Common Mistakes Made When Selling a Home

Selling your home can be exciting, but it can also be stressful. There’s a lot riding on it because it’s probably the most expensive thing you’ll ever sell! Let’s look at some common home-selling mistakes so we can help you can avoid them.

  • Failing to anticipate home selling costs. Remember, you need to factor in staging costs, agent commissions, closing costs, and inspection repairs before you can sell your house. You’ll also have to negotiate with the buyer, which may cost you. Another consideration is the cost of getting into a new home.
  • Selling with an upside-down mortgage. If you owe more than your home is worth, try to wait until the market improves.
  • Trying to go it alone. Selling your house without an agent can cost you: the typical FSBO (for sale by owner) home sells for about $24,000 less than a home sold by an agent.
  • Setting the wrong price. Listing your home at a price that’s too low can cost you money, while pricing it too high can run off potential buyers. Real estate agents know how to run a comparative market analysis and find the right price for your home.
  • Trying to hide problems. Ignoring major home repairs won’t make them go away. Trying to hide them from potential buyers could end up costing you the sale.
  • Neglecting to stage. Staging a home can help you sell a home more quickly and for a higher dollar amount. If the house is empty, rent furniture and décor so buyers can picture how the house would look furnished.
  • Failing to declutter. A house isn’t going to show well if it’s full of clutter. Clear every surface and relocate your pets while you’re showing the home.
  • Using bad photos. More than half of all people who bought a home last year found it online, so it’s more important than ever to have good photos. Your camera phone isn’t going to cut it; you need a real estate photographer.
  • Failing to light up your home. The brighter the room, the bigger it looks, so open all the curtains and turn on every light before a showing.
  • Staying for showings. Leave these to the agent- having the owner hanging around while people are looking at the house is awkward for everyone.
  • Taking things personally. If a buyer makes a low offer, it doesn’t reflect on your home. Look at is as an opportunity to negotiate.
  • Keeping the wrong agent. You’ll pay thousands of dollars to your agent for selling your home, so if your agent isn’t working out, look for someone better.

Selling your home doesn’t have to be a stressful experience, especially when you partner with a company like  Vutech & Ruff. We provide outstanding service, assisting with just about every aspect of real estate while maintaining the highest level of professionalism. Our award-winning agents have years of experience selling homes Columbus, Ohio area. Call 614-706-0122 or contact us through our website so we can get to work for you!

Advice for First-Time Home Buyers

Buying a home for the first time can be overwhelming. The home buying process is complex, and it’s easy to make mistakes. Need some help? We’ve got first-time buyer tips to assist you as you navigate this unfamiliar territory.

  • Know how to save for a home. When you’re preparing to buy your home, save enough money for a down payment, closing costs, and move-in expenses. One of the biggest first time home buyer mistakes is not putting enough money down, so save as much as you can, even if your mortgage lender doesn’t require it. Closing costs will be 2-5% of your purchase price, but you can ask the seller to pay part of that.
  • Determine how much home you can afford. This may not be the same amount that a lender is willing to loan you. You’ll want to get preapproved by a mortgage lender before you place an offer on a home, but only borrow as much as you’re able to comfortably afford. When determining your budget, consider factors like taxes, HOA fees, and home insurance.
  • Explore the real estate market. Consider what type of home you need and which specific features you’d like to find. Browsing real estate websites will give you an idea of housing prices and the availability of properties in the area where you’d like to live.
  • Build up your credit. Check your credit score before you apply for a mortgage. Take steps to strengthen your credit, like paying down debt to lower your debt to income ratio.
  • Know your mortgage options and selection. There is a wide range of mortgages available, and they all have different payment and eligibility requirements.
    • Conventional mortgages: not backed by the government, sometimes require as little as 3% down for first time buyers.
    • FHA loans: down payments as low as 3.5%, insured by the Federal Housing Administration.
    • USDA loans: for rural home buyers, no down payment, guaranteed by the U.S. Department of Agriculture.
    • VA loans: for active duty military and veterans, no down payment, guaranteed by the Department of Veterans Affairs.
  • Take advantage of first-time buyer programs. There are many programs designed to incentivize first time buyers. You may be able to get a low-interest-rate mortgage, help with your down payment and closing costs, and tax credits.
  • Hire the right agent. A good real estate agent can be a true partner in the home buying process, helping you locate and view homes, negotiating with the seller, and protecting you from pitfalls.

Now that you’re armed with home shopping tips, call Vutech & Ruff to find the right agent to guide you through the home buying process. We provide outstanding service, assisting with just about every aspect of real estate while maintaining the highest level of professionalism. Our award-winning agents have years of experience, and our featured properties are located in some of the best neighborhoods in the Columbus, Ohio area. Call 614-706-0122 or contact us so we can get to work for you!

What Do I Need to Qualify for a Home Loan?

Are you ready to become a homeowner? Before the house-hunting begins, it’s good to know how much house you can afford. In other words, how much money is the bank willing to lend you? To find out, look into getting preapproved for a mortgage from multiple lenders. Here are the requirements to qualify for a home loan.

Healthy Debt-to-Income Ratio

You may think your finances are ready for homeownership, but the bank must agree with you before they will lend you money. When assessing your financial situation, lenders look at more than just how much money you make—they also account for your housing expenses and other debts. This is known as your debt-to-income (DTI) ratio.

Be aware that most lenders will hesitate to approve your loan application if your mortgage payments (including principal, interest, property taxes, HOA fees, and insurance) exceed 28 percent of your income. Lenders also consider any car loans, student loans, credit card debt, medical expenses, child support, alimony, and other financial obligations. You are more likely to qualify for a home loan if your combined debts, including your mortgage, don’t exceed 36 percent of your income.

Good Credit

The most important part of your credit report is your credit score. This number determines your eligibility for a home loan and affects your interest rate. Pulling your credit report gives lenders a glimpse into your bill payment history and reveals any outstanding debts. If you routinely pay bills late or have defaulted on loans in the past, consider taking a year to improve your credit score before buying a house. This way, you may qualify for a loan with a lower interest rate and more favorable terms.

The Right Documents

Here are the documents you should prepare to present to a lender when applying for a home loan:

  • W-2s and tax returns from the past two years
  • Pay stubs from the past 30 days
  • Names and addresses of employers from the past two years
  • Bank statements and asset account statements from the past 60 to 90 days
  • Information on car loans, student loans, credit cards, and other debts
  • Proof of pension income, alimony, child support, Social Security or disability benefits, divided earnings, and bonuses, if applicable
  • Profit and loss statement (if self-employed)
  • Gift letters (if funding your down payment with a financial gift)
  • Rental history
  • Photo ID

Once you have been preapproved for a mortgage, it’s time to start house-hunting! Vutech & Ruff can make finding your next home as easy and stress-free as possible. We make sure you understand what’s happening and what needs to be done each step of the way. Meeting your unique needs and desires is our top priority. We know that buying a house is a long-term investment, and we want you to be happy with your decision! For help shopping homes for sale in Columbus, Ohio, please call us at 614-897-0618 or contact us online.

Tips for Moving with Pets

Moving can be stressful for people, so imagine how anxious your pet must feel! A flurry of activity around the house, changes to the living space, and being introduced to a new environment are all stress-inducing for animals. Follow these tips for moving with pets to get your dog or cat to your new home as safely, efficiently, and easily as possible.

  • Pack a “pet essentials” kit that includes pet food, treats, toys, grooming supplies, and the litter box. Keeping these supplies all in one place allows you to unpack them the moment you enter your new home.
  • Crate train your pet in the weeks leading up to the move. Place treats inside an open carrier and eventually serve meals there. Carry your pet around the house or take them for a short drive in their crate. Helping your pet acclimate to the carrier will make it easier to confine them on moving day.
  • Remove your pet from the action. Ideally, this means leaving them with a friend or boarding them at a kennel on moving day. This may not be possible for long-distance moves, so the next best thing is to put them in their carrier in a quiet room with the door closed. Check on your pet regularly, offering food, water, and walks at all the usual times to create some semblance of routine amidst the chaos.
  • Help your pet adjust to their new home one room at a time to prevent them from feeling overwhelmed. Give your pet lots of love and attention, and present them with familiar toys and blankets to help them feel more at ease. Eliminate any hazards around the house before allowing your pet to explore, such as dangling electrical cords, open windows without screens, poisonous houseplants, and pest-control traps.
  • Contact your pet’s veterinarian if you’re moving out of the area. Request your pet’s medical records and an extra refill of prescription medications. Ask if your vet recommends any practices in your new neighborhood. If not, select one yourself as soon as possible so you have somewhere to take your pet at a moment’s notice in an emergency.
  • Update your pet’s information—including their tags and microchip registration—with your new address and phone number. You’ll be glad you did if your dog or cat goes missing during the move. After all, the unfamiliar house and neighborhood make it difficult for lost pets to make it home without help.

Before you can plan your upcoming move, you need help from an experienced real estate agent to find the right house to call home. Vutech & Ruff provides outstanding services to both buyers and sellers. Our award-winning agents have decades of combined experience and are pleased to provide the highest level of professionalism and expertise. Let us help you find your next home in one of the best neighborhoods in Columbus, Ohio! Call 614-897-0618 or contact us online, and we’ll get to work for you.

Different Types of Mortgages

Buying a house is both exciting and complicated, and so is finding a mortgage. There are different types of mortgages, for different types of buyers, and the loans available to you will depend on factors like the size of your down payment, how much you’ll be able to afford monthly, and your credit score. Knowing the type of loan for which you qualify will help you determine which type you want. Let’s look at some different kinds of mortgages. 

  • The most common type of mortgage is the conventional mortgage. Funded by private financial lenders and not insured by the federal government, conventional loans can be conforming or non-conforming. Conforming loans fall within the maximum limits set by the Federal Housing Finance Agency, while non-conforming loans don’t meet these guidelines. Even though conventional mortgages don’t have strict regulations on income, home type, or home location, they do have strict guidelines when it comes to credit score and debt-to-income (DTI) ratio. You’ll need a minimum credit score of at least 620 to qualify, but you can buy a home with as little as 3 percent down. However, a 20 percent down payment means you won’t have to pay private mortgage insurance (PMI). Conventional mortgages typically have a lower borrowing cost after fees and interest than unconventional mortgages, and they’re good for buyers who have a stable income and strong credit.
  • Other types of conforming loans are fixed-rate mortgages and adjustable-rate mortgages (ARM). Fixed-rate mortgages have the same interest rate throughout the life of the loan, while ARMs start with a low fixed rate and then fluctuate with the market. If you’re planning on staying in your home forever, a fixed-rate mortgage is a good option. However, if you intend to move after a few years, you can save money with an ARM.
  • If you can’t get a conventional loan because of the strict qualifications, you might qualify for a government-backed loan. An FHA mortgage is backed by the Federal Housing Administration and can allow you to buy a home with a 580 credit score and 3.5 percent down, or 500 with 10 percent down. A USDA mortgage is insured by the United States Department of Agriculture and can allow you to buy a home with no money down, as long as the home is in a suburban or rural area and you meet certain income requirements. A VA mortgage is backed by the Department of Veterans Affair and allows veterans to buy a home with no money down and a low interest rate.
  • Balloon mortgages aren’t very common, nor is an interest-only mortgage. With a balloon mortgage, the buyer pays interest for a set time period and then a lump sum. Interest-only mortgages are a type of balloon loan, in which you pay interest each month and make payments on the principal periodically. These are a good option if you have a variable income and high cash flow, or if you live in an area where home values are rising and plan to move before your balloon payment is due.

When it’s time to purchase a new home, Vutech & Ruff can help you find the right one for you. We provide outstanding service to both buyers and sellers, assisting with just about every aspect of real estate while maintaining the highest level of professionalism. Our award-winning agents have years of experience, and our featured properties are located in some of the best neighborhoods in the Columbus, Ohio area. Call 614-706-0122 or contact us through our website so we can get to work for you!

Renovations that Add Value to Your Home

If you’re planning on selling your home, it pays to do some renovations. It’s important, though, to make sure you’re doing the work that will bring you the best return on your investment (ROI). Which home remodel projects will actually enhance your home, and which will simply cost you money without providing any real profit when you sell?

  • Worthwhile outdoor renovations may surprise you. If you think adding a pool to your property will help you make money when it’s time to sell the house, think again. The cost of installing a pool and maintaining it means you’ll have a hard time recouping your investment when you sell. A firepit or new fence, however, can raise the curb appeal of your home and help buyers picture themselves living there. The real return on investment for your home comes from a deck; install a new deck and you’ll create the feeling of more space, which is appealing to buyers and may net you as much as 80 percent ROI. Another exterior renovation that gives you a big bang for your buck is replacing the garage door.
  • Sometimes the smartest renovations are the ones that aren’t as noticeable. Energy-efficient upgrades like blowing insulation into the attic, switching out your old windows for energy-efficient upgrades, replacing a roof, or changing out your front door may seem dull, but they pay off in a big way. Adding attic insulation, for instance, provides a 107 percent return on investment. Replacing your front door with a steel door yields 90.7 percent, and repairing the roof can net you an ROI of 68.8 percent when you sell the house.
  • Be smart about remodeling your kitchen and bathroom. Renovating your kitchen or bathroom is a smart move, but it pays to economize when you’re remodeling. A minor remodel like swapping out your bathroom fixtures or putting a new backsplash in your kitchen can make a big impact. A mid-range bathroom remodel nets about 64 percent, as opposed to 56 percent for a major renovation. Similarly, a complete kitchen overhaul only offers about 58.6 percent, while a middle-of-the-road reno yields about 77.6 percent.
  • Know your demographic. Many homebuyers are looking for smart home technology, like smart locks, smart thermostats, security cameras, and water leak detectors. If the buyers in your neighborhood skew a little older, though, universal design with features that provide accessibility and allow people to age in place might be a wiser investment.

If you’re ready to sell your home, or you’re looking for the new home of your dreams, Vutech & Ruff can help. We provide outstanding service to both buyers and sellers, assisting with just about every aspect of real estate while maintaining the highest level of professionalism. Our award-winning agents have years of experience, and our featured properties are located in some of the best neighborhoods in the Columbus, Ohio area. Call 614-706-0122 or contact us through our website so we can get to work for you!

What to Know About Homeowner Associations

Are you considering buying a home in a neighborhood with an HOA? About a quarter of homeowners in the United States live in communities with a homeowner’s association (HOA), and most of those people believe that this enhances their property value. Critics, on the other hand, see community associations as meddling nanny states. Who is correct? There are compelling arguments on both sides, so let’s take a look at some HOA pros and cons.

First, what is an HOA? It’s an organized group of homeowners within a particular community. An HOA usually has an elected board of directors in charge of maintaining predetermined rules and regulations. HOA regulations and fees vary, but they’re designed to add to the value of a neighborhood.

What’s the difference between an HOA and a COA? If you live in a condominium, you may have heard the term COA, or condominium owners’ association. When you buy a condominium, you’ll share ownership of common areas as well as maintenance of the communal walls and roof. COA fees, like HOA fees, pay for maintenance and repairs, and condo owners also pay into a reserve fund. The primary difference between an HOA and COA is that in a COA, there’s less emphasis on architecture and curb appeal, since everyone shares the same building.

An HOA can dramatically improve a neighborhood. The homeowner’s association’s responsibilities include things like maintaining common areas and recreational facilities, and managing the neighborhood budget. The fees can be used for amenities and services that boost property value as well as aesthetic appeal. Further, the HOA helps keep the neighborhood orderly, with set quiet hours and rules that keep the neighborhood safer.

Despite all these benefits, living with the homeowner’s association rules and regulations can sometimes be challenging. The HOA fees can be burdensome, and homeowners may feel stifled by some of the regulations. While property owner associations can help a neighborhood maintain its value, some have highly restrictive rules about what homeowners can do on their own property.

What are some typical homeowners’ association rules? It’s important to make sure your HOA’s regulations are something you can live with before you buy. You may be restricted as to what color you can paint your house, how you can landscape your yard, which vehicles can be parked on the street or in your driveway, how high your fences can be, and which types of window coverings you can use. Homeowners’ associations sometimes have rules specific enough to dictate types of lawn chemicals or limit the size of gardens. Your HOA is likely to have noise level restrictions and regulations regarding pet ownership.  Read up on the rules, how strictly they’re enforced, and what penalties are imposed on rule-breakers.

Is an HOA right for you? The answer is entirely subjective. If you’re a fairly compliant person who doesn’t mind giving up some autonomy in exchange for amenities and an orderly neighborhood, go for it! If you’re someone who’ll be crushed if you can’t paint your house pink, an HOA might not be for you.

Whether or not you want to live in a neighborhood with an HOA, Vutech & Ruff can help you find the right home for you. We provide outstanding service to both buyers and sellers, assisting with just about every aspect of real estate while maintaining the highest level of professionalism. Our award-winning agents have years of experience, and our featured properties are located in some of the best neighborhoods in the Columbus, Ohio area. Call 614-706-0122 or contact us through our website so we can get to work for you!

How to Get Involved in Your Community

When you move somewhere new, it can be hard to feel connected. One of the best ways to plug in, though, is to get involved in the new community as quickly as you can. Community involvement is good for you, benefiting your body and mind, while helping you form bonds and a sense of solidarity with those around you. Here, we look at some great ways to plug in and get involved in your community.

  • Check out some local events. Most local communities an online calendar; you’re sure to find something there that piques your interest, whether it’s live music, theatre, sports, or festivals. Even in COVID-19, there are safe, socially distanced events being planned, and some organizations are getting very creative about how they operate. You may find something new to enjoy, and might even make some new friends.
  • Connect with local government. If civic responsibility is your passion, get involved! Attend community meetings, or volunteer at the polls.
  • Get involved in community service. There are tons of ways to plug into your community as a volunteer- all you have to do is decide what appeals to you. You might consider:
    • Helping the elderly: Contact local nursing homes, long-term care facilities, or veterans’ organizations to ask about volunteer opportunities and needs you can meet. You might also look into volunteering for a meal delivery organization or senior transportation service. COVID-19 has left many seniors isolated and vulnerable, so it’s even more important to find some ways to help out. It may be as simple as picking up extra groceries and delivering them to an elderly neighbor.
    • Helping children: There are so many opportunities to make a difference in the life of a child! Tutor a kid after school, join a mentor program, or get involved with the local school.
    • Helping animals: Volunteer as a dog walker for your local animal shelter or gather needed supplies and donate them. If you’re able to take on a larger commitment, consider fostering; the pandemic has left many pets in need of homes. Bonus: walking a foster dog around your neighborhood provides an opportunity to meet your neighbors!
    • Helping the less fortunate: Call the local food bank or charity thrift store to find out about opportunities to volunteer. Many people are struggling right now, and your participation in charitable outreach can make a big difference.
    • Helping a worthy cause: Is there a cause that’s especially important to you? Support it by participating in local 5k runs, food, clothing, or book drives, or other community events. Don’t have time to volunteer? Donate your resources.
  • Support local businesses. Skip the big box stores and shop locally. Local businesses, especially restaurants, have been severely impacted by the pandemic, so they really need your support. Even if you’re not comfortable dining out yet, make a point of supporting your local restaurants by ordering takeout.
  • Join a group. Find a club, take a class, or sign up for your neighborhood message board. One bright spot in the COVID-19 crisis is the way that people have come together virtually, finding new ways to connect. Your neighborhood message board is likely a great place to find information about neighborhood happenings, discuss issues facing your community, or get information about local resources. Jump on and introduce yourself!
  • Start something yourself! Can’t find a group where you’d fit in? Start one! Or organize a volunteer event, like a cleanup day at a local part. Or start a carpool or neighborhood watch. You’ll be surprised how many like-minded people you engage when you get something started.

When you’re ready to find the perfect community to call home, Vutech & Ruff can help you find the right home for you. We provide outstanding service to both buyers and sellers, assisting with just about every aspect of real estate while maintaining the highest level of professionalism. Our award-winning agents have years of experience, and our featured properties are located in some of the best neighborhoods in the Columbus, Ohio area. Call 614-706-0122 or contact us through our website so we can get to work for you!

Home Renovation

Are you thinking about renovating your home before you list it on the market? If you execute the plan correctly, you might be able to raise your asking price, not to mention attract more buyers with updated materials and finishes. Here are some home remodeling tips to help the process go smoothly.

  • Set a realistic budget and secure financing: You won’t have an accurate idea of how much things cost until you hire a contractor. However, it’s still helpful to arrange financing to see what you can afford. You might pay with savings, take out a personal loan, open a home equity line of credit, or refinance your mortgage. Whatever you plan to spend, set aside a 10 percent contingency budget to cover unexpected costs.
  • Define wants vs. needs: To help you stay on budget, categorize the updates you plan to make as “needs”—including fixing structural issues or safety concerns—and “wants”—such as adding customizations or luxury items. Remember, when renovating a home to prepare it for sale, you should anticipate the average buyer’s wishes, not your own.
  • Get a home inspection: Before any work begins, hire a home inspector to assess the roof, foundation, siding, windows, plumbing, electrical, and HVAC system to ensure they’re in good condition. The last thing you want is to discover an underlying problem halfway through your project.
  • Determine your living situation during the remodel: It may be possible to continue living in your home while it’s being remodeled, but large-scale renovations may require you to relocate temporarily. Either way, figure out where your family will live until the project is complete.
  • Focus on value per square foot: Bigger isn’t always better. If your home is small, you don’t necessarily have to blow out the walls and gain square footage to compete on the market. Many buyers look for high quality in a relatively small footprint for luxury living with less upkeep.
  • Consider doing some of the work yourself: For home renovations on a budget, you may want to complete the demolition, install floors, tile the bathroom, and paint the walls yourself. Just remember, no matter how appealing DIY home renovation seems, you should leave certain tasks to the professionals, including plumbing, electric, and HVAC work.
  • Renovate in the off-season, if possible: Summer and fall are the most popular seasons for home renovations. This means suppliers are busier, deliveries take longer, and contractors charge more. If it works with your schedule, remodeling in the winter can potentially save you thousands.

Once your renovated house is ready to sell, team up with Vutech-Ruff. We have over 60 years of combined real estate experience to help us deliver a smooth, low-stress process. We’re here for you every step of the way, from maximizing your listing’s exposure to helping you attract qualified buyers to accepting the right offer. For more helpful resources as you prepare to sell your home in Columbus, OH, please call 614-897-0618 or contact us online.

Relocating to a New Neighborhood

Moving is a life-changing event, even if you stay in the same city. No matter the distance of your move, you have new neighbors to meet, new utilities to set up, and a new home layout to adjust to. Follow these tips to help make relocating to a new neighborhood easier for your family.

  • Research the neighborhood before moving: When buying a house across town, it’s easy to visit the area during the day and at night to become acquainted with your new surroundings. Before you settle on one neighborhood or another, research crime rates, learn about the school district, and consider nearby recreation and amenities. Ask the locals what community life is like and find out about any major concerns in the area.
  • Change your address: Once you buy a house, complete a change of address form with the post office to get free mail forwarding for a year. Then, update your address with credit card companies, banks, newspaper and magazine subscriptions, and any other organization that regularly sends you mail.
  • Set up the utilities: To avoid any lapse in service, schedule the water, gas, and electricity to turn on the day before you move in. Depending on the wiring situation, you may need to be present for a technician to set up internet in your new home, so schedule this service for moving day or the day after.
  • Move your belongings gradually: Take advantage of the short-distance move by transporting a few loads in your car as soon as the house is ready. This makes moving day less stressful and exhausting.
  • Weigh the pros and cons of DIY vs. professional moving services: A self-move is often the most feasible if you’re staying in town. Friends can lend a hand, both with loading and unloading. You’ll save money compared to hiring movers, but injuries and property damage are more likely with DIY moves.
  • Meet the neighbors: Observant neighbors may approach you on moving day and introduce themselves. Otherwise, you’ll need to make the new neighbor introductions yourself. To break the ice, you might host a barbecue or housewarming party and invite all your neighbors to attend.
  • Set up new home security: Ask your neighbors what they do to protect their homes. They might offer useful advice about security systems, surveillance cameras, or other measures.
  • Get involved: The fastest way to make friends is to spend time outside and greet anyone who passes by. Visit community areas, attend nearby events, and join local groups to help you settle into your new neighborhood.

Interested in buying a house in Columbus, OH? Vutech-Ruff can help the process go smoothly. Our experienced real estate agents work with a wide array of interests, price ranges, and geographic areas. Many of our featured properties are located in some of the most premier and well-established neighborhoods in the Columbus area! For more helpful resources as you prepare to buy a home, please call 614-897-0618 or contact us online.