In this week’s Real Estate Roundup with Terry Story, the 31-year veteran with Keller Williams Realty in Boca Raton, Steve asked Terry to field some real estate questions he got from an article written by Gary Singer for the Sun Sentinel. Steve and Terry also discussed the age-old question of renting versus buying a home.

Dealing With Contractors

Steve’s first question to Terry was about dealing with contractors. Here’s the question:” In the middle of a major renovation, my contractor disappeared, leaving the work half done. I already paid her for most of the work. What should I do?”

Terry’s answer was, “It’s not about what you should do—‘cause, oh, boy, you’re in trouble now—it’s about what you should have done before you signed a contract. There’s not a whole lot you can do now except sue, if you can find them. What you should do first is some research, check them out with the Better Business Bureau. Make sure they’re licensed.”

Steve brought up an important point from Gary’s article, one that a lot of people may not be aware of. “If the contractor hasn’t paid the subcontractors, the subcontractors are going to come after you. And according to this article, you have to pay them, even though you’ve already paid the general contractor.” Terry gave listeners some good advice on how to avoid that situation. She said, “It’s really important before you pay the contractor the final sum, talk to the subcontractors, ask them ‘Hey, have you been paid? Are you being paid?’”

Issues With Emotional Support Animals

Steve’s next question had to do with people who have emotional support animals. Question:” I live in a condominium. Recently a disabled friend was coming to visit with her emotional support animal. The front desk would not let her up, stating that because she was not a resident, they did not have to allow her in with her dog. Is that legal?”

Terry’s answer was a resounding, “No”, that’s not legal. You have the legal right to have your emotional support animal with you even if you’re not a resident. She explained that this issue is covered under the Fair Housing Act, which protects not only residents but disabled people associated with the residents. Steve brought up the fact that you might be having to deal with someone at the desk who doesn’t really know the law, and he advised listeners who may run into this kind of problem to go to the condo board or homeowners’ association and make sure that they make it clear to all employees. Terry added that it’s a good idea to keep handy a note from your doctor authorizing you to have your support animal with you.

A Question About Fences

Here’s a question about an issue that often causes problems between neighbors, fences:” My neighbor attached bolts into my fence to secure some items in his yard. I’m concerned that this will damage my fence, especially if there’s a storm. I asked him to remove the bolts, but he blew me off. What can I do?”

Terry and Steve agreed that the important thing is to document everything, everything that’s done and everything that you do. That way you avoid having things devolve into just, “He said, she said”. Terry said, “You’ve already spoken to him, so the next step would be to send a polite and professional certified letter telling him to please remove them.” She advised listeners to be very careful about what steps they take when dealing with fences. “For example, say you’re dealing with some vines that your neighbor is growing on his side of the fence. You can cut the part of the vines that’s hanging over on your side of the fence, but you can’t cut them to the point where it kills the plant.” That’s why you have to be careful because the law can be kind of tricky.

Before they moved on, Terry made sure to point out that the first thing to do with any fence-related issue is to have a surveyor come out and make sure that the fence is yours. Don’t just take the previous homeowner’s word for it. What counts is what a surveyor says.

Renting Versus Buying A Home

Steve’s final question to Terry was about the debate over renting versus buying a home. He said, “A lot of people are still renting. Maybe they’ve been renting for years, and maybe they want to buy a house, but they don’t really think that they can afford it, or that their credit is good enough—all the kinds of things that keep people, through sheer inertia, continuing to rent instead of buying a house. What would you tell those people to consider to help them decide whether they could—and whether they should—make the move from renting to buying a home?”

Terry gave listeners a good, solid checklist of questions to ask yourself to help with making the renting versus buying a home decision.

Number 1: How much is your rent versus what kind of mortgage payment you’d have if you bought a house? Even with property taxes and homeowners’ insurance, you might be able to get into a house that’s bigger and nicer than your apartment and be paying less per month for it.

Number 2: Has your credit score improved? Your credit score is the key factor in (A) whether you can get a mortgage loan, and (B) what kind of interest rate you can get. Steve added that along with checking your credit score, you also want to check to see if lenders have loosened some of the FICO requirements, so maybe you qualify for a loan now when you didn’t before.

Number 3: Other things to think about are how much money you’re going to need upfront to cover the down payment and closing costs and about how much money you need to set aside to take care of the inevitable maintenance and repair costs that will come up from time to time when you own your home.

Number 4: And one last very important question to ask yourself is simply, “Have I gotten to the point in my life where I know what I want, such as a condo on the beach and where I’m ready to settle down?” In other words, are you mentally ready to buy a house?”

Steve and Terry wrapped up their conversation by repeating some questions Steve asks Terry all the time. “What’s the best time to buy a house?” As always, Terry’s answer was, “Now. It’s always now, Steve.” And what’s the best time to sell your home? “Always now.” Terry also made a point about selling your home right now that some people might not have considered. She said, “It’s wintertime, right? And some people think they shouldn’t put their home up for sale in the winter because there’s not as many buyers out looking during the winter, right? But think of it this way: less supply because fewer people are trying to sell their home right now means stronger demand and that means you might be able to get a higher price.” Terry smiled and repeated one more time, “It’s always a good time to sell your house.”

If you’re thinking about either buying or selling a home, get in touch with Terry Story at Keller Williams.