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When you decide to buy a used car, you don’t base your purchasing decision on cosmetics. You might have a color preference or want certain safety features, but the primary consideration lies in where the car has been and how well it’s been taken care of.

Has it been in any accidents or had major body work done?
Has it ever been in a flood or fire?
What system replacements did the previous owners make?
How many miles are on it?
Was it serviced routinely?

These qualifying questions come to mind so easily and I haven’t even bought a car in years. So why don’t we approach real estate with the same mentality? Problems with your house are arguably more inconvenient and definitely more expensive to repair, so why not demand the same record keeping when it comes to buying a home?

I would argue that as a buyer, you’d be silly not to look into all the maintenance records provided by the seller, and as a seller, you’ll give yourself a huge advantage by keeping detailed records from the day you buy your home to the day you go to resell it.

Let’s start with the why

From the seller perspective, you might be thinking, ‘if buyers don’t really pay attention, then why keep these types of records?’

The answer is that, as the market slowly shifts from being a sellers’ market to a buyers’ market, buyers will become more and more discerning when it comes to their purchases. With inventory as low as it is right now, sellers don’t have to do too much to make their home appealing to buyers, because buyer competition is high and they’ll take what they can get. But once that changes, sellers will need to go above and beyond to get an upper hand.

Buying a home is an emotional decision, and fear can play a big role in that. So in a case where a buyer is choosing between a couple homes that are all pretty similar, being able to pass over an organized maintenance and repair record instills confidence in the buyer that, by choosing to purchase your home, they’re not signing on for any unexpected system breakdowns from poor maintenance over the years. And when competition among sellers is high, that can make the difference.

If that weren’t enough of a reason, any seller’s agent worth his or her salt will take all of that information into account when pricing your home! You can justify a higher price tag when it’s clear that the home is well maintained. People will pay for peace of mind.

Moving on to how

When it comes to this type of record keeping, you don’t have to get fancy. Receipts are great if you can keep them organized, but something as simple as a list of services and dates is plenty to be able to pass over to a buyer or his/her agent as proof that the home was well cared for.

Something else that goes a long way? Photographs. Before and after photos can be helpful, particularly with big ticket cosmetic items, to demonstrate visually the impact of certain repairs along the way.

Maintenance plans
The easiest way to keep up on some of these items is to get on a maintenance plan. Usually for just a small annual fee, someone will come check for termites or open up your HVAC and take a look around. That way, you get peace of mind knowing that everything is getting checked on at least once or twice a year. And, as is the case with cars, fixing small problems is a lot cheaper than when they grow up to be big problems!

Another benefit of being on a maintenance plan is that, if something does go wrong, servicing your system is often prioritized over people who are calling with an issue for the first time in years. And when everyone’s air conditioning starts breaking on the hottest day of the year, you want yours to be a top priority for repairs!

Major items to keep in mind

This isn’t an all encompassing list, but these are the systems that need routine love and attention.

HVAC – If you don’t keep up on your HVAC system, it will give out, and it will probably do so on the hottest (or coldest) day of the year. Plus, most warranties require routine maintenance, so even if your system is brand new, someone needs to be checking up on it.

Pest control and termite prevention – An insect problem, particularly a termite problem, can escalate very quickly, and keeping bugs away is so much easier than getting them to leave. Whether you’re getting your house bombed or just having someone come inspect the perimeter of your home for potential infestations, a little goes a long way.

Sprinkler systems – If you’re selling your home in the winter months, these can’t always be tested to prove their functionality to buyers, so having proof that your sprinkler system was serviced routinely over the years is really the only way a buyer can trust there won’t be an issue when springtime comes around.

Chimney and fireplace – Even with gas burning fireplaces, dirt, debris, and even animals (yes, it happens all the time!) can get stuck in your chimney and wreak havoc.

Roofing and gutters – Whether you’re taking care of this yourself or hiring a professional to climb up there and get their hands dirty, keeping wet leaves off the roof and out of the gutters ensures that water isn’t building up anywhere it can damage the foundation or create a mold problem on the roof. And since a mold problem anywhere usually becomes a mold problem everywhere, this is worth keeping up on.

Air ducts – This is important not only to make sure you’re not breathing in dust and bacteria everyday, but because keeping air ducts clean also helps keep your HVAC system clean. Win – win.

Plumbing – This is not a system that you want to have issues with. Even if it’s just a quick search for active leaks and a hot water heater check up, hiring a plumber once or twice a year is a wise decision.

Additional Resources

I know, all of this sounds intimidating, but seriously, a little bit goes a long way. And you’ll be glad you stayed on top of things when it comes time to resell your home. Or at least, your realtor and potential buyers will!

Here’s what I suggest. Check out the resources below and either create your own checklist or download one of the ones provided. Keep it on your fridge and just tackle one item at a time. Besides, maintenance plans will take care of a lot of this for you!

Better Homes & Gardens’ Maintenance Checklist

The New York Times’ Maintenance Checklist

Mr. Handyman’s assorted list of printable maintenance schedules

If you’ve got your finger on the economic pulse, particularly as it relates to the housing market, you’ve undoubtedly noticed that interest rates are on the rise.

Why? Well, unemployment sits at a low 3.7% (as of October 2018, according to the Bureau of Labor Statistics most recent report) which often comes with higher wages, which leads to inflation, which yields an upward trend in mortgage rates.

The graph below illustrates that correlation pretty well: As unemployment jumped in 2008 and 2009 (the top line), wages dropped significantly (bottom line), followed by a subtle yet steady increase in wages as unemployment slowly falls again.

But you didn’t come here for a lesson on economics, so let’s get to what that means for the housing market.

The Impact on Real Estate

Anyone who pays attention to these types of statistics will gladly give you their opinion on the health and stability of today’s real estate market. And while we’re about to join that club, we don’t suggest that you take our words as gospel. That said, we do believe that the housing market is still incredibly stable and is poised to continue to see continued growth moving forward, particularly in Richmond. Here’s why:

Rising interest rates are caused by and coupled with increased employment, so the increased cost of borrowing is unlikely to cause a collapse. As demonstrated by the low unemployment rate, the public as a whole is seeing their income increase, and provided mortgage credit standards remain consistent (the lack of which was arguably the biggest cause of the 2008 fiasco), these changes are all normal and healthy developments that ebb and flow over time.

Particularly in Richmond, home values are continuing to rise, making real estate an investment that is likely to produce returns that compensate for higher rates. With houses selling as quickly as they have been, pricing continues to trend upward. This is especially exaggerated in urban markets, where low inventory can’t be easily compensated for by increased building (you can’t build where there aren’t empty lots!). The suburban markets are seeing these trends as well, though pricing is slowly starting to plateau as builders add to the inventory stock.

We may see a shift in mortgage product trends, as buyers try to protect themselves from what might be even higher rates down the line. The 3, 5, and 7 year Adjustable Rate Mortgages provide buyers with options a percentage point or two below fixed or long term rates, which helps offset the potential risk of rising rates in the short to mid term. However, with so many questions about rate trajectory – How high will they go? When does it stop? Will they come back down in 5 years? 10? – it’s even more important to discuss your options with a trusted mortgage professional before locking anything in.

Summary

All this said, we see moderately increased rates as a reflection of a strong economy and a booming real estate market. And while low rates were fun while they lasted (that 30 year fixed mortgage at 3.5% was a no brainer), mildly costlier borrowing is ultimately a small price to pay for a healthy, stable market whose upward equity potential is likely to benefit the savvy, informed shopper.

As the saying goes: “A rising tide lifts all boats.”

If you’ve been paying attention to Richmond’s real estate market over the last year or two, you’re no stranger to the concept of a bidding war. With low inventory and high competition, this is something we have become very familiar with. Whether you’re buying or selling – or both – it’s important to understand how bidding wars are created and the best ways to navigate these sometimes rocky waters.

“Suggested” Price

In the price-fixed world we live in, real estate transactions can feel confusing. While the prices we see on clothing, groceries, and restaurant menu items aren’t up for negotiation, real estate pricing is always subject to debate. Both buyers and sellers need to realize that, in most cases, the listing price won’t be the price at which the home actually sells.

Our job is to help you make sure that any potential variability swings to your advantage.

Accurate Pricing

Sometimes sellers want to hike up the price of their home, even when they know it’s worth less. Their thinking is to aim high and then, even if they have to compromise a bit, they still make what they’re hoping to make. The problem with this strategy, as a seller, is that the right audience never sees the home: the people who can afford it generally want something with better or more features and the people who have a smaller budget are discouraged by the price and cross it off their list.

If you’re a seller looking to create the environment for a bidding war, it’s in your best interest to price your home as accurately as possible, with a clear understanding that asking price isn’t necessarily the final transaction price. That way, budget and features match the expectations of those who come to look at the home and qualified, highly interested competition can generate demand which may end up leading to a bidding war.

As a buyer, lean into your agent to let you know if something is overpriced. He or she (or hopefully we) will know if there’s some wiggle room to bid at a lower price. Plus, if a home is overpriced, it likely hasn’t gotten much engagement or has been sitting on the market for quite some time, so even a low offer might be enticing when sellers are getting antsy.

Don’t forget about Terms…

Whether you’re making the offers or considering them, keep in mind that while price is just a couple paragraphs of the equation, the ‘terms’ of the contract can be pages and pages long. Financing and inspection terms, contingencies, settlement dates, possession dates, closing costs, and post-occupancy conditions (to name a few…) all comprise this “terms” section, which can collectively either compel a seller to take your offer seriously, or allow a buyer some wiggle room on price.

Maybe the buyer is willing to absorb some of the inspection item costs, if any issues are found. Maybe the seller has a time constraint that the buyer is willing to work around. Maybe a “rent back” agreement can be offered in a situation where the seller doesn’t have other living arrangements prepared for after closing. The possibilities are endless and can really create a win-win situation for both parties, when price isn’t negotiable for one of the parties involved.

Summary

The idea of a bidding war is daunting for a lot of people: Sellers want to do anything they can to create one, and buyers tend to run away from them in fear that there’s no hope of winning and staying in budget. Ultimately, whichever side of the equation you find yourself on, there are always ways to think critically and reach a solution that meets everyone’s needs.

If you’re a buyer with a tight budget, don’t stray away from a home in high demand! Your agent can help you leverage circumstances and/or desires to design a contract that checks as many boxes as possible for the seller, even if price isn’t one of them.

And as a seller, demand generated through accurate pricing and aggressive marketing can create the competitive environment that has made bidding wars so common here in RVA.

Either way, there’s no need to be intimidated. Let us be your advocate.

In a market with such tight inventory as Richmond, you’ve likely heard a lot about bidding wars and abbreviated selling times, especially in popular neighborhoods like The Fan or in the West End. But as the frenzied spring market is now in the rearview mirror, we’re preparing our sellers (and ourselves) for the slower season, when just slapping some iPhone photos of your home onto an MLS listing isn’t going to cut it anymore.

I’ve seen it begin already: The “Price Reduction” emails are flooding in and I just recently picked up a client whose less than stellar experience with another agent had them anxiously wondering if their house, which only had one showing in a month, would ever sell. (Spoiler: It’s now under contract!) In the fall market, a lot more thought needs to go into preparing a home for sale.

So let’s get one thing straight. It is your agent’s job to generate demand for your home. If your home is struggling on the market, they should serve as a competent advisor in figuring out why and then assist in fixing the problem. Of course, some homes are tougher to sell than others, but there are always ways to emphasize and capitalize on the elements of each house that make it desirable.

The key? Minimize the negative qualities and accentuate the positives. Of course, lowering the price is sometimes necessary, but not until other options have been exhausted.

Key strategies to take into consideration:

Let’s start with the basics: The MLS photos and remarks.

The Multiple Listing Service platform is often the first place a potential buyer or their agent will interface with your house, so if the photography and remarks are lackluster, you’re not going to get very far. You should ask your agent to see the photos that are being used to list your home, and you should offer input/feedback on the narrative as well. If you’re not happy with what you see, chances are potential buyers won’t be either.

Have you ever heard someone say “kitchens and bathrooms sell houses”?

Sure, it’s a cliche, but there is a lot of truth in it. Don’t be afraid to invest a bit of money into these areas, but be honest with your agent about your budget for updates. It’s their job to suggest tweaks that will make an impact, and you don’t need to break the bank to make a meaningful difference! A few hundred dollars spent on new hardware or a fresh paint job goes a lot further than you might think. Keep in mind, buyers typically make value assumptions in multiples of $5,000 or $10,000. Your objective is to keep them from emotionally subtracting value from your home. These are the types of decisions your agent can guide you toward.

Think of your front yard and backyard as two more rooms of your home.

Sadly, we can’t count them as such on your listing, but if you give them some TLC, they’ll pay off in their own way! We all know curb appeal is vital to a good first impression, but you don’t need to turn your yard into a botanical garden in order to impress buyers. Start by limbing up your trees as high as you can reach (in fact, hire your tallest neighbor instead) to make a yard feel more expansive. Along with some fresh dark hardwood mulch, you would be surprised at the instant difference you can make! Again, low dollars invested, high rate of return.

People say the three L’s of real estate are ‘location, location, location’, but let’s throw ‘lighting’ in that mix.

Great lighting can transform a home, especially in a time when everyone seems to want a “nice open floor plan with tons of natural light” (says every single buyer on HGTV). No matter your home’s layout, the careful selection of bulbs based on both brightness and color can give each room the desired effect. Use warmer lights and lamps in bedrooms to create a homey feel, and nice bright LED’s to maximize the kitchen and baths. In large fixtures, make sure every socket has the same kind of bulb so light is dispersed evenly, and keep in mind that today’s energy efficient bulbs allow you to crank up the light output without overloading a fixture originally designed with wattage limits for incandescent bulbs. Updated lighting is another way to pack a big punch in the way of increasing appeal without spending big bucks. After all, cavemen buyers are few and far between.

Color. Do I even need to elaborate?

Sure, buyers should be able to look past paint color, but that doesn’t mean they will, and with so much emotion involved, people are prone to walk away from a home based on a gut feeling that they can’t even pinpoint. So while having multiple colors throughout your home can be a good thing, you’ll want to replace any strong, polarizing colors (or wallpaper) with something more universally appealing to help generate that warm fuzzy feeling they’re looking for.

But these decisions shouldn’t all fall on you…

There is a lot to consider, but here’s the thing: If you hire the right agent, they’ll guide you through it all and help you make meaningful adjustments that, in combination with a competitive sales price, will draw attention to your home, no matter the season. If you’re seeing figurative tumbleweeds blow in front of that “For Sale” sign, your agent should be there at the ready with solid recommendations (and maybe some light bulbs) to help you make the most of the cards in your hand.

We’ve been at this real estate gig for a while now, and we can’t seem to recall a time when the seasonality of the market was so pronounced. Granted, we spend a lot more time digging into the data than we used to, but we think it’s more than that.

Real estate has always ebbed and flowed. If you didn’t know that home sales shoot up in the summer and down in the winter, you might live under a rock (or at least, you’re new to this whole thing). But the industry’s seasonality isn’t quite that basic anymore. It is both more nuanced and more exaggerated.

Let’s break it down:

The “off” season

If the housing market has an off season, it begins around the first of November as people start preparing for the holidays and ends around mid-January when people are finally done recovering from said holidays. The turkey and eggnog hangovers are gone and everyone starts counting down to warmer and sunnier days.

The chart below highlights this lull in market activity:

That said, buying during this time frame can be a strategic move. Interest rates tend to go down with lower demand and sellers are often under a lot of pressure to sell before Christmas or the New Year, so good deals can be found, especially if you’re strategic about it. Patience would definitely be key in this scenario though, as there’s just not much inventory to go around!

The spring rush

Beginning at the end of January or early February and stretching through the month of June, the market picks up pretty quickly. With 30-40% of annual transactions occurring during this time frame, both buyers and sellers are out and ready to go.

Recently, this period of time has been getting increasingly chaotic, as low inventory has resulted in bidding wars and multiple offer situations on most homes, particularly in popular neighborhoods where density is high. This past spring, it wasn’t uncommon for houses to sell within a day or two, sometimes even hours! And while the market usually slows down come July, this year we saw it maintain steady demand until right about now. It is early August and we’re just now taking our first deep breath in months!

Slowing back down

Come September, as kids head back to school and the weather starts to cool off (at least at night!), the market finally calms back down. While some transactions may occur, many of them are actually contracts that were created in the spring and summer months that are finally coming to close.

And, as seasonal spikes become stronger and more exaggerated over the years, the fall months are seeing less traffic than before. Whether or not this is a permanent shift won’t be clear until inventory levels finally come back up to a normal level (One day, maybe?).

The following graph shows a spike in days on market during the late fall and early winter months, not to mention that steep drop off come spring!

Summary

All of this is good information to keep in mind, particularly if you have the freedom to decide when you want to buy or sell (or both!). But we usually find that family, career, and/or financial factors end up dictating when our clients are able to enter the market, and honestly, there’s no good or bad time, per se.

There are benefits and drawbacks to any part of the seasonal roller coaster you may find yourself on, and a good Realtor will help you leverage whatever you can to secure a contract that feels like a win.

Working among other realtors all day every day, we sometimes hear complaints of clients with whom they’ve been working with that just won’t pull the trigger and actually make a purchase. There are agents out there that are in a rush to get a deal wrapped up as swiftly as possible so they can set their sights on the next quick kill…

And while it’s nice to have a quick, easy transaction when the situation allows, that’s not what this career is about. We deal with guiding and assisting people as they pursue their life goals, needs, and transitions; not simply opening doors and writing contracts. Instead, we like to be an ongoing resource, not just through the sometimes tedious buying/selling process (these things take time, after all), but before you even know for certain if you actually want to buy or sell!

Seriously. We are happy to serve as a trusted resource in the months or years before you’re ready to take the plunge.

Why? Because your realtor should be good for more than just running comparable sales when it’s time to make a change. We’ve got a lot of experience that you can take advantage of, regardless of where you are in the planning, buying or selling process.

Here are some scenarios to consider:

Looking to make some big improvements? It’s important know how much, if at all, any major renovation or construction project will affect the value of your home. Spending $10,000 to renovate your kitchen doesn’t necessarily mean your home’s value will go up by $10,000. It may go up by less, more, or not at all depending on a number of factors that the average homeowner might not even think about.

From our knowledge of market caps, neighborhood trends or expectations, experience through countless appraisals – you name it – we can help you get the most bang for your buck when it comes to making sure investments made in your home will pay off down the road.

And speaking of renovations…

Need a contractor? We know more than a few. And we know who’s worth their weight and who might leave you underwhelmed by the final product in either aesthetics or functionality. Your friend that can recommend a good contractor usually comes from their singular experience using them. We recommend contractors whose work we have observed and experienced on many occasions, and know each one’s strengths and weaknesses.

Sure, there’s also Google or Angie’s List, but when it comes hiring a local pro, you want to make darn sure you are hiring the right person for the right project. So call us up, and we’ll give you our two cents!

Want to be in the know? Come on, who doesn’t?

When construction crews invade, buildings start coming down, or you see zoning signage pop up out of nowhere, we can be a resource to figure out what’s happening, where it’s happening, and just what that might mean for your community.

We don’t claim to know everything, but it’s our job to keep up on industry developments, so chances are we’ve at least heard whisperings of whatever it is that’s popping up or disappearing in your neighborhood.

Let us be your resource.

Sure, we’d love to help you buy or sell tomorrow if that’s what your goal is. But if not, we’re happy to remain a resource in other ways. The more you know, the more confident you will be when the time comes to make that next move, even if it’s a few years down the line.

Recently, we had a client who submitted an offer on a nice little house. It was turnkey, updated nicely, and decorated as if it jumped out the television straight from HGTV.

We wound up competing against 31 offers.
Thirty-one.

That sounds insane, right? If you’re looking for a home right now, it may also sound familiar. Finding a home is tough in the current market. Inventory is very low, and demand is sky-high. If you remember basic economics, you’ll know that this doesn’t lead to a balanced market, which can – and does – make for a stressful buying experience. Competing with multiple offers for every home can be both tiring and defeating.

So what can you – as a buyer – do to give yourself a better chance?

There are a number of things you can do when making an offer on a house. We always recommend finding a reputable local lender, being flexible on terms (closing dates, waiving small inspection items, etc.) if possible, and moving quickly and aggressively. The truth is, most competent agents are utilizing these same strategies though. And with all-cash buyers becoming more and more frequent it can feel almost impossible to win in these bidding wars.

What’s a buyer with a budget to do?

Before you jump into the ring and are ready to duke it out with a dozen other buyers over the next ‘perfect’ house….consider a renovation.

Don’t be intimidated.

Now, we’re not saying that everyone should pull a Chip and Joanna and buy a place that needs to be taken down to the studs. What you can do is consider a house that might not fit every item on your checklist. Maybe it’s the right house, but the kitchen is dated. Or the bathroom needs some updates. Maybe the roof or HVAC has lived its life and you won’t have the cash post-closing to pay for a large project like that. Don’t let these kinds of “issues” scare you. Focus on finding a property that meets your needs on things that can’t be changed – location, layout, and overall size, and try to turn a blind eye to that pink tile in the master bathroom.

Houses that need a little work can be a perfect opportunity. They are typically going to be priced lower, and are not going to have as many people clamoring for them. By shopping a little below your target price and utilizing a renovation loan, you can take a house from “it has potential” to “move-in ready” in a matter of weeks, not years.

Here is the key though: the renovation loans we are talking about aren’t a second, high interest, shorter term loan like a HELOC. This is a single conventional loan that includes the amount you need to buy your home plus access to the funds for the immediate projects that need to be taken care of right after closing.

An estimate of the cost of renovation is made and approved during the contract period by a licensed contractor, and then the bank holds that money and pays the contractor directly after the work is complete. If you come in under budget, that just gets taken off of your loan.

We partner with solid local lenders who are well versed in renovation loans and will guide you to the best loan type for your situation. We can also connect you with trusted contractors that can get the job done professionally, on time, and without busting your budget.

If you’re tired of fighting for every home you look at, consider renovating. You’ll find lower prices, less competition, and you’ll get to make your own choices about your house. Yes, it’s a bit of extra work, but it beats overpaying for a house, and the bonus is you get to make the choice of styles and upgrades in your new home. We’ll work with you to find the best fit for your needs and support you as you make it your dream home.

The internet has transformed almost every single industry on the planet, and real estate is no different. Our clients have more access to property information, data, sales numbers, comparable transactions – you name it – than ever before, and we think that’s a good thing!

Working with a real estate agent, a buyer or seller has access to records at the city or county, assessments, past sales or other searches. We can dump all this information into a cloud-based spreadsheet and share it with the client. And there are hundreds of statistical services that will gladly cook up all that data into some sweet charts and graphs.

Beyond MLS, there’s Zillow and all the other sites that will give you estimates of value. There’s buckets of research from Case Shiller or the NAR. And that’s all before you even Google whatever property you’re looking at to see what kinds of ancillary information might be out there.

Makes you wonder how people bought houses in the past with so little information, doesn’t it??

Easy as 1, 2, 3 … 4, 9, 37, 142, 359 … Wait, this is Hard!

Access to this level of information is truly revolutionary when it comes to the buying and selling of property. But has it made anyone’s job easier?

We don’t think so.

Now, it’s an agent’s job to figure out which data to pay attention to, and how to put it all together into an analysis that will mean something to the client and—most importantly—help them. Yes, as clients, you have access to way more housing information than ever before. But it’s our job to make sure you understand what you’re looking at and how to interpret it.

In our experience, our clients have more information, yet are more confused than ever before.

The proof is in the pudding:

A recent study showed that over the past five years more people are using agents. The role of the agent, and impact, has grown larger with so much data to sort through. The public trusts their transactions to Realtors because they have the experience to clarify things. This is incredibly interesting…and gratifying.

At the end of the day, it’s not enough to simply have more information. You’ve got to know what to do with it. A good agent brings that home and makes this potentially complicated process much simpler.

This is what we do—make sense of it all. We’re here to help you.

We’re offered warranties all the time – on our plane tickets, on our appliances, on our cars – you name it. And often, we pass them up. Sometimes the cost is just too high and we think “no thanks, it probably won’t break anyway. Besides, it’s brand new!”

But if you’re building a new home in Virginia, every new home is required to be warranted by the builder. And for good reason! Poor workmanship is a lot bigger of a deal than a glitchy iPhone or a car that prematurely breaks down.

The tricky thing about home warranties is that, when you really read down into the fine print, you see that each component of the warranty is a bit different, so it’s important to do your homework (and let a professional take a look) so you know what exactly you can expect if something cracks, leaks, or breaks down the road.

Here are the cliff notes:

Materials: This is probably the first thing that comes to mind when you imagine what might happen that would require you to whip out that warranty and go knocking on your builder’s door. Virginia law requires at least a year long warranty for the materials used to build your home.

In the case of material claims, there’s often question as to whether the material or product itself is the issue or whether poor installation is to blame. In cases where the builder warranty has run out but the product itself is still under warranty, there’s often a bit of “not me!” that goes back and forth as to who is responsible for replacing or repairing the item.

Structure: Your home’s foundation is warranted for five years at least, though many builders elect to provide a 10 year warranty option on structural components like framing, roofing, or floors. Often though, these 10 year warranties decrease in value over time, so read carefully!

That said, a 10 year warranty is still better than the Virginia mandated 5 year warranty, and most builders that feel confident in their product will offer this option, feeling confident that their homes will last way beyond the life of the warranty.

Systems: HVAC, electrical, garage doors, etc are usually warranted through the individual manufacturer. Often, these warranties cover individual components or parts of each system, rather than the system as a whole.

Generally, these warranties need to be registered, and in the case that a repair is needed, there are certain qualified contractors who must be used in order for the warranty to cover the costs. When you take ownership of your new home, ensure that your builder has provider all of the manufacturer warranty cards for your systems and appliances, then fill them out immediately and mail them in.

Summary

This is one of the big perks of a buying a brand new home, as resale homes are generally old enough to have outgrown their warrantability. But in order to truly capitalize on those perks, you have to know what your warranty (or warranties) dictate!

Most builders will walk you through it all before you actually close on a home, but make sure you do your homework before that meeting, and then again after when you’ve been provided some context. The final key here is to keep that warranty in mind! We can’t tell you the number of times we’ve had clients forget that certain products or systems are still under warranty and then end up paying out of pocket. Don’t let that be you!

Rather than paying for an independent home inspector to check out your house when it is completed we advise that you wait to get that inspection about 10 months after you have owned it instead. Now you can easily go back to your builder with a list and request any necessary repairs to be done before your 1 year warranty is up.

For more on new home warranties, what to expect, or what red flags to look for, reach out to us, we will be glad to advise.

When you think of buying a new home, what are the non-negotiables that come to mind? Maybe it’s a certain price point or number of bedrooms, or maybe you are head over heels with one particular neighborhood. Or maybe, like many people, you want to be in the best school district possible for your children.

That last requirement may seem like it holds more weight than the others, and trying to account for this factor can get a little overwhelming once you start to do your research. “Isn’t this supposed to be cut and dry?” you might wonder. After all, there are sites that rank schools and give you all the information you need, right?

Well, kind of. I’ll get to that in a bit.

As realtors, we cannot recommend one school district over another, but we can help make sure you’re considering all the factors when it comes to schools.

Choosing what school you send your child to is a very personal decision. The characteristics you value in a school might not be the same as your neighbor, and there’s a good chance they aren’t accurately reflected on those ranking websites. So where do you start?

First things first, consider your long term plans. Are you buying your forever home? Or are you looking for your first home with plans to upgrade down the road? Time is a huge factor when considering the school district where your potential new home rests. If you’re ready to settle down for the long haul, it makes sense to focus on high schools. But if your children are young or you might move again in the next few years, you might not need to place as much weight on whether the high school is the number one school in the region. Take a look at the elementary and middle schools that your kids will be attending in the near future, and start your decision process from there.

Once you know what level of school you need to be focusing on, how do you analyze all the available information? It seems like a huge decision with massive consequences. Take a deep breath. My best advice is to sit down and figure out what’s most important to you in a school. Maybe it’s the number of college prep courses, extracurricular offerings, or the diversity of the student body. Figuring out what matters to you will make it easier to do your research.

It may appear that I’m not a fan of school ranking sites, but while I don’t think they should have the final word, I do believe they are a good starting point in the decision making process. You can glean a lot of information if you know what you’re looking for. One important thing to keep in mind is that these sites focus on different metrics, and one school may have varying rankings across multiple sites. Take James River High School in Chesterfield, for example. Below are quick snapshots from two different ranking websites.

3 out of 10 doesn’t seem great. Must not be a good school, right?

But wait…

Another site gives it an A-. What gives?

When you’re looking at these sites, it’s important to poke around a bit. Great Schools places a high value on test scores, while similar sites may place greater weight on other factors. What metrics match with your priorities? It’s important to do a little digging to get a full picture.

All that said, I highly recommend not only doing your research online, but paying a visit to the school itself and meeting with faculty. Do you know any parents with children who attend? Ask for their opinions. They’ll be able to tell you so much more than a website.

Again, schools are one of the most common factors we see come into play when making a home buying decision, and rightly so. But before you cross off a house based on school district alone, make sure you know both what you’re looking for and what you’re looking at when you do your research. Figuring those two things out is the first step in relieving some of that pressure, opening up your options, and moving forward with a decision you can be confident in for years to come.