Why You Should Schedule an Inspection Before Buying a Waltham Home

When you are ready to purchase a home, you have the right to complete many different types of inspections of the potential home before officially purchasing.  A home inspection is actually one of the most common contract contingencies for home buyers.  Whether you have purchased five homes in your life or it is going to be your first one, a home inspection is always highly recommended. 

 

There are many reasons that home inspection contingencies are one of the most commonly seen contingencies in purchase and sale contracts in real estate.  Here are many of the reasons why you should schedule a home inspection before purchasing a Waltham home:

Peace of Mind

Your home is one of the biggest if not the biggest investments you will make in your life.  The costs of purchasing a home are not cheap by any stretch of the imagination.  One of the most important reasons to have a home inspection when purchasing a home is peace of mind.

  The primary purpose of a home inspection is to make sure that the home is safe and solid.  By waiving a home inspection you are creating unnecessary anxiety and stress for yourself.  A good idea, for your next home inspection, is to take notes while the walkthrough is performed and to keep your Waltham realtor in the loop for any necessary advice moving forward. 

Uncover Safety Issues

When it comes to home inspections it is very common for home inspectors to find something wrong with every house.  Some issues may obviously be more serious for safety concerns than others.  Some of the more common issues found on inspections are improper electrical wiring, worn roofing, and plumbing deficiencies.  The main purpose of a home inspection is not to pick every piece of the home apart but to ensure it is a safe and livable place for you and your family. 

Pest & Incest Problems

Pests and insect infections can end up destroying a home.  Depending on the location, the likelihood of having a pest or insect problem will vary.  There are many different types of pest inspections that can cause damage to the structure of your home, such as termites.  The good news is that some home inspections do include pest and insect inspections.  Be sure to ask your Waltham real estate agent if they can recommend a good inspector for your home and pest inspections.

Structural Issues

One of the biggest concerns that are often brought up during a house inspection is the idea of structural issues.  The structure of your home is the most important aspect when it comes to keeping you and your home safe.  Structural issues can end up costing you thousands of dollars if discovered, with a home inspection you may be lucky enough to avoid all of that.  When choosing your home inspector it is important to know that some of them carry professional engineering degrees to help spot such inconsistencies. 

Price Negotiation

First and foremost, the purpose of a home inspection contingency is not to get a better price on a home because of minor issues found during a home inspection.  However, major issues are a different story and may be appropriate to renegotiate.  Your Waltham real estate agent will be able to help you navigate the original contract and make the necessary changes needed. 

Contact Hans Today!

When the time is right during the buying process and you are ready for a home inspection, it is vital to not take it lightly.  Once you are this far along in the process you can still utilize the full capability of your Waltham realtor.  Hans is here to walk you through each step of the process till the end.  Contact Hans directly today by calling him at 781-891-9993 or by filling out a contact form on the website!

Should You Consider Buying a Condo in Waltham?

A condo is a great investment no matter if it is your first real estate investment or just the next phase in your life.  Knowing the pros and cons of owning either a condo or home is important knowledge to have when weighing your decision.  It is important to reach out to a Waltham real estate agent to get the best advice possible.  In the meantime, let’s go over the pros and cons of  owning a condo vs. a house.

 

There may be many reasons for you to consider owning a condo whether that is you are having trouble finding a single-family home or you are simply fed up with renting.  A condo can be a way to wade your way into ownership without diving into the deep end.  Owning a condo tends to be a lower price tag than a single-family home.  You still have your independence, but are not off the hook when it comes to maintenance and repairs.  Plus, owning a condo is a great way to build equity to kickstart your journey to your first home. 

 

If you are looking to be a homeowner, but are curious about buying a condo versus a home, here are some pointers. 

Pros of a Condo vs. a House

Condos may be a small slice of the overall U.S. housing market, but in certain areas, condos can be a significant proportion of the for-sale listings.  According to the National Association of Realtors more than 5 million single-family homes changed hands last year, while condos only accounted for only 577,000 sales.  Condos are often priced lower than single-family homes, a difference that can be even more obvious in costly areas.  In December of 2020 the median cost of a single-family home was $314,400, while a condo’s median cost was $272,200. 

Less Maintenance

 

Another key benefit for condo owners is the fact there is less maintenance required.  As a condo owner you are not responsible for the exterior of your property.  This offers a big weight off the owner’s shoulders when living in New England when the snow and leaves roll around.  For some condo owners they also do not have to worry about their HVAC, electrical, and plumbing as they can be taken care of by the housing association. 

Amenities

Depending on the development, access to your amenities you might not otherwise be able to afford or want to maintain such as on site gyms, pools, or even heated parking garages.  These may be all tied into your HOA fees so focusing on ones that fit your lifestyle the best is ideal. 

Insurance

At the end of the day condo insurance may be cheaper than homeowners insurance.  Since you will be mainly insuring your possessions it is something worth keeping in mind when shopping around.  The HOA will provide insurance as well, but it is important to check the agreement to be aware of any gaps.

Cons of a Condo vs. a House

If owning a condo was all sunshine and rainbows then we would see much more sales in condos vs houses per year.  However, that is not always the case, especially with these aspects to consider:

Rules & Regulations

The moral of the story is with a condo you will not have as much autonomy as you would if you owned a house.  HOA rules have often limited what you can do inside and outside your home, for example owning pets and when you can access common areas. 

Privacy

One of the most common cons that come up regarding condos is the lack of privacy compared to a house.  Condos generally do not have the same privacy you would have with a detached house.  This can especially be true if a unit next to you is constantly being turned around for a new neighbor every couple of months. 

HOA Fees

HOA fees will increase your monthly costs above your mortgage payments.  However, it is important to check with the homes in your area and if they also utilize the HOA.  There are common overlaps with some HOA fees that you can see in a condo and a house, such as water and trash pickup services.  If you find yourself paying fees for amenities that you do not use or upgrades that are considered subpar then you may be better off exploring housing options. 

Resale

If you find yourself looking for a condo as a starter investment to eventually get into a house, then it makes all the sense to consider resale when searching.  This is an important factor to consider when buying a condo as they are harder to sell compared to houses.  If the HOA is not well managed it may have a direct impact when it is time for buyers to step in due to lenders being reluctant to get involved.  Especially if you are selling with a number of other units at the same time, this usually raises red flags for potential buyers. 

 

If you ever find yourself in the situation of having trouble selling your condo in Waltham a Waltham realtor can lend a much-needed helping hand.  Professionals such as Hans have extensive knowledge and experience when it comes to navigating tricky market conditions. 

Contact Hans for Your Waltham Real Estate Needs!

Whether you are contemplating buying a condo or house, Hans can offer you the right insight to help with your decision.  From lifestyle to budget Hans will work alongside you to ensure your needs are met and you are happy with your new home.  For more information on the houses and condos be sure to reach out to a professional Waltham realtor today!  You can reach Hans by calling him at 781-891-9993 or by filling out a contact form on the website!

 

Understanding the Low Inventory Housing Shortage 

 

The housing shortage is not news to anyone who has looked into buying a new home recently.  According to the National Association of Realtors, the supply of homes for sale in the U.S. has recorded a low of just 1.6 months of supply in January 2022.  While the number has grown since, the supply is still not enough to meet the higher demand.  Here is what to know about the housing shortage, what factors have caused it and how it impacts the overall estate market.  

Why is There a Housing Shortage?

Rising material costs, supply chain issues and labor shortages due to COVID have all negatively impacted the housing inventory.  However, the problem existed long before the pandemic started.  Essentially, the U.S. has failed to keep up with the housing demands of a continually increasing population.  

One factor that exacerbates the shortage is the prevalence of institutional investors, who continue to buy up a large portion of housing inventory for profit.  These investors accounted for more than 13% of all residential real estate purchases in 2021. Removing those units from the pool of availability for individual buyers.

  The current interest rate environment is also complicating matters.  Hopeful buyers have seen their purchasing power plummet as mortgage rates increase.  In addition, high mortgage rates are deterring homeowners from selling, for fear of giving up their locked-in low rates.  Many who might otherwise be sellers are simply choosing to stay put, which is further limiting available for sale existing homes in today’s market.  

What is a Normal Amount of Inventory?

Traditional wisdom states that the real estate market needs a5 to 6 months of housing supply to be balanced or not leaning towards either a buyers market or sellers market.  The NAR home-sales data showed a 3.3 month housing supply in October 2022, which is healthier than January’s record low of 1.6 months but still well below the balance level.  

How Low Inventory Affects Homebuyers and Sellers 

The truth of the matter is that low inventory is affecting both buyers and sellers.  Many would-be sellers are unable to list their homes because they can not afford the price.  It leaves buyers with little buying power and fewer protections in the translation, as sellers have their choice of other hopefuls who might be willing to waive contingencies and accept any terms the seller wants.  

Even though there is a low inventory and harsher market conditions for both buyers and sellers does not mean that your ideal home is not out there.  Whether you are selling or buying, having support of a professional real estate agent by your side can make navigating the real estate market that much easier.  Buyers in Massachusetts are in luck with agents such as Hans Brings that have experience navigating the local markets surrounding Waltham real estate for decades!

Contact Hans for Your Real Estate Needs!

If you are a resident of Massachusetts that lives in the surrounding area near Waltham Hans is here to help you navigate the current real estate market.  Hans is a certified Waltham real estate agent with ample amounts of experience and knowledge when it comes to both buying and selling real estate!  Get in direct contact with Hans by calling him at 781-891-9993 or by filling out a contact form on the website!

Benefits of Downsizing Your Waltham Home 

Selling your home offers a fresh start and a significant amount of freed up cash for whatever life has in store for you next.  Of course selling your home can be no walk in the park, especially if this is a piece of property that you have called home for a long time.  It may be the site of most of your memories or even where you grew up.  

However, the benefits of downsizing your Waltham home are significant.  You may find leaving your home to be easier when you have a new home that fits your current lifestyle better.  This requires an honest assessment of whether or not your current home is right for your current lifestyle. 

A More Spontaneous Lifestyle

For many people they value adventuring out of town as they get older.  This requires planning such as who will tend to the lawn, check the mail, and make sure your house is OK?  With that in mind many choose to move to smaller more manageable homes.  Whether that is a small townhouse or an apartment, that leaves you with plenty of unique space.  These smaller spaces mean less clutter and less planning when you decide to travel.  

Adults who choose to transition into senior living communities can realize additional benefits.  In a community setting you often do not have to worry due to team members tending to your home.  You do not have to travel to see what this lifestyle has in store for you.  

Greater Financial Security

If you are used to paying down your home and mortgage downsizing can offer a significant cushion to your budget.  This might mean more money in your pocket to travel, eat out, or even enjoy other activities.  As you plan to downsize from your Waltham home it is a good idea to talk to a financial advisor and a professional Waltham real estate agent.  These professionals will be able to highlight the options to take to ensure a smooth downsizing process.  Leaving you with less clutter and more money to spend on exploring your new lifestyle! 

The Perfect Space for Your Needs!

There is nothing like having a new home to express your creativity while designing and furnishing it.  Downsizing allows you to access your vision for an ideal home.  Many of us spend years accumulating possessions over the years.  When you downsize it is a perfect time to remove clutter and sort through your possessions. You will have the opportunity when you move to decorate your home as you wish, building a unique and beautiful space.  

Fewer responsibilities

When you have had a home to look after and care for most of your life it becomes second nature.  This makes it easy to overlook how much time you invest into your home, from mowing the lawn to cleaning gutters.  Moving to a smaller more manageable space will free up time in your schedule that you didn't know was there.  Working with a Waltham realtor can not only be useful for selling your home but find your ideal new space!

An experienced real estate agent such as Hans Brings comes with extensive knowledge due to his decades in the market.  He is able to walk you through each step of the downsizing process to ensure that you are comfortable and not caught off guard by anything.  

Downsize with Hans Today!

If you have been contemplating downsizing whether that is due to lifestyle change or you are interested in more time on your hands contact Hans!  Hans is a Waltham real estate professional that is here to find your new space that fits your lifestyle.  Contact Hans directly by calling him at 781-891-9993 or by filling out a contact form on the website!