Feb 23, 2022 | Real Estate
There are a number of significant advantages that come with homeownership, and one of the biggest advantages is the ability to take out a home equity loan. As homeowners pay off the mortgage, the amount of equity in the house increases. Homeowners can borrow against the equity in their house to fund other projects. For example, homeowners could borrow against home equity to complete a home renovation, pay medical expenses, or pay down student loans. The most common home equity loans include cash-out refinances, a traditional home equity loan, and a home equity line of credit. Which is the best option?
A Cash-Out Refinance
The first option is called a cash-out refinance. Essentially, homeowners are taking out a loan for an amount that is greater than the current mortgage. Then, homeowners will keep the difference in the two loan values for their personal use. Homeowners essentially refinance the existing mortgage and extract additional equity. There is only one mortgage payment, and any interest on the new loan is tax-deductible.
A Home Equity Loan
The next option is a traditional home equity loan. Homeowners borrow against the existing equity in the home, and homeowners create a second mortgage. There is a fixed interest rate on the second mortgage, and homeowners receive the money as a lump sum. It is not unusual for the interest rate on the second mortgage to be higher than the first mortgage. Then, they have to pay off the second mortgage just like the first mortgage.
A HELOC
Homeowners who are okay receiving the funds over time might be interested in a home equity line of credit, also known as a HELOC. The initial interest rate on a HELOC is often lower than the mortgage, but it can vary with time. Payments are often lower because homeowners only owe money if they actually use the line of credit. Interest is only charged on the outstanding balance.
Choose The Right Option
Homeowners need to understand the differences between these home equity loans to choose the best option for them. Some of them provide lump sums, some create multiple monthly payments, and some have more flexible payment terms. The features of each loan must be compared to the needs of the individual homeowner.
Feb 11, 2022 | Real Estate
Most people treat their dogs as members of the family. Just as moving can be difficult for children, moving can be a challenge for dogs as well. Dogs develop an attachment to their homes, and they can have a hard time adjusting to a new place. Fortunately, there are a few steps that homeowners can take to make the moving process easier for everyone involved, including dogs.
Let The Dog Get Familiar With The Moving Supplies
A lot of dog owners have found that it is easier to take a dog to the vet if he or she can acclimate to the carrier. The same is true with the moving process. Dogs have a difficult time understanding what is happening when the family moves. Consider giving your dog an opportunity to become accustomed to the packing and moving supplies. That way, they will be comfortable in the car on the way to their new home.
Allow Dogs Alone Time In The New Home
Moving is stressful for everyone, including dogs. Dogs will need a bit of time on their own in their new home. Give dogs the freedom to explore. When they find a corner they like, let them stay there and decompress. Eventually, dogs will get more comfortable in the new environment, and they will resume their normal behaviors.
Stick To A Regular Schedule
Even though the home is changing, not everything has to change. For example, try to keep dogs on their regular schedules. If dogs tend to go out and use the bathroom at a certain time, stick to that time. If dogs go for a walk at a certain time of day, stick to that schedule as well. By keeping other environmental factors consistent, dogs will have an easier time adjusting to the home.
Keep A Consistent Environment
Dogs have already experienced a lot of changes by moving to a new home. It is important to keep the new environment as consistent as possible. Even though some changes will be expected as boxes are unpacked, try to keep the home looking as normal as possible. The faster things get into their new places, the easier it will be for dogs to adjust. By following these tips, it is possible for homeowners to make their dogs as comfortable as possible with the moving process.
Feb 9, 2022 | Real Estate
A home is an investment, so it is important to treat it as such. The best time to capitalize on a home’s value is when it is sold. Therefore, it is important to take care of it with some simple home maintenance tips. There is a common misconception that if something is working well, it does not need to be fixed; however, it is always better to prevent problems from happening than to fix them after they have appeared. The average homeowner should spend between one and four percent of a home’s value per year to keep it in excellent condition. There are several key home maintenance tips that homeowners need to keep in mind.
Paint The Interior And Exterior
There is never a second chance to make a first impression, and a home’s paint job will be responsible for a significant portion of that first impression. A fresh coat of paint can make a home look like new. At the same time, it is usually better to hire a professional to paint the house to make sure it looks as great as possible.
Clean The Gutters And Roof
Many homeowners forget about the roof of the house because it is difficult to see the entirety of the roof from the ground. On the other hand, a damaged roof can lead to expensive repairs, particularly if the roof begins to leak. Therefore, homeowners need to clean the gutters and roof regularly. That way, water has an easier time running down the roof, through the gutters, and away from the house. This can prevent serious problems from happening.
Stay Up To Date On HVAC Maintenance
Homeowners should service the furnace and ductwork regularly. It can be expensive to replace an HVAC unit, and routine maintenance is critical for making sure it lasts as long as possible. Furthermore, an efficient, working, maintained HVAC unit can be an attractive asset to a potential buyer. Service the HVAC unit at least once per year.
Take Care Of The House
These are a few of the most important home maintenance tips that homeowners should keep in mind. They can go a long way toward preserving the value of a house.
Feb 3, 2022 | Real Estate
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lmost everyone has been locked out of their home before. If you do not have a hidden key or someone else with a key, it can be stressful to wait for a locksmith to come and open the door. Fortunately, there are ways homeowners can address this issue, and one of the options is to get a smart lock or an electronic lock instead.
How Smart Locks And Electronic Locks Work
Every smart lock is different; however, they have a few themes. Basic electronic locks have a combination that someone has to enter before the door unlocks. Other electronic locks use fingerprints, RFID, or Bluetooth recognition to allow someone to enter. Many smart locks also allow the owner to give out digital keys that allow friends, children, and other people to come and go. The combinations are stored and act as a digital log of who has entered the home.
The Benefits Of Using Smart Locks And Electronic Locks
There are a number of benefits that come with using smart and electronic locks for homes. First, homeowners never have to worry about getting locked out of the house, as they don’t have to worry about losing manual keys. Second, homeowners can keep track of people, including their children, as they come and go. Finally, smart locks do not necessarily have to be rekeyed or replaced. Homeowners can change the combination when they feel it is nessesary..
Choosing The Right Electronic Lock
Even though smart locks and electronic locks have a variety of benefits, it is important for homeowners to think carefully about which option is best for them. Homeowners need to make sure whatever lock they choose is compatible with their phone. They also need to select locks that have security measures in place that prevent people from cracking the code or getting through the keypad. Finally, take a look at how many combinations the lock can handle. Sometimes, homeowners like to assign people specific codes so they know exactly who is coming and going. Some locks can even be customized so that certain combinations only work on certain days. This can be helpful if there is a maid or tutor who comes from time to time.
Jan 20, 2022 | Home Buyer Tips
Some people love living in condos, while others swear by detached homes. When it comes to deciding between the two, however, you can’t always rely on someone else’s word.
Sometimes it’s as simple as understanding and assessing your lifestyle to make the best choice, since condo living and home ownership are two radically different experiences, and thereby serve two very different types of lifestyles and personalities.
Here are a few considerations if you’re trying to decide whether you should invest in a house or a condo.
House: Best If You Have A Furry Friend
Do you have a furry friend or two that are an integral part of your family? Depending on their size and species, you may want to consider a detached house over a condo, simply for the amount of space available.
If you have dogs, you should consider that many condominiums don’t allow certain numbers, sizes, or breeds, and this could be just another reason you opt for a house. Having a backyard for your dogs to play in, and being able to avoid the daily elevator rides, are just more reasons to add to the list.
Condo: Best If You’re A Busy Business Person
If you’re a busy businessperson who’s rarely ever home, you may want to consider condo-style living. You will be able to save on mortgage costs, which will certainly help you reach your financial goals, and you will have fewer worries involved than you would if you owned a detached home.
Full size houses require significant upkeep, which is a major time investment. In contrast, a condo is a turnkey living space that gives you the amenities you need without the responsibilities of home ownership. If you hardly entertain and would like a space to enjoy yourself during your off time, living in a condo might be just the perfect setup for you, the busy business-minded individual.
House: Best If You Like Privacy And Control
If you’re someone who adores your privacy and likes to be in complete control of the maintenance and care of your home, a detached house is certainly the best option for you. Having your own detached house means living with added privacy, as you won’t have neighbors as close by as would be the case if you were living in a condominium.
You’ll also be pleased to be the sole decision maker when it comes to the upkeep and maintenance schedule of the various aspects of your home. Rather than ask a strata manager for permission to, say, paint your front door, you can simply paint your front door.
Condo: If You’re A Single Minimalist
Condo living can be great for single people and minimalists. If you prefer to live on the lighter side, with fewer responsibilities and chores, a condo setup can be extremely rewarding. All of the big stuff will likely be taken care of, and all you’ll have to worry about is the minimal space inside of your four walls.
If you decide to travel for an extended period, it’s much easier to find short-term tenants for condos than for houses.
It can be difficult to decide whether a house or a condo is best suited to your lifestyle. Don’t be shy to ask your friends and family what they think of your personality, and do your due diligence to discover which home is best to accommodate your daily life. Once you’ve made your decision, contact a real estate professional and find the home that fits your lifestyle.
