Is my Home a Lemon?

Question:  Since we bought our home, we've had an endless stream of maintenance problems. The house is only about five years old, but everything seems to be going wrong. For example, two of the faucets started leaking. Then one of the toilets became clogged. After that, the front door began rubbing against the jamb, making it hard to close.

This is the first home we've ever owned. We hired an inspector before buying it, but none of these problems was disclosed in the report. What can we do, now that we're stuck with this lemon?

Answer:  If the problems on your list were serious or unusual, 98 percent of the homes in America would be lemons. In fact, the symptoms you have noted would tend to make your home as normal as mine. If faucets, doors, dishwashers did not require periodic maintenance, that would be a noteworthy abnormality.

A common misconception among first-time homebuyers is the expectation that homeownership is a turnkey operation, that a well-built house in good condition will tend to remain that way without timely offerings of effort by the owners. Homeownership, in a sense, should be viewed as a part-time hobby, one that requires ongoing participation and weekly contributions of time, money and sweat.

As newly initiated homeowners, it may be time to buy yourselves a set of handyman tools and a book on routine property maintenance. Don't try to tackle any serious issues such as electrical problems or conditions involving gas-burning fixtures. Items of that nature should be delegated to licensed experts. However, simple repairs, such as changing the washer in a leaky faucet, are skills worth learning.

You have embarked upon the lifelong pastime of homeownership. Acquiring the basic skills of common home repairs will increase your pride of ownership, save you worthwhile sums of money, and keep you from over-responding to minor routine defects. It is an ongoing process of learning. Enjoy the journey.

Coldwell Bankers New Dog Commercial. You will Love it!

By now, some of you probably have seen the heartwarming new Coldwell Banker® TV ad, “Old Dog, New Dog,” which debuted in May and is the highest rated real estate ad of 2018, according to AceMetrix. The ad promotes our National Pet Adoption Weekend, set for October 13 and 14.

Since partnering with national adoption network Adopt-A-Pet in 2015, Coldwell Banker’s Homes for Dogs Project has helped place more than 20,000 pets into loving homes.

Our involvement in projects such as Homes for Dogs reflects a commitment to creating lifelong connections and making a difference in the communities we serve. The closing line of the new ad sums it up perfectly: “Because our agents don’t just understand real estate, we understand what home is all about.”

Click here for the absolutely heartwarming video.

Home Ownership Benefits

Homeownership is an aspiration for many, but not everyone is even aware of all the benefits that come from owning your own home. Here are six ways that you can gain from ownership.

1. Equity building: Unlike a rent payment that goes into a landlord’s pocket, a portion of each typical mortgage payment is invested into the property as equity for the owner.
2. Tax benefits: Mortgage interest, property taxes and even some closing costs may be tax deductible depending on the situation*.
3. Fixed payments: Most rent payments inevitably go up, but with a fixed-rate mortgage, the mortgage payments stay the same for the life of the loan.
4. Long-term savings: In most circumstances, buying a home to live in long-term is cheaper than renting, and once the mortgage is paid off, that monthly payment disappears.
5. Greater freedom: When it comes to things like decoration, renovation, pet ownership and other property uses, ownership almost always provides more freedom.
6. Intangible benefits: It can’t be measured, but the pride, stability and sense of community many feel from owning their homes is a definite benefit.

Top Ten Most Desired Home Features

From flat-screen TVs to fireplaces, there are many luxuries that make up the dream list of most homeowners today. With Design Your Dream Home, Homes.com, instead of conducting a simple poll, has taken a more ingenious approach to collecting data in compiling a list of the 10 features homeowners desire most. 
 
The study, which is in the form of an interactive page, allows users to literally create their own dream home online. Moving from a living room to your fictional master bedroom to a yard, and, lastly, to a kitchen, the Homes.com page provides 10 features to choose from in each space, of which you can choose one.
 
"This is the first year that Homes.com has used the interactive webpage to gauge their consumer's interest in the types of features that they'd like to see in their dream home, as well as in a new-construction home," Cheria Brickhouse, content marketing coordinator at Homes.com, tells Housecall.
 
Amenities that you can choose from include exercise equipment, a large tropical fish tank and spa, just to name a few. The interactive page is still live and Homes.com will continue to collect data, but these are currently the top 10 most desired home features:

1. Pool
2. Fireplace
3. Private balcony
4. Entertainment center
5. Walk-in pantry
6. Ensuite spa
7. Walk-in closet
8. Energy-efficient appliances
9. Bay windows
10. Guest house 

More Words of Wisdom. Home Ownership

As Realtors, we get this one question asked of us over and over:

Should I update my home?
The typical homeowner response is: When we do decide to sell, the new owners are going to change things anyway.

If you can afford to update your home, do it. Don't go crazy with updates. Save your money, then update within your budget. Why?

One, you will be able to enjoy these updates and feel proud of your home and what you have done.

Two, it will add value to your home. Home values increase due to inflation and supply and demand. If you have a home that looks great, the buyer demand will be higher, and that will generate a higher home price. And, if the supply (homes currently for sale) is low, your homes value will increase even more.

Three, If you choose not to update anything, then do NOT expect a quick sale and do NOT expect to receive the value that an updated home has. The buyer demand for your home will be lower.

Four, If you cannot afford to update and remodel your home, there are other less expensive options you can take to get more value for your home and you can do them yourself.
Improve your curb appeal. Make your homes exterior look "Wow."
Paint the exterior. Keep your grass and bushes trimmed.             Add colorful flowers. Make your home look Sparkling Clean.
Update fixtures one at a time as you can afford it. 
Don't underestimate the power of the first impression, inside & out.

If you make the decision to buy a home, along with the benefits, comes some work. Do this work & it is called, "Pride of Ownership." Take care of your home and you will be rewarded.     

If you do not want to do the work (or pay to have it done), then you probably should consider renting.

We wrote a paper on enhancing your home for impact. If you'd like a copy, just contact us.

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