencies that can accompany the cold weather. 

Keep your house warmer, more energy efficient, and save some extra cash for holiday shopping!

1. Inspect the furnace

You don't want your furnace to be on the fritz in the dead of winter. Make sure it's in good working order before the cold weather hits. A strong smell is natural when you first turn the furnace on. But lingering odors can signal a problem. A heating professional can also check your furnace and make sure it's running safely, replace filters, clean the motor, and fix anything that's broken.

2. Reverse the fan

During winter, the warm air generated by your heating system rises to the ceiling while cooler air sinks. Reversing the fan direction draws the cooler air upwards, forcing the warmer air near the ceiling back down into the living space. Keeping the warm air where it's needed means you can turn the temperature down a few notches, stay comfortable, and save money.

3. Wrap the pipes

A burst pipe caused by a winter freeze can be a nightmare. Make sure all piping that runs through unheated portions of the house....crawlspaces, basements or garages....is properly kept insulated with fiberglass insulation or foam rubber sleeves, available at the hardware store. Drain you garden hoses and make sure you know exactly where the turnoff valve is for your water mains in case you need to shut it off during an emergency.

4. Deal with drafts

Inspect for drafts underneath doors and windows....it's easiest on chillier fall days. For doors, put a draft snake or rolled up towel across the bottom. If you have leaks near your windows, use weatherresistant caulk on the outside. Use masonry sealer for brick areas. You should also check for leaks where pipes and wires exit your foundation. Next, inspect ventilation ducts for cracks and separations, as vast amounts of heating can escape through gaps in the duct work.

5. Clean those gutters

Clogged gutters can cause ice dams on your roof, blocking the melting snow and causing water to seep in and damage your house. Clear the gutters of dead leaves and debris to help rain and snow drain easily.