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Author: Hometown Development

7 Questions You Should Ask Yourself When Selling a Home That Needs Minor Work

Posted on by Hometown Development

Selling a home that needs minor work can be a challenging decision. You may be asking yourself, “Should I sell it as is or make repairs before putting it on the market?” Before making a final decision, it’s important to ask yourself some important questions to ensure that you are making the best choice for you and your family. In this blog, we’ll explore seven questions you should ask yourself before selling your home if it needs minor work done.

What Repairs Does My Home Need?

The first step in selling your home that needs minor work is to identify what repairs are necessary. This may include things like fixing a leaky faucet, replacing a broken window, or repainting a room. Once you have a list of necessary repairs, you can determine how much time and money you’ll need to invest in getting your home ready for the market.

Can I Afford to Make the Repairs?

While making repairs to your home may increase its value, it’s important to consider the cost of the repairs and whether or not you can afford to make them. If the repairs are minor and you have the time and skills to make them yourself, you may be able to save some money. However, if the repairs are extensive, it may be more cost-effective to sell your home as is.

What Is the Market Like in My Area?

It’s important to understand the real estate market in your area before putting your home on the market. If the market is strong and there are many buyers looking for homes in your area, you may be able to sell your home as is and still receive a good offer. However, if the market is slow and there are many homes for sale, you may need to make repairs to your home to make it more attractive to potential buyers.

What Is the Condition of Other Homes in My Neighborhood?

It’s also important to consider the condition of other homes in your neighborhood. If most of the homes in your neighborhood are in good condition and have been recently updated, you may need to make some repairs to your home to make it more competitive. However, if most of the homes in your neighborhood are in a similar condition to yours, you may be able to sell your home as is.

How Much Can I Realistically Sell My Home For?

Before putting your home on the market, it’s important to understand how much you can realistically sell it for. This will depend on factors like the condition of your home, the real estate market in your area, and the prices of similar homes in your neighborhood. You can work with a real estate agent or use online tools to get an estimate of your home’s value.

How Quickly Do I Need to Sell My Home?

If you need to sell your home quickly, you may not have the time to make repairs before putting it on the market. In this case, it may be better to sell your home as is and price it accordingly. However, if you have some time to make repairs, you may be able to sell your home for a higher price and attract more potential buyers.

What Are My Priorities?

Ultimately, the decision to make repairs or sell your home as is will come down to your priorities. If you prioritize getting a quick sale, selling your home as is may be the best option. However, if you prioritize getting the best possible price for your home, making repairs may be the way to go.

If you choose to sell your home as is, you may want to consider working with a real estate investor. Investors are experienced in buying homes that need work and can often close a deal quickly. They will typically make an offer on your home in its current condition, allowing you to avoid the cost and hassle of making repairs.

In Conclusion:

Selling a home that needs minor work can be a smart decision if done properly. By asking yourself these seven questions, you can determine whether selling your home as is or making repairs is the best choice for you. Regardless of the path you choose, it’s important to work with a professional real estate agent or investor who can guide you through the selling process and help you achieve your goals. With a little planning and preparation, you can sell your home and move on to the next chapter of your life with confidence.


8 Moving Tips That’ll Make Your Transition Easier

Posted on by Hometown Development

Moving out of your home can be a daunting and stressful task, especially if you’ve lived in the same place for a long time. With so many things to consider, it’s easy to feel overwhelmed and unsure of where to start. But fear not! With a bit of planning and preparation, you can make the moving process smooth and stress-free. In this article, we’ll share some unique tips to help you move out of your home with ease.

Start Early

One of the biggest mistakes people make when moving is leaving everything until the last minute. This can lead to unnecessary stress and rushed decisions. To avoid this, start planning and preparing for your move as early as possible. Create a moving checklist and schedule to keep track of what needs to be done and when. This will help you stay on top of things and avoid any last-minute surprises.

Declutter

Moving is a great opportunity to declutter and get rid of any items you no longer need or use. Before you start packing, go through your belongings and separate them into three piles: keep, donate, and throw away. Be ruthless in your decision-making and only keep the items that are essential or hold sentimental value. Not only will this make the packing process easier, but it will also save you time and money when it comes to moving.

Pack Smart

Packing can be a tedious and time-consuming task, but there are ways to make it easier. Use packing materials wisely by wrapping fragile items in clothing or towels instead of bubble wrap. This not only saves you money on packing supplies, but it also helps to keep your items organized and protected during transit. Label boxes clearly with the contents and the room they belong in to make unpacking easier.

Hire a Professional Moving Company

While it may be tempting to save money by moving everything yourself, this can often lead to more stress and physical strain. Hiring a professional moving company can save you time and energy, and also ensure that your items are transported safely and securely. Look for a reputable moving company with good reviews and compare prices to get the best deal.

Pack an Essentials Box

Moving can be chaotic, and it’s easy to lose track of important items in the shuffle. To avoid this, pack an essentials box with all the items you’ll need on the first night in your new home. This could include toiletries, a change of clothes, bedding, and any important documents or electronics. Keep this box with you during the move so that you have easy access to these items when you need them.

Take Photos

Before you start packing, take photos of your belongings and any valuable or fragile items. This will help you keep track of what you have and also provide evidence in case of any damage or loss during the move. It’s also a good idea to take photos of your new home before you move in, so that you have a record of its condition in case of any disputes with the landlord or property manager.

Label Cables

With so many electronic devices and cables, it can be confusing and time-consuming to figure out which cable goes with which device. To avoid this, label your cables with masking tape or cable ties so that you know exactly which cable goes where. This will save you time and frustration when setting up your electronics in your new home.

Pack a First Aid Kit

Moving can be a physically demanding task, and accidents can happen. To be prepared, pack a first aid kit with all the essentials such as bandages, antiseptic, pain relief, and any prescription medications. Keep this kit with you during the move so that you have easy access to it when you need it.

In Conclusion:

Moving out of your home can be a stressful and overwhelming task, but with a bit of planning and preparation, you can make the process much smoother and stress-free. Use these unique tips to help you move out of your home with ease. Remember to start early, declutter, pack smart, hire a professional moving company, pack an essentials box, take photos, label cables, and pack a first aid kit.

Moving can be a challenging process, but it’s also an opportunity for a fresh start and a new beginning. By following these tips, you can make the move as easy and stress-free as possible. So, get started with your planning and preparation, and make your move a success! Good luck with your move, and we hope these tips help you get settled into your new home quickly and easily.

Is Selling My House for Cash a Good Idea?

Posted on by Hometown Development

Selling your house for cash can be a great idea, but it’s important to consider all the factors involved before making the decision. In this blog, we will explore the pros and cons of cash home sales, and provide you with information from three reputable sources to help you make an informed decision.

Pros of Selling Your House for Cash

  1. Speed: One of the biggest advantages of selling your house for cash is speed. Unlike traditional home sales, which can take months to close, cash home sales can be completed in just a few days. This is because cash buyers are not subject to the same financing contingencies that traditional buyers are. They don’t need to get a mortgage, which means there are no appraisal delays or loan underwriting processes to worry about. This can be especially beneficial if you need to sell quickly for personal reasons, such as a job change or financial hardship.
  2. Simplicity: Cash home sales are also much simpler than traditional home sales. You won’t have to worry about real estate agents, negotiations, or closing costs. You’ll simply receive a fair offer from a cash buyer, and if you accept, the sale will be completed in a matter of days. This can be a great option if you’re looking for a hassle-free way to sell your home.
  3. No Need for Repairs: Most cash buyers are looking for properties that are in need of repairs, so they can make a profit by fixing them up and reselling them. This means that you won’t have to spend money on fixing up your property before you sell it. You can sell your house as-is, which can save you time and money.

Cons of Selling Your House for Cash

  1. Lower Sales Price: One of the biggest disadvantages of selling your house for cash is that you may not receive as much money as you would if you sold it through a traditional home sale. Cash buyers are typically looking to buy properties at a discount, so they can make a profit by flipping them. This means that you may have to sell your house for less than its market value.
  2. Limited Options: Selling your house for cash may limit your options when it comes to choosing a buyer. There are only a few cash buyers in the market, so you may have to accept an offer from someone you’re not comfortable with. Additionally, because cash buyers are looking to buy properties at a discount, you may not receive as many offers as you would with a traditional home sale.
  3. Scams: Unfortunately, there are many scams associated with cash home sales. Be wary of any buyer who tries to pressure you into selling quickly, or who asks you to sign a contract before you’ve had a chance to fully understand the terms. Make sure you work with a reputable cash buyer, and never sign anything until you’re completely comfortable with the terms.

According to Forbes, “Cash home sales can be a good option for those looking for a fast and simple sale, but it’s important to be aware of the potential downsides. Make sure you understand the terms of the sale, and be wary of any buyer who tries to pressure you into a quick sale.”

The Balance states, “Cash home sales can be a quick and simple way to sell your property, but they can also result in a lower sales price. Make sure you understand the terms of the sale, and be aware of the potential risks involved.”

Finally, Realtor.com says, “Cash home sales can be a good option if you need to sell quickly, but they may not result in the highest sales price. Make sure you understand the terms of the sale, and be aware of the potential downsides. Work with a reputable cash buyer, and never sign anything until you’re completely comfortable with the terms.”

In Conclusion:

Selling your house for cash can be a great idea in certain situations, but it’s important to weigh the pros and cons carefully before making a decision. If you need to sell quickly, or if you’re looking for a hassle-free way to sell your property, a cash home sale may be the right option for you. However, if you’re looking to get the highest possible sales price for your property, you may be better off going with a traditional home sale. It’s important to understand the terms of the sale, be aware of the potential risks, and work with a reputable cash buyer. Do your research, consider all the factors involved, and make an informed decision that’s right for you and your family.

Should You Keep or Sell an Inherited Property?

Posted on by Hometown Development

Inheriting a house can be both a blessing and a burden. On one hand, you’ve just inherited a valuable asset that could be worth a substantial amount of money. On the other hand, you’re now responsible for a property that you may have never wanted in the first place. One of the most common decisions that people who have inherited a house have to make is whether to sell it or keep it. In this blog post, we’ll explore the pros and cons of selling an inherited house, and help you decide what to do with it.

Pros of Selling an Inherited House

  1. Liquidity: One of the biggest benefits of selling an inherited house is that you’ll have instant access to a large sum of money. If you’re inheriting a house from a loved one who has passed away, this money can help cover any funeral expenses and other bills that need to be paid.
  2. Ease of Maintenance: Inheriting a house also means inheriting its responsibilities. If you don’t live in the house or if it’s located in a different state or city, maintaining the property can be difficult and costly. By selling the house, you can free yourself from these responsibilities and the stress that comes with it.
  3. Opportunity to Invest in Other Assets: If you don’t have any specific plans for the money from the sale of the inherited house, you can consider investing it in other assets, such as stocks, bonds, or mutual funds. This can help you grow your wealth over time.

Cons of Selling an Inherited House

  1. Capital Gains Taxes: When you sell an inherited house, you’ll likely have to pay capital gains taxes. The amount of taxes you’ll owe will depend on several factors, including the value of the property and how long you’ve owned it. Before making a decision to sell, it’s important to consult with a tax professional to understand the tax implications of selling an inherited property.
  2. Emotional Attachment: If you’ve inherited a house from a loved one, the thought of selling it can be emotionally difficult. The house may have sentimental value, and selling it can feel like you’re letting go of a part of your loved one’s legacy.
  3. Potential Loss of Income: If you were planning to rent out the inherited house, selling it means that you’ll lose the rental income that you would have received.

Making a Decision

  1. Assess the Financial Situation: Before making a decision, it’s important to consider your financial situation. Do you have any outstanding debts or bills that need to be paid? Are you comfortable with the amount of taxes that you’ll owe if you sell the property?
  2. Consider the Emotional Factors: If you have an emotional attachment to the inherited house, it’s important to take this into account. Ask yourself if the emotional value of the house is worth holding on to, or if you’d be better off letting it go and using the money to invest in other assets.
  3. Consider the Location: If you’re inheriting a house that’s located in an area with a high demand for rental properties, you may want to consider keeping it as a rental property. This can provide you with a steady source of income, which can be especially useful if you have ongoing expenses or if you’re looking for a way to supplement your income. However, it’s important to understand that being a landlord comes with its own set of responsibilities and expenses. You’ll need to be prepared to handle any repairs and maintenance issues, as well as collect rent and manage any tenant-related problems.

Take Your Time: Making a decision about what to do with an inherited house is not something that should be rushed. Take the time to consider all of your options, talk to family members and friends, and weigh the pros and cons of each option. You may even want to seek the advice of a financial advisor or tax professional to ensure that you make the best decision for your situation.

In Conclusion:

Inheriting a house can be both a blessing and a burden. Selling it can provide you with immediate liquidity, ease the burden of maintenance, and provide you with the opportunity to invest in other assets. However, you’ll also have to pay capital gains taxes, face the emotional difficulty of letting go of the property, and potentially lose out on rental income. Keeping the property as a rental can provide you with a steady source of income, but you’ll also need to be prepared to handle the responsibilities that come with being a landlord. Ultimately, the decision of whether to sell or keep an inherited house will depend on your individual financial and emotional situation. Take your time, consider all of your options, and make the decision that is right for you.

Becoming a Real Estate Investor in Michigan: Why & How?

Posted on by Hometown Development

Does a career or side hustle in real estate investment sound exciting to you? To help you determine if this could be your next career move, let’s discuss the steps you can take to learn how to become a real estate investor in Michigan. 

What is a Real Estate Investor? 

As the name suggests, a real estate investor is someone who invests money into real estate properties in order to make a profit. 

Here are just a few of the many ways real estate investors generate cash flow: 

  • Renovating fixer-upper houses and selling them for a profit.
  • Buying an apartment complex, hiring a management company to handle its day-to-day operations, and receiving cash flow from it every month. 
  • Flipping vacant land by purchasing it at a lower price and selling it at a higher price. 
  • Investing in a real estate investment trust (REIT) for passive income. 
  • Buying fixer-upper properties, renovating them, and renting them out for monthly cash flow.
  • Purchasing vacant land, building a house on it, and selling it for a profit. 

As real estate investors make money with each deal, the money they have available to them in order to buy more properties increases, and the cycle of buying, renovating, selling, and earning more money continues. As their cash flow increases, they’re able to invest in more expensive, risky, and potentially profitable projects. 

Benefits of Investing in Fixer-Upper Properties

Now that we understand a few of the ways real estate investors make money, let’s discuss a few of the advantages of investing in fixer-upper properties: 

  • Lower cost: Due to the amount of work fixer-uppers require they are available at a lower cost. This can be enticing for real estate investors because the cost of acquiring the property and fixing it up is usually lower than buying a turnkey property. 

 

  • Potentially less competition: Homes that require a significant amount of work can often drive away the competition because they don’t want to invest the time and money to fix up the property. 

 

  • Opportunities for customization: Properties that require significant renovations often provide the opportunity for a clean slate, meaning investors are able to tailor the property to suit their desired outcome and maximize their profits. 

5 Steps to Take to Become a Real Estate Investor

Let’s discuss a few of the steps you can take when determining how to become a real estate investor in Michigan. 

1. Consider Important Qualities of a Real Estate Investor

Before diving right into a potential real estate investment career, take a moment to reflect on the qualities you bring to the table in order to determine if this is the right career path for you. 

To help you come to a conclusive decision, here are a few important qualities real estate investors possess: 

  • Analytical skills: A large portion of your time as a real estate investor, especially when starting out on your own, will be spent analyzing data. This includes compiling useful data like available listings, past sale prices, renovation costs, and more to help you make your investment decisions. 

 

  • Money management skills: Managing a real estate portfolio requires strong money management skills. Real estate investors will need to have the self-control to be able to reinvest profits back into the growth of the business instead of spending them on more immediate rewards.

 

  • Living in a desired location: If you plan on making investments in the city where you live, you’ll want to first evaluate the quality of the real estate market in your area. How long are properties staying on the market? Do you live in a popular residential neighborhood, or in a noisy area near the airport? While it is possible to make real estate investments outside of your area, this might be more difficult for you when you’re just starting out. 

 

  • Negotiation skills: Being a real estate investor involves near-constant negotiations. You will be negotiating the purchase of properties at a price that works for your business, and you’ll also be negotiating the sale of these properties that ensures you maximize your profits. 

 

  • Patience: Being a real estate investor requires a lot of patience! Acquiring properties, renovating them, and selling them do not happen overnight. Sometimes finding a deal that meets your criteria can take several months on its own. There can also be construction delays, market slow-downs, and other unforeseen obstacles that can slow down the process. Having patience during difficult times will help you become a successful real estate investor. 

 

If you feel like you do not already possess these skills, take time to self-reflect and determine if you could realistically develop them. 

2. Learn About Real Estate

Building up your real estate knowledge will help set up your investment business for success. The more you understand market trends, transaction processes, and property values, the better equipped you will be to run your business. 

Growing your knowledge can involve taking online courses, attending an in-person real estate course, or conducting your own research. How far you take your research before you begin establishing your real estate investment business is up to you. 

3. Network With Other Investors

A helpful way to learn how to become a real estate investor is to talk with other real estate investors. This can include picking their brain to help determine if this is the right career path for you, asking for advice on how to begin, or requesting constructive criticism of your investment strategy. The connections you make with other real estate investors could also be particularly useful down the line when you’re looking for someone to partner with. 

4. Determine Your Investment Strategy

Before establishing your investment strategy, ask yourself how much time and money you have to spend on this business. Will you be making high-risk or low-risk investment decisions? Will you be taking an active or passive role in the business? These factors will play a huge role in how you’re able to craft the direction of your real estate investment business. 

An important part of determining your investment strategy involves deciding whether you want to make long-term or short-term investments. Short-term projects would include purchasing a fixer-upper, renovating it, and selling it for a profit in a span of less than 6 months. Long-term projects could include buying an apartment complex, making any necessary renovations, renting it out, and collecting monthly income for several years. 

Another important part of your investment strategy is determining how much of the business you are going to handle yourself and how much outside help you want to take on. This includes conducting research, facilitating real estate transactions, taking on outside investments, and more. Handling all of the work yourself will take up more of your time, while outsourcing the work will use up more of your funds for the business. 

5. Learn How to Find Opportunities

After you’ve educated yourself on the real estate industry and determined your real estate investment strategy, it’s time to find properties to invest in. This is an exciting part of becoming a real estate investor in Michigan because it actually involves taking action and purchasing properties. 

Learning how to find real estate investment opportunities involves: 

  • Narrowing down your search based on what you’re looking for, whether it’s vacant land, multi-family properties, or a single-family fixer-upper
  • Running the numbers on how much your investment into the property would cost, including renovations, and what profit you would potentially earn
  • Negotiating the purchase of the deal like a pro!

 

Buying properties will also be a complex process full of successes, mistakes, and learning opportunities. 

Partner with Hometown Development for Real Estate Investment Opportunities in West Michigan

We hope this article taught you more about how to become a real estate investor in Michigan, and we wish you the best of luck as you take on this new endeavor! If you’re interested in investing in the West Michigan area, connect with our team for partnership opportunities.

The Benefits of Selling Your House During Divorce

Posted on by Hometown Development

Selling a house during a divorce can be a stressful and emotionally charged experience, but it’s important to understand the tax benefits that may be available to you. In Michigan, there are several tax benefits that can be gained from selling a house during a divorce, and it’s important to understand these so that you can make informed decisions about your financial future.

Know Your Real Estate Tax Basics

First, it’s important to understand the basics of how taxes on real estate sales work in Michigan. When you sell a property in Michigan, you are required to pay capital gains tax on the profit you make from the sale. The amount of tax you owe will depend on a number of factors, including how long you’ve owned the property, how much you’ve invested in it, and what the current market conditions are like.

However, there are some important tax benefits that can help mitigate the impact of selling a house during a divorce in Michigan. For example, if you’ve lived in the property for at least two years, you may be eligible for the exclusion of up to $250,000 in capital gains from your taxable income. This exclusion applies to single taxpayers and married couples who file joint returns, and it can provide significant relief from the tax burden associated with selling a property.

Are You Familiar With The 1031 Exchange?

Another important tax benefit to consider when selling a house during a divorce in Michigan is the 1031 exchange. This allows you to defer paying capital gains tax on the sale of your property by reinvesting the proceeds into a similar property. This can be a useful strategy for those who are looking to minimize their tax liability and preserve their wealth for the future.

In order to take advantage of these tax benefits, it’s important to work closely with a qualified tax professional. They can help you understand the tax implications of your divorce settlement and help you develop a plan to maximize your financial benefits.

In addition to these tax benefits, there are also some other financial considerations to keep in mind when selling a house during a divorce in Michigan. For example, it’s important to understand the value of the property, as well as the costs associated with selling it. This can help you make informed decisions about how to divide the proceeds of the sale, and how to use the funds to build a secure financial future.

It’s All About The Timing!

Another important consideration is the timing of the sale. If you are able to sell the property quickly, you may be able to minimize your tax liability and maximize your financial benefits. However, it’s important to work closely with your divorce attorney to determine the best course of action for your unique circumstances.

Finally, it’s important to remember that selling a house during a divorce can be a complex and emotional experience. It’s important to have a supportive team in place, including a qualified divorce attorney and tax professional, to help you navigate the process and make informed decisions about your financial future.

In Conclusion

Selling a house during a divorce in Michigan can be a stressful and emotional experience, but it’s important to understand the tax benefits that may be available to you. From the exclusion of up to $250,000 in capital gains to the 1031 exchange, there are several strategies that can help you minimize your tax liability and preserve your wealth for the future. Work closely with a qualified tax professional and divorce attorney to develop a plan that works best for you and your unique circumstances.

Why Sell Your House for Cash? Here Are the Primary Benefits

Posted on by Hometown Development

There are many benefits to selling your house for cash vs. the traditional process of listing your home for sale on the real estate market. The simple cash sale is faster, easier, and more valuable to homeowners who are in difficult financial situations, don’t want to make repairs to their home, or deal with the stress of a traditional sale. 

Top 5 Benefits of Selling Your House for Cash

By selling a house for cash, you can avoid all of these issues and walk away with your money in as few as five days. Let’s explore the benefits of selling your house for cash and if it’s right for you. 

1. Selling Your House for Cash Can Help You Out of a Tough Spot

If you find yourself in a difficult financial situation or need to get rid of your home quickly, selling your house for cash can give you the financial freedom you need to help you move out and move on. 

 

When you’re facing foreclosure or behind on mortgage payments, it can feel like everything is working against you. Swimming against the current to keep your head above water is exhausting, but the alternative of letting the river take you isn’t ideal either. Fortunately, there is still a way to get out of the situation completely. Selling your house for cash can get you out from under your debt and put you in a better position to move on. 

 

If you sell your home for a cash offer, you can also avoid foreclosure, get out of your troublesome mortgage, and salvage your credit, which allows you to move on to a home you can comfortably afford. By selling on your own terms, you can regain control over your finances and your future.

2. You Can Skip the Realtor When You Sell Your Home For Cash

Working with a realtor can be complicated. They often have their own ideas about what you need to do to prepare your home for sale. They may also build a series of hoops for you to jump through before you can list your home on the market. You’ll have to host an open house and keep your home in pristine condition so it’s ready to show to a potential buyer at a moment’s notice. 

 

Selling your house for cash is much simpler. You won’t need to hire a realtor, follow their steps, or pay their commission once you’ve sold to a buyer. While a realtor is motivated to help you earn top dollar from your home sale, you have to pay a commission once the sale is final — the industry standard is about 6% of the sale price. 

 

The most difficult part about working with a realtor is that you have to sell on their timeline. Selling your home with a realtor can take months of preparation and even longer to find a buyer and complete the closing process. If you need to sell your home quickly, this may not be the best option. Selling a house for cash means you can sell when you want and walk away with your offer in hand in as few as five days. With no preparations, open houses, or realtor’s fees, you can sell your home and get on with the rest of your life much faster.

3. Selling Your House for Cash Means No Need to Make Repairs

The easiest way to sell your home is to sell it as is for cash. This means you can sell your home in the condition it’s already in with no need to make repairs, changes, or updates to the house or property. The money you save is yours to keep. 

 

By selling your house for cash to a real estate investor, you get to move on quickly and skip the time-consuming repairs so you can focus on your next steps.

 

If you can’t afford the repairs your home needs, like a new roof, foundation repair, or mold removal, or you just don’t want to deal with sprucing up the landscaping, picking out new paint colors, or updating your kitchen — it’s okay.  Selling a house for cash in an as-is sale lets the buyer worry about those concerns. A real estate investor has the time and capital to make repairs and updates to your home, saving you money and the hassle of dealing with them by yourself. 

4. You Can Sell Your House for Cash When You Want, On Your Timeline

If you need to sell your home to relocate for work, because you’ve inherited an extra home, or due to a divorce, why wait around for a traditional sale which could drag on for several months? One of the many benefits of selling your home for cash is you get to choose the timeline. 

 

If you want to move quickly and receive your payment sooner, an as-is sale can be completed in as few as 5 days. You can sell your home for cash fast and be ready to start that new job on Monday or move on to start making new memories in a new house right away.

5. Selling a House for Cash Means Less Hassle

Let’s face it, selling a home can be stressful. Not only is it work to box up your belongings, but moving can dredge up a lot of emotional baggage as well. Why make it more difficult? 

 

If you’re ready for a clean break with minimal stress, a cash sale is perfect for you. You can sell your home fast for cash without having to work with a Realtor, make costly and time-consuming repairs, or deal with the ups and downs of the real estate market. 

 

Selling your house for cash is a hassle-free way to find your financial freedom and move on to the next chapter in your life. With all the time, energy, and money a cash sale can save you — what will you do next?

Interested in Selling for Cash? Contact Hometown Development

If you’re hoping to sell your home for cash, Hometown Development can help. We purchase properties in any condition, for cash, and we can close in as few as 5 days. Give us a call today at 616-379-3090 or contact us online for more information.

Your Guide to Selling a House in Poor Condition

Posted on by Hometown Development

Selling a home can be difficult as it is, but selling a home in poor condition can seem almost impossible. Luckily, there are a few different options you can take if you have a home in poor condition and you’re looking to sell it — and you don’t necessarily have to make repairs to ensure it sells. 

Can You Sell a House in Poor Condition?

The quick answer is yes, you can sell a home in poor condition. You may not get as much money as if you fixed up the whole home, but the amount you may save on repairs and renovations might just make up the difference. 

What Constitutes “Poor Condition” for a Home?

Without a real estate background, it can be hard to know if the home you want to sell is in “poor condition” or not. Luckily, there are some general guidelines we can go by to determine the condition of your home.

  • Uninhabitable: not suitable for people to live in and has severe issues like electrical and plumbing issues, roof damage, black mold, asbestos, lead, termite damage, and foundation issues. Usually is considered much worse than “poor condition.”
  • Major Repairs Needed: a habitable home with some electrical and plumbing problems, roof damage, wood rot, damaged flooring, and damaged and outdated bathrooms. This could constitute a home in “poor condition.”
  • Could Use Some Updating/Significant Cleaning: a habitable house with a dirty and outdated kitchen, stained flooring, peeling paint, outdated finishes, and/or a weathered exterior. Could also signify “poor condition.”

How to Sell a House in Poor Condition: 3 Options

There are a few different options you can take when selling a house in poor condition. You just have to decide how much work you want to do on the house. Do you want to do lots of repairs to improve the condition? Or do you simply want to sell it as is?

1. Complete Large Repairs and Renovations

Your first option is to make large repairs and overall renovations to the house. If your house has severe problems to the point that it’s unlikely to sell, this may be your best option. This doesn’t mean you need to make all the repairs, but one or two could be a good idea. What those repairs depend on your situation and what will give you the most return on investment (ROI). 

Some of the repairs with the best ROI include:

  • Garage door replacement
  • Manufactured stone veneer
  • Minor kitchen remodel 
  • Siding replacement 
  • Window replacement

2. Do Simple Cosmetic Repairs & Adjust Listing Price for Large Renovations

If your house is in poor condition and needs major and minor repairs, fixing a bunch of minor things can make your home more appealing to potential buyers. You can update fixtures, change out the carpet, put a new coat of paint on the walls, refinish cabinets, or add some flowers to the front yard.

If you choose this route, it’s likely you’ll still have to lower your listing price. That way, you may still interest buyers who know they’ll have to spend more money on larger renovations that weren’t done prior to selling.

3. Do Nothing and Sell As-Is to a Cash Buyer

Not interested in the hassle of repairing and renovating your home at all? You can sell your home for cash as is to a cash buyer. You still must disclose all the issues the house has so the buyer knows exactly what they’re getting into but beyond that, you don’t have to do much else. 

And with a cash buyer, you don’t have to deal with or pay any real estate agents, so you get the full price for your home. 

Selling a House in Poor Condition? Contact Hometown Development.

At Hometown Development, we buy homes in West Michigan for cash from homeowners who need to sell their properties quickly or sell a property in poor condition. No matter the reason, we can buy your home and quickly have you moving on to your next step in life. 
Get your FREE cash offer today.

Shifting Your Mindset For Selling Your House

Posted on by Hometown Development

Selling a home can be a complex and emotional journey, but the key to a successful sale starts with your mindset. Whether you’re a first-time seller or a seasoned pro, it’s important to approach the process with a positive and proactive attitude.  In this post, we’ve gathered expert tips from reputable sources to help you shift your mindset and make your home sale a success.

Focus On The Outcome, Not The Process.

According to a study by Harvard Business Review, one of the biggest mistakes people make when they’re trying to achieve a goal is to focus too much on the process and not enough on the outcome. This can lead to stress and burnout, which can make it difficult to reach your goal. Instead of getting bogged down in the details of the home selling process, try to focus on the end goal: selling your home for the best possible price. This shift in perspective will help you stay motivated and on track throughout the process.

Embrace Change.

Change can be difficult, but it can also bring new opportunities and experiences. According to a study by the University of California, Berkeley, embracing change can help you reduce stress and improve your overall well-being. When selling your home, try to see it as a new adventure, not an end. Think about the positive aspects of the transition and what you’re looking forward to in your next chapter.

Get Organized.

Getting organized is a key aspect of success, and it’s no different when it comes to selling your home. A study by Forbes suggests that having a clear plan in place can help you reduce stress and stay focused on your goal. Make a list of tasks that need to be completed, such as decluttering, repairing any damage, and staging your home for showings. Having a clear plan in place will help you stay on track and minimize stress.

Seek Advice From Friends and Family.

Selling a home can be a lot of work, but it doesn’t have to be done alone. According to a study by the American Psychological Association, social support can help reduce stress and improve well-being. Don’t be afraid to ask friends, family, or even your neighbors for help. Whether it’s decluttering your home, preparing it for showings, or just getting through the emotional ups and downs of the process, having a support system can make all the difference.

Take Care of Yourself.

Finally, it’s important to take care of yourself during the home selling process. A study by the Mayo Clinic suggests that simple self-care practices, such as exercise, healthy eating, and getting enough sleep, can help reduce stress and improve your overall well-being. Make sure to take breaks, do something you enjoy, and give yourself time to recharge. This will help you approach the home selling process with a positive and energized attitude.

Remember, selling your home is not just a transaction, it’s a transformative experience. It’s an opportunity to let go of the past and create a new beginning. To achieve a successful sale, learn to embrace a positive mindset, stay focused on your goal, and be open to change. Get organized, seek guidance from trusted sources, and don’t forget to prioritize your well-being along the way. So take a deep breath, trust the process, and get ready to turn your real estate aspirations into a reality that exceeds your wildest dreams.

As-Is Home Sale vs. Traditional Home Sale: Offer Comparison

Posted on by Hometown Development

There’s a lot of misinformation out there about the differences between an as-is home sale versus a traditional retail sale offer. Since we often purchase homes as-is, we thought we’d share how our offers compare to traditional retail sale offers, to give you a better picture of the differences between the two.

What Is an As-Is Home Sale?

In case you’re new to the term as-is home sale, let’s look at a quick definition. 

An as-is home sale is where you and the buyer agree to a price for your home exactly as it already is. No repairs, no cleanup, and no hassle. 

As-Is Home Sale vs. Traditional Home Sale: The Breakdown

An as-is home sale is very different from a traditional sale, so let’s go point-by-point to ensure you know the difference. Once you do, you’ll be able to decide which is best for you.

Selling Fees

There are a number of fees associated with a home sale including everything from closing costs to title transfer, and even paying your realtor. Let’s look at how those fees differ between as-is home sales and traditional home sales.

Traditional Sale

In any home sale, you have to have a title company transfer the title of the home to the new owner. In a traditional sale, the process is a little more complicated since your buyer is purchasing the home with a loan from the bank. You’ll need to pay title insurance, transfer taxes to your state or county, and a title closing fee. You’ll also have to pay the title company to do the work. Other costs associated with a traditional sale include

  • Holding Costs – During the closing process, you are responsible for all property taxes and insurance fees that accrue. These are called holding costs because they’re costs that accrue while you’re holding the home for the new buyer.
  • Realtor Commission – When you list your home on the market, you hire a realtor. At the end of the process, your realtor will take a percentage of the sale prices as a commission. If you sold your home for $125,000, your realtor would take $7,500 of that as their commission.

As-Is Home Sale

In an as-is home sale, you still have to pay for transfer taxes and title insurance, but the process is a little less complicated because your offer is in cash. When you work with a real estate investment firm to sell your home for cash, they will waive any additional fees associated with the title company, so all you pay is the cost of the title insurance and transfer taxes. That’s it.

Since you’ll close in as little as 5 days, there are no holding costs. There are also no closing fees. Finally, you don’t need a realtor for an as-is home sale, so you pocket every penny of your cash offer.

Costs to Repair your Home

TL;DR — As-is home sales require ZERO repairs to your home! Yes, seriously. We break that idea down more below.

Traditional Sale

In a traditional sale, any offer you receive that is financed by a loan must have an inspection. Since the people buying your home will take out a loan from the bank to cover their purchase, the bank has to know that they’re making a solid investment.

An inspection will be conducted and depending on what the inspector finds, you’ll be required to make improvements. Improvements can average between $20,000-$40,000 but can go much higher depending on the state of your home. You may either complete the repairs yourself, or the estimated cost of repairs can be taken out of the original offer.

As-Is Home Sale

As the name suggests, with an as-is home sale, your home is being purchased as-is. Since a real estate investor will be paying in cash, with no help from the bank, they don’t need to have an inspection done. This means you won’t have to make any repairs. Again, all the money from an as-is home sale goes straight into your pocket.

Financing Contingencies

To finalize a traditional home sale, the buyer’s lender also requires an appraisal to ensure that the home is worth however much the buyers have agreed to pay.

Traditional Sale

If the lender’s appraisal comes back as less than what the buyers are offering to pay for your home, the buyers will ask for a concession or price reduction. Without a price reduction, they will be unable to take out a loan for your home and must back out of the sale.

As-Is Home Sale

In an as-is home sale, no banks are involved. The buyer has the money they need to purchase your home on hand, and they require no loans. As such, they won’t have the home appraised and will simply pay you for the agreed-upon price.

Closing Time

Depending on your situation, the time to close is an important aspect of a home sale. If your home is in danger of foreclosure or if you need to move to a new location quickly you may not have time to wait around for your home to close. Here’s the difference between the two sale options:

Traditional Sale

In a traditional sale, it can take anywhere from 60-90 days to close on a home. This is because all the details of the sale must be taken care of and because your buyer must secure a loan that will cover the cost of the home. There are a number of details to iron out, and even if your home moves off the market immediately, the closing process in a traditional sale takes time.

As-Is Home Sale

You can name your closing date with an as-is home sale. Again, because an as-is home sale is a direct transaction done between you and the buyer, with no middlemen or unnecessary paperwork, it can be done quickly and on your timeline.

The Offer

In both sale situations, traditional and as-is, you’ll receive an offer for your home. Let’s say your home was worth somewhere around $125,00 on the market. Here’s what you’ll actually take home in either situation.

Traditional Sale

It’s important to remember that when you sell your home on the market, all of that $125,000 won’t go into your pocket. You’ll have to pay for:

  • Transfer taxes and fees
  • Title insurance and fees
  • Closing fees
  • Realtor commission
  • Repairs and renovations
  • Holding costs
  • Financing contingency

And you’ll have to wait 60-90 days to see your money. All of those fees and costs added up will bring the money you actually pocket down to around $85,000.

As-Is Home Sale

If your home is worth $125,000 on the market, you’ll likely see as-is home sale offers for around $85,000. While this looks lower than that $125,00, remember that the only things you pay for are:

  • Cost of transfer taxes
  • Cost of title insurance

And you could get money in your pocket in as little as five days. No repairs, no realtor commissions, no closing fees — just money for you.

The Bottom Line: Is an As-Is or Traditional Home Sale Right for You?

In the end, the money you get from an as-is home sale is fairly comparable to what you end up with at the end of a retail sale. The money you save in repairs, fees, and most importantly, time, makes an as-is home sale and a cash offer an attractive alternative. Best of all, you can close in as little as 5 days, helping you move on quickly, with plenty of money in your pocket.

Still not sure which type of sale is best for you? Request a personalized comparison from Hometown Development today. We’ll provide you with a customized breakdown of our offer versus what you’d get from a traditional offer. You’ll be able to see line-by-line the pros and cons of each option based on the market value of your home.

Licensed Contractor

Licensed Builder
Licensed Real Estate Agent

All closings performed by Bell Title
Meghan Vandenhout 616-942-8955

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