Local Info Archives - Page 11 of 35

Roofs, Property Value and Peace of Mind

July 29, 2021 By Tayson Rockefeller Leave a Comment

A family friend reached out a few weeks back about the potential impact of a certain roofing system compared with another and how it might impact the value of their property down the line. It resonated with me as I am currently in the process of replacing the original roof on my 35-year-old home. My own experience has been somewhat tempestuous as we struggled with replacing an uncommon roof type and battling some significant damage we uncovered along the way. My home is an old family cabin that my wife and I have renovated over several years, and the old roof was an uncommon stone coated metal cold roof. We don’t have any plans to sell, so resale wasn’t on our minds. We wanted something that would blend in with the forest setting and perform well for a long period of time for the reasons mentioned above. Ultimately, we chose a very thick, shake-like asphalt shingle. We simplified the roof rakes and beefed up the Boston ridge to create a slightly more modern look, which we are happy with. In our case, we probably did increase the value of our home, and we are happy with the look of the new shingles even though we were concerned with it.

Anyway, when comparing the two roofing systems my friend was considering I didn’t feel one would significantly change the property’s value. In their case neither option would have been unusual for the home, but one was clearly more expensive. It was difficult for me to answer whether or not they would see a return on the investment for the more expensive roofing system. To answer the question, this is where I shifted focus to the overall picture. Sometimes certain home improvements, materials used or construction methods do not have a direct impact on a property’s value, but can when viewed in conjunction with the rest of the home and it’s finishes. I distinctly remember an incredible custom home of which the owner spared no change or effort throughout, but installed vinyl floors which was (honestly) just his preference. However, when helping him with the sale, it was a sticking point when comparing the finishes through the rest of the home on such a high dollar listing. Similarly, I remember walking through a property where the owner did some light renovations in anticipation of a sale. The fresh paint was great, but the Viking dishwasher felt odd to me. Yes, it was undoubtedly expensive and was certainly a talking point, but it didn’t fit well with the rest of the finishes and I don’t think that homeowner saw a return on that investment. The moral of the story, underdoing it and overdoing it are both bad, but in different ways.

Okay, if you’re still reading, on to the peace of mind part. I have probably written about this in other articles, but I wanted to touch on a few other considerations, particularly as we see new construction ticking up.

1) Snow slides. In my case, a metal roof was not an option. I have a wraparound deck that the snow would absolutely destroy in the event it were to slide off. My old roof never slid, and I hope my new roof never slides. In other cases, you want the snow to slide. Low roof pitches or shed roofs can be a good example.

2) Ventilate! I can’t think of very many circumstances where I would not recommend installing a ventilated or cold roof to help mitigate ice damming. This will usually include some form of screen or vent along the roof soffit and a vent in the gable ends or along the ridge of the home.

3) Ice Damming. Believe it or not, we get snow and ice up here. I believe code requires ice and water shield along the roof edges and valleys, but I usually suggest putting it everywhere, if you can. There are better ways to prevent ice damming as mentioned above in the ventilation section, but make sure you are protected in the areas mentioned and it never hurts to have the extra protection, particularly on roofs with a lower pitch.

4) Pitch. Speaking of pitch, be careful with this one. The modern, low sloping or flat roof systems are becoming more and more popular, but they can pose significant challenges when it comes to snow accumulation and ice damming. I’ll never forget all of the struggles I’ve had over the years with commercial building management where flat roofs with drain systems are common. The moral of that story, make sure you have heat tape in those drains, and monitor them closely. It doesn’t take long for these to plug up with ice creating a swimming pool on top of your roof.

As a final bit and disclosure, I’m a real estate agent, not a roofer. I have experience with some of these things, but am in no means an expert when it comes to the construction types and methods best for your situation. Always consult with your contractor and local roofer, and keep in mind our unique climate when it comes to architects. People tend to bring their local architect with them from dramatically different climates which can often lead to incompatibility with local contractors and issues with construction methods down the line.

Changing the way we negotiate

May 3, 2021 By Tayson Rockefeller Leave a Comment

I distinctly recall hearing stories from customers in different areas of the country before the recent real estate boom changed the real estate world, particularly in rural areas. Stories about negotiations pushing home prices 10% over the asking price seemed pretty crazy to me, but in some cases, here we are.

It’s important to look at the date on this article, this information is likely going to be accurate only for a few months, but it’s good to earmark where things have been. I’ve got articles from 2014 with much different advice.

Price: Asking prices and offer amounts seem to change weekly, if not daily in this market. With the lack of public sale information and the unknown as to how far things are selling over the asking price this one’s hard to nail down without the advice of an agent that is in the thick of current trends. I have seen sale prices anywhere from $5,000 to 15% over the asking price depending on the sector of the market. We will usually see significant increases over asking on condos and townhouses, but that does not preclude any other type of Real Estate depending on the initial asking price. I should also note that some things are still selling under, it’s all about the tactic of the seller.

Finance and Appraisal: This one has been incredibly tough for buyers looking to get into the market. It’s frustrating and disheartening when a finance contingency is holding up the ability to compete with cash buyers. As a result, we’ve seen buyers agree to waive appraisal contingencies, assuming they have the cash balance to cover the difference. Waiving appraisal contingency and providing a pre-qualification letter with 5% down is difficult, but we haven’t seen too many problems with appraisals. Appraisers seem to be in the know with real estate prices. However, cash is still king, and hard to compete with as mentioned.

Inspection: Fortunately we haven’t seen a shift in our market where buyers have been (or need to) waving inspection contingencies in order to compete. Deposits that are immediately non-refundable are rare, and personally, I hope it stays that way. These are big investments and buyers need the opportunity to vet properties inside and out. This market also produces a number of site-unseen offers (often there is no choice with the quick timing of things) and I believe it would be unreasonable for sellers to expect buyers to waive contingencies altogether as a result.

There are a handful of other negotiating tips and tricks like escalation clauses and the like, and there’s a time and place for different tactics to achieve maximum results. I know I sound like a scumbag real estate agent when I say this, but as mentioned above, it’s absolutely paramount to have a local agent that has a close ear to the ground.

It will be fun to come back to this article 2 years from now!

Beware of Unsolicited Offers!

February 28, 2021 By Tayson Rockefeller Leave a Comment

Generally speaking, it’s no secret that Teton Valley’s real estate market is booming. In times like these, those looking to capitalize or at least get their foot in the door are out in droves doing what they can to get a deal. I have noticed a significant increase in “letters of intent” to purchase real estate, cold calls, and other forms of communication from those I described above.

Some of these are pretty easy to pick out, and most have a general understanding of their property’s value to recognize that these are borderline scam prices. However, in times like this, the market values change very quickly. While I have seen some laughable offers, I have also seen a few that appear pretty enticing on the surface. However, it’s important to remember that these people are contacting you for a reason. The market is strong, and it is almost an assurance that a good agent can help you sell your property, quickly. With that said, there is no advantage to considering a one-off offer in almost any event. Some exceptions might include neighbors offering to buy real estate, knowing that neighbors are usually the most motivated buyers in the marketplace.

I always joke about “scumbag” realtors, but the truth is, our region has some of the most responsible, well intended, and market educated professionals that I have seen in the industry. There’s always an exception, but I suspect that there is concern that trying to communicate with a real estate agent or obtain a fair opinion of value without being pressured to list your property can be challenging, but that’s really not the case. Most agents or local market professionals offer a quick, no frills opinion of value at no cost and with no strings attached. We do these valuations all the time for customers trying to understand tax rates, situations with family members, and so forth. If you’re really looking for a non-biased opinion, even paying an appraiser to give you a market value could save you significantly if you are considering an unsolicited offer from an individual. These offers come in many forms, but they will usually come in the mail. However, phone calls, emails, or even door to door solicitations should be expected.

What You Need to Know About Buying Land!

January 31, 2021 By Tayson Rockefeller Leave a Comment

Though the market has changed throughout my career, the same questions always seem to come up. Here are a list of common Questions and Answers:

Q: Is there a time frame in which I need to build?

A: The short answer is, not that I’m aware of. I have seen special circumstances, however. For example, in the unlikely chance that a homeowners association might allow someone to build a guest house before a main house, they might require a home to be constructed within a certain time frame. The valley has a pretty poor track record of actually following through with these types of agreements, and most homeowners associations have caught on.

Q: Do I need to do anything with the land such as maintain it?

A: In general, not much. Most subdivisions have an active homeowners association. The HOA will typically take care of the road maintenance, fire pond testing, and other similar maintenance requirements and tasks. The most common exception is with respect to noxious weeds. While many developments have an agreement with a farmer for the open space or unused areas of the development, some do not. If you receive notice from the county, you may be required to hire a company to spray the weeds such as musk thistle. Even if you don’t, they will, and can assess your tax bill. Fortunately, the cost of weed spraying is usually pretty affordable.

Q: What are the holding costs like?

A: Here again, usually, pretty affordable. There are two primary categories of expense including property taxes and homeowners association dues with the occasional special assessment or local improvement district (LID) fee. The first two are fairly common and obviously vary depending on the location and amount of amenities within the subdivision. Fortunately, most websites (including ours) display property taxes and HOA dues on the listing detail page. Some properties take advantage of an agriculture tax rate in the event the property is being used for ag purposes (and is over 5 acres), in which case the taxes can be extremely negligible. Other fees such as the aforementioned special assessment, LID or other fees are rare, but can come about for road maintenance, utility improvements or other projects usually related to infrastructure.

Q: What can I do with the property before I build?

A: This depends, but the biggest determining factor is whether or not the property is in a subdivision with covenants and restrictions. A big one that comes up is whether or not you can camp on your property. While some associations may allow it, I would think it should be generally assumed that they do not. For properties outside of a subdivision there are still some regulations. I have written several articles that can be found on my blog website related to what you can do with your property, what it’s like to be part of a homeowner’s association in the area, and more.

Q: Tiny Homes, Rentals, Campers?

A: Here again, the subdivision layer is the first step to research. Most subdivisions have a home size requirement in the range of 1,800 square feet, but I have seen them as small as 0 to 600 SqFt and is large as 2,600 SqFt. HOAs can also restrict short-term rentals via the covenants and restrictions. Though the county’s position is subject to change, smaller homes are generally allowed so long as they are permitted and built in accordance with the current building codes. RVs and campers are always a contentious subject, so make sure to follow up with the county or city on that one. To summarize, It’s always a good idea to find a real estate professional that understands the local market. I’ve heard a number of stories about Buyers that didn’t have the resources, tools or professional insight to make an informed purchase and later discovered that the property or the rights associated with the property were not what was expected. We’ve been selling real estate for a long time in the area and have great resources available to our customers when it comes to information about developments, requirements and subdivision documents and would love to help!

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