Tag: portland home buying

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

Posted on by Will Sing

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!

Exploring Houseboat Living in Portland, Oregon: Benefits and Drawbacks

Posted on by Will Sing

Houseboat Living in Portland, Oregon: Is It Right for You?

Are you considering houseboat living in Portland, Oregon? If you love the water and crave a unique living experience, houseboat living might be the perfect fit. In this guide, we’ll explore what houseboat living entails, the pros and cons, and help you decide if it’s the right choice for you. Let’s dive in!

What is a Houseboat?

A houseboat is a boat designed or modified to serve as a home. While many houseboats are stationary, some are mobile, allowing for the freedom to move to different docks as desired.

Pros of Houseboat Living

  • Waterfront Living: Enjoy wonderful waterfront views and easy access to water activities.
  • Affordability: Typically, houseboat living can be more affordable than traditional waterfront properties.
  • Mobility: If you don’t like your current location, you can move your houseboat to a different dock.

Cons of Houseboat Living

  • Depreciating Asset: Similar to mobile homes, houseboats usually depreciate over time.
  • Limited Financing Options: Few lenders offer loans for houseboats, and the associated fees can be higher.
  • Maintenance: Houseboats often require more maintenance and upkeep.
  • Ongoing Fees: Expect to pay higher fees, including HOA or mooring fees, since you don’t own the water or land beneath your houseboat.

Is Houseboat Living Right for You?

Only you can decide if houseboat living is the right fit. Here are some factors to consider:

  • Lifestyle: If you seek a flexible, water-centric lifestyle, a houseboat could be perfect for you.
  • Cost Considerations: While upfront costs and ongoing fees can be higher, houseboats can be more affordable than traditional homes.
  • Long-Term Goals: If you’re looking for an appreciating asset, consider condos or townhouses instead.

Things to Consider Before Buying a Houseboat

  • Five to Ten-Year Plan: Think about your long-term goals and whether houseboat living aligns with them.
  • Maintenance Needs: Be prepared for ongoing maintenance and higher costs associated with houseboat living.
  • Financing and Fees: Understand the financing options and the various fees involved in houseboat ownership.

Houseboat living offers a unique and flexible lifestyle, but it’s essential to weigh the pros and cons carefully. If you value mobility and waterfront living, it might be a great option. However, if you’re looking for a traditional home that appreciates over time, you might want to explore other options like condos or townhouses.

If you currently live on a houseboat or have experience with this lifestyle, I’d love to hear your feedback!

Watch the Full Video: Houseboat Living in Portland, Oregon | Real Estate Guide

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.

Navigating Home Inspections in Portland: Your Ultimate Guide

Posted on by Will Sing

Buying a home is exciting, but inspections can be nerve-wracking. To make sure your investment is sound, understanding the inspection process is essential. This guide breaks down what an inspector does, how to read inspection reports, and how to tell major issues from minor ones. Let’s explore what you need to know to approach your home inspection confidently.

Home Inspections: What to Expect

A home inspection is like a comprehensive health check-up for a property. Most inspections are performed by general inspectors who identify red flags in a home’s structure and systems. If needed, they will suggest that you consult a specialist for further evaluation, such as an electrician or plumber.

Think of your inspector as a general practitioner. They look at everything broadly and point out areas that need more attention. For example, they might notice an issue with plumbing, but only a licensed plumber can evaluate the severity and cost.

Common Types of Inspections and Costs

In the Portland area, buyers often encounter several types of inspections. Here’s what you should know:

  1. General Home Inspection
    • Cost: $400–$600 (depends on property size)
    • Details: This inspection covers the home’s major systems and overall structure.
  2. Sewer Scope
    • Cost: $140–$175
    • Details: A camera inspects the sewer line for proper connection and damage. This test helps prevent surprises with sewer repairs down the line.
  3. Radon Testing
    • Cost: Often included in general inspections or available as an add-on
    • Details: Radon is a naturally occurring gas. It can accumulate, especially in basements. Proper ventilation helps keep radon levels safe.
  4. Oil Tank Inspection
    • Cost: $125–$150
    • Details: Older homes may have underground oil tanks. These need decommissioning to prevent environmental risks.
  5. Septic Inspection
    • Cost: Varies; the seller may cover pumping costs for inspection
    • Details: If a home isn’t connected to city sewage, a septic inspection checks that the system works properly.

Common Issues Found During Inspections

Inspections often reveal issues. Understanding what’s critical versus cosmetic helps you navigate this stage smoothly. Here are common findings:

  1. Mold
    • Mold is typical in the Pacific Northwest due to the wet climate. Professional mold remediation can fix the issue, provided the moisture source is corrected.
  2. Water in the Crawl Space
    • This issue can be resolved with French drains and sump pumps. Water damage is serious, so addressing it promptly is key.
  3. Dry Rot
    • Dry rot weakens wood. Small areas can be managed with targeted repairs. However, extensive dry rot requires immediate attention.
  4. Rodent Infestations
    • Rodent problems are fixable. Sealing entry points and setting traps usually solve the issue. The cost can range from $800 to $1,000 over several months.
  5. Structural Concerns
    • Vertical foundation cracks usually mean normal settling. However, horizontal cracks or diagonal ones around windows and doors may indicate a more serious issue.

Key Systems to Evaluate

During your inspection, certain systems deserve special attention:

  • Plumbing: Inspectors will check copper, PEX, galvanized, and PVC pipes. Galvanized pipes, for example, corrode from the inside out and may need replacement.
  • Electrical: Watch for outdated wiring like knob-and-tube, which poses fire risks. Also, check the electrical panel. Older panels, such as those from Federal Pacific, can have a higher chance of failure.
  • Roof: The most common types are asphalt shingles, metal, and clay tiles. Asphalt roofs last 20–30 years, while metal can last up to 100 years.
  • HVAC System: Make sure to check the age and efficiency of the system. A new HVAC system is a plus, especially during Portland’s hotter months.

Negotiating After the Inspection

Inspections often open the door for negotiations. Major issues, like a damaged roof or significant plumbing problems, can become points for discussion. However, don’t expect sellers to cover cosmetic upgrades or major remodels. Those responsibilities typically fall to the buyer.

Final Takeaways

A home inspection report can be overwhelming, but it’s an invaluable resource for understanding your investment. Prioritize issues based on their urgency and importance. Remember, every home, whether new or old, requires maintenance. Setting aside part of your budget for repairs and upkeep can help you manage these expenses smoothly.

Have questions or need help navigating the home-buying process in Portland? Reach out anytime. I’m here to ensure everything goes as smoothly as possible.

For more insights, watch the video: Navigating Your Home Inspection: Key Areas to Focus On

From Frustration to Fulfillment: Hannah and Luke’s Journey to Finding Their Dream Home

Posted on by Will Sing

Buying a home is more than just a transaction; it’s a journey filled with hopes, dreams, and sometimes, challenges. For Hannah and Luke, the journey was anything but straightforward. They started out in a small 1-bedroom, 1-bathroom townhouse but dreamed of moving into a single-family home where they could start their family. However, after working with two different sets of realtors and feeling let down, they were starting to lose hope.

When Hannah and Luke found me, they were understandably cautious. We worked together on and off for about two years, with no pressure to rush into a decision that didn’t feel right. They appreciated that I wasn’t pushing them to buy just any house. My priority was to find them the right home—a place where they could envision their future. It wasn’t just about a transaction; it was about ensuring they found a home they would love for years to come.

The Turning Point: Finding “The One”

After seeing numerous houses, we finally found one that seemed perfect. But, as with many things in real estate, there was a potential “gotcha”—this time, it was the solar panels. The house itself was everything they wanted, but the solar panels came with a $40,000 loan, which was a huge shadow over the property. This was a significant concern for Hannah and Luke, and understandably so.

Guiding Through Negotiations: A Win for the Clients

I knew this was a deal-breaker for them, so I went into negotiation mode. We successfully negotiated for the seller to cover the entire $40,000 loan on the solar panels, ensuring Hannah and Luke wouldn’t have to take on that burden. Additionally, we secured $12,000 in closing costs covered by the seller—a huge win for my clients.

The key to these successful negotiations was preparation. I had worked closely with Hannah and Luke throughout the process, making sure they were ready to act when the right opportunity came up. A year prior, they had been pending on another house, but that deal fell through. From that experience, we learned the importance of being “patiently aggressive.” We were ready to jump on this house as soon as it hit the market, with all the necessary ducks lined up far in advance.

The Final Outcome: Thrilled with Their New Home

The outcome couldn’t have been better. Not only did Hannah and Luke move into their dream home in Tigard, OR, but they also walked away from the process feeling supported, informed, and truly cared for. Their feedback says it all:

“Where is the 6-star option?!?!?!? Will went well ABOVE AND BEYOND my expectations to get my wife and I our dream home after 2 years of searching with him. The best thing about Will is that he LISTENS to your input! He also provides excellent home advice from his personal experiences, is very proactive in communication, and is extremely patient. I can’t recommend working with Will enough!!!

Will was wonderful to work with – patient and understanding, willing to work through the details and all of our tedious questions. After a long search, Will helped us land in a house that checked almost all of our boxes. He followed that up with helping sell our previous home in what felt like record time! He is very knowledgeable, kind, professional, and provides many informative resources to ease the process for an anxious buyer like me. Would highly recommend. Thank you, Will!”

For me, stories like Hannah and Luke’s are why I love what I do. It’s not just about helping clients buy or sell a home—it’s about making sure they’re truly happy with one of the most significant decisions of their lives. If you’re looking for someone who will listen, guide, and go above and beyond to find the right home for you, I’m here to help. Let’s start your journey today by setting up a 1:1 meeting to discuss.

Seller Credit vs Price Reduction – Which is right for you?

Posted on by Marissa Sainz

I get a lot of questions when a buyer or seller is negotiating a price reduction vs a credit. These two options look very similar for a seller, but can be very different for a buyer.  Let’s use the example of a $500,000 house for sale.

A price reduction is the seller lowering the price they will accept on their home for a buyer. For example they will accept $490,000 instead of $500,000.  For the seller this reduction takes away from the net proceeds they will receive at closing.

For a buyer this reduction will reduce their monthly mortgage payment.  The amount will vary depending on interest rate.  Buyers that are sensitive to their monthly mortgage payment may choose this route.

A seller credit is the seller offering to pay for a portion of a buyer’s closing costs.  For example they accept the full sale price of $500,000 and will contribute $10,000 towards the buyer’s closing costs.  For the seller this reduction takes away from the net proceeds they will receive at closing.

For a buyer this credit will reduce the amount of cash they have to bring in at closing.  If a buyer’s down payment is $50,000 and their lender/title/pre-paid closing costs are $10,000 they will only need to bring in $50,000 instead of $60,000 at closing. Buyers that would like to keep cash on hand after closing (most of the time for repairs or updates) may choose this route.

Have more questions? Reach out at marissa@livingroomre.com

Last Tango in Mt Tabor

Posted on by Living Room Realty

I first met Galen through his partner, Kyra, who I’ve known for years through my old college roommates and Oregon Country Fair friends. He contacted me to say he was ready to buy a home and asked if I could help him. Naturally, I said yes because he’s a great guy and I like helping people purchase homes.

After about a month of searching and some stressful pressure to move quickly on the homes he liked, we finally found this fantastic Mt Tabor home. This house has one of the best entertaining kitchens I’ve ever seen. It is open concept AND has double French doors that open onto the large deck and back yard. I have major kitchen envy. 🙂

Now, the market being what it is, we naturally had to compete to get the home. Luckily, Galen wrote a heartfelt letter about how he loves to dance and entertain, and along with our stellar terms that sealed the deal.

I can’t wait to come fete your new home with you at some point, Galen!

If you or anyone you know is looking to buy or sell a home in the Portland area, please contact Amanda Haworth at 503-453-7698 or amanda@livingroomre.com.