These tips came from a survey of 400 real estate professionals. These items are listed in order of importance, from most to least.
- Get a home inspection to evaluate the safety and overall condition of the home
- Before you start your house hunting, get pre-approved for a mortgage
- Direct all communications with the seller through your real estate agent
- Get all agreements with the seller in writing
- Include important contingences in your offer, such as, financing and inspections
- Come up with realistic expections for a house based upon your budget
Source: Market Leader.com
- Appraisals provide an objective opinion of value, but it’s not an exact science so appraisals may differ.
- For buying and selling purposes, appraisals are usually based on market value — what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.
- Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.
- Appraised value doesn’t take into account special considerations, like the need to sell rapidly.
- Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.
Used with permission from Kim Daugherty, Real Estate Checklists and Systems, www.realestatechecklists.com
- Get at least three written estimates.
- Check references. If possible, view earlier jobs the contractor completed.
- Check with the local Chamber of Commerce or Better Business Bureau for complaints.
- Be sure the contract states exactly what is to be done and how change orders will be handled.
- Make as small of a down payment as possible so you won’t lose a lot if the contractor fails to complete the job.
- Be sure that the contractor has the necessary permits, licenses, and insurance.
- Check that the contract states when the work will be completed and what recourse you have if it isn’t. Also, remember that in many instances you can cancel a contract within three business days of signing it.
- Ask if the contractor’s workers will do the entire job or whether subcontractors will be involved too.
- Get the contractor to indemnify you if work does not meet any local building codes or regulations.
- Be sure that the contract specifies the contractor will clean up after the job and be responsible for any damage.
- Guarantee that the materials that will be used meet your specifications.
- Don’t make the final payment until you’re satisfied with the work.
Source: National Association of REALTORS®
According to Zillow’s 2017, 10 Hottest Housing Markets list, Knoxville, Tennessee ranked #7. The list also revealed that Knoxville’s expected home value appreciation for 2017 will be 4.4 percent, projected income growth will be 1.1 percent and it will have a projected unemployment rate of 4.7 percent.