Money Archives ~ The Military Move

Tips for Maximizing the Sale Price of Your Home

August 4, 2023 No Comments

Selling a home is a significant financial transaction, and maximizing the sale price is often a top priority for sellers. Here are some tips to help you negotiate the best deal and get the highest price possible for your home:

Prepare your home: First impressions matter. Ensure that your home is clean, well-maintained, and decluttered. Consider making small repairs and improvements to enhance its appeal. Staging your home can also make it more attractive to potential buyers.
Research the market: Understand the real estate market in your area. Look at recent sales of similar properties in your neighborhood to get an idea of the current market value. This will help you set a competitive and realistic listing price.
Hire a skilled real estate agent: A knowledgeable and experienced real estate agent can be instrumental in getting the best deal. They can provide valuable insights, market your property effectively, and negotiate on your behalf.
Price competitively: Setting the right price is crucial. Overpricing might discourage potential buyers, while underpricing might lead to leaving money on the table. Your real estate agent can help you determine the optimal listing price based on market conditions and comparable sales.

Create a sense of urgency: Buyers may be more inclined to offer a higher price if they believe there’s competition for the property. If possible, strategically time your listing to generate interest and multiple offers.
Showcase unique features: Emphasize the unique and desirable aspects of your home. Whether it’s a stunning view, a beautifully landscaped garden, or modern amenities, highlighting these features can justify a higher asking price.
Be flexible with negotiation: Be prepared for negotiations and be willing to compromise on certain aspects of the sale, such as closing dates or minor repairs. Being flexible can encourage buyers to meet your price expectations.
Disclose all relevant information: Honesty is essential in real estate transactions. Be transparent about the condition of your home and disclose any known issues upfront. Buyers will appreciate your integrity, and it can lead to smoother negotiations.
Consider pre-inspection: Getting a pre-inspection can identify potential problems before listing your home. Fixing these issues in advance can make your property more appealing to buyers and prevent price negotiations based on repair estimates.
Stay informed and patient: Selling a home can take time, and the negotiation process might involve several rounds of counteroffers. Stay informed about market trends and remain patient throughout the process.

Remember that the final sale price of your home will depend on various factors, including market conditions, location, and the level of demand. By following these tips and working with a skilled real estate agent, you can increase the likelihood of securing the best possible deal for your home.

If you know someone looking to move near a military base – please send them our website below where we provide loads of base information.

Finances, Money

Energy-Efficient Upgrades for New Homeowners

July 26, 2023 No Comments

Congratulations on becoming a new homeowner! Energy-efficient upgrades can not only reduce your utility bills but also help you contribute to a more sustainable environment.

Here are some energy-efficient upgrades you can consider:

LED Lighting: Replace traditional incandescent bulbs with energy-efficient LED lights. LEDs use significantly less energy and have a longer lifespan, saving you money on replacements.
Smart Thermostat: Install a programmable or smart thermostat that can adjust the temperature based on your schedule. This helps optimize heating and cooling, saving energy when you’re not at home or asleep.
Sealing and Insulation: Check for air leaks around windows, doors, and other openings. Properly seal gaps and add insulation in attics, walls, and basements to improve energy efficiency and maintain a comfortable indoor temperature.
Energy-Efficient Appliances: When it’s time to replace old appliances, choose energy-efficient models with the ENERGY STAR label. These appliances are designed to use less energy without compromising performance.

Solar Panels: If your budget allows, consider installing solar panels to generate clean and renewable energy. Over time, they can significantly reduce your electricity bills and decrease your carbon footprint.
Energy-Efficient Windows: Upgrade to energy-efficient windows with double or triple glazing to better insulate your home. These windows can help regulate indoor temperatures and reduce the need for heating and cooling.
Water-Saving Fixtures: Replace old toilets, faucets, and showerheads with water-saving models. This can reduce water consumption and lower your water bills.
Energy-Efficient Heating and Cooling Systems: If your home’s HVAC system is outdated, consider upgrading to a more energy-efficient system. Modern heat pumps and high-efficiency furnaces or air conditioners can help save energy and money.

Energy Audit: Consider getting a professional energy audit to identify areas where your home can improve energy efficiency. This will help you prioritize upgrades based on the most significant energy-saving opportunities.

Energy-Efficient Landscaping: Plant shade trees around your home to reduce the amount of direct sunlight hitting your house during hot summer months. This can help lower cooling costs.

Smart Power Strips: Use smart power strips to automatically turn off power to electronic devices that are in standby mode. Many electronics continue to draw power even when not in use, which can be eliminated with smart power strips.
Insulated Water Heater: If your water heater is located in an unheated area, consider insulating it to reduce heat loss and energy consumption.

Remember, energy-efficient upgrades not only save you money in the long run but also make your home more appealing to future buyers if you decide to sell. Start with the upgrades that fit your budget and prioritize the ones that will have the most significant impact on your energy usage.

If you know someone looking to move near a military base – please send them our website below where we provide loads of base information.

Blog, Finances, Money, Rental

How to Spot a Rental Scam

July 13, 2023 No Comments

Spotting a rental scam can be crucial in protecting yourself from financial loss and potential fraud.

Recently, we were looking for a room for rent. It sounded like an ideal place, in the right location, for the right amount. My alarm bells should have been sounding from the get-go. But we decided to proceed. Everything seemed typical until we got to the part where she discussed rental and application fees. No biggie right – no scam alerts yet. Then she stated that he would have to fill out an application to view the room under the premise that if he didn’t like it, it would be refunded.

There it was – alarm bells. I immediately did a reverse look-up of the number to see if the name provided matched – and no info could be found – another alarm bell. He told her to contact me and guess what – no calls. Thankfully, I was able to catch this before any money was provided or an actual email was given – as this is where they can hack you as well.

Without further delay, here are some signs that may indicate a rental scam:

Unrealistic or too-good-to-be-true offers: Scammers often lure victims with exceptionally low prices or luxurious properties at a fraction of the market rate. If the deal appears too good to be true, it’s likely a scam.
Request for upfront payment or wire transfers: If the landlord or agent asks you to wire money or pay a large sum upfront before signing any documents or viewing the property, it’s a red flag. Legitimate landlords typically require a security deposit or first-month’s rent after signing a lease agreement.
Absence of property viewings: Scammers may provide excuses for not allowing you to visit the property or claim they are currently out of town. They might even offer fabricated reasons such as renovations or ongoing repairs. Always insist on visiting the property before making any payments.
Lack of proper documentation: Legitimate landlords will provide a lease agreement or rental contract outlining the terms and conditions. Be wary of landlords who refuse to provide written documentation or use generic, poorly constructed contracts.
Pressure tactics and urgency: Scammers may use high-pressure tactics, claiming that there are multiple interested parties or that you need to act quickly to secure the rental. They want you to make impulsive decisions without thoroughly considering the details.

Communication irregularities: Poor grammar, spelling mistakes, excessive capitalization, or generic email responses can indicate a scam. Legitimate landlords and agents generally maintain professional communication.
Unverified or untraceable contacts: Scammers often use untraceable email addresses, generic names, or free online messaging services. They may avoid providing a physical address or use fake contact information.
Inability to meet in person: If the landlord or agent refuses to meet you face-to-face or conduct video calls, it raises suspicion. Physical interaction and communication are essential when dealing with rental properties.
Duplicate listings or stolen property images: Scammers may copy legitimate rental listings from reputable websites and repost them with altered contact details. Perform a reverse image search to check if the property photos are stolen from elsewhere.
Trust your instincts: If something feels off or doesn’t seem right, trust your gut feeling. It’s better to walk away from a potentially fraudulent situation than to risk losing your money or personal information.

Remember, scammers continuously come up with new tactics, so stay vigilant and educate yourself about common rental scams. Whenever possible, work with reputable real estate agents, use trusted rental platforms, and conduct thorough research before entering into any agreements.

If you are looking to buy or sell or need an agent to help provide resources, check out our PCS map below and click on “Connect with the PCS Professional” at the location you need.

Money, Moving

What is a VA Assumable Loan ?

June 21, 2023 No Comments

A VA assumable loan refers to a mortgage loan that is backed by the Department of Veterans Affairs (VA). It can be assumed by another eligible borrower. When a VA loan is assumable, it means that a new buyer can take over the existing loan and assume responsibility for its terms and conditions.

In a typical home sale, the buyer secures their own financing by applying for a new mortgage with whatever bank they choose. However, with an assumable VA loan, the buyer has the option to assume the existing loan of the seller. This assumes they meet certain eligibility criteria set by the VA. This process is done with the bank that is servicing the current loan.

Assuming a VA loan can be advantageous for the buyer because they may be able to take advantage of the existing loan’s favorable terms, such as a low interest rate or a lower down payment requirement. In essence, the new borrower picks up the remaining balance from the original borrower. This can potentially save the buyer money compared to obtaining a new loan.

To assume a VA loan, the buyer must qualify for VA loan eligibility requirements. This can include being a qualified veteran, active-duty service member, or an eligible surviving spouse. This allows the current VA loan holder to restore their entitlement. Otherwise, if the person wanting to assume does not qualify for a VA loan, they can still assume the loan; however, the VA member’s entitlement is now tied up in the property until that mortgage is paid in full (via a refinance, sale of the home, or balance payoff). The assumption process involves obtaining the lender’s approval, completing necessary paperwork, and meeting any additional requirements set by the VA and the lender.

It’s important to note that not all VA loans are assumable. The specific terms and conditions of assumability can vary, depending on when the loan was originated and any subsequent changes in VA regulations. Therefore, it’s crucial for both the buyer and seller to consult with the lender and review the loan documents to determine if assumption is a viable option. However most loans originated after March 1, 1988 are eligible. Currently, VA assumptions are taking between 45-60 days up to 6 months to complete the process from beginning to end.

So why doesn’t everyone do them? Well, what most fail to realize is that in order to maximize on this – there is generally an equity gap. If the current owner has a lot of equity, the new owner will have to bring in a large down payment to cover the gap. For example, let’s say the owners loan payoff is $100k. They originally paid $150k for the home. Now the home is worth $225k on the open market. The new borrower would have to bring in $125k (difference between market value and what is owed or $225k-$100k in our example) + closing costs in certain areas. This can be difficult if new borrower has limited funds.

Overall, the timing of how long the process can take is a negative in most sellers eyes who want or need to get out of the property quickly. If a new buyer can bring in the necessary funds though, this can be a great option.

If you have questions about the VA assumable loan or other topics, leave us a comment!