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Whether you’re buying or selling a home, you might discover there is an easement attached to your property. If so, you’re probably wondering how this affects your property values.
What is an Easement?
In a nutshell, an easement is for one person to have explicit permission to have use of another person’s property for a specified purpose. There are three general types of easements: gross, appurtenant and prescriptive. Each has specific rights attached to them and the rights could be for either a private (i.e. allowing someone access or use) or public purpose (i.e. utility companies). Easements can be temporary or permanent; with the latter, the easement is typically written into the property deed.
It’s important to know, while easements permit others to use your land for a designated reason, it doesn’t grant anyone using your land any rights to ownership; you are sole owner.
Can Easements Affect Property Values?
Easements of land may or may not impact your property’s value, depending on how the land is being used and whether you want to use (or sell) your property. Many times, an easement has no impact on your property’s value. However, there are potential issues that may crop up when looking to develop or sell your land which could impact its perceived value.
In many neighborhoods, everyone has the same easement attached to their property. In these cases, it doesn’t typically impact your property value because the easements affect everyone’s property equally.
Is There a Way to Remove an Easement?
A court of law often considers an easement to be used in perpetuity unless a stipulation exists in the original agreement of how long the easement will last. In some cases, easements can be removed.
If you do successfully terminate an easement, be sure it’s recorded in public records.
While technically an easement doesn’t devalue your property, it can affect its marketability. This is always something to consider when determining to willfully grant an easement or buy a home that has an easement attached to its property deed.
You don't need to be a real estate market expert to find and acquire a great house at a budget-friendly price. In fact, if you use common sense during your home search, you should have no trouble achieving your desired homebuying results.
Now, let's take a look at three tips to help you discover your dream home.
1. Consider Your Home Must-Haves
You know you want to purchase a house, but you still have no idea what defines your ideal residence. However, if you devote time and resources to establish home must-haves, you could speed up your house search.
Think about what will make you happy and what you need from a house. For example, if you want to own a home that is close to your office in the city, you can narrow your home search to residences in or near the city itself. On the other hand, if you require a home that offers multiple bedrooms, you can explore residences that match your needs.
2. Create a Budget
A budget often plays a key role in the homebuying journey. And if you fail to create a budget before you start a house search, you risk checking out residences that fall outside your price range.
To establish a homebuying budget, you should consider your current and future expenses. It may be helpful to make a list of your expenses and compare them against your income. Then, you can determine exactly how much you can afford to pay for a home.
You may want to get pre-approved for a mortgage, too. If you enter the housing market with a mortgage in hand, you can search exclusively for houses that you can afford.
3. Work with a Real Estate Agent
There is no reason to search for your dream home on your own. If you hire a real estate agent, you can receive comprehensive guidance as you explore houses in your preferred cities and towns.
Typically, a real estate agent is willing to go the extra mile to help you achieve the best-possible results. If you want to purchase a home near a beach, for example, a real estate agent can help you do just that. Conversely, if you want to acquire a top-notch house as quickly as possible, a real estate agent will help you accelerate the homebuying cycle.
Let's not forget about the assistance that a real estate agent can provide as you weigh the pros and cons of submitting an offer to purchase a home, either. If you find a home you may want to buy, a real estate agent can help you determine the best course of action. And if you decide to submit a homebuying proposal, a real estate agent will help you craft a competitive offer to purchase.
Want to acquire your dream home? Take advantage of the aforementioned tips, and you can use common sense throughout the homebuying journey and make your homeownership dream come true.
Selling a house may prove to be a long, complicated process. Fortunately, those who craft a house selling strategy can determine the steps they will need to take to accomplish their desired results.
A home selling strategy may prove to be a must-have. Because if you enter the real estate market with a plan in place to sell your residence, you could boost the likelihood of getting the best price for your home.
Ultimately, there are several factors you need to consider as you develop a house selling strategy, and these include:
1. Your Home's Condition
For those who want to speed up the home selling journey, it generally helps to perform property upgrades. That way, you can ensure your house stands out to dozens of potential buyers.
To upgrade your home's curb appeal, you should mow the lawn, trim the hedges and repair any cracked or damaged siding. These improvements usually are simple to complete and may help you make your residence more attractive than comparable available houses.
Meanwhile, to enhance your home's interior, you should clean as much as you can. With a neat, tidy home interior, your house can make a positive impression on buyers as soon as they walk through the front door.
2. Your Initial Asking Price
The initial asking price for your home may have far-flung effects on your house selling experience. Because if your initial home asking price is too high, you risk alienating potential buyers. Worst of all, your home may linger on the real estate market for many weeks or months, and you may need to lower your residence's price to facilitate a sale.
To price your home competitively, it typically is helpful to study the local housing sector. Find out how your residence stacks up against comparable available houses in your area, and you can determine how to price your home.
You also may want to conduct a home appraisal. By doing so, you can obtain a property valuation to help you decide the optimal initial home asking price.
3. Your Home Selling Timeline
Consider how much time you have to sell your residence – you will be happy you did. If you understand your house selling timeline, you can find ways to maximize the time and resources at your disposal.
If you need to move from your current home as soon as possible, for instance, you may need to be aggressive to promote your residence to buyers. On the other hand, if you can afford to be patient, you may be able to take a wait-and-see approach to obtain the best-possible offer to purchase your residence.
Lastly, as you get set to sell your home, you may want to hire a real estate agent. This housing market professional can teach you what it takes to sell a home in any city or town. He or she will even help you craft an effective house selling strategy, thereby ensuring you can quickly and effortlessly sell your house any time you choose.
Before you can get a VA loan or a VA-backed loan through the Department of Veterans’ Affairs, you'll first apply for a Certificate of Eligibility (COE). You must have served a certain number of days, depending on when you served, and you must have an honorable discharge if you are a veteran. You can find in-depth VA eligibility requirements and complete a COE on the VA’s website.
Types of VA Loans
If you are a Native American veteran, you might be eligible for the Native American Direct Loan Program. The home must be an existing structure or a new build on Native American trust lands. You can use the loan to finance or re-finance. Additionally, your tribal organization has to be a part of the VA direct loan program. This is the only direct VA loan offered.
The Purchase Loans and Cash-Out Refinance Loans are guaranteed by the Department of Veterans’ Affairs. You get these loans from a lender who offers VA-backed loans. If you are active duty, your spouse or dependents may also be eligible. As with any other loan, you must meet income and credit standards.
The Interest Rate Reduction Refinance Loan is only available to those with a current VA-backed loan. If you are eligible for a lower interest rate, you can refinance with this type of loan to lower your interest rate.
Additionally, veterans who have total and permanent disabilities that are service-connected might be entitled to an Adapted Housing Grant. You can get money to add ramps and make other modifications to help you live on your own with a disability, or you can build a house that will allow you to live on your own because it is specially adapted to your disability.
How a VA-Guaranteed Loan Works
The Department of Veterans’ Affairs guarantees part of the loan that you get from a private lender. If you foreclose on the property, the government pays the lender for part of the loan you defaulted on. You can often get a VA-backed loan without a down payment because the VA guarantees the loan. In other cases, you might get a lower interest rate.
If a lender works with the VA to get you a loan, the lender must follow the VA’s standards for closing the loan. Standards might include a limit on how low your credit score can be. As with most loans, you will most likely have to get an appraisal before the loan closes.
Homes must also adhere to standards for inspections. If a home does not pass the VA’s inspection, you can either make the repairs or have the seller make the repairs. You will most likely have to have a second inspection to certify that the home now meets the VA’s standards.