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Paring Down Your List of Homeowner Must-Haves

Making Your Home-Ownership Dreams Come True

Posted by on 7:11 pm in Uncategorized | Comments Off on Making Your Home-Ownership Dreams Come True

It’s the American dream; owning a home of your very own. For many, it is just that; a dream. Financial difficulties can wreak havoc with your credit and saving up enough for a down payment can be downright impossible. You should know, however, that there is a way to get financing for your dream home. The Federal Housing Administration (FHA) provides government-backed mortgage loans for those who may have given up hope. Read on to learn more about this answer to home financing for those who need it most. Credit scores can seem like a cruel joke to those who have had issues with the use of credit, but the FHA approval process allows those with scores of at least 580 to qualify for a loan. That score requires a down payment of at least 3.5% down, which is far lower than the conventional loan down payment requirements. If you have a credit score that is lower than 580, the FHA still has a solution for you: for potential buyers with a credit score of at least 500, you can still qualify for a loan if you can also come up with a down payment of at least 10% down. Bankruptcy filings can go hand-in-hand for those with unfortunate financial issues and many conventional lenders are reluctant to lend to those filers, but just having a bankruptcy in your past is not a stop sign for qualifying for an FHA loan. As long as you are at least 2 years past your bankruptcy final order, you may be able to qualify for a loan. The time period is not the only consideration, however; you must also show that you have progressed from that bankruptcy and are now making wiser choices when it comes to the use of credit. Most bankruptcy filers are able to eventually procure more credit, and the FHA lender will be taking a close look at your credit report to evaluate issues like: How much of available credit you are using (credit utilization). How many credit inquiries you have on your record. How often you have been late on payments. The presence of any collection activity or charge offs since your bankruptcy. Foreclosures may be a red flag to most conventional lenders, which is perfectly understandable. Having a foreclosure in your past is no bar to an FHA approval, however. It must have been at least 3 years since your last foreclosure and you must show that you have learned from your previous mistakes, just like with the bankruptcy in your past. Speak to a real estate agent and get pointed to an FHA lender for your dream home...

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Times To Think About Renting Out Your Home Instead Of Selling It

Posted by on 8:43 am in Uncategorized | Comments Off on Times To Think About Renting Out Your Home Instead Of Selling It

When you’re planning to move out of your home for any reason, your first instinct may be to sell the residence. However, unless you’re in immediate need of a large sum of money, it may be better to rent the home out instead of sell it. You may wish to contact a real estate agent in your community and explain your situation. The agent can then suggest what may be the best course of action for you to pursue. Although each situation can be different, here are some times that you might benefit from renting the home instead of putting it up for sale. You’re Taking A Long Trip If you’re planning a lengthy trip — perhaps traveling around much of the world — you don’t necessarily need to sell your home. Instead, you may be able to retain ownership but rent it out. This is better than keeping the home empty during your absence, and the tenants you get will essentially be paying your mortgage while you’re away. Whenever you decide to return, you’ll have a residence lined up, instead of having to begin the process of searching for a home. In this scenario, you’ll want to appoint someone trustworthy to handle any issues with the home in your absence. You’re Getting Divorced Fast access to funds is often needed during a divorce. However, if you and spouse have enough money to pay for legal fees and arrange your individual living situations, you might wish to keep the home and rent it out for a period of time. Doing so can help to continue to pay down the mortgage. If you’re close to paying the house off, you can secure renters until that time, and then sell the home and split the proceeds to help you each begin the new phase of your lives. You’re Nearing Retirement Age If you’re getting close to retiring and are planning to downsize into a condo or a smaller home, you might have the financial means to maintain ownership of your current home instead of sell it. If the home’s mortgage has already been paid off, which is often the case by the time retirement is approaching, you’ll be able to use the monthly rent from your tenants as income rather than just put it toward the mortgage payment. This extra flow of cash can help you either retire sooner or have more money in savings by the time you decide to retire. For more information, contact local professionals like  The Alan Smith Team – RE/MAX...

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Beginning Real Estate Investing: 5 Things To Look For In Investments Properties

Posted by on 10:25 am in Uncategorized | Comments Off on Beginning Real Estate Investing: 5 Things To Look For In Investments Properties

If you are looking for a long-term way of making money in today’s economy, real estate investing may be a great way to go about it. It is often a safe and profitable way to make money for the long-term. In many cases, you are safe from inflation, you will see a decent cash flow, and you will own your own asset that constantly remains in high demand. The key, though, is to ensure that you find the ideal investment property. So here are five things to look for: #1: The Right Location When looking at properties, you need to first consider their location, as this is going to weigh heavily on your frequency of vacancies. While anything could cause a tenant to move, such as job relocation, there are some situations that you can predict. For example, if you were to invest in a property near a college, you can anticipate that your property will be leased nine to ten months out of the year and be vacant throughout the summer months when students usually head home. In addition, you can expect a higher turnover in neighborhoods that have a lower income. #2: Single Family Homes More often than not, your target tenant is going to be a small family, or at the very least a couple. In other words, you should avoid commercial properties when getting started. For one, the economy tends to hit businesses pretty hard. People always need a place to live, but they don’t necessarily need a commercial space for their business. #3: Schools With #2 in mind, make sure that you scope out the schools in the area of any property that you are looking at. Tenants (with or without kids) will likely want to be near a school; however, it shouldn’t be just any school – it needs to be a school with good ratings. #4: Crime Rates If the crime in a neighborhood is bad, your house is not going to stay rented for very long at a time. Plus, it could end up getting your home’s property value lowered. Don’t rely on information that the seller is giving you. Instead, head on down to the police department and see what their experience and statistics say, as this is the most reliable source of information. #5: Property Taxes This one is for your own benefit rather than the tenants’. Before purchasing a property, you need to know how much you will be paying each year on property taxes. After all, this is money that is coming out of your overall revenue from the property, so you will need to make sure that you can afford the taxes for a low-crime, high-income neighborhood. For this information, you can go to the city’s assessment office. Once you are equipped with all the right information and you have narrowed your search down to a handful of properties, you can find a realtor and start looking at the properties in more detail. Contact a company like The Home Town Team at RE/MAX Integrity to get...

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Looking For A New Home? 4 Ways Your Senses Can Help Narrow The Field

Posted by on 1:06 pm in Uncategorized | Comments Off on Looking For A New Home? 4 Ways Your Senses Can Help Narrow The Field

If you’re in the market for a new home, don’t leave your choices to chance. Take control of the shopping experience by following your senses – specifically sight, sound, smell, and touch. Those four senses can help you decide between a great investment and a money pit. Here are some simple steps that will help you use your senses to choose your next home. Look Around When it comes to finding a new home, the inspection has to start as soon as you pull up in the driveway. First, look up at the roof. Look for signs of missing or damaged shingles. Second, look at the trim. Look for signs of wood rot – areas where the paint is peeling and the wood is splitting. Finally, look at the front door. Look for signs that of cracking – especially cracks that are so large that you can see light coming through. These are all signs that the home has not been cared for properly. Listen Intently Once you get inside the home, don’t focus on aesthetics first. Instead, spend the first few minutes in the house focusing on what you hear – or don’t hear. Listen for the sound of running water – particularly in the kitchen and bathrooms. If you can hear running water, take a look in the bathroom and kitchens to see if there’s running water. If there isn’t, and you can still hear the sound of running water, there might be a leak in the plumbing somewhere. If you’re interested in the house, make sure that you ask for a home inspection and have a meter test conducted. During the meter test, the water is turned off to the house and a reading is taken of the meter. After several minutes, the water is turned back on and the meter is read again. If the meter reading has changed, that means there’s a leak that will need to be repaired. Take a Deep Breath While you’re walking through the house, pay close attention to the odors. If you smell the strong aroma of air fresheners, you should take a closer look, especially inside cabinets. Air fresheners may indicate that the owner is trying to mask a mold problem. Open the cabinets and take a deep breath. If you can smell mold, there’s a problem that will need to be addressed. Don’t be Afraid to Touch Finally, don’t be afraid to touch things during your walk-thru. This is particularly important if you notice wet spots on the interior or exterior walls. Press your hand up against the areas that appear to be moist. If they’re spongy to the touch, the moisture could be caused by a leaky water pipe behind the wall. Make note of the area. This is another issue that should be looked at by a professional during a home inspection. Now that you’re in the market for a new home, make sure you don’t get stuck with a money pit. Before you make an offer, take the time to look, listen, smell, and touch your way through the home. Contact a real estate agent for more assistance finding the home of your...

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Three Things To Know Before You Rent A Space For Your Small Business

Posted by on 7:45 am in Uncategorized | Comments Off on Three Things To Know Before You Rent A Space For Your Small Business

After dedicating a lot of time, financial resources, and labor to your small business, it is starting to grow. The growth means that it is time to start researching commercial properties that you can lease for your business. With more space, you can continue to grow and expand the products or services that you offer. Before signing your commercial lease, it is important to understand some of the ins and outs of renting a commercial property. 1. That Lease is Practically Unbreakable Commercial leases are known for being practically impossible to break. Even if your small business fails, you are expected to pay for rent for the remainder of your lease. Some states require landlords to attempt to find another tenant, but there is no guarantee this will happen. Expect to pay the full amount of the rent for the duration of the lease. Since it is so difficult to break the lease, it is important to make sure that the property suits the needs of your business. Make sure the space is usable space; 1200 square feet of space is useless if you can’t set it up in a way that is conducive to your business. Look over your financial records to ensure that the amount of the monthly rent is affordable based on your cash flow and profit. 2. You Need to Research Zoning Regulations and Rules Even if a property is designed for commercial use, this does not mean it is an appropriate fit for every type of commercial activities. Research the rules that pertain to the space. Some may prohibit what kind of activities may take place on the premises. Other laws may specify that business owners obtain permits for certain activities. Obtaining permits can be a time consuming process that adds to your bottom line. Do your research so you know what to expect. 3. Lease Terms are Flexible One benefit of renting a commercial space is that you can negotiate the terms of the lease with the landlord. You may be able to alter the term of the lease so that you can make sure the space is a good fit without committing to a lengthy lease.  Other terms to negotiate include the security deposit, monthly rent, use of shared spaces, rent increases, tenant improvements, and the right to sublease. Acquiring the right to sublease the space can be beneficial if the space doesn’t work for your business or if you decide to end your business activities. You have the ability to rent the space to another tenant so you do not have to break your lease. Renting a commercial space is an important step for any business. Make sure it is the right move for your organization by understanding some of the basics before you sign on that dotted line. For more information, contact local professionals like Hartman Income...

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Increasing The Curb Appeal Of Your Home To Boost Potential Buyer Interest

Posted by on 3:59 pm in Uncategorized | Comments Off on Increasing The Curb Appeal Of Your Home To Boost Potential Buyer Interest

If you are interested in selling your home, you are most likely concerned about its appearance so potential buyers are inclined to contact a real estate agent to take a walk through of the interior. Projecting a positive image from the curb will help increase the amount of interest those in the area have in taking the next step in checking out your home in full. Here are some tips you can use to pique interest of those passing your home in an attempt to gain bids on the property as a result. Repair And Color The Exterior For A Polished Appearance One task that will definitely increase interest in your property is the updating of the exterior siding. A home in need of a paint job will make those looking at it think the unkempt appearance will also be portrayed in the interior. Consider hiring a painter to change the color of the exterior to something completely different from its present shade. This will attract interest of those who have been passing by your property for years as they will notice a difference in the aesthetics in the area. If there are spots on the exterior of your home in need of repair work, new pieces of siding can be placed as necessary. Add Whimsical Touches To Attract Attention Easily Consider adding some finishing touches to your home to make it feel cozy to those viewing it. A garden sign, a fun, painted mailbox, or a majestic flag will all dress up the front of a home so it gives it some personalized touches. A water fountain, a unique statue, flood lighting, or bird bath will also draw the eyes toward your property perhaps gathering some interested parties as a result. Use Your Landscape To Complement Your Home A home with flowers in front of the porch or along a front walkway will instantly give it a boost of appeal to those who look toward your property. Consider adding small solar-powered lights along your driveway to gain attention of those passing by during nighttime hours. Box planters underneath windows will also give the home a lived-in feeling to those who peer in its direction. Make sure to keep your lawn well-groomed at all times so weeds are kept at bay. Failing to upkeep the landscaping will make it appear as if the owner did not care about the property, possibly leading to lower bid amounts. Contact a company like Marsee Wilhems Real Estate Team for more...

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3 Tips To Selling Your Home Faster And Make It More Desirable To Potential Buyers

Posted by on 3:47 pm in Uncategorized | Comments Off on 3 Tips To Selling Your Home Faster And Make It More Desirable To Potential Buyers

If you are trying to sell your home you might be wondering what you can do to improve the chances that you sell the home quicker and make the money out of it that you want. There are some things that the seller of the home can do to make the purchase of the house more desirable to buyers. Here are some tips. 1. Offer To Pay Closing Costs One of the first things you can do is offer to pay the closing costs for the buyer. The closing costs can range from $1,000 to $2,000 or more, depending on the nature of the sale and the house itself. Offering to pay the closing costs will help the buyer pay upfront to by the home. If you are worried about covering the closing costs, you can ask a little more for the house and so you can help to cover the costs. However, the house should still be comparable to market value. The key is to make the buyer believe that they are getting a better deal and to require less cash up front at closing. 2. Leave Furniture and/or Appliances When showing the house, you can offer to leave things as needed. Someone might walk through the house and comment how much they like the decorations and the furniture. If this is the case, you can offer to leave furniture and appliances, but adding on just a little bit to the buying price. This lets the buyer roll the cost of furniture into their mortgage payments, so once again they have less cost up front to furnish the house. In addition, you could offer to leave appliances such as a fridge and/or washer and dryer. This can be very helpful for someone buying a new house. 3. Hire A Good Realtor You only get one impression to sell your home. Not presenting the house well to a potential buyer can be devastating to the sale. This is why hiring a realtor is so important. First, the realtor will get more people looking at the house. The sheer number of people looking at the house will mean more offers. This will help your house sell faster. Second, a realtor is a great salesperson. They can promote your home and help to sell the house by giving information in a way that is appealing. Talk to a realtor like those at RE/MAX EXECUTIVES PLUS for more information about selling your...

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Debating Whether to Stay in Your Home or Sell It? 3 Concerns That You Can Fix Without Leaving

Posted by on 2:30 pm in Uncategorized | Comments Off on Debating Whether to Stay in Your Home or Sell It? 3 Concerns That You Can Fix Without Leaving

It is easy to love the home you are living in when you are not having any problems. But, as soon issues start to develop that cannot be quickly resolved, you may start to envision yourself living elsewhere. It is true that some matters are not able to be handled when you live in a certain home, but there are also plenty of scenarios in which you can come up with an alternative or a solution to the problem at hand. Before you start making real plans to sell your home, you should see if the situation you are in can be fixed. New Kind of Lifestyle If you want to start traveling on a regular basis, you might think that homeownership is not right for you. The idea of having an empty house for several months out of the year may seem wasteful in your eyes. Continually making mortgage payments while out on your travels could be discouraging. But, you can just turn your home into a vacation rental to make a profitable situation out of strategically using your home. This is better than running a full-time rental, as it allows you to move back in at any given time. You can cancel the listing, sleep in the house for a few months, start traveling, and then list the property for rent again. Lack of Bedrooms If you feel like your home does not have enough bedrooms to accommodate the family you want to have, you should try to think about all of the alternative solutions that are at your fingertips. Some great examples include having your children share a room or downsizing what you have in two bedrooms to just one. You can also turn certain spaces into a bedroom, such as a part of the basement, attic, or garage. Selling and buying a new home is a method for achieving your goal, but so is staying and getting a little creative. Safety Concerns When you are not connected to the local community within the neighborhood, especially with your neighbors, you might feel like your home is at a higher risk of a potential break-in. This might just be an unwarranted concern, but you will not find a solution until you put yourself out there. NextDoor is a social network that allows you to connect with those around you through a user-friendly system. It is worth signing up and breaking the ice with your neighbors and the community to feel better about living there. This will help you build relationships with people living nearby to collaborate on safety and security. Also, just knowing these individuals will make you feel like you have a larger protection bubble. Although selling your home and buying a different property might fix some issues with immediate results, you should know when you can fix the issues you are having without leaving. If you decide that you still want to leave, contact a company such as Roger Deines Real Estate Group ReeceNichols to start working with a real-estate agent to sell your...

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How Property Management Companies Can Combat Mother Nature

Posted by on 9:48 am in Uncategorized | Comments Off on How Property Management Companies Can Combat Mother Nature

When you are trying to rent a piece of property, the last thing you need as a property manager is the side effects sometimes produced by bad weather. Taking steps to protect property landscapes is vital for you to make a profit and keep prospective tenants interested. The property owners you maintain landscapes for will appreciate your efforts as well. Follow these tips for maintaining and protecting the landscapes you depend on to make a good impression. Be Prepared For Flooding And Heavy Rains If you manage properties in areas that are prone to flooding when it rains, being prepared for it is a good idea. Constructing proper drainage systems in the landscapes of apartment buildings, single family dwellings and any other type of property you manage is best to avoid expensive damages. You certainly never want to call the property owner to tell him or her about devastating, expensive damages to the property you manage. Creating swales is another good way to redirect flood water. Consider redirecting water to storm drains at the curb for the best results. If you have property that is at the bottom of a slope, building a retainer wall can help a lot to prevent run-off from reaching the landscape. Maintaining Gorgeous Landscapes In Dry Areas                             Any time you take on a property to manage in a dry area, discuss with the property owner about planting drought resistant shrubs, trees and other foliage in the landscape. Bald cypress is a nice drought resistant choice. By doing so, both you and the property owner can benefit when the landscape remains beautiful during the hottest days of the year. Also, place organic mulch or peat moss around the base of tress and other plants for creating a barrier to prevent the evaporation of precious moisture. Mulch and peat moss around foliage will look great as well. When The Snow Starts Falling Even though your tenants may not see the ground when it is covered in deep snow, making sure it comes back in the spring looking good is vital. Protecting plants from extreme cold is a good idea, but you should know that when it snows, a deep cover will actually help to protect plants, especially their root systems. The parts of plants that remain above deep snow are the ones that will suffer the damage from the cold because the temperature under the snow is warmer. If a lot of snow has fallen on one of the properties you manage, inspect the landscape, looking for parts of the plants still showing under the snow. Covering up these plants with a dark plastic is a good way to keep them from freezing and dying. Taking steps to protect a landscape from Mother Nature’s tricks is a good idea, especially when you show the property to tenants and they decide it is perfect...

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Three Of The Best Ways To Buy Investment Property At A Huge Discount

Posted by on 7:33 pm in Uncategorized | Comments Off on Three Of The Best Ways To Buy Investment Property At A Huge Discount

In the last few years, the real estate market has slowly but surely started to rebound from the last recession. With this recovery, many people are looking to invest money in property, including many people investing for the first time. If you have money you’d like to invest in real estate but you have never invested before, here are a few of the best ways to buy real estate at a significant discount: Buy Land on Terms For people who don’t have a large sum of money to spend or don’t have access to loans, a great way to start investing is to buy land on terms. While many property owners aren’t willing to sell on terms, its not uncommon for an owner of land to be willing to sell to someone willing to make a down payment and pay monthly payments with interest. Setting up a loan on terms can be done without a credit check, mostly because it’s not a very risky agreement for the seller. The seller maintains the title until the property is paid for in full, which takes away all the risk. Buy Cheap Land at County Tax Sales Many people aren’t aware that the county they live in holds an annual tax sell on properties that are owned by people who haven’t paid property taxes in several years. The lots being auctioned in these tax sales usually have a starting bid of the amount owed in back taxes. The sales are typically held the same time every year, and the information is available on the county’s website. Because of the wide range of different types of land available at most of these auctions, there are opportunities for people to buy who may have a small budget. Buy a Foreclosure Home from a Bank For new investors who want to buy a first home to live in or to flip and make a profit, a foreclosure can be a great option. You will have to have more money to invest when buying homes, as these auctions require a cashiers check for the full amount of the winning bid within twenty-four hours in most cases. Most banks hire a law firm to handle all of the legal work, including the auction. Auction times can be found on the websites of firms that handle foreclosure, and you can usually expect the auction to be held at the local courthouse. Investing in real estate can be fun and rewarding, especially if you get in at the right time and right price. Any of the above ways to buy real estate can help you get property at the best possible price. Always do a lot of research and realize that all investments have risk involved. For more advice, contact Ebh Properties...

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