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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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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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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source https://nationalcashoffer.com/how-to-know-if-you-are-ready-to-buy-a-home/

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.   

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How To Prevent A Water Heater Flood

Most individuals rely on a traditional water heater storage tank to provide them and their families with hot water. These systems, which are typically fueled by propane, electricity, or natural gas, work by releasing hot water from the top of the tank and replacing it with cold water whenever someone in the house uses hot water.

 

While these systems are generally reliable and are used in the majority of households throughout the United States, what happens when they fail? 

Water heater floods can be catastrophic for your home as they damage the structural integrity of your property.

Here are a few things you can do to prevent a water heater flood.

 

 

What Causes a Water Heater to Leak?

Water heater leaks can be caused by several factors, including:

• Sediment Buildup
• Rust
• Faulty Temperature and Pressure Release Valve
• Excessive Water Pressure or Overheating
• Corrosion

 

These are a few of the most common causes of water heater leaks. When one of these things happens, excessive water can damage your drywall, flooring, and electrical work. As a result, it is important to understand a few steps you can take to prevent this issue.

 

 

How to Prevent a Water Heater Flood

Every homeowner should know what they can do to prevent their water heater from leaking and potentially flooding their home. Here are a few things you should consider doing to protect your home from a flood.

 

 

Regular Maintenance

First and foremost, the best thing you can do to prevent a water heater flood it to perform regular preventative maintenance to ensure that your water heater is always in working order.

This should include regularly inspecting the temperature and pressure valve, checking the anode rod, and flushing a quart of water from the water heater every three months or so.

 

Additionally, you should be sure to check for moisture, mold damage, loose fittings, and any water that is pooling near the base of the water heater.

Taking these steps is a great way to ensure that your water heater doesn’t have any small leaks or issues that could potentially lead to more serious damages.

 

 

Use a Water Shut Off Valve

A great option to prevent a water heater leak from getting worse is to use an automatic water shut off valve.

Water shut off valves work by detecting leaks and sending a signal to the control box which completely shuts of the water heater’s water supply. Once this happens, the valve will stay closed until you manually reset it, ensuring that the leak doesn’t become worse. Additionally, most shut off valves will sound an alarm when a leak is found so that you are aware that maintenance is needed.

 

 

Drain the Water Heater

Shut off valves simply ensure that the leak doesn’t get any worse by allowing more water to be pumped into the water heater; however, the water that is already in there will continue to leak unless drained.

To drain the water heater, follow these steps:

1. Turn off the water heater.
2. Turn off the water supply.
3. Drain the water heater by attaching a hose to the drain valve at the bottom of the tank. Run the other end of the hose to an area that is safe to drain the water and open the drain valve.
4. Open the pressure relief valve.
5. Open the water supply and wash away any sediment that may be inside.

 

Following these steps can help you make sure that your home avoids extensive damage caused by a water heater flood.

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