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Tag Archives: Real Estate

The Most Commonly Searched Household How-To Remedies

Posted on December 20, 2019 by joeglez

The Most Commonly Searched Household How-To RemediesOwning a home comes with a lot of responsibility. Many of the responsibilities that people think about involve home maintenance. There are few things that frustrate a homeowner more than having repair and maintenance bills come up. At the same time, it is important to address these properly.

For this reason, it is important for everyone to understand the most common how-tos people search for. This will give someone a glimpse into some of the responsibilities he or she might face when owning a home. Those who can handle these how-tos can save money on maintenance costs and repair bills.

How To Unclog A Drain

One of the most commonly searched how-tos is how to unclog a drain. Some of the drains that might get clogged include kitchen drains, sink drains, and bathtub drains. When these drains are clogged, water can back up and make the equipment unusable.

In order to unclog a drain, it is important to consider the various options available. Some people use a “snake” to unclog a drain. Other people use a liquid, such as Drano. 

How To Stop A Leaky Faucet

Another how-to that people frequently have to handle is a leaky faucet. A dripping faucet can lead to significant increases in someone’s water bills. Furthermore, the dripping noise can also keep people up at night.

Sometimes, the handles on the faucet simply need to be tightened to stop the leaky faucet. In other cases, there might be a loose washer underneath the sink somewhere. These are some of the common causes of a leaky faucet.

How To Patch And Repair Drywall

Another common house issue that people sometimes need to handle involves drywall. Patching drywall can be a complicated process depending on the location and size of the drywall.

Everyone who is thinking about patching drywall should understand the steps involved. This includes how to make the drywall smooth in addition to the various adhesives and tools involved.

Understanding Household How-Tos

These are a few of the various how-tos that people might have to face during homeownership. Homeowners that can handle these how-tos will be able to save money on maintenance and repair bills down the road, provided they are handled properly.

If you are in the market for a new home or if you are interested in refinancing your current property, be sure to contact your trusted home mortgage professional.

Posted in Real Estate | Tags: Home Improvement, Household, Real Estate |

Culture Clash: Why Boomers Are Moving Back to Big Cities

Posted on December 19, 2019 by joeglez

Culture Clash Why Boomers Are Moving Back to Big Cities“Baby Boomers,” defined as people who were born between 1946-1964, are the wealthiest generation to ever retire, as well as the largest. According to U.S. Census Bureau projections, the population of people 65 and older will increase by 36% between 2013-2023 and is expected to outnumber children by 2034 — for the first time in U.S. history.

Interestingly, in the decade since the Great Recession,people aged 50-59 are increasingly bucking tradition and moving to urban areas. As Boomers retire en masse, they are headed for major cities, favoring amenities-loaded condos over large single-family homes with manicured lawns. What is responsible for this change in older adults?

Home Maintenance Considerations

One of the largest factors causing boomers to migrate to cities is home maintenance. Once adult children are out of the home, many people downsize into more manageable houses. Larger suburban homes take a lot of work between routine home maintenance, not to mention larger emergency repairs. 

It makes sense then, that people 55 and older accounted for the largest increase in the rental home segment from 2007-2017, with a 38% rise in those older than 55 and a 43% increase in people older than 65. In stark contrast, the increase in rentals in people aged 54 and under in the same time period was less than 10%. 

Creature Comforts

Another thing responsible for older adults moving away from the suburbs and into more urban areas is the abundance of amenities large cities can offer them. Exceptionally walkable cities such as those where universities are located tend to cluster upscale condos and apartments near major shopping outlets and public transportation lines, as well as a multitude of options for shopping, dining, cultural experiences, and medical services. 

Cities like Lawrence, Kansas and Bloomington, Indiana have taken note of the trend — and the fact that boomers have about 70% of all disposable income in the United States — and have taken steps to lure retirees in, offering recreation opportunities specific to seniors and making public transportation and preventive healthcare more accessible.

This trend of boomers moving back into large cities, while fascinating, makes perfect sense and is expected to continue for the foreseeable future as cities make themselves more and more appealing, as well as accessible.

If you are in the market for a new home or interested in refinancing your current property, be sure to contact your trusted home mortgage professional.

Posted in Real Estate | Tags: Baby Boomers, Market Trends, Real Estate |

The Risks And The Rewards Of Buying Homes In An ‘As-Is’ Condition

Posted on December 18, 2019 by joeglez

The Risks And The Rewards Of Buying Homes In An 'As-Is' ConditionWhen considering buying a home in an “as-is” condition, the buyer takes all the risk of anything needed to bring the property back up to current building codes and make it ready for occupation or re-sale. There can be bargains in as-is properties if you know how to hunt for one. 

How To Find As-Is Bargain Properties

To find these properties, look for those that sell at auction for tax liens or other reasons for governmental asset-seizure. The might be distressed as-is properties that are foreclosures, short-sales, or estate sales.

A popular home-flipping strategy is to buy an as-is property at a price that is far below market value, make the repairs necessary, and then resell the home for a price that covers the repair costs plus makes a profit.

Tips On Buying As-Is Properties

It is a guessing game when buying an as-is property. There may be very unpleasant surprises for repairs that are very costly and are not obvious. Hidden problems include major plumbing troubles, severe electrical system repairs, shifting or broken foundations, dry rot, and termite infestations.

Here are some tips about how to improve the chances of getting a better deal when buying an as-is property:

Home Inspection: Conduct a professional home inspection. This is insurance to avoid a serious mistake. It is worth the few hundred dollars to pay for one, even if you do not get the property. 

Work With A Contractor: Being a contractor yourself is great. Many contractors buy and flip houses when not working on projects for others. The next best thing is working or partnering with a contractor. Just doing a walk-through with a remodeling contractor helps identify things that need to fix. Then, the estimates for the renovation can be done more accurately.

Major Systems: Assume the major systems will need work or replacement. The biggest unknown expenses in a renovation come from the heating, cooling, and other major systems.

Check Drains: Running water into the sinks for a few minutes is an easy way to see if the drains are blocked.

Roof: Based on the home’s age, assume the roof needs replacement if the roof is more than 20 years old. Inside the home look for evidence of roof leaks that left behind stains on the ceilings and walls that are signs of water damage.

Probe For Termites: Drill tiny deep holes into wood, in an inconspicuous area, to test for termite infestation and/or pay for a pest control inspection.

Foundation Problems: Go into the crawl space under a home to look for foundation problems, such as major cracks and shifting. Another indicator of ground movement and settling, which may be a problem, is that the doors in the home are not level or plumb and do not close properly.

Summary

It is possible to get a bargain when buying an as-is property; however, it is not a certainty. If you are just starting with flipping houses, it is better to partner with professionals to get helpful guidance. Work with a qualified real estate agent who specializes in distressed properties and partner with a reputable building contractor to increase the chance of success.

If you are in the market for a new home or interested in refinancing your current property, be sure to contact your trusted home mortgage professional to discuss financing options.

Posted in Real Estate | Tags: As-Is Condition, Home Purchase, Real Estate |

How Growing, Multi-Generational Families Impact Home Design And Financing

Posted on December 17, 2019 by joeglez

How Growing, Multi-Generational Families Impact Home Design And FinancingThere has been a surge in families who have multiple generations living together. In many cultures, children take care of their parents as they age. This is done in an effort to repay the parents for raising them during their childhood.

At the same time, when there are multiple generations living together in the same home, there are some changes in both home design and financing.

Financing a Multi-Generation Home

Anyone who is looking to finance a multigeneration home will need to detail their financing plan to the mortgage lender. The lender always wants to know how the loan is going to be repaid. The more details someone can supply, the better the chances are that the application will be approved.

A common arrangement is having the grandparents supply the down-payment. They are more likely to have a ready supply of cash-on-hand, often in the home of equity from their prior home.

Then, parents typically supply monthly payments. They are more likely to a stable source of income given that they are likely still employed. 

The Home Design of a Multi-Gen Home

Given that more and more people are indicating their willingness to live in a multi-gen home, this is having an impact on home design as well. Many of these homes have a first-floor bedroom. While these were unusual before, having first-floor bedrooms is important for older relatives. This allows them to avoid having to take the stairs, reducing the risk of falls.

In addition, many people want to provide their older relatives with a feeling of independence while living in the home. This can be accomplished by providing a small kitchenette in the first-floor bedroom. There is often a separate entrance as well. Some families are even interested in having a separate guest house on their property.

Investing in a Multi-Gen Home in the Future

As multiple generation housing arrangements continue to increase throughout society, the financing and home design will continue to evolve. For this reason, it is important for everyone considering this living arrangement to stay up to date on the trends in this industry. It might impact how they design and finance their home for their elderly family members in the future.

Talk with your trusted real estate and mortgage financing professionals to get the best advice on your personal situation. They are experienced in designing solutions for every possible scenario.

Posted in Real Estate | Tags: Market Trends, Multigenerational Living, Real Estate |

3 Traps First-Time Homebuyers Fall Into — And How To Avoid Them

Posted on December 13, 2019 by joeglez

3 Traps First-Time Homebuyers Fall Into -- And How To Avoid ThemWhen someone purchases their first home, this is a significant step. There are a number of issues that people need to think about because purchasing a home is typically someone’s most significant investment.

With this in mind, there are three common traps that first-time homebuyers often fall into. Fortunately, there are ways to avoid these traps as well.

Looking At Homes Before Applying For A Mortgage

Perhaps the biggest mistake that people make is that they look for homes before they apply for a mortgage. Without a successful mortgage application, it will be difficult to find a home at all. Of course, people enjoy looking at homes because it puts their future into perspective. At the same time, it is important to have an idea of how much home someone can afford. This will be difficult to do without knowing how large of a mortgage someone will be approved for. Apply for a mortgage before looking at homes.

Draining The Savings Account

Most people will want to put down some sort of a down payment. After all, this can help one get a lower interest rate on their mortgage. At the same time, don’t think about the down payment as simply a number in the savings account. Calculate how much of a down payment is truly necessary. People shouldn’t have to drain their entire savings account for the down payment. This money might be needed for closing costs, home repairs, and other potential emergencies. 

Not Working With Trusted Professionals

The internet has provided people with instant access to vast amounts of information. This has the benefit of allowing the new home buyer to educate themselves and do research on homes to purchase, mortgage financing options and a lot of other home buying topics. However, the internet can also provide incorrect information or only partial information. 

That’s why it’s so important to work with trusted real estate and mortgage professionals who have your best interest in mind. Feel free to ask them a lot of questions and get specific answers about your personal financial situation and home purchasing needs. They are trained and have years of experience making sure that you get the best combination of things to serve your needs.

Purchasing A Home

These are a few of the most important issues that every first-time homebuyer should think about. It can make a significant difference in someone’s financial future. Pay attention to these and reach out to your local network of trusted professionals today!

Posted in Real Estate | Tags: Financing, First-Time Homebuyers, Real Estate |

How Much Do I Need To Start Investing In Real Estate?

Posted on December 11, 2019 by joeglez

How Much Do I Need To Start Investing In Real EstateIt is important for everyone to diversify their investments and one of the assets that people often look toward is real estate. In a healthy market, real estate should appreciate in value.

It is often less risky than investing in individual stocks and can provide a much higher return on investment than a typical bank savings account or even a money market account. On the other hand, people often think that they require a large amount of money to even think about investing in real estate. This is not always the case.

Buying Property Outright

One of the most straightforward ways to get started in the real estate investing market is to buy property outright in an area that is set to appreciate in value. Then, people can rent the property out to tenants as a way to generate a steady stream of income. This is why many people think that they need a large amount of money. Buying property is expensive and purchasing buildings in cash can be prohibitively expensive. Fortunately, there are other ways.

Joining A Real Estate Partnership

Another option is to join a real estate partnership. In a partnership structure, the various members pool their money together to buy large buildings. These buildings might even include individual apartments that can be rented out. Joining a real estate partnership is a more feasible option to get started in the real estate investing market. People might even be able to join for as little as a few thousand dollars.

Buying Shares

Finally, there are real estate crowdfunding partnerships popping up as well. Joining a real estate crowdfunding group is similar to buying shares of a company in the stock market. This offers an opportunity for people to get involved in the real estate market for an even lower cost. This is becoming a more popular option across the United States.

Invest In Real Estate

In the end, people do not necessarily require a large amount of money to invest in real estate if they know where to look and who to ask. There are plenty of ways to get started in the real estate investing market. People only need to know where to turn.

Be sure to consult with your trusted mortgage professional to discuss current financing options.

Posted in Real Estate | Tags: Crowdfunding, Investment Property, Real Estate |

5 Essential Tips For Painting A House

Posted on December 6, 2019 by joeglez

5 Essential Tips for Painting a HouseWhen someone makes the decision to purchase a home, they often want to add their own personal touch, style, and flair to the home. One of the ways to do this is to paint the home. Of course, painting a home is a significant investment in terms of both time and money. It is important for everyone to keep a few tips in mind to make sure this process goes smoothly.

Pressure Wash The Walls Ahead Of Time

The first step is to make sure the walls are pressure washed first. Anything that is present on the walls when the paint goes down will be trapped there permanently. Remove any dust and debris by taking the time to pressure wash the walls first.

Prime The Painting Areas

The paint needs to adhere to the walls properly in order to achieve the desired effect. In order to make this happen, prime the painting areas first. This coat of primer is essential for making sure the painting job is completed properly.

Protect The Areas That Aren’t Painted

Homeowners also need to take the proper precautions to make sure the paint stays in the desired area. This means using painter’s tape or similar precautions to protect the areas of the home that aren’t going to be painted. Make sure the paint is contained in the desired areas. 

Start With The First Paint Layer

Those who are painting their home need to make sure they paint with a single layer at a time. Even though it can be a hassle to move the painting equipment from spot to spot, give the paint time to rest before judging the work. Finish the first layer before moving on to the next.

Call A Professional Home Painting Contractor For Help

Finally, it can be hard to paint a home. Often, the job does not proceed exactly as planned. Therefore, homeowners should not hesitate to call a contractor for help. Even though homeowners might feel like this is spending money unnecessarily, the costs that come from a painting job performed incompletely or incorrectly will be far more significant.

A contractor has the training and experience necessary to get home painting jobs done correctly the first time.  

If you are in the market for a new home or interested in refinancing your current property, be sure to consult with your trusted home mortgage professional to discuss financing options.

Posted in Real Estate | Tags: Home Improvement, House Painting, Real Estate |

How Much Money To Budget For Home Maintenance

Posted on November 22, 2019 by joeglez

How Much Money To Budget For Home Maintenance1Owning a home comes with a lot of responsibilities. One of these involves home maintenance. Sometimes, people are surprised by the size and frequency of home maintenance costs.

In order to reduce the stress that comes with home maintenance, it is important to plan ahead of time. This means budgeting for the inevitable costs that come with home maintenance. There are a few systems that people can use to estimate their home maintenance costs.

The Percentage System

One of the most common systems that people use is the percentage system. In general, the amount of money that people spend on maintenance is directly related to the size of their home. The larger the home, the more money someone is going to spend on maintenance.

Most people will spend between 1 percent and 4 percent of their home’s value every year in maintenance costs. Older homes are going to have more maintenance costs than younger homes. For example, if a home is worth $300,000, someone is going to be spending between $3,000 and $12,000 per year on upkeep.

The Square Footage System

The range above might be too large for someone to budget accurately. Therefore, a lot of people also use the square footage system. Again, the larger the home, the more someone will spend on upkeep.

In general, someone should allocate $1 dollar per year per square foot of home. For example, if someone’s home is 2,500 square feet, they should allocate about $2,500 per year in home maintenance. 

Some of the downsides of this method are that it does not take into account the location or age of the home. Keep these factors in mind as well.

Home Maintenance Is Different Than Home Repairs

Home maintenance costs are very different than major repairs. The idea of maintenance is to prevent repairs from arising. If someone has to replace their HVAC unit or take out faulty wiring, this does not count as home maintenance costs.

With this in mind, it is important for everyone to budget accurately for home maintenance and to make sure these tasks are completed on-time. Proper home maintenance can save money on homeownership by preventing major repair bills from coming up down the road. 

And any time you have home maintenance questions, remember to ask your real estate professional. They have a lot of experience dealing with every type of home repair and a list of local referral maintenance providers.

If you are in the market for a new home or interested in refinancing your current property, be sure to contact your trusted home mortgage professional to discuss financing options.

Posted in Real Estate | Tags: Home Improvement, Household Repairs, Real Estate |

5 Essential Books To Read Before Starting In Real Estate

Posted on November 21, 2019 by joeglez

5 Essential Books To Read Before Starting In Real EstateIt is important for everyone to put money in a position to make money in order to make financial dreams come true. One of the common targets that people circle is real estate investing.

Before jumping into the world of real estate investing, it is important for everyone to be prepared. This starts by reading a few fantastic books that can help people learn more about the environment associated with investing in real estate.

The Book On Investing In Real Estate

One of the first books that people need to circle is called The Book On Investing In Real Estate. This is a fantastic book that explains to everyone how they can get involved in real estate investing with limited capital. It doesn’t take much to get started. The strategies discussed in this manner are similar to those involved with investing large amounts of money.

The Millionaire Real Estate Investor

A book titled The Millionaire Real Estate Investor is another great read. This book was put together using interviews with more than 100 millionaire investors in the world of real estate. Those who would like to be successful in this arena need to make sure they learn from the successes of those who came before them.

How A Second Home Can Be Your Best Investment

This book, titled How A Second Home Can Be Your Best Investment, is a great read for anyone who is looking to get started in this investing world. This book is written by some of the world’s leading experts in the world of real estate. Using plain language, everyone has the potential to learn about the basics involved in investing in real estate.

One Rental At A Time

This read, titled One Rental at a Time, is an easy and straightforward read. The book compares the world of investing in real estate with an ancient Chinese proverb. This proverb can serve as a powerful guiding principle that can help people get started in the sector of real estate investing.

The Entrepreneur Mind

It is important for those who are looking to get started in this investment state to read everything they can. At the same time, this is also about building a business, which The Entrepreneur Mind addresses. The business world is useful for every aspiring real estate to understand.

Reading high-quality books about real estate investing is a great way to improve your knowledge. Combine that knowledge with a trusted team of real estate industry professionals like a trusted real estate agent and mortgage financing expert and you’ll have a winning combination!

Posted in Real Estate | Tags: Education, Market Trends, Real Estate |

Four Common Headaches Of A Homeowners Association

Posted on November 20, 2019 by joeglez

Four Common Headaches Of A Home Owners AssociationWhen you are looking to purchase a home, you might hear a lot about something called a homeowners association, often shortened to HOA. While there are benefits of having an HOA in a living community, these benefits also have their drawbacks.

There are a few common headaches that people often experience when they move into a community that has an HOA. Anticipating these problems ahead of time can help everyone prepare for what they might encounter.

The Maintenance In The Common Area

Whether you are living in a condo or in a neighborhood, the HOA is supposed to maintain the community common areas. This includes pool maintenance, lawns, landscaping, gyms, and more.

In some areas, your HOA might even be responsible for cleaning up after a storm goes through the area. Sometimes, this simply doesn’t happen. This can cause the neighborhood to look like a mess. If the neighborhood isn’t properly maintained, your property values may suffer. 

Problems With Parking

Without a doubt, parking issues are among the most common problems that you might encounter with your HOA. When someone is driving through town, traffic and parking issues are handled by the police.

In the neighborhood, the HOA is typically responsible. The bylaws of the homeowners association might even give them the right to fine people. Make sure you read the agreement with the HOA carefully. You need to know the laws as well as your rights.

Antenna Issues

It is important for you to remember that your HOA cannot control who you have handle your cable and internet connections. In addition, they cannot force you to remove a satellite dish from your house even if they don’t like the look of it.

On the other hand, if you use an antenna, there are still some HOA rules that can control its location. Make sure you read the rules if you elect to go with an antenna.

Understanding Homeowners Association Problems

Some of the other issues that you might encounter with your local homeowners’ association involve pets, holiday decorations, and other random fines. You should read up on the bylaws ahead of time so you know what lies ahead. While not every HOA creates problems, others can be a real headache.

As always, your local real estate agent can answer specific HOA-related questions on any community in the area. 

If you are in the market for a new home or interested in refinancing your current property, be sure to consult with your trusted home mortgage professional to discuss financing options.

Posted in Real Estate | Tags: HOA, Real Estate, Rules and Regulations |

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