Tatevik Hovhannisyan

Converting a loft into a bedroom can absolutely increase your home's value aEUR" especially if it turns a 2-bedroom into a 3-bedroom, or a 3 into a 4. In Memphis, where family living and affordability are important, the extra bedroom can appeal to a wider range of buyers, including families and investors. Just make sure the conversion meets local building codes (proper egress, heating/cooling, and privacy). If done correctly, it can boost both your market value and the speed at which your home sells. I'd recommend consulting a local appraiser or agent to estimate the potential ROI based on your specific layout.

Raffling your house sounds creative, but it's usually not legal for private individuals in the U.S. It's considered an illegal lottery unless run by a qualified nonprofit organization under strict rules. Some people get around this by partnering with a charity or creating a skill-based contest (like an essay competition), but it requires careful legal structuring. If you're seriously considering this, consult a real estate attorney or fundraiser law expert to avoid heavy fines or legal trouble.

Totally valid concern! In California, buyers now sign a Buyer Representation Agreement, and yesaEUR"it includes language that says you agree to pay the broker's fee. But don't panicaEUR"it doesn't mean you pay out of pocket. Agents usually try to negotiate that the seller covers it through the MLS or during closing. And noaEUR"you don't have to sign on the spot. Ask questions, meet the agent, and only sign when you're confident they're the right fit.

Yes, a seller can request that you get pre-approved by a lender of their choice as part of the offer process, but they cannot force you to use that lender for your loan. This is usually done so the seller feels confident in your ability to close. If you already have a pre-approval, it's reasonable to ask why an additional one is needed. If their preferred lender is only doing a soft credit check, it shouldn't impact your credit scoreaEUR"but it's important to confirm that in writing before proceeding. Asking for documents like W-2s, bank statements, and paystubs is normal for any type of pre-approval. You're not required to share sensitive information or agree to terms you're uncomfortable with, especially before your offer is accepted. If you're concerned, talk with your agent about how to respond and protect your interests.

Yes, you have to pay California state income tax on rental income from a property in CA, even if you live in New York. You'll need to file a nonresident CA tax return each year you earn income from it.

It's completely okay to disagree with a home valuationaEUR"you're not locked into anything, especially if you haven't signed with the agent yet. Pricing a home is part data and part strategy. If the price feels too low, it's fair to ask the agent to walk you through the comps they used and explain their reasoning. A good agent should be open to having that conversation, not just push for a quick sale. If you're still unsure, it's totally reasonable to get a second opinion from another agent. You want someone who listens to your goals and helps you find the right balance between market value and your expectations. At the end of the day, it's your homeaEUR"and your decision.

Getting approved with credit scores in the 500s is tough but possible, especially with your large $110,000 down payment. You might need to work with specialized lenders or consider FHA loans. A mortgage broker can help find the best options for you

You can usually merge your neighbor's property with your own by filing a lot line adjustment or parcel merger with your local planning department. Merging can simplify ownership and may help with future development. Keeping the plots separate might make selling easier later or offer tax benefits, depending on your goals. If you tear down the house and use the land for something like a pool or open space, your property taxes could changeaEUR"sometimes lower, sometimes higheraEUR"depending on how your county assesses the land and improvements. It's best to check with your local tax assessor for specifics.

Buying a home in San Jose or Santa Clara County with a monthly mortgage payment around $1,500 is extremely challenging due to the area's high home prices.

Yes, in most states, including Florida, sellers are required to disclose known water issues like flooding, leaks, or damage. However, they might not always know everything, so it's important to protect yourself. To make sure you're buying a dry house, always get a thorough home inspection that includes checking for water damage and mold. You can also consider a specialty inspection for plumbing and drainage. If you're worried, ask your agent to help review disclosures carefully and negotiate repairs or credits if issues come up.

A $3,000 one-time transfer fee for owners selling within 5 years could impact your unit's resale appeal. Buyers might see it as an added cost, which could affect how quickly your unit sells or its market value. On the other hand, the fee is meant to help cover future maintenance and avoid big unexpected assessments, which can also protect property values long-term. It's important to weigh the immediate cost against potential benefits. Talking to your HOA board or a real estate professional can help you understand how this might affect your specific situation.