Aug 21, 2020 | Real Estate
The internet has changed how many people shop for a home and one of the most important issues that people will face is whether to fill out a home loan application online or offline.
While there is something to be said for going to the loan officer in person and filling out the application with the help of a professional, some people might find the online option to be more convenient. With this in mind, it is important to compare some of the ways in which an online versus an offline home application might be different.
The Eligibility Process
While the most exciting part of shopping for a home is traveling around and looking at the different options, people need to know how expensive of a home they can afford. With the online process, people can fill out the application process online and immediately see how big of a loan they can afford with the help of the home loan provider.
There are simple tools online, such as a loan eligibility calculator. In contrast, going to the office of the loan provider might require detailed discussions that could lead to a denial. This would end up being a waste of time. In this manner, the online process is faster.
The Documentation Required
The documentation process is also much easier online. When someone applies for a home loan online, it is easy to upload the required documents for review later. This might include the application form, proof of identity, proof of address, and more. Home loan providers will list all of the required documents on the site with ease. When it comes to applying in the offline world, this requires people to physically carry all of this information to the office. People run the risk of losing important documents in transit along the way.
The Application Process
Finally, even the process of applying for a loan itself is much easier when people can do this online. It is easy to register on the website, fill out the application, and submit the documents. Often, the turnaround time is much shorter as well. These are a few of the biggest reasons why the online application process is growing in popularity.
Aug 18, 2020 | Real Estate
Did you know that dry rot is ironically created from having too much moisture come in contact with wood?
The fact is many homeowners are unaware that dry rot is even setting in, so the first step toward prevention is being able to diagnose possible areas of exposure before dry rot becomes a major renovation expense.
Remember that dry rot to your foundation can be an extremely costly repair and will definitely figure prominently into the total value of your property when a house inspection is completed prior to a sale.
As well, fungus and mold spores can affect the air quality of your home, which is a health problem for not only you and your family but also for prospective buyers.
Identifying Leaks To Your Water Membrane
In a very simple sense, discovering moisture or a leak on a wall or ceiling is an early sign that damage is occurring. Always inspect ceilings for particular evidence, especially around skylights and exhaust piping, as well as heating or cooling ducts. If damage was done to your roofing membrane during an installation or renovation, water can seep through.
Do an inspection of your basement in order to determine if any discoloring is happening to walls or wood. If you can smell mold or mildew, you may have a problem. However, this doesn’t mean that you’re already suffering from dry rot, just that the area is a hazard and should be sealed properly. Deal with the cause of the leak before you proceed to the repair stage.
Replacing The Affected Areas
If you have discovered wood that is either in the process of rotting, or has succumb to some water damage, the best thing to do is simply replace it. Once you’ve sealed the leak that initially caused the damage, discuss with your contractor the scope of the replacement job.
When installing new wood, it’s best to make sure that it’s treated with a Borate wood preservative to prolong its life and resilience to fungal infection. In some cases, you may not need to replace wood at all. You may be able to get away with only cleaning and then treating the area with Boric Acid, a fungicide that will slow down the spread of existing fungus and kill future growth.
Choosing The Right Fungicide And Preservative
This step will depend on the unique needs of your home’s situation. Generally, you have the option to choose between a dry powder and a glycol-based liquid concentrate. While the powder may appear less expensive, it may not do as thorough a job of absorbing deeply into the wood fibers.
Depending on the depth of fungal intrusion, you may need to use the more powerful liquid substance. Both are easy to apply, so you should be able to tackle this task yourself.
Maintaining the quality of your home is essential for keeping up its value when it comes time to sell. Call your trusted real estate professional today for more advice on preserving the value of your investment and identifying areas of risk and exposure to dry rot.
Remember that it’s far easier to deal with problems now before they develop into major expenses down the road.
Aug 14, 2020 | Real Estate Tips
Homes are more than just a building. They are filled with memories of children taking their first steps, holidays that were celebrated with family members and friends, and Super Bowl parties filled with smiles and cheers.
These memories are priceless; however, people cannot let emotions cloud their judgment when they are trying to sell a house. Instead, it is important to focus on the building. There are a few tips that everyone should follow as they try to figure out how much their home is worth.
Be Reasonable
The first tip is not to price a home too high out of the gate. While it is tempting to start high and reduce when necessary, the reality is that a price that is too high is going to scare off potential offers. It is better to start with a reasonable price that will get people interested. Then, if the offers start to pour in, there is a bidding war. The price will naturally take care of itself.
Upgrades Don’t Always Lead To A Higher Price
It is tempting to follow in the footsteps of TV shows and pour money into renovations that might lead to a large return on investment. The sad fact is that this is not always the case. Even though the homeowners might love the renovation, this doesn’t mean that a potential buyer will. Do not renovate purely to raise the value of a home. Upgrades can go out of style just as quickly as they came in.
Don’t Price Out Of Necessity
Never price a home based on a dollar amount that has to be reached. It is always better to price a home relative to what the market indicates. Nobody is going to make an offer on an overpriced home purely because that is how much money the seller needs to make.
Leave Emotions At The Door
Finally, do not price a home based on emotions. Yes, a home is a special place; however, remember that the home is on the market, not the memories. Instead, always price a home based on what the comparables are showing. This will lead to a smoother selling process, a higher price, and a bigger return on the initial investment.
Aug 13, 2020 | Real Estate Tips
When making plans for a fun-filled vacation, you shouldn’t forget implementing certain home security measures to ward off thieves. Nobody wants to return home only to find that intruders had ransacked the residence from top to bottom.
If you’re going away on vacation, make sure you protect your home against break-and-enters with these five tips.
Alarm Intruders With Audible Deterrence Measures
Installing a professional home security alarm is one of the most cost-effective ways for people to protect their homes when they are away.
Buying and setting up the right system will ensure that the proper authorities will be notified if thieves break in or attempt to force their way in.
While determined crooks will be hard to discourage, most would-be intruders will look for easier targets if they inadvertently trigger a loud, piercing alarm that attracts too much attention from anyone who could call the police.
Make Forced Entry Difficult With Solid Doors
Some thieves will take a very direct approach to break-ins by simply trying to force their way through a locked door. If the exterior doors are hollow, thieves will have a pretty easy time getting through. This is why it is important to install solid doors rather than hollow ones; solid doors are much harder to break through.
If you’re concerned about intruders forcing their way through your hollow doors, your best recourse is to upgrade to solid doors. Upgrading will cost a pretty penny, but the added protection they will provide will be well worth the investment.
While getting solid doors installed, you can go one step further by investing in good locks, deadbolts and reinforced strike plates.
Do Not Advertise Your Departures
A pile of newspapers at the front door or a mailbox full of mail and flyers will be proof positive to crooks that no one’s home. Homeowners who are going to be away on vacation should ask neighbors or other people they trust to collect their mail while they are away.
If having a neighbor collect your mail isn’t an option, go to the post office and request that mail service to your home be suspended until you get back. It is also best to suspend newspaper deliveries for the vacation period as well.
Neighborhood Watch To The Rescue
One great home security solution that won’t cost a penny is having neighbors who look out for you. Homeowners would do well to ask trusted neighbors to keep an eye on their property while they are away on vacation. Tell those trusted neighbors to be on the lookout for any suspicious activity and to call the authorities if necessary.
Protect Sliding Doors With This Simple Trick
Before heading off on vacation, you should safeguard the sliding glass doors in your home by putting something like a metal rod in the track. This way, thieves will not be able to force the door open.
Vacations are a time to unwind and to have some fun. However, responsible homeowners will do what it takes to make their residence less attractive to would-be thieves while they are away.
For more information on how to safeguard your home, or to get answers to your pressing real estate questions, contact your trusted real estate professional for prompt and practical advice.
Aug 5, 2020 | Real Estate
You’ve got house insurance, and assume your property is covered for any type of detrimental occurrence that can possibly take place.
However, not all homeowners are aware that home insurance policies don’t necessarily cover damage related to a flood, as the risks are too great. As a result, homeowners must purchase flood insurance through a private company.
Floods are one of the most common hazards in the US, costing billions of dollars in damage to properties every year.
Since this is a common issue lately, the federal government updating these policies currently so please talk with your real estate professional or local insurance company for the most up to date information.
What Is Flood Insurance?
Flood insurance policies are typically made available to homeowners in flood-prone areas. The majority of insurance policies cover some form of water damage, from things like leaking faucets to bursting plumbing pipes.
However, such policies don’t cover water damage as a result of flooding of rivers or sewers that cause water to ruin a home.
Specific flood protection is provided by the National Flood Insurance Program (NFIP), which is run by the Federal Emergency Management Agency (FEMA). Standard flood insurance policies cover “direct physical damage” to a property resulting from floods.
A separate policy must be purchased to protect the belongings inside the home or building. Homeowners can buy up to $250,000 in coverage for the home, and up to $100,000 in coverage for possessions. Even renters are permitted to purchase flood insurance to cover their possessions.
How Does Flood Insurance Work?
Flood insurance isn’t sold by FEMA directly, but rather is sold to customers through private insurance agencies. Premium rates are determined by the government, and they remain consistent from one insurer to the next.
How much a homeowner pays for their own specific flood insurance depends on a number of factors, including how prone the neighborhood is to floods and how much coverage a homeowner wants. The average annual premium is approximately $520 for $100,000 worth of coverage for a property with no basement, and approximately $615 annually for a property with a basement.
Filing A Flood Insurance Claim
The claims process is like any other insurance claim. Once the claim is filed, the damage will be analyzed by an adjustor assigned by the insurance company. A “proof of loss” form will need to filled out and submitted to the insurer within 60 days of the flood occurrence.
Do You Need Flood Insurance?
It’s necessary to find out if you are eligible for flood insurance before buying it. For residents of a community to be eligible, the community needs to enforce floodplain statutes to lessen the chances of flood damage, after which FEMA ensures that such regulations are followed.
Only those who reside in a community that participates in NFIP can buy insurance – today, about 20,000 communities across the country participate in this program.
FEMA offers maps that outline what areas are at high risk for floods, and those that are at moderate-to-low risk. The law requires homeowners to have flood insurance if the properties are located in a high-risk zone and have a federally-backed mortgage. This is because properties located in these high-risk areas have a 26 percent chance of suffering flood damage during the 30 years that it would take to pay off a mortgage.
Homeowners are not required to buy flood insurance if they reside in a moderate-to-low-risk zone, though it may be a good idea to purchase it anyway. Properties outside the high-risk areas make up over 20 percent of NFIP claims. Homeowners in these areas can purchase up to $200,000 in flood insurance.
The bottom line is, even if you don’t necessarily live in a high-risk zone, this doesn’t mean your home won’t ever get flooded. Many conditions can result in flood damage, including clogged drain systems, flash rainstorms, and damaged levees.
