Category: Real Estate

Young people looking to purchase their first home are often put off by the cost involved, including the downpayment and the mortgage process. Fixer-uppers can be a perfectly viable option as long as you’re up to handling the extensive renovations that go along with buying a house in a state of disrepair. Bear in mind that buying a fixer-upper can end up being more of a financial burden than you’d anticipated. Some turn out to be the dreaded “money pit,” the house that always seems to have another problem. There are several things to consider carefully before choosing to take on a fixer upper project.

Location

You’ve probably heard that location is the most important factor when it comes to real estate. The same holds true for fixer uppers. Consider location first, since you’ll be fixing up the house. Once you’ve identified the area in which you want to live, begin searching for fixer uppers. There are real estate agents who specialize in these kinds of properties. Once you’ve talked to lenders and been pre-qualified for a home loan, spend some time on the internet looking for agents who specialize in fixer uppers. Homes for sale in Naperville, Illinois, have an average list price of $450,000.

Assess your handyman skills

Think carefully about what you’re proposing, and assess your skills honestly and objectively. Fixer uppers are almost always a challenge, and you could be facing a job that requires tools and experience that you may not possess. You’re going to need power drills, sanders, jigsaws and a host of other robust power tools. Crowbars, a mallet, joists and a full set of reliable hand tools are also essential. Then there’s the time commitment. Remember, this is more than two or three weekends of work. You could be renovating and fine tuning for years to come until you get it just right. There are many examples of eager, over-optimistic buyers who found out too late they’d bitten off more than they could chew. Don’t pursue such an opportunity until you’ve had a home inspection done and have a good idea of what fixes are necessary and whether they’re within your capabilities.

A big investment

Buying the house is only the first step. There’s a considerable ongoing investment involved in a fixer upper, which means you’ll need to have a considerable nest egg socked away for the work that’s yet to come. The home inspection should help you determine whether your finances are up to the challenge or not. Make a careful list of everything that needs to be repaired, get estimates for each, and then decide whether it’s within your reach.

What are your long-term plans?

People who purchase a fixer upper are usually committed to it for a period of years. If your job may require you to move at any given time, you’ll probably want to pass on a home that’ll need a lot of money and time to fix up. If for some reason you’re called on to relocate while you’re renovating, you could lose a lot of money if you find yourself having to sell.

Priorities

The first projects to tackle will depend largely on what the inspector has to say. Often, windows, flooring, electricity and roofing are priorities when moving into a project home. If there are serious structural, foundation or plumbing problems, you’re probably better off continuing your search. Once you’ve completed renovations, check out home values and prices in your area. You might consider selling if it’s a seller’s market and you can be pretty sure of getting maximum value for your investment and the sweat equity that went into it.

Purchasing a new home is always a big investment. Between the cost and the improvements you make, a fixer upper can be a tremendous investment if the market’s in your favor. Think of yours as a big investment in your financial future.

 

Courtesy of Pixabay.com.

 

CoreLogic broke down appreciation even further into four price ranges, giving us a more detailed view than if we had simply looked at the year-over-year increases in national median home price.

The chart below shows the four price ranges from the report, as well as each one’s year-over-year growth from February 2017 to February 2018 (the latest data available).

How Much Has Your Home Increased in Value Over the Last Year? | Keeping Current Matters

It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor that determines how much your home has appreciated over the course of the last year.

Lower-priced homes have appreciated at greater rates than homes at the upper ends of the spectrum due to demand from first-time home buyers and baby boomers looking to downsize.

Bottom Line

If you are planning to list your home for sale in today’s market, find a local agent who can explain exactly what’s going on in your area and your price range. Like us!

How Rising Prices Will Help You Build Family Wealth in 2018 | Keeping Current Matters

Over the next five years, home prices are expected to appreciate on average by 3.35% per year and to grow by 24.34% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.

So, what does this mean for homeowners and their equity position?

As an example, let’s assume a young couple purchases and closes on a $250,000 home this month (January). If we only look at the projected increase in the price of that home, how much equity will they earn over the next 5 years?

How Rising Prices Will Help You Build Family Wealth in 2018 | Keeping Current Matters

Since the experts predict that home prices will increase by 4.2% in 2018, the young homeowners will have gained $10,500 in equity in just one year.

Over a five-year period, their equity will increase by nearly $45,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one of the largest portions of a family’s overall net worth.

Bottom Line

Not only is homeownership something to be proud of, but it also offers you and your family the ability to build equity you can borrow against in the future. If you are ready and willing to buy, find out if you are able to today!

So, you’ve decided to sell your house in Naperville. You’ve hired Bill White Homes to help you with the entire process, and Bill White has asked you what level of access you want to provide to potential buyers.

There are four elements to a quality listing. At the top of the list is Access, followed by Condition, Financing, and Price. There are many levels of access that you can provide to Bill White Homes so that they can show your home.

Here are five levels of access that you can give to buyers, along with a brief description:

  1. Lockbox on the Door – this allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience.
  2. Providing a Key to the Home – although the buyer’s agent may need to stop by an office to pick up the key, there is little delay in being able to show the home.
  3. Open Access with a Phone Call – the seller allows showings with just a phone call’s notice.
  4. By Appointment Only (example: 48-Hour Notice) – Many buyers who are relocating for a new career or promotion start working in that area prior to purchasing their home. They often like to take advantage of free time during business hours (such as their lunch break) to view potential homes. Because of this, they may not be able to plan their availability far in advance or may be unable to wait 48 hours to see the house.
  5. Limited Access (example: the home is only available on Mondays or Tuesdays at 2pm or for only a couple of hours a day) – This is the most difficult way to be able to show your house to potential buyers.

In a competitive marketplace, especially in Naperville, access can make or break your ability to get the price you are looking for, or even sell your house at all.

naperville houses for saleWhen it comes to finding your dream home, there are many things to consider during the buying process. Do you want a brand new house in the suburbs? Do you want a fixer upper that is in your perfect location? At Bill White Homes, we have a wide variety of Naperville houses for sale that is sure to fit your needs and budget. We strive to help our clients through the buying process by showcasing the pros and cons to each house. Below we outline the benefits to buying an older home.

  • Older homes have unique and antique features that you just won’t see in newer homes. From original hardwood floors to glass door knobs, the design of an older home is unique and timeless.
  • Newer homes are built wherever they have room to develop, allowing older homes to have better locations that are more central to downtown. Since location is everything, often it beneficial to purchase an older home to be closer to the things you love.
  • Many homeowners prefer older houses because you can buy more home and land for less compared to newer developments.

Contact us today at bill@billwhitehomes.com to learn more about our new listings for our older properties.

Naperville home for salePurchasing a home is an investment towards your future. Many prospective homeowners like the idea of buying a place that is older yet cheaper, to remodel and make their own, otherwise known as a fixer-upper. When it comes to purchasing your fixer-upper, there are many items one should consider before making an offer.

  • Time

They say time is money, which is why when purchasing a fixer-upper you should understand the time it takes to achieve your dream home. Remodeling a fixer-upper is no simple task. When considering buying a home, it is imperative to give yourself time to fix the items that need repairing and adding new construction to improve the layout of your space.

  • Budget

Although fixer-uppers are perfect for finding a bargain, older homes tend to have hidden problems within the structural foundation that could cause a financial burden. It is best to budget for unexpected costs that could arise during your renovation.

  • Home inspection

Requesting a comprehensive home inspection will allow you to have peace of mind before you make an offer. Home inspections check your future home for hidden issues such as water damage, unsecured wiring, and other structural integrity hazards. We recommend requesting a few home inspections from multiple companies to ensure no defects have been overlooked.

If you are looking for a Naperville home for sale, contact our helpful Realtors at bill@billwhitehomes.com to begin your search for your dream home.

 

Naperville house for saleWhen it comes to selling your home, there are many steps homeowners should take to increase the value of your home. At Bill White Homes, we believe in the importance of staging your home properly to allow potential buyers to envision themselves living in your home, increasing their chance to purchase. Check below to learn helpful tips to staging your home to sell.

  • Clearing clutter is a great start to staging your home. Although the furniture is imperative to decorating a home, too much furniture can clutter your space, leaving it to feel cramped and small. Keep essential pieces that create user-friendly spaces that showcase the room’s potential.
  • Impersonalize your space by taking down family photos and memorabilia. The goal of staging your home is to allow buyers to visualize their life in your space. Removing personal items will enable them to picture their life in the home, hopefully creating a positive experience to increase their chance of putting in an offer.
  • Ensuring your home lighting is bright, and welcoming is vital to staging your home. Adding beautiful light fixtures and high wattage bulbs will be an investment in the long run.
  • Painting your home neutral colors will increase the overall feel of your space by allowing it to feel peaceful and light.

Whether you are looking for a Naperville house for sale or interested in selling your home, contact our Realtors at bill@billwhitehomes.com to help you with your home endeavors.

Naperville houses for saleIf you’re considering selling your home but aren’t sure if it’s worth the time, effort, and money, there are things to consider. Many people are concerned that their home is modern enough for today’s market and that they need to remodel their entire home for added value, but that’s not always the truth. Here are some things you can do to increase the value of your home.

Take it one room at a time – If major renovations need to happen to your home, make sure you take each project room by room.  Breaking down the renovation projects into pieces will help you increase the value of your home because you’ll be working on it one room at a time.

The little things mean the most – When it comes to focusing on improving your home’s value, take into consideration the small, quick projects too. These little renovations or upgrades can pay off in the long run, adding significant value to your home without a full remodel.

Pay attention to curb appeal – When you’re working on adding value to your home, don’t forget about curb appeal. It happens often that people neglect the outside of their home for adding value to the inside instead. Make sure you’re tidying up outside of your house and doing small projects there as well.

If you’re looking for Naperville houses for sale and are unsure of where to turn, contact our team at BillWhiteHomes.com today.

In today’s highly competitive seller’s market where there are more buyers than there are homes for them to buy, some sellers may feel like the ball is in their court.

And they would be right when it comes to choosing which offer to accept, the closing date, or even which improvements they are willing to make to their house prior to selling.

One thing to remember though, is that there is always a line that shouldn’t be crossed.

Interest rates can change, financing might not go through, the appraisal might not come back at the price that you have agreed to. These are all opportunities to work with your buyer to make sure that the sale still happens.

You may think that, because buyer demand is so high right now, you can choose to make your buyer jump through hoops. But what happens if they reach their limit and need to walk away? You’re starting over… weeks, maybe months later… and other buyers may wonder what’s wrong with the house since the last deal fell through.

The Golden Rule

We were all taught from a young age to “treat others as you would like to be treated.” This shouldn’t change once you have a buyer who seems as though they would do anything to buy your home.

If you’re in the market for real estate in Naperville, IL, turn to Bill White Homes as your expert team of realtors. Contact us today and see how we can help you find the home you’ve always wanted.

Keeping Current Matters

When it comes to buying your first home, there is no instructional manual unfortunately. The process is Naperville open housessometimes frustrating, emotionally taxing, and can be difficult. However, we’ve put together some of the most overlooked things a first time home buyer should know so your process is easier for everyone involved.

Don’t think short-term – Ideally, the first home you buy is the last home you buy. Of course that’s not always the case, but it’s important to see your first home as a long-term place to live rather than short term. This helps you put the home buying process into perspective and really find a place that you can make into your own, rather than a place that’s okay for the meantime.

Make a realistic check list – We’ve all watched various home buying shows where the potential buyers won’t settle for anything less than what is on their checklist. While the things you want in a home are important, they’re not always possible for every situation. Making a realistic checklist with things that are necessary and would be too much of an additional cost to add to a home is extremely important.

Look at your entire budget – Frequently, first time home buyers are caught up in what their mortgage payment would be when buying a home. However, it’s extremely important to look at your entire budget including your mortgage when looking for a house. These are things like utilities, repairs, and gas to work from your new home.

If you’re looking for Naperville open houses, don’t look anywhere but our trusted realtors at Bill White Homes. Let us help you find the home of your dreams in Naperville, IL today!