Lande's Landing | The Key to Real Estate & Relaxation

Owning a home is a significant investment, and making strategic home improvements can not only enhance your living experience but also provide an excellent return on investment (ROI). While some renovations may seem appealing purely for aesthetic reasons, it's essential to prioritize those that will yield the best returns in the long run. In this blog post, we'll explore the top home improvements that offer the best ROI, allowing you to make informed decisions to increase the value of your property. 1. Kitchen Remodeling : They say the kitchen is the heart of the home, and it's also one of the most valuable areas to renovate. A well-designed kitchen with modern appliances and functional layouts can significantly boost the value of your home. Focus on updating cabinets, countertops, flooring, and energy-efficient appliances to appeal to potential buyers and improve your ROI. 2. Bathroom Upgrades : Next to the kitchen, bathrooms play a crucial role in influencing a home...

With mortgage rates having doubled what they were in early 2022, getting the lowest rate possible could mean the difference in being able to buy a home or at the very least, makes it much more affordable.   Some people are waiting for rates to come down and while they are expected to come down some this year, most experts agree that they'll never return to the three or even four percent range.   There are things that a buyer can do to be eligible for the best rate available.   Obtaining the most favorable terms is based on the loan-to-value, your credit rating, and your ability to repay the mortgage. While lenders can impose their own underwriting criteria, the basic qualifying guidelines are identified as the 4 Cs: Capital - money and savings, plus other investments providing for down payment, closing costs, and reserves for unexpected expenses in the future.   It could also include gifts from family members, grants, and down payment assistance. Capa...

An appraisal gap describes the difference between the sales price and the lower amount of the appraisal required by the mortgage being obtained by the buyer.   It becomes an issue if the seller is not willing to lower the price or the buyer is not willing to pay the difference in cash. Looking at the issue from the seller's perspective, "if the buyer wants my home and he can't get the loan he wants, he'll have to make up the difference in cash."   The buyer might have a different view like "If an independent appraiser can't justify the price, I'm not going to pay more than appraised value." Pay the difference in the appraised value and the purchase price in cash.   Solution - Assuming the buyer has adequate cash reserves and is willing to pay above appraised value, this will satisfy the lender. Decrease your down payment percentage to apply toward the appraisal gap.   It may trigger mortgage insurance which will increase your paym...

Sales in March 2023 were down 2.4% month over month and still down 22.0% year over year according to the NAR Housing Snapshot.   The median sales price dipped 0.9% to $375,700 and there are 2.6 months supply of homes on the market compared to 2 months a year ago. "Inventory levels are still at historic lows, and consequently, multiple offers are returning on 28% of properties." According to Lawrence Yun, Chief Economist for the National Association of REALTORS�. It is still important to have a strategy for potentially competing with other buyers on the house you want to buy.   The plan should include several available provisions and options, so that at the time of drafting the sales offer, you can consider exactly what to include based on the situation. Unless a person is paying cash, you need to be pre-approved by a trusted mortgage professional long before you start looking at homes.   Include the written pre-approval letter along with the offer...

Builders of new homes offer or are required to warrant their work for a specified period.  Municipal inspections are generally required during different stages to "ensure the life, health, safety, and welfare of the public" but even if something is missed, the ultimate responsibility for building to code belongs to the builder, even if the municipal inspector misses something. There are four basic stages of residential construction including: The foundation stage begins with excavation, footings, foundation walls or slab, waterproofing, backfill, compaction and underground rough plumbing and electricity.   Municipal inspections are done prior to pouring the foundation while items are visible. The framing stage includes the wood or steel framing, exterior walls and roof sheathing, exterior trim and siding, windows, doors, and roofing.  Depending on the municipality, there could be inspections of the rough framing separate from the roofing.  ...