You Ask, We Answer: Four Reasons Why Selling a Condo is Different Than Selling a House

Listing a property is a delicate dance. From the initial marketing to the final price negotiations, everything needs to be tailored to the type of home being sold. However, because of their main differences, this process can look very different when selling a condo versus selling a house.

Reason #1: The Homeowners Association or HOA

As all condo owners will know very well, almost all condos come with some type of HOA, or homeowners association.

The HOA generally handles common areas like swimming pools, the exterior of the building, and landscaping. Sometimes, the HOA is also responsible for holding social events throughout the year.

However, all of this comes at a few costs. The first is money; a HOA cannot operate or pay necessary expenses without charging residents a monthly fee. The second is freedom; most HOAs have rules that need to be followed.

When selling a condo, potential buyers will balance the costs of each HOA with the benefits.

Reason #2: Real Estate Investors

When selling a condo, it's reasonable to expect a larger number of investors considering the property than when selling a home. After all, renting out condos is a big business.

As a result, selling a condo could mean a faster closing, a cash offer, or even competing bids if the condo is on prime property.

Reason #3: The Type of Buyer

Different types of buyers look at a condo versus a home. For starters, condos are generally smaller, don't have yards, have all landscaping handled professionally, and frequently come with amenities like a swimming pool or fitness center.

While a good majority of potential buyers with children would love a swimming pool with zero maintenance, they aren't willing to make the trade for a smaller space. This means that when selling a condo, potential buyers will generally be single adults, newly married couples, or retired professionals looking to downgrade to an easier property.

Reason #4: Location, Location, Location

Every real estate agent knows that one factor, above all others, is most important when selling a property: location. Being close to town versus far away from traffic, near downtown excitement versus in a quiet neighborhood, or near shopping centers versus on the edge of nowhere all come into play for a property's value and desirability.

Generally speaking, condos tend to be closer to urban areas, shopping, and entertainment. This also means that their price per square foot is frequently higher. As a result, owners looking to sell their condo should carefully consult with their real estate agent about the best way to market their property and a fair listing price.

Freelancing? Three Tips for How to Secure a Mortgage if You're a Self-employed Entrepreneur

If you are self-employed, either as a freelancer or as the owner of your own business, your income can fluctuate greatly from year to year. That can make it difficult to get approved for a mortgage, although there are some things you can do to improve your chances. Here are three tips for securing a mortgage if you are self-employed.

Make Sure Your Credit Score Is In Good Shape

While your ability to pay back a mortgage is the most important factor in approval, your credit score is a close second, and that goes for every borrower, not just those who are self-employed. If you have a credit score in the high range -- something above 750 or 760 -- it will help you get approved for a mortgage. To boost your score, make sure you pay all bills on time, pay down your debt levels and don't make any new big purchases or apply for new credit soon before you apply for a mortgage.

Have a Large Down Payment

The more money a bank lends you to buy a house, the more risk it is taking on that the money won't be paid back. If you are self-employed and considered a higher risk to begin with, one way you can alleviate some of that risk is to be able to put down a large amount of money. Putting down 20 percent is standard for a conventional loan, and you should be willing to contribute at least that much. Putting down at least 20 percent also will save you money in the long run, because you won't have to pay for mortgage insurance and you will pay less in finance charges over the life of the loan.

Have Significant Assets

One way to put a lender at ease about your ability to pay for a mortgage is to have significant reserves in the form of assets. If you have large amounts of money in regular savings, brokerage and retirement accounts, it offers a reserve for you to tap should your income take a dive. Other forms of property, such as personal and business property that's paid off and has value, also help.

Three Excellent Reasons to Buy a Home So You Can Get out of the "Renting Rut"

Renting a home is a good option for some, but buying a home just might be the best thing for you. When you rent a home, you send money to someone else every month in exchange for knowing that you can call on your landlord when the roof leaks, an appliance stops working or your bathroom faucet breaks. There are some big advantages to buying a house that will help you get out of your renting rut and focus more on your future.

Build Equity

Did you know that when you rent a home, you help someone else build equity? Any changes that you make with your landlord's approval puts money back in his or her pocket. Keeping the yard clean and taking care of routine maintenance builds equity in that property. When you buy a home of your own, you have the chance to build equity of your own, which you can use to obtain a loan later.

Save On Your Taxes
When you rent a house, you cannot deduct the money you spend on your taxes. Though some states will let you make a small deduction based on the total amount you spend in rent each month, you cannot make any deductions on your federal taxes. When you buy a home, you can save with a few different types of deductions.

The federal government lets you make a deduction if your home is worth more than what you currently owe on your taxes. If you purchased your first home, you can make a deduction in regards to your property taxes. You can also deduct money that you spend on some renovations and energy saving appliances.

Put Your Personal Touch On Things

As long as you continue renting, you live in a home that belongs to someone else. Your landlord has final say over what you do and do not do. This often means that you cannot make repairs or significant changes without seeking approval first.

Renting a home lets you put your personal touch on things. You can paint the walls any colors you want, rip out the carpet to add hardwood flooring or even make significant changes outside to turn your new home into your dream home.

Now that you know more about the benefits of buying a home and how that purchase can get you out of the rental rut you're in currently, turn to a real estate professional for assistance.

Selling Your Home? Boost Your Resale Value with These Three Inexpensive Renovations

To get top dollar for your home, renovations may be necessary. However, some renovations can prove costly and they don’t always add value to your home. Here are three inexpensive renovations that are sure to improve the resale value of your home.

First Impressions Matter

Your home needs to have curb appeal. If the potential buyer doesn’t see that, it will be difficult to get the price you want. Spend money and time landscaping your yard. Pressure wash your driveway. Paint your front door. Make your porch look welcoming. If you do all of this yourself or with the help of family and friends, the costs will be reasonable.

After a prospective buyer is impressed by your nicely kept lawn, you will want to continue impressing him/her with your interior design. Buyers know what they want when it comes to the number of bedrooms and baths. You have something they want or they wouldn’t be looking at your home. Now, you need to keep their attention.

Freshening Up the Interior

Each room needs to be freshly painted in a neutral color. Old wallpaper and borders should be stripped and walls repainted. Make each room look larger by clearing any clutter. If possible, remove any unnecessary furniture and store it somewhere else. Have any carpets professionally cleaned, and be sure to polish any hardwood flooring. In the bedrooms, de-clutter your closets. Your kitchen and bathrooms should be sparkling. Clean and organize counters and cabinets. Again, most of these suggestions cost little but add great value to your home.

Upgrades

When you think of upgrades, you many automatically assume major costs with little return. However, many upgrades may be within your budget. Consider making some of these affordable upgrades to your home.

Living Areas/Family Rooms – If you’re going for a more elegant touch, add some crown molding. For a more rustic feel, add box beams. Improving the ceilings of main rooms will add value to your home.

Hardware and Fixtures – Painting and changing the hardware on your cabinet doors can change the look of a room dramatically. Add new fixtures such as lighting and doorknobs for a more updated look.

Selling your home may require you to spend a little money, but you’ll likely get the full value of your home.

Now you need to sign up for vehicle emissions test reminders

Another casualty of the state budget impasse, Illinois will no longer remind you when you need to go for a vehicle emissions testing.

Most vehicles that need to be tested in 2016 include those with an even model-year from 1996 to 2012.

Illinois residents can sign up for vehicle registration reminders via email at www.ilsos.gov/greenmail/           and motorists are notified whether a vehicle emissions test is required before the registration is renewed.

Have You Outgrown Your Current Home? Here Are Five Easy Ways to Tell if It's Time to Upgrade

Your home is your castle, your own little piece of the American dream. But lately, your little corner of the world has been feeling cramped and you find yourself eyeing those larger homes. Is it time to pull up stakes and move on from your starter home? 

Growing Family

If you've added to your family in recent years, you may have more bodies than bedrooms. A two-bedroom home may have been a great idea when it was just you and your spouse, but with two kids, you're starting to have turf wars over the play area.

Overflowing With Stuff

From an overflowing toy chest to closets packed so tightly with shoes and coats you risk an avalanche every time you open the door, your home just doesn't have the space to keep all your things. You may have even had to move some things off-site, spending money to rent storage space to keep that antique dresser your grandmother left you or the set of state spoons you carefully collected during your college years.

No Rest For The Weary

You'd love to spend an afternoon soaking in the tub, but before the warmth of the water can take you away, there's a banging on the door of the only bathroom in the house and a chorus of “hurry up!” invading your quiet time. And the man cave you dreamed of? Those visions of a big screen television were shattered by the realization you needed somewhere for the kids to sleep.

No Room For Extras

When you first moved in, the two-car garage doubled as your woodworking shop. Now, the equipment has been sent to storage to make room for the family's second car. You'd love to take up organic gardening, but your tiny yard barely has room for a grill and a lawn chair. You'd love to host your friends visiting from out of state, but there is hardly room for their luggage, much less them.

Changes In Career

You may have opted for a starter home when you first entered the market because you had a smaller income. Now, thanks to changes in careers or promotions at work, you can afford a home with greater square footage and room for your growing family that will provide the space you need for many years of happy memories.

Home prices across the country are starting to rise. Contact your trusted real estate agent today and take advantage of the opportunity to give your family the most space at the best price now.