MarketPro Homebuyers reviews | Pros and cons | How it works | Alternatives

What is MarketPro Homebuyers?

MarketPro Homebuyers is one of the biggest cash buyer companies in the Washington Metropolitan area — buying around 25 homes each month.

Like other cash-buying companies, sometimes called house flippers, MarketPro offers homeowners a quicker alternative to a traditional sale. The company buys homes in any condition and pays for them in cash — allowing homeowners to bypass the time-consuming and costly process of preparing and listing their house with an agent.

Once MarketPro purchases a home from a seller, it does one of three things:

• Makes repairs and sells it
• Holds the property and rents it out
• Sells the property to an investor on MarketPro Deals

There are no service fees or closing costs when you sell to MarketPro Homebuyers. The trade-off is that MarketPro will offer you less — typically tens of thousands of dollars less — than what you could get on the open market.

Who is MarketPro HomeBuyers best for?

Selling to MarketPro could be right for you if your home is in extremely poor condition or you need cash quickly. The company purchases homes in as-is condition — meaning you won't need to pay for repairs — and can close in as few as seven days. However, like most cash buyers, it tends to offer less than your home is really worth.

Before accepting an offer from MarketPro Homebuyers, you should request additional offers from other cash buyers in your area. Comparing multiple offers can help you ensure you get the best price for your home.

If you want to sell your house fast, Clever Offers makes it easy to get cash offers from local buyers quickly. Clever's free service will match you with an experienced realtor who'll bring you offers from top cash home buyers in your area. You'll also get a professional home valuation so you can see what your house is worth on the open market.

Pros and cons of using MarketPro Homebuyers

MarketPro Homebuyers reviews from real customers

Customer reviews for MarketPro Homebuyers are very positive, with aggregated ratings from Google Reviews, the Better Business Bureau, and Facebook giving the company over 4.3 out of 5 across 545 reviews.

Most customers say MarketPro is:

• Easy to work with
• Communicative
• Professional

Norris W. says working with MarketPro was a smooth and easy process:

Gia D. states that she was offered a fair price for her inherited home:

Greg B. claims MarketPros additional services went a long way when he sold his home:

And while MarketPro Homebuyer reviews online are mostly positive, there are a few negative customer experiences centered on their marketing tactics and dishonesty.

Paul L. said MarketPro sent him random text messages:

Sabrina B. says MarketPro withheld information from her when she purchased a home from them:

The majority of negative MarketPro Homebuyers reviews center around their aggressive marketing tactics — mailers, texts, and phone calls. Homeowners who receive any of their marketing can opt-out by calling or emailing the company to remove their name from the list.

Is MarketPro Homebuyers legit?

MarketPro Homebuyers is a legitimate business that has been buying homes for cash since 2018. The company has a 4.2/5 star rating across hundreds of customer reviews.

In addition to being a cash buyer, MarketPro is also a wholesaler. Wholesalers find sellers, get them to sign a purchase agreement, and then assign that contract to another interested buyer. When you sell your home to MarketPro, a third-party investor might actually be buying it — while MarketPro collects a finder's fee for your property.

Although MarketPro customer reviews are generally positive, you may want to consider other options. We Buy Houses or a local investor might offer a slightly better price when you sell your home to them directly.

What types of homes does MarketPro Homebuyers purchase?

MarketPro Homebuyers purchases homes in almost any condition — even those in extreme disrepair. The only time the company won’t consider purchasing a home is when it is a complete teardown.

MarketPro Homebuyers helps a wide variety of homeowners, including those facing:

One of the ways MarketPro makes money is by reselling these homes to investors — who typically make repairs and flip them for a higher profit. By targeting homes in various conditions, they can attract a bigger pool of buyers willing to make offers on their homes.

How MarketPro works

Selling to MarketPro Homebuyers has three main steps:

1. Submitting your information
2. Completing a home inspection
3. Signing the offer

Let’s look at each of these steps in more detail.

Step one: Submit your information

The first step for any home seller is to contact MarketPro Homebuyers by calling or submitting a form on their website.

The form will ask the seller to provide their:

• Name
• Address
• Phone number
• Email address
• How they found the company

The home seller will then receive a no-obligation instant quote on the MarketPro Homebuyers website for their property.

Step two: Complete the inspection

After the form is submitted online, MarketPro representatives will contact the home seller to arrange a time to view the property in person.

When they arrive, the representatives will look at the condition and layout of your home. They'll then try to estimate the resale value and the cost for all necessary renovations and repairs.

After the inspection, the seller is presented with a no-obligation cash offer that will include:

• What they could net when they sell with a real estate agent
• What they could earn when they sell to MarketPro Homebuyers

Any estimates you receive from MarketPro shouldn’t be taken at face value. It’s in their best interest to present their offers in a positive light, which could lead them to overestimate the costs of selling with a realtor.

MarketPro says their offers are generally 10% less than what you would net with a real estate agent after all earnings and fees have been subtracted. And while it may seem like a great deal at first glance, an in-depth look shows that it’s not all that it’s made out to be.

Here’s how the math would break down for a home with a fair market value of $300,000:

If you're set on selling to a cash buyer, you should compare offers from multiple companies to ensure that you're getting the most possible money.

Step three: Sign the offer

Once sellers sign a contract with MarketPro for their home, it is binding.

MarketPro Homebuyers closes on the seller’s timeline, which can be as little as seven days or as long as six months.

Additional services

On top of closing on the seller’s timeline, MarketPro Homebuyers also helps pack, move, and clean up the homes they buy before the closing date.

They also cover moving expenses for sellers anywhere in the continental United States.

MarketPro Deals: Who actually buys your property?

MarketPro also has a separate website, MarketPro Deals, where real estate investors can bid on properties once the company has made an offer on them. So in some cases, it may actually be a third-party investor purchasing your property, not MarketPro itself. The company isn't transparent about this possibility on its website.

To bid, investors need to provide proof of funds and their company’s LLC documents. From there, MarketPro takes care of all the paperwork and communication for both sides of the transaction. You won't have direct contact with the investor.

Signing a purchase agreement with a wholesaler can result in a lengthy — and sometimes unsuccessful — home-selling process. So it's not typically recommended.

The good news with MarketPro is that the deal is guaranteed to go through. The company is obligated to step in and close the transaction if the investor fails to purchase your home.

Locations

MarketPro Homebuyers purchases and sells homes in 27 metros across Virginia, Pennsylvania, Maryland, and Washington DC.

Best alternatives to MarketPro Homebuyers

If you want a quick, all-cash offer from a buyer, MarketPro is far from your only option. Here are other avenues you can try:

Find a good local agent

In a hot market where homes are selling quickly, listing with an agent might be the best way to get the most money for your home. A top agent can use their network of local buyers and investors to find someone who'll purchase your home as is. You can even find a realtor who offers a discounted commission rate while still providing full service.

» FIND: The Best Low Commission Realtors and Brokers

Sell to an iBuyer

iBuyers buy houses slightly below fair market value, make minimal repairs, and then sell the homes for a profit. They operate only in select markets and have higher standards for the houses they purchase. Selling to an iBuyer might be a good option if your home doesn't need extensive repairs and you need to sell quickly. Most iBuyers can close in as little as two weeks.

Look into other cash buyers

Other cash buyers may give you a better deal than MarketPro Homebuyers, though probably not by much. Most cash buyers pay only about 70% of a home's value. This business model ensures they'll turn a profit after factoring in repair and renovation costs.

To easily compare cash offers from top local companies, try Clever Offers. You'll be matched with an agent who can help you understand your options and make an informed decision.

FAQ about MarketPro Homebuyers

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The post MarketPro Homebuyers Reviews: What to Know Before You Sell appeared first on Semya-Moya.

A split-level home is a house featuring multiple floor levels that are staggered. There are usually two sets of stairs off the home’s main story, leading upstairs to bedrooms and downstairs to the basement. Split-levels are also called tri-levels since there are at least three levels of living.

Split-level homes first emerged during the 1950s as young families moved to the suburbs. They were produced en masse because they were cheap, easy to build, and offered more space for growing families.

These homes exploded in popularity during the late 1960s and early 1970s thanks to the split-level home featured in The Brady Brunch. Twelve percent of all new homes in 1975 were split-levels. They now account for only .5% of all new homes built. [1]

And while these homes may have been on the decline for the last few decades, they’re making a comeback as Millennial and Gen Z homebuyers look for other alternatives to open space floor plans.

>>MORE: Find a Top Real Estate Agent

Split-level homes vs. bi-level homes

Split-level homes and bi-level homes often get confused.

Split-levels include at least three distinct levels of living separated by short flights of stairs. The main living space connects to two other stories, often a basement and an upstairs area used for bedrooms.

Basements of split-level homes are almost always finished and can serve multiple purposes. They typically have a laundry room and a larger space that can be used as a bedroom, rec room, or home office.

Bi-level homes only have two levels, with an entranceway giving access to both. This home type is known for being a modified version of a ranch home. The main difference is that bi-levels feature an extra story.

Characteristics of split-level homes

Each split-level home is different and has unique architectural features and characteristics. While their differences may be greater than their similarities, there are a few traits that all split-level homes are known for.

Half stairs everywhere

A typical split-level home features an entryway with two flights of stairs, one leading upstairs and one leading downstairs. There is also a set of stairs leading up to the home’s front door.

Some split-levels include more than two flights of stairs depending on how many stories the home has. This means you’ll never have to worry about heading to the gym because you can get all of your cardio done right at home. 💪

Efficient use of space

Split-levels are known for their efficient use of space — making them a great alternative to open floor plans.

The areas of split-level homes tend to be more private because each floor is divided for specific purposes. Many homebuyers use the basement as a private home office because it is set apart from the rest of the house and is soundproof.

Bay windows

Split-level homes share one common feature with ranch-style houses: big bay windows. A big picture window can be found in the living room on the main floor of all split-level homes, no matter the style.

Attached lower-level garages

Having an attached garage may seem like the norm now, but it was all the rage during the 1950s when split-level homes first hit the market. They were an attractive thing to offer to young homebuyers and offered a fresh take on the modern home.

>>READ: How Much Value Does a Garage Add to a House?

Lower level basements

Split-levels will always have a floor located below the point of entry. The basement was initially designed as a place to hang out with friends and family. And while they can still serve that purpose, they are most often used for home office or studio spaces in this digital age.

Lower-level basements also have a direct entrance into the garage.

Low pitched roofs

A pitched roof slopes downwards in two parts at an angle from a central ridge. Some pitched roofs slope downward at only one point from one edge to another.

This roof is popular among many home types because it allows water and snow to drain quickly into the gutters.

>>MORE: How Much Does a Roof Inspection Cost?

Mix of materials

Split-level homes usually incorporate a wide variety of different building materials. The lower exterior of the house is often made of brick, rock, or stone, and the upper levels are comprised of some type of siding or wood.

What are the different types of split-level homes?

Split-level homes come in all shapes and sizes, with some houses reaching five or six stories. The wide variety of split-levels makes them commonplace in the suburbs across America.

And while there are many different architectural styles, there are a few that should be put on your radar.

Side split

Side split homes are the most common type of split-level houses. All of the levels of a side split can be seen from the home’s curb.

This home type is typically divided into two sides, with the garage on one side of the house with bedrooms located above and the main living area located on the other side.

Back split

A back split style home is a type of house where the split is only visible from the side. The front of the home only shows a single story while two levels can be seen in the back.

Standard split

Standard splits are known for having an entrance at ground level leading into the main story of the home. Two short sets of stairs lead off the main level to the upstairs living area and downstairs towards the basement.

The bottom level is usually attached to the garage and is used as a playroom, den, or office. The middle level has the kitchen, dining room, and living room. The top-level has all of the bedrooms.

Stacked split

Stacked splits are known for having four or five floors and just as many flights of stairs. They are similar to standard splits because they have an entrance at ground level.

>>READ: What Is an iBuyer? (A Comprehensive Guide)

Is a split-level house for you?

Split-level homes are an excellent option for younger families. They offer a greater sense of privacy due to multiple levels of living that each have a specific purpose.

Those wishing to purchase a split-level home should know that they will be walking up multiple flights of stairs every day with laundry, groceries, etc. This home type isn’t optimal for those that struggle with stairs and different levels of living.

Pros of buying a split-level home

Affordability

Split-levels tend to be cheaper than other homes because they’ve been out of demand for decades. This is because most homebuyers don’t like the idea of having multiple split levels in a home.

However, if you can deal with the number of stairs, they make great starter homes and are suitable for families looking to expand.

The downside of split-levels is that while they may be cheaper to buy, they can be a pain to sell. Homebuyers may not like the idea of having a staggered floor plan that offers little to no curb appeal and no natural light.

It’s important to keep in mind that the home could bring in a lower value than others of similar size and vintage in the area.

>>MORE: A Timeline of Affordability: How Have Home Prices and Household Incomes Changed Since 1960?

Allow for better separation between upstairs and downstairs

Split-level homes allow for greater separation between levels than other home designs. It’s easier to have a greater sense of privacy and less noise since the basement and garage are downstairs, the kitchen is on the main level, and the bedrooms are located on the top floor.

The downstairs basement is also soundproof and can function as a great office, gym, or hobby space. It can even be rented out as a bedroom if you are looking to rake in a little extra cash.

More outdoor space

Split-levels maximize vertical space — meaning there’s more room to enjoy the great outdoors. You could build an outdoor barbecue or a playground for your little ones.

Cons of buying a split-level home

Remodeling can be challenging

There are fewer remodeling options available for split-level homes since the layout isn’t built to handle changes. Each level of the home is constructed with a specific purpose in mind — recreation on the lower level, entertainment and eating on the main level, and sleeping on the upper level.

It’s possible to continue building upwards, but a lot of work would have to go into creating a separate floor — including moving the roof and finding space to make even more stairs.

Lots and lots of stairs

Life in a split-level involves a lot of indoor climbing. Since the home is broken into different levels, you can expect to go up and down stairs each time you want to use another part of the house.

The front doors of split-level homes are not usually located on the ground level, meaning more stairs to climb.

Awkward look

Split-level homes are not the most eye-catching or appealing type of home. And while they were once trendy, many homebuyers may consider their staggering levels awkward.

This can make them harder to sell than a ranch house or other traditional two-story house.

Tips for selling a split-level home

Split-level homes can be a challenge to sell. It’s important to think about all that your home has to offer when marketing your home.

You can market your home by turning negatives into positives. For example, the staggered floor plan may be a big downside, but it does allow for greater privacy inside the home. It’s also easy to make minor updates to your home, such as painting and updating the landscaping.

If you're looking to sell your home fast and are unsure of which way to go, Clever can help! Get in touch to speak with our team of real estate experts who can help assess your situation and connect you with the best solutions for your needs.

>>MORE: The Average Real Estate Timeline For Selling Your Home

FAQs

The post What Are Split Level Homes? appeared first on Semya-Moya.

A half bathroom is a room containing only two components — typically a toilet and a sink. Although rare, other configurations of half baths exist involving any combination of a shower, bathtub, toilet, or sink.

Half baths are also known as powder rooms or guest bathrooms. They offer homeowners a greater sense of privacy, as visitors can use them without entering into any personal spaces in the home. They also come in handy for large families — there's no need to wait in line while your teenage daughter takes a shower!

Bathrooms are one of the most important factors for homebuyers when researching homes. The number of bathrooms can help homebuyers determine if they can comfortably accommodate their family. And as a home seller, the number of bathrooms can help influence the value of a home.

Half bath vs. full bath

Full bathrooms are one of the most common types of bathrooms in a home. They include four components — a sink, toilet, tub, and shower.

(There’s also a three-quarter bath, which is less common. This includes a toilet, sink, and shower, but no bathtub.)

Full baths differ from half baths not only in the number of components but also in size.

Size of half baths vs. full baths

Half baths are flexible in terms of space, which is why they are favored over full baths. The smallest half baths are around 11-12 square feet while the average size can range from 18-21 square feet.

In comparison, a normal full bath averages around 40 square feet. This includes the space required for a combined bathtub and shower, toilet, and sink.

Some full baths tend to run larger depending on added amenities, such as a double sink or a separate bathtub and shower. The size of full baths with these additions can range from 75-110 square feet.

What value does a half bath bring

Adding a bathroom has one of the strongest impacts of any home feature on single-family detached home values.

A study conducted by the National Association of Homebuilders shows adding a half bath to an average-sized home increases the value by 10%. Adding a full bath can boost values as high as 20%.

Recouping costs

Homeowners who invest in adding a new bathroom recoup 60-70% of the investment when the house is sold.

A half bath addition is best for homeowners who plan to stay in their homes long-term. Building a half bath is not for those who are looking to make a quick sell right away because you’re not profiting or making 100% of the investment back.

>> READ: What Can $50K to Renovate a House Get You? 5 Options

Costs of adding a half bath

The average cost of adding a half bath ranges from $5,000-30,000. The costs vary depending on whether you can build a half bath from an existing space or if you have to start from scratch and build from the ground up.

The average cost of adding a half bath to an existing space is between $5,000 and $15,000. In comparison, building and constructing a half bath in a home is much more expensive, ranging from $10,000-30,000.

In some locations, adding a half bath is more expensive than others. In Beverly Hills, CA, adding or remodeling a bathroom costs $12,000 on average in comparison to Bakersfield, CA, which averages around $11,000.

Plumbing costs

Plumbing costs depend solely on whether the half bath can be built from an existing space or if a new space has to be built. Costs typically range between $1,000 and $14,000 and can easily continue to skyrocket.

When building a new half bath, plumbing costs can include:

• Adding pipes and lines for both the sink and toilet: $1,000-10,000
• New toilet and installation: $200-550
• New sink and vanity, plus installation: $850-5,000.

Homebuyers and owners should also take into account access to water and electrical lines. If the new addition is built close to both, it will reduce costs significantly during construction.

Electrical costs

Electrical costs can range from as low as $500 to as high as $25,000. Costs are mainly determined by how close the new half bath is to existing circuitry in the house.

Electrical costs typically include:

• Breaker panel upgrades: $500-1,800
• Electrical panel and wiring installs: $500-1,800
• Switches: $100-200 each
• Outlets: $150-300 each
• Lighting: $150-900
• Exhaust fan installation: $250-550.

Flooring

The cost of adding flooring to a half bath can range anywhere from $2,400-7,100. The estimates include floor installation with costs varying from $1,500-4,500 and the flooring itself, which ranges from $900-2600.

It’s important for homebuyers and owners to choose flooring that is resilient and durable.

The best types of flooring to purchase include:

• Porcelain tile — which is durable and water-resistant: $3-15 per square foot
• Luxury vinyl planks — which are waterproof: $5-10 per square foot; and
• Vinyl sheets — which are good for buyers on a budget: $.50-2 on average

The types of flooring to avoid at all costs are:

• carpet
• hardwood floors

Having carpet in a bathroom creates a breeding ground for mold and mildew. Hardwood floors also create further problems since moisture will slowly kill the wood over time.

Home Advisor suggests checking with your local professionals to determine the price range you can expect for adding a half bath to your home.

Is a permit needed to build a half bath?

Building a half bath requires a permit due to the extensive amount of construction. Permits are needed for any work including:

• electrical
• framing
• drywall
• plumbing

Permit requirements vary based on location and can cost between $40-2,000, depending on the amount of work required. Homebuyers who are looking to add a half bath should contact their local code enforcement to find out the exact requirements for building a half bath.

Minor work such as replacing an existing sink, painting, or changing the flooring of a half bath does not require a permit.

Ways to pay for a half bath addition

Paying for an additional half bath doesn’t have to break the bank. There are several options available that allow both homebuyers and owners alike to make their house more appealing.

>> LEARN: Best Grants for Building Buying or Repairing Your Home in 2021

Home improvement loans

One of the best options to finance a new half bath is through Home improvement loans. These personal loans are unsecured and offered by most banks, credit unions, and lenders.

The interest rate for home improvement loans is based on credit score alone, with funds available almost immediately upon approval. This type of loan also allows for shorter repayment timelines.

Home improvement loans feature higher interest rates in comparison to home equity loans and home equity lines of credit (HELOCs).

Home equity lines of credit (HELOCs)

Home equity lines of credit (HELOCs) are secured loans backed by your home. This means a home must have sufficient home equity in order to borrow money.

HELOCs offer homebuyers and owners lower interest rates than unsecured personal loans. However, payments can increase based on market conditions and a loan servicer can foreclose on your home if payments are not made on time.

Home equity loans

Home equity loans are often referred to as a second mortgage. These loans are often paid out in a lump sum that can be repaid over a number of years in regular monthly payments.

The downside to home equity loans is that loan servicers use your home as collateral. There is also less payment flexibility compared to other options, such as HELOCs and credit cards.

Mortgage refinance

Mortgage refinancing replaces a current mortgage with a new one and gives a new interest rate to the homeowner. Homeowners are able to pocket the difference if the new loan is bigger than the old.

While this may seem good on paper, extra costs are associated with refinancing including:

• appraisal costs
• origination fees
• taxes
• other closing related costs

Refinancing your mortgage is typically worth it only if you can secure a lower interest rate.

Credit cards

Credit cards are a good option for those who are looking to build a half bath from an existing space. Some credit cards offer 0% APR for a set amount of months and can be used to purchase portions of equipment and materials necessary to build the half bath.

It’s important to consider that if you can’t pay back the full amount owed before the 0% APR expires, you could be hit with a large interest rate that’s subject to change based on market conditions.

Government loans

Government loans can help home buyers save on higher interest rates in the long term. Several loans allow you to borrow the money needed for a project without having any equity in your home.

Government loans are a good option for those that are looking to buy or have recently made a home purchase and need to make a few upgrades.

The majority of government loans offered have a stipulation that requires the money to go toward renovations that improve the livability of a home. It’s important to check that the upgrades your planning to make to your new home qualify for assistance.

What are the best places to add a half bath?

Whether you’re looking to build a half bath from an existing space or create one from scratch, there are a few key locations to take into consideration.

When building a new half bath, it’s best to build next to existing water lines and electric circuitry. Building next to these locations means there is less work for plumbers and electricians, which will save on overall costs.

Closets

Closets are one of the best places to build a half bath. These small rooms are already enclosed and often located close to existing water pipes and electrical wiring.

When building a new half bath, it’s important to check that the closet space is big enough to convert into a new bathroom. Experts recommend building in a closet that is at least 4 feet by 4 feet of combined space at the smallest and up to 25 square feet of space for a larger half bath.

Hallways

Building a half bath in a hallway offers the most flexibility when you’re having to build from the ground up. It’s possible to build a half bath in empty space between rooms or at the end of a hall.

When you’re creating a plan with your contractor, it’s important to keep in mind the rooms adjacent to where you’re planning to make the addition and be sure utilities can support the area where you are building.

Garages

Adding a half bath to a garage can be a cinch. Most garages are built with extra space to accommodate two full-sized cars, meaning building a half bath is typically no problem at all.

Garages are also a great option since they are close to both water and power connections.

Under the stairs

Another great place to build a half bath is underneath a staircase in a multi-story home. Many staircases have built-in shoe closets or pantries on the first floor, making it easy to convert into a half bath with a sink and toilet.

This location offers accessibility to those entering the home and those looking for privacy.

Next steps

Whether you’re a home buyer or home seller looking to make the right choice about adding a half bath, a real estate agent can help.

Real estate agents can help sellers decide if building a half bath will add value to their home based on location. Agents can also help those who are looking to buy by narrowing down homes that either include a half bath or those that offer a good layout to build an addition in the future.

If you’re looking to weigh your options, Clever can help! Our fully licensed Concierge Team is standing by to answer any questions you may have and can pair you with a real estate agent in your area to talk about all of the options available. Click here to find out more!

The post What is a Half Bathroom? appeared first on Semya-Moya.

An easement is a right granted by one property owner to another to use part of their land or property for a specific purpose. [2]

The owner of the land retains the full legal title to the property, despite the easement. The easement holder has the right to use the property for a specific purpose — but cannot do anything to interfere with the owner’s right to use it.

The owner of the easement is often referred to as the owner of the dominant tenement. The owner on whose land the easement exists is the owner of the servient tenement.

Examples of easements include the right to access and use private roads or paths or giving companies the right to use a property for a specific purpose, such as granting an electrical company access to a wire or pole.

How are easements created?

Easements can be created in a variety of ways through express grants, by implication, and by necessity. Most easements are transferable and pass from owner to owner when a property is sold or gifted.

Express easements

Express easements are created when two parties agree on the easement and sign a legally binding document outlining the specifics. The signed documents typically come in the form of wills or deeds.

Express easements can either be affirmative or negative. Affirmative easements grant the easement holder access to a specific portion of another’s property for a specific purpose. Negative easements are legally binding promises not to do something, such as building a structure that would block a neighbor’s view.

These easements typically stay in place unless they are terminated by both parties. This means if the owner of the dominant or servient tenement gifts or sells their property to someone else, the easement will stay in place and continue to be binding.

Implied easements

Implied easements are unrecorded easements that typically favor one owner over another. That simply means that they're not written down.

Unrecorded easements typically come about when a property owner sells a portion of their land or when the property is subdivided and sold in several parcels.

Implied easements may be created when:

• A parcel of land is divided into two or more parcels, with the parcels going to different owners
• The easement may have existed before the property was divided
• There is a necessary use for the parcel of land

Implied easements are informal agreements that are usually implied based on the circumstances surrounding the land. It’s easy for legal trouble to arise since terms aren’t nailed down on paper but are binding nonetheless.

Issues typically arise after a real estate purchase is complete since there is no written agreement showing the easement. This is where things can get murky and the courts may get involved if issues surrounding the easement can’t be worked out.

If you want to know the ins and outs of an easement for a property, it’s important to contact a real estate agent who can help you fully understand what you’re getting involved with.

Easement by necessity

An easement by necessity is created when one party has no choice but to use another’s property. These easements create access to private roads for homes that are landlocked by other properties.

When one party does not agree to an easement by necessity, they typically end up in court to hash out the terms and discuss why the easement is a necessity.

What are the most common types of easements?

Many different types of easements exist. The three most common and used are easement appurtenant, easements in gross, and easements by prescription.

Easement appurtenant

An easement appurtenant is an easement that benefits one parcel of land (the dominant tenement) over another parcel of land (the servient tenement). These types of easements are tied to the land.

The dominant tenement benefits from having the easement while the servient tenement is subject to the easement.

An easement appurtenant is transferred automatically when the servient or dominant tenement is sold to a new owner.

These easements are typically used by companies that need access to a person’s property, such as an electrical company. Electrical companies are common easement holders since they need to be able to access electrical poles or lay down new wiring.

Easement in gross

An easement in gross grants permission to a person or entity the use of another’s property. This type of easement benefits the holder, not the property. The holder is able to use the land for as long as they are alive or as long as the other party owns the property.

For example, a property owner can agree to an easement in gross with a friend who enjoys fishing on their lake. The friend would be able to fish whenever they wanted until they died or until the property was sold by the owner.

If a property is sold or inherited by a new party, the easement in gross becomes invalid and the new owner is not obligated to act under the previously agreed easement.

Easement by prescription

An easement by prescription is typically granted by a court after a party uses someone else’s land continuously for an extended period of time. The party would have had to use the land without the owner’s permission openly and uninterrupted.

The amount of time needed to pass for an easement by prescription depends on state law, ranging from 5 to 20 years. Some states may have further requirements for the creation of an easement by prescription.

What restrictions do easements place on a property?

An easement doesn’t allow the holder to occupy the land or exclude others from the land unless they interfere with the easement’s specific purpose.

The property owner may continue to use the easement and can exclude everyone except the easement holder.

The owner of a property typically cannot build on top of or too close to an easement without the approval or authority of the easement holder. For example, imagine a power company has an easement running through your backyard. If you plan to build a pool, you would have to ask the company for permission to build.

How are easements terminated?

Easements continue indefinitely unless they are terminated. In most cases, a court does not need to get involved.

Terminating an easement in gross

An easement in gross is difficult to terminate as they are usually granted to a person. They cannot be voided unless the person passes away or the easement is no longer needed.

An easement in gross is also non-transferable — meaning the easement holder cannot pass it along to another individual or entity.

Terminating an appurtenant easement and easements by prescription

Appurtenant easements and easements by prescription are the easiest to terminate or end. They can both be terminated through a written agreement where both parties agree to end the easement.

Other ways to terminate an easement

Easements can also be terminated through abandonment, a merger, or ending by necessity.

Terminating through abandonment

Any easement can be terminated through abandonment by the owner of the dominant tenement.

Two things must typically occur for termination of abandonment:

• The owner must clearly show they have given up their rights to the property.
• An intention or action that shows the owner relinquishes control and use of the easement.

Any type of action can be used to show the owner of the easement is no longer interested.

For example, a shepherd was granted an easement by a property owner for access to a path in order to herd sheep. If the shepherd sells the sheep and moves away, this shows clear action and intent that the easement is no longer needed and has been abandoned.

Non-use of the easement alone does not qualify as abandonment.

Mergers

A merger is defined as a combination of two things, such as parcels of land. Mergers can occur when it comes to easements.

Any easement can be extinguished if the owner of the dominant tenement obtains title to the servient tenement.

Ending by necessity

An ending by necessity sounds exactly like its title. This typically occurs when there is no further need for the easement and it is terminated.

Do easements affect property value?

Easements typically do not create any effect on property value unless they severely restrict the use of the property.

Home sellers and homebuyers can compare easement sales with non-easement sales for homes in the area to see if there are any monetary consequences to having an easement.

Another method is to look at past sales of the specific home. By comparing past home sales values with other similar homes in the area, buyers and sellers are able to get some context for how the easement might influence the sale price.

If you want to know for sure if the easement could affect your property value or the future property value of the home you wish to purchase, contact a real estate agent!

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Buying a home with an easement

Before buying a home, it’s important to know what you’re getting into. Luckily, there are a few tricks of the trade to find out if your dream home has an easement.

It’s important to read the fine print

Home sellers are required by law to list any known easements on a property in any disclosures or documents. These documents are read by homebuyers prior to closing on a house and include information on anything that could affect the value or enjoyment of their new home.

Homebuyers can also visit the county clerk’s office typically located at each county’s courthouse to find out if there are any easements on their future home. Easements are usually listed on property deeds.

Know the ins and outs of the easement

Easements are legally binding, so it’s important to understand their purpose and how they can impact the homeownership experience.

It’s important to always consult a real estate agent as they can not only help you find the home of your dreams but also help you understand everything that comes along with it, including easements.

The post What Is An Easement? appeared first on Semya-Moya.

Bedrooms are defined as rooms intended primarily for sleeping. However, not all rooms can be bedrooms.

The minimum criteria for a bedroom includes:

• Minimum square footage
• Minimum ceiling height
• Hallway access
• Emergency escape and rescue openings
• Heating and cooling units.

Does bedroom criteria change from state to state?

The criteria for a bedroom varies depending on where you live. Each state has its own set of codes and regulations to determine what a bedroom consists of. For some states, that means following the guidelines set by the International Residential Code (IRC).

Some states have specific square footage requirements. For example, in Wisconsin, a room must have 70 square feet of floor space to be considered a bedroom. Other states have regulations surrounding heating and cooling units. That's especially true in New England states, which require bedrooms to have a heat source.

However, it doesn’t end with state building codes and regulations — individual towns and cities have the power to set their own zoning requirements as well.

For example, the city of San Bruno, CA, requires that a bedroom have a closet, alcove, indentation, or wing wall which creates an area greater than 12 inches in depth.

It’s important for home buyers and home sellers alike to check with their city and state to understand the legal requirements for what defines a bedroom.

Bedroom requirements

While each state and city has its own requirements for what makes a room a bedroom, the International Code Council created in-depth criteria known as the International Residential Code (IRC). However, not all states follow the code to a tee and have different rules and regulations of their own.

For states that follow the IRC, there are specific requirements for what each bedroom must include.

Minimum square footage requirement

A room doesn’t qualify as a bedroom unless it meets certain square footage requirements.

The IRC states habitable areas like bedrooms need a floor area of no less than 70 square feet and no less than 7 square feet in any horizontal direction.

If a room has less than 70 square feet, it doesn’t meet the requirements under the IRC to count as a bedroom.

Minimum ceiling height requirement

The minimum ceiling height required is 7 feet.

For bedrooms with sloped ceilings, the required floor area of the room needs to have a ceiling height of no less than 5 ½ feet of the required floor area and 50% of the space must have a ceiling height of no less than seven feet.

The majority of homes across the United States adhere to the ceiling height requirement enacted by the IRC.

Emergency escapes and rescue openings

For safety reasons, it’s important that a bedroom have a way out in case of an emergency. The IRC recommends that bedrooms have at least one egress, but due to fire codes and safety codes, it is highly recommended that there be two separate emergency escapes to get out of a bedroom.

Emergency escape and rescue openings must open directly onto a street or into a yard or court that leads out to a road.

Under the IRC, rescue openings must also be operational from the inside of the bedroom with the use of keys, tools, or other special knowledge.

Windows as an egress

Windows are generally one of the best emergency escape routes for a bedroom. They are easy to crawl through to get to safety in a backyard and beyond.

The IRC requires windows to have a clear opening area of 5.7 square feet, a minimum height of 24 inches, and a minimum opening width of 20 inches.

The window sill should also be no more than 44 inches from the floor, so children are not able to fall out of the window.

Using a door as an egress

Besides a window, the other most common type of egress is a door.

When a door is used as an emergency escape and rescue opening, it must be a side-hinged door or a slider.

Cooling and heating units

Each bedroom needs to be equipped with a heating and cooling system capable of maintaining a room temperature of not less than 68 degrees Fahrenheit or 20 degrees Celsius.

While the IRC does create recommendations, guidelines, and criteria for bedrooms, it’s important to check with your local code enforcement about exact requirements for a bedroom.

Does a bedroom need a closet?

A bedroom does not need a closet to officially be considered a bedroom.

Closets have become a staple in newer homes. But when it comes to older homes, you may have to get creative or invest in a dresser to store your clothes.

How can you turn a room into a bedroom?

There are several ways to turn a room into a bedroom, including extending a room or dividing a larger room in two with a partition.

In order to make changes to your home, you will need to get a permit and permission from the city and zoning committees before starting construction to extend a room or add a partition to a larger room.

One important thing to consider is adding or extending a room may not affect your home value. If a seller has very few bedrooms in their home then it might be worthwhile to add or extend a bedroom. However, if you already have four or five bedrooms in your home, it’s not necessary to build or add a new one in order to get a greater return if you’re planning on selling your home.

Cost of extending a room

It’s possible to extend a room and add a window in order to meet the minimum bedroom requirements by the IRC.

An extension to an existing room typically costs between $600 and $750 per square foot. Permits cost between $400 to $2,200 on average.

Installing a window costs over $5,800 on average, but typically ranges between $2,900 and $9,000 depending on the layout and work required. Labor costs range from $150 to $800 per window or about $40 per hour.

Adding a wall

Installing a new wall costs around $1,900 on average but typically ranges from $985 to $2,900. Some partitions can reach as high as $8,000 due to the complexities of the room.

Installing walls can be messy since they typically involve framing, electrical work, and drywall.

Ways to market your non-bedroom space

If you’re tempted to list rooms that don't fit your state's criteria as bedrooms, don’t do it! It’s not only dishonest, but it can also land you in legal trouble.

Just because a room may not qualify as a bedroom doesn’t make it any less important in a listing. Many buyers are actively looking for homes with "bonus rooms" or extra space they can turn into an office, craft room, or even storage.

Real estate agents are valuable resources in presenting your home’s best attributes. They can help you decide what to label your extra space and help you provide listing information that’s accurate and attractive to buyers.

Want to learn more? Clever can introduce you to top-rated real estate agents in your area who can help you sell your home quickly and for top dollar.

FAQ Drawers

The post What Is the Legal Definition of a Bedroom? appeared first on Semya-Moya.

Selling an inherited house is often a financial windfall, but it can also be a long, complicated process. If you've recently inherited property and you're wondering how to sell it fast and with as little stress as possible, we've got you covered.

First, it pays to understand all the costs associated with inheriting a property and your selling options. Listing your inherited house with a realtor on the open market may not be the best choice, especially if you need to sell ASAP.

Read on to learn everything you need to know about selling inherited property, including your selling options, and the potential tax implications.

Clever Offers is your best option if you need to get a fast offer on your inherited property. Clever will connect you with a top local realtor, who will bring you fair offers from top cash home buyers in your area. Get fair cash offers from top local buyers now!

Selling an inherited house: The probate process

Before you can sell an inherited house, the estate must first go through a legal process known as probate, which can last up to 24 months.

The process begins when a court reviews the deceased's will to determine its validity and authenticity. All assets are frozen and cannot be sold during this review period.

Once the court approves the will, an executor of the will is appointed to act on behalf of the wishes of the deceased. The executor is responsible for paying all debts, including:

• Any remaining mortgage balances.

• Medical bills.

• Hospice and nursing facility expenses.

• Burial and funeral costs.

• A final tax return covering all federal, state, and local taxes owed.

After repaying all debts, the executor distributes what's left of the estate to the heirs. You can sell the inherited property once this process is completed.

Should you sell an inherited house?

Reasons to sell

Get your financial windfall

Property inherited from a deceased relative can be sold and turned into cash. If you choose to sell your inherited home ASAP, you can access and use funds at your discretion.

Selling an inherited house can free up cash to pay off your primary mortgage, buy a new home, pay off consumer debts, invest for retirement, or fund another life expense.

Avoid homeownership costs

Besides not having to make mortgage payments, selling an inherited property lets you avoid the various upkeep and maintenance costs associated with owning a home, including:

• Repairs: $170 per month

• HOA fees: $250 per month

• Utility bills: $200 per month

• Property taxes: $220 per month

• Lawn care and snow removal: $130 per month

• Homeowners insurance: $80[3]

Selling an inherited home fast is the best option for those to want to avoid paying for constant upkeep and maintenance, especially if you don't plan to live in the house.

Reasons to wait to sell

Weak housing market

If you want to get the most value for your home, it could make sense to wait until market conditions favor sellers in your market.

A seller's market occurs when housing demand exceeds supply – meaning there are many interested buyers but not enough housing to meet that demand. It makes it easier to sell at your desired price.

Is your home located in a seller's market? Learn more about local market conditions and your selling options by talking to a real estate agent. Clever can connect you to a local professional for more guidance.

Reduce your tax burden

Moving into the inherited house and waiting to sell it could save you thousands. There are two potential ways to save on taxes:

• Your gains on the home sale may be taxed at a lower rate if you wait to sell after owning the home for at least one year.

• Sellers who live in the home for several years may be completely exempt from capital gains tax.

Learn more about the potential taxes on the sale of inherited property, and ask a tax professional for more specific advice.

More time to prep the home for sale

Just not ready to sell your inherited house yet? Waiting can give you more time to prep it for sale.

Inheritors don't just inherit the property but also everything inside of it. So it may take some time to sort through your belongings to determine what to keep, sell, or donate.

Taking the extra time to prep also gives you time to consider making any renovations or repairs to the home before selling it.

Options for selling an inherited house

Sell as-is to a cash home buyer

Companies that buy houses for cash are a good option if you need to sell ASAP since they can close on the sale within weeks.

Cash buyers - including iBuyers and real estate investors – pay all cash for your home with no contingencies. You can avoid buyer showings, home inspections, appraisals, and a drawn-out closing process.

Cash buyers may offer you less than what your home is worth. Most pay between 50% to 75% of its fair market value and focus on buying distressed properties or homes requiring repairs. But they provide the quickest, most convenient option.

Some people who inherit a home may not want to worry about upkeep and maintenance, which can cost hundreds (if not thousands) of dollars each month. Selling to a cash buyer solves this problem, closing as quickly as 14 days after signing the contract.

List with a real estate agent

If you have more time to sell your inherited property, it may be a good idea to list it with the help of a local realtor. Here are a few key benefits:

A good agent will help you determine the fair market value of your inherited property with a comparative market analysis (CMA) report and help you set an optimal listing price.

Realtors market and advertise your property online on popular real estate websites like Zillow, Trulia, and Realtor.com, attracting more potential buyers.

You gain the professional guidance of an expert. A realtor can help you negotiate with buyers, weigh offers, and guide you through the closing process.

However, listing a home with a realtor is more time-consuming when compared with selling to a cash buyer or investor. It took U.S. homeowners a median of 51 days to receive and accept an offer in October 2022.

Add the typical 30 to 45-day closing process and your real estate transaction may take at least three months, from start to finish.

Selling an inherited house: The tax implications

Taxes are a legitimate concern when selling an inherited house. Many sellers think they'll get hit with a huge, unaffordable tax bill. Fortunately, there are many benefits that can help you avoid or reduce your tax burden.

1. Capital gains tax for inherited property

Inheritors only need to pay capital gains taxes if they sell their inherited property at a gain. The taxes also get reduced through a provision known as the "stepped-up" tax basis.

The stepped-up tax basis allows those who inherit a house to benefit from a lower capital gains tax rate after selling the property. Here's how it works:

• During the probate process, an appraiser determines the home’s fair market value (FMV) on the date of the original owner’s death.

• The home's new FMV is known as the "stepped-up basis."

• When you sell the house, you get taxed on the difference between the sales price and the stepped-up basis – not the owner's original purchase price.

Capital gains example

1. You inherit a house with an FMV of $300,000.

2. You sell the property at a price of $325,000 after owning it for one year.

3. You owe capital gains taxes on $25,000 in profit, and the tax bill would come out to $3,750, based on a 15% tax rate.

Long-term capital gains are currently taxed at 0% to 20%, depending on your income and tax filing status.

Capital gains may also get charged at the state level. Contact your accountant or real estate attorney for professional advice.

How to avoid capital gains tax on inherited property

You may be eligible for a capital gains tax exclusion if you move into your inherited home before you sell.

If you qualify, you may be exempt from capital gains taxes on the first $250,000 (if filing as single) or $500,000 (if filing a joint tax return with a spouse).

To qualify, you must use the inherited home as your primary residence for two years out of a five-year period, and you must not have used the capital gains exclusion within the past two years.

2. Inheritance tax

Thankfully, most people who inherit a home won't have to pay inheritance taxes.

Only six states – Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania – have inheritance tax laws. The rules differ by state, the estate size, and asset type.

Some states exempt the deceased's spouse and children, which means houses that go to them aren't subject to the inheritance tax.

3. Estate tax

Only high-value estates get charged federal and state taxes.

Estate taxes get charged on a person's assets after death. In 2022, the federal estate tax applied to estates worth more than $12.06 million, rising to $12.92 million in 2023. [4]

Twelve states and the District of Columbia also collect estate taxes at the state level. The exemption amount is over $1 million for each state that charges the tax.

Estate and inheritance tax locations

Here is a map showing the states that pay inheritance and estate taxes. The only state that pays both is Maryland.

Selling an inherited house: FAQs

The post How to Sell an Inherited House Fast in 2023: A Stress-Free Guide appeared first on Semya-Moya.

Categories of homes | Decisions to make before selling | Not making repairs | Low-cost repairs | Major repairs | How to sell a house in poor condition

Selling a house in poor condition can be a big challenge. Often, these homes struggle to attract offers because they aren't up to the standard that most buyers expect.

The term "poor condition" can be used to describe homes in a variety of states, but they'll typically fit into one of three categories:

• Outdated
• In need of repairs
• Almost uninhabitable

The key to making a good decision when selling a home in poor condition boils down to determining what shape your home is in and whether it's better to put time, money, and energy into making repairs or just sell it in its current condition as is.

Unfortunately, there's no one-size-fits-all solution. The best advice is to talk to a real estate agent that can help you understand your options and what’s best for your situation.

Categories of homes in poor condition

Before you decide to sell your home, you should determine what condition your home is actually in. This will help you get a bigger picture of whether:

• You should make changes to your home before listing
• You should sell without making any repairs

Almost uninhabitable

Making major repairs to an almost uninhabitable home costs a lot of money upfront. You may be able to recoup some of your investment when the house sells but you'd be out thousands of dollars in the interim.

If you don’t have the money to put towards repairs, you should consider cutting your losses and selling as is. You may get a lower price for your home, but you won’t have to shell out any money to upgrade your house.

Even if you have the funds to commit to repairs, it’s best to speak to a local real estate professional about your situation before making a decision. They'll likely be able to help you identify which projects will net you more money for your home, and which aren't worth the cost.

Homes that are almost uninhabitable usually have issues including:

• Damaged roof

• Severe foundation issues

• Major plumbing problems

• Bad electrical wiring

• Pest infestations

• Hidden mold, lead, or asbestos

Repairs needed

Making minor repairs to your home before you sell doesn't require a lot of upfront costs and may help your home stand out from the crowd. If you're really concerned about keeping costs low, you could even make the needed changes yourself.

Some common defects include:

• Some electrical issues
• Some plumbing problems
• Functioning, but damaged roof
• Minor foundation issues
• Failing but functioning HVAC

Fixing these issues could bring your home up to the standard that most buyers and lenders expect. Mortgage lenders will only lend to buyers who plan on buying a home that meets their standards.

You stand a greater chance of meeting both of their requirements if you repair what you can before you list your home.

Outdated

Homes in good working condition that are outdated may be viewed poorly by potential buyers, meaning they’ll offer less money for your home. However, this depends heavily on the state of your local real estate market.

Updating an outdated home could give you a return on investment and help you rake in a higher sales price. However, if inventory is low and demand is high in your local real estate market, outdated homes may sell almost as well as homes with recent renovations.

» CONNECT: Speak to a local realtor to learn what your home could fetch if you listed it in its current condition

Items that are typically in need of updating include:

• Kitchens
• Bathrooms
• Flooring
• Exterior and interior paint
• Finishes and fixtures
• Landscaping

To help save on costs, you may be able to make some of the easier changes yourself.

Decisions to make before selling

Before you sell a home in poor condition, you have an important decision to make: are you going to make repairs or sell as is?

Committing the time and money to improving your home before you sell could net you a higher price and a quicker sale. However, there's also a chance that you won't recoup your investment.

The best decision for you depends on your specific circumstances. Below, we detail the advantages and disadvantages for each option.

Not making repairs 🏚

Sellers who do not want to make repairs to their home should sell it in its current condition as is. The buyer understands that you will make no repairs or changes to the house before it sells.

As is homes are often purchased by investors or cash buyers. They try to negotiate the price as low as they can go — sometimes offering as much as 50% below the fair market value of your home.

Conventional buyers may also target homes in as is condition if the house isn’t too dilapidated to qualify for a mortgage.

Advantages of selling as-is

No costly repairs

Homeowners who sell their homes as is don’t have to worry about making any repairs to their homes.

And while cash buyers and investors won’t care about the condition of your home, traditional homebuyers will want to know exactly what they can expect. This means they may want home inspection and appraisal contingencies — which can significantly lengthen the transaction process.

Owners who are selling as-is are also less likely to grant the buyer repair credits towards closing costs. These credits aren’t an out-of-pocket expense but do reduce a seller’s net earnings from the sale.

Homes can be sold quickly

Homes that are sold in as is condition can close in as little as two weeks.

This makes it particularly enticing for cash buyers and investors who are looking to make a quick profit. Since there are no contingencies or financing involved, it’s just a matter of signing off on the paperwork and exchanging the deed for money.

Disadvantages of selling as-is

Homes sell for less money

Homeowners who list their homes in as is condition can expect to get lower offers than other homes listed on the open market.

The words "as is" typically signal to buyers that there's something wrong with the property. Cash buyers and investors tend to take advantage of this to get a lower bargaining price — they usually pay about 60 cents on the dollar for homes in disrepair.

Homes receive fewer offers

Homeowners selling as is may have a smaller pool of buyers willing to take on the challenges of updating a property in poor condition.

Most first-time buyers will steer clear of homes that are selling as is since most government-backed loans will not lend to homes in bad condition.

If a seller cannot find a buyer, their home could linger on the market longer than anticipated and sometimes have the opposite effect of what is intended with as is sales — saving time and money.

Making low-cost repairs and upgrades to your home 🧰

Low-cost repairs can be a great way for home sellers to boost the value of their home, without having to commit too much cash and time upfront.

However, if your local real estate market is currently favoring sellers you may find that even homes in poor condition may sell at asking price, even if no repairs are made.

Looking at market conditions and your competition can help you identify what repairs are worth making. This can be done by analyzing real estate trends across online property sites or consulting with a local realtor.

Advantages to making minor repairs

You can make the repairs yourself

You could save up to thousands of dollars by making any minor repairs yourself.

If you don’t want to make these repairs yourself, that’s okay too! It may only cost a few hundred dollars out of pocket if you choose to have someone do the work for you.

You can make the repairs fast

Minor repairs may take a few days to complete, whereas major repairs could take weeks or months. You could quickly make changes to your home before listing it without investing too much time or energy.

Disadvantages to making minor repairs

Repairs may not lead to a return on investment

While making minor repairs can help make your home more attractive to buyers, there’s no guarantee you will receive a higher return on investment (ROI).

Most buyers have certain expectations when it comes to purchasing a home. It’s possible that the changes you make may be considered more of a necessity in their eyes to bring their home up to a higher standard. In this case, potential buyers would not offer you a higher price for your home.

Repairs still cost money

While most minor repairs are substantially cheaper than major repairs, they still cost some money.

It’s important to consider what funds you have available to make repairs and stick to a budget. Otherwise, you could end up spending more than you initially expected.

Investing in major repairs 🛠

Homeowners who plan to make major repairs to their homes should consider:

• Whether the money you pour into your home for repairs is worth the investment
• How much the repairs could boost your property’s value

Home sellers that upgrade their homes don’t generally recoup the entire cost.

Advantages of making major repairs

Boost your property value

Making major repairs to your home could increase your property’s overall value.

While you may not get an exact return on investment for any repairs you make, you should be able to get a higher price for your home since you are bringing it up to a standard that traditional buyers expect.

Attract more buyers

Investing in major repairs could potentially attract more buyers for your home.

Since you would be making significant upgrades and repairs, first-time buyers would be able to make offers on your home. They would be able to secure financing from a mortgage lender because your home would meet the standard criteria for borrowing.

Disadvantages of making major repairs

Time and money

Making minor repairs can take months to complete and cost tens of thousands of dollars. There’s no set number of how much you could pay for major repairs and no guarantee for a full return on investment.

Before you start making any changes to your home, it’s important to identify which repairs will bring you the greatest return on investment.

Here’s a look at the return on investment you could expect if you were to replace your roofing with asphalt shingles:

Financing your repairs 💰

Financing home repairs doesn’t have to come straight out of your own pocket. There are plenty of options available that could help you spruce up your home for buyers.

Home Improvement Loans

A home improvement loan is an unsecured personal loan that can be used to cover any repairs or upgrades to your home.

Since they are unsecured, you don’t need to use your house as collateral, and you don’t have to have any equity to qualify. Interest rates and qualifications are based on credit scores and employment history.

Many homeowners choose to use home improvement loans because funding can come through quickly.

Home Equity Lines of Credit (HELOC)

Home Equity Lines of Credit (HELOCs) are revolving lines of credit that have shorter repayment terms. You can qualify for lower interest rates than you would for unsecured personal loans because you must have sufficient home equity to borrow.

If you fail to make your payments on time, the bank could foreclose on your home. The monthly payment can also fluctuate depending on market conditions.

Home Equity Loan

Home equity loans are often referred to as a second mortgage. The loan is paid out in a lump sum that can be repaid over several years in regular fixed monthly payments.

These loans use your home as collateral — meaning if you fail to pay, the bank could foreclose on your home.

Home equity loans offer less payment flexibility compared to other options. They are best for borrowers who want something steady since the interest rate is locked down.

How can you sell a house in poor condition?

Homeowners who are looking to sell their home in poor condition can narrow down their options by deciding:

• If you want to sell quickly
• If you want to sell for more money

If you need to sell your home quickly...

Cash buyers

Cash buyers offer homeowners the opportunity to get all cash for their home and close the transaction in as little as two weeks.

» LEARN: More about selling to a "We Buy Houses for Cash" company.

Cash buyers include companies or investors looking to purchase property as an investment to flip for a higher profit. Since they pay all cash and target distressed homes, they typically offer to buy the house quickly and without any contingencies.

Owners who sell to cash buyers won’t have to make any repairs to their home since they buy it as is. The downside is you may lose out on tens of thousands of dollars since cash buyers typically make offers far below market value.

iBuyers

Sellers who want to close on their home quickly should consider selling to an iBuyer. These companies utilize technology to quote how much they would be willing to purchase a property for.

iBuyers will typically make offers close to the fair market value of your home. The tradeoff is that they won’t buy houses that need many repairs.

Owners should consider selling to these companies if they want a quick sale and aren’t against making minor upgrades to their home.

» LEARN: More about selling to an iBuyer.

If you want to sell for more money...

List with an agent

Listing with a realtor is the best way to attract offers from traditional buyers, who typically pay full market value for your home.

One caveat is that they'll typically only purchase homes in decent to good condition. This is because most government-backed mortgages will only lend to borrowers who buy a home in stable condition with no significant need for repairs.

Traditional buyers are best for sellers who want a higher offer on their home and aren’t in a hurry to sell.

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The post Selling a House In Poor Condition: Categories, Repairs, and How to Sell appeared first on Semya-Moya.

What is I Buy Houses? | Pros and cons | How I Buy Houses works | Alternatives

I Buy Houses provides a platform for home sellers to connect with real estate investors in their area. Their business model is relatively simple — submit your information and an investor may reach out to you.

However, I Buy Houses differs from other cash buyer companies because they don’t provide any actual services to home sellers. The company doesn’t guarantee an offer from an investor or supply any guidelines for the transaction process — meaning you have to negotiate everything yourself.

If you need to sell fast, submitting your information to I Buy Houses is relatively low risk, although it’s far from the best available option. You should only use cash buyer companies or investor networks if you have exhausted all other options — including working with a real estate agent.

» CONNECT: To an agent and get a free comparative market analysis to learn how much your home is actually worth

» COMPARE: We Buy Ugly Houses | HomeVestors | MarketPro Homebuyers | We Buy Houses | Expert Home Offers | Sundae Real Estate

What is I Buy Houses?

I Buy Houses is a company that introduces home sellers to real estate investors in their area. Businesses that do this are often referred to as cash buyers or investor networks.

Cash buyer companies specialize in purchasing distressed properties from homeowners at a discounted price. In exchange, you don’t have to pay any fees or make repairs, and you can close on your timeline.

However, I Buy Houses is different from typical cash buyer companies. They can’t guarantee any kind of timeline for selling with an investor, and you may have to pay fees. You also have to work out the details of the transaction with the investor by yourself.

Here’s a closer look at how cash buyer companies and I Buy Houses differ:

While using a cash buyer or investor network may seem like a great idea, there are better alternatives that can help you sell quickly and get more money for your home. Real estate agents can advertise and market your home aggressively to attract buyers fast.

Is I Buy Houses legitimate?

I Buy Houses is a legitimate company that aims to connect home sellers with investors — though there’s no guarantee that will happen.

I Buy Houses severely limits your options because you are not their primary customer. The company only sends you one investor lead that isn't vetted and may ultimately be untrustworthy.

I Buy Houses investor partners pay for leads.

When you submit your information to I Buy Houses, you are technically being sold as a lead to an investor who pays to use their website.

Their investor partners are their primary customers— not home sellers — which explains why they don’t offer any matchmaking services. This ultimately means that I Buy Houses may connect you with someone who cannot help you.

I Buy Houses doesn’t vet its investors.

I Buy Houses does not vet its investor network like other cash buyer companies. And while the company is not accepting new investors at the moment, anyone could previously join.

Because there are no standards or guidelines for investors, you have no way of knowing whether they’re legitimate or if they even have the funds to purchase your home.

Your information only gets sent to one investor.

Your experience with I Buy Houses will depend solely on the one investor who may or may not reach out to you. Many of their investors are house flippers, rental property investors, and real estate agents who are looking to purchase homes at a discounted price.

Most investors will probably offer to pay cash for your home — allowing you to close quickly. However, others may want to use some type of financing or monthly payments which could draw out the sales process.

Having only one option for an investor puts you at a significant disadvantage because you cannot compare offers from other cash buyers or find someone who works best for your situation.

Who should use cash buyer companies?

Home sellers should typically only resort to selling to cash buyer companies if their home is in poor condition or if they need to sell quickly.

However, there are other situations where it may be worth considering...

• If you inherit a house
• If you are facing foreclosure
• If you are having difficulty selling your home

And while they can sell your house on your timeline, it comes at a cost. Cash buyer companies will typically only offer you 50% of the home’s fair market value.

If getting maximum value is your priority, you should talk to a real estate agent about how much you may be able to get for your home on the open market.

»GET: A free CMA from a Clever Partner agent to learn how much your home is really worth

I Buy Houses pros and cons

How I Buy Houses works

Step one: Submit the form

Sellers who want to be connected with an I Buy Houses investor partner can begin their journey by filling out the form online.

You'll be asked to enter your basic information like your name, address, email, and phone number.

The form will then prompt you to answer specific questions about your home, including:

• The number of bedrooms and bathrooms
• If a realtor has listed your house
• How much your home would appraise for
• Your asking price, including the least amount you would take for your home
• Necessary repairs
• Your reason for selling
• Your mortgage details, including how much you pay per month and how you owe

Once you fill out the entire form, I Buy Houses will send it to one investor partner in your local area.

The company claims that the more information you provide, the higher the chance you will have at an investor reaching out to you. Investors use the information you provide to gauge their interest in purchasing your home.

Step two: Talk to the investor

If an I Buy Houses investor partner is interested in your home, they will reach out to you to confirm the details that you provided in the form.

They will specifically want to verify the amount that you owe on the mortgage and whether it’s above or below the value of your home. Investors will use this to determine how much they may offer for your house.

For example, if you owe $125,000 on your mortgage, that’s all they may offer you. You should heavily consider whether providing your mortgage details to an investor is worth it because they could end up offering you less than they would if you withheld that information.

Other facts an investor will consider before they make an offer include:

• Costs of repairs
• Location
• Layout and size of your home

You and the investor would have to hammer out all of the details of a deal yourselves because I Buy Houses does not involve themselves in the transaction process. It can be hard to handle on your own because the investor’s goal is to get a bargain deal and focus on how the sale would benefit them.

If you can’t work out a deal or decide you aren’t getting the best possible terms for your home, you can back out and reject any offer the investor makes.

Step three: Sign the offer

If you can come to terms with the investor, the last step would be to sign a contract with them for your home.

You may be able to close the deal with the investor in as little as two weeks — which is when you’ll get paid.

How does I Buy Houses compare to other options?

I Buy Houses vs. hiring a real estate agent

In most cases, listing with an agent will be a better choice because they can help you negotiate the best possible deal and sell relatively quickly.

You will typically be able to get better offers by working with an agent than you would by using I Buy Houses. This is because agents list and market your home aggressively on the MLS — which is how most buyers search for homes.

If you need to sell quickly, your real estate agent may be able to use their connections to find a reputable cash buyer or investor that will offer you a more predictable transaction than I Buy Houses.

Agents will also be able to offer you more support and advice during the transaction process — which I Buy Houses cannot. The company has no customer service representatives who can help guide you through the process of selling your home to one of their investor partners.

Looking for an agent? Clever can help! Get in touch to speak with our team of real estate experts who can help assess your situation and connect you with the best solutions for your needs.

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If your agent has experience in probate sales, they will have knowledge of:

• Necessary paperwork
• Probate disclosures
• State probate laws

Choosing a real estate agent without probate experience could result in extra fees and/or a longer court process if the wrong paperwork is submitted. For example, paperwork concerning power of attorney for the probate process costs $435 each time it’s submitted in California.

» CONNECT: To an agent that’ll help you sell your home during probate

How probate sales differ from typical homes sales

The main way that probate sales differ from traditional sales is that they're more complex and typically take longer to complete.

Homes are typically sold during probate when:

• No beneficiaries are identified
• Debts need to be paid

Probate sales are overseen by probate courts and have to follow local laws, which adds complexity to the home selling process.

What price the home can be listed at, when an offer can be accepted, and how negotiations are handled are all aspects of the sale that probate courts have control over. In addition to following court directives, these sales also have to adhere to probate laws, which vary by state.

» MORE: What is a probate sale?

By comparison, in a typical home sale, the home seller gets to call all of the shots. And while there are still home-selling steps that owners need to follow, the process is more straightforward and often much faster.

What you should ask before hiring a probate realtor

Before you hire a probate realtor, you should question them to assess whether they have experience handling probate transactions. For example, you could ask:

• How many probate transactions have you handled?
• Are you certified or educated in probate?

Realtors that we spoke with said that each agent should have around 15 probate transactions under their belt before they’re considered an expert.

How do you find a probate real estate agent?

To find a reliable probate real estate agent, you could ask your probate attorney for direction.

Probate attorneys specialize in handling these types of court cases and have a network of resources at their disposal — including probate real estate agents. They could provide you with an introduction or provide contact information for a few agents you could reach out to.

If you’re looking to explore multiple options, Clever can help. We have a vast agent network that can refer agents based on your specific circumstances. Clever also has a customer service team that can help you every step of the way and provide you with advice as needed.

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Tudor-style homes first appeared in England during the 15th century. They made their debut in the United States in the 1920s after being dormant for more than three centuries.

Tudor Revivals took aspects from the original English Tudors but added a modern flare. They are now the most common type of Tudor home and are mainly found in the Northeast and Midwest.

>>MORE: Find a Top Real Estate Agent

JUMP TO SECTION

• Original English Tudors vs. Tudor Revivals
• Characteristics of Tudor Revivals
• Types of Tudor architecture
• Who should buy a Tudor-style home?
• Pros of buying a Tudor-style home
• Cons of buying a Tudor-style home
• Maintaining and restoring a Tudor home

Original English Tudors vs. Tudor Revivals

Original English Tudors derive from British medieval architecture created during the 15th and 16th centuries under the Tudor dynasty. The majority of English Tudors were two to three stories tall and made primarily of timber.

Builders would insert woven poles comprised of branches, twigs, or reeds between the timbers, known as wattle. They would then use a mixture of clay, sand, and dung to seal the walls to become as hard as concrete. [5]

Once the materials were dry, builders often painted the home with lime wash. Half-timbering allowed the wood to be seen from both the inside and outside of the house.

Besides their half-timbering, English Tudors were known for their tall windows, steep thatched roofs, and stone chimneys. This style was known for having multiple fireplaces inside the home, which was considered an architectural feat at the time.

Tudor Revivals made their first appearance in the United States during the early 1900s. Americans embraced the style and built new homes with a blend of old-world and modern design elements. Tudor Revivals are also known as "Mock Tudors" or "Jacobeans."

Like their medieval counterparts, Tudor Revivals are two stories tall with a half-timbered facade used purely for decoration. The first floor is typically made of brick or stone walls. Revivals also feature steep slate rooflines, gabled windows, and a brick or stone chimney.

Tudor Revivals' popularity declined before World War II because they were costly to build. When soldiers returned home from war, builders needed to mass-produce houses for the baby boom that would come, like Colonial Revivals and ranchers.

>>READ: The 5 Types of Real Estate Investments

Characteristics of Tudor Revivals

Tudor architecture features a signature look passed down through the centuries. Both the exterior and interior of English Tudors and Tudor Revivals have common features and characteristics.

Exterior:

• Steeply pitched roofs with multiple gables
• Half-timbered facade
• Tall windows with square or diamond-shaped panes
• Embellished entry door
• Brick chimneys

Interior:

• Rectangular design
• High ceilings with exposed beams
• Multiple fireplaces
• Stained glass windows

>>MORE: Chimney Inspection Costs: How Much Does It Cost to Clean and Inspect Your Chimney?

Types of Tudor architecture

English Tudors gave inspiration for two other home types — Tudor Revivals and Tudor cottages. They all share similar features, but the newer styles are updated and modern.

Original English Tudors

English Tudors originated during the 1500s and were initially built for the wealthy. They were adapted for everyday citizens after several decades.

Their half-timbered look became the standard for all Tudor-style houses.

English Tudors feature:

• Thatched roofs
• Ornate chimneys
• Ground to ceiling beams
• Stone, brick, or plaster exteriors
• Square or rectangular shape
• Low ceilings

Tudor Revivals

Architects began building Tudor Revivals at the beginning of the 1900s. Americans wanted opulent and grand homes, and Tudor Revivals offered just that.

Tudor Revivals feature stone or brick walls on the first floor and a half-timbered look on the second. The roof is typically made of slate and is very steep with multiple gables.

The exterior of Tudor Revivals often features a hanging or jetty over the front door, which is typically medieval in design. The interior is just as lavish as the outside, with half ceiling beams and stained glass windows.

Tudor Revivals have an asymmetrical layout, making these homes more open and mysterious. It’s possible to find a dumbwaiter or a set of servant’s stairs.

>>READ: 15 Best Websites for Home Buyers in 2021

Tudor cottages

Tudor Revivals were extremely expensive to build. The building materials were costly as architects tried to emulate a particular look that had long passed by. Tudor cottages became the answer.

This home style is much smaller than its counterpart with one- to one-and-a-half stories of living. They still have many other elements of Tudor Revivals, such as steep roofs and faux half-timbered facades.

Who should buy a Tudor-style home?

Tudor-style homes are not great options for first-time homebuyers since they tend to be pricey. They are, however, great for those looking to expand their family since they boast a lot of space.

Tudor homes are great for anyone enamored by their classic, medieval, and Shakespearean charm.

>>MORE: Going Off-Market: How to Buy a House That Isn't for Sale

Pros of buying a Tudor-style home

Unique style

Tudor homes may be expensive, but they offer a timeless style. Their storybook look is often reminiscent of English country houses and manors.

There are also not many Tudor houses being built in the United States — meaning the ones here tend to be historic. Most homes also range between 1,500-3,000 square feet.

Asymmetrical design

While most Tudor Revivals are rectangular or square-shaped, they are asymmetrical. What does this mean? It means the two sides of the home are not the same. This typically translates to more freedom inside the house.

Tudor homes also tend to boast larger rooms and cooler features like secret stairways and dumbwaiters.

Roofing is durable

Most Tudor homes feature slate roofs. These roofs are among the strongest types available due to their weather resilience. Slate roofs will not absorb water or become warped due to exposure to moisture and can last for decades.

>>READ: What Is an iBuyer? (A Comprehensive Guide)

Cons of buying a Tudor-style home

More expensive than other homes

Tudor Revivals tend to be more expensive than other single-family homes. This is because the building materials used to construct the home are more costly than others.

Tudor-style homes are mainly found in affluent neighborhoods in the United States.

Source: Zillow

Gables and dormers can cause leaks

Tudor Revivals often feature multiple gables and dormers on the slate roof. A dormer is a roofed structure that usually contains a window.

Since the roof features both gables and dormers, it’s easy to have issues with leaks. The national average roof repair cost is $920, with most homeowners spending between $350-1,500 on average. Smaller roof repairs cost between $150-400.

Construction repairs and maintenance

Many of the features in Tudor Revivals were built decades ago. Necessary work on these homes could include updating electrical wiring, which may not have been touched since the 1950s. Other work could include repairing the faux half-timber and brick exterior.

Electrical wiring typically costs $1,300 on average. Wiring or rewiring typically averages between $500 and $2,100. Costs vary depending on how much and what type of work needs to be done.

Before you close on your Tudor home, it’s crucial to have the home inspected for any necessary repairs.

>>READ: 4 Tips for Staging Your Home By Yourself

Maintaining and restoring a Tudor home

Maintaining and restoring one of these historical beauties takes quite a bit of work. Tudor Revivals were mainly built in the 1920s — over one hundred years ago.

If you’re looking to make some upgrades, it’s important to keep the overall appearance of the home in mind.

Updating the exterior

A quick way to update the exterior of a Tudor home is to add a bit of fresh paint. The half-timbering is usually a dark contrasting color, so it’s okay to mix up the colors of the brick or stone walls.

The average cost to paint a brick home is about $7,000 but can range from $3,500-10,500. The price per square foot is usually between $1.40 and $4.20.

>>MORE: Best Paint Colors to Sell a House

Window replacements

Windows are meant to enhance a home’s natural light, but windows in Tudor homes do anything but. Most windows in these homes are not energy efficient, which may be running up your utility bill.

Window installation costs $5,900 on average or between $2,900-9,100. Labor costs $150-800 per window or about $40 per hour. A single window unit installation costs $400-1,200.

Roof inspections

While slate roofs on Tudor Revivals can be a significant asset, the gables and dormers can leave room for leaks to pop up over time. The national average roof repair cost is $920, with most homeowners spending between $300-1,500.

It’s important to find a licensed contractor to do your work. Don’t rely on yourself or a friend unless you are an expert in the field. Otherwise, a new roof could cost you anywhere from $5,000-11,000.

What should you do now?

Now that you know the ins and outs of Tudor homes, it’s time to find a real estate agent. Don’t have one in mind? Clever can help! Our Concierge Service is available to help answer any questions and match you with available agents in your area.

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The post What Is a Tudor-Style House? appeared first on Semya-Moya.