Commercial Property

A smooth transaction is one when one has accurately represented the physical characteristics(in writing) of one’s home , whether it be listing the home with an agent or selling it yourself(FSBO). “The main step is to acquire the accurate living area during the whole process of obtaining the accurate representation of one’s property”, says William D. Cobb, CREA who is the owner of Accurate Valuations Home Appraisal Group in Baton Rouge, Louisiana. An agent will enlist a CMA or Comparative Market Analysis for determining a home’s listing price. Still, one should have with them, a precise calculation of the living area.

Also, to be on the safer side, it would be a wise decision to have a third-party measure the living area and value of the property before one signs the Listing Agreement. A residential appraiser is the best option in this case.

This has the following advantages:

· When an appraisal report is done in a professional manner, it leaves a good impression on the potential buyer as it supports the price quoted as well.

· An appraisal generally includes photographs, location map, accurate sketch, precise dimensions, outline of the neighborhood etc. Also, 3 to 4 comparable sales must be present adjusted to subject property.

· Enlisting recommendations for repair or enhancements, if any. This listing appraisal can indicate a value for addition(s), items that require repairs, etc..

· Accurate estimation of Living-Area size lends peace of mind, especially with values @ $100/sf +

In U.S, majority of real estate professionals base the price per square foot of a home on living area size. Living Area is measured from the exterior walls. All real estate professionals are to follow the ANSI Standards for Single-Family Residential Buildings (American National Standards Institute) when calculating area home sizes. In a seminar in Apex Appraiser Home Sketching Software and National ANSI Standards in Houston, TX, the ANSI instructor, who is also on the Appraiser Standards Board in South Carolina, stated that one of the most common lawsuits in Real Estate today is “misrepresentation of living area size”.

Consider: A 2,000sf home is for sale, priced at $240,000. Instead of measuring the home, the living area was obtained by County Records; estimating the typical home size in that development. The home is listed with a living area of 2,000sf. A purchase agreement for $240,000 is received and is accepted. The appraisal is ordered by the buyer’s lender. The sellers submit an offer on a $350,000 home in a neighboring development. The offer is accepted. However, the appraiser for the home turns in her appraisal showing 1,840sf and an appraised value of $220,800, much less than the purchase price. The sellers are asked to renegotiate the purchase price as the living area is 1,840sf, and not the 2,000sf. The sellers sue for misrepresentation of living area.

Thus, it’s crucial to have one’s home measured by the person listing your home. It is strongly recommended that when interviewing the person listing your home, one must confirm that they follow ANSI, that they will measure your home, and provide you a calculated sketch. Thus, a written verification of true living area is present.

· Bill states that he recently performed a purchase appraisal in a South Baton Rouge Subdivision on a 2,026sf living area, for $260,000, listed FSBO. The home was marketed WITHOUT obtaining a professional opinion on the value of the home. The buyers end up with $9,000 in equity as the home appraised at $269k. So, as against a loss of $9,000 the seller should have paid $225 to get the listing appraisal done.

An appraisal helps homeowners make the best decisions like investment in homes and setting a competent sales price. Thus it is strongly recommended to have a Listing Appraisal before one lists their home.

When staging a home for sale, every room is important.  You need a buyer to be able to walk through the entire home and envision their family and their belongings fitting in perfectly.  If you can manage to gain this effect, then you are well on your way to helping your seller close a deal.  While all rooms are important, however, there are certainly spaces that take a larger portion of your time and effort.  The entryway into the home is certainly no exception.

When a potential buyer walks into a home that you have staged, you want them to be wowed immediately.  You need a buyer to step into the home and feel perfectly at ease.  You want your buyer to feel that they are walking into their own home, a place that they will immediately feel that they belong.  Because of this, the entryway must be as welcoming as possible.  This is the first room that your buyers see, and the impression they get when they walk in the door will weigh heavily on their impression of the rest of the home.

When staging the entryway, you will want to be absolutely certain that the area is free of clutter and personal items.  Clear any dirt, spider webs, scuffs, or other marks that make the room feel used or lived in.  Creating a well illuminated space that looks new and invites people into the home is very crucial.  You need a buyer to come in and feel that the space was created just for them.

Simple touches can be all that it takes to make the entryway to a home perfect.  Natural lighting or clear lights, such as LED lamps can be a great way to brighten the area.  Buying new rugs and offering a fresh coat of neutral paint can warm the space and increase the comfort of the area as well.  If the entryway is large, fresh plants can also create a living and relaxing environment that instantly makes potential buyers feel comfortable and at ease.

Every home has particular spots that buyers will pay more attention to.  Always remember that first impressions make a significant difference in home staging.  If you are working on a limited budget, be certain to give added attention to the home’s entryway.  Redecorating the area needn’t be costly, but ensuring that it is clean and well designed can make all the difference for your seller.

South Padre Island is one of the few coastal communities in the U.S. in which rental revenue can still come even close to cash-flowing a rental property. In most areas the property values have risen far above what the rental prospects can sustain. Most smart investors know that the real reward is in the appreciation of the property rather than the seasonal income it may produce. However, the rewards of rental can certainly offset the costs of owning a vacation property. Some properties are superior performers and return an average of 10% of the purchase price. While others are geared to a more specific renter and don’t do as well. Every buyer must choose a property that they will enjoy owning and using sometimes. But, there are some similar characteristics among the best rentals. I have spent some time examining what works and have come up with these best bet models.

1. Multiple bedrooms. The difference between a hotel and a good rental condo is number of bedrooms. Families and groups who vacation together save money and enjoy a group vacation in 3 or more bedroom properties. They also enjoy multiple condos rented together or a multi-family building.

2. Beach over bay. The bayside has a specific market group but in general, lucrative summer renters want to be as close to the beach as possible.

3. Beach houses. A classic beach house is still a good rental. People who have been visiting Padre for years still envision the perfect island vacation in a beach house with a big balcony and a grill outback. They also enjoy the idea of a private island oasis without the hassle of secured parking and front desks.

4. Amenities. Complexes like Saida perform well because of all their resort quality amenities. Families enjoy the spacious pools and grounds. It gives all members of the group an activity.

5. Beach D