DC Fawcett Real Estate Views On Multigenerational Houses
When you have to accommodate various generations of people under one roof, you need more space. Joint family system requires more rooms as people of various generations live together. In that situation, you cannot expect privacy when your friends are invited to your home.
The investors consider this multi generation household as profitable option because when more number of working people live under one roof, the savings are more than earnings. This has led to the expansion of the housing unit and led to the new inventions. New condos are attaching these guest suites as many households prefer a multigenerational lifestyle.
Dc Fawcett Real estate professionals have come up with a solution, it can be called as in-law suite or guest house or attached apartment.
Dc Fawcett real estate talks more about multi-generational housing.
Guest bedrooms are now part of the floor plan, having an individual entrance door so that independence and privacy is ensured.
Guest space can be decorative. This space can be utilized for various purposes until guests or in-law occupy. The common ways of utilizing the space are setting up a office or use the room for home theatre experience or any kind of entertainment equipment can be setup or you can use for a sleepover with your friends.
The newly built guest suite comes up with an ocean view and kitchenette bridging the gap between the visitor and the owner. To consider it as a separate entity, guest in-law suites instead of offering a full-fledged kitchen, only a kitchenette is provided.
Before purchasing the property, check the surrounding zoning and whether the property comes under any home owners association. If the property is under this association, you are not supposed to rent it out as it is considered to be a form of business. Many scammers pretend to be real estate agents and offer you homes for rent that violate these regulations.
Benefits of multigenerational Housing
Children get easily attached to their grandparents in this housing style, which was not possible in single family homes.
- Living expenses are shared.
- Building strong relationships.
- Close proximity and you get help from many people when you are sick
- In case of any calamity or emergency, there are many people to assist you.
- The maintenance work is shared
- If there are babies at home, there is no need of baby sitters as family members can take care.
- Retired life of the old people can be spent with grandchildren.
When you vacate, there is another multigenerational family to buy your home for sale.
Either multi generations people occupy different rooms in the apartment or it is used as floor wise where parents take up first floor and growing adults use the ground floor.
DC Fawcett Reviews – Best Ways Of Selling The House
There are situations when you are about to sell off your house owing to various reasons like job transfer, illness, foreclosure etc.
DC Fawcett reviews various methods on how to sell off the house
Short sale is a method where the seller can dispose his house at a rate less than what he owes on the mortgage with the approval of the lender. The other approach is deed-in-lieu where you negotiate directly with the lender, if short sale is not approved. The lender approval and retaining ownership to avoid foreclosure takes time, in that case you can approach the lender and suggest about giving the property for the lease.
Short sale affects your credit points and you need to disclose your financial overview to the lender. The legal agreement may be signed between the seller and the lender that he should pay the loan amount after the sale or when property is lost.
Conducting open house
You can join with your neighborhood friends and conduct an open house on a weekend. This will attract more buyers.
You can make a video by showing all the rooms of your apartment and upload on any site that allows video streaming on rental portals. You can call it home tour and attract the attention of buyers, ensuring it is taken on high resolution. The other way is uploading pictures of your home on rental sites which would be of great help for people who do online searching. The condition of the house and negotiation skills of the real estate agent plays a vital role in selling the house.
Dc Fawcett Reviews – Tips to attract buyers
Insurance and environment
Ensure your house is insured so that it can prevent you from spending on damages that may occur. Keep your house clean, home staged and all essentials are in working condition.
The following are the complaints or mistakes that a seller does
Detach and not attach
While you are about to sell the house, the emotional quotient should not be given much importance and consider yourself as a home seller than a homeowner. Many would get attached to your home which will tear your heart apart.
Not hiring an agent
Although, real estate agents charge heavy commission, it is better to hire them to get an idea of competitive selling price as they have experience and help in negotiating the price and help you in paperwork. When you don’t take the help of agent, you end up searching all the stuff by yourself and it is a time consuming process.
It is a common mistake that every seller would do but it must be avoided to sell off your house quickly.
Make sure that your buyer has pre-approved letter from the lender as many sellers fails to check this will lead to legal troubles in future.
National mortgage payment scam: The scammers pretend themselves as banker and get the routing number of the bank account information from you stating that all the cash would go to bank directly but it won’t.
DC Fawcett Reviews – Opinions On Open House Real Estate
Conducting open house is advisable or not is discussed almost by all the landlords and real estate agents. So what DC Fawcett says, let’s see through his reviews.
Open house concept prevails largely among sellers in order to invite more number of buyers to have a look at their property; this will increase the chance of selling the property. The time interval also varies from realtor to another realtor. Like some may conduct very often and some might do it as a rare phenomenon.
As a seller, he should be aware of both the positive and negative influences of conducting an open house.
First time home buyers will not have any idea on home-buying process. They require guidance throughout the process. So open house will be a warm welcome to all first time home-buyers. This would also help them to get an idea on buying.
Open house is conducted with no pressure and rules. This allows the buyers to have a relaxed feel throughout the event in looking the property.
Open house is like home inspection for few buyers, they look into each detail when they start liking the apartment and plan to buy that property.
Dc Fawcett Reviews – Why many don’t prefer open house?
- The chances of properties getting sold is very meager
Unapproved buyers visit the property which is waste of time, pre-approval is required from lender which doesn’t happen with buyers coming for open house.
Inviting problems like neighbors visiting this open house just to see how well the house is maintained, many visit the house with no intention of buying.
Security of the house is lost; vandalism and burglary are quite common in open house. Your advertisement may bring criminals to your home.
Valuables may be stolen when thieves enter your home, so don’t keep your jewels and other costly items
- Many find this concept is old –fashion and opt for virtual tours
Unless there is no advertising in social media platforms where most of the people notice your ads, this method is not going to help in bringing buyers to your home.
DC Fawcett complaints that many would choose a realtor just because he conducts open house often. Open house is just a form of marketing and new buyers can learn from it. There should be a rapport between the realtor and the buyers who have come to visit the property. But sadly that doesn’t happen in most of the cases. The realtor should try to impress one of the buyers like making him purchase the property and consider others as prospective buyers. Fawcett feels this concept is just for real estate agents to prospect for business.
How to prevent from Scam?
Get the help of reliable realtor and his team of experts to assist you throughout the open house
- Install CCTV to keep track of the visitors.
DC Fawcett Real Estate – Ideologies On Buying And Renting A House
Every real estate investor dream is to buy a house, give it out for rent and make profit out of it. On the verge of retirement, the mindset changes where they would like to sell off the house and live in a rental apartment.
DC Fawcett, real estate mentor gives his reviews on buying and renting a house, it pros and cons.
Buying a house
At the time of purchase, the buyer has to mention down payment amount which makes the offer valid. The amount varies depends on credit points and mortgage loans.
To make sure that the offer and actual price are equal, home appraisal is suggested by the lender. Home inspection is must, if there are any defects has to be checked before buying. Charges are levied almost equal to that of a home appraisal. Maintenance fees, property and utility taxes are to be paid along with insurance and closing cost. Moving cost depends on number of goods and distance.
In case, you are purchasing home for the first time, it is great if you choose second hand furniture. Repairs are mandatory, so it is the purchaser duty to shell out the money from his pocket and replace with the new one or repair the same.
- Tax benefits
- Can selling it out for rent
- Interior decoration
- If the value of the property declines, it leads to financial loss while renting.
Renting a house
Renting a house is comparatively smarter choice, because it is co
st effective than buying a house. But there are several costs that you may need to bear.
Owners request the tenants to pay the security deposit which can be used if any damage or repair occurs. It is known as security deposit which is returned to the renters at time of vacating the house.
Rental payment and insurance
Prior to moving in, you need to pay the monthly rent, it may vary if you move in between the month. The moving cost depends on number of goods and distance you travel to shift which is similar to moving cost of buying a house. Renter insurance is not mandatory but it is safe to apply in order to protect the house from burglary and fire.
Owners may provide basic amenities at the time of moving in, if so they are charged along with the monthly rent.
- Can shift and vacate easier
- Credit profiles and points are not strict
- Few utilities to be carried while moving
- No tax benefits
- No equity and housing security
Rental scams take place quite often.
- They are in form of telephonic conversations pretending to be the owner or real estate agent asking you to transfer money.
- Fraudulent scammers copy the content from sites which are on sale to rental site. So investors must be safe.
- Showing the properties which are belonging to government or corporate to renters which have no landlord.
To stay secure and safe, join virtual real estate investing club founded by DC Fawcett where his blogs speak about rental and short scale scams.
To know more about multi generational housing, check out DC Fawcett virtual real estate investing club that contains blogs for the aspiring real estate investors. Virtual wholesaling concept was also introduced by him so new investors can try it out as no money is required.
In case you are going to conduct an open house, read more about it in DC Fawcett virtual real investing club.In case, if you are going to sell off the house Dc Fawcett Real Estate blogs will talk more about the strategies of selling a house.