Navigating Home Inspections: What you need to know!

So you've reached an agreement on purchase terms to buy or sell a house. Congratulations! Your inspection will come next, and for some people, that can be a stressful component of the sale. It doesn't have to be though! As long as both parties are aware of the purpose of the home inspection and are realistic about the condition of the home, an agreement can be reached and the deal will continue moving forward.

So how exactly does the home inspection process work? And do we always need to have one?

Let us answer of few of your questions:

What is a home inspection?

A home inspection is an objective examination of a home by a licensed inspector. He or she inspects the physical structure of a home from roof to foundation, both exterior and interior. It's the inspector's job to work through the house with "a fine toothed comb". The inspection time can take between 2-6 hours to cover everything.

What is included in a home inspection?

The home inspector develops a report that covers the following in a home: heating system, air conditioning system (temperature permitting), plumbing, electrical, roof, attic, visible insulation, fireplace if applicable, ceilings, walls, flooring, doors, and windows. The inspector also looks at the home's foundation and basement if there is one. The inspector knows what to look for with each of these components and determines whether it's acceptable, needs maintenance, needs monitoring, or is a safety/defect item.

Why should I get a home inspection?

The short answer is that it's the smart thing to do and it protects your investment. What we recommend to clients is ALWAYS reserve the right to an inspection because we want them to know the condition of the house. Inspections will identify what needs to be repaired in a home and also what needs routine maintenance to keep the home in good working order. It provides peace of mind and clarity going into this large purchase.

How much will this inspection cost?

Generally, and inspection will cost anywhere from $250-600. The fee may vary based on the size and age of the home, and also additional services like septic, well, and radon testing if they apply.

What if some major issues are found in the house? 

First, know that ALL inspection reports will find something, even if the home is in fantastic condition. Also know that if the inspector finds problems in the home, that doesn't mean you shouldn't buy it; it just means we need to work to get those issues fixed. If there are major repairs that need to be made, which are called safety or defect items, they will be listed as such on the inspection report. If you're a buyer, don't worry because these items must be fixed by the seller, and you'll be provided with receipts as proof. If you're a seller, you might already have known about some of these issues and are prepared to fix them. For sellers, if you want to keep the deal moving forward, our recommendation would be to get those items fixed or replaced by a professional contractor. 

Where can I find a good inspector?

You are welcome to search Google and ask friends or family for recommendations. Your agent should be able to recommend several companies as well. 

What is my role as a buyer in the inspection?

As the buyer, you will need to make the determination about which company you would like to use. If you feel comfortable, we recommend that you call and schedule the inspection as soon as possible after we have an executed purchase agreement or work with your agent to get it scheduled. Also, while you aren't required to go to the inspection, it would be to your advantage if you can stop by for the last half hour or so. You can talk to the inspector and ask questions, and he or she can show you specific items you may need to pay attention to.

I'm buying new construction. Do I need to get the house inspected?

Yes. Again, this inspection will offer peace of mind and will also catch any possible oversights the builder missed.

Have a great week!

Around town: What's that building?

We've mentioned once or twice how fortunate we are to live in the Evansville area. We have many amenities in our community (with new developments all the time!), enjoy a low cost of living, and are surrounded by generous, caring neighbors who help look after our families and homes.

Another feature of the Evansville community that has us beaming with pride is our history--especially our architectural history. Have you ever driven around Evansville and Newburgh just sight-seeing? We have an abundance of absolutely beautiful homes and buildings in our area. Evansville Living often features articles about historic neighborhoods and homes around town, and we come across many buyers who specifically want an older home they can work on because they simply want the charm and personality of that home and location.

 The best concentration of these beautiful structures is downtown Evansville. Have you ever done any casual research on the significance and history of some of our stately buildings? It's pretty interesting to learn a bit about what these buildings have been used for throughout the years.

The inspiration to write this particular blog came from the recent press about the Owen Block at Second Street and Chestnut. There are numerous community groups, private citizens, and even the city banding together to try to save this structure as it was abandoned by its owners. It made us wonder what other hidden gems we're driving or walking by each day?

Here are just a few of our favorites...

The Greyhound Bus Terminal
Built: 1939
Architecture style: Modern
Vacated: 2007 when the METS system moved to its new location downtown.
Current state: Under renovation. The Historic Landmark Preservation office could be housed there and there is room for retail space, a restaurant, or farmers market office space.

The Hulman Building
Built: 1929
Architecture style: Art Deco
Fun fact: The building got its name when it was purchased by The Hulman Family of Indy 500 fame (owners of the Indianapolis Motor Speedway).
Current state: Houses Evansville Commerce Bank, Bamberger Foreman Oswald & Hahn law firm, and an upscale men's clothing store.

The Old Courthouse
Built: 1890
Architecture style: German Baroque
Fun facts: Occupies an entire city block, features 14 human figure statues by Franz Engelsmann, and showcases carvings of fruits, vegetables, and flowers indigenous to the area.
Current State: Used as an historic venue for events like meetings and receptions, and the Old Courthouse Catacombs is produced and visited in the building each Halloween season.

The Old Post Office & Customs House
Built: 1869
Architecture style: Richardsonian Romanesque
Vacated: 1969 when the federal government removed the post office annex from that location.
Current state: Renovated to become an event center called the Old Post Office Plaza with Just Rennie's and The Acropolis as catering options. There is also office/retail space available for lease.

Willard Library
Built: 1877
Architecture style: Gothic Revival
Fun fact: Willard Carpenter, who built and endowed the building, initially wanted it to be a college. However, he lost a great deal of money in a railroad investment and was encouraged by the community to develop a library instead because it would fare better. Today, the most well-known "fact" about the library is that it is supposedly haunted by The Grey Lady
Current state: Willard Library is still open and used by the public as a library. It supports a large genealogy database and hosts an active calendar of events each year.

What are some of your favorite historic buildings around the Tri-State? We would love to hear from you! In the meantime, remember that we live in a community filled with wonderful resources and untapped potential. It's up to us as citizens to support future growth and activity here. Get involved!

(Food for thought: The more thriving and desirable the community, the higher home values rise!)

Let's List--Putting Your Home on the Market

Our focus for this post is to continue giving our tips to educate our readers who are preparing to buy or sell in this new year. We hope you found the Buyer Tips helpful, and today we have some great information for sellers!

It can be a stressful process once you decide to put your home on the market, and it is our job as agents to go over the whole process with you and put your mind at ease. Rest assured you're in good hands and we will be with you every step of the way throughout the process. We want you to feel confident that we will sell your home and get you a fair market price for it.

There are a few things we can do to prepare you and your home for this new adventure. Below are some of The Murphy Team's favorite tips!

1. Price the home right. We can price your home at any price--literally. However, to price it right we need to consider a few things. First we will prepare a Comparative Market Analysis, which gives us factual information on the sales of homes in your area that are comparable to yours in square footage, age, amenities, etc. This gives us a very good look into what the market is doing and is a valuable tool in determining your home's price.Then we need to actually walk through your home. Have you extensively renovated? Added space? That can affect how we price the home. We want to be both realistic to attract buyers and get the price you need for your investment.

2. Prepare the home. We will go through this topic in a lot more detail at the listing appointment, but here are a few of the basics we recommend. 

• Cut the clutter. Clear out extra knick knacks and furniture. (We can help with this.)
• Organize and clean out closets (half-empty closets look bigger!)
• Remove much of the "home" in the house (pare down family photos, collections, etc.)
• Clean, clean, clean!! Get in all those nooks and crannies a discerning buyer will see.
•  Basic staging--this is something we will discuss when we meet. Each home is different and we  want to show yours off in the best way possible.
• Amp up your curb appeal. Clean up landscaping and make sure your home is ready to make a great impression when buyers pull up for a visit.

These preparation steps are so important because we will be taking photos of your home right away to put in the listing. These pictures are the first impression for buyers, and we want to knock their socks off!

3. Always be ready to show. Once we get the house listed, your home really should be show-ready at all times. Yes, this is some extra work, but we promise it will pay off! Sometimes we only get 30 minutes or an hour notice for a showing, and we want your home to have every showing possible. We also want you to get excited when we call to set up a showing rather than stressed.

4. Make plans for your furry friends. We want your home to appear neutral and move-in ready while buyers are walking through. We can't have your sweet family dog following them around or getting territorial when new people are in the house. Be ready to take your dog or cat with you or have someone take them for a play date during showings.

5. Be patient and communicate with your agent. The average home in this area is on the market for 90 days. This process will take time, and we may need to make adjustments along the way. One thing The Murphy Team can promise you is that, as our seller, we will regularly touch base with you regarding our marketing plan, online presence, market activity, and feedback. We pride ourselves on being competitive in this market, and we are prepared to answer your questions and lead you through this exciting process.

If you'd like more information or have questions about your home in particular, please don't hesitate to reach out to us. We'd love to chat or meet with you. Email us at andrea.murphy@era.com or chelsea.phillips@era.com anytime!

Have wonderful week! 

         

New year, new home!

It's a beautiful, but cold afternoon in Evansville and The Murphy Team is hard at work to start strong in 2015. We enjoyed a wonderful holiday season filled with family, friends and yes, work! In the past week or so, we have helped buyers find their new home, sold a listing, got a new listing, and scheduled a closing for this week. It's been a fabulous start to this new year! 

We want to make sure the next 12 months are as good as the past couple weeks have been. We love our jobs and really feel a responsibility to provide the best customer service, education to our clients, and knowledge of our field. So, in order to help you determine whether you are ready to take the plunge and buy in this new year, we have put together a few tips for you.

1. Build your savings and budget. Make sure you have the money to purchase a new home, even if you'll be doing 100% financing. There are costs associated with buying a new home such as earnest money, an inspection, a down payment, and sometimes closing costs. You want to be prepared for that and still have money left in your budget for the fun things like new furniture and paint.

2. Meet with a loan officer to get pre-approved (if you don't know where to go, call us--we have a list of great options you can look into). Before we start looking for your new dream home, we want to make sure you're able to buy it. When you get pre-approved, you learn exactly what you can afford based on things like your credit score, debt-to-income ratio, and monthly income (it's a detailed process your loan officer can walk you through). You will also find out what types of loans are available to you. Not only do you become educated through this process, you become a strong buyer because you have proof you can purchase your perfect home when we find it.

3. Create a check list. What do you want in a new home? What do you not want? Where do you want to live? Think through what is really important to you in this new house. It's more than how many bedrooms and bathrooms you need; it's about how you and your family use your space. We will discuss this in detail with you but it's great to have a list already started to work with.

4. Call us to set up a meeting. Once you've fine-tuned your finances, met with a loan officer and begun your checklist, it's time to call us! We would love to sit down with you and get started. You can share what you're looking for in a new home and we will go over the buying process and applicable documents so you feel knowledgeable and prepared moving forward. 

5. We start looking! Now the fun begins. We will start searching for homes and working toward finding your favorites to view in person. Your new dream home closer than you think!

Tune in next time for our tips focused on sellers. We have some great ideas to help you get prepared to sell this year.

Stay warm Evansville--if you're creating that checklist this week, you might consider including a fireplace!!