Can Smells Affect The Sale Of Your Home?
Will a fragrant house guarantee love at first sniff?
Science has proven that our memories can be unconsciously prompted by our sense of
smell. We may walk in a home for sale and take in scents that trigger instant
memories, both good and bad. For instance, a home infused with cigar smoke may tend
to make a potential buyer relive memories of his uncle's stogies or a freshly baked
cookie or pie smell may trigger a potential buyer's memories of grandparents home.
What can you do to make your home smell good?
Above all else, a clean home is
essential. The use of unscented and gentle cleaning products in the home is
recommended more than products with an exotic smell. To rid a home of an odor, a
thorough cleaning may be necessary. For heavy-duty scrubbing try pine-scented
cleaners or a product called Odo-Ban found at Sam's club.
Pet odors are by far the worst! Before you consider marketing your home, take the
time to remedy urine smells. Nothing can turn away a buyer quicker than walking into
a home and smelling a cat urine smell. There are companies available that can treat
this problem very effectively. The result will be more money in your pocket instead
of less!
If you are a smoker you may want to consider using an air purifying system. Many
people who don't smoke will be turned away from your home if they open the door and
smell nothing but cigarette odors.
One more thing to all of you who are considering selling your home: Don't go over
board of products such as Glade plug-ins as they are unpleasant in smaller areas.
Keep it simple. On hot, humid days you can slice citrus fruits such as oranges or
limes for a natural fragrance. Also, be sure to air out your home when you are going
to have a showing. Don't cook fish, broccoli or bacon on that day as those smells
are sure to linger.
Even the most fragrant and clean homes will not guarantee the sale of your home if
the home doesn't suit the buyer, but a bad smelling home may bring a price reduction
to a buyer who loves your floor plan. It's a good idea to take a good "whiff" when
you walk in your home after being gone to get an idea of what a potential buyer
smells!
What is a Conventional Loan?
A loan that is not insured or guaranteed by a government entity.
What is Private Mortgage Insurance?
Insurance offered by private companies to insure a lender against
default on a loan by a borrower. Private Mortgage Insurance is
required on loans that have less than 20% down payment. The insurer
does NOT insure the entire loan amount by rather the upper portion
of the loan-- the loan amount that exceeds the standard 80% loan to
value. Here is an example: You purchase a home for $100,000 and
place $10,000. as your down payment. You are borrowing 90% of the
total amount of the loan. You purchase Private Mortgage insurance to
cover 20% of the loan, in case you default. Your policy actually is
for $18,000 which a lender can claim as a loss in case you default.
How long do I have to pay for Private Mortgage Insurance?
Once the increased risk of borrower default is gone (when the loan
-to-value ratio is reduced to 80% or less),PMI has fulfilled its
purpose. When your home has been paid down to 78% of it's original
value. Also, at the request of the borrower if borrower-paid ,
lender-approved appraisal shows loan balance has been paid down to
80% or less of its original value. Be sure to obtain an initial
disclosure regarding your PMI cancellation rights at closing.
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