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The Do’s and Don’ts of Buying Vacant Land

The Do’s and Don’ts of Buying Vacant Land

Do work with an agent to find the land. Your real estate agent can help to research the property and make sure that you are making a safe investment. Buying vacant land is different than buying a home; work with an agent who knows what questions to ask and knows how to negotiate on your behalf.

Building a custom home is hard work that is rewarded when you move into the home of your dreams. The first step is finding the perfect lot to build on. Before you purchase a lot to build on, be aware of these do’s and don’ts.

Do have your finances in order. You will need to have proof of funds for the purchase amount, so make sure you understand what you can afford to spend on your lot.

Do find out what utilities service the area. If you are looking outside of a developed area, you need to know what utility services are available already, or if any infrastructure needs to be added.

Do find out if incentives are available. In areas where natural disasters have occurred, local governments may offer incentives for building where previous homes have been destroyed.

Do visit the tax assessor’s office. The tax assessor will be able to tell you the estimated value of your lot as well as your projected property taxes.

Do price the neighborhood. Your agent can help you with a market analysis of the surrounding homes. You don’t want your home and land cost to be vastly higher than the rest of the neighborhood.

Don’t expect to finance your lot. Lenders often don’t lend money for vacant land, and if they do, they may only lend up to half the land value. This is why it’s so important to talk to your financial advisors before you start looking.

Don’t skip the soil tests. You should have the soil tested to make sure there aren’t pollutants or foreign materials buried beneath the surface. If you will have a septic sewer system, you will need a percolation test to make sure the property is fit for a septic tank.

Don’t forget to get a survey done. Before you purchase the lot, ask to see a recent survey or have one done to validate property lines and make sure other neighbors aren’t already encroaching on the lot with access roads, fencing, or structures.

Don’t let neighbors know of your plans. Don’t get too friendly just yet. If the land you plan to build on has been enjoyed by nearby property owners for the view, for parking, or for recreation, your plans to build may be met with resistance.

Don’t assume you can have property rezoned. Make sure you know the property zoning regulations for the property. If you are in a rural area and plan to have chickens or horses, make sure that is permitted. Be wary of sellers who tell you that you can subdivide the land or build two homes on one lot, as this may not be the case.

Don’t rely on a drive-by. You need to walk the property, no matter the size or your plans for its use. If you are buying multiple acres, don’t assume that the topography is consistent throughout with no hidden problems. Things to check for include flood-prone areas, environmentally protected-animal dwellings, trash deposits and neighbors that are involved in activities that may affect your enjoyment of the property, such as dog kennels or shooting ranges.

Features to Focus on in Your Home Search

When I sit down with clients to discuss what they are looking for in a home, I ask them to make a “wish list” of everything that they want in a home. Bedrooms, baths, amenities, location, price, etc. Some have a laundry list of everything under the sun, and some can only come up with a couple. I then ask them to narrow it down to the top 5 “high priority” features. If they have less than 5, I’ll ask more questions to pull out more ideas from them.

Why 5? Because most of the time you can sum up what you are truly looking for within this number. Keep in mind you aren’t always going to get all 5. I always tell potential buyers that we are looking for a home that meets at least 85% of their criterial because 100%, aka “perfect” homes do not exist. Even if you build your “perfect” home there will be things that you wish you would have done differently.

So how do you decide what should make your top 5?

Keep an Open Mind About Features

Do you have your mind set on a 3 bedroom home, but in actuality a home with 2 bedrooms and an office would fit the bill and keep you in your price range? Do you really want a 2 stall garage, but if you have a 1 stall garage and a storage shed that would meet your needs as well? Maybe your hoping to stay in a certain price range but if you bump it up just a bit you can find more of what you are looking for and can still comfortably afford the mortgage payment.

Have Your Non Negotiables

If the main goal of buying a new home is to live in a certain school district and have bussing for your kids. Don’t settle for a home in a neighboring school district and resign to chancing the school of choice system and driving your kids to and from school every day. You likely will regret this decision. Another example would be that really want to live in a home that has main floor everything. You find a one that has almost everything you are looking for but the owner’s sweet is in the basement. Every day when you climb those stairs you will wonder what you were thinking at the time.

I’d love to guide you through the home buying process. My passion is to help my clients reach their goals and find the right home for them!

Interior Design Terms to Know

Ever had a designer throw out a word you didn’t know? Not wanting to embarrass yourself, you nod in agreement and try to keep up with the convo. Never again! Here are 8 interior design terms that’ll keep you tracking right along:⁣
⁣

  1. Arabesque: a decorative pattern with overlaid flowers, foliage, fruits, or scrolls.⁣
  2. Bolster: a cylindrical-shaped pillow.⁣
  3. Hygge (pronounced ‘hoo-guh’): a word that describes a feeling of coziness and a sense of contentment or well-being.⁣
  4. Etagere: a freestanding or hanging set of open shelves designed for decorative objects.⁣
  5. Settee: an upholstered piece of furniture long enough to seat two people.⁣
  6. Wainscoting: Interior wall paneling that covers the lower part of a wall.⁣
  7. Kelvin: the unit of measurement that relates to the color of a light source. The higher the number, the closer the shade is to sunlight.⁣
  8. Feng shui: A method of Chinese design based around energy forces. It’s intended to bring homeowners in harmony with their environment.⁣
  9. Niche: A niche is a recessed area in a wall or room — perfect for a small piece of furniture or disguised storage, your designer can help you make the best use of the tucked-away space. ⁣
  10. Leadtime: Got a design project in the works? You’ll wanna ask about leadtime. What is it? It’s the time between when you order and when an item ships. Custom furniture and other items often have a leadtime of 8-12 weeks depending on the manufacturer.⁣
  11. Scale: Everything in a space needs to gel and jive. Understanding “scale” is how that happens. Scale is simply how the size of one object relates to the size of the other objects in a room.⁣
  12. Bouclé: Texture is all the rage these days. Bouclé is one textured textile containing nubby, looped yarn often in two different shades.⁣
  13. Monochromatic: Don’t be thrown off by the five-syllable word! What it means is this: a color scheme designed around a single color.

⁣This should give you a leg up when working with a designer. But remember, it’s ALWAYS right to ask if you aren’t sure what something means. It’s your home, and you deserve to not only understand but to love where your designer is heading!⁣

Home Inspections, What You Need to Know

Let’s start with the most basic question, What is a home inspection?

The inspection will uncover any issues in the home that would have otherwise been unknown. You will receive a written report of the inspection. I recommend that you are present for the inspection, so that you may ask the inspector any questions.

What does “inspection period” mean?

During the inspection period, the buyer has the right to hire a professional to inspect the condition of the home. If the results on the inspection report comes back with any issues that need to be addressed, the buyer may ask the seller to cover the costs of these repairs, reduce the sales price, or fix the repairs before closing. (In our local purchase agreement if you ask for any of these alterations the seller does at that time, have the right to terminate the contract.) If an agreement can not be made, the buyer has the right to back out of the contract. Either way if the contract is terminated, the buyer has the right to get the earnest deposit back with no consequences.

The home seems fine, do I really need a home inspection?

You may think the home is in perfect shape, but some of the costliest problems are difficult to spot: leaks, termite damage, foundation issues, poor ventilation, faulty wiring, and drippy appliances. A home inspection gives you the chance (before you sign on the dotted line) to have a professional inspector see if there are any problems that need to be addressed, replaced, or fixed.

How do I choose a Home Inspector?

I have several reputable home inspection companies that I can recommend or you can use someone that was referred to you by a trusted source. I highly recommend that you do a little of research on your own by visiting the company websites and/or calling the company with questions.

How long do home inspections take?

Inspections typically take about 2-4 hours depending on the size of the home.

Do I need to be at inspections as a buyer?

Attending the inspections as a buyer is truly beneficial and I encourage you to make an effort to be there if you can! It’s an opportunity to personally experience the inspector’s insights as they walk you through the home. You’ll be able to see and hear their observations firsthand, which adds a personal touch to the process. Plus, being present allows you to take measurements, snap extra pictures, and focus on any specific details that catch your attention. By participating actively, you can gather valuable information and make more informed decisions about the property. So, if you have the chance, don’t miss out on this exciting and informative part of the home buying journey!

What will I need to bring at inspections?

When attending inspections, it’s essential to come prepared with a few items. Firstly, it’s advisable to bring a form of payment, such as a check, as most inspectors require immediate payment. Additionally, many inspectors nowadays accept credit cards for convenience. If you’re interested in taking measurements of certain areas or features within the property, having a tape measure on hand can be quite useful. Lastly, bringing a notepad allows you to jot down any important notes or observations during the inspection. This way, you can keep track of any specific details you’d like to remember or discuss later. By having these items readily available, you’ll be well-equipped to make the most of the inspection process.

8 Ways to Make Buyers Fall in Love with Your Home

We all want people to love our home as much as we do, but especially when you are trying to sell it! While it’s impossible to please every buyers’ taste, there are several easy things you can do to make your home more appealing without spending a lot of money. Try some of these tricks and see if your showings cause buyers to swoon.

1. Check your curb appeal. Take an honest look from the curbside. What are buyers seeing first? If your home needs to be painted or pressure washed, consider making that investment. Clean up landscaping by trimming trees and bushes, planting some fresh annuals and laying new mulch. Clean windows, repair sagging soffit, or porch railings, and have any trip hazards on your driveway or front walk repaired. Finally, consider some attractive, yet subtle decorations for your front porch.

2. Create an inviting entryway. When buyers step inside your front door, you want them to feel welcomed. If you have a foyer or front hall, it is easier to make an attractive entryway, but even if your front door opens right into your living room, you can create the feel of an entryway with a couple of simple tricks. Clear the area of clutter things that tend to pile up at the front door, like backpacks, dog leashes, or shoes. Place a small table or bench beside the door with plants, candles, or other simple décor. A small area rug can help define the space as the entryway.

3. Let the light shine in. Take advantage of natural light as much as you can. Trimming any bushes or trees outside your windows can help immensely. Wash your windows inside and out and replace or remove any worn screens. Make sure to open blinds or curtains before all showings.

4. Add some fresh color. Painting is an easy and inexpensive way to make an older home look new and is especially important if your current wall color is dark or outdated. Choose a light neutral color like a warm grey or light beige and use the same color throughout the house. If your home tends to be dark, this will help brighten it up.

5. Let storage spaces speak for themselves. Many sellers make the mistake of waiting until they have a contract to start cleaning out closets. Cleaning out clutter is part of getting ready to show, not just getting ready to move. You want buyers to perceive that there is ample storage in the home, and this doesn’t work if every drawer, cabinet, and closet is stuffed to the gills.

6. Eliminate distractions. Streamline your decorating so your buyers see the house and not your collection of knickknacks. Go ahead and pack up collectibles and family photos and keep decorative touches to the minimum. Too many plants, magazines, or toys distract the buyers from seeing the home as their own.

7. Entice them with outdoor space. The back yard shouldn’t be an empty space of infinite possibility, nor should it be a storage area for neglected toys. Get rid of any eyesores you’ve been avoiding dealing with, spruce up your landscaping, repair irrigation or pool issues, and create an entertaining space with a patio set, or a backyard oasis with some potted plants and a hammock.

8. Make it easy for them. Taking care of minor repairs is another step you can take to help buyers see your home as an easy and comfortable move. You want them to be mentally arranging their furniture as they walk through, not making a list of nicked woodwork, torn window screens, and leaky faucets. The less work involved, the easier it is to fall in love.

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5 Reasons to Review the Market Value of Your Home Annually

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1. REMOVE PRIVATE MORTGAGE INSURANCE (PMI)

Lenders typically require you to purchase private mortgage insurance (PMI) if you put less than 20% down on your house. PMI typically amounts to between 0.5%-1% of the purchase price. For a $200,000 mortgage, your PMI could be costing you $1,000 to $2,000 per year. However, on the date when your principal balance is scheduled to fall to 80% of the home’s original value (or in other words you build up at least 20% equity in your home), you have the right to request that your servicer cancel PMI.

To qualify to remove PMI, you can reach that 80% threshold by paying down your mortgage every month. Additionally, by reviewing this Annual Market Update you can determine if property values are rising in your neighborhood and you have gained 20% equity to remove your PMI.

For example: If you purchased your house for $250,000 a few years ago and based on the information provided to you in this report, you estimate the current value of your home to be $275,000. If your outstanding mortgage balance is less than $220,000 (or 80% of $275,000)then you may be able to remove the PMI. That’s a lower threshold than 80% of

$250,000, where your outstanding balance would be capped at $200,000 to qualify for PMI removal. In this case rising home values have increased your stake in the property, making you a potentially lower-risk borrower.

2. ENSURE THAT YOU ARE BEING TAXED PROPERLY

The one downside to escalating property value: higher property taxes. However, if you feel the tax jump from one year to another is higher than it should be, you can fight it by appealing the city’s assessment for a lower payment.

If — based on informal research or an official appraisal — you feel you’re overpaying on property taxes, you can appeal to your county or municipality to have your taxes lowered. The appeal process varies by area, but you’ll likely submit a written request within a specified timeline. If you suspect this might be the case for you, lets talk. I can help you with the process.

3. KEEP AN EYE ON THE MARKET TO DETERMINE THE BEST TIME TO SELL

Are you thinking that this year or in the next year or two? Keeping up with your homes value and talking with a Realtor can help give you you an idea of trends, growth, or slowdown in the area and your property in particular.

4. FIND OUT HOW MUCH EQUITY YOU HAVE BUILT UP

Understanding equity, or the current market value of your home minus your outstanding mortgage balance, puts you in a better place to understand your finances overall. You may be beginning to think about a move and knowing the value of your property could lead to an accelerated sale timeline. There’s no hard and fast rule when it comes to having enough equity to sell your home, but generally the more of your home you own, the more money you’ll make in the case of a sale.

Knowing how much equity you’ve built up will also give you the opportunity to take out a Home Equity Loan, a Line of Credit or Refinance. When you reach the point where the value of your home is more than what you owe on the mortgage, you may be able to borrow against your home equity. This can help you access the financing you need to add value to your property with a strategic home renovation or improvement, or even use it to invest in additional property. Knowing your home’s value can make the investment work for you.

5. ENSURE THAT YOUR HOMEOWNERS INSURANCE COVERS YOUR FULL PROPERTY VALUE

If you discover your home’s value has significantly increased, now may be a good time to reevaluate your homeowner’s insurance policy. If your home is undervalued in your policy, it could mean you’re not covered for the cost of its full value should something unfortunate were to happen. When you first bought your home and drew up an insurance policy, it should have covered at least what you paid for your home. As time has gone by, whether it’s a few years or decades, your home has likely increased in value. Your original home insurance policy might not be enough coverage. Your insurance company probably has policies in place for general inflation, but if you find your home has dramatically increased in value, or you’ve added an addition or made updates, it’s time to talk to your home insurance company. You’ll want to take a look at your insurance dwelling limit, or estimated cost to rebuild the home as it stands now. If you’ve updated or expanded your home, this will have changed since the time of purchase.

I am happy to provide you with yearly Market Updates. Feel free to call, email or text me. I’d love to help!

Your Front Door, Paint or Replace?


It’s the first thing that people notice when they arrive at your home. You know it needs some TLC, but should you paint it or replace it?

Here are a few tips to help you identify which DIY path is right for you:⁣

If your current front door is wood (or painted wood), you can sand and repaint/restain it for little more than $100 and a bit of elbow grease. ⁣If your current door is steel and spotted with rust, dents, and dings, you may want to consider a new exterior door. ⁣

If you decide to replace your door, consider fiberglass. Fiberglass has the lowest maintenance when compared with wood and steel.⁣

Try this. Shut your front door from the inside of your home, and take a few steps back. If you see light shining through the bottom of the door, other things like drafts, water, insects may seep in.

The bottom line is this: If your wood door is in great shape, just paint it. You can always go back and replace it later. If your door isn’t functioning well… like a door, it’s probably time to replace it.⁣

Maximize the Success of Your Showings: Tips for a Flawless Experience

When it comes to selling your home, showings play a crucial role in attracting potential buyers and sealing the deal. To ensure that your showings are as successful as possible, it’s important to create the right atmosphere and be flexible with your schedule. As a professional real estate agent, I understand the significance of these aspects and will work with you to maximize the impact of your showings. Here are some tips that can help make your showings shine:

  1. Give Them Space: One of the simplest yet most effective ways to enhance the showing experience is to leave your home during the showing. By giving the buyers and their agent some privacy, they can explore freely and feel more comfortable envisioning themselves living in the space.
  2. Let There Be Light: Brightening up your home can make it feel more inviting and spacious. Before a showing, make sure to turn on all lights and open blinds and curtains to let in natural light. A well-lit home creates a positive first impression and allows potential buyers to see every corner clearly.
  3. Furry Friends on Vacation: As much as we love our pets, it’s best to keep them out of the house during showings. Not everyone may be a pet lover, and some potential buyers may have allergies or feel uncomfortable around animals. Consider finding a temporary home for your pets or ask a friend or family member to look after them during showings.
  4. Tidy Up: Empty waste baskets and keep the space neat and tidy. A clutter-free environment allows potential buyers to envision their own belongings in the home. By minimizing distractions, you create a clean canvas for them to imagine their future.
  5. Flexibility is Key: Be flexible with your showing schedule to accommodate potential buyers. While advance notice is ideal, there may be instances when last-minute requests arise. Whenever possible, try to honor these requests. By being accommodating, you increase the likelihood of attracting serious buyers who may have limited availability.
  6. Engaging the Senses: When preparing for showings, consider engaging all five senses: sight, smell, touch, taste, and hearing. However, keep in mind that subtlety is key. Instead of overpowering scents, opt for a freshly cleaned home or the pleasant aroma of freshly baked cookies. Soft background music can also create a soothing ambiance and appeal to the sense of hearing, allowing potential buyers to feel more relaxed as they explore your home.

Remember, we are a team throughout the showing process. We will work together to establish parameters for showings, including the hours and days that work best for you. To ensure your peace of mind, we can utilize an electronic lockbox that notifies me whenever it’s opened, providing you with a sense of security.

If you have pets that require special attention during showings, we will find the most suitable solution together. Your comfort and convenience are important, and I will strive to gather feedback from each showing and share that information with you.

By implementing these tips and working together, we can maximize the success of your showings and increase the likelihood of finding the perfect buyer for your home. So, let’s get ready to showcase your property and make a lasting impression!

5 Questions to Ask Potential Mortgage Lenders

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As you embark on the dynamic journey of buying a new home, it’s crucial to navigate the intricate landscape of mortgages with confidence. I’m Liz Opatic, a committed real estate professional specializing in the vibrant Grand Rapids community. In the following discussion, we’ll delve into the pivotal questions you should contemplate when engaging potential mortgage lenders.

1. What type of loan do you recommend for me? Why?

In the realm of mortgages, one size rarely fits all. It’s crucial to understand the nuances of each mortgage type and how they align with your goals. Delve into the rationale behind the lender’s recommendation – this insight empowers you to make an informed decision tailored to your unique needs.

2. Will my down payment vary based on the loan I choose?

Being smart about your finances is super important. So, don’t hold back when it comes to letting your lender know about your money limits. Mortgages have all sorts of different down payment needs. By sharing your preferences, you’re setting the stage for a balanced approach that keeps your financial comfort in mind.

    3. What is the interest rate and the annual percentage rate (APR)?

    While interest rates take the spotlight, the Annual Percentage Rate (APR) offers a comprehensive view. It merges the interest rate with fees, providing a holistic understanding of your borrowing costs. Grasping the APR aids in making accurate comparisons among loan offers.

    4. When can I lock in my interest rate?

    Asking your lender how soon you can lock in your interest rate is a strategic move that can save you money. Interest rates can be like a moving target, and they often fluctuate with market changes. By finding out the earliest possible moment to lock in your rate, you’re giving yourself a chance to secure a favorable rate before it potentially goes up. This can translate into significant savings over the life of your loan. So, don’t miss out on the opportunity to potentially lock in a lower rate – it’s all about maximizing your financial advantage in the home-buying process.

    5. What will my closing costs be?

    When it comes to closing costs, it’s crucial to have a clear understanding of what to expect. Typically ranging from 3-6% of your loan value, these costs encompass various fees associated with finalizing your home purchase.

    If you are looking for a great mortgage pro, I have several loan officers that will take amazing care of you. Call me today!

    Liz

    Fresh Year, Fresh Start: Cleaning Out Your Home for the New Year

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    Many of us could not wait to close the door on 2020 and usher in the new year– and all the positive karma we hope comes with it! As you look forward to 2021 you may have spent some time thinking about your intentions for the coming year, whether for personal or professional growth, health and fitness, or family goals. Let’s face it, 2020 was stressful, and while many people look to each new year to freshen up their lives, this year more than ever people are looking inward to reexamine what is important to them. But one thing that is just as important as setting intentions for your behaviors or habits is creating a peaceful and joyful place in which to practice your intentions.

    If you, like most Americans, spent a record amount of time inside your home last year due to the pandemic, you may have accumulated more stuff than you have in previous years. Many people acquired new hobbies to pass the time at home, started – and maybe even finished – home improvement projects, or simply went a little overboard with boredom-induced online shopping. If this sounds familiar, it may be time for a decluttering session.

    Living with too much stuff can cause stress, anxiety, and depression. People with too much clutter in their environment also tend to suffer from relationship issues, sleep problems, and chronic allergies or asthma.

    So, before you pack a suitcase and hop on a flight for that vacation that got cancelled last year, take some time to clean out your home for the new year. Here are a few strategies recommended by professional organizers.

    1. One category at a time: This method is used by Marie Kondo, author of the bestselling book The Life-Changing Magic of Tidying Up, and TV show, Tidying Up with Marie Kondo. She advocates for decluttering items by category: clothes, books, papers, miscellaneous items, and sentimental items, in that order. 

    2. One room at a time: Another method is to focus on one area at a time. It could be a room, the garage, or the attic. If that amount of space is still overwhelming to you, break it down to one closet, one cabinet, or one drawer at a time. 

    3. Arrange keep, sell, and donate spaces. As you progress through your decluttering, it will save time and energy if you have already designated areas to accumulate items that are to be kept, sold, or donated. Then you can deal with each group of items once you have everything separated.

    Once you have cleaned out your home, you might adopt some of these habits for preventing clutter from piling up again:

    1. Set a rule where you don’t purchase a new piece of clothing, toy, book, or gadget without getting rid of something you are no longer using.

    2. Get into the habit of always putting everything back in its place. This will keep you from purchasing items you already have but can’t find or forgot about.

    3. To prevent clothes from piling up, try choosing your outfits for the coming week every Sunday, and don’t let clean laundry sit unfolded. (I’m so guilty of this. Folding laundry is one of my least favorite chores…)

    4. Look through your refrigerator and pantry before shopping and shop with a list of needed items.

    5. Live by the rule that if you haven’t used it or worn it in the past year, chances are you don’t need it.