Sep 9, 2022 | Real Estate
Today, there are many people who are having a difficult time purchasing a house. Even though interest rates have gone up, sales are still happening quickly. Therefore, it can be difficult for people to qualify for a mortgage, purchase a house, and get to the closing table before the property is sold. One potential way to get around the hot housing market is to consider a home renovation mortgage. How can a home renovation mortgage help you?
A Renovation Loan Can Help People Buy A Less Desirable Home
If you want to close on a home, you might be interested in a house that is not as desirable as some of the others. That way, you don’t have to worry about a bidding war. A renovation loan can help you purchase a less desirable home. If you are interested in buying a home that requires some repairs, but you do not have a lot of cash available for repairs, a renovation mortgage is a special loan that gives you the money you need to repair the house.
How Does A Renovation Loan Work?
Typically, the amount of money you can borrow for a renovation loan will depend on the value of the home after the renovations are completed. Therefore, the appraisal process is a bit different. This is the only type of mortgage that will give a homeowner credit for the future value of the property. Therefore, you can borrow more than you would be able to with a traditional mortgage. You can use the extra cash to perform repairs, which can increase the value of the home.
How Many Renovation Loans Are There?
Just as there are different types of conventional loans, there are different types of renovation loans as well. Each has a different set of requirements, but all of them require you to use the extra money to repair the home. Furthermore, all the work you do on the house has to add to the value of the property. If you have questions about how you can use the money that comes with a renovation loan, you should reach out to a professional who can help you.
Aug 23, 2022 | Real Estate
Are you thinking about purchasing a home in the near future? Or, are you thinking about building one? If so, you must think carefully about the foundation of the home. It is responsible for supporting the rest of the structure, so you need to find the right foundation to meet your needs. What are a few of the top options available?
Basement
One of the first options you should consider is a basement foundation. This is a popular choice because it can create additional living space in your home. It can also act as an additional entrance, which can be useful in some situations. On the other hand, a basement does not always contribute to the square footage of your house. In addition, it can be a bit more susceptible to leaks when compared to other types of foundations. You must make sure you take care of your basement to prevent mold and mildew from growing.
Crawl Space
Another very common type of foundation you may encounter is a crawlspace foundation. A crawl space is not nearly as tall as the basement, so it does not provide any additional living space. On the other hand, it can be used as additional storage space, and it can provide some protection against environmental hazards. You must make sure the crawlspace is ventilated to prevent mold and mildew from growing. Furthermore, it requires routine maintenance to provide structural issues from developing with the house. Always take a look at the quality of the crawl space before you decide to make a purchase.
Slab Foundation
You should also consider a slab foundation for your house. A slab foundation is very quick to build, very difficult for infestations to access, and incredibly durable. The biggest downside is that it does not provide you with any additional storage space. In addition, it may make it hard to access the plumbing if there is a problem that has to be addressed.
Find The Right Foundation
Ultimately, these are just a few of the many options available if you are looking for a new house. Familiarize yourself with the benefits and drawbacks of different foundation types. Then, do not hesitate to reach out to a professional who can help you find the right house to meet your needs.
Aug 18, 2022 | Real Estate
If you want to buy a home in the near future, you are probably aware of just how competitive the housing market is. You need to put yourself in the best position possible to be successful by getting pre-approved for a home loan. This is a very important step, particularly when you compete against people making cash offers. Learn more about the importance of getting pre-approved below, and make sure your offer is taken seriously.
A Pre-Approval Letter Shows You Are Serious
The first reason why you need to get a pre-approval letter is that it will show any potential seller that you are serious about buying the home. One of the reasons why settlers like to accept cash offers is because they know the sale will go through. Without a pre-approval letter, the seller may not know if you will be approved by a reminder for a home loan. By showing a pre-approval letter, the seller will know that you will get financing for the home, and they do not necessarily need to worry about the sale falling apart.
Getting Pre-Approved Gives You A Budget
You also need to get a pre-approval letter because it will give you a budget with which to work. Even though it is fun to take a look at different houses and imagine what your life might look like, you need to know how much money you can spend on a house. The lender will let you know the maximum amount that you are approved for, and you can quickly narrow down your search and find the right home to meet your needs.
Get Pre-Approved Before You Start Your Housing Search
The housing market is constantly changing, so you need to take advantage of every opportunity given to you. If you want to make it easier to navigate a difficult housing market, you need to get pre-approved before you start the housing search. Remember that you do not necessarily need to get a loan from the lender that gave you a pre-approval letter, but the seller needs to know that you have been approved by at least one lender if you want your offer to be taken seriously. A pre-approval letter does exactly that.
Aug 16, 2022 | Real Estate
If you are in the process of looking for a new home, you have probably realized that there are lots of options available. It can be very difficult to decide which home is right for you, but there are several important tips you should keep in mind. They include:
1. Make A List Of Your Wants And Needs
First, make a list of what you need to have and what you want to have. It is very difficult to find the perfect home, but if you have a list that allows you to prioritize what is most important, the process will get easier.
2. Consider Home Improvements
Next, take a look at some of the most important home improvements that homeowners have done. Think about what matters to your lifestyle. Then, look for those home improvements during your housing search.
3. Check Out The Neighbors
Pay close attention to the neighbors. You will have to live next door to them, so you want to get along with them. Do you want neighbors who keep themselves? Or, do you want neighbors who are outgoing?
4. Consider The Kids
Do you see a lot of kids playing in the street? If you have children, you might want to make it easier for them to make friends. Having other kids in the neighborhood is important.
5. Think About The Commute
What is your drive to work like in the morning? How much traffic are you willing to deal with? Pay attention to how much time you will have to spend in the car.
6. Consider The Schools
What is the school system like? Even if you don’t have kids, a quality school system can make a significant difference in the value of your home.
7. Look At The Crime Numbers
How much crime is in the area? Much of this information is public, so take a look at the municipal police department website to see what the prime numbers are like.
8. Consider Your Future
What is your future going to be like? Do you think the home will still be right for you in a few years? Try to find a home that you will stay in for a while.
9. Look At The Days On Market
Are there a lot of homes in the area selling quickly? If the homes sell fast, it is a sign of a desirable neighborhood.
10. Don’t Forget The Amenities
What are some of the changes taking place in the local community? Are there new shops and restaurants opening up? If so, you have probably found the right home.
Aug 16, 2022 | Real Estate
If you are in the process of looking for a new home, you have probably realized that there are lots of options available. It can be very difficult to decide which home is right for you, but there are several important tips you should keep in mind. They include:
1. Make A List Of Your Wants And Needs
First, make a list of what you need to have and what you want to have. It is very difficult to find the perfect home, but if you have a list that allows you to prioritize what is most important, the process will get easier.
2. Consider Home Improvements
Next, take a look at some of the most important home improvements that homeowners have done. Think about what matters to your lifestyle. Then, look for those home improvements during your housing search.
3. Check Out The Neighbors
Pay close attention to the neighbors. You will have to live next door to them, so you want to get along with them. Do you want neighbors who keep themselves? Or, do you want neighbors who are outgoing?
4. Consider The Kids
Do you see a lot of kids playing in the street? If you have children, you might want to make it easier for them to make friends. Having other kids in the neighborhood is important.
5. Think About The Commute
What is your drive to work like in the morning? How much traffic are you willing to deal with? Pay attention to how much time you will have to spend in the car.
6. Consider The Schools
What is the school system like? Even if you don’t have kids, a quality school system can make a significant difference in the value of your home.
7. Look At The Crime Numbers
How much crime is in the area? Much of this information is public, so take a look at the municipal police department website to see what the prime numbers are like.
8. Consider Your Future
What is your future going to be like? Do you think the home will still be right for you in a few years? Try to find a home that you will stay in for a while.
9. Look At The Days On Market
Are there a lot of homes in the area selling quickly? If the homes sell fast, it is a sign of a desirable neighborhood.
10. Don’t Forget The Amenities
What are some of the changes taking place in the local community? Are there new shops and restaurants opening up? If so, you have probably found the right home.
Aug 5, 2022 | Real Estate
If you plan on retiring in the near future, you might be thinking about moving. The kids might be grown, and you might not want to take care of such a large house. If that is the case, you should consider downsizing. When you downsize your home, you trade in your larger home for a smaller one. What are some of the top reasons why you should do so?
1. Bulk Up Your Retirement Account
The first reason why you should downsize is that you will free up more resources you can contribute to your retirement accounts. If you have been in your house for a long time, there is a great chance that you have paid off almost the entirety of your mortgage. Furthermore, your home may have even gone up in value by tens of thousands of dollars. Therefore, when you sell your house, you should receive most of the proceeds from the sale. You can use the proceeds from that sale to buy another house with cash and still have money left over to add to your retirement account.
2. Reduce Your Overhead Expenses
You can also reduce your overhead expenses if you downsize your home. Your home insurance and property taxes should go down if you purchase a smaller house. You will probably have to spend less money on utilities, routine maintenance, repairs, and upkeep if you trade in your larger house for a smaller one.
3. Find The Right Location
If you decide to downsize your house, you will also have more flexibility regarding where to live. It is easier to fit a smaller house in an ideal location than a larger one. If you are willing to purchase a smaller house, you should have more options available to you, and you can find the perfect location for your retirement.
Consider Downsizing In Retirement
If you are getting ready to retire soon, you should consider downsizing. This is a great opportunity for you to free up a bit of extra cash for retirement and find the perfect location for your home. Consider taking a look at some of the houses available in your local area, and don’t forget to reach out to a professional with any questions.
