Real Estate After Dark with Dave Noyes

Tonight we talk about:00:49 Three Benefits to Buying a Home in 202004:20 What Home Projects Give Highest Return on Investment09:20 When Does the Selling Season Start This Year?If you are thinking of selling this year, this is the podcast you want to listen to. Dave Noyes discusses the benefits of home buying and owning a home. The first questions most sellers ask is "what do I do to my home to make it attract the most money when I sell?" Dave answers that question with projects that return the highest return. Energy efficiency and burb appeal play a big part! The other question I get quite often is when is the best time to sell my home. In 2020 the answer might surprise you!Dave Noyes is a REALTOR in the Asheville, NC area. To see all of the listings in the area or to get the value of your home visit https://www.davenoyes.com You can follow Dave on Facebook https://www.facebook.com/DaveNoyesAshevilleRealEstate/

What is a home inspection? 01:26Can a general contractor do a home inspection? 02:00What is covered in a home inspection? 02:50What is a septic inspection? 04:13Should the buyer be at a home inspection? 05:07How do you find a home inspector? 05:45Real Estate Vocab! 08:25Aaahhh.. the home inspection. This is my favorite part of the home buying process. This is usually the buyer’s opportunity to give your house a physical . Someone who’s buying your house will have it layed out on a table and stripped bare of bias and examined closely by a home inspector. Is it required? Not all the time. Is it a good idea? I think it is the best investment a buyer can make! What about sellers? Should they get a home inspection done? Maybe… we’ll get to that in a minute. Lets talk about what a home inspection is and isn’t. It is a snap shot of the condition of the house. In North Carolina a home inspector is licensed and trained in the various systems to determine of they are working or not and provide a written report with a summary of what’s right and what’s wrong with the house. Only a licensed home inspector can perform an inspection for compensation. It is not a warranty of condition. It doesn’t guarantee the home conforms to building codes. It is not a technically exhaustive evaluation of the home. Some of my clients have said they want a friend who is a general contractor to help them do the inspection and they might save some money that way. Maybe. That’s true. What if the GC misses something? What if he didn’t inspect the HVAC correctly? Does the general contractor have the right tools for that job? A contractor like that might be called in later, however. Just like a general contractor isn’t an inspector, an inspector might not know everything about construction. Sometimes a problem requires a contractor to examine the problem further. Sometimes we have to have specialists called in if the inspector detects an issue. Here’s what a home inspection usually covers: Structure which includes Floors, Walls, Roofs, Chimneys, Foundations. Mechanical features: Plumbing, electrical, heating and air conditioning, installed appliances, and other major components of house. Here’s what they do not cover: Pools Spas Detached structures (the she shed) Septic systems Pest and Wood destroying insects. Sometimes a home inspector will note there are issues in these areas and to call in a specialist. If the house has a septic system its good to have it inspected. Usually there’s a big truck that comes out that looks like an enormous tick-tack on wheels. They’ll locate the tank and the cover to the tank, which is usually buried. They will pump the tank and have a look inside. Sometimes they walk the drain field. It is a good idea to have the well inspected if there’s a well. If the property has been sitting for a while I strongly suggest the well inspected for contaminants. Side note about this… Your agent should contact the county health department to obtain the septic permit. Or the seller might even provide. This will tell you how many bedrooms the tank will accommodate and it might have a rough sketch of the lot and where it is in relation to the house. Should the buyer be at the inspection? I think so. Its an opportunity to learn more about the house you’re about to buy. Sometimes on paper issues can look kind of scary. I good inspector can explain how big or small the problem actually is. The inspection can take 2 or 3 hours or more depending on the size of the house. You’re hearing all of this and you’re probably wondering how do you find a home inspector and who pays? Your real estate broker should be able to find one for you. I’m a full service broker so I usually will make t

Today I want to talk about residential solar energy and is it a good idea? To be honest, I love solar. I think its a great thing. I think there are great applications for it in off-grid situations where there are no power lines and even in some situations where there is power. In NC we have a tremendous amount of solar gain. Lots of sun on most days. So here’s the thing that I want to talk about. How do solar panels affect the sale or purchase of a home? I’ve heard a number of stories about this. One is… they don’t really add that much value to a home. Appraiser don’t really add for it because not everyone wants them. Some buyers really value them though. Kind of like a pool. Some home buyers shop for homes with pools. That’s a small subset of the buyers out there. Other’s absolutely don’t want a pool. Some buyers don’t particularly care. I think its the same for solar. The big question is does Fannie Mae allow them to be included in the home’s value? The answer is NO. What difference does that make? Fannie Mae is like the loan police. They make homes loan more affordable to low and middle income borrowers. They typically buy loans from lenders of all sizes. So they set most lending guidelines that lenders must conform to. In the Asheville area, it is probably easier to find someone who will embrace solar energy. So having panels on a home wouldn’t throw that many buyers off… As long as those panels are owned and paid off. This is where solar can complicate the transaction. Did you borrow money to buy the Panels? That loan will have to be paid off. Did you lease the panels on your house? That lease my have to be bought out or if the lease can be transferred, the added lease expense could throw the buyer’s debt ratios thus preventing them from affording the house. Some questions the buyer should ask is: who is the panel manufacturer and who installed the system? Is the warranty slash service agreement transferrable? How much does the system offset the power bill? If leased, do I pay the lease on the system? Or do I pay the power power company or do I pay both? Do I need to qualify for the solar system lease in order to transfer it? All of this should be researched by the buyer during the due diligence period when inspecting and examining the house.