How To Add A Bathroom To Your Home

When it comes to buying a home, many buyers consider the number of bathrooms as a top priority. They not only add a lot of functionality to your space, but they’re also an effective way to increase the value of your home. In short, it makes your house more livable. 

 

In particular, older homes tend to be short on bathrooms, and this might be limiting the resell potential. This is because bathrooms are notoriously the most expensive room to add, so it used to be common to only have one or to include a powder room instead of an additional bathroom. 

 

Things are changing today as having multiple bathrooms per home becomes the norm. According to a TreeHugger survey, the golden rule for bathrooms is two bedrooms per bathroom. So if you have a two bedroom home, having a single bathroom might be fine. However, if you have more bedrooms, it’s time to consider adding a new bathroom to your property. Here’s how to add a bathroom to your home step by step. 

 

 

Step 1: Replacement vs. Addition

Your first big decision is to decide if you’re going to add on a new bathroom to your home by building an additional room, or if you’re going to replace an existing room. Converting an existing closet with a half-bath, for instance, is significantly less expensive than adding on a new room to your home. 

 

Converting an existing space will always be more affordable, but it isn’t always practical if you’re already lacking in the space department. No matter which option you choose, you’ll need to find the right space for your addition. A half bath will need as little as 3-by-5 feet of space while you’ll need a bit more square footage for a full bath. The best places to add a bathroom include a hallway, closet, bedroom, or even an existing bathroom that can be split into two. 

 

 

Step 2: Plumbing System

One of the trickiest parts of adding a bathroom to your home is all of the plumbing and electrical work. There are local codes that need to be followed to ensure your home is safe and functional, so this isn’t a simple process. The easiest way to handle this is to build a bathroom with an existing plumbing space. This way, all the pipes can easily meet each other without needing to invest in new plumbing for your home.

 

The smartest way to handle your plumbing is to hire a professional. This isn’t something you want to mess with if you don’t have experience since you can easily run into costly problems. Once the plumbing and electric are established, you can get on to the more exciting parts of this addition.

 

 

Step 3: Ventilation

Before you get on to the new appliances and fixtures, you need to handle the ventilation. If your bathroom has a tub or shower, ventilation is likely required to keep your room from collecting too much moisture. Unless you have a window for air circulation, you’ll need a fan to prevent moisture build-up. Once again, a professional contractor can help install this for you. 

 

 

Step 4: New Appliances and Fixtures

Now is when your design skills really get to shine. Install a new tub, toilet, sink, and other basics to make your bathroom functional. If you’re handy, you can likely manage most of these yourself. However, it’s always worth getting help for the more complicated installations like your bathtub or toilet. Any problems during the installation process could lead to costly disasters later down the line. 

 

Finally, choose colors, tile, and fixtures that make your room really shine. You don’t have to choose the most expensive upgrades for a functional space. In fact, those might be a turn off to some home buyers when it comes time to sell your home. Remember, people spend a lot of time in bathrooms. The key here is for the space to be comfortable and functional. If it’s easy to clean, that’s also a plus.

 

 

Step 5: Enjoy Your New Bathroom

Adding a new bathroom to your home, whether you physically build a new space or renovate an existing one, will add value to your property. Having enough bathrooms to suit the number of bedrooms is a renovation worth considering in this competitive housing market. We’re no longer in the age of one bathroom per household, so make sure your home is up to modern standards. 

While adding a new bathroom is certainly a more expensive renovation, it’s one you can count on paying off. As long as you’re careful with how you plan your new space, you’ll find ways to keep your expenses as low as possible. 

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The Pros and Cons of Renting A Home

If you are in the market for a home, don’t be so quick to plunk down your savings on a down payment.  Renting a house might be a better option than buying.  Renting allows you to be transient should another job offer arise or another life event unfolds that sends you to a new location.  Furthermore, renting has the potential to save you a considerable amount of money.  Let’s dig into the pros and cons of renting a home.

 

 

The Pros of Renting a Home: Enhanced Flexibility

Perhaps the top reason to rent a home as opposed to buying one is the ability to move whenever desired.  Though some home rentals require a six or 12-month lease, many are rented on a month-to-month basis.  This way, if you get a job offer across town or in another state, you can terminate your lease and find new digs closer to your job.  Furthermore, your significant other might invite you to move in.  Perhaps you inherit a home.  Maybe you just don’t want to make a lengthy commitment to a house.  Rent a home and you will enjoy the flexibility you need and desire until the time is right to buy.

 

 

Pro: Maintenance is not Your Problem 

Take a moment to think about all the things that have gone wrong with the apartments you have rented.  Unless you rent a fairly new home, there is a good chance it will require ongoing maintenance.  Home maintenance projects can prove costly and time-consuming.  Rent instead of buying and home maintenance will be the landlord’s problem instead of yours.  

 

 

Pro: You Don’t Have to Fork Over a Sizable Down Payment 

Think of all the things you can do with the money you would have spent on a home’s down payment.   You can use the money toward a new car, a down payment on an even better house in a few years or simply invest it.  Investing the money might provide a superior return to a house that you flip after 5 to 10 years of ownership.  After all, houses are merely wood, nails and brick on dirt.  

 

 

Con: You Can’t Personalize a Rented Home 

If you would like to add your own twist to your living space by painting the walls, adding a man cave or making another significant change, your landlord will stand in the way.  Home customization is strictly for buyers.  If you rent, you will have to leave the home exactly as you found it. 

 

 

Con: You Walk Away From a Rented Home With Nothing In-hand

Once your home rental lease ends, you walk away empty-handed.  Though it is possible you might receive all or some of your rental deposit back, the landlord will keep all of the money you paid in rent.  If money is your primary concern, the better option might be using the funds you would spend in rent toward a monthly mortgage payment on a home you actually own.  Though there will be added costs to close the home and handle maintenance issues, those costs probably won’t prove problematic unless you move within five years after purchasing the property. 

 

 

Con: The Rent can Change

There is no guarantee the rent will stay at the current level once the lease expires.  This is quite the contrast compared to a mortgage payment you can budget for years in advance.  If you detest the idea of having to move to a cheaper home simply because the landlord decides to raise the cost of rent, you might be better off buying a home.

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How Co-Borrowers Affect You Qualifying For A Home

Buying a house is one of the biggest investments you’ll ever make. In fact, it’s likely the biggest investment you’ll ever make in your lifetime. That being said, many prospective homebuyers find themselves unable to get approved for a mortgage. 

 

If you don’t qualify for a home the first time around, a few things might be to blame. First, you might have a low credit score or a limited credit history. Another factor could be your employment history. For example, if you don’t have any consistent source of long-term employment, this is a red flag to lenders. Finally, you might not be approved if you have a high debt-to-income ratio.

 

All of these factors combine in many cases to prevent people from qualifying for a home. However, this doesn’t have to mean your dreams of owning a home are ending. Including a co-borrower in your mortgage could affect whether or not you qualify for a home. 

 

 

What is a Co-Borrower?

First, let’s define what a co-borrower is before we talk about when it’s best to use one. When someone helps you qualify for a mortgage by including themselves on the application, they’re a co-borrower. This is usually a family member such as a parent or spouse.

 

There are two types of co-borrowers: occupying and non-occupying. An occupying co-borrower plans to reside with you in the home while non-occupying are simply putting themselves on the line as a source of credit. In most cases, a co-borrower will help you qualify for a mortgage. 

 

Many people confuse co-borrowers with co-signers. There’s actually a big difference. While a co-signer is also listed on the mortgage, they don’t have to be listed on the title for the house. A co-signer is also not liable if you’re unable to repay your mortgage. Co-borrowers, on the other hand, sign all loan and legal documents and have an ownership interest in the property. As such, they are responsible for monthly payments. 

 

 

Why Use a Co-Borrower?

As you can see, co-borrowers take a risk when they join your mortgage. Since they’ll have ownership of the house, they’ll also be responsible if any problems arise with payments. While you can be co-borrowers with someone who isn’t related to you, it’s smart to make sure this is someone you trust taking on a big commitment with. 

 

If you’re unable to qualify for a mortgage on your own, adding a co-borrower can help. When they add themselves to your application, their credit, debt-to-income ratio, and employment history are included in the overall application. This means that together you’ll be able to afford higher monthly mortgage payments. 

 

Since the debt-to-income ratio is often one of the most important factors when mortgage lenders consider whether or not you can afford payments, a co-borrower can reduce the burden. They’ll also be of assistance if you have a limited credit history. 

 

However, it’s important to note that lenders will always look at the lowest of two credit scores when considering an application. This means your lower score between all co-borrowers will be the primary credit score on the application. If this score is below the lender’s qualifications, this could be a reason to reject the application despite the addition of a co-borrower. 

 

As you can see, buying a house is no easy process. That being said, adding a co-borrower makes affording a home possible for many people who wouldn’t qualify on their own. If you’re considering a co-borrower, make sure you review the advantages and risks before you go ahead with a new application. 

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How To Landscape A Newly Built Home

Congratulations!  You are buying a new home or on your way to having one built.  This is a major life event.  One of your first orders of business is deciding on the landscaping for your newly-built home.  Choose wisely and your property will feature a beautiful perimeter that reinforces the home’s aesthetic appeal.  Here’s what to consider when landscaping a brand new house. 

 

 

How to Landscape Your Newly-built Home: Mind the Dirt 

The dirt you stand on when looking at your home is not the same as the soil necessary to sustain healthy landscaping across posterity.  With your assistance, the dirt beneath your feet can become suitable for plants and other landscaping elements.  Compost comprised of yard clippings and other sundries from your property’s exterior will serve as an excellent foundation.  However, few new homeowners have a compost ready-to-go.  Some new homeowners have found local zoos provide composted manure at no cost.

 

 

Sod or Seed?  That is the Question

The typical new home has grass, mud and little else in the yard.  The fist step toward enjoying a home with a beautiful landscape is to add seed or sod.  A number of factors come into play when making this decision.  Everything from your willingness to water at a high frequency to cost, the time of year and the size of your landscaping will shape this choice.  

Those who choose sod typically spend fifty cents to a dollar per square foot.  Sod is favored for its ability to control erosion, functionality as instant turf and general flexibility.  You can plant sod just about anywhere at any point during the growing season if you commit to watering it at the proper frequency.  

 

Some property owners choose seed for their landscaping as it is a mere cent per square foot.  Furthermore, there are a number of grass options available.  The downside to seed is the process takes more time and additional weed maintenance is necessary across posterity.  Furthermore, seed is best planted in a short time window, typically in the early Autumn. 

 

 

Shrubs and Small Trees

Some shrubs and small trees can be transported in and planted.  Homeowners will have to plant other greenery on their own and nurture it to maturity.  The bottom line is it will take some time for the entirety of your landscaping to develop in full.  If there is absolutely nothing surrounding your home, start with some foundation plantings.  Opt for varieties that provide visual beauty in each of the four seasons.  

 

Favor shrubs that are the optimal size for your unique home to maintain visual balance.  Evergreen varieties ranging from Inkberry to Korean boxwood and Andromeda will look fantastic around most homes.  Consider adding native perennials along with ornamental grasses for continued beauty across the entirety of the year.

 

 

Budget

Don’t forget to budget!  Landscaping costs can add up quickly and spiral out of control unless you keep purchases within your budget’s constraints.  Figure out exactly how much you can spend before starting the project and stick to this figure no matter what.  

 

 

When in Doubt, Consult With a Landscaping Professional 

There is only so much you can do on your own when landscaping a brand new home.  Even experienced gardeners will find the assistance of a landscape architect is necessary.  This professional’s assistance will prove especially helpful if your home currently has no landscaping at all.  A landscape architect will help plan the design of the landscaping, establish a timeline for the project’s completion and provide helpful advice pertaining to shrubs, trees, flowers, mulch, etc.

 

 

Follow Up in the First Year 

Once your landscaping is installed, the job is not complete.  Mind the watering requirements of your new shrubs, flowers, trees and other greenery.  Tend to the pruning and fertilization needs as required.  If your landscaping has an irrigation system, monitor it for leaks.  Take the little bit of time necessary to inspect pavers, decks and retaining walls at least once every couple months across the  initial year after installation.

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How to Use Technology to Sell Your Home

Selling your home can be quite a difficult task. It can take a lot of time and effort to find a suitable buyer for your home and receive a fair price.

 

Fortunately, using technology, selling your home can be much easier than it was in the past. As consumers now tend to utilize online tools and services when hunting for the perfect house, you can take advantage of these tools as a seller to get your home off of the market as quickly as possible.

Here are a few ways you can use technology to help sell your home.

 

 

Record Video Tours

Video is an incredibly powerful tool that you can utilize to give prospective buyers a detailed tour of the interior and exterior of your home. As a lot of consumers begin their search for a home on the internet, a video tour can help appeal to those who are not able to come look at your home in person.

 

Hiring a professional to put together a high-quality video tour of your home is a fantastic way to attract more potential buyers.

 

 

List Your Home On the Web

Online listing websites like Zillow and Trulia are perfect ways to list your home for sale and communicate with potential buyers. Moreover, websites like these are not only great options for listing your home, but they also help attract more buyers as they provide information on the area and attractions surrounding your home.

 

Online real estate listing websites are continuing to grow in popularity as the preferred method for buyers to search for a house. As such, anyone looking to sell their home should be taking advantage of these resources.

 

 

Pictures and Digital Staging

This should be a no-brainer; however, many home sellers tend to skimp on the quality and quantity of photos they attach to their listing. Potential buyers need to be able to get a detailed look at the interior and exterior of your home.

 

To supplement this, you can take advantage of digital staging tools. These allow home sellers to virtually stage empty rooms with furniture and decor in order to demonstrate the potential of a room. Using digital staging can help you save thousands of dollars while still being able to dress up your home for potential buyers.

Selling your home is often a much more difficult and stressful process than it needs to be. Taking advantage of modern technology can help you sell your home much more quickly and efficiently.

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How To Measure The Square Footage In Your Home

When you’re in the process of selling your home, you need to determine the exact square footage. Getting this measurement right isn’t always simple if you’re not sure where to begin. Your square footage be a key playing in how you determine the price of your home, so you want to be as accurate as possible. 

 

While the best way to handle this measurement is with a square footage calculator or a home appraiser, you can also DIY your own measurement. All you need is a measuring tape and some patience. Here’s how to measure the square footage in your home accurately and without any special tools. 

 

 

The Basics of Square Footage

First, let’s go back to elementary school for a second. While most of us might not remember the basics of calculus, we can all manage the basics of calculating square footage. The best way to get an accurate measurement is with a firm measuring tape or a laser measure. 

 

The basic square footage for a rectangular room is just length times width. For example, a room that’s 10 feet by 12 feet will be 120 square feet. Yes, it’s that simple. However, things get a bit more tricky if your room isn’t a perfect rectangle. Additionally, you’ll need to understand what counts in your home’s square footage and what’s separate. 

 

 

Measuring Your Entire Home

Like we said above, some rooms aren’t perfect rectangles. The thought of measuring funky shapes might leave you with flashbacks from high school math class, but it’s not as hard as it sounds. Most rooms can be broken down into rectangles, and these can be added together to calculate the total square footage of the room. 

 

The vCalc square footage calculator is a great tool for those tricky measurements you’re not sure about. It does a lot of the hard work for you. It’s also helpful to create a rough drawing of your home layout to help with keeping track. When you’re done calculating the square footage of each room, it’s time to add up the total sum for your entire home. 

 

 

What to Include in Your Square Footage

Believe it or not, not all parts of your home should be included in your calculations for square footage. Your square footage should only include “under air” measurements, or any area of your home that’s considered living space. This means your garage and patio are not included in the same square footage calculation. 

 

Your county website or a tool like Property Shark will have more information about should and shouldn’t be included in your overall calculation. However, it’s still important to record accurate measurements for areas of your home that aren’t included like patio space since this is all relevant information you’ll need to know when selling your home. 

 

Ultimately, you can check your calculations by going through a home appraiser or through your county website. Your property tax information should have accurate home measurements that are up to date. Finding your home square footage is key to being accurate while selling your home. Now that you know how to calculate square footage all on your own, you’re ready to continue with the process. 

 

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How To Choose A Mortgage Lender and What Questions To Ask

Choosing a mortgage lender can be difficult. When it comes to dealing with a lender you always want to be prepared. When a lender sees that you take initiative they will most likely trust you more. How can you know what mortgage lender to choose? Before you decide there are some things to take care of first. 

 

 

Boost Your Credit Score

Take a look at your finances and see where they are at. If you have a perfect score then awesome but if you’re like a lot of America there’s probably room for improvement. Find areas that you can fix to improve your credit score. Ensuring that you have the best credit score possible will support you in choosing a mortgage lender later. 

 

 

Discover Your Budget

When you know how much you can comfortably spend a month that will help you narrow down a mortgage lender. Lenders preapprove you based on your gross income, outstanding loans and revolving debt but don’t look at your expenditures. Make sure your budget is ready to handle the monthly rent. Knowing how much you can pay will almost certainly help you and your lender. 

 

 

Choose Your Lender

Don’t just choose the first person you meet with, shop around. According to research from Freddie Mac, borrowers can save around $1,500 over the life of their loan if they get at least one more quote. Likeability is also important to factor in when choosing a mortgage lender. This is a someone or a group you’ll be working with for a while so be sure you approve of their style. 

 

 

Questions to Ask Your Lender

Knowing the right questions to ask is extremely important so let’s go through some to support you on your mortgage journey. 

1. How much can I borrow to buy a home?

Preparing your credit score and finances as stated before will affect the outcome of this question.

2. How much money do I need to put down?

Discuss with your lender about the minimum down payment required for your loan and if you might be qualified for any down payment or cost-saving assistance programs, and decide what’s right for you. 

3. What’s the interest rate?

4. What’s the difference between a fixed rate and an adjustable rate?

It’s important to compare these two types of mortgages to see which one works best for you. 

5. How can I lock in interest rates?

6. What are my estimated closing costs?

7. Are there cost or fees I should know about?

8. Can you estimate when the closing will be? 

This is important so that you have a timeframe to work with to prepare.

 

With these questions, you should have a solid foundation to meet with your new mortgage lender. This questions will support you going forward and help you prepare for the future. Be sure you write down any answers and mark any concerns you may have. Good luck with your future home owning endeavor with a stellar mortgage lender that you chose! 

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The Updates Your House Needs Every 10 Years

Has your house started losing its beautiful face? Is your house deteriorating already? Are you noticing any leakage or fade in the paint you use? If that yes, then you need to remodel your house or do some repairs. 

 

Just like every other thing, houses to have a lifespan expectancy after which they start to deteriorate and fall apart in the long run. This is why you need to update your house regularly at one point or the other through a home update. Home update or home remodeling is an act of improving your houses to prevent them from deteriorating after some time. 

 

You do not need to wait till your house start deteriorating before you do the necessary home updates. Every 10 year is okay for your house to look as sleek as you always want it.

 

 

1. Repaint Your House

Ten years is a long period for a paint to stay on your house. If the last time you painted your house was ten years ago, you might need to get it repainted. This will not only increase its attractiveness but will increase its worth. Your guests will be impressed with the consistent beauty of your house. You should always remember that when your house painting starts fading; your house will be losing its beauty gradually. You can keep your house beautiful by making sure that the paint is always intact.

 

 

2. Windows and Doors Update

While faulty windows and doors might make the occupant uncomfortable, old ones will make your house unpleasant. You wouldn’t want to sleep in a house that with little or no security because of an old/broken window or door. How will you also feel if your house leaks during winter because of your old door? Well, it depends on you but as for me, changing my doors and windows every ten years is non-negotiable. This does not mean I wouldn’t change it if it is faulty. 

 

 

3. Update the Kitchen

What is more annoying than a rusty cabinet handle or knob? Ten years is enough for you to continue using your cabinet and some other things in your kitchen. They also get old! Change or repair them. Please don’t wait for them to get rust before you do so. The dishwasher and sink also need some update. You might also need to change the outlook of your kitchen to make it alive once again. To me, a comfortable cooking experience would make food more delicious. 

 

 

4. Refurbish your Bathroom

Within a space of ten years, your bathroom might have amassed much dirt that you might imagine. The thing you can do is to bring some tools in to help with the repair and cleaning of your bathroom facilities. You can hire a cleaner to help you with the cleanup while a professional plumber can fix the bathroom facility. The bathroom curtain and other outdated items could be also be changed if possible.

 

 

5. Buy a New Carpet

Regarding quality, a medium-grade carpet cannot last for a period of 10 years, though this depends on many factors. Nevertheless, it is expedient that you buy another carpet when the one in your house has lasted for up to ten years because by then, it probably will have lost it shine and comfortability. There tend to be a lot of stains, odor, and tears on it. A new carpet will also give your house a sense of newness and your house wouldn’t feel or look so old. 

 

 

6. Replace Your Washer and Dryer

Consider yourself lucky if your washer and dryer have lasted ten years and are still working. This is because the average washer and dryer last for around 8 years. Therefore, consider this the perfect time to purchase both of these appliances. You’ll likely get better functionality, and of course, you’ll get an updated house.

Though it might seem stressful, home remodeling pays off in the end. You never can tell how far these little updates can go. So, stop wondering! Go for the updates and get right to it. You’ll be amazed at how much your house will change.

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How To Ensure That You Get Your Security Deposit Back

Getting your security deposit back at the end of a lease in a timely manner at the end of a lease can sometimes feel like an impossible feat. However, if there were no significant damages to the place you were renting, it doesn’t have to be. As a tenant, you have rights. If you follow these steps, you can put all the chances on your side to get your security deposit back quickly. 

 

 

1. Study your contract before moving in

How to get your security deposit back starts before moving in. Your lease should indicate everything you need in order to get your security deposit refunded, including the steps you will have to follow before moving out (do you need to fill in any nail holes or clean the carpets for example). It should also mention how long your landlord can keep your security deposit after you move out. 

Keep a copy of your contract in a safe place and don’t hesitate to refer to it any time you want to make an improvement. 

 

 

2. Document every step 

If any dispute arises between you and your landlord, documentation will be key. Taking the extra step to record everything might be a hassle, but it can save you a headache and a lot of money in the long run. 

Start by doing a video recording or taking pictures of any damage during your moving-in inspection. If you notice anything amiss after moving in, email your landlord immediately and snap a picture. 

 

Keep a record of any damages and repairs during the life of your lease and make sure that you have a written proof as “normal wear and tear” can sometimes be a subjective notion. 

If you want to make any changes, even one that you might consider would improve the value of the rental like repainting the walls or changing an appliance, check with your landlord first. 

 

 

3. Be aware of the tenant-landlord laws in your state

Laws vary from state to state, but your landlord is not allowed to keep your security deposit without a valid reason. Check your state’s attorney general website and the U.S. Department of Housing and Urban Development to see which ones apply to you. 

Keeping any communication with your landlord by email or following a conversation by an email is a good way to avoid any misunderstanding and keep a written record should the need arise. 

 

 

4. Plan your move-out carefully

Before moving out, check your lease to see how much  notice you must give your landlord: most states require a 30 days’ notice and to send it by certified mail with return receipt requested. 

Deep clean your apartment as best as you can and proceed to small repairs. It is always a good idea to be proactive by protecting the bottom of your furniture with felt pads and avoid hanging things with nails whenever you can for example. If you are on good terms with your landlord, it might be a good idea to have a preliminary meeting with him or her to inspect the unit and set up a check-list of repairs that might be necessary. 

Before leaving the apartment, take detailed pictures to document the move-out condition of the place. 

 

 

5. Follow up with your landlord

In most states, your landlord should return your security deposit within two to three weeks and provide an itemized list of what your deposit will be used for if applicable (cleaning, repairs, back rent…) if applicable by mail. Always make sure to provide your landlord with a forwarding address so he or she can get in touch with you and you can get your security deposit back in a timely manner. 

It is easier and cheaper to negotiate directly with your landlord if there are any disputes. However, if reaching out fails, you might need to take it a step further and sue your landlord in Small Claims court.

 

 

6. If all else fail, sue in Small Claims court

Small Claim Court (sometimes also known as Justice of the Peace, Conciliation, Justice, City, or County court) concerns claims with a limit usually between $3,000 and $10,000 depending on the state. It requires a small fee of $10 to $50 to fill a claim and is an expedited process, not requiring a lawyer. 

However, all the documentation you will have gathered will be instrumental in getting your security deposit back. 

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What is the Difference Between an Interest Rate and APR When Buying a Home?

The many costs associated with buying a mortgage often leave new buyer’s heads spinning. Between closing costs, interest rates, and additional fees, how do you stay on top of everything? The more you understand the different terminology of mortgages, the better equipped you’ll be to make smart choices about your money when buying a house. 

 

One of the most confusing aspects of choosing a mortgage is understanding your interest rate and annual percentage rate (APR). This guide will break down the differences between each so you’ll be ready to find the best mortgage deal. 

 

 

Interest Rates and APR Defined

When you choose to buy a home, you’ll likely get financing from a mortgage lender or bank. The lender generally will pay for a percentage of the loan, and you agree to pay this amount back with interest over a specific period of time. Your interest rate is the amount of interest you’re accruing on your home mortgage each year. 

 

That means when you pay your mortgage every month, you’re paying a portion of the principal, or the amount you originally borrowed, as well as the interest you’ve accrued for that month. With that in mind, the longer the length of your loan, the lower your monthly payments and the more you’ll pay in interest. 

 

Your interest rate is not the same as your APR, or annual percentage rate. While we’ve just defined your interest rate as the amount you’ll pay to borrow your mortgage loan, this doesn’t include any other fees or charges that come along with having a mortgage.  

 

Your APR is both the cost of your loan as well as additional fees. Your APR will include the cost of mortgage insurance, loan originator fees, discount points, and more. That means you don’t want to only look at your interest rate when shopping around for a mortgage. Your APR will give a much clearer picture of how much you’ll owe on a monthly basis. 

 

 

How to Compare Mortgage Rates

Now that you understand how interest rates and APR differ, you’re in a better place to compare mortgages to find the best fit for your budget. The best place to find all of this information is on your loan estimate. Your loan estimates from all of your lenders will look the same since it’s a regulated government document. 

 

You’ll find your loan interest rate under your section for loan terms, and you’ll need to read on further to find your APR under the comparison heading on the third page of your loan estimate document. When deciding two similar loans, it’s a good idea to jump to the APR. This will help you land the best deal. 

 

In general, APR provides a clearer picture of which lender is charging you more. However, always do your best to research any additional expenses that might not be included in your APR such as property surveys or title insurance. It’s also important to note that APRs on adjustable-rate loans won’t show the maximum interest rate possible, so this could be misleading.  

 

If you want a lower monthly payment, pay the most attention to the interest rate. If you’re more concerned about the overall cost of your loan, focus more on your APR. Of course, this is not a one-size-fits-all solution. Take all aspects of the mortgage application process seriously to make sure you know what you’re getting yourself into. Your mortgage is likely the biggest financial agreement you’ll ever enter. Don’t take it lightly! 

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Can You Buy A House with a VA Loan?

Veteran Affairs mortgages (commonly known as VA loans) have allowed over 22 million service members to buy a home since 1944. This advantageous program allows qualified veterans, active duty members and their spouses to purchase a property with no down payment, low interest rates, no mortgage insurance and usually allows for a higher debt-to-income ratio than conventional mortgages. So, what’s the catch?

 

If you are considering buying a house with a VA loan, you must make sure that the property you have in mind can be financed through this type of mortgage. 

 

 

1. The house must be used as your primary residence

VA loans can only be used for houses that the borrower will live in within 60 days and will use it as his or her primary residence. 

An exception is made for active duty members on a case-by-case basis: if the military member cannot move in within 60 days, in the case of deployment, for example, his or her spouse or minor child can satisfy the occupancy requirement in certain cases. 

 

Another exception can be made if the borrower will be retiring within 12 months: he or she might be able to negotiate a later move-in date. 

 

 

2. The house must be in move-in condition

Properties purchased with VA loans must be “safe, sanitary, structurally sound and appropriately valued.” These Minimum Property Requirements (also known as MPRs) include mechanical systems in good working condition, dry basements and crawl spaces, no reported presence of termites or fungus, and so on. 

If you have your eye on a property that might not meet these requirements, it will have to be remediated before the loan closes at your expenses or that of the seller. Although foreclosures are not excluded from VA loans, the fact that these properties are often sold as-is often disqualifies them. 

 

 

3. The house must not be an income property

Properties that are eligible for VA loans can be single-family homes, townhouses, condominium units in projects that have been approved for VA loans. Manufactured homes are theoretically authorized but can prove difficult to get approved by the lender. If you are planning to live in one of the units, multi-family homes with four units or less are also eligible. 

However, any building whose highest and best use would not be residential cannot be purchased with a VA loan. This includes apartment buildings with more than four units as well as properties that could be used for business purposes, such as working farms or a property with a store attached. Outbuildings, like a horse barn on the property, or a large acreage, can also create some difficulties to get a property approved. 

 

You can not buy a secondary or seasonal home with a VA loan and, although building a home with a VA home is allowed, buying raw land even to build in the future is not.  

There is no cap to VA loans. However, if you are planning on buying a house with a VA loan above a certain limit, which is based on different levels depending on the location of the house you are interested in purchasing, you might need to put down a down payment, usually equivalent  to 25 percent of the difference between the VA loan limit and the purchase price of the home.

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Is It Worth Having a Fire Place in Your Home?

How often do you find you use your fireplace? If you do use your fireplace is it only during the winter? The question today is: Are fireplaces the appealing to consumers today? There are many pros and cons of having a fireplace from aesthetics to price. Let’s go into what modern customers want today.

 

Not even a decade ago fireplaces were must-haves to most home buyers. Now real estate agents are finding that their clients would rather have a blank wall to do what they please with. Many potential home buyers see fireplaces as a waste of space that could have otherwise been used for other situations. Many rooms are limited by the placement of a fireplace instead of enhanced.

 

Many locations place limits on burning wood and as result have caused traditional fireplace sales to dramatically drop. Some people are even predicting traditional fireplaces to be phased out of any new homes within a few years. Electric fireplace sales, however, have steadily increased over the years. In 2017, 187million dollars worth of electric fireplaces were sold in retailers. Let’s go through a list of pros and cons of owning a fireplace.

 

 

Cons

Location can be dangerous. Owning a fireplace in an area that is earthquake prone can be a hazard to your home. If a quake occurs then it can potentially create a gas leak in your home. If you just think a fireplace is “okay” then is it really worth this risk?

 

Allergies. Someone in your home could be allergic to the wood or smoke which can cause major problems. Especially if that person is prone to asthma then a fireplace is just a danger to them.

 

Takes up space. Wherever the fireplace is located it dramatically changes that dynamic of the room. You now can no longer use that wall to put a tv in front of or any furniture. If you absolutely love what a fireplace brings to a room then this wouldn’t be a problem but if you don’t care then why bother having one?

 

Takes up the warmth. I know this sounds ironic but as much warmth as a fireplace gives you it can also take it away. Depending on location the warmth might cause the heat to not initiate to the rest of the house. That means that you might be warm and toasty in front of the fireplace but if you’re anywhere else in the house then you’ll be getting cold really quickly.

 

 

Pros

Aesthetically pleasing. If you love the look of a fireplace then you know what it can add to a room. The mantel is perfect for decorating and it gives your home that warm feeling without even being on.

 

Winter wonderland. Having a snowfall with warm cocoa and without the fireplace just seems heartless. The fireplace has been romanticized and for a good reason, it’s lovely to curl up next to one on those winter days. 

 

 

Person Preference

In the end, it’s really up to what your feelings are concerning fireplaces. If you love them and can’t live without them then make sure to have one in your home and keep yours. If you are indifference then maybe removing it would be the best option for you.

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How To Save Money on Bundling Home Services

If you are buying or renting a new home, you can save a bundle of money by bundling home services (pun intended).  Between combining insurance coverage and utilities, homeowners have the potential to enjoy a massive financial savings if they play their cards right.   

 

 

Bundling is Mutually Beneficial for Homeowners and Service Providers

Service providers are eager to bundle services including insurance coverage as it really does make them that much more money in the long run.  As long as these businesses can retain homeowners as customers, bundling makes sense for both parties.  Bundling is beneficial to customers in that it reduces overall costs.  However, there is a chance you will not need all of the components of the bundled services so be sure to perform a thorough review of the proposed bundle before making a commitment.

 

 

Bundling Home and Auto Insurance  

There is no sense paying exorbitant rates for home and auto insurance through separate providers when you can enjoy each at a reduced rate through bundling.  Check with your insurance provider to determine if there are other forms of insurance you might need that can be added to the bundle to decrease your insurance costs that much more.  The larger your policy, the more your discount will be in terms of total percentage off.  Your homeowners insurance discount will likely exceed that of your auto insurance as houses are more expensive than automobiles.

 

 

Bundle TV, Internet and Phone Services

Though few people use landline phones, some of the top telecommunications providers are willing to provide steep discounts to those who bundle their TV, Internet and phone services in one tidy package.  There are also numerous discounts available for those who strictly use Internet and TV.  So don’t rely on different home service providers for these luxuries.  Consolidate these home services through a single provider and you really will save a substantial amount of money across posterity.

 

 

Bundling Utilities

Some homeowners have the opportunity to bundle home utilities.  Check with local utility providers to determine if it is possible to group your water, electric, gas and other utility bills together at a reduced rate.  Take a look at your first bundled utility bill and you will find it really is that much less than the costs of these services provided a la carte.  This financial savings and certainty will make it that much easier to create an accurate budget.

 

 

Bundling is Cheaper and More Convenient

The primary reason to bundle services is to save money.  However, bundling services also makes life that much more convenient.  Take a moment to think about how nice it will be to have the majority of your home services consolidated across a few providers.  You will receive a couple bills per month by way of email or snail mail.  Furthermore, you will spend less time paying these bills as you won’t have to fetch a series of usernames and passwords to log into your accounts and make separate payments each month.  The time savings really does add up over time.  As is often said, your time is your money.  Furthermore, if anything goes wrong at your property and you have to make a claim, it will be that much easier to contact a single insurance provider or other service provider as opposed to multiple providers.

 

 

Do Some Shopping to get the Best Bundle Rate

No two multi-service discounts are exactly the same.  Do not accept the first bundle offer you find.  Shop around, find the best price for bundled services and review the details of the offer in-depth prior to signing any paperwork.  Though it might make sense to simply add on another coverage or service with your current provider, you might be able to save that much more money bundling these services and/or policies with a completely new insurance provider.

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How to Install a Waterfall in Your Backyard to Increase Home Value

With so much technology taking over all aspects of our lives, it’s no wonder more families are heading to the backyard for some must-needed relaxation. Having a backyard adds significant value to your home. Outdoor space is perfect for family fun, entertaining, and even just exploring your own green thumb. 

 

However, a backyard on its own isn’t always enough. Installing a waterfall in your backyard is a simple way to add more dimension to your own outdoor space. Not only do waterfalls add an element of relaxation, but they also mask loud sounds from traffic, neighbors, or nearby construction. Here’s why you should consider a waterfall in your own backyard, and also how to get started with the installation. 

 

 

Why Build a Waterfall?

We all know how powerful pools are in your backyard. Of course, they’re great fun on their own, but they’re also a way to boost your home value. Adding a pool to your backyard is said to increase your home value by 8% of the sale price. However, pools don’t always make sense for all homeowners. 

 

First of all, the cost of maintaining a pool is steep. In some climates, pools might not be usable during the majority of the year. These things will all need to be taken into consideration when considering building a pool in your backyard. An excellent alternative is a waterfall. 

 

A waterfall is a type of water feature that can be built into your existing backyard. While you certainly can add a waterfall to an existing pool, it can also be built on its own or into a smaller pond. This means you don’t have to worry about raising your insurance costs, expensive maintenance, or seasonal use. Make the waterfall as big or as small as you want without the same high cost of a pool. It’s an easy transformation that will wow your guests and your future homebuyers. 

 

 

Installing a Waterfall in Your Backyard

Now that you understand why a waterfall is such a great addition to any backyard, it’s time to talk about how to actually do it. You have three main options: purchase a ready-made waterfall, DIY your water feature yourself, or hire a professional. The lowest-cost option will, of course, be to do it yourself. The materials are simpler than you think, and as long as you have some mid-level handiwork skills, you can likely manage it on your own. 

 

However, if you’re looking to create something more robust, a professional or ready-built model is the way to go. Start by searching for backyard waterfall inspiration to see what speaks the most to you and suits your environment. The most important thing to keep in mind is your local weather and seasonal changes. You want something that can be enjoyed the majority of the year to get the most value from your investment. 

 

From there, find a professional in your area familiar with water pumps. Since backyard waterfalls are so common nowadays, this shouldn’t be much of a challenge. If you don’t mind a bit of elbow grease but don’t want to source materials on your own, opt for a DIY backyard waterfall kit. 

 

There you have it! That’s all there is to it. If you build your waterfall yourself, you should expect it to take anywhere from 1-3 weeks. Otherwise, a professional can likely build it in a few hours or days depending on the size of your water feature. Your backyard just got a whole lot more functional, not to mention relaxing. 

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source https://nationalcashoffer.com/how-to-install-a-waterfall-in-your-backyard-to-increase-home-value/

The Benefits of Renting An Apartment or Home in The Suburbs

If you are looking for an apartment or a house, you should abide by the real estate mantra of “location, location, location!”  Your new home’s location really is more important than anything else.  Most of those who have lived in urban, rural and suburban locations favor the suburbs.  Let’s take a quick look at the benefits of living in the suburbs.

 

 

The Peaceful Setting You Deserve 

Use your mind’s eye to envision yourself sleeping in until Noon on the weekends and waking naturally as opposed to waking as a result of noise pollution.  The only sounds you hear around your home are the occasional lawn mower and kids playing outside.  If this seems like a pipe dream, you have likely lived in the city for most of your life.  Live in the suburbs and you will enjoy a quiet, peaceful living space without nerve-wracking noise pollution.  Furthermore, you will sleep better.  High-quality sleep is essential to your well-being, work performance and physical health. 

 

 

The Suburbs Give You Privacy

The suburbs typically have a good number of single-family homes available for rent.  This means you won’t have to share a ceiling or walls with strangers.  Furthermore, you will have an entire front and backyard to yourself.  You won’t have to share any sort of community amenities, be it a barbecue, laundry machine or anything else.  This is the privacy every human being deserves yet only those who live in the suburbs actually enjoy.  

 

 

The Benefits of Living in the Suburbs: Safety

Crime rates are typically higher in cities and lower in suburban spaces.  Violent crime is especially high in urban spaces.  Though renting a home in the suburbs will likely cost more than renting in another area, it is worth the extra money.  After all, what good is a bunch of money if you are constantly worrying about someone stealing it, breaking into your home or robbing you on the street?

 

 

Open Spaces

Open spaces are underrated.  People have become so accustomed to sharing space with others that they believe it is normative to live and work right next to others.  Packing human beings into cramped urban spaces results in a low quality of life.  Find a home in the suburbs and you will be blown away by the wide open spaces.  You can go for a long drive without worrying about traffic, enjoy a hike or go jogging and breathe in clean, fresh air.  This is your opportunity to reconnect with nature.  Visit community parks, nature escapes and other green spaces and you really will feel better.

 

 

Accessible Parking

Anyone who has lived in a city will testify it is challenging to find a parking space.  Some large cities require people to pay for parking spaces.  The exact opposite is true in the suburbs.  These comparably green and open spaces are rife with parking spaces as there are actually parking lots instead of parking meters for cramped spaces on city streets.

 

 

The Suburbs Have Better Schools

Take a look at the latest studies and you will find most suburban schools are vastly superior to those in urban and rural spaces.  Suburban schools typically have better learning materials, teachers and higher graduation rates.  Even if you do not have kids at the moment, you might reproduce in the future.  Move to the suburbs now and you won’t have to worry about whether your kids receive the best possible education.

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 appeared first on National Cash Offer.

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How To Set Up Your Own Home Repair Budget

Buying a home is exciting, but can be very stressful. Especially for first-time homeowners, you have to consider all the recurring monthly costs that you will be responsible for.

From your mortgage and insurance to property tax and utilities, there are a lot of expenses that you might not be prepared for. One expense, in particular, that is often ignored is setting aside a budget for home repairs.

 

In order to preserve the value of your home and continue to live comfortably, you need to be prepared to cover expenses resulting from broken appliances or structural damage to your home. This could include anything from a damaged roof to a leaking water heater.

It can be difficult, though, to know how much to set aside for these unforeseen expenses. Consider these factors when trying to set up an adequate home repair budget.

 

 

Maintenance vs. Improvements

First and foremost, you should acknowledge the difference between making repairs and making improvements to your home. Making sure your roof is protected and that your appliances are in working order are necessities. Replacing your kitchen cabinets is not.

 

Of course, this doesn’t mean that you can’t set aside money for renovations, but these should be two different budgets. Maintenance should be prioritized over renovations.

 

 

Assessed Value

The easiest way to set up an adequate budget for home repairs is to set aside a percentage of the assessed value of your home. It’s commonly recommended that you set aside anywhere from 1% to 4% of your home’s assessed value for maintenance costs.

 

If your home is older and is likely to need more repairs or your home is very expensive, you should probably lean closer to 4%. However, for newer or cheaper homes, it’s probably safe to skew closer towards 1%.

This strategy, while very easy, is not always completely effective as your home’s assessed value is just an estimate. However, it is a great way to ensure that you’ll likely at least be able to cover most maintenance costs.

 

 

Itemization

Alternatively, if you prefer to err on the side of caution, you could create a budget for home repairs by making a list which details the costs of any potential repairs that you might need to take care of.

Your list should cover everything from roof repairs to fixing your washing machine. Additionally, you should be sure to consider the cost of repair and installation services in the case that you are not able to repair something yourself.

 

Once you’ve created your list, you can estimate how much you need to save on a monthly basis in order to cover the annual cost of maintaining all of the items on your list.

Creating a home repair budget is often an overlooked expense for new homeowners. However, maintenance should always be a priority in order to ensure the safety and comfort of you and your family. Using one of the methods listed above, you should be able to create an adequate budget to cover any potential maintenance expenses that might arise over time.

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source https://nationalcashoffer.com/how-to-set-up-your-own-home-repair-budget/

How To Know If You Are Ready To Buy A Home

Those who came of age during the subprime mortgage fiasco are hesitant to shell out their hard-earned money for a home, especially if they have to take out a sizable mortgage.  Plenty of young people are renting instead of buying as they are apprehensive about elevated home prices, the economy and long-term career stability.  It is awfully difficult to determine when you are truly ready to make the home purchase plunge.   

 

 

Are You Financially Secure?

Financially secure individuals and couples are those with an emergency fund and a reliable source of income.  It also helps to have debt paid down altogether or at least partially paid.  The emergency fund should cover at least three months of expenses.  This way, if you cannot work due to an injury, sickness or any other reason, you will still be able to cover your mortgage payment for a couple months. 

 

Perhaps most important is the home-seeker’s ability to pay at least 10% of the home’s value in the form of a down payment.  Ideally, you will be able to pay at least 20% of the home’s value upfront.  Keep in mind there is an added expense in the form of mortgage insurance for those who cannot put down the 20% required to secure a home loan.

 

 

Are You Transient?

Those who have not yet “laid roots” should think twice before plunking down a ton of cash on a home.  If you are considering moving in the next five years, buying a house could prove to be quite the financial burden.  You might not be able to sell the home anywhere near the price you initially paid.  Furthermore, there are costs to purchase and sell a home.  If you are unwilling to lose upwards of 10% of the property’s value in closing/selling costs and financially incapable of taking such a massive hit, this is not the right time to buy a house.

 

 

Are You Financially Prepared to pay for the Home’s Hidden Expenses?

Take a moment to consider all of the potential costs of home ownership.  Everything from adding amenities to the home to yard maintenance and home repairs costs money.  As an example, if the roof needs to be replaced in a couple years, you will have to spend around $10,000 for the replacement.

 

 

Take a Look at Your Credit Score

It will be challenging to snag the home you have your eye on unless your credit dazzles lenders.  If your credit score is below 620, you won’t be eligible for a conventional home loan.  In fact, plenty of lenders mandate a credit score of 700 or greater.  If you are emerging from bankruptcy, are being hounded by debt collectors or simply have bad credit, this is not the right time to buy a home.

 

 

Do not Assume Your Mortgage Payment Will be the Same as Your Rent Payment

Real estate agents far and wide have tried to convince home-seekers their mortgage payment will be about the same as their rent payment.  This is an exaggeration as homeowners have all sorts of additional expenses from home insurance to property taxes to city assessments, repairs, etc.  

 

 

Are You Willing to Invest the Time and Effort to Improve the Home? 

Problems will inevitably arise after you move into your new home.  If you are incapable of fixing a basic leak or performing general home maintenance, you will pay through the nose for someone else to do it.  This is not to say you always have to take the DIY (do it yourself) approach.  However, if you are clueless about home maintenance, bad with your hands or incapable of performing the manual labor required for repairs, the home has the potential to become a money pit.

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Signs That You May Need To Remodel Your Living Room

Your living room is where you spend the most time. This is where you decompress after a long day at work and where you reconnect with your family. Yet, so many living rooms of today feel like they’re trapped in the wrong decade. What better room to remodel than the one you use the most?

 

In the past, living rooms were traditionally kept small and closed off. This was necessary to conserve energy, especially in colder climates. Today, we have more efficient heating and A/C systems. That need for enclosed spaces simply isn’t necessary anymore. Living rooms are larger than ever thanks to the open floor plan movement and a modern push for more space. 

 

How do you know it’s time to remodel your living room? If you’ve been putting off that makeover, read through these signs to determine if it’s finally time to take the plunge with your remodel. 

 

 

1. Your Space Isn’t Functional

While most people think about the kitchen when discussing functionality, your living room can also get in the way of your daily life. Think about the times when you expect the most out of your living room. Perhaps you can’t watch your kids while cooking dinner because there’s a wall separating the two rooms. Maybe you don’t have the space to host your friends. 

 

If you’re always struggling with ways to getting more use out of your living room, odds are it’s time for an upgrade. Working with a contractor to remove a wall, install a counter, or construct some storage space will likely transform the space. 

 

 

2. Your Living Room Feels Out of Date

Sometimes your space just doesn’t feel like it belongs in this time and place. Does your fireplace look like it’s from the 1960s? Do the fixtures age your home? These small things date your house and clash with modern designs. 

 

The good news is it’s easy to swap out these minor things and make a big change. For instance, add a veneer to your fireplace to bring it into the 21st century or upgrade your light fixtures. Also, never underestimate the power of a fresh coat of paint. 

 

 

3. It’s Too Dark

Letting light into your living space helps your home feel more livable. Natural light prevents rooms from feeling tired and drafty. Outdated windows are small, cloudy, and date your space. Replacing your windows with fresh new ones adds new life. Plus, though an expensive upgrade, you can count on windows returning 80% or more at resale. 

 

It’s time to let in the light. Be conscious of the direction of your windows, their fixtures and shades, and also outdoor shrubbery. A poorly placed tree or bush, for instance, could be blocking that afternoon light. 

 

 

4. You Need More Space

Sometimes we simply outgrow our homes. If that’s the case, it might be time to go home shopping for more space. However, it’s worth looking for other ways to add space to your living room. If it feels like your family members and their belongings are crawling over each other with your daily tasks, look for some faux adjustments to create the illusion of more space. 

 

Lighter colors on the walls, white ceilings, and the right sized area rug all contribute to a feeling of extra space. Additionally, keep your storage hidden and out of sight to avoid the appearance of clutter. Adding some built-in shelving or storage solutions will help with this. 

 

 

5. Your Flooring is Old

Finally, old flooring shows the age of your home. Whether you’ve still got stale carpet from the 70s or cheap linoleum floors, these small things make your home look more than just lived in. The wrong flooring can even seem dirty no matter how much you clean it. Think of how many people have walked on that floor throughout the years. If your flooring is getting in the way, it’s time to upgrade. 

 

The good news is flooring is one of the best investments you can make in your property. For instance, 54% of buyers were willing to pay more for homes that featured hardwood flooring. If you don’t have the budget for a larger flooring remodel, just start with your living room. The bedrooms and kitchen areas often keep different flooring without seeming out of place. 

 

Do you notice any of the signs above in your own home? If so, it’s time to seriously consider a remodel. Even a few minor upgrades will bring your home into this century and increase your home value. Everyone wants their living room to actually be livable.

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How To Choose A Property Manager For Your Rental Home

Owning an income property can be a great investment. However, managing a rental home or an apartment building personally can be overwhelming and quickly turn into a full-time job instead of the passive income you were hoping for. Being a landlord requires you to be on call at all times, which might not be compatible with your lifestyle, especially if you live far away from your income property or if you are planning to travel. Besides, how do you feel about taking a day off from your regular job to evict a tenant? 

 

Hiring a property manager can bring you tremendous peace of mind and it can also help you maximize your return on investment on your real estate property. Here is all you need to know to choose a Rockstar property manager for your rental home.

 

 

1. Do they have any referrals?

Your first task when choosing a property manager should be to ask for referrals around you. Word of mouth travels fast. When interviewing potential managers, make sure to ask for referrals from previous and current clients and follow through with them. 

 

Do not hesitate to ask other local real estate investors and real estate agents what their experience is with any prospective property management company. You should also check with the Better Business Bureau and your state’s Real Estate Commission to ensure that they are licensed and have an outstanding reputation. 

 

 

2. How do they handle communication with you?

Communication is key when it comes to property management. If you are having a hard time getting in touch with a prospective property manager from the get-go, chances are prospective tenants will be faced with a similar conundrum, which could be synonymous to a loss of income for you. Save yourself a headache and pick a candidate who will be responsive from the very beginning.

 

In a world where being tech-savvy is increasingly important, make sure that you hire a property manager who is available on a variety of platforms including social media. 

 

 

3. What are their responsibilities?

Depending on your needs, your property manager should be able to handle the rental process from finding new tenants by marketing your property wisely to handling move-outs and evictions if necessary. Responsibilities, whether they are yours or theirs, should be clearly laid out in a contract from the start. Always review the proposed management agreement carefully for any hidden fees. 

 

It can be a good idea to check some of the properties managed by the company in person: are they well maintained? Are there ads for available apartments in a variety of places? If you get a chance to talk to tenants living in those properties, do not hesitate to ask about their experience with the company. 

 

 

4. How experienced are they? 

Property management can be a very specialized business. A good property manager should be able to help you get the most out of your real estate investment property, for example by being aware of the appropriate rent in the part of town your property is located in, or which tenants they might be more likely to attract and how to market towards them. 

 

You should also ask what type of property they have the most experience with (apartment buildings, single family homes, multi-family properties…) since the type of experience required can be vastly different from one to the next. They should also be able to propose a portfolio of reliable contractors for any repairs or maintenance needs. 

 

 

5. Can they answer additional questions?

Before hiring a property manager, make sure to ask them any questions you might think about regarding their day-to-day operating system in order to avoid any bad last-minute surprises. Some good questions to ask include the size of their staff, the average time to process maintenance request, their screening process, their vacancy rate and so on.

 

A property manager can make or break your experience as a landlord, so do not hesitate to take your time before choosing one. Good luck! 

The post How To Choose A Property Manager For Your Rental Home appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-to-choose-a-property-manager-for-your-rental-home/

Is Buying A ‘Starter Home’ A Good Idea?

Starter homes are no longer uber-cheap and widely available.  These small yet comparably affordable homes are getting scooped up left and right.  Apartment-weary millennials and baby boomers looking to downsize now that the boomerangs seem to have permanently left the nest for good are driving the prices of starter homes that much higher.  Some are beginning to question whether these diminutive living spaces are worth the money.

 

 

Should You pay for a Starter Home or Save for Something Better?

Every home-seeker will have to crunch the numbers and weigh the pros and cons of buying a starter home or saving for something larger.  Those who are single and those who have no intentions of starting a family in the short-term will likely find a starter home to be worth the money.  However, it might not make sense for a newly-married couple to buy a starter home if they plan on starting a family in the upcoming years.  Couples looking to add to their family would be better served saving for a larger home or taking out a larger mortgage for more spacious digs to accommodate their children.

 

 

Are Starter Homes Worth the Elevated Prices?

Even those who are single or in a relationship without plans to have a family are questioning whether starter homes are worth the lofty prices.  Today’s starter homes are approaching the price tags of the family homes of yesteryear. Does it really makes sense to take out a substantial mortgage to finance such a small house?  After all, there is no guarantee the real estate market will remain strong.  If home prices dip, the investment could lose value and make it that much more difficult to segue to a larger home at the desired time and price. 

 

 

You Can’t Time the Market to Perfection

There is no sense in trying to time the real estate market as it is unpredictable.  If you have been waiting on the sidelines for a while, hoping the price of your “forever home” finally dips, beware that the wait could continue.  There is no guarantee the forever home you have your eye on will stay the same price or decrease in price in due time.  The market could continue to climb, making it that much more challenging to snag that forever home.  

 

If you intend on transitioning to such a forever home within a year or a couple years of your move to the starter home, you should give serious consideration to skipping the starter home altogether.  The moral of this story is few succeed in timing the market to make a seamless and profitable transition between starter and forever homes.

 

 

Consider a Happy Medium

Crunch the numbers on the starter home and forever home you have in mind.  Once you have determined the exact price difference between the two homes, consider how many years it would to take to save that amount of money.  If you can save up the difference between the two homes’ prices in a year or two, it might  make sense to buy the forever home right now.  If it would take half a decade or longer to save up the difference between the two homes, it makes more financial sense to opt for the starter home.   

The post Is Buying A ‘Starter Home’ A Good Idea? appeared first on National Cash Offer.

source https://nationalcashoffer.com/is-buying-a-starter-home-a-good-idea/