The season offers a potpourri of experiences for the senses – the aroma of freshly baked fall desserts, the sight of vibrant foliage, that chilly feel in the air, the sound of football fans cheering on game day, and the taste of everything pumpkin spice. Whether you’re a local or a visitor, there’s something special about this time of year in New England!
As we say goodbye to summer, this is also the time of year where many homeowners start thinking about making a significant life change – selling their homes. We’ll take a closer look at key strategies you should know if you’re considering putting your home on the market.
Speaking of real estate, do you happen to own, lease, or manage a rental unit in the Ocean State? Rhode Island has new requirements for landlords. Keep reading for some helpful information.
And finally, our BayCoast family cares about our community and believes helping our neighbors is the right thing to do. This season is a time when we reach out to support those who are courageously battling a ruthless foe – breast cancer. We hope stories of our genuine support will inspire others to take action as well, and work towards one common goal – eradicating this horrible disease.
Strategies for Selling Your Home
Your home. It’s where countless memories are made. With competitive conditions in the current South Coast real estate market, it may also be a beneficial time to sell, depending on your individual circumstances. Homeowners decide to sell for various reasons: needing more space, downsizing for simplicity, or relocating for work or lifestyle changes. When you are ready to sell, it’s a good idea to make your home as desirable as possible for potential buyers—first impressions are critical. Decluttering and sprucing up your home can significantly impact its appeal. Addressing minor repairs and aesthetic improvements can also add value.
Effectively marketing your home is essential to attract the right buyers and secure the best deal. Here are some tips on getting your property in front of the right people:
Host open houses and private showings for potential buyers to experience the space firsthand, creating a more personal connection.
Find a real estate agent who can provide access to additional marketing resources and networks, including listing your property on the Multiple Listing Service (MLS), which increases visibility.
Use high-quality photographs and a compelling listing description that emphasize your home’s unique features and benefits.
Pricing and Offers
Setting the right price for your home involves understanding market trends and researching comparable homes. Consider current market trends and the condition of your home. Consulting with a real estate professional can provide
expert valuation and advice based on their extensive market knowledge and experience. Respond promptly to offers that you receive. Be flexible (but not a push-over), when negotiating and use your real estate agent’s expertise to navigate the process.
The Costs of Selling
Understanding the various costs involved in selling your property is crucial for a successful transaction. The most prominent expense is typically the commission for both the sellers’ and buyers’ real estate agents. Closing costs are another expense, comprising various fees and taxes associated with the sale. Additional costs may include staging and home preparation expenses. Before listing, sellers often invest in minor repairs, painting, and landscaping to enhance the home’s appeal. Staging, which involves furnishing and decorating the property to attract buyers, can also add to the costs.
Purchasing & Protecting Your Next Home
Of course, before you sell, you’ll want to look for a new home to call your own. Whether you choose a cozy cottage by the water, or a colonial home in a quaint South Coast town, once you decide on your next residential destination, protecting your investment with homeowners insurance will be critical. To ensure you have the appropriate coverage for your unique needs, BayCoast Insurance can help. Our trusted team can design a customized policy for your protection and peace of mind. Be sure to contact us for expert guidance so you can make a more informed insurance decision. Click here to get a quote or call us at 508.491.3100 and a team member will be happy to assist you.
The Bottom Line
Selling your home is a journey filled with opportunities and challenges. By understanding each step of the process and preparing accordingly, you can navigate this path with confidence and success. 1,2
New Rhode Island Law for Landlords
If you own, lease, or manage a rental unit in the Ocean State, there’s an important new law you need to know about. The state of Rhode Island now requires property owners to register their rental properties with the newly established Rental Registry through the Rhode Island Department of Health (RIDOH). The registration deadline is October 1, 2024.
The new law will help prospective renters understand more about the properties where they choose to live. According to the new Rental Registry:
- All landlords are required to submit current and active contact information, information about property managers, and information needed to identify individual units to the Rhode Island Rental Registry.
- Landlords who rent a residential property that was built before 1978 and that is not exempt from the Lead Hazard Mitigation Act (R.I. Gen. Laws § 42-128.1-1) must provide a valid Certificate of Lead Conformance or other lead certificate.
“Implementation of the statewide rental registry will help keep our kids safe by giving families access to the information they need to choose housing, all while ensuring landlords comply with lead laws that have been on the books for more than two decades,” said Attorney General Peter F. Neronha. “Additionally, the registry represents significant tenant protections, beyond lead hazards, by helping identify other issues of safety noncompliance.”
For more information about the new Rhode Island Rental Registry, please click here for details or visit the State of Rhode Island’s Department of Health website.
October is Breast Cancer Awareness Month
Breast Cancer Awareness Month is an international health campaign held every October, with the goal of promoting screening and prevention of the disease, which impacts more than 300,000 women in the United States annually. About 1.0% of breast cancer cases in this country occur in men.
Whether you are a survivor, or newly battling the disease, Breast Cancer Awareness Month is a time for hope. It is also a time to raise awareness and support for more research and better life-saving treatments. Many organizations work hard to support those who are diagnosed, and to raise awareness through education, encouraging women, age 40 and older, to go for regular breast cancer screenings, and to learn more about the risk factors of the disease.
Our BayCoast family is proud to support numerous campaigns by the American Cancer society, including the Making Strides Against Breast Cancer Walk in Providence, Rhode Island, and the Men Wear Pink of Providence campaign. We have also sponsored golf tournaments for the Gloria Gemma Breast Cancer Foundation, the Giving Tree of Life Foundation, which assists women undergoing chemotherapy for breast cancer, and the Swim Across America Open Water Swim, which supports cancer research at Women & Infants Hospital of Rhode Island by advancing early detection, diagnosis, and treatment of gynecological and breast cancers.
By raising funds and awareness, our BayCoast family joins our local communities in the hope we will someday see an end to this devastating disease.
Until Next Time…
As we close out this edition of BayCoast Insurance newsletter, we’d like to thank you, our valued customers, for your loyalty. We truly appreciate the opportunity to serve you. If you have any questions or need guidance on your insurance coverages, please do not hesitate to contact us. We are here for you!
As a reminder. we invite you to join the conversation on our socials, so please be sure to give us a like and a follow by clicking the icons below. Until next time, we wish you peace, happiness, and good health, as we approach the holiday season.
1 Source: Banzai!
2 White we hope you find this content useful; it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.
Neither Banzai nor its sponsoring partners make any warranties or representations as to the accuracy, applicability, completeness, or suitability for any particular purpose of the information contained herein. Banzai and its sponsoring partners expressly disclaim any liability arising from the use or misuse of these materials and, by visiting this site, you agree to release Banzai and its sponsoring partners from any such liability. Do not rely upon the information provided in this content when making decisions regarding financial or legal matters without first consulting with a qualified, licensed professional.
