Seller Blog

Introduction When buying or selling a home, the importance of home inspections cannot be overstated. In this guide we’ll share the 11 most costly inspection pitfalls that every seller should know, as well as a home inspection checklist for buyers. This information is aimed at helping both sides protect their assets and investments while also ensuring a smooth home buying or selling process. The Importance of Home Inspections For Sellers: Home buyers want to know your home inside and out before making their final decision about making an offer. While homebuyers are as individual as the homes they plan on purchasing, one thing they all share is a desire to ensure that the home they will call their own is as good beneath the surface as it appears to be. Questions about the roof, wiring, plumbing, and foundation are on the minds of buyers, and they will seek help from a professional, licensed home inspector. For Buyers: Finding your ideal home in Seattle can be challenging, and after you find it, a home inspection might seem like an extra cost. However, this step is crucial to ensure your investment is sound. Including a home inspection contingency in your purchase agreement allows you to negotiate repairs or withdraw from the purchase based on inspection results. The Need for Professional Home Inspections While you might be capable of handling some inspection tasks, professional inspectors are better equipped to identify hazardous materials like asbestos or radon, as well as mold and pest issues. Their expertise provides more leverage during negotiations and ensures the safety and integrity of your future home. 11 Most Costly Inspection Pitfalls for Sellers Defective Plumbing : Defective plumbing can manifest itself in two different ways: leaking and clogging. A visual inspection can usually detect leaks, such as water marks and stains on walls or ceilings, or wet spots in the cabinet under kitchen or bathroom faucets. For clogging, an inspector might turn on faucets in the highest bathroom and then flush the toilet to observe any potential reduction in water flow. Dirty water when a faucet is first turned on indicates rusting pipes, which can result in severe water quality problems and costly repairs. Damp or Wet Basement or Crawl Space : Inspectors check for powdery white mineral deposits on basement walls and a mildew odor. Sealing a crack in or around the basement foundation could cost from hundreds to thousands of dollars, depending on severity. Adding a sump pump and pit could run around a couple of thousand dollars, and complete waterproofing of an average 3-bedroom home could range from $5,000 to $25,000. Inadequate Electrical Wiring : Homes should have a minimum of 100 amps service. Inspectors test all electrical switches, outlets, GFI outlets, exposed wires, and the electrical panel to ensure safety and code compliance. Poor Heating & Cooling Systems : Insufficient insulation and inadequate or poorly functioning heating or cooling systems are common issues. Inspectors check if the furnace is within its typical life span of 15-25 years and if there are service records. Cracked heat exchangers, which can emit deadly carbon monoxide, must be replaced. Roofing Problems : Water leakage through the roof can result from physical deterioration of asphalt shingles, curling, splitting, or mechanical damage from wind storms. Leaking gutters and downspouts can lead to major internal problems. Damp Attic Spaces : Problems with ventilation, insulation, and vapor barriers can cause water, moisture, mold, and mildew to form in the attic, leading to premature wear of the roof and structure. Rotting Wood : Rotting can occur in door or window frames, trim, siding, decks, and fences. Inspectors may probe the wood to check for rot, especially where wood contacts soil. Masonry Work : Rebricking can be costly, but if left unattended, repairs can lead to water and moisture penetration into the home. This can result in clogged chimneys or even a collapsed chimney. Unsafe or Overloaded Electrical Circuits : Overloading circuits can create fire hazards. Inspectors check if circuits, especially the common 15 amp circuits and larger service circuits for appliances, are safe and up to code. Adequate Security Features : Beyond security systems, inspectors look for proper locks on windows and patio doors, deadbolts on doors, and smoke and carbon monoxide detectors. Structural and Foundation Problems : Inspectors investigate footings and foundations for structural integrity. Large cracks, settling, and slippage can be expensive to repair and may require addressing underlying issues. Comprehensive Home Inspection Checklist for Buyers Roof and Chimney Roof : Evaluate the condition of shingles and roof deck for rot. Chimney : Inspect for leaning and cracks in the masonry cap. Bathrooms Plumbing : Check for leaks and water damage. Fixtures : Test water pressure and drainage. Kitchen Plumbing : Examine plumbing under the sink. Electrical : ensure that there are sufficient outlets that are safe Appliances : Test exhaust fans, appliances, and garbage disposal. Interior Walls and Floors : Check for damage. Light Fixtures : Test all fixtures. Doors : Ensure they latch properly. Smoke Detectors : Verify placement and operation. Wooden Structures Damage and Paint : Inspect for damage, missing sections, and paint condition. Windows and Doors Insulation and Rot : Assess insulation quality and check for rot. Operation : Ensure they are square and airtight. Exterior and Grounds Foundation and Drainage : Inspect for damage. Gutters and Exterior Walls : Check condition. Structures : Ensure the garage, shed, fences, and deck are in good condition. Basement Moisture and HVAC : Look for moisture and evaluate the HVAC system. Attic Ventilation and Insulation : Check for stains, leaks, damage, proper ventilation, and insulation. Conclusion Understanding these 11 problem areas and following the comprehensive home inspection checklist helps identify potential issues and prevents costly surprises. Whether you are a seller preparing to list your home or a buyer looking to make an informed purchase, these insights are crucial. For a free, no-obligation PDF hard-copy version of this report contact Doron Weisbarth directly at 206-779-9808. For specific questions or advice, feel free to email doron@weisbarth.com . If you found this information useful, please subscribe to our blog. And don’t forget to follow us for more great tips. Thanks for reading!

When diving into the real estate market, especially in vibrant areas like Seattle, understanding key financial metrics is crucial. One such metric that stands out is the After-Repair Value (ARV). At Weisbarth & Associates , we believe that knowledge is power, and understanding ARV can significantly impact your real estate investment decisions. Serving areas like Ballard, Wallingford, Green Lake, and more, we aim to empower our clients with insights that drive smart investments. Understanding After-Repair Value (ARV) The After-Repair Value (ARV) is a critical figure in real estate, representing the estimated value of a property after all repairs and renovations have been completed. This metric is essential for investors, flippers, and even homebuyers looking to gauge the potential worth of a property post-renovation. ARV helps in determining whether a property is a viable investment by providing a clear picture of its potential market value. Why Is ARV Important? Investment Decisions: ARV is a cornerstone for investors. It helps in assessing the profitability of a property by comparing the purchase price and renovation costs against the estimated post-repair market value. For instance, in sought-after Seattle neighborhoods like Wallingford or Green Lake, knowing the ARV can guide you in making informed investment choices. Financing and Loans: Lenders often consider ARV when providing loans for real estate investments. A well-calculated ARV can lead to better loan terms, as it provides lenders with a sense of the property's potential value. Negotiation Power: Understanding the ARV gives buyers and investors an edge in negotiations. It provides a solid foundation for negotiating purchase prices and estimating renovation budgets. Calculating ARV Calculating ARV involves several steps, each requiring careful consideration and accurate data. Here’s a simplified breakdown: Assess Current Property Value: Start by determining the current market value of the property. This can be done through a comparative market analysis (CMA), which involves looking at similar properties (comparables) that have recently sold in the area. Estimate Renovation Costs: Next, estimate the cost of necessary repairs and renovations. This step requires a detailed inspection of the property and a clear understanding of the extent of work needed. Evaluate Comparable Properties: Analyze recently sold properties in the same area that have undergone similar renovations. These comparables provide a benchmark for estimating the post-renovation value of your property. Calculate ARV: The final ARV is calculated using the formula: ARV=Current Property Value+Renovation Costs Example of ARV Calculation Consider a hypothetical scenario in Seattle’s Ballard neighborhood: Current Property Value: $1,000,000 Estimated Renovation Costs: $250,000 Comparable Properties (After Renovation): Average sales price $1,500,000 Using the formula: ARV=$1,000,000+$250,000=$1,250,000 In this example, the ARV is $1,250,000, suggesting that post-renovation, the property could be valued around $1,250,000. If comparable properties in Ballard are selling for an average of $1,500,000, this indicates potential for a profitable investment. ARV in Seattle's Real Estate Market Seattle’s real estate market  is diverse and dynamic, with each neighborhood offering unique opportunities and challenges. Areas like Ballard, Wallingford, and Green Lake are known for their vibrant communities and high demand for renovated properties. Understanding ARV in these areas can provide investors with a strategic advantage. Ballard: Known for its trendy vibe and historic charm, Ballard properties often see significant value appreciation post-renovation. Wallingford: With its mix of old-world charm and modern amenities, Wallingford is a hot spot for real estate investments, where ARV calculations can help identify lucrative opportunities. Green Lake: Popular for its scenic beauty and recreational opportunities, Green Lake attracts buyers looking for updated and modern homes, making ARV a valuable tool for investors. Partnering with Weisbarth & Associates At Weisbarth & Associates, we specialize in guiding our clients through the complexities of the Seattle real estate market. Our expertise in evaluating ARV ensures that our clients make informed and profitable investment decisions. Whether you’re looking to buy, sell, or invest in neighborhoods like Ballard, Wallingford, or Green Lake, our team is here to provide the insights and support you need. Understanding ARV is just one aspect of a successful real estate strategy. With Weisbarth & Associates by your side, you gain access to comprehensive market knowledge,  expert advice , and a commitment to your real estate success. The After-Repair Value (ARV) is a vital metric for anyone involved in real estate investing. By providing a clear picture of a property’s potential value post-renovation, ARV helps investors make informed decisions, secure better financing, and negotiate effectively. In the bustling Seattle market, particularly in areas like Ballard, Wallingford, and Green Lake, understanding and leveraging ARV can lead to successful and profitable investments. Trust Weisbarth & Associates to guide you through this process with expertise and dedication.

Are you considering buying a house in Seattle? Congratulations on taking this exciting step towards homeownership! However, the home buying process can be overwhelming and confusing, especially if you're first-time homebuyers. To help you navigate this process , we've compiled ten tips that you should keep in mind when buying a house in Seattle. Determine your budget and get pre-approved for a mortgage for first-time homebuyers. Before you start looking at houses, it's essential to determine your budget and get pre-approved for a mortgage. This will give you a clear idea of how much house you can afford and save you time by only looking at houses that fit your budget. A pre-approval also makes you a more attractive buyer to sellers. Research neighborhoods and schools. Seattle is a diverse city with many different neighborhoods, each with its own unique characteristics. Research different neighborhoods and find the one that best fits your lifestyle and needs. Also, consider the quality of schools in the area, even if you don't have children, as good schools can increase the value of your home. Work with a local real estate agent. A local real estate agent can be a valuable resource when buying a house in Seattle. They know the local market and can provide you with insights and advice on neighborhoods, housing trends, and the buying process. Attend open houses and tours. Attending open houses and tours is a great way to get a feel for different neighborhoods and types of homes. It's also an opportunity to ask questions and get more information about the property. Consider the commute. Seattle is known for its traffic, so it's important to consider the commute when buying a house. Think about the distance to your workplace, the traffic patterns, and the public transportation options in the area. Get a home inspection. A home inspection is a crucial step in the home buying process. It can uncover potential problems with the property that may not be visible during a tour or open house. You can then use this information to negotiate with the seller or decide whether the property is right for you. Understand the closing costs. Closing costs are expenses associated with the purchase of a home that are not included in the purchase price. These can include appraisal fees, title fees, and insurance fees. Make sure you understand what these costs are and budget for them accordingly. Know what you're buying. Before you sign on the dotted line, make sure you know what you're buying. This means understanding the property's boundaries, zoning, and any potential easements or restrictions. Consider future resale value. Even if you're not planning to sell your home anytime soon, it's important to consider its future resale value. This means looking at the property's location, condition, and potential for improvement. Be patient. Buying a house in Seattle can be a lengthy and frustrating process, so it's important to be patient. Don't rush into a purchase or settle for a property that doesn't meet your needs. Take your time and wait for the right property to come along. Buying a house in Seattle can be a complicated process, but it's also an exciting one. By following these ten tips, you can make the process smoother and more manageable. Remember to determine your budget, research neighborhoods and schools, work with a local real estate agent, attend open houses and tours, consider the commute, get a home inspection, understand the closing costs, know what you're buying, consider future resale value, and be patient. With these tips in mind, you'll be well on your way to finding your dream home in Seattle .