Susan Fung's Blog
Multigenerational properties have seen a demand spike recently, giving sellers a reason to sit up and take notice. As family dynamics shift and the economy rises and falls, property owners need to pay attention to who's buying what. We'll look at what constitutes a multigenerational property and which ones are seeing the most attention.
Accessibility & Space
The very word multigenerational may confuse some home sellers. After all, any home can be a multigenerational home depending on who lives there. But these homes are usually defined as being accessible to people of all ages with enough space to accommodate different lifestyles.
For example, the home may include a separate entrance and living room where a grandmother can maintain her independence without being far away from her family. Or it may include a wheelchair-accessible ramp to an in-law unit (complete with kitchenette). New multigenerational homes are built so each level can accommodate a different generation (similar to a duplex).
Why the Spike in Demand
The way we live is determined by everything from the average yearly salary to our daily demands. While families may have primarily stuck together a century ago, nuclear families took center stage in the latter half of the 1900s. It seems as though many Americans are seeing the pendulum swing back the other way. Today, up to 41% of all home buyers are looking for a home that can house either an elderly parent or an adult child.
While the exact reasons are still a little hazy, the trend seems influenced by the desire to save money. However, there are other benefits to multigenerational homes that lie just underneath the surface. These homes encourage togetherness while still giving everyone a sense of space. This can lead to better health outcomes — both mentally and physically. Young parents can ask their parents to watch their children while they're gone and adult children can help elderly parents as they age.
What Sellers Can Do
Most sellers are unlikely to revamp their homes entirely before putting it on the market just to make it an official multigenerational home. However, they can give their homes a quick refresher with an eye towards the universal design. This may mean installing grab bars in the bathroom or carpeting the bedrooms to provide more traction.
There's no reason for home sellers to go overboard when it comes to putting their property on the market. However, they can keep in mind who the buyers are in the area. It may help you decide whether to stage your third bedroom as a nursery or a study.
You want to buy a house, but you know that you need to save as much money as possible for a down payment. Although you've tried to save money in the past, your best efforts have failed to help you collect the funds that you'll need to make a down payment on your dream residence.
Let's face it – saving for a home can be difficult. Fortunately, we're here to offer creative ways to help you get the money that you'll need to make your homeownership dream come true.
Now, let's take a look at three creative ways to save for a down payment on a house.
1. Start a Friendly Competition
Competition often brings out the best in homebuyers. Much in the same vein, you and your friends may be able to compete against one another to see who can save the most money for a down payment on a home.
If you and your friends intend to buy a home together or separately, a friendly competition can make a world of difference in getting the required funds for a down payment. In fact, you can even award the winner of this competition with an "Ultimate Saver" trophy or other fun prizes.
Ultimately, a friendly competition is a great way to have fun with friends and save money for a down payment on a house at the same time. Regardless of who wins the competition, you'll notice that your down payment savings will increase, moving you one step closer to acquiring your ideal residence.
2. Use a Rewards System
Saving for a down payment on a home may seem like a long, arduous process. However, if you build rewards into your day-to-day savings efforts, you can earn incentives as you reach various milestones.
For instance, you may want to reward yourself with a special dinner every time that you reach a savings milestone. Or, you can always celebrate hitting a savings milestone with a trip to the dog park with your puppy.
3. Trim the Fat from Your Budget
It sometimes can be tough to remove cable TV, takeout meals and other excess items from your budget. But if you consider the long-term benefits of these short-term sacrifices, you may be better equipped than ever before to save significant funds for a down payment on a home.
Look closely at your daily, weekly and monthly budgets. Then, you can determine which budget items are essential and which are not and trim the fat from your budget accordingly. This will allow you to speed up the process of saving for a down payment on a house and ensure that you can achieve your homeownership dream faster than ever before.
Lastly, as you prepare to explore available homes, don't hesitate to reach out to a real estate agent for extra help. By hiring a real estate agent, you can get the assistance that you need to discover a great house that falls within your price range.
The short answer to our question of the day is...
We all know what we like when we see it.
New flooring can greatly increase your home's beauty in the eye of the beholder, yet it's impossible to know what kind of flooring will attract your home's next buyer. That said, here are the top selling points of three popular options.
Kudos for Carpeting
Carpet, especially if your home will be shown in the winter, is a popular way to add a comfortable look and feel to a home. Most often chosen for bedrooms, carpet can also hide a multitude of flaws beautifully and without a big dent in your savings. To spruce up a home for sale quickly, carpeting can be a great choice.
Now, for the possible drawbacks. Carpeting can cause issues for people with chemical sensitivities or allergies. It doesn't last forever, and it usually won't be as stylish in five years as it is when first installed.
Tip: Going with one flooring choice throughout your main living spaces can produce an expansive, well put-together look.
Hoorahs for Hardwood
Hardwood flooring is a classic choice. Walk into a home with hardwood floor, and you get a sense of elegance, comfort and beauty. Over time, the essential oils of the wood offer a subtly aromatherapeutic and natural appeal. A well-maintained wood floor lasts for decades.
Yes, a lot of moisture can impact its look, and the kids and pets can scratch it. And refinishing is a big job involving chemical abrasion, although fans of the DIY method point out to us that there are wood and laminate refinishing kits on the market for under $100.
Tip: A great, cost-effective alternative is engineered hardwood. Engineered hardwood comes prefinished, can be easily installed without a subfloor.
A Toast to Tile
Tile is as practical as it is handsome. Well-chosen tile will last the home's lifetime. The richer the hues, and the narrower the space left for grout to show, the easier tile is to clean.
In kitchens, either tile or laminate styled as tile works well. Expanses of tile are especially desirable in homes and condos throughout Florida and other warm states.
If you have tile, talk it up! Note its ease of cleaning, especially to potential owners with pets.
Tip: You can buy tile or laminate that looks like hardwood and have the hardwood look—without the refinishing needs.
Sellers Can Offer Options
If you're selling, and your flooring could use updating, considering offering to trim a little off your sale price, encouraging potential buyers to install their own choice of new flooring as desired. That offer itself might just make a deal happen.
Let's face it – buying a home in a hot housing market is no easy task. For example, if you wait too long to submit an offer on a house, you risk losing this residence to a rival buyer. On the other hand, if you rush to submit a home offer at or above a seller's initial asking price, you risk spending too much to acquire your dream residence.
Clearly, there's a lot to think about as you search for a home in a hot housing market. Lucky for you, we're here to help you overcome myriad homebuying hurdles and acquire your dream residence, even in a hot housing market.
Let's take a look at three tips to help you succeed as a homebuyer in a hot housing market.
1. Narrow Your Home Search
You know that you want to live in a specific city or town, but you still are uncertain about what type of house that you want to purchase. However, if you create a list of home must-haves and wants, you can narrow your house search and speed up the homebuying process.
Once you have a homebuying checklist in hand, you should have no trouble evaluating residences in a hot housing market. Then, you can check out these houses in person and move one step closer to submitting an offer to purchase your dream house.
2. Get Pre-Approved for a Mortgage
To acquire a home in a hot housing market, you'll likely need a mortgage. Thankfully, lenders are available that can teach you everything you need to know about a wide range of mortgage options.
Lenders can explain the differences between adjustable- and fixed-rate mortgages, describe exactly how a mortgage works and much more. That way, you can assess many mortgage options and select one that matches your finances.
After you obtain a mortgage, you can enter a hot housing market with a homebuying budget. This will enable you to further accelerate your home search and ensure you can quickly submit an offer as soon as you discover your ideal residence.
3. Collaborate with a Real Estate Agent
Navigating a hot housing market sometimes can be tricky, particularly for a homebuyer who is competing against dozens of rivals. But if you hire a real estate agent, you can receive comprehensive support as you pursue a home in a hot housing market.
A real estate agent is ready to assist you in any way possible. This housing market professional will offer insights into the real estate conditions in a particular city or town and help you map out your homebuying journey accordingly.
In addition, a real estate agent understands exactly what it takes to buy a residence in a hot housing market. He or she will help you put together a competitive offer on any home, at any time. And if your offer is rejected, a real estate agent will help you regroup and reenter a hot housing market so you can find your dream home.
Ready to buy a home in a hot housing market? Use the aforementioned tips, and you can accomplish your homebuying goals faster than ever before.