Jun 1, 2022 | Real Estate
If you are in the market for a home, it is important for you to think about what is most critical to your housing search. Unless you have an unlimited budget, you will probably have to compromise somewhere to make a competitive offer on a house you can afford. Every buyer is different, but there are a few common themes regarding where buyers tend to compromise when looking for a house.
The Condition Of The Home
One area where buyers tend to compromise is the condition of the house. Most buyers would prefer to purchase a new house that is move-in ready, but you may notice that it can be difficult to find a new house that is within your budget. If you are willing to purchase a house that is a bit older, you might be able to save money. Then, you can put this money towards home improvements.
The Size Of The Home
If you want to keep your housing search under a certain budget, you may need to compromise on the size of the house. Particularly in an overheated market, you might be able to scale back the home’s square footage to make a more competitive offer on a house. This is particularly true if you are looking for a house in a specific school district.
The Style Of The Home
You might have always dreamed of living in a mid-century colonial home, but it might not always be possible to find a house of this style that checks the other boxes. If you are willing to purchase a house that doesn’t quite match your style, you might be able to find a home that has the other characteristics you need.
Select The Right House
Everyone is different, and the right house for one person is not going to be the same as the right house for you. As you take a look at the houses available, think about what is most important to you. What do you need to have when you look for a home, and where are you willing to compromise? This can help you put yourself and your family in the best position possible to be successful during your housing search.
May 26, 2022 | Real Estate
With the weather beginning to warm up outside, a lot of people are looking forward to spending more time outdoors. If your grass is beginning to grow and turn green again, you might be thinking about hosting a party with your family members and friends. What are a few trends you should consider embracing this spring?
Container Gardens
A lot of people are looking for ways to introduce nature into their homes. Even though you can certainly put a few more flowers and plants inside, you might want to consider container gardens outside. You might be able to grow your own vegetables, and you could grow some herbs. If you like spicy food, consider planting a few hot peppers. Then, tend to the gardens, watch them grow, and enjoy the splash of color they bring to your yard.
Living Room Furnishings
If you want to develop stronger connections with your family members and friends, consider moving the living room outside. While you can certainly go with traditional outdoor wicker furniture, consider putting living room-like furnishings outside. This could include couches, coffee tables, and even a TV. Just make sure you take care of your furniture if you decide to deploy it outside. You might want to invest in a cover you can use to protect it from the rain.
An Outdoor Kitchen
Consider cooking more outdoors. There are plenty of ways you can create a kitchen-like atmosphere in your backyard. You might want to get a grill, a rolling bar cart, or even an extra sink. If you really want to go all-out, consider purchasing an oven or a stove you can have outside as well. This will encourage you and your family to use the backyard more often.
Get The Most Out Of Your Backyard This Spring
These are just a few of the top trends you may notice in backyards this spring. If you are looking forward to getting outside again, consider putting a few of these trends to use. Take a look at some of the sales you can use to save money, and consider who you will be hanging out with. That way, you can get the most out of your backyard during the warmer months.
May 12, 2022 | Real Estate
There are a lot of different types of homes available, and it is important for people to understand the differences. When people are considering purchasing a house, particularly a rental property, it is easy to get overwhelmed by the different houses available. Some of the most common options include manufactured homes, mobile homes, and modular homes. What are the differences?
A Mobile Home
A mobile home is a home that has been built with axles directly underneath the house. The axles make it easier to transport the home from place to place. The axles stay on the home even if people live in it. A mobile home might have a skirt placed on it to shield the axles from view, but mobile homes often have to be registered with the DMV because they qualify as a vehicle.
A Manufactured Home
A manufactured home has been built in another location. Then, it is trucked to the final location where it is deployed. Manufactured homes do not have axles, but they can sit on the bed of a truck. They may or may not be installed on a long-term foundation once they arrive at the permanent site. Typically, these homes are built using metal frames to make them easier to transport.
A Modular Home
A modular home is very similar to a manufactured home. It is built in another location, but it usually has a wooden frame instead of a metal one. It may also be deployed on another foundation once it arrives at its final location.
Financing A Manufactured, Mobile, Or Modular Home
One of the big issues with purchasing one of the houses above is that financiers may hesitate to hand out a loan. Because mobile homes technically qualify as a vehicle, it can be difficult to find a lender who is willing to finance them. It might be possible to finance a manufactured or mobile home, but it needs to meet FHA requirements. The house must have been built according to HUD guidelines, it must have been moved to the current location when it was new, and it has to be attached to a permanent foundation. Then, it might be possible to find a lender to finance the cost of the house.
May 12, 2022 | Real Estate
There are a lot of different types of homes available, and it is important for people to understand the differences. When people are considering purchasing a house, particularly a rental property, it is easy to get overwhelmed by the different houses available. Some of the most common options include manufactured homes, mobile homes, and modular homes. What are the differences?
A Mobile Home
A mobile home is a home that has been built with axles directly underneath the house. The axles make it easier to transport the home from place to place. The axles stay on the home even if people live in it. A mobile home might have a skirt placed on it to shield the axles from view, but mobile homes often have to be registered with the DMV because they qualify as a vehicle.
A Manufactured Home
A manufactured home has been built in another location. Then, it is trucked to the final location where it is deployed. Manufactured homes do not have axles, but they can sit on the bed of a truck. They may or may not be installed on a long-term foundation once they arrive at the permanent site. Typically, these homes are built using metal frames to make them easier to transport.
A Modular Home
A modular home is very similar to a manufactured home. It is built in another location, but it usually has a wooden frame instead of a metal one. It may also be deployed on another foundation once it arrives at its final location.
Financing A Manufactured, Mobile, Or Modular Home
One of the big issues with purchasing one of the houses above is that financiers may hesitate to hand out a loan. Because mobile homes technically qualify as a vehicle, it can be difficult to find a lender who is willing to finance them. It might be possible to finance a manufactured or mobile home, but it needs to meet FHA requirements. The house must have been built according to HUD guidelines, it must have been moved to the current location when it was new, and it has to be attached to a permanent foundation. Then, it might be possible to find a lender to finance the cost of the house.
May 11, 2022 | Real Estate
The current real estate market is incredibly competitive, and a lot of potential homeowners are wondering how they can separate themselves from the crowd. In the past, many people would think about how much under the asking price they could offer and still get the house. Now, it appears that the market has flipped. It is not unusual for a seller to have dozens of offers on the first day, so what do potential buyers need to do to be competitive?
Houses Are Selling Quickly
The current market is highly abnormal. According to statistics that have been published, the average house receives close to five offers and sales in just over two weeks. When a house has received multiple offers, it is not unusual for a property to sell above asking. A lot of sellers have so many offers that they are able to save money on housing costs by accepting an all-cash offer.
Buyers Must Be Prudent
Ultimately, buyers need to pay attention to market conditions if they want to submit a competitive offer. In today’s market, the list price is typically the start of the negotiating process. Therefore, buyers need to know this when they put an offer together. At the same time, buyers need to make sure they do not increase their offer too much, or they could end up buying a house that they cannot afford.
Planning Ahead Is Critical
It is critical for buyers to set their budget and their expectations ahead of time. That way, they know exactly how much house they can afford. Buyers also need to know when to walk away. Even though it is tempting to fall in love with a house, keep in mind that there are other properties available. Buyers need to put their best foot forward if they want to put themselves in the best position possible to be successful.
Will The Market Change?
Even though the real estate market does traditionally cycle, it is impossible to predict what is going to happen in the future. Furthermore, changing mortgage rates could have an immediate and drastic impact on the real estate market. Buyers need to be vigilant and understand what the current market looks like.
May 6, 2022 | Real Estate
If you are thinking about purchasing an investment property, you probably understand this is a great way to diversify your investments. On the other hand, you also need to understand how to evaluate potential rental properties and how to make sure you can generate enough income to cover the overhead expenses related to the property. What do you need to know?
Pay Down Personal Debt First
Before you decide to take on a second mortgage, you need to pay down as much of your existing debt as possible. If you have unpaid medical bills, student loans, and car loans, you need to pay down the step before you decide to purchase an investment property. You need to have cash available to pay down your current and second mortgage, so you do not want to have other sources of debt dragging you down.
Have Enough Money For A Down Payment
Investment properties typically have more stringent requirements regarding down payments. Even though you might have qualified for a first-time homeowner loan for only 3.5 percent down, that is not going to cut it for an investment property. You will probably need to have at least 20 percent of the property’s value available for a down payment. Mortgage insurance generally is not available on rental properties.
Consider Location
Just as you did with your original property, you need to think carefully about the location of your rental property. You need to purchase a property that has the potential to go up in value. You should also think about properties that have a strong school system, easy access to amenities, and relatively low property taxes. You also need to pay attention to crime rates and the health of the job market.
Consider Rent And Unexpected Costs
Finally, after you find a lender who can help you, make sure you think about your rental stream and any unexpected expenses. You need to have enough rent coming in every month to cover your mortgage, real estate taxes, and homeowners insurance. You should also have money set aside to cover unexpected expenses such as roof damage, HVAC issues, and plumbing problems. Stay on top of these issues to protect the value of your property.
