When Can I Move In? Understanding Possession Dates in Real Estate

One of the most common questions buyers ask is, “When can I move in?” The answer depends on the possession date in your real estate contract. This date determines when you officially take ownership of your new home and can start moving in. Let’s explore three main scenarios for possession dates, helping you understand what to expect and how to plan your move.

1. Possession on the Closing Date

The most straightforward scenario is when your possession date matches the closing date. On this day, you sign all necessary documents, and the property becomes yours. Once your name registers with the title, you officially own the home and can start moving in immediately. This scenario is ideal for many buyers because it allows you to move in as soon as the deal closes.

2. Possession After the Closing Date

Sometimes, sellers need extra time in the property after the sale is finalized. In these cases, the possession date will be set for a few days or weeks after the closing date. For example, if your closing date is January 15th, you might agree to give the sellers two more weeks to move out. During this period, you own the property, but the sellers remain in the home, often paying you rent until they leave. This arrangement, known as a “rent-back” agreement, is common when sellers need more time to relocate.

3. Early Occupancy Before Closing

A less common scenario involves moving into the property before the closing date. While convenient, this option comes with risks. If the transaction falls through, you may have to move out before the deal completes, causing major inconvenience. Additionally, you will likely need to pay rent to the seller for the time spent in the home before closing. Early occupancy is typically reserved for special circumstances and requires careful consideration.

Planning Your Move-In Day

If your possession date is on the closing date, planning your move carefully is essential. Typically, you can expect to receive the keys to your new home by 3 PM, but it’s safer to aim for a 5 PM move-in. The exact time depends on when the title records. I will keep in close contact with the title company and update you promptly. If there’s a chance to get in earlier, I’ll notify you as soon as possible.

Have Questions? I’m Here to Help!

Understanding possession dates is crucial for a smooth transition into your new home. If you have any questions about buying a home or need more personalized advice, feel free to reach out to me. Connect with me on YouTube, Instagram, or Facebook.

For a more detailed consultation or to get started on your home buying journey, schedule a free strategy session here. You can also access my Free Buyer’s Guide to help you through every step of the process here.

Home Warranties Explained: Pros, Cons, and Everything You Need to Know

When buying a home, one of the considerations you might encounter is whether to invest in a home warranty. In this blog post, we’ll dive into what home warranties are, their benefits, potential drawbacks, and why you might need one.

As a local real estate agent in Portland, Oregon, I often get questions about home warranties. If you have more questions or need specific advice, feel free to reach out. My contact information is below.

What is a Home Warranty?

A home warranty is essentially an additional insurance policy for your home. It provides an extra layer of protection on top of your homeowner’s insurance. Typically, a home warranty covers things like the water heater, HVAC system, and major appliances.

When buying a home, you can ask for a home warranty as part of the deal. Either the buyer or the seller can pay for it, depending on the negotiation. Usually, a home warranty lasts for about a year, but it can be renewed annually.

Cost of Home Warranties

The cost of a home warranty varies, but it usually ranges from $400 to $650 per year. This cost can sometimes be financed by the seller for the first year, and after that, it’s up to you to renew it.

One thing to note is the service fee. When you call for a repair, you’ll pay a fee for the service technician to come out and assess the issue. This fee typically ranges from $80 to $100.

Pros of Home Warranties

  1. Financial Protection: Home warranties cover unforeseen repairs, which can be a lifesaver if you don’t have a lot of cash reserves. For example, if your water heater, which costs about $1,300, breaks down, you might only have to pay a $85 service fee for a replacement.
  2. Convenience: Home warranties provide access to a network of professionals. Instead of searching for a plumber or an electrician, you make one call, and the warranty company handles the rest.

Cons of Home Warranties

  1. Unused Benefits: If you don’t need any repairs, you might feel like you’ve wasted money on the warranty.
  2. Service Fees: You’ll have to pay a service fee each time you request a repair. While common for some services, it can add up over time.
  3. Limited Control: You don’t get to choose the service professional. The warranty company decides who handles the repairs.

When to Consider a Home Warranty

Deciding whether to get a home warranty depends on your risk tolerance and financial situation.

  1. Get a Home Warranty If: You don’t have a lot of cash reserves. A home warranty can help cover significant expenses, giving you peace of mind and financial protection.
  2. Skip the Home Warranty If: You have substantial savings and can handle unexpected repairs out-of-pocket. Also, if you’re buying a new construction home with a builder’s warranty, an additional home warranty might be unnecessary.

Doing Your Due Diligence

It’s essential to do your due diligence when considering a home warranty. Review example plans and understand what each warranty covers. Make sure you know where your homeowner’s insurance overlaps with the home warranty to get the best value for your needs.

Conclusion

Home warranties can provide peace of mind and financial protection for homeowners, especially those without significant cash reserves. However, they may not be necessary for everyone. Ultimately, the decision to get a home warranty depends on your financial situation and risk tolerance.

For more personalized advice, feel free to connect with me on YouTube, Instagram, or Facebook. If you’re looking for more in-depth assistance, you can schedule a free strategy session with me here.

Also, check out my Free Buyer’s Guide to navigate the home buying process with confidence.

Thank you for reading, and I look forward to helping you on your real estate journey!

REAL ESTATE NEWS: IS NOW A TERRIBLE TIME TO BUY A HOUSE?

Then it’s a great time to come to this class!

Serving delicious dinner and a great convo about buying in this market!

4 Ways to Make Money Off Your Home Without Being a Landlord

Written by Sorcha Porter, licensed assistant to Shannon Dooley.

One of my favorite things in the world is finding creative ways to make money. It’s part of what I love about home ownership. When you own your home you can dictate how it’s used and you can leverage it to create additional income. In fact thats kind of our team’s whole goal, to teach people how to leverage real estate to create their own Tiny Empires!

Normally people associate making money off of real estate with the following… Flipping real estate, long term rentals, short term rentals like Airbnb, and or house hacking. But many people don’t want to be landlords. Whether it’s for ethical reasons or personal landlord-ing is not for everyone. But it doesn’t mean you can’t use your home to create a side hustle and generate passive or low- work income. Here’s a few ideas to get you started! And if you’re interested in more, definitely check out my Podcast The Laddercast, on Spotify and apple podcasts for additional ideas!

1. Rent your yard by the hour as a dog park!

Idk about you buy I have 3 corgis and they are adorable nightmares. Going to the dog park is great for getting their energy out but since there’s 3 of them and they’re kind-of tiny bullies it’s very stressful. If someone there has a reactive dog, it’s dangerous. Enter Sniff-spot! It’s and app/ platform like Airbnb for your yard! You can list your back yard as a private by the hour dog park! Yah- you can RENT YOUR BACK YARD BY THE HOUR TO A CUTE PUPPY. I’d love to make $50-100 a day and watch cute puppies play in my back yard. That sounds real cool to me!

2. Have a spare parking spot? Why not rent it!?

When I worked in the corporate world I paid $180/ month for parking in an unsecured parking garage. It was bananas. I had to pay nearly 3 days wages at that time, to just come to work. That’s the story for a lot of people! I wish I’d had the option of somewhere else nearby to rent a spot especially since there were several residential properties near my office with empty driveways because many of those folks either worked elsewhere or didn’t have cars because the area was so walkable. Why not help a local worker and yourself?! got a spare driveway spot!? Rent it for $125-150, or 20-30% less than the surrounding parking garages! Throw pics of your driveway on facebook marketplace or Prked! It’s a platform that allows you to list your parking spot in your driveway. So if you live in a place where people who live/ work nearby and there is limited parking they can pay you to rent it while saving money themselves on market rates for parking spots!

3. Got RV Parking? Why not list it for locals visiting your area!

CampSpot much like other sharing economy apps provides a modem for people to rent space on their property much like airbnb to overnight campers. You can select if your space is available for tent, van, rv, etc. and people looking to stay in your area can book it online! The cool thing about Campspot and having RV parking in the city of Portland is that the nearest RV park for overnight parking to the City is actually in Troutdale over 25 mins away. So for people coming for conferences, festivals and events that’s a schlep and makes it hard to get in and out of Portland as there’s not a great public transit system near the outer region RV parks. This means on an event weekend or holiday you could easily bring in several hundred dollars just renting your empty RV parking area! SO COOL!

4. Grow a cut flower garden in your yard and sell bouquets!

I recently stumbled across the Vlog of this really rad woman at “Shifting Roots” on Youtube. She is a stay at home mom with three small children and has a small cut flower business that she started during the pandemic. She grows cut flowers in her garden and sells bouquets to neighbors, friends, and at pop ups and farmers markets. She also does flower arrangements for weddings and events. She started the business during the pandemic and very clearly breaks down the financials of her cut flower business. It also has the added bonus of making her garden look flipping incredible. The startup cost was very low, just a couple hundred dollars and she averages $15/ per bouquet and 30 bouquets per week to a 4×8 planter bed! Her first year she made $4600 profit and has grown it ever since. So if you’re someone who loves flowers, and enjoys the creative process of flower arranging or who wants to learn/get into that this is a great side hustle! If you want to check out the vlog here’s a link. I don’t know about you, but I’ve never paid less than $25 for a bouquet of flowers here in Portland, so it seems like a great opportunity for you green thumbs who would enjoy gardening with flowers anyway to make side hustle income!!

I hope these ideas have opened your mind to income possibilities that you hadn’t thought of and help you expand your horizons on the advantages of home ownership. The reality is, you can’t do a lot of these things on a normal rental lease. You can’t grow flowers at scale on an apartment garden balcony and you often can’t rent your yard as a dog park when you don’t own your yard. So if you’ve been on the fence about the cost of buying a home consider that ownership doesn’t just give you financial security of fixed monthly housing payments, or the ability to change your physical surroundings to suite your style. Home ownership gives you agency to leverage the roof over your head, and the property it sits on into tangible potentially life changing income you could not otherwise realize as a renter.

If you’re reading this, and that excites you, and you want to connect with our team at Tiny Empire group please feel free to give us a call or shoot us an email.

Is this Lake Tahoe? Nope, its Milwaukie!

Is this Lake Tahoe? Nope, its Milwaukie! You’d be surprised how similar the feeling is driving up to this 1920’s A-frame bungalow in Oak Grove. As you’re driving down the street you catch a glimpse of the Willamette River and feel the crisp air, surrounded by mature evergreens. This craftsman style bungalow has a huge covered porch, carefully crafted rock chimney, and southwest facing deck for a day full of sun. The best part of this house is that the primary living area is on one level. One level living and a bay window seat for the kittens to sun bathe. The plan was to find land to build and she found house plans for a bungalow she loved- but sometimes the stars align and a home with all the right things comes into sight. Instead of starting from scratch, you can find good bones and make it your own. You can feel it when it’s the right move. She has a love for vintage homes and many ideas for this great house. I can’t wait to see it come together!

Congratulations Iris! It is THE BEST to see a friend so excited about finding the right home. I am grateful to have been part of this adventure with you. Enjoy your coffee on your very own covered porch:-) Cheers! #lovewhereyoulive

JULIA ROBERTSON | Broker Licensed in Oregon & Washington

541-505-1111 | julia@rebyjulia.com