Home Ownership

The Benefits of a Geographically Savvy Real Estate Agent

A real estate agent who knows the area like the back of her hand can make all the difference in finding the perfect home. She’ll have the inside scoop on every nook and cranny of the area, which means you’ll reap many benefits during your home search. Here’s how having a geographically savvy agent is a total game changer....

Get referrals

If you are moving to a place where you already know people, ask them for real estate agent referrals. Check these agents’ online reviews to see what others say about them. Narrow your list to three or four agents, and schedule appointments to meet with them to find the one who’s most knowledgeable....

If you don’t know people in the area you are moving to, search online for good agents and brokerage firms, again using reviews to help you select the best. ...

What your real estate agent should know about the area

The agent you select should know the following about your target area....

Home values. Every agent should know comparable values in specific subdivisions and the broader area where you are looking.
Local schools. Your agent should know all about the area’s public school districts as well as the elementary, middle and high schools that kids in particular neighborhoods attend. She should also know about the area’s private schools, including how much they cost.
Local shopping. Your agent should know about local grocery shopping, clothing, furniture and more.
Insurance. Homeowner policies can be significantly higher in areas of elevated risk, such as coastal hurricane zones. Your agent should be able to tell you if an area is prone to severe thunderstorms, tornadoes, and hail or whether there is an earthquake risk.
Unique building codes. Areas that are higher risk could also have specialized building code requirements, such as hurricane strapping for roof structures or reinforced strapping for the framing of foundations in earthquake-prone areas.
Zoning laws. Are there zoning laws that could impact property values? Your agent should know, for example, whether there are commercial zones nearby or proposed changes to zoning that could affect residential areas.
Future developments. Your agent should be aware of future residential and commercial developments as well as road construction that could impact a home you might be considering.
Homeowners associations (HOAs). An agent should know whether there is an HOA for each neighborhood and be familiar with the rules buyers need to know. For example, if you’re interested in buying a home to use as an Airbnb, your agent needs to know whether a particular HOA allows short-term rentals.
Local mortgage lenders. Your agent should know local mortgage lenders, who themselves should know the housing market in your area. A knowledgeable agent and lender can help you make the best decisions.
Property taxes. The agent should have an excellent working knowledge of property taxes and appraisals in the area. She should also know the district lines that divide different jurisdictions from one another.

An agent who is an expert in these areas will give you confidence that you’ll be making a fully informed decision about buying a home....

Investment, Money,

From Your Family to Another: Selling Antiques

Those antiques your grandmother left are lovely, but you may nonetheless choose to sell them. Perhaps you don’t have space for additional furniture, or maybe grandma’s style just doesn’t fit with your own. You may simply need some easy cash. Where’s the best place to sell family heirlooms? How can you be sure to get what a piece is worth? Here are some tips for valuing and selling antiques....

Determining value

Valuable antiques include furniture, accessories, jewelry, coins, guns, tools, pocket watches, Victrola record players, sports memorabilia and many other pieces....

Value is determined by age, rarity and condition. A piece might be old, but there may be many of them out there. Yours may not be in great condition. Some antiques may be replicas of much more valuable originals....

To determine the value of what you have, begin with what you know from the family about the antique’s origin and history and how the family acquired it. Are there any past appraisals that provided a valuation at one time?...

You can often find additional valuation information by researching online....

Searching for specific design features, such as filigree settings on jewelry or furniture finishes such as birdseye maple, can often lead you close to the object of your search.
With coins, the denomination, design stamp and year are enough to get you off to a good start.
On furniture, art and accessory pieces, look for labels, stickers and artist signatures to aid your online search.
Baseball cards and other sports memorabilia are practically a category to themselves. Cards and balls signed by famous athletes from many years ago fetch good prices if you can authenticate them.
If your search terms aren’t producing results, try a Google reverse image search using a photo of the object.

With jewelry, consult with at least three local appraisers. You can find appraiser referrals online. An appraiser often will buy jewelry from you if he thinks he can resell it. With other antiques, you can also contact local antique auction houses about the appraisal. They might be interested in helping you sell at auction or might even buy the piece outright....

Where to sell antiques

Websites such as Heritage Auctions can give you an online appraisal and conduct a virtual auction. An online auction opens your market to the nation or even the world. EBay also exposes your item to the world but does not help with appraisals. Keep in mind that if you sell larger pieces such as furniture online, you may have to charge your buyer significant shipping costs plus insurance....

Craigslist can help you sell locally, as can Facebook Marketplace. Buyers on these sites often are looking for more common objects, not pricier antiques, but you may still find a buyer. Be sure to read Craigslist’s tutorial on avoiding common scams....

Local appraisers and auction houses can help you sell your goods on-site. Another selling source is stores that sell collectibles and antiques on consignment. These places put your item on display at their showroom, and if it sells, split a percentage of the sales price with you. Before consigning, research the store. How long has it been in business? What are the store’s reviews like? Does it have a good Better Business Bureau profile? Consignment stores should sign a contract with you spelling out the price split, how much negotiating room you’re allowing the dealer, and whether an item’s price drops incrementally if it doesn’t sell over time....

Keep in mind that some antique items, such as figurines, are difficult to sell at an attractive price. Unless a figurine is rare, in perfect condition, and was made by a famous designer, it probably will not fetch much....

Buying, Financing a Home,

Parents Helping With Home Purchases: Smart Ways to Assist With Your Child’s First Home

Buying a first home isn’t easy these days, as rising mortgage rates and student loan debt keep many young adults on the sidelines; that’s why more families are turning to parents helping with home purchases. Here’s what parents and their kids need to know before making this big move....

How are parents helping with home purchases today?

There are a variety of ways parents can help their young adult kids buy their first home, from gifting down payments to co-signing or co-buying. These forms of support can be life-changing, but they come with legal and financial implications. ...

Gifting money toward a home purchase: rules and tax tips

The most straightforward way to help is by gifting money to the kids. Current gift tax law allows each parent to gift up to $19,000 without the gift being reported by the parents for tax purposes. If you are married, you and your spouse can combine your exclusions. This effectively doubles the amount you can gift: $38,000 per child in 2025. However, if only one spouse makes the gift and exceeds the $19,000 limit, they must file a gift tax return (Form 709), and the other spouse must consent to the gift splitting. Since the taxable estate exemption threshold is almost $14 million, taxes are very rarely an issue for the parents. The recipient children owe no taxes, nor must they report the gift. ...

If the children are depending on the gift for a down payment on a mortgage, the lender may require a copy of a gift letter from the parents to the children. ...

Co-signing a mortgage: what parents should consider

Co-signing the mortgage is another way parents can help. This comes with an obligation on the children to make payments consistently and on time. If a payment is late, the lender’s collections representative will contact both the child and the co-signing parent. Late fees and default notices affect not only the child’s credit but also the parent’s, as a credit report on the parents reflects their co-signer status for the loan. ...

Co-buying a home with your child: shared ownership basics

Increasingly, parents are assisting by becoming co-buyers with their kids. In this scenario, an equity partnership is established, with co-ownership divided by percentage based on the kids’ and the parents’ respective contributions to the purchase. ...

Setting clear boundaries

When aid to the child’s home purchase is in the form of a gift, boundaries and expectations may be few or nonexistent....

However, parental co-signing or shared equity requires setting out in writing the requirements for all parties. It is not a matter of trust, but of clear communication to avoid disputes later about what was agreed upon. Money disputes have driven wedges between even close families....

In a co-signing situation, the children must make timely payments. There should be a written agreement between the children and parents for repaying the parents in the event of late payments, default, or short sale. The parents’ credit will be damaged, so the consequences must be clear.
In a shared equity situation, an agreement should outline the percentage of shared ownership by parties, who has decision-making rights for remodeling or leasing out the property, what to do if anyone wants out of the deal, how to handle a future sale, and any other decisions that affect the condition and value of the property.

When to involve a CPA or estate attorney

Parents and children should consult with a CPA and, if necessary, an estate attorney to understand how their decisions may affect everyone involved....

Outdoor Living, Ownership,

Winterizing Your Vegetable Garden for a Bountiful Spring

A chill is in the air, the leaves are falling, and the scent of pumpkin spice is in the air. It’s time to finish your last vegetable harvest and winterize your garden for the frosty months ahead. Fall maintenance lessens the amount of work you’ll have to do come spring and will make your garden more productive....

Final harvest

Before the first freeze, comb through your garden and harvest the last tomatoes, zucchini and other vegetables. If some aren’t entirely ready to eat, store them in a paper bag on the kitchen counter to finish ripening....

Weed

Winterizing your garden requires removing and tossing weeds and grass that may have infiltrated during the summer. It’s best to trash or burn these invaders rather than add them to compost, where they can end up infesting your garden again next spring....

Clear, compost, and mulch

Cut and clear old plants from the garden rather than letting them stay and rot during the cold winter. If they are healthy, cut them up and put them into your compost, or mulch them into the rows of the garden. Do not compost or mulch any plants that are diseased or moldy....

Add mulch made from fallen leaves to planting beds as you are winterizing your garden. Cutting them up with the mower first will help them break down more easily. Add a layer of bagged mulch for a final insulating layer to retain moisture in the soil....

Leave perennial plants that will return next spring. Research which need pruning, such as asparagus and blackberries, and which should be left for another season, such as blueberries....

One last task for winterizing your garden is to test your soil’s pH and mineral content. If the soil is acidic, add lime to balance it in time for spring planting. You can also add mineral-rich natural fertilizer to enrich the garden soil....

Plant winter crop and spring bulbs...

Early fall is the time to plant winter crops such as kale, beets and carrots. Plant garlic and other bulbs for a spring crop. Cover crops when a winter freeze or snow is in the forecast....

Related – Mulch is a Gardener’s Best Friend...

Outdoor Living, Ownership,

How to Transform Barren Yards with Winter Plants

In most climates, after fall’s riotous hues fade, landscapes become dreary and devoid of color. Whether you live in a snowy or moderate climate, here are some tips for transforming your barren yard with winter plants....

Problems winter plants can solve for you

Problem: Your grass is hibernating, and your yard looks brown and drab....

Solution: You can’t do much for dormant grass. However, placing winter plants in containers around the yard will draw the eye to something else. Use around the base of trees, in gardens, next to walkways, and on patios or porches....

Problem: Overwintered spring and summer plants make your garden look bleak and lifeless....

Solution: Using winter plants that have blooms or colored foliage will give your landscaping variety. Evergreens, conifers, and even berry bushes add color to your garden during colder months. Bonus: Berry-producing bushes typically attract birds....

Problem: Outdoor seating areas look drab and lonely during the winter months....

Solution: Add a fire pit, then place planters next to the seating area. Use some of the trees and flowers described below in brightly colored pots....

Winter plants worthy of consideration

In contemplating which winter plants to purchase, look for colorful or textured bark, interesting branch patterns, or evergreen foliage. Here are some suggestions....

The bark of the red osier dogwood varies in shades from red to burgundy. It also produces white blooms and fruit in springtime. Extremely resilient, it can grow to a height of six feet to 10 feet. In a large container, surround the base of this tree with potted winter flowers. Or plant it in the ground.
The compact American cranberry bush viburnum grows red berries that birds love. In the spring, you’ll see its white flowers first and then red fruit. During the fall, the leaves turn from red to purple, making this a plant that gives all year. It can reach heights of four or five feet with a width of three to four feet.
Spring or winter heath Scotch yields flowers in white, pink, red, or lavender. This carpet of evergreen leaves works amazingly as ground cover during cold months, especially on sloped landscapes.
Flowers that bloom in winter include hellebore, phlox, winter jasmine, snowdrops, and Algerian iris. Most of these flower through the fall and winter, then hibernate during spring and summer.

Keep them pruned and looking tidy, but most require little to no maintenance. Planting a few varieties of these will keep your landscape looking bright, colorful, and alive even during the coldest seasons....

Outdoor Living, Ownership,

What Are Burn Bans? Protecting Homes and Land from Wildfire Risk

Parts of the US, particularly in southern and western states, have experienced prolonged droughts over the past few years, prompting local governments to issue burn bans to prevent wildfires. Beyond the devastation to agriculture, one danger is evident from news reports of wildfires sweeping hundreds of acres and torching homes. What is a burn ban, and what must you know if one is issued in your area?...

Causes of wildfires

The National Park Service estimates that human actions cause 85% of wildfires:...

Neglecting campfires
Burning trash and debris
Discarding cigarettes
Operating equipment improperly
Committing arson

Naturally caused fires sometimes occur after lightning strikes, even when no rain is falling, igniting dry grass and brush....

Burn bans protect areas from wildfires.

Most state governments work with local and national weather services to monitor drought conditions. Counties issue bans meant to mitigate the start of human-caused wildfires. ...

Burn bans, when properly obeyed and enforced, can drastically reduce the wildfire threat....

Here’s what a burn ban typically entails:...

The use of open flames, such as for burning trash, debris, or brush piles, is forbidden.
Some spark-inducing activities may be allowed with precautions.
Care must be taken when mowing. A spark from the blade hitting rocks could start a fire.
Gas grills are okay to use.
Even when a ban gets lifted, you may be required to obtain a permit to incinerate trash or debris piles.

Violations of burn bans can result in misdemeanor penalties. However, should a wildfire result from a breach, fines can be much more severe, including liability for damage to structures and property....

Related – Save Your Home from Wildfires...

Building a Home, Buying,

Climate Change: How Does It Affect Your Home?

The construction, financing, insuring, and maintenance of all buildings have undergone gradual updates over the last several years due to inexorable climate change. For homeowners, once optional features are now standard in new construction. Retrofitting homes with climate-adaptive features is becoming the norm. Here’s how climate change is affecting homeownership and what you can expect in the future....

The steady ratcheting up of climate extremes

Weather patterns over the last decade are erasing doubts about the reality of climate change. Hurricanes are becoming more intense, wreaking devastation in the southeastern United States. So-called “Tornado Alley,” which once covered the Midwest, has shifted east into states such as Tennessee, Mississippi, and Alabama, where the number and intensity of tornadoes have increased. The southwestern states are enduring a long-term drought, which brings the risk of massive wildfires....

These environmental conditions are forcing changes in the design and construction of all types of buildings. As homeowners, we must adapt to protect our investments. ...

The impact of climate change on homeownership

Here are the most noticeable upgrades that climate change is imposing on home construction and remodeling:

The construction of new homes is incorporating features directly related to climate change. Insulation, thermal sheathing, and seam sealing behind the outer facade material are more robust, helping prevent outside temperatures from increasing HVAC costs.
Retrofitting homes with more climate-control features, both inside and out, is on the rise.
Local or state codes may require certain structural safeguards, such as “hurricane straps,” to protect the roofs of houses along the Gulf Coast.
HVAC systems are more efficient than ever, seeking to insulate homeowners from utility rate increases. Heat pumps process air cost-efficiently. Smart-home thermostats ensure the most efficient operation of HVAC equipment.
Building materials are made from nontoxic and environmentally friendly materials.
Solar panels, though still expensive, help homeowners save on utility costs.
Lighting has advanced from incandescent to fluorescent to LED bulbs, reducing electricity use to pennies on the dollar.

Here are the lending and insurance financial effects of climate change:

Banks and other lenders are applying ESG principles to their lending practices. Environmental, social, and governance standards are used to rate vendors and affect lending guidelines. Lending terms are shaped to encourage “green” building practices. Lenders do climate risk assessments in disaster-prone areas to shape lending policies.
Houses in high-risk areas, such as the Gulf Coast hurricane zones and California wildfire zones, face a double whammy: higher insurance rates and lower home values as demand for properties in those areas wanes.
Some insurers have withdrawn from the hardest-hit states. The limited number of insurers means increased rates.

Industry experts advise home shoppers not only to crunch the numbers on the purchase price, but also to assess how environmentally resilient the home’s building materials are and whether it needs retrofitting if it is an existing home. Be sure to obtain detailed quotes from mortgage lenders and insurance companies before committing to purchase, and ensure the numbers fit your budget....

Selling, Selling Your Home,

Smart Selling—Home Price Reduction vs. Closing Credit

For a seller, when is a home price reduction a good choice? Say you’re selling your home and have a decent offer in hand. But to get the agreement, the buyers want to negotiate a credit from you at closing. Should you agree to that, or would a home price reduction be the smarter option? Here’s how to think it through....

Is one as good as the other?

To illustrate how each concession works, say you get an offer on your house for $300,000. The buyers request a $7,000 credit toward their closing costs. You and your agent consider offering a $7,000 price reduction instead. In most cases, the numbers support a price reduction rather than a credit. Here’s why:...

A buyer hungry for credit at closing could be short on cash for the purchase. This becomes more apparent when you offer a price reduction, and they still insist on a credit.
Since many closing fees are calculated as a percentage of the sales price, they will decrease with a sales price reduction, but will remain higher when you issue a closing credit instead.
A lower sales price could reduce capital gains tax liability later. People below certain income thresholds pay no capital gains tax on the sale of their homestead if the capital gain is below $250,000 for individuals and $500,000 for married couples. A lower sales price might make the difference between paying the tax and not paying it.
Lowering the price could help avoid a mortgage lender’s loan-to-value limit. Your buyer’s mortgage company will only lend against what their appraisal of the home’s worth is. If the sales price exceeds that limit, the buyer and seller must reach a compromise by either the buyer putting more cash down on the house, the seller reducing the price, or both. A sales price reduction addresses this issue.

Being smart about a home price reduction

While a home price reduction generally prevails over a closing credit, price reductions should be used strategically....

First, don’t reflexively drop the price if no offers come right away. Instead, your agent should collect buyer feedback from showings and open houses. Rather than just dropping the price, see whether there is negative feedback about the home that can be addressed through moderately priced improvements. ...

If you decide to reduce the price, first research comparable home prices in your area and make a reduction that aligns with market conditions and timing. ...

If a buyer sends you a low-ball offer, keep a cool head. Do not reject the offer brusquely as an insult. Let the buyer know you’ll accept a more reasonable offer, and send a counteroffer much closer to your price than theirs. This communicates that their offer isn’t reasonable while leaving the door open to a mutually agreeable compromise. ...

Finally, be mindful of the image you may be presenting with a price drop. Too much or too quick can signal to potential buyers that something is wrong with the house. Or it may imply that you are desperate to sell, which can lead buyers to pass over your listing without proper consideration....

Investment, Money,

Pros and Cons of Using Property Management

Owners of investment rental properties face a decision whether to manage their rentals themselves or to hire a professional property management company. The advantages and disadvantages are multifaceted, so let’s analyze them....

Direct vs. indirect control of property management

Owning one or two rental properties can be a profitable long-term investment. It entails a set of responsibilities that the owner must juggle. When the owner has only a small number of properties, this may be doable, but as the portfolio grows, many owners hire a property management service....

Responsibilities for rental property owners include:

Listing and advertising available properties
Interviewing and screening applicants
Negotiating lease agreement terms
Complying with laws and regulations on landlord-tenant relations
Contract signing and enactment
Collecting deposits and monthly rent payments
Managing property make-ready
Managing property maintenance and repairs
Negotiating and settling disagreements and disputes
End-of-lease management and deposit refunds

The fundamental difference between DIY property management and a professional service is the degree of direct involvement and the relationship the owner has with tenants. Many owners want to build that relationship, but some prefer that a management team take on the responsibilities....

Advantages of using a property management service

Hiring a property manager brings these benefits:

Having an expert in the legal dynamics of advertising the property, screening applicants, negotiating lease terms, dealing with disputes, and maintaining the property
Unburdening yourself from the time commitment of property management
Maximizing rental income from each property
Cost control for maintenance and repairs
Having an established vendor list of repair companies, so you don’t have to find your own plumbers, electricians, and so on.
Relieving the stress of dealing with all these pressures
The ability to scale the management scope as your portfolio of properties grows

Disadvantages of using a property management service

Paying management fees that cut into your profits
Loss of relationship with your tenants
Less personal control of decisions as you give that responsibility to the manager

The decision point

For many owners, the decision to use a management company comes when they realize that
growing a portfolio of properties will require professional help. An owner can only handle so much responsibility, after all. A growing number of properties forces the owner to seek help in keeping the enterprise running smoothly....

Selling, Selling Your Home,

How Seller Concessions Can Help You Buy a Home

Buying a home is an expensive proposition, but there’s a way to ease some of that financial burden without cutting corners: Enter seller concessions. These are powerful negotiation tools that can help buyers afford more and sellers close faster. Between the down payment, closing costs, inspections, and other fees, the expenses add up fast, so it pays to learn more. Here’s what you should know. ...

Understanding seller concessions in real estate

Seller concessions are agreements in which the home seller covers some of the buyer’s purchase costs. These costs are typically part of the buyer’s closing costs but may also include other transaction-related fees....

Think of it as the seller offering a financial “boost” to the buyer, a smart move in competitive markets or when a home has been on the market a little too long....

How do seller concessions work?

Seller concessions are negotiated as part of the purchase agreement between the buyer and the seller. The concession can be a fixed dollar amount or a percentage of the home’s sale price....

For example, if a home is listed for $350,000 and the seller agrees to a 3% concession, that’s $10,500 the seller contributes toward the buyer’s closing costs, a significant help for a buyer trying to conserve cash....

The funds usually go toward closing costs, including appraisal fees, title insurance, search fees, loan origination fees, home inspections, HOA transfer fees, and real estate taxes. These concessions reduce the buyer’s out-of-pocket expenses at closing, making homeownership more accessible....

Who benefits from seller concessions?

Seller concessions benefit both buyers and sellers in meaningful ways. For buyers, especially first-time purchasers or those with limited cash reserves, concessions can significantly reduce upfront costs and make homeownership more attainable. ...

On the flip side, sellers can use concessions as a strategic tool to make their property more appealing and competitive in the market, particularly in a buyer’s market or when a quick sale is needed....

In some situations, offering concessions can even help salvage a deal that might otherwise fall through due to repair concerns or appraisal shortfalls....

Examples of common concessions

Not all concessions look the same. Here are a few real-world examples of how they can be used:...

Covering closing costs: The most common use of concessions is to help buyers pay for required fees, such as appraisal, title, and lender fees....

Home warranty: Sellers may include a home warranty as part of the deal, providing the buyer with peace of mind regarding potential repairs after move-in....

Price adjustments for repairs: If an inspection reveals needed repairs, a seller might instead offer a price reduction or credit to cover the costs, effectively making another form of concession....

Limits on seller concessions by loan type...

Before you ask for (or offer) seller concessions, it’s essential to know that limits apply, and they vary by mortgage type:...

Conventional loans: Seller concessions range from 3% to 6%, depending on the buyer’s down payment amount....

FHA loans: The Federal Housing Administration allows concessions up to 6% of the purchase price or appraised value (whichever is lower)....

VA loans (for veterans): The Department of Veterans Affairs caps concessions at 4% of the home’s price....

USDA loans: Buyers using a USDA loan may receive up to 6% in concessions....

Real estate agents and lenders can advise you on the amount you’re eligible for based on your financing and circumstances....

When should buyers ask for seller concessions?...

Buyers should consider requesting seller concessions when the market favors buyers, an inspection uncovers repair needs, cash is tight, or the home appraises below the contract price. While not guaranteed, especially in competitive markets, concessions can be a valuable way to align buyer affordability with seller goals. A skilled real estate agent can help navigate these negotiations and determine when concessions are most likely to be successful....

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