Tag Archive: Business


Realty Times Staff 05/06/2015Why does one homeowner get more money when they sell their home while another gets little? Why does one home sell quickly while another home within the same neighborhood takes months to be sold or may not even be sold at all? Could it be pure luck or there is something one did to his house to make it more attractive to potential buyers?

Making a few home improvements will go a long way in increasing your chances of selling the house. There are hundreds of homes available on the market and so for your house to be picked out, you to need sweeten the pot. Fencing is one way to improve the value of a home. But how will fencing enhance your home value? Read on.

How much value fencing adds to your home

On average, privacy fences are 4-9 feet tall. Installing a fence in your backyard for privacy purposes will increase marketability for your home with prospective buyers when selling. Homeowners with pets, such as dogs, may require a fence and could be reluctant to purchase a home without one due to the high cost of fencing materials and installation. A standard fence costs $1000 – $5000 to install in many real estate areas; depending upon the materials selected and size of your yard.

This does not mean that using any type of fence will tremendously increase the value of your home. While a chain link fence may be less costly, the resale value obtained with this addition is so minimal. On the other hand, privacy wood fences and solid fences like concrete or cast iron can net a profit of at least 50% of the material and installation costs on resale. So fencing materials play an integral role in determining the overall home value during appraisal.

For a homeowner, the value of a fence may not be monetary in nature. Most homeowners like the added privacy of having a backyard fence, in addition to their decorative benefits which enhance the appearance of the yard and the home as a whole. What having a more beautiful home and more privacy brings for homeowners outweighs the potential loss of profits when selling.

Just like any other factor in home improvements, fence placement comes into play when considering practicality and value assessments. For example, a privacy fence in the front yard may reduce curb appeal of the home but increase value in the backyard. Before fencing your property, you need to consider utility easements and homeowner association regulations before starting the project to avoid any fines from violations.

When it comes to increasing home value, adding a fence that does not match the style and design of your home could be worse than having no fence at all. For example, a sleek, modern home will look weird if you use an ornate wooden fence while a quaint Victorian home will look out of place if you add a high stockade fence. So make sure you match the fence with look of your home in order to increase its value.

          During the Loan Process you will be asked a lot of questions, and a credit check is required. But don’t let this scare you! Many people are unsure about the process you go through to buy a home. It is not a scary process at all, but there are some do’s and don’ts you need to be aware of to keep your credit in good standing.

DO Stay Current On Existing Accounts: One 30-day notice can cost you.

DO Continue To Use Your Credit As Normal: Changing your pattern will raise a red flag and lower your credit score.

DO Call Your Mortgage Professional before you make any address or credit changes.

DON’T Apply For New Credit: Every time you have your credit pulled by a potential creditor or lender, you can lose points from you credit score. This also includes co-signing for a loan.

DON’T Max Out Credit Cards: Try to keep your credit card balances 30% below their limit during the loan process. If you pay down balances, do it across the board.

DON’T Consolidate Your Debt: When you combine all of your debt onto one or two credit cards, it will appear that you are “maxed out” on that card and you will be penalized.

DON’T Close Credit Card Accounts: If you close a credit card account, it may seem that your debt ratio has gone up. Closing a card will affect other factors in the score, including credit history.

DON’T Pay Off Collections Or “Charge Offs”: If you want to pay them off, do it through escrow at closing.

Costs for First Time Buyers

Improve Your Credit Score

Factors contributing to someone's credit score...

Factors contributing to someone’s credit score, for Credit score (United States). (Photo credit: Wikipedia)

Those about to start house hunting should check their credit score before things get too serious. There is nothing quite as frightening in the mortgage process as learning that your credit report contains a late payment or other blemishes that can prevent you from buying a property.

The higher your credit score, the better your chances are of financing a home. A credit score of at least 620 will give consumers a fighting chance to secure a home loan; 720 should qualify in most cases.

However, a lower credit score doesn’t necessarily mean you can’t finance a home. Credit score repair begins with your credit report. You can request a free copy of your credit report annually from the Federal Trade Commission at AnnualCreditReport.com. Check the report for errors.

Don’t panic if your report contains blemishes. There are steps you can take to fix negative marks, regardless of whether the marks are in error or if you’ve missed a payment or two. The simplest thing to do if you’ve missed a payment is to call the creditor and ask them to erase the negative listing. You can also do this with a well-documented letter. There is no guarantee that a lender will do this, but if you’ve been a good customer through the years, this method has proven to be successful.

If you are one of the many who have defaulted on a student loan you can enter into a “rehab program,” which will get your account back on track after 12 months. This may not be the quick fix you need when buying a home but the sooner you do this the better.

For disputing a negative mark that was not your fault, you can try disputing the account with the credit bureaus as “not mine.”

One quick fix used by borrowers to boost their credit score is to have an older family member with a sound credit rating add you as an authorized user on a credit card. This can help increase your score and you wouldn’t even need the card in your possession.

With more loans requiring higher credit scores today, it’s never too early to start fixing credit challenges.

Prudential Showcase Properties is an independently owned and operated broker member of BRER Affiliates Inc. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Equal Housing Opportunity.

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