ANNUAL HOME REVIEWS MATTER. A home requires constant upkeep and care to maintain. As you look to make improvements, it helps to know the value of the updates you are making. Plus, having a pulse on your home’s value, will let you keep up your insurance coverage and potentially unlock opportunities through your equity. It can also save you money in the long run!
True story: I looked at a great home with buyers which boasted a fully renovated kitchen. Everything was certainly updated. However, there was a problem! It looked like a 1990s time capsule of what kitchens used to look like. My buyers passed feeling they would want to update the kitchen into this century. Unfortunately, the money the owners spent on that kitchen was unlikely to repay them in the sale of the home. Given how long the home had been on the market, it may have even cost them money on the sale. Don’t let this be you!
Think of an annual home review like going to the doctor every year, meeting with your financial advisor, or getting your taxes done. My intention is to be your trusted real estate advisor and a resource for everything related to your home.
And to the elephant in the room: the home review is not some concocted ploy to get you to sell your house. But, I get it. When only 6% of real estate agents follow up with their clients after the purchase of a home, I would be suspicous too. The optics are terrible and it makes those of us in the profession look like we only care about numbers and dollars.
For many of us though, real estate is about relationships. Our intentions and expertise extend well beyond the closing table. We care about the people we help and we want to ensure you protect and maximize that investment.
How does the annual review accomplishment that? Let’s take a look at what is covered.
what is covered in the review
home maintenance
We’ll start by reviewing the work you are doing to maintain the home. When did you last service your HVAC and water heater? Did you test for radon recently? How about that sewer or roof? Are you staying on top of general home maintenance? How are you budgeting for big ticket expenses down the road?
home value & the local market
We look at your local market. What new developments are going up around you? What are homes selling for in your neighborhood? Is you homeowners insurance coverage inline with the homes value?
financing
By looking at the local market, we can see how the home is appreciating in value over time. Maybe it is time for a refinance or to remove PMI. Do you know how much equity you have in the home?
home improvements
You may have completed or are planning to do home improvements or landscaping. How do the completed improvements look? (I want to see!) How do they compare to homes selling around you? What would be the cost and potential payback for planned future renocations?
public records
And by receiving public records in the report, you can see if there might be an issue with the deed. Are you listed on the home? Are the taxes going up? Do you know the process for contesting your property taxes?
my review process
I love celebrating big dates and your home anniversary is such an important one. It deserves a little fanfare and makes for a great opportunity to catch up and review the past year while planning for years down the road.
Here is what you can expect in the process.
run reports
mail packet
review
meeting
make sure to update your homeowners insurance
If nothing else, you should be updating your homeowners insurance every year to stay inline with the value of your home. If the recent fires and loss of nearly 1000 homes taught us anything, it should be that. There were homeowners who lost everything and then found out their coverage was not updated to match years of appreciation.
How can you do that?
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