Find Real Estate Investment Tips That Work for You

Things All First-Time Home Buyers Need To Consider

Posted by on August 24, 2016 in Uncategorized | Comments Off on Things All First-Time Home Buyers Need To Consider

It’s completely normal for your to be excited about buying your first house. However, it’s also important that you don’t allow the excitement that you’re feeling to overshadow the importance of the decisions that you need to make. You probably already have a an idea of what you expect to have in a new home, but have you taken the time to think about your needs realistically? Before you start shopping for your first home, take time to consider these things. Long-Term Needs  Often, people who are buying their first home only think about what their current housing needs. This is why you see a lot of homes advertised as “starter homes.” People tend to purchase smaller houses because they don’t currently need a lot of room, anticipating that they will purchase a larger house when needed. However, if you purchase a home only expecting to live in it for the next few years, and you can’t purchase a larger home or build an addition onto your current home when you do need more room what will you do? When you’re purchasing your first home, you need to think long term. If your goal is to eventually use your first house as a rental to generate passive income for your family, purchasing a smaller “starter home” might be a good option. However, if you’re planning to raise a family in your new home, you should try to purchase a house that’s large enough to eventually house your growing family. Know Your Needs Unless you’re building a brand new home, there’s a good chance you’re going to have to make some compromises at some point during the buying process. So, before you start looking for a house to buy, you should make a list of the features that you’d like in your new home. Once you’ve listed all of your “wants,” take the time to prioritize your list. Use a highlighter to highlight all of the features that you’ve included on list that are your “must haves.” These are the home features that you absolutely can’t live without. Use the list you’ve made as a checklist when you tour potential houses so that you can keep track of which features are available in each home you see. This way, when you’re narrowing down your options, you’ll know exactly what each house has to offer, and you’ll be less likely to purchase a house that doesn’t have your must-have features because you thought it was beautiful. By knowing exactly what you need and what your long-term goals are before you start shopping for houses, you can relax and enjoy your first home-buying experience. After all, buying your first home is exciting and you should be able to enjoy...

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Seeking A Rental For The First Time? Should You Get A Real Estate Agent?

Posted by on August 6, 2016 in Uncategorized | Comments Off on Seeking A Rental For The First Time? Should You Get A Real Estate Agent?

Whether you’re going from a home you’ve owned to a rental property in another state, or are looking for your first solo living situation after college or graduate school, you may be perusing rental listings and wondering how you’ll ever be able to save several months’ rent for a deposit while paying moving expenses and your other costs of living. While you may associate real estate agents with the purchase and sale of homes, they can sometimes assist with rental transactions as well. Read on to learn more about the payment structure for real estate agents helping you find rental properties, as well as the factors you’ll want to consider when deciding whether to enlist the help of an agent to find your next rental. How are real estate agents paid for helping you find rental properties? When a real estate agent helps you find a home or condo for sale, he or she will usually receive a commission based on a percentage of the selling price. However, the payment arrangement for a real estate agent who assists with a rental transaction can vary from a percentage of the first month’s rent to the security deposit or other initial payment. You may also opt to pay your real estate agent a flat fee based on the number of hours he or she has spent in trying to find your perfect rental home or apartment. Should you get a real estate agent to help with your next rental transaction? Although it’s usually possible to rent a home or apartment without using a real estate agent of your own, there are some situations in which the use of a real estate agent can be beneficial. If you’re in a hot renter’s market where new properties are snapped up nearly instantly, you may want to cultivate a relationship with a seller’s agent so that he or she can send rental properties your way as soon as they hit the market, rather than making you compete against others who are constantly stalking the rental listings in your area. A real estate agent can also help you if you’re moving to an area you haven’t (or have only rarely) visited before, as he or she will be able to make a number of dinner, home improvement, and entertainment suggestions to help you and your family members begin to fit in among your new neighbors...

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Adding Safety Measures To Your Teen’s College Apartment

Posted by on August 6, 2016 in Uncategorized | Comments Off on Adding Safety Measures To Your Teen’s College Apartment

If your teen is getting ready to venture off to college this fall, aside from expenses, safety is likely heavily on your mind. For your new student, the thrill of independence along with the idea of socializing and inviting new friends over to study brings them joy, but you a little bit of concern. Staying safe means having multiple methods in place to keep your teen’s apartment secure around the clock. The best place to start is with a locksmith that you trust. Here are just a few examples of safety measures that he may recommend for you. Personal Safe There are many things that are priceless to you and your family. If your college student decides to bring keepsakes or other items along that valuable, it’s important to keep them secure, especially if your child has a roommate. A personal safe is the best way for them to hide and store items such as: Money Jewelry Expensive, small electronics Passwords and personal information Passport and travel ID cards Your local locksmith can come to you and help make your existing safe as secure as possible. He may also recommend a specific brand or size of personal safe that would meet your teenager’s needs. Door And Window Alarms If your child is moving into his own place, but the entire apartment seems too easily accessible, it may be beneficial to install door and window alarms. Your locksmith may install alarms himself or recommend someone that he trusts. A door or window alarm can be set up through a security company that will alert you, even remotely, that your teen’s apartment was accessed improperly or without his permission. This is an added safety measure that may ease your mind when it comes to safety. Additional Locking Systems Because an apartment is someone else’s property, be sure to ask permission from the apartment owner before installing any locks or safety devices. With permission, you can install specific door locks to help thwart intruders. Examples include: A door keypad system A door camera with an alert or doorbell Padlocks Deadbolts Lever-handled locks Your local locksmith will be able to install a locking system that will make it safe, understandable and easily accessible for your teen. Extra Key Sets It’s important for you to have an extra set of keys for your teen’s apartment. This will eliminate your child accidentally getting locked out for long lengths of time. Make sure that you have extra key sets so you can also drop by and gain access to your child’s living area if need be, in case of an emergency. Contacting a locksmith to make sure that your teen’s apartment is safe and not easily accessed by strangers will bring you the peace of mind that you need. For more information, consider contacting companies like Arapahoe County Security Center...

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What to Look for Before Making an Offer on Your First House

Posted by on July 28, 2016 in Uncategorized | Comments Off on What to Look for Before Making an Offer on Your First House

If you are working on buying the very first house you have ever bought, looking for a suitable property can be both exciting and terrifying. After all, you are about to spend a great deal of money over the course of more than a decade; you need to be sure that the house you choose is affordable, safe, and well-suited to you and your family. Here are some things you should be looking for before you make an offer on your first home. A Mortgage Many homebuyers make the mistake of looking at numerous houses and then trying to find a mortgage when they finally see one they like. This can be a mistake because you might not be able to get a mortgage for the amount of the house you’ve fallen in love with. To avoid problems and save time, instead look for a mortgage before you go forward. Your own personal bank is a great place to start looking for a mortgage, as they might offer you more favorable terms due to the relationship you already have with them. You can then consult other lenders in the neighborhood to find out if you can find more agreeable terms. A Community Newspaper You will need to have some idea of whether a certain house is in a good neighborhood and whether there will be a lot of things for you to do once you move in. A great place to find out this information is the local paper, so look for one before you put in an offer on a house. Many community newspapers have a copy of the police blotter, notices about arrests, and stories about crimes. They also tend to have social calendars, so you can use these community newspapers to see what kinds of activities the area offers for your family. Many small local papers can be found at the local library, so head there to get copies. The Police Station You might think that the police are too busy conducting important business to talk to you, but you should also look for the police station before you make an offer on a house. Of course, you want to notice how far away the station is, but more importantly, you want to spend a few moments with an officer to discuss how safe a particular street and neighborhood are. This can set you mind at ease so that you feel comfortable putting in an offer. After using the information laid out in this article, you should be better able to buy real estate. Ensure that you’re working with a great real-estate agent to avoid mistakes during this process so that you can soon enjoy your first...

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3 Places To Look For Water Damage And Mold After Having Leaks In Your Home Fixed

Posted by on July 24, 2016 in Uncategorized | Comments Off on 3 Places To Look For Water Damage And Mold After Having Leaks In Your Home Fixed

So, you had a leak on your roof fixed or addressed an issue with leaky pipes. This does not always mean that the problem is over. In addition to the leaks, there is a possibility that there may be mold growing in your home, or water damage to structural elements. When you have leaks fixed, you will also want to address any of these issues. Here are some of the places you will want to look for potential leak problems in your home: 1. Looking In The Attic For Signs Of Rot And Mold After Roof Leaks There are many areas of your home that can be rotted after a roof leak. When you have a roof leak repaired, follow the trail of water marks to see if any repairs are needed. This is easiest to see in an attic with a flashlight. Look for signs of rot and damage to rafters and ceiling joists. If you notice watermarks continue to walls, look inside your home for signs of damage on drywall on walls and ceilings. Sometimes, the problem may be hidden behind a wall and need repair. 2. Dealing With The Trail Of Water That Leaking Pipes Can Cause Leaking pipes are one of the most common causes of water damage in homes. You may have fixed a water line, but there can still be problems behind cabinets and in the walls of your home. Look where the leak was repaired for signs of mildew growth. If you see that there is mold, contact a mold removal service to inspect the extent of the damage. The problem can even cause moisture to be trapped in walls, allowing mold to grow and spread. 3. Issues With Condensation That Can Be A Returning Water Issue In Your Home Condensation is another problem that you may have in your home. This can come from areas that are not well sealed off, such as crawlspaces. Encapsulating these areas of your home can keep moisture out of your home. In addition, uninsulated pipes can be the source of moisture, so you want to make sure pipes and air conditioning ductwork have the appropriate insulation to prevent the moisture that causes mold to grow. These are some of the places that you will want to look for leak problems in your home. If you need help with finding mold and cleaning it, contact a home inspection service to help test for mold and recommend repairs and removal that may be needed.  Reach out to a service like Watson Inspections to learn...

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Four Things To Know Before You Buy Renter’s Insurance

Posted by on July 14, 2016 in Uncategorized | Comments Off on Four Things To Know Before You Buy Renter’s Insurance

Renter’s insurance is often overlooked by renters because they consider that it is unlikely to pay off in the long run. However, an accident that damages a resident’s possessions is just as likely in a home for rent as it is for a home that is bought outright by the resident. If you’re renting a property, you should be aware of the following four things. Being aware of these renter’s insurance factors will help you to get the coverage you need on the belongings you keep in your rental home: A landlord’s property insurance isn’t going to cover your belongings. A lot of renters make the assumption that their belongings will be covered by their landlord’s property insurance. While home insurance will typically cover a resident’s belongings if the resident owns the home, this is not usually true if the resident is renting. If you rent a home and you don’t have renter’s insurance, you will not be compensated if damage to the property destroys your belongings.  Having your possessions appraised is the best way to find the right renter’s insurance policy. It’s difficult to make an accurate estimate of what your belongings are worth unless you have them appraised. If you guess what the value of your belongings is, you may end up taking out a renter’s insurance policy that doesn’t have high enough coverage limits to compensate you for everything you own. Documentation of your appraisal can be presented to your insurance company to back up a claim so that you are able to be reimbursed the proper amount. You’ll want to take inventory every time you renew your policy. As time goes on, you’ll accumulate new belongings in your home. You need to have documentation of the purchase of these new belongings to get compensation for their destruction if you have to file a claim. This means that it’s important to repeatedly take inventory of the possessions you’re insuring every time you renew your policy.  Paying your premium in one lump sum can benefit you in the long run. Many insurance providers will offer you a lower overall premium if you pay upfront than if you pay monthly. Paying up front can also make it easier for you to budget for your renter’s insurance by taking care of the expense all at once. This way, renter’s insurance costs don’t continue to eat into your income over the entire life of your...

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Get Ready To Own Your Dream Home! Four Steps To Help You Save Up For Your Own House

Posted by on June 24, 2016 in Uncategorized | Comments Off on Get Ready To Own Your Dream Home! Four Steps To Help You Save Up For Your Own House

There is only one thing standing between you and owning a new home. Unfortunately, that one thing is the most important: the down payment. While down payments for homes fluctuate depending on a number of things that are taken into consideration, you should plan to have anywhere from ten to twenty percent of the overall cost of the house saved up before you begin looking. Those numbers may intimate you, but you would be surprised by how much money you can save just by following the simple steps listed below. Set A Goal Setting a financial goal may seem easy enough, however, it goes much deeper than simply saying you want to save a certain amount of money. For example, instead of saying that you want to save a ballpark figure before you start looking for a home, you need to have hard numbers. Sit down and go over your finances to determine exactly how much you can afford for a monthly mortgage payment. Make the goal plan as detailed as possible. The more detailed your plan is, the easy it will be to execute it. Analyze Your Spending Sit down and go over your last three bank account statements. Where is the majority of your money going? Looking back at the past three months of your spending habits will help you to pinpoint what you spend your money on and which areas you can afford to cut back on. If you are spending a good amount of your paycheck on fast food, you know that you will have to cut that out of your budget. You may be uncomfortable for a little while without having your perks in life, but it will be well worth it when you get the keys to your new home. Get Rid Of Cable That statement may have just hurt you a little, but no one really needs to watch television. If you can’t cut it out completely, see if you can shrink it a bit. Instead of having every channel available, call your provider and see if there are any packages that offer only the channels that you watch. Keep in mind that there is nothing on television nowadays that you can’t stream online. Having a monthly streaming service is much cheaper than having cable. Put Your Refund Away Are you expecting a tax return next year? Instead of spending it as fast as you receive it, place it in a savings account. You will have to exert self-control, but it’s important to put it towards the down payment goal that you’ve made. Consider putting your tax return, and other money that you plan on saving, in a high-yield savings account. A high-yield savings account offers a higher interest rate for your savings than a standard savings account. Don’t put your savings in a bank account. Putting the money in your banking account won’t garner any interest and it may tempt you into spending it. Saving for a down payment for your own house may seem overwhelming, but it’s really not. All you have to do is follow the steps listed above, as hard as they may seem, and you will finally have that home you’ve been dreaming of for years. Once you’re ready, contact a realtor in your area to look at...

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Faqs About Assumable Mortgages

Posted by on June 24, 2016 in Uncategorized | Comments Off on Faqs About Assumable Mortgages

If you and your family are looking at homes for sale, assuming the mortgage on a home is an option you should explore. As with the purchase of any home, there are requirements that must be met to receive lender approval for the home. To help you determine whether or not an assumable mortgage is right for you and your family, here is what you need to know.  What Is an Assumable Mortgage? An assumable mortgage simply means that when you purchase a home, you take over the seller’s existing mortgage loan. When you do, the seller’s responsibility for the loan ceases and you continue the payments. In most instances, there are no changes to the terms of the loan.  For instance, if the seller originally had a 30-year agreement with his or her lender and has made payments for the last five years, you will continue with the payments for the remaining 25 years of the agreement. Why Should You Opt for an Assumable Mortgage? There are several advantages to an assumable mortgage. For instance, if the interest rate for the home is less than the current interest rates, you could assume the loan at the lower rate. As a result, you would save money on the purchase of your home.  Another advantage of an assumable mortgage is that you could possibly save on closing costs. The lender might also allow you to take up the existing mortgage insurance payments as opposed to finding a new policy, which could be more expensive.  Are There Any Drawbacks? Although there are benefits to an assumable mortgage, there are a couple of drawbacks. You must meet the qualifications set by the lender to take up the home. In essence, you have to go through the entire loan approval process with the lender. It is possible that your loan could be denied.  Another drawback is that depending on the current value of the home and the amount of the loan, you might have to pay a larger down payment than you expected. If the value of the home increased since the loan was taken out, you could be required to pay the difference between the principal owed on the home and its current value.  If you do not have the cash on hand to cover the difference, you can take out a second mortgage. It is important to note that you will have to meet the requirements of the lender and you could be faced with a high interest rate.  Work with your real estate agent to determine whether or not taking an assumable mortgage is the right decision for you and your...

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Eliminate A Home Inspection At Your Peril

Posted by on June 17, 2016 in Uncategorized | Comments Off on Eliminate A Home Inspection At Your Peril

Although home inspections used to be insisted upon by most mortgage companies, some do not require them anymore. You can skip this step in the buying process, but if you do, you are exposing yourself to some serious risks. Legal Issues An inspection can save you from hidden legal issues. The current owner or previous owners may have undertaken remodeling projects without getting the proper licenses and permits. Your garage might have been added illegally and not be up to code. These issues are important because they affect the value of your home and your tax liability. If a room does not officially exist, you can end up with a legal mess or two to straighten out. Also, you need to establish clear boundary lines. You may be buying a home that extends over the property line. Conversely, the neighbors may have encroached on the property you are trying to buy. These property issues need to be resolved before you buy, or you can easily end up in court. Deal Breakers Even if the property you are trying to purchase looks perfect, many problems could be hiding in the walls, the roof, or the foundation. If the inspection reveals big problems, such as a rotten roof or high levels of radon, you can back out of the deal and be grateful you escaped. If the inspection turns up a variety of smaller problems that will need repair, you can ask that the current owner has these problems fixed or reduce the price of the home so that you can take care of the expense yourself. If problems are revealed by the inspection, you should actually be grateful. You may decide to go ahead with the purchase, but you’ll do so knowing exactly what you are buying. Cost The cost of a home inspection is modest. Most people spend between $266–369 for this service. Without an inspection, you could be exposing yourself to thousands of dollars of repairs or legal services. In your haste to get the property of your dreams, you just cannot afford to do without the inspection. A home inspection may seem like an unnecessary delay after you’ve found the home that you want, but not having one done is a huge mistake. If the inspector does not find anything wrong, just be grateful for the reassurance and do not think of the money as “lost.” A good inspection means you can proceed without worry. For more information, talk to a professional like Homestead Land...

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About Hiring A Property Management Company For Your Apartment Complex

Posted by on June 8, 2016 in Uncategorized | Comments Off on About Hiring A Property Management Company For Your Apartment Complex

Did you rent out your apartment homes to tenants without doing background checks and now the complex is in bad shape? If you want to bring the apartment complex back to a good condition in a timely manner, you might want to seek assistance from a property management company. The services you will receive are extensive and a worthy investment. Below, you will get a general understanding of how property management companies can improve your apartment complex. Weed Out Undesirable Tenants One of the main things that a property management company will focus on is the quality of your tenants. If there are any tenants that failed to follow the rules in their lease agreements, the management company will start weeding them out of the complex. However, the tenants will be given warnings before they are evicted based on the laws in your state. Any tenants that are evicted will be replaced with different tenants in a timely manner so you won’t have to suffer extended periods of profit loss. Make Sure Interior & Exterior Repairs Are Made A property management company will thoroughly inspect each of your apartment homes to determine what kind of repairs should be made. For instance, the management company will inspect for things such as water damage and drywall that need to be repaired. The exterior areas of your apartment complex that will be inspected might include the swimming pool, parking lot, and playground. The purpose of the inspection is to make sure repairs are done to make your complex more appealing to prospective tenants. Be Firm About Collecting Rent Payments On Time Making sure that tenants pay their rent on time is one of the services that a property management company can provide. The day that tenants fall behind on paying rent, they will be issued a warning that gives them a specific amount of time to pay. If tenants still fail to pay rent after being warned, an eviction notice will be issued so the matter can be handled in court. Keep in mind that the management company can also go easier on good tenants that fall behind on paying their rent, especially if they are usually on time. Keeping good tenants as long as possible is a smart way to keep your complex in a satisfactory condition. Stay On Top of Maintenance Requests You can count on a property management company to make sure that your tenants get a response to their maintenance requests without a long delay. Part of running an apartment complex is to keep your end of the lease agreement, which includes making timely repairs for damages that are not at the fault of tenants. Get in touch with a property management company for the assistance that you need....

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