In this current sellers’ market with high interest rates, being able to buy a home with cash can be advantageous. However, navigating the process alone can be overwhelming. That’s why even cash buyers need a real estate agent. In fact, working with an agent who is experienced in cash transactions can significantly improve your home-buying journey. Let’s look at some of the ways a real estate agent helps cash buyers:

MARKET EXPERTISE

When you work with a real estate professional, you gain access to their years of expertise. DHM agents have in-depth knowledge of the local real estate market, including current trends, property values, and investment opportunities. They help you make informed decisions and ensure you get the best value for your investment. Real estate agents assist buyers at every step, from identifying suitable properties that meet your criteria, to guiding you through the intricacies of the buying process. Their assistance proves invaluable throughout the entire journey.

ACCESS TO LISTINGS

Real estate agents have access to all properties in the MLS, as well as off-market (or “pocket”) listings not yet available to the general public. They keep you ahead of the competition by sharing quick notifications about new listings that align with your preferences. They also work their personal and industry connections to find homes that fit your needs if none are currently on the market. This exclusive access gives you a significant advantage in finding the perfect property for your cash purchase.

LOCAL INSIGHTS

Real estate agents possess in-depth knowledge of the local community, including amenities, schools, neighborhood dynamics, and other factors that may impact the value and desirability of a property. They stay updated on future trends and market changes crucial for making informed decisions about investment properties. A good agent can identify areas with high appreciation potential. They also understanding the rental market for income-generating properties.

NEGOTIATION SKILLS

Once you have found that perfect property, real estate agents negotiate on your behalf. They will use knowledge and experience to protect your interests and secure your best possible deal. Once you’ve submitted a compelling offer backed by proof of funds from your financial institution, they will continue to advocate for you, ensuring your needs and goals are met. With such expert guidance, you can confidently navigate negotiations.

EFFICIENT CLOSINGS

You may think a cash closing is a simple process. In fact, there are still many steps to take and details to keep track of. Real estate agents facilitate and streamline this. One of the key benefits buying a home with cash is the reduced closing costs. Cash buyers do not carry the burden of mortgage application fees, loan origination fees, and other expenses that make up a significant portion of closing costs. Your real estate agent will make sure you get all the discounts you are entitled to.

Your agent will also guide you through gathering necessary documentation, ensure accurate and timely completion of paperwork, and keep track of deadlines. She or he will coordinate inspections, appraisals, and other due diligence tasks. If financing becomes necessary, they can actively assist in arranging it and liaise with lenders on your behalf. Their involvement saves you valuable time, effort, and stress.

NETWORK OF PROFESSIONALS

As you can see, even in all-cash deals, there are many third parties involved in real estate transactions. Fortunately, real estate agents have connections with appraisers, inspectors, contractors, and other service providers who play a crucial role in home buying. Your agent will recommend reliable professionals to assist with all of your property-related needs, taking that burden off of you.

If you are moving from out of state, they can help you find a reliable cross-country mover to safely pack, transport, and deliver your belongings to your new destination. A good agent will even recommend restaurants, clubs, and civic activities you’ll enjoy in your new home!

In conclusion, collaborating with a real estate agent brings a cash buyer many benefits. From expert guidance and exclusive access to listings, to streamlined processes and a network of professionals, working with a real estate agent simplifies your home buying experience. DHM’s expert team of real estate agents are all well-versed in cash sales and are here to give you a seamless and successful buying journey!

Disher, Hamrick & Myers’ Marketing Director, Avery Edwards, was recently quoted in Redfin’s blog, “The 8 Best Pets for Apartments.”

While many people enjoy the companionship of pets, animal lovers living in smaller spaces can have a hard finding the right one. Whether you lease or own an apartment, live in a rented room, small home, or even student housing, there’s a lot to keep in mind. You’ll need to consider available space, your building’s restrictions, noise levels, your budget, and time commitment,. In addition to cats and dogs, you may want to look into “exotic” animals such as rabbits and guinea pigs, birds, turtles, or even fish.

Per Avery’s suggestion, a domestic rabbit can be the perfect apartment pet. Already the third most popular pet in America, they are well-suited for indoor living. Bunnies are smaller in size that most cats and dogs, weighing as little as 2 pounds. They are quiet, clean, and odorless — making for happy neighbors. You can even easily train them to use a litter box. You will need to rabbit-proof your space until you know your bunny’s personality and behavior. Since they do tend to exhibit natural activities like chewing and digging, you won’t want to be making repairs to your baseboards or risking your security deposit.

Be sure to check out the full article for more options, advice, and tips. And for all your Charleston real estate needs, give DHM a call at 843.577.4115.

Home warranties and homeowner’s insurance share some common features, but they’re definitely not the same thing. Let’s look at some of the similarities and differences between these two products. Once you understand your options and responsibilities as a homeowner, you can choose the products that best suit your needs. And you just may discover you want both.

WHAT’S THE SAME?

Both homeowner’s insurance and home warranties involve paying a monthly or annual premium for protection for a specific amount of time. Both will protect you financially by covering certain kinds of damage to your home and possessions. When you make a claim, you will be charged a deductible, which is generally customizable with both products. But that’s pretty much where the similarities end.

WHAT’S THE DIFFERENCE?

While they’re commonly referred to as “policies,” home warranties are not insurance plans. Insurance plans are heavily regulated by the National Association of Insurance Commissioners, a body made up of representatives from all 50 states. Regulations vary from state to state, but the NAIC sets rigorous standards that states must adhere to and provides important consumer protections.

Alternatively, each home warranty company sets its own rules and it’s up to consumers to protect themselves. Be sure to do careful comparison shopping and understand the specific terms of the plan you select when purchasing a home warranty.

The other primary difference between home warranties and insurance is that one is mandatory for any homeowner with a mortgage. The financial institution that lends you money to purchase your house will require that you carry homeowner’s insurance as a condition of borrowing. Purchasing a home warranty, on the other hand, is optional.

DIFFERENT KINDS OF PROTECTION

Homeowner’s insurance comes in two basic forms: liability insurance and property insurance. Property insurance is closer to a home warranty. Both protect against damage to your home, but for the most part, they cover different things. Homeowner’s insurance protects the structure and contents of your home if it is damaged by such factors as fire, wind, or fallen tree limbs. Home warranties protect certain appliances and systems in your home that need repair.

For example, if a water pipe breaks and damages your carpet, the property insurance section of your homeowner’s policy will cover the cost of replacing the carpet. However, it won’t cover the cost of fixing the broken plumbing. By contrast, a home warranty will pay your plumbing bill, but it won’t pay to replace your carpet. Here, you can begin to see why both types of coverage may be beneficial.

In addition to natural disasters, property insurance covers damage to your home if you are vandalized. It also covers your personal possessions if you are burglarized. Home warranties do not offer protection in those cases. However, unlike homeowner’s insurance, they do cover repairs to items or systems necessary as a result of normal wear and tear. Home warranties also do not provide any liability coverage.

COVERAGE TYPES & DEDUCTIBLES

Both homeowner’s insurance and home warranties allow you to tailor certain policy features to suit your needs. For example, with a home warranty, most companies allow you to select coverage for systems, appliances, or both. Some offer pre-set packages, while others let you pick and choose the items you need covered. For example, if you own a pool, you can elect pool repair coverage. Homeowner’s insurance companies also permit you to add “riders” to your policy to cover items that are not normally covered in a basic policy. If you have expensive jewelry or antiques in your home, it’s a good idea to add riders to be fully protected.

Many home warranty and all homeowner’s insurance companies also allow you to customize your deductible. In the case of a home warranty, the deductible you pay is actually a service call fee. Home warranty deductibles generally range from $60 to $125. Homeowner’s insurance policies usually offer deductible choices between $500 and $2000, but some policies establish your deductible based on a percentage of your home’s value. Choosing a higher deductible will bring the cost of either type of policy down.

COVERAGE LIMITS

With a homeowner’s policy, you can generally choose your coverage limits. Your mortgage lender will require that you carry insurance that meets or exceeds the fair market value of your home. If you live in a home that wouldn’t necessarily fetch a high price on the market, but would cost a great deal of money to rebuild—such as in the case of a historic home that features high-quality or unique craftsmanship—it’s best to choose coverage limits that exceed your home’s value.

There are two types of property insurance: Actual Cash Value (ACV) and Replacement Cost Value (RCV). Here’s the difference in the event of a loss. If your home features expensive but older appliances, ACV would cover the depreciated cost of a used gourmet stove. RCV would cover the cost of purchasing a brand-new stove with the same features as your old stove. Similarly, if your home features elaborate plaster molding, ACV would pay to have a store-bought product installed in your home. RCV would pay out enough for you to hire an expert plasterer to rebuild your molding to original specs.

By contrast, RCV coverage is not an option with home warranties They have very specific limits to how much they will pay to repair or replace specific items or systems. Those limits may not cover the entire cost of your specific appliances or systems. Furthermore, many home warranties limit the total amount they will pay out in a single policy term, which is usually one year. You should carefully study the coverage limits of any home warranty to decide if is worth the price.

EXPERT ADVICE: THE BOTTOM LINE

Since home warranties cover items not covered by property insurance, many homeowners decide to carry both. The good news is that home warranties cost less than homeowner’s insurance. A comprehensive systems and appliances plan could cost you as little as $500, while the average cost of homeowner’s insurance on a $250,000 home is around $1400.

Your local real estate agent can be an invaluable resource in helping you make smart financial decisions throughout the home buying process. You even may be able to negotiate including a home warranty in your purchase agreement. Realtors® can also recommend insurance companies.

Your home is likely your largest financial asset. Both home warranties and homeowner’s insurance help you protect it.

Do you remember imagining the “house of the future” – whether on The Jetsons, or at Disneyland, or on any number of movies or promotional programs? Did you expect it would do all sorts of things for you? From vacuuming your carpet, to mowing your lawn, to making your meals, you likely envisioned an idyllic lifestyle where you could sit back and let technology take care of you. Well, the future is now, and smart homes are not only attainable, they’re growing in popularity every year.

For all their convenience and luxury, smart devices do have some drawbacks. From high upfront costs to security concerns, upgrading to a smart home might not be for everyone. Let’s take a look at the advantages and disadvantages before deciding if a smart home is right for you.

WHAT YOU NEED TO KNOW ABOUT SMART TECH

A smart home, as the name suggests, is powered by smart devices. These are electronics, appliances, and other gadgets that you can control, automate, and customize – usually remotely. Smart tech is typically controlled via your smart phone and/or a hub. You’ve likely heard of the major players in the market: Amazon’s Alexa, Apple’s Siri, and Google Assistant. Whichever your preference, the house of the future is only a tap (or command) away!

THE BENEFITS OF A SMART HOME

It’s Convenient & Comfortable

The biggest benefit to smart devices is that they make life more convenient and comfortable. With some upfront installation and programing, a smart-equipped home takes out some of the daily annoyances and chores related to running a home.

There is a lot you can automate, from adjusting the lighting, to changing the channel on your TV via voice command, to asking your smart assistant to look up a recipe. You can also tackle chores like watering your lawn, vacuuming your house, or making a grocery list. While some of these tasks enable an easier lifestyle, others are life-changing, especially for those who may have physical limitations.

Would you like your coffee to be ready and waiting when you wake up in the morning? What about bedroom blinds that open up automatically? Does a fridge that can detect its contents and expiration dates sound good? And what if you could never touch a vacuum again? Imagine the possibilities.

You Save Time

If you’re a busy person – perhaps you’re a parent, a caretaker, or you have a demanding career – you are very familiar with the challenge of finding pockets of time to dedicate to chores and other home-related activities. Sometimes, even getting up to make the coffee can feel like precious minutes taken. Imagine no longer having to dedicate a weekend morning to yard work because the smart mower does it for you. Or not having to make a trip to the grocery store after work because your fridge put in an order for delivery.

Cutting out a minute here and 10 minutes there adds up to more time to sleep in, relax on the couch, socialize, or work on that big project. Time is money, and you’re getting some of it back to use in more productive ways that enrich your life, instead of draining it.

You Save Money

Speaking of money, a big selling point of a smart home is that it saves you money in the long-run. Yes, it can be expensive to set up, but it can also be one of the best investments you’ve ever made for sustainability – both financial and ecological.

Smart lightbulbs don’t use nearly as much energy. Plus, they perfect the amount of light your living space requires, based on the activity, time of day, and number of people. The same goes for smart thermostats. According to Nest, households with smart devices save an estimated 15% on cooling costs and 10%-12% on heating costs in a given year. You could be cool and comfortable in the Charleston heat without feeling guilty about the energy bills, because you’d save over $130 a year. Smart home upgrades are attractive to home buyers as well, and can increase your asking price when it comes time to sell your home.

THE DRAWBACKS OF A SMART HOME

You Rely On Wi-Fi

If you’re excited about the prospect of introducing smart tech into your life, you’ll need strong, reliable Wi-Fi. If your internet is down, so is your house, and you’re back to doing things manually. Fiber internet is recommended because it offers superior speed and stability. Be sure to shop around for the providers in your area that offer the best service at the best price.

Security Issues

A lot of smart devices are sold as a security upgrade – especially smart doorbells and cameras. But because they are inherently reliant on Wi-Fi connections, that can also be a weak security point. For example, Amazon has recently introduced a feature called Sidewalk that, when enabled, allows anyone walking down the street to connect to your network. That poses some security concerns, as not everyone wants to share their broadband.

In addition, any device connected to the internet can be hacked. Perhaps you’ve heard stories about baby monitors or video cameras being accessed by outsiders. Intruders can pull relatively benign tricks like messing with the lighting or thermostat in your home, or more serious ones such as accessing your locks. Always be sure to utilize the utmost security on your network. Also be sure to check your privacy settings according to how much of your personal information you are willing to share in return for functionality.

Expense

A smart home is definitely an investment with upfront costs that can be significant. But as the technology becomes more commonplace, more companies produce this type of tech. This increases competition, options, and affordability. In the meantime, the range of products currently available varies greatly in price, so look around to find what fits in your budget.

FINAL THOUGHTS

While some dream of owning a smart home that’s just short of having a live-in maid, it’s not for everyone. While it certainly has a lot of advantages – you’ll love that smart fridge when you forget your shopping list at home – it can also pose some legitimate concerns.

The technology is still young, so there are security issues you need to be wary about. You will also need reliable Wi-Fi, and some upfront investment. But if you do decide to go for it, you’ll enjoy long-term savings on your energy bills and a lifestyle upgrade.

What are your thoughts on a smart home? Tell us in the comments below what concerns you and what smart tech you can’t live without.