Real Estate Tips
from BOB RICH
Bob Rich, the President and Founder of The Rich Company established The Rich Company in 1972. He has grown the company to the largest real estate company in eastern North Carolina. Bob's philosophy is that service and reliability come first in this business. Go the extra mile for your client, work harder, do your homework, and good things will happen.
Tip #1 - Collaborative Buying
“Mingling” or collaborative home buying has become a national trend. The U.S. Census Bureau reports that more than 3 million people have purchased first or subsequent homes with relatives, friends, and even co-workers. The most common reason is economic.
A collaborative home purchase can be more cost effective than renting an apartment on an individual basis. Two or more owners can expect to save money on food, maintenance and utility expenses. Also, a group of four people earning $40,000 each would have a combined earning power of one earning $160,000 which makes a mortgage qualification easier.
In addition, the higher level of income for two or more prospective owners makes the down payments more affordable. If you want to be a homeowner but can’t overcome the down-payment hurdle, think about “mingle buying”.
Tip #2 - Home Shrinks as Family Grows
Oops! Your home is getting too small for your family. You need extra bedrooms. The kitchen has to be enlarged or updated, it’s about time you had a garage large enough to handle your cars. It’s strange how homes seem to shrink in size as families increase in number and children grow from toddlers to teenagers. The next obvious question is- should you add on a dormer, a new bedroom, garage, renovate your kitchen- or should you sell your present home and buy one that fits your family’s needs?
Advice: get estimates from contractors (then for safety’s sake increase the cost and time estimate by 50%). Don’t forget to crank in the stress factor that goes with remodeling.
With this information in hand, our office will be happy to sit down with you and discuss the value of your present home and show you a range of new and existing homes for sale which are already in move-in condition to fit your family’s needs.
Tip #3 - Avoid Surprises
Whenever a contractor makes building improvements or constructs a new building –such as a house- for you, you should always require him to furnish proof that he has paid the businesses furnishing the supplies and labor for the job. Otherwise, the unpaid suppliers or sub-contractors could file a statement of lien against your property for the money owed to them.
Even if your general contractor gives you a “waiver of liens” for the work he has done, you are not protected from sub-contractors and suppliers if they have not been paid. They could still get a valid lien against your property if they follow the proper procedures.
More than one property owner has found himself having to pay suppliers and sub-contractors even after he has paid the general contractor. Of course, the general contractor is liable to the owner because of this extra payment, but recovery from him can be expensive, difficult, and sometimes impossible.
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Bob Rich, President and Founder of The Rich Company, has answers to your real estate questions.